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Yesterday, 10:01 AM
- Stifel steps into the Ebola-related downdraft in the lodging sector, upgrading the largest (by market cap) such REIT, Hospitality Property Trust (HPT +2.1%) to Buy with $30 price target.
- Other names: Ashford (AHT +1.2%), Strategic Hotels (BEE +0.8%), Sunstone Hotel (SHO +1.1%), LaSalle Hotel (LHO +0.6%), Chesapeake Lodging (CHSP +0.6%), Summit Hotel (INN +1.2%), Pebblebrook Hotel (PEB +0.7%).
Wed, Oct. 15, 5:25 AM
- A second healthcare worker has contracted Ebola in the U.S.,
- The worker, a staff member at Texas Health Presbyterian Hospital, was among those who looked after Thomas Duncan, who died of the virus earlier this month.
- More on Ebola
- Related health stocks: TKMR, BCRX, HEB, INO, NLNK, NNVC, OTCQB:GOVX, SRPT, CMRX, GSK, IBIO, APT, LAKE, SRPT, PLX, NSPH, SMED, VSR, AHPI
- Airlines: DAL, AAL, UAL, SKYW, ALGT, HA, LUV
- Hotels: MAR, HLT, IHG, STAY, H, HOT, CHH
- Lodging REITS: AHT, SHO, LHO, INN
Mon, Oct. 13, 4:19 PM
- Both equity and mortgage REITs saw plenty of buying as nearly all of the rest of the market was lit up bright red, and Treasury ETFs signaled a sharp drop in yields when government bonds reopen for trade tomorrow (closed this session for Columbus Day).
- A sampling of equity names: Senior Housing Properties (SNH +1.2%), Medical Properties Trust (MPW +1.4%), Gramercy Property Trust (GPT +1.7%), Equity Residential (EQR +0.7%), Inland Real Estate (IRC +0.9%), Sovran Self Storage (SSS +1.1%), Highwoods Properties Trust (HIW +1%).
- One equity REIT sector in the red along with the rest of the market is lodging amid worsening Ebola fears: Ashford Hospitality Trust (AHT -2.9%), Sunshine Hotel Investors (SHO -1.4%), LaSalle Hotel Properties (LHO -1.5%), Summit Hotel Properties (INN -1.5%).
- Mortgage REITs: American Capital Agency (AGNC +1.4%), CYS Investments (CYS +2.2%), Invesco (IVR +1.1%), American Capital Mortgage (MTGE +1.5%), Western Asset (WMC +1.1%).
- ETFs: IYR, VNQ, REM, MORL, MORT, DRN, URE, REZ, SRS, RWR, SCHH, ICF, ROOF, DRV, KBWY, RTL, REK, FRI, FTY, PSR, IFNA, FNIO, WREI
Mon, Sep. 15, 9:50 AM| Comment!
Thu, Aug. 7, 5:23 PM
Thu, Jun. 19, 4:32 PM
- The 544-room Wallea Beach Marriott Resort & Spa sits on 22 acres and is being purchased by Sunstone Hotel (SHO) for $325.7M, or $598.6K per key.
- The price is 16.9x forecasted 2014 EBITDA, and makes for a cap rate of 5.2%.
- Funding: The seller - a Blackstone fund - will be issued $60M worth of Sunstone common stock at a price of $14.87 per share (today's closing price), and Sunstone will commence with a public secondary offering of another 18M shares.
- Shares -1.5% AH
Mon, May. 5, 4:23 PM
Thu, Feb. 20, 4:50 PM| Comment!
Tue, Jan. 14, 3:50 PM
- The hotel REIT sector is having a big day, led by Strategic Hotels & Resorts (BEE +1.8%) one day after a 2-notch upgrade by BAML to Buy from Underperform. The price target is $11.50.
- The activist target initially popped yesterday following the upgrade, but gave up those gains as the market tanked in the afternoon.
- Others: Hospitality Properties (HPT +0.8%), Sunstone Hotel (SHO +1.5%), LaSalle Hotel (LHO +1.1%), Pebblebrook (PEB +1.8%), Ashford Hospitality (AHT +1.8%).
Nov. 11, 2013, 4:53 PM
Nov. 11, 2013, 12:10 AM
Nov. 10, 2013, 5:35 PM
Oct. 14, 2013, 8:16 AM
- The team downgrades a swath of hotel REITs in what looks to be valuation call as the sector (along with self-storage) has emerged unscathed from the heavy selling in REIT land amid higher interest rates since the Spring.
- Downgraded to Buy from Strong Buy are Strategic Hotels and Resorts (BEE) and Sunshine Hotel Investors (SHO). Cut to Hold from Buy are DiamondRock Hospitality (DRH), LaSalle Hotel Properties (LHO), and PebbleBrook Hotel Trust (PEB).
- Hotel REITs gained 6.23% in Q3 and Self-storage was ahead 7.45%. All other REIT sectors lost money during the period.
Oct. 10, 2013, 7:34 AM
Oct. 9, 2013, 3:11 PM
- "There was a time when people were overly exuberant about how long interest rates were going to stay low. That time is gone," says Cohen & Steers' Jason Yablon. Investors have pulled $728M out of real-estate mutual funds since May 15 (about the time interest rates started rising) vs. $42.8B in inflows into all equity funds, according to Lipper data. After outperforming the broader stock market for several years, REIT stocks have underperformed the S&P 500 for each of the last four months.
- The best-performing REITs in Q3, say analysts, were those renting property with short-term leases. Those with longer-term leases - such as owners of health care facilities - suffer most as rates rise.
- The only sectors showing gains in Q3 were self-storage (+7.45%) and hotel (+6.23%) REITs. "Self-storage was always regarded as the ugly stepchild of the real-estate industry, but our industry was always thought to be recession-resilient," says Extra Space Storage (EXR) CEO Spencer Kirk.
- REIT ETFs: FRI, WREI, FTY, ICF, IYR, REM, REZ, RTL, PSR, KBWY, SCHH, RWR, VNQ, DRN, URE, DRV, SRS, REK, ROOF.
- Self-storage: CUBE, PSA, SSS.
- Hotel: AHT, CLDT, CHSP, DRH, FCH, HT, HPT, HST, LHO, PEB, RLJ, BEE, INN, SHO, SPPR.
Aug. 5, 2013, 5:37 PM
SHO vs. ETF Alternatives
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