Equity Residential reports 93% of April monthly residential rents collected » 10:0604/0804/08/20
Equity Residential announced that through April 7, the company collected approximately 93% of its monthly residential cash receipts for April and the company is working with the remainder of its residents on payment options.
Largest borrow rate increases among liquid names » 08:4504/0804/08/20
TLRY, MTCH, ABB, BKLN, JNK, QQQ, SKT, CVE, EEM, KNX
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Tilray (TLRY) 114.46% +16.69, Match Group (MTCH) 19.78% +3.56, ABB (ABB) 2.63% +0.34, Powershares Loan ETF (BKLN) 8.19% +0.19, SPDR Barclays Capital High Yield Bond (JNK) 1.00% +0.14, Invesco QQQ ETF (QQQ) 0.93% +0.11, Tanger Factory (SKT) 9.54% +0.11, Cenovus Energy (CVE) 0.39% +0.11, iShares Emerging Markets ETF (EEM) 1.00% +0.09, and Knight Transportation (KNX) 0.34% +0.09.
Pennsylvania REIT furloughed 37% of staff due to COVID-19 » 07:0104/0804/08/20
PREIT provided an update…
PREIT provided an update on its efforts to stabilize cash flow while operations are temporarily suspended, concurrently positioning itself for a rapid re-boot of mall operations. The company has significantly reduced its expense burden while balancing the ability to quickly re-engage. In the event the operations halt continues longer than anticipated, the company has additional levers to pull to further reduce expenses. Last week, the company took the difficult but necessary step of implementing a furlough of 37% of our staff by way of temporary suspension or hours reduction. The furlough impacted 41 of our corporate office colleagues and 62 of our property colleagues, and we continue to provide benefits to the impacted employees. The company submitted an application for stimulus funds available through the CARES Act. The funds are being pursued through the Paycheck Protection Plan which is being administered jointly by the Treasury and the SBA.
SL Green Realty downgraded to Market Perform from Outperform at BMO Capital » 06:1704/0804/08/20
BMO Capital analyst John…
BMO Capital analyst John Kim downgraded SL Green Realty (SLG) to Market Perform from Outperform with a price target of $55, down from $95. The company's ability to close its discounted valuation through buybacks funded with asset sales, the basis for a positive thesis, is now on pause, Kim tells investors in a research note. The analyst believes positive share catalysts are now largely macro dependent. He prefers shares of Vornado (VNO) to SL Green Realty.
Federal Realty initiated with a Buy at Odeon Capital » 05:4604/0804/08/20
Odeon Capital analyst…
Odeon Capital analyst Alexander Arnold initiated coverage of Federal Realty with a Buy rating and $105 price target.
Federal Realty initiated with a Buy at Odeon Capital » 05:0904/0804/08/20
Odeon Capital initiated…
Odeon Capital initiated coverage of Federal Realty Investment Trust with a Buy rating and $105 price target.
Tanger Factory appoints Stephen Yalof as President and COO » 08:0704/0704/07/20
Tanger Factory Outlet…
Tanger Factory Outlet Centers announced that Stephen Yalof, a successful and proven retail real estate executive, will join the Company as President and COO effective April 10. The Company's Board of Directors also intends to extend Steven B. Tanger's contract through the end of 2023. At the beginning of 2021, Yalof will succeed Tanger as CEO, and Tanger will remain on the Board and begin serving as Executive Chair. At that time, David Henry, currently Non-executive Chair of the Board, will become Lead Independent Director. In his most recent role, Yalof served as CEO of Simon Premium Outlets since 2014. His career also includes more than 20 years with retailers, including leadership roles at global brands Ralph Lauren Corporation and Gap. He earned a B.S. in Business Administration at George Washington University.
Ryman Hospitality price target lowered to $44 from $68 at Wells Fargo » 07:3504/0704/07/20
Wells Fargo analyst Dori…
Wells Fargo analyst Dori Kesten lowered the firm's price target on Ryman Hospitality Properties to $44 from $68 and keeps an Overweight rating on the shares.
SBA Communications upgraded to Overweight at Wells Fargo » 07:1604/0704/07/20
As previously reported,…
As previously reported, Wells Fargo analyst Jennifer Fritzsche upgraded SBA Communications to Overweight from Equal Weight with a $305 price target. Given the large percentage of recurring revenue in the model, the analyst expects the overall outlook from the company to be fairly stable in the face of COVID-19. Further, Fritzsche believes the fundamentals of the tower sector get stronger, not weaker, on the other side of COVID-19. A number of tangible potential catalysts exist, namely higher traffic on the network, increased spend to adapt to the WFH phenomenon, the release of more spectrum to the market, and the continued buildout of 5G architecture, she contends. As a result, the analyst believes the recent pullback in the stock provides an attractive risk/reward entry point.
Ryman Hospitality downgraded to Neutral from Buy at Citi » 06:4404/0704/07/20
Citi analyst Smedes Rose…
Citi analyst Smedes Rose downgraded Ryman Hospitality Properties to Neutral from Buy with a price target of $35, down from $92. Groups comprise over 70% of Ryman's demand, and, as in past downturns, group bookings could build at slower pace, Rose tells investors in a research note. Further, capital investment projects will be delayed, pushing associated returns further out, adds the analyst.