Mon, Aug. 24, 9:20 AM
Mon, Aug. 3, 4:49 PM
Thu, Jul. 2, 3:01 PM
- Even as public market valuations have pulled back, says Citi's Michael Bilerman, private market pricing has remained strong, widening the gap between price and value.
- While fund flows are a negative, Bilerman notes an uptick in interest from market generalists, suggesting they're beginning to spot value in the sector.
- Healthcare: The REITs here are particularly sensitive to rising rates given high external growth expectations and accretive "spread" investing. Bilerman has Overweights in large-cap Ventas (NYSE:VTR) and small-cap Sabra Health Care (NASDAQ:SBRA).
- Lodging: Supply is largely intact and demand continues to improve, hopefully setting up a strong H2. He continues to favor C-corps like Hilton Worldwide (NYSE:HLT), but also has Overweight positions on Host Hotels (NYSE:HST) and LaSalle Hotel (NYSE:LHO).
- Office/Industrial: This sector offers particular opportunity for outperformance, and he prefers urban names, Boston Property (NYSE:BXP), SL Green (NYSE:SLG), and Vornado (NYSE:VNO), and only select suburban names Parkway (NYSE:PKY) and Mack Cali (NYSE:CLI). In industrial, he's Overweight EastGroup (NYSE:EGP), Prologis (NYSE:PLD), and DCT Industrial (NYSE:DCT).
- Apartments: Growth remains strong and valuations attractive. He's Overweight large caps AvalonBay (NYSE:AVB), Equity Residential (NYSE:EQR), and UDR, as well as value name Camden Property Trust (NYSE:CPT).
- Retail: He's still Overweight Class A mall REITs, but is getting more bullish on strip mall names, with Kimco (NYSE:KIM), Acadia (NYSE:AKR), and Weingarten (NYSE:WRI) upgraded to Buy. Other top picks are General Growth (NYSE:GGP), Simon Property (NYSE:SPG), Kite Realty (NYSE:KRG), and Forest City (NYSE:FCE.A).
- Previously: Citi spots value in beaten-up REIT sector (July 2)
Wed, Jul. 1, 6:19 PM
- Bloomberg reports Parkway Properties (NYSE:PKY) is "in the early stages of exploring strategic options including a sale." The REIT is reportedly working with BofA/Merrill and Wells Fargo.
- Parkway has risen to $18.50 AH. dealReporter reported last month Parkway is expected to pursue a sale or asset divestitures. TPG Capital (21% stake) would presumably have a large say in what transpires.
Fri, Jun. 19, 3:27 PM
Fri, May 29, 10:22 AM
- Cousins Properties (CUZ -0.2%) - with 39% Houston exposure - had minor water damage in loading areas, but no damage to the properties themselves, says analyst Ki Bin Kim. Parkway Properties (NYSE:PKY) - 26% exposure - had no material damage; Eastgroup Properties (NYSE:EGP) - 19% exposure - no impact; Camden Property Trust (NYSE:CPT) - 13% exposure - routine impact common with any big storm; Weingarten Realty (NYSE:WRI) - 13% exposure - water in one store; Sovran Self Storage (NYSE:SSS) - 5% exposure - leaks and some power outages.
Thu, May 14, 4:15 PM
Mon, May 4, 4:18 PM
Mon, Feb. 23, 10:03 AM
Mon, Feb. 9, 4:30 PM
- Q4 recurring FFO of $42.1M or $0.36 per share vs. $22.8M and $0.31 one year ago. FAD of $14.4M or $0.12 per share vs. $12.5M and $0.17 one year ago. Dividend of $0.1875.
- Occupancy of 89.2% up 10 bps from Q3; portfolio 91.0% leased flat from Q3.
- 2015 recurring FFO per share guidance of $1.32-$1.42 vs. $1.47 in 2014.
- Conference call tomorrow at 9 ET
- Previously: Parkway Properties beats by $0.05, beats on revenue (Feb. 9)
- PKY flat after hours
Mon, Feb. 9, 4:21 PM
Dec. 31, 2014, 2:25 AM
- Real-estate investment trusts were among the hottest stocks of the year, producing a total return of 32.3%, including dividends, according to the FTSE Nareit Equity REITs Index.
- Boosted by low interest rates and an improving economy, the sector has climbed this year to its biggest gains in nearly a decade.
- Analysts are predicting REIT shares to continue to perform well in 2015, as a stronger economy and increased M&A activity drown out the risk of possible rate rises.
- With its shares rising 68.3% this year, the top-performing REIT in 2014 was Winthrop Realty Trust (NYSE:FUR).
- Related tickers: ARCP, DEI, DCT, PEB, SHO, EXR, FRT, EPR, MPW, NYRT, MAC, AVIV, CPT, EQR , PKY, MAC, SKT, WRI
- ETFs: IYR, VNQ, DRN, URE, SRS, RWR, SCHH, ICF, DRV, KBWY, REK, FRI, FTY, PSR, WREI
Dec. 16, 2014, 9:40 AM
- Upgraded to Buy from Neutral are Camden Property Trust (CPT +0.2%) and Equity Residential (EQR +0.1%). Upgraded to Neutral from Sell is Parkway Properties (PKY +0.3%).
- Downgraded to Neutral from Buy are Douglas Emmet (DEI -0.9%), Macerich (MAC +0.1%), Tanger Factory Outlet (SKT -0.7%), and Weingarten Realty (WRI -0.5%).
Dec. 12, 2014, 10:46 AM
- Started with Buys are Highwoods Properties Trust (HIW +1.2%), Hudson Pacific Properties (HPP -0.2%), and Parkway Properties (PKY -0.8%).
- Stated with Neutrals are Boston Properties (BXP +0.1%), Brandywine Realty Trust (BDN), Douglas Emmet (DEI +0.7%), First Potomac Realty (FPO +0.3%), Kilroy Realty (KRC +0.7%), and Piedmont Office (PDM -0.2%).
Dec. 3, 2014, 7:36 AM
Nov. 20, 2014, 4:44 PM
PKY vs. ETF Alternatives
Parkway Properties Inc is a fully integrated, self-administered & self-managed real estate investment trust. It is engaged in the acquisition, ownership & management of office & parking properties in submarkets in the Sunbelt region of the United States.
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