Thu, Jan. 15, 8:54 AM| Comment!
Wed, Jan. 14, 7:31 AM
- The net lease sector is downgraded to Underweight from Market Weight at Wells Fargo amid a sizable reshuffling of ratings at the bank, with the team citing valuation and limited 2015 return potential vs. other REIT areas.
- Realty Income (NYSE:O) is cut to Market Perform from Outperform, while National Retail Properties (NYSE:NNN) and STORE Capital (NYSE:STOR) are kept at Market Perform.
- Previously: Take profits in apartment REITs says Wells Fargo (Jan. 14)
- Previously: Wells Fargo pulls the plug on mortgage REITs (Jan. 12)
- Previously: Mall REIT sector upgraded at Wells Fargo (Jan. 14)
Tue, Jan. 6, 2:25 PM
- The 10-year Treasury yield plunging all the way to 1.94% makes the dividends on these players even more attractive.
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
- Individual names: National Retail Properties (NNN +2.3%), Spirit Realty (SRC +3.2%), Health Care REIT (HCN +1.6%), Ventas (VTR +2.1%), HCP (HCP +2.3%), AvalonBay (AVB +1.4%), Essex Property Trust (ESS +1.2%), Brixmor Property (BRX +1.8%), Macerich (MAC +0.9%), Retail Properties of America (RPAI +1.2%), Tanger Factory (SKT +1.3%), Public Storage (PSA +1.6%), Sovran Self Storage (SSS +1.9%),
Dec. 5, 2014, 10:49 AM
- Analyst Juan Sanabria takes note of NNN's strong management team, smaller asset base vs. peers (giving it room to grow via acquisitions), attractive cost of capital, focus on relationship deals, and the low leverage of the balance sheet (debt + preferred stock make up just one-third of total capitalization).
- He upgrades to Buy with price target lifted to $41 from $38.50.
Nov. 12, 2014, 3:14 PM
- REITs - particularly those focused on retail properties - have been big winners since the financial crisis, with the S&P 1500 Retail REIT industry group's near-500% total return since the March 2009 bottom double that of the broad market. Among the members of that index are SPG, MAC, and NNN.
- In 2014, the MSCI U.S. REIT index is up 26% vs. 10% for the S&P 500.
- "We're turning over rocks for opportunities, but it's clear that REITs are not cheap," says one fund manager. Among the risks, naturally, are higher rates which could boost the attractiveness of cash and bonds vs. the dividend yield of REITs (now averaging 3.5%). The group is also substantially more levered than most others, so higher rates at some point mean higher borrowing costs.
- ETFs: IYR, VNQ, DRN, URE, SRS, SCHH, RWR, ICF, DRV, KBWY, REK, FRI, FTY, PSR, FNIO, WREI
Nov. 11, 2014, 9:17 AM
- The size of the offering was upsized to 4.75M shares from 4M, and it priced at $38.16 each. The underwriter greenshoe is for another 712.5K shares at that price.
- Source: Press Release
- NNN -2.1% to $38.10
- Previously: National Retail Properties with 4M share secondary
Nov. 10, 2014, 4:17 PM| Comment!
Nov. 4, 2014, 9:54 AM
- Q3 adjusted FFO of $66.6M or $0.53 per share vs. $60.9M and $0.50 one year ago.
- Portfolio occupancy of 98.8% up 30 bps from Q2, up 70 bps from a year ago.
- Full-year FFO per share guidance is boosted to $2.04-$2.06 from $2-$2.04. Full-year AFFO per share is expected at $2.08-$2.10.
- Full-year 2015 FFO guidance of $2.13-$2.17 per share. AFFO of $2.19-$2.23.
- Conference call at 10:30 ET
- Previously: National Retail Properties beats by $0.01
- NNN +0.1%
Nov. 4, 2014, 8:34 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. 29, 2014, 1:34 PM
- Realty Income (O +2.1%) and National Retail Properties (NNN +1%) - like ARCP - are owners of single-tenant freestanding retail properties (but without the frenetic acquisition pace), and both are seeing gains as American Realty Capital plunges amid accounting issues.
- Previously: American Realty Capital down more than 30% as downgrades roll in
Oct. 28, 2014, 8:42 AM
- The amendment of NNN's unsecured bank credit facility boosts the borrowing capacity to $650M from $500M and cuts the pricing by 15 bps to Libor plus 92.5 bps.
- The amended facility matures in January 2019 with an option to extend another year. An accordion feature allows for an increase in size up to $1B.
- Source: Press Release
Oct. 15, 2014, 8:42 AM| Comment!
Aug. 5, 2014, 8:40 AM
- Q2 adjusted FFO of $62.7M or $0.51 per share vs. $57.4M and $0.47 a year ago. Dividend is $0.42.
- Portfolio occupancy of 98.5% up 30 basis points Y/Y.
- Invested $92M in 34 properties at initial cash yield of 7.5%. Sold 10 properties for $15M, booking $3.1M in gains on sales.
- Full-year AFFO guidance is boosted to $2.05-$2.09 per share, partly the result of the company's ability in H1 to raise funds at a cheap cost.
- Conference call at 10:30 ET
- NNN flat premarket
- Previously: National Retail Properties FFO and revenue in-line
Aug. 5, 2014, 8:31 AM| Comment!
Aug. 4, 2014, 5:30 PM
- ACM, ACT, ADM, AEE, AKRX, ALLT, AME, AMSC, ANSS, ARCC, ARCO, ARQL, BCRX, BLMN, CIE, CLDT, CNK, COH, CRZO, CVC, CVS, DWRE, EMR, END, ENZY, EXH, EXLP, EXPD, FE, FUN, GLDD, GTIV, GTXI, HCLP, HCP, HEP, IART, IFF, IIVI, INFI, IT, KWK, LIN, LPX, MDU, MGM, MMP, MSI, MWW, MZOR, NILE, NNN, [[NTi]], NVDQ, NWN, ODP, OXF, OZM, PMC, RBA, REGN, RHP, RIGL, RTI, SCMP, SCOR, SMG, SNSS, SPAR, STE, TDG, VMC, VSI, VTG, WLK, WNR, ZBRA, ZTS
NNN vs. ETF Alternatives
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