The Time To Consider National Retail Properties Is Now
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PR Newswire (Tue, 8:30AM)
PR Newswire (Feb 11, 2014)
PR Newswire (Jan 15, 2014)
NNN vs. ETF Alternatives
Tuesday, Apr 158:34 AM|Tuesday, Apr 158:34 AM| Comment!
Thursday, Apr 310:12 AM
Monday, Mar 107:29 AM|Monday, Mar 107:29 AM| 5 Comments
Monday, Mar 107:12 AM
Monday, Mar 107:12 AM| Comment!
- The good news is baked into the stock, says analyst Daniel Altscher, downgrading National Retail Properties (NNN) to Market Perform from Outperform. He notes the name has generated a 15% total return since he made it an Outperform last August vs 13.7% for the S&P 500, and it's up 15% YTD vs. the S&P up 1.6%.
- "As we sit here today, we think the stock is more appropriately valued at over 17x our 2014E FFO of $2.04. This is particularly the case given that we have already taken the liberty of increasing our 2014E FFO above guidance to a level that we think is more representative of where it could actually shake out by year-end."
- "Fundamentally, we still think there is a lot to like about the National Retail Properties story, and if the stock pulled back to a valuation that we thought was attractive like we did in August 2013, we could potentially look to become more constructive on the name."
- See also: Realty Income loses Buy rating at BofA
Thursday, Mar 610:27 AM
Thursday, Mar 610:27 AM| 6 Comments
- Notably lower today with the major averages in the green are retail REITs Realty Income (O -1.5%) and National Retail Properties (NNN -1.7%), and shopping-center REITs like Kimco (KIM -1.1%), Inland Real Estate (IRC -0.6%), Federal Realty (FRT -1%), and Brixmor (BRX -1.2%).
- Investors may be mulling over a continuing string of disappointing retail earnings reports and plans for mass store closings from the likes of RadioShack and Staples.
- Brixmor is also the subject of a downgrade from Buy to Neutral from UBS.
Tuesday, Feb 118:31 AM|Tuesday, Feb 118:31 AM| Comment!
Tuesday, Feb 1112:05 AM
Monday, Feb 105:30 PM
Friday, Jan 3110:26 AM
Friday, Jan 3110:26 AM| 5 Comments
- Working today - and for the whole month of January - as the broader market sells off are the REITs. The sector - both the equity REITs and mREITs - had been punished in 2013 as rates moved higher starting last May, but another four basis point decline this morning brings the 10-year Treasury yield down to 2.66% after starting the year at about 3%.
- At least for the mREITs, nearly all put in what may turn out to be major bottoms late in 2013 amid jitters over year-end tax-loss selling and the commencement of the taper - sell the rumor, buy the news ... indeed.
- Mortgage REITs: Annaly (NLY +1.1%) +7.4% YTD, American Capital (AGNC +1.3%) +9.1%, Invesco (IVR +0.5%) +6.7%, Anworth (ANH +0.6%) +10.9%, Apollo Residential (AMTG +0.7%) +9.1%, AG Mortgage Investment (MITT +0.6%) +5.6%.
- ETFs: REM, MORT, MORL
- Equity players: Realty Income (O +0.5%) +9.6% YTD, National Retail (NNN +0.7%) +9.8%, AvalonBay (AVB +0.8%) +4.1%, Public Storage (PSA +0.6%) +4.9%, Boston Properties (BXP +0.2%) +7.8%, Liberty Trust (LRY +1%) +7.9%.
- Related ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
Wednesday, Jan 223:12 PM
Wednesday, Jan 223:12 PM| 27 Comments
- Tuesday's news of Sears closing its flagship downtown Chicago store comes on the heels of closings announced by Macy's and J.C. Penney, and is followed by today's word of job cuts at Target HQ.
- These are just the beginning (continuation really) of a wave of similar actions likely to cause an average shrinkage in overall retail square footage of between one-third and one-half over the next 5-10 years, says Excess Space Retail Services' Michael Burden.
- "Stores are making a long-term bet on technology," says Belus Capital Advisors analyst Brian Sozzi. "It simply doesn't make strategic sense to enter a new 15-year lease as consumers are likely to continue curtailing physical visits to the mall."
- Keep an aye on the shopping center vacancy rate. It rose 550 basis points to 11% in the Great Recession, but has since recovered to just 8.9%. Will it make a higher high in the next downturn?
- Within the closings is another trend - indoor malls are faring worse than outlet centers, outdoor malls, or stand-alone stores. Without a major reinvention, says Rick Caruso of Caruso Affiliated, traditional malls will go extinct. He's unaware of an indoor mall being build since 2006. "Any time you stop building a product, that's usually the best indication that the customer doesn't want it anymore."
- Retail space REITs: O, NNN
- Mall REITs: SPG, GGP, BRX
- Shopping center/outlet REITs: ROIC, RPAI, IRC, KIM, FRT, DDR, SKT, WHLR
Wednesday, Jan 158:39 AM|Wednesday, Jan 158:39 AM| Comment!
Friday, Jan 102:44 PM
Friday, Jan 102:44 PM| 3 Comments
- The broad averages are struggling following the jobs number, but the big decline in interest rates (the 10-year Treasury is now off 10 bps to 2.87%) has the equity REIT sector lit up bright green.
- Ventas (VTR +4.4%) is having the biggest day, continuing to cruise through a couple of early-year downgrades (latest was Barclays on Wednesday). Among those also higher: National Retail Properties (NNN +3.1%), Realty Income (O +1.6%), Health Care REIT (HCN +2.5%), HCP (HCP +3.8%), RAIT Finanical (RAS +1.4%), Apartment Investment (AIV +2.9%), General Growth (GGP +1.6%), Inland Real Estate (IRC +1.5%), Government Properties (GOV +1.6%), American Campus (ACC +1.7%).
- Relevant ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
Thursday, Dec 192013, 11:19 AM
Thursday, Dec 192013, 11:19 AM| 14 Comments
- The broad market is quiet today following yesterday's big session, but the equity REIT sector has its eyes focused on rising Treasury yields, particularly in the belly of the curve where the 5-year yield is higher by 10 basis points on the session and all the way up to 1.64% (it was 1.3% at Thanksgiving).
- Realty Income (O -3.6%), National Retail (NNN -2.4%), Health Care REIT (HCN -3.1%), LTC Properties (LTC -3.6%), Medical Properties (MPW -2.5%), Federal Realty (FRT -1.9%), Retail Opportunity (ROIC -1.1%), Chambers Street (CSG -1.8%).
- Related ETFs: IYR, VNQ, DRN, URE, SRS, RWR, ICF, SCHH, DRV, KBWY, REK, FRI, FTY, PSR, WREI
Wednesday, Dec 112013, 3:08 PM
Wednesday, Dec 112013, 3:08 PM| 23 Comments
- The equity REITs are particularly weak today as the 10-year Treasury yield heads higher by 4 basis points to 2.85%. Senior Housing (SNH -2.3%), Omega Healthcare (OHI -2.6%), American Realty Capital (ARCP -1.7%), Stag Industrial (STAG -2%), Equity Residential (EQR -1.4%).
- Retail and shopping center/mall REITs also have the weak retail traffic numbers to mull over: Realty Income (O -1.4%), National Retail (NNN -2.8%), Simon Property (SPG -1.4%), General Growth (GGP -2.6%), Kimco (KIM -2.6%), Brixmor (BRX -0.8%).
Tuesday, Nov 52013, 9:12 AM
Tuesday, Nov 52013, 9:12 AM| Comment!
- Recurring FFO per share of $0.49 is up 14% from a year ago. Quarterly dividend is $0.41 per share.
- Rental and earned income of $96.6M up 18% from a year ago. Operating expenses of $37.8M up 15%.
- Portfolio occupancy of 98.1% is up 20 basis points from a year ago.
- Q3 investments of 35 properties for $90M and sales of 22 properties for $36M (produced pre-tax gains of $811K).
- FY2013 AFFO guidance is $1.96-$1.98 per share. FY2014 AFFO guidance of $2.00-$2.05 per share is inline with the Street at $2.03.
- CC at 10:30 ET.
- Q3 results, press release.
- NNN no trades premarket.
Tuesday, Nov 52013, 8:36 AM|Tuesday, Nov 52013, 8:36 AM| Comment!
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montlakeal:: Don't know. "O" did the same.