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Tue, Dec. 16, 10:49 AM
- National annual effective rent growth of 4.7% in November is the strongest result since August 2011, reports Axiometrics.
- Axiometrics' Jay Denton: "The combination of an improving job market, and a growing percentage of the population that prefers renting to owning, continues to boost apartment demand."
- Year-to-date rent growth of 5% makes 2014 the strongest post-recession year. 2010 was the previous high at 4.6%.
- The occupancy rate continued a seasonal decline, but at 94.8% it's the strongest November read since Axiometrics started reporting monthly in 2008.
- Source: Press release
- Interested parties: EQR, AVB, ESS, PPS, UDR, AIV, CPT, HME, MAA, TSRE, AEC, IRET
Wed, Dec. 10, 4:40 PM| Comment!
Tue, Dec. 9, 5:35 PM
Tue, Nov. 4, 5:11 PM
- The new credit line is $90M vs. $75M previously, and it can be boosted to $100M at the lender's discretion. The facility is secured by mortgages on 15 properties owned by Investors Real Estate Trust (NYSE:IRET). The initial term is for three years at the WSJ Prime Rate +1.25%, with a floor of 4.75% and a cap of 8.65%.
- In other news, IRET recently closed on the sale of an 83-unit complex in St. Cloud, MN for $4.5M, and the sale of a 52K square foot commercial property in Montana for $1.9M.
- Purchased is a 68-unit complex in Bismarck for $8.5M.
- Source: Press Release
Tue, Oct. 14, 3:10 PM
- The vacancy rate ticked higher to 4.2% in Q3 from 4.1 a quarter earlier - not much of a move, but the first increase in almost five years, according to REIS. Another survey - this one from MPF Research - says vacancy fell to 4.3% from 4.4% across the country's top 100 markets.
- Where the two reports both agree, however, is that there were significant construction deliveries during Q3 and a full pipeline of new construction going forward, suggesting neither vacancies nor rents have a lot of room improvement.
- The potential weakening fundamentals come as apartment REITs have been this year's top-performing REIT sectors (make that any sector) with a total return of 23.65% YTD. Can the outperformance continue?
- Names of interest are almost all having a big day today as interest rates continue to fall. One suspects that as long as rates stay low and first-time homebuyers or those with less-than-perfect credit have trouble getting mortgages, the apartment REITs might still get a bid: EQR, AVB, ESS, PPS, UDR, AIV, CPT, HME, MAA, AEC, IRET, TSRE
Fri, Sep. 12, 11:30 AM
- Adjusted FFO of $0.12 per share was shy of the dividend by $0.01 and - on the earnings call (transcript) - RBC's Michael Salinksy pressed management on whether it's rolling back its goal of dividend coverage to 2016 from 2015. Management's response is they are still shooting or 2015, but it's looking like 2016 is the more likely scenario at this point.
- RBC today downgrades Investors Real Estate Trust (IRET -4%) to Underperform, with price target cut to $8 from $9.
- Previously: Investors Real Estate Trust misses by $0.02, beats on revenue
Tue, Sep. 9, 5:07 PM| Comment!
Mon, Sep. 8, 5:35 PM
Wed, Aug. 20, 9:29 AM
- “We will take what economic activity we can get, but our housing market model was designed in the U.S. to build a lot of single-family homes for owners, not multifamily homes for renters," says Diane Swonk commenting on yesterday's big jump in housing starts.
- A big share of the gain came from multifamily starts - typically a volatile number - but a rolling 12-month total shows apartment construction at its highest level in 25 years. Single-family housing has a bigger multiplier effect for both consumer spending and employment, says Swonk.
- As for apartment owners, a separate report showed rents up 3.3% Y/Y, their fastest pace of increase in five years. It's little mystery why the stocks of companies like Equity Residential (NYSE:EQR) and AvalonBay (NYSE:AVB) are at all-time highs, but their owners may want to mull the fast pace of building.
- Others of interest: ESS, PPS, UDR, AIV, CPT, HME, MAA, TSRE, AEC, IRET, APTS
Tue, Jul. 1, 3:20 PM
- FQ4 FFO of $17.6M and $0.14 per share fell from $22.1M and $0.19 per share one year ago. Same-store NOI fell $3.2M, with $1.1M of that from an increase in utility expense due to extreme cold weather across all markets (quarter ended on April 30).
- Multi-family segment same-store occupancy of 94.5% falls from 95.3%; commercial office about flat at 81.4%; commercial healthcare of 96.2% up from 94.9%; commercial industrial of 87.3% down from 95.7% (due to a single lease expiration); commercial retail of 87.3% up from 86.9%.
- IRET -3.3%
- Previously: Investors Real Estate Trust misses by $0.03, misses on revenue
Mon, Jun. 30, 4:50 PM| Comment!
Sun, Jun. 29, 5:35 PM
Wed, Mar. 12, 12:10 AM
Tue, Mar. 11, 5:35 PM
Dec. 10, 2013, 4:45 PM| Comment!
Dec. 10, 2013, 12:10 AM
IRET vs. ETF Alternatives
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