SA News • Thu, Dec. 18
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Thu, Dec. 18, 9:12 AM
- "We view shares to be fairly valued on a risk-adjusted basis given our forecast for slower relative earnings growth in 2015 (-1% AFFO growth vs. 8% for the sector) vs. the company’s peers," says analyst Todd Thomas, downgrading RPAI from Buy to Hold and pulling the $17 price target after the stock's bug run higher this year.
- He notes current occupancy of 93.3% offers less upside than the 88% it stood at when the company went public in 2012.
- "Finally, we suspect that management will issue conservative 2015 initial FFO guidance, which could also pressure shares in the near term; this may present a more attractive entry point for tactical investors."
Mon, Oct. 27, 7:28 PM
- Q3 Operating FFO per share of $0.28 vs. $0.27 prior.
- Same-store NOI +2.4%; Same-store occupancy +10 bps to 93.8%.
- Total portfolio leased, including leases signed but not commenced +100 bps to 95%.
- Positive comparable cash leasing spreads of 4.4%.
- FY operating FFO guidance revised to $1.07 - 1.09 from $1.04 - 1.07.
- FY Same-store expected NOI growth revised to 2.5 - 3.5% from 2 - 3%.
- Conference call tomorrow at 11 ET.
- RPAI No trades AH
- Previous: Retail Properties of America beats by $0.03, beats on revenue
Mon, Oct. 27, 4:04 PM| Comment!
Tue, Oct. 21, 5:20 PM| Comment!
Tue, Oct. 21, 4:49 PM
- It's RPAI's second investment-grade credit rating (following Moody's), as S&P assigns a BBB- corporate credit rating to the company and its senior unsecured shelf registration. "[It]'s a strong acknowledgement of the transformation of the Company's balance sheet over the last three years, as we have substantially deleveraged the portfolio, improved coverage metrics and grown our now sizeable unencumbered asset base," says CFO Angela Aman.
- Source: Press Release
Mon, Aug. 4, 4:49 PM
- Operating FFO of $65.7M or $0.28 per share vs. $60.6M and $0.26 a year ago.
- 4.8% increase in total same store NOI, with same store occupancy of 93.6% up 140 basis points.
- Total portfolio leased, including leases signed but not commenced of 94.8%, up 140 bps from a year ago.
- Positive comparable cash leasing spreads of 6%.
- Full-year operating FFO guidance is lifted to $1.04-$1.07 per share from $0.99-$1.03 previously. Same store NOI growth guidance remains at 2-3%.
- Conference call at 11 ET
- RPAI -0.4% AH
- Previously: Retail Properties of America beats by $0.03, beats on revenue
Mon, Aug. 4, 4:34 PM| Comment!
Tue, Jul. 29, 6:08 PM| Comment!
Mon, May. 5, 6:48 PM| Comment!
Wed, Apr. 23, 6:17 AM| Comment!
Tue, Feb. 18, 4:19 PM| Comment!
Tue, Feb. 11, 6:29 PM| Comment!
Wed, Jan. 22, 3:12 PM
- 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
Nov. 4, 2013, 6:46 PM| Comment!
Oct. 29, 2013, 7:07 PM| Comment!
Sep. 16, 2013, 8:02 AM
- Capital One initiates coverage on a number of shopping center REITs, with Strong Buys issued to Kimco (KIM) and Weingarten Realty Investors (WRI).
- Started at Neutral are Equity One (EQY), Federal Realty Investment Trust (FRT), Retail Properties of America (RPAI), and Ramco-Gershenson Properties Trust (RPT).
- Started at "Add" is AmREIT (AMRE).
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