By The Numbers
[November/December 2006]
Available Ports
Industrial REITs are benefiting from the burgeoning global economy. Over the last three years, port area warehouses have had the lowest percentage availability rate according to data from Torto Wheaton Research.
[November/December 2006]
Presenting a Challenge
The REITCafé’s Anatole Pevnev is now hitting his stride, still in the lead for the 2006 Real Estate Portfolio Stock Challenge with a 26.56 percent total return and a portfolio that has worked well for him, including Kimco Realty Corporation (NYSE: KIM) and Post Properties, Inc (NYSE: PPS).
[November/December 2006]
Bubble, Schmubble
The proverbial commercial real estate bubble, which some say looms over the market today has been much noted of late.
[September/October 2006]
Stock Challenge Update
Anatole Pevnev of REITCafé.com is still maintaining his lead in the 2006 Real Estate Portfolio Stock Challenge as this year’s contestants round the clubhouse turn. However, by the end of July, Peter Slatin’s portfolio surged and catapulted him from the bottom of the rank to second place.
[September/October 2006]
Metric Matters
In June 2006, Fitch Ratings released its annual update of Property Market Metric (PMM™) scores as part of the company’s commercial mortgage-backed securities’ (CMBS) rating process.
[July/August 2006]
Rating Recap
REITs and real estate operating companies (REOCs) have consistently received more rating upgrades than downgrades from Moody's Investors Service.
[July/August 2006]
The True Value
Green Street Advisors' compiled a chart comparing the fluctuation of actual share price premiums to net asset value (NAV) estimates for approximately 60 equity REITs, excluding the hotel sector.
[July/August 2006]
The Camptown Races
Five months into the 2006 Real Estate Portfolio Stock Challenge, REITCafe's Anatole Pevnev is still setting the pace, maintaining a slim lead ahead of Art Havener of A&G Edwards & Sons. Pevnev's five picks—FelCor Lodging Trust, Inc (NYSE: FCH), Kimco Realty Corporation (NYSE: KIM), Corporate Office Properties Trust (NYSE: OFC), Post Properties, Inc. (NYSE: PPS) and ProLogis (NYSE: PLD) have proven to be prudent choices with healthy returns.
[May/June 2006]
Buy, Buy, Buy
REITs continue to expand the amount of commercial real estate held in the public market as REITs remain among the most active property buyers.
[May/June 2006]
Stock Challenge Update
Through the first quarter of the year, REITCafe.com founder Anatole Pevnev and Art Havener of A.G. Edwards & Sons have an early lead over the rest of the field in the 2006 Real Estate Portfolio Stock Challenge.
[May/June 2006]
Global Top 25
The 25 largest listed global real estate companies account for more than 40 percent of the total equity market capitalization of the FTSE EPRA/NAREIT Global Real Estate Index.
[March/April 2006]
Funding the Future
There has been a significant number of pension fund allocations to REIT managers over the past 12 months.
[March/April 2006]
2005 IPO Activity
Some called 2004 the year of the REIT IPO, and rightfully so as 29 companies completed initial public offerings during the year.
Even though 2005 couldn’t match that level, the 11 companies going public last year still represented the industry’s highest total (other than 2004) since 1998.
[March/April 2006]
Forecasting REITs’ Global Impact
At the beginning of 2006, the Citigroup Global Property Research team released a report predicting more tightening of property markets around the world as REIT expansion continues and more legislation to enact real estate investment trusts passes.
[March/April 2006]
Top Underwriters
SNL Financial tracked the leading underwriters for REIT and REOC offerings in 2005, and Citigroup Global Markets topped the common stock and senior debentures lists based on total offering amounts.
[January/February 2006]
REIT Debt Maturity Schedule
At last year’s end, REITs had only $1.3 billion coming to maturity. Overall, maturing debt issuances during the period from 2006 to 2009 fall in line with the overall four-year average of $18.3 billion, indicating REITs should feel minimal effects from the recent rise in interest rates.
[January/February 2006]
Analyst Forecasts
If there's a lesson to be learned from this year's analyst forecasts, it would be the more things change, the more things stay the same.
[January/February 2006]
Stock Challenge Enters Final Month
The 2005 Real Estate Portfolio Stock Challenge is down to its final month and Art Havener of A.G. Edwards, with an 18.39 percent total return through Nov. 30, has maintained his lead.
[November/December 2005]
Industry Snapshot
In its more than 45 years in existence, the publicly traded real estate industry has grown dramatically.
[November/December 2005]
Down to the Wire
The 2005 Real Estate Portfolio Stock Challenge is down to its final three months and Art Havener of A.G. Edwards, with a 15.24 percent total return through Sept. 30, has pulled ahead.
[November/December 2005]
Still Growing
As of the second quarter of 2005, funds from operations per share growth is up across all sectors of the equity REIT market.
[November/December 2005]
Limited Exposure
The hotel REIT sector has seen an increase in total capitalization of $15.7 billion since year end 2001 and an increase of $5.1 billion year to date.
[September/October 2005]
Multiple Magic
Assuming minimal price inflation for the remainder of the year and FFO estimates accurately represent company performance, earnings multiples are expected to contract in 2005, according to SNL Financial.
[September/October 2005]
Valuation Drivers
Property fundamentals are the key drivers of REIT valuation, according to a survey of U.S. pension and mutual fund managers and buy-side analysts conducted by Broadgate Consultants, LLC in June.
[September/October 2005]
Premium Real Estate
Multifamily REITs currently enjoy a slight premium to the larger REIT universe when comparing aggregate current prices to analyst consensus net asset values (NAV), according to SNL Financial LLC.
[July/August 2005]
Lock Stock Block
The fortunes are finally turning for the participants in the 2005 Real Estate Portfolio Stock Challenge.
[July/August 2005]
A Vacant Look at Retail
While retail has been one of the strongest real estate sectors with relatively low vacancy rates, a study conducted by Principal Real Estate Investors, Real Estate Research Corporation and Torto Wheaton Research indicates those rates may be on the rise.
[July/August 2005]
Upscale Performance for Resorts
Last year turned out to be a day at the beach for full-service upscale resort hotel operators.
[July/August 2005]
Self-Storage Evolution
Of the 10 largest operators in the self-storage sector, five REITs ranked among the top seven, according to Prudential Real Estate Investors. Public Storage, Inc. (NYSE: PSA), Shurgard Storage Centers, Inc. (NYSE: SHU), Sovran Self Storage, Inc. (NYSE: SSS) and U-Store-It Trust (NYSE: YSI) made the list.
[May/June 2005]
Stock Challenge Update
Through the first quarter of the year, the total returns posted by the 2005 Real Estate Portfolio Stock Challenge participants have lingered in negative territory.
[May/June 2005]
Office REIT Exposure
Southern California and New York City are ranked as the nation’s healthiest office markets, according to research conducted by Merrill Lynch.
[May/June 2005]
REIT Issuance Increase
In 2004, the lead issuer for REIT common and preferred stock offerings was Citigroup, with 30 common stock deals totaling $4.1 billion and 17 preferred stock deals totaling $1.1 billion, according to Thomson Financial data.
[March/April 2005]
Stellar Global Returns
The FTSE EPRA/NAREIT Global Real Estate Index Series produced its second-highest total return to date, boasting 37.96 percent.
[March/April 2005]
NOI On The Rise
Since 2000, REITs as a whole have experienced a gradual decline in same-store net operating income (NOI).
[March/April 2005]
Economic Forecast
Real Estate Research Corporation, Principal Real Estate Investors and Torto Wheaton Research teamed together to compile a "2005 Economic Forecast," which provides details for three possible scenarios for U.S. economic growth, the probability of these scenarios occurring, and their likely impact on REITs.
[January/February 2005]
International Opportunities
As the global economy continues to improve, more U.S. REITs will find favorable destinations for cross-border transactions.
[January/February 2005]
2005 Fast Forecasts
There are a wide range of opinions on what 2005 will hold in the way of total returns for the publicly traded real estate industry.
[January/February 2005]
Up to the Challenge
With only a month left in Real Estate Portfolio's 2004 Stock Challenge, the team from Banc of America Securities increased its lead over RBC Capital Management’s Jay Leupp.
[November/December 2004]
Top of the Charts
When Real Estate Portfolio touched base with Institutional Shareholder Services in late April to see where publicly traded real estate companies stacked up against other industries in terms of corporate governance we were pleased to see the industry ranked third.
[November/December 2004]
Big Deals
Three of the 10 largest public REIT and REOC M&A deals ever were announced within a three-month timeframe in summer 2004.
[November/December 2004]
Noteworthy Returns
The Morgan Stanley REIT Preferred Index (MSRP) is a preferred stock market capitalization-weighted total return index of all exchange-traded perpetual preferred securities of equity REITs.
[November/December 2004]
Stock Challenge Update
Aided by the more than 46 percent total return generated by The Rouse Company (NYSE: RSE), the team from Banc of America Securities and RBC Capital Markets' Jay Leupp are leading Real Estate Portfolio's 2004 Stock Challenge.
[September/October 2004]
Check the Expiration Date
For the 22 office REITs that SNL Financial tracks,
12 percent of their signed leases will expire by the end of 2005.
[September/October 2004]
"Inflation Protected" REITs
Merrill Lynch’s strategists screened its 1,600 stock universe to identify the best equities for inflation protection.
[September/October 2004]
Moving On Up
After sailing through the late 1990s, the early years of the new century have not been kind to the multifamily sector in terms of median same-store net operating income year-over-year change.
[September/October 2004]
Up to the Challenge
Two of last year's winners are once again at the head of the pack of Real Estate Portfolio's Stock Challenge.
[July/August 2004]
Back on Track
Real estate mutual funds struggled in April when the best performing fund lost 3.58 percent, according to Lipper.
[May/June 2004]
Stable Income
Over the last 22 years, 8.3 percentage points of the 13.3 percent compound annual total return of the NAREIT Equity REIT Index has come from dividends.
[May/June 2004]
Projected FFO Forecast
According to SNL Financial, all but two sectors are slated to post positive FFO growth in 2004.
[May/June 2004]
Dominating Dividends
Over the last 11 years, the average annual dividend growth rate of REITs has outpaced the rate of inflation.
[May/June 2004]
Schalop Takes Early
Stock Challenge Lead
Through the first quarter of the year, the six industry experts in the 2004 Real Estate Portfolio Stock Challenge are off to solid starts.
[March/April 2004]
2004 Analyst Forecasts
The analyst community appears split on what 2004 will hold for REITs, with forecasts ranging from a 28 percent gain to an 11 percent decline in total returns.
[March/April 2004]
Where to Warehouse
In December 2003, industrial REIT ProLogis (NYSE: PLD) published its first market research report reviewing the top 30 distribution and warehouse markets in the U.S.
[March/April 2004]
Global Warming
After two lackluster years, the EPRA/NAREIT Global Real Estate Index had a phenomenal year in 2003, posting a 40.7 percent total return with an equity market capitalization of $360.6 billion.
[January/February 2004]
D.C. Tops Office Market Forecast
Washington, D.C. earned the label as the best market to invest in office properties in 2004, according to a report conducted by Marcus & Millichap Real Estate Investment Brokerage Co.
[January/February 2004]
Economic Recovery Predictions
With the economy showing traction and moving toward a solid recovery, Real Estate Research Corporation (RERC), Torto Wheaton Research (TWR), and Principal Real Estate Investors offer possible projections for the economy and the effects it could have on commercial real estate.
[January/February 2004]
Donnelly Leads Stock Challenge
With a little more than a month left in the Real Estate Portfolio Stock Challenge, Jeff Donnelly of Wachovia Securities holds a slim lead over Banc of America Securities’ Lee Schalop, Jay Habermann of Credit Suisse First Boston and Barry Vinocur of Realty Stock Review.
[November/December 2003]
Big Deals Keep On Turning
Through September 2003, there has been a flurry of merger and acquisition activity in the REIT industry, already far surpassing 2002 levels.
[November/December 2003]
Value Shopping
Lee Schalop, real estate analyst at Banc of America Securities, pointed out in a recent Real Estate Weekender that REIT stocks are currently cheaper than they appear.
[November/December 2003]
Funds Keep Flowing
The flow of capital into real estate mutual funds increased for the fourth consecutive quarter in the third quarter of 2003.
[November/December 2003]
Sector Ownership
In terms of penetration into the various commercial real estate sectors, REITs continue to have the largest hold on the regional mall segment.
[September/October 2003]
Office Spectrum: From D.C. to Dallas
When it comes to office vacancy rates, there is a great disparity in various metro regions across the country.
[September/October 2003]
Habermann Leads Challenge
Now that we are more than halfway through the year, the Real Estate Portfolio Stock Challenge is really beginning to heat up.
[July/August 2003]
Stellar Performances
Assets are a combination of performance and flow, as illustrated in this chart by Lipper, a longtime leader in fund research and fund intelligence.
[July/August 2003]
REIT Sector Trends
So far, 2003 has been a good year to invest in retail companies, especially those that own and operate outlet centers.
[May/June 2003]
Outlook for Capital Sources
Investor demand for real estate assets remains strong, despite the downturn in the economy.
[May/June 2003]
On the Rise
With one quarter in the books, the Real Estate Portfolio Stock Challenge is starting to get interesting.
[May/June 2003]
Real Estate Benchmarks Weigh In
For the third consecutive year, Deutsche Bank Securities' research team, lead by Lou Taylor, analyzed six stock benchmarks and one property index as part of the company's "Annual Real Estate Benchmark Study."
[May/June 2003]
Different Shapes and Sizes
Pension funds, real estate investment trusts and real estate operating companies are the predominant investors in commercial real estate equity, according to the latest research report by Prudential Real Estate Investors, Sizing Up the U.S. Real Estate Market.
[March/April 2003]
REITs Three-Peat
For the third consecutive year, real estate stocks outperformed most other benchmarks.
[March/April 2003]
Stable Income
Over the last 20 years, approximately 9 percentage points of the 12.4 percent compound annual total return of the NAREIT Equity REIT index has come from dividends.
[March/April 2003]
Dividends Win the Race
Over the last 10 years, the average annual dividend growth rate of REITs has outpaced the rate of inflation.
[March/April 2003]
REIT-Turn
Even a novice investor has heard about the benefits of maintaining a well-diversified portfolio.
[January/February 2003]
REIT Property Sector Comparison
Monthly Equity REIT Dividend Yield Spread
REITs Outperform Leading U.S. Benchmarks
REIT Dividend Scorecard
Sparing No Expense
New Year, New Money for 401(K) Plans
|
 |
|
