Fri, Mar. 13, 7:35 AM| Comment!
Fri, Mar. 6, 10:31 AM
- Equity REITs are facing some competition as the 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
- Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
- The iShares U.S. Real Estate ETF (IYR -2.3%).
- Realty Income (O -3.7%), National Retail Properties (NNN -3.9%), Agree Realty (ADC -3.1%), Omega Heathcare (OHI -4.5%), Health Care REIT (HCN -3.5%), Ventas(VTR -3.7%), HCP (HCP -3.6%), Medical Properties (MPW -4%), Healthcare Trust (HTA -4%), AvalonBay (AVB -2.7%), Essex Property (ESS -2.3%), Simon Property (SPG -2.3%), General Growth (GGP -2.2%), Kimco (KIM -2.9%), Inland Real Estate (IRC -2.9%), DDR (DDR -2.7%), Federal Realty Investment (FRT -2.6%), Public Storage (PSA -2%), Sovran Self Storage (SSS -2.7%), Boston Properties (BXP -2.8%), First Potomac (FPO -3.2%), Digital Realty Trust (DLR -1.9%), Hospitality Properties (HT -2.1%), Ashford (AHT -2.7%), STAG Industrial (STAG -3%), American Campus (ACC -2.9%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
- Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
Thu, Feb. 19, 11:00 AM
- Q4 recurring FFO of $24.9M or $0.25 per share vs. $24.5M and $0.25 one year earlier.
- Same store NOI up 3.8% for the quarter from a year ago, up 2.3% for the year.
- Total portfolio leased occupancy of 95.4%, financial occupancy of 93.4%, up 20 and 30 bps respectively from a year ago.
- Average base rent for new and renewal leases up 10% and 14.5% respectively over average expiring rents.
- 2015 guidance: Recurring FFO per share of $0.96-$1.00, which assumes NOI increase of 2-3%, and financial occupancy of 92.5-93.5%. Recurring FFO for 2014 was $0.95.
- Conference call at 2 ET
- Previously: Inland Real Estate beats by $0.01, beats on revenue (Feb. 19)
- IRC -2.1%
Thu, Feb. 19, 8:38 AM| Comment!
Wed, Feb. 18, 5:30 PM| 7 Comments
Fri, Feb. 6, 10:32 AM| Comment!
Fri, Feb. 6, 10:19 AM
- Equity REITs have had as a big of a move as any sector over the past year as interest rates confounded the experts and continued to fall. WIth today's jobs report and a summer rate hike looking far more likely, fans of the income favorites are reassessing.
- Realty Income (O -4.3%), National Retail Properties (NNN -3.9%), Omega Healthcare (OHI -3.5%), Ventas (VTR -4%), HCP (HCP -2.3%), Equity Residential (EQY -2%), Essex Property (ESS -2.1%), Simon Property (SPG -2.1%), General Growth (GGP -1.5%), Inland Real Estate (IRC -2.3%), Federal Realty (FRT -2.6%), Extra Space Storage (EXR -2.1%), Government Properties (GOV -1.8%), Washington Real Estate (WRE -2.1%), Hospitality Properties (HPT -1.8%), Chambers Street (CSG -1.5%), American Campus Communities (ACC -1.5%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
Mon, Jan. 12, 10:41 AM
- "We certainly expect more malls to close than open over the next several years," says D.J. Busch, a mall-REIT analyst at Green Street Advisors. Those regional malls with low per-square-foot tenant sales that have lost relevance probably will be closed or reused for something other than retail over the next few years.
- Morgan Stanley real estate debt analyst Richard Hill: “There’s a level of complacency among investors ... Competitive pressures that haven’t been seen in decades are making some retailers and some properties obsolete.”
- RPAI, IRC, KIM, FRT, DDR, WHLR, WSR, EQY, CBL, TCO, SPG, GGP, WRI, MAC, PEI
Wed, Jan. 7, 9:42 AM
- Upgraded to Outperform from Market Perform are Corporate Office Properties Trust (OFC +0.8%), Douglas Emmett (DEI +0.5%), and Regency Centers (REG -0.2%).
- Downgraded to Market Perform are Brandywine Realty Trust (BDN +0.3%), Health Care REIT (HCN +0.3%), Mid-America Apartment Communities (MAA -0.1%), and Saul Centers (BFS +0.2%).
- Downgraded to Underperform is Inland Real Estate (IRC -1.3%).
- Previously: Raymond James cools on apartment REITs (Jan. 7)
- Previously: Raymond James rotates on self-storage names (Jan. 7)
- Previously: Raymond James rings the register on Weyerhauser (Jan. 7)
Nov. 4, 2014, 12:14 PM
- Q3 Recurring FFO per share of $0.24 vs. $0.24 in 3Q13.
- Total Portfolio leased occupancy at 96.0% up 170bps over 3Q13.
- Financial Occupancy at 94.3% up 300bps over 3Q13
- Average base rent for renewal leases up 10%
- FY14 Guidance: Recurring FFO $0.93-$0.97; Same store NOI to increase 2%-4%; Financial occupancy 91%-92%
- Confernece call.
- IRC +0.6%
- Previous: Inland Real Estate FFO and revenue in-line
Nov. 4, 2014, 8:39 AM
Nov. 3, 2014, 5:30 PM
- AER, AFSI, AKS, ALLT, ARCC, ARCO, ARRY, ATRO, AYR, BABA, BDX, BKW, BLMN, CCG, CIE, CLDT, CONE, CVS, DISCA, DISH, DWRE, DX, EL, EMR, ENBL, EOG, ETR, EXH, EXLP, EXPD, FE, GDP, GLT, HCLP, HCN, HCP, HEP, HMSY, HPT, HSNI, HW, ICE, IFF, IMN, IP, IPXL, IRC, IRWD, KORS, LINC, LINE, LNCE, MFA, MSI, MWW, NCT, NGLS, NNN, NTI, NWN, ODP, OZM, PCLN, PPL, RBA, REGN, RESI, RGS, RHP, RIGL, RRGB, SC, SGNT, SRE, TESO, TGH, TICC, TIME, TLM, TRP, VLO, VMC, VSI, WLK, WNR, WRES, ZBRA, ZTS
Oct. 17, 2014, 8:39 AM| Comment!
Oct. 13, 2014, 4:19 PM
- Both equity and mortgage REITs saw plenty of buying as nearly all of the rest of the market was lit up bright red, and Treasury ETFs signaled a sharp drop in yields when government bonds reopen for trade tomorrow (closed this session for Columbus Day).
- A sampling of equity names: Senior Housing Properties (SNH +1.2%), Medical Properties Trust (MPW +1.4%), Gramercy Property Trust (GPT +1.7%), Equity Residential (EQR +0.7%), Inland Real Estate (IRC +0.9%), Sovran Self Storage (SSS +1.1%), Highwoods Properties Trust (HIW +1%).
- One equity REIT sector in the red along with the rest of the market is lodging amid worsening Ebola fears: Ashford Hospitality Trust (AHT -2.9%), Sunshine Hotel Investors (SHO -1.4%), LaSalle Hotel Properties (LHO -1.5%), Summit Hotel Properties (INN -1.5%).
- Mortgage REITs: American Capital Agency (AGNC +1.4%), CYS Investments (CYS +2.2%), Invesco (IVR +1.1%), American Capital Mortgage (MTGE +1.5%), Western Asset (WMC +1.1%).
- ETFs: IYR, VNQ, REM, MORL, MORT, DRN, URE, REZ, SRS, RWR, SCHH, ICF, ROOF, DRV, KBWY, RTL, REK, FRI, FTY, PSR, IFNA, FNIO, WREI
Oct. 6, 2014, 10:17 AM
- Frankfort's Prairie Crossings consists of about 109K square feet of gross leasable area, including of 83K square feet of inline retail space plus two multi-tenant outlot buidings. It's currently 99% leased and anchored by Bed Bath & Beyond, Sports Authority, and Office Depot.
- Inland Real Estate (IRC -0.1%) purchased the mall for $24.7M in cash.
- Source: Press Release
Oct. 2, 2014, 7:58 AM
- Tanglewood Pavilions is to be a 158K square foot power center located in Elizabeth City, NC. The property is currently 70% pre-leased to Hobby Lobby, TJ Maxx, Ross Dress for Less, and Dollar Tree. Under negotiation are leases for about another 24K square feet which would bring the property to 84% leased.
- The JV is with development and construction company Thompson Thrift, Construction is underway and deliveries to tenants should start in about one year. Upon completion of construction and an expected 95% occupancy, Inland (NYSE:IRC) will acquire 100% of the property at an already-negotiated price.
- Source: Press Release
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