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Recommendations
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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. ShowHide Related Items >><< - 11/16/20
- Weingarten Realty cash collections increase to 91% for Q3, and 90% for October
- 12/15/20
- Welltower, Wafra announce $550M medical office building joint venture
- 12/14/20
- Public Storage appoints three independent trustees to board
- 11/16/20
- Paul Singer's Elliott buys Cubic, exits AT&T in Q3
- 10/05/20
- Welltower names Shankh Mitra as CEO
- $37.84 /
-154.61 (-80.34%) - 12/02/20
- Vereit reports November rent collection of 97%
- 08/11/20
- Vereit and Ocean West acquire facility in Dallas for $246.7M
- 08/17/20
- STAG Industrial signs early lease renewal at Memphis TN facility
- 09/08/20
- RPT Realty reports August rent collections 86%
- 08/04/20
- RPT Realty has temporarily suspended quarterly common dividend
- 09/21/20
- RE/MAX Holdings acquires Gadberry Group, terms not disclosed
- 11/17/20
- Dine Brands names John Peyton, president and CEO
- 09/01/20
- Realogy mortgage origination JV with Guaranteed Rate announces 86% volume jump
- 08/20/20
- Realogy rises 10.8%
- 10/05/20
- Macerich announces all 47 retail properties to be fully open for business
- 09/10/20
- Macerich announces 44 of 47 retail properties reopened
- 08/12/20
- Macerich holder Passive Investment reports 6.8% stake, saw shares 'undervalued'
- 08/26/20
- Kilroy Realty raises quarterly dividend 3.1% to 50c per share
- 09/22/20
- Healthcare Trust reactivates share repurchase program
- 11/09/20
- Extra Space Storage makes $300M preferred stock investment in Jernigan Capital
- 08/18/20
- Extra Space Storage Chairman Kenneth Woolley sells over $10M in shares
- 08/04/20
- Extra Space Storage is not providing FY20 guidance
- 10/14/20
- EPR Properties falls -6.9%
- 10/14/20
- EPR Properties falls -5.6%
- 09/11/20
- EPR Properties seeing continued progress, 81% of properties open
- 11/10/20
- Boston Properties announces lease deal with Translate Bio in Waltham, MA
- 07/28/20
- Boston Properties acquires 50% interest in existing JV in El Segundo development
- 12/10/20
- AvalonBay names Benjamin Schall president
- 07/29/20
- AvalonBay authorizes up to $500M stock buyback
- 09/24/20
- American Campus CEO sells 120K shares of common stock
- 09/24/20
- American Campus CEO sells 120,000 common shares
- 07/20/20
- American Campus doesn't expect full return to normalcy in Fall 2020
- 12/21/20 JPMorgan
- Welltower upgraded to Overweight from Neutral at JPMorgan
- 12/15/20 Citi
- Welltower price target raised to $65 from $50 at Citi
- 12/14/20 KeyBanc
- Welltower upgraded to Overweight from Sector Weight at KeyBanc
- 12/03/20 Scotiabank
- Welltower downgraded to Underperform from Sector Perform at Scotiabank
- 12/21/20 JPMorgan
- Healthcare Trust downgraded to Neutral from Overweight at JPMorgan
- 12/15/20 Citi
- Healthcare Trust upgraded to Buy from Neutral at Citi
- 11/03/20 BMO Capital
- Healthcare Trust remains 'attractive' risk-reward investment, says BMO Capital
- 09/01/20 Stifel
- Healthcare Trust resumed with a Buy at Stifel
- 12/21/20 JPMorgan
- STAG Industrial downgraded to Neutral from Overweight at JPMorgan
- 09/22/20 Baird
- STAG Industrial downgraded to Neutral from Outperform at Baird
- 04/02/20 RBC Capital
- STAG Industrial price target lowered to $30 from $35 at RBC Capital
- 02/27/20
- Fly Intel: Top five analyst initiations
- 12/21/20 JPMorgan
- Extra Space Storage upgraded to Overweight from Neutral at JPMorgan
- 12/09/20 Morgan Stanley
- Extra Space Storage price target raised to $107 from $94 at Morgan Stanley
- 11/13/20 KeyBanc
- Extra Space Storage upgraded to Overweight from Sector Weight at KeyBanc
- 11/13/20 KeyBanc
- Extra Space Storage upgraded to Overweight from Sector Weight at KeyBanc
- $37.84 /
-154.61 (-80.34%) - 12/21/20 JPMorgan
- Vereit downgraded to Neutral from Overweight at JPMorgan
- 10/12/20 Morgan Stanley
- Broadstone Net Lease initiated with an Overweight at Morgan Stanley
- 09/29/20 Mizuho
- Vereit price target raised to $7 from $5 at Mizuho
- 08/24/20 BofA
- Spirit Realty, Vereit upgraded to Buy from Neutral at BofA
- 12/21/20 JPMorgan
- EPR Properties downgraded to Underweight from Neutral at JPMorgan
- 12/11/20 Truist
- EPR Properties price target raised to $28 from $27 at Truist
- 10/13/20 RBC Capital
- EPR Properties downgraded to Sector Perform from Outperform at RBC Capital
- 10/06/20 Truist
- EPR Properties downgraded to Hold from Buy at Truist
- 12/21/20 JPMorgan
- RPT Realty upgraded to Neutral from Underweight at JPMorgan
- 12/15/20 Deutsche Bank
- RPT Realty upgraded to Buy with $10 target at Deutsche Bank
- 12/15/20 Deutsche Bank
- RPT Realty upgraded to Buy from Hold at Deutsche Bank
- 12/14/20 KeyBanc
- RPT Realty upgraded to Overweight from Sector Weight at KeyBanc
- 12/21/20 JPMorgan
- Weingarten Realty upgraded to Neutral from Underweight at JPMorgan
- 12/10/20 Wells Fargo
- Weingarten Realty upgraded to Overweight at Wells Fargo
- 12/10/20 Wells Fargo
- Weingarten Realty upgraded to Overweight from Equal Weight at Wells Fargo
- 07/02/20 Citi
- Weingarten Realty price target raised to $19 from $14.50 at Citi
- 12/21/20 JPMorgan
- Macerich downgraded to Underweight from Neutral at JPMorgan
- 12/15/20 Citi
- Macerich downgraded to Sell from Neutral at Citi
- 12/14/20 KeyBanc
- Macerich upgraded to Sector Weight from Underweight at KeyBanc
- 12/11/20 Truist
- Macerich price target raised to $13 from $8.50 at Truist
- 12/21/20 JPMorgan
- AvalonBay downgraded to Neutral from Overweight at JPMorgan
- 12/15/20 Citi
- AvalonBay price target raised to $165 from $160 at Citi
- 12/10/20 Wells Fargo
- AvalonBay upgraded to Overweight at Wells Fargo
- 12/10/20 Wells Fargo
- AvalonBay upgraded to Overweight from Equal Weight at Wells Fargo
- 12/21/20 JPMorgan
- American Campus downgraded to Underweight from Neutral at JPMorgan
- 12/15/20 Deutsche Bank
- American Campus upgraded to Buy with $49 target at Deutsche Bank
- 12/15/20 Citi
- American Campus price target raised to $43 from $38 at Citi
- 12/15/20 Deutsche Bank
- American Campus upgraded to Buy from Hold at Deutsche Bank
- 12/21/20 JPMorgan
- Realogy upgraded to Neutral from Underweight at JPMorgan
- 12/18/20 Compass Point
- Realogy price target raised to $19 from $16 at Compass Point
- 08/03/20 Zelman
- Realogy upgraded to Buy from Hold at Zelman
- 07/31/20 Evercore ISI
- Realogy upgraded to Outperform from In Line at Evercore ISI
- 12/21/20 JPMorgan
- RE/MAX Holdings upgraded to Neutral from Underweight at JPMorgan
- 06/18/20 Zelman
- Armstrong World added to Top Idea Basket as a Sell at Zelman
- 05/08/20
- Fly Intel: Top five analyst downgrades
- 05/08/20
- Fly Intel: Top five analyst upgrades
- 12/21/20 JPMorgan
- Kilroy Realty downgraded to Neutral from Overweight at JPMorgan
- 10/19/20 Evercore ISI
- Kilroy Realty downgraded to In Line from Outperform at Evercore ISI
- 07/20/20 Deutsche Bank
- Kilroy Realty downgraded to Sell on 'strained' fundamentals at Deutsche Bank
- 07/20/20 Mizuho
- Kilroy Realty price target lowered to $65 from $72 at Mizuho
- 12/21/20 JPMorgan
- Boston Properties downgraded to Underweight from Neutral at JPMorgan
- 12/15/20 Deutsche Bank
- Boston Properties downgraded to Hold from Buy at Deutsche Bank
- 12/15/20 Citi
- Boston Properties price target raised to $105 from $87 at Citi
- 12/15/20 Deutsche Bank
- Boston Properties downgraded to Hold from Buy at Deutsche Bank
- 07/29/20
- Weingarten Realty reports Q2 FFO 34c, consensus 40c
- 08/05/20
- Welltower reports Q2 FFO 86c, consensus 84c
- $37.84 /
-154.61 (-80.34%) - 11/05/20
- Vereit reports Q3 AFFO 15c, consensus 15c
- 08/06/20
- Vereit reports Q2 AFFO 15c, consensus 15c
- 11/05/20
- STAG Industrial reports Q3 core FFO 46c, consensus 46c
- 07/28/20
- STAG Industrial reports Q2 Core FFO 47c , consensus 46c
- 08/04/20
- RPT Realty reports Q2 FFO 18c, consensus 19c
- 11/05/20
- RE/MAX Holdings lowers FY20 revenue view to $262.5M-$265.5M from $285.5M-$289.5M
- 11/05/20
- RE/MAX Holdings reports Q3 adjusted EPS 64c, consensus 60c
- 09/21/20
- RE/MAX Holdings sees Q3 revenue $69M-$71M, consensus $71.47M
- 08/06/20
- RE/MAX Holdings reports Q2 adjusted EPS 38c, consensus 39c
- 10/29/20
- Realogy reports Q3 adjusted EPS $1.38, consensus 83c
- 07/30/20
- Realogy reports Q2 adjusted EPS 47c, consensus 10c
- 11/05/20
- Macerich reports Q3 FFO 52c, consensus 54c
- 08/11/20
- Macerich not providing guidance at this time
- 08/11/20
- Macerich reports Q2 EPS (18c), consensus (30c)
- 10/28/20
- Kilroy Realty reports Q3 FFO 99c, consensus 95c
- 07/29/20
- Kilroy Realty reports Q2 FFO 78c, consensus 89c
- 11/03/20
- Healthcare Trust reports Q3 normalized FFO 43c, consensus 42c
- 08/06/20
- Healthcare Trust reports Q2 normalized FFO 42c, consensus 42c
- 11/04/20
- Extra Space Storage reports Q3 core FFO $1.31, consensus $1.24
- 08/04/20
- Extra Space Storage reports Q2 core FFO $1.23, consensus $1.16
- 11/04/20
- EPR Properties reports Q3 AFFO 4c, consensus 32c
- 08/05/20
- EPR Properties reports Q2 AFFO 44c, consensus 67c
- 10/27/20
- Boston Properties reports Q3 FFO $1.57, consensus $1.64
- 07/28/20
- Boston Properties reports Q2 FFO $1.52, consensus $1.74
- 10/28/20
- AvalonBay reports Q3 EPS $1.05, consensus 95c
- 07/29/20
- AvalonBay Communities reports Q2 core FFO $2.23, consensus $2.25
- 10/26/20
- American Campus reports Q3 EPS (15c), consensus (15c)
- 07/20/20
- American Campus reports Q2 FFO 36c, consensus 72c
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Hot Stocks
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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. ShowHide Related Items >><< - 08/11/20
- Vereit and Ocean West acquire facility in Dallas for $246.7M
- 06/17/20
- Vereit reports 82% of June rent paid in COVID-19 update
- 10/12/20 Morgan Stanley
- Broadstone Net Lease initiated with an Overweight at Morgan Stanley
- 09/29/20 Mizuho
- Vereit price target raised to $7 from $5 at Mizuho
- 08/24/20 BofA
- Spirit Realty, Vereit upgraded to Buy from Neutral at BofA
- 08/24/20 BofA
- Vereit upgraded to Buy from Neutral at BofA
- 11/05/20
- Vereit reports Q3 AFFO 15c, consensus 15c
- 08/06/20
- Vereit reports Q2 AFFO 15c, consensus 15c
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