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Real estate isn't showing near-term 'cracks', Compass Point analyst says

May 26, 2018 7:05 AM ETTanger Inc. (SKT) StockWPS, REM, RWR, VNQ, IYR, ICF, NRO, RFI, NLY, EQR, SKT, IGR, JRS, RWX, BXMT, SRS, URE, BX, REZ, AWP, RQI, AGNC, RNP, GOV-OLD, DRN, STWD, CLDT, KBWY, SCHH, VNQI, MORT, STAG, MORL, JRI, REET, XLRE, CBLBy: Liz Kiesche, SA News Editor19 Comments
  • The real estate environment continues to be "benign," as leverage isn't too high and underwriting is realistic, Bloomberg reports, citing a note by Compass Point analyst Steve Manaker.
  • Manaker says his "very subjective" views are based on his conversations with private real estate investors, lenders, operators, and REIT management teams.
  • Sees "decent" growth in rental rates, NOI: even more "tenant-friendly" areas aren't seeing dramatic rental rate declines, he says.
  • If real estate turns negative, it may be due to excesses of capital, rather than operating results, Manaker says. Leverage, underwriting could turn negative in 2019 or 2020 if trends continue, he says.
  • Commercial real estate has been the focus of some analysts looking for cracks in the market, Bloomberg reported Thursday, with Morgan Stanley's CRE tracker showing increasing "signs of weakening fundamentals as the market may be "approaching a critical junction."
  • Some REIT tickers: SKT, CBL,STWD,BXMT, APTS, EQR,CLDT, GOV-OLD,STAG, NLY, AGNC
  • ETFs: VNQ, MORL, IYR, REM, AWP, RQI, MORT, VNQI, SCHH, IGR, RNP, RFI, KBWY, DRN, WPS, NRO, REZ, RWX, URE, ICF, XLRE, JRS, RWR, JRI, REET, SRS

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