|Over a month ago|
Vereit price target raised to $44 from $39 at Mizuho » 06:2503/0403/04/21
Mizuho analyst Haendel…
Mizuho analyst Haendel St. Juste raised the firm's price target on Vereit to $44 from $39 and keeps a Buy rating on the shares. The analyst downgraded the Triple Net sector Equal-weight from Overweight. St. Juste is bullish on the U.S. economic recovery and sees an "earnings bounce" following 2020's Covid disruption. However, the economic resurgence has led to a 55 basis point rise in the 10-year yield year-to-date, "unnerving some and raising questions" of whether triple nets can work in a rising rate environment, St. Juste tells investors in a research note. The analyst thinks it is "prudent to take a few chips off the Triple Net table" given the companies' sensitivity to rates.
Vereit upgraded to Overweight from Equalweight at Capital One » 08:5502/2502/25/21
Capital One analyst Chris…
Capital One analyst Chris Lucas upgraded Vereit to Overweight from Equalweight with a $48 price target.
Vereit sees FY21 AFFO $3.20-$3.30, consensus $3.23 » 06:2002/2402/24/21
Sees FY21 average…
Sees FY21 average occupancy averaging between 97% and 98%. Sees FY21 net debt to normalized EBITDA: 5.5x to 6.0x.
Vereit reports Q4 AFFO 76c, consensus 77c » 06:1802/2402/24/21
Reports Q4 revenue…
Reports Q4 revenue $287.9M, consensus $295.2M. Glenn Rufrano, CEO, stated, "We have had consistently high rent collections from the beginning of the pandemic and will diligently work to continue this success. By year end 2020, we moved to increase acquisition volume and are once again on offense. Bolstered by our $500 million in cash from both cash flow and equity raised, we are not dependent on external funding to achieve our 2021 volume estimates. Our acquisition model has a number of channels to find opportunities providing portfolio quality and AFFO growth. With the breadth of irons we have in the fire, our team has confidence in our guidance expectations, which includes AFFO growth of approximately 4.5% for 2021."
Vereit resumed with a Sell at Goldman Sachs » 04:5501/2201/22/21
Goldman Sachs analyst…
Goldman Sachs analyst Caitlin Burrows resumed coverage of Vereit with a Sell rating and $32 price target. While portfolio and balance sheet improvements helped to strengthen Vereit's current portfolio, the company still compares less favorably than net lease peers on various metrics, including leverage and near-term lease expirations, Burrows tells investors in a research note.
|Over a quarter ago|
Vereit upgraded to Buy from Neutral at Mizuho » 07:0401/1401/14/21
Mizuho analyst Haendel…
Mizuho analyst Haendel St. Juste upgraded Vereit to Buy from Neutral with a price target of $39, up from $35. The analyst sees improving risk/reward and re-rating potential given the company's better liquidity profile and "de-risked" 2021 external growth potential.
Vereit announces December rent collection of 97% » 08:1701/0501/05/21
Vereit has received rent…
Vereit has received rent of approximately 97% for December, which includes approximately 2% to be paid in arrears by a Government agency tenant and is in line with October and November rent collection.
JPMorgan changes ratings in REIT, Real Estate Services sectors into 2021 » 08:2312/2112/21/20
WELL, HTA, STAG, EXR, VER, EPR, RPT, WRI, MAC, AVB, ACC, RLGY, RMAX, KRC, BXP
JPMorgan analysts Anthony…
JPMorgan analysts Anthony Paolone and Michael Mueller made a number of rating changes in the REITs and Real Estate Services sector as part of their outlook for 2021. In health care, they upgraded Welltower (WELL) to Overweight from Neural and downgraded Healthcare Trust of America (HTA) to Neutral from Overweight. The upgrade is driven by an expectation that investment activity is going to "significantly ramp-up at the margin" amid the vaccine rollout. In industrial, the analysts downgraded STAG Industrial (STAG) to Neutral as they prefer some other stocks with higher core growth prospects. In self storage, the analysts upgraded Extra Space Storage (EXR) to Overweight saying the company is executing on higher yielding, accretive, investments, in addition to traditional acquisitions. Paolone and Mueller are bullish on net lease real estate investment tursts going into 2021 and finds the property type to be among the most attractive in the group. They downgraded Vereit (VER) to Neutral and EPR Properties (EPR) to Underweight on valuation. In retail, the analysts made some rating changes to better reflect their "marginally more positive" stance on some of the strip centers and most cautious outlook on the mall sector. They upgraded RPT Realty (RPT) and Weingarten Realty (WRI) to Neutral and downgraded Macerich (MAC) to Underweight. In residential, the analysts downgraded AvalonBay (AVB) to Neutral and American Campus Communities (ACC) to Underweight. In residential real estate services, they upgraded both Realogy (RLGY) and RE/MAX Holdings to Neutral saying the "strength in the housing market should have legs." Paolone and Mueller have a bearish view on the office market going into 2021 and downgraded Kilroy Realty (KRC) to Neutral and Boston Properties (BXP) to Underweight.
Vereit downgraded to Neutral from Overweight at JPMorgan » 04:4312/2112/21/20
JPMorgan analyst Anthony…
JPMorgan analyst Anthony Paolone downgraded Vereit to Neutral from Overweight with a $40 price target.
Vereit reports November rent collection of 97% » 16:1912/0212/02/20
Vereit announced its…
Vereit announced its November rent collection and updated transaction activity. Vereit had received rent of approximately 97% for November, which includes approximately 1% to be paid in arrears by a Government agency tenant and is in line with October rent collection of 97%. The company invested $811M of capital year-to-date, including $280M acquired for the institutional partnerships and $300M allocated to the redemption of 6.7% preferred stock. The company is on target for the high end of Q4 2020 to Q1 2021 acquisition pipeline of $150M to $300M with $75M completed quarter-to-date at a cap rate in excess of 7%. The company has sold approximately $53M in office quarter-to-date and has an additional $100M under contract with the total approximate cap rate averaging 6%. Once completed, this will bring total office dispositions for the year to approximately $430M. The company issued $1.2B aggregate principal amount of senior notes with a 2.7% weighted average interest rate and weighted average duration of 10 years providing a low cost of debt capital and leaving no uncovered bond maturities until 2024. Proceeds from the offering have been used primarily to repay the $900.0M credit facility term loan.