Fly News Breaks for December 18, 2019
TCO, MNR, CLI, WELL, SPG, REG, KIM, EQR, BXP, MAC, STAG, HTA, EPR, COLD, BRX, AVB, ARE
Dec 18, 2019 | 06:51 EDT
JPMorgan analysts Anthony Paolone and Michael Mueller made 17 rating changes in conjunction with their 2020 real estate investment trust outlook. The upgrades to Overweight from Neutral are Alexandria Real Estate (ARE), AvalonBay (AVB), Brixmor (BRX), Americold Realty Trust (COLD), EPR Properties (EPR), Healthcare Trust (HTA) and STAG Industrial (STAG). The upgrade to Neutral from Underweight is Macerich (MAC). The downgrades to Neutral from Overweight are Boston Properties (BXP), Equity Residential (EQR), Kimco Realty (KIM), Regency Centers (REG), Simon Property (SPG) and Welltower (WELL). The downgrades to Underweight from Neutral are Mack-Cali Realty (CLI), Monmouth Real Estate (MNR) and Taubman Centers (TCO). The analysts note that JPMorgan's rating system is a relative system tied to coverage universe that utilizes the whole ratings spectrum.
News For ARE;AVB;BRX;COLD;EPR;HTA;STAG;MAC;BXP;EQR;KIM;REG;SPG;WELL;CLI;MNR;TCO From the Last 2 Days
Jan 18, 2022 | 16:14 EST
PS Business Parks (PSB) announced the appointments of Stephen W. Wilson as interim President and Chief Executive Officer and Maria R. Hawthorne as interim Chief Operating Officer, effective January 17, 2022. Mr. Wilson has been a director of the Company since 2019 and served as Executive Vice President-Development at AvalonBay Communities, Inc. (AVB) prior to his retirement in 2019. Ms. Hawthorne has been a Company director since 2016 and previously served in various senior leadership positions at the Company, including as President and Chief Executive Officer, prior to her retirement in 2021. Dan "Mac" Chandler, III, the Company's President and Chief Executive Officer, is taking a temporary leave of absence for health reasons unrelated to the coronavirus pandemic, effective January 17, 2022. The Company further noted that, as previously announced, Adeel Khan has joined the Company as Executive Vice President, Chief Financial Officer and Corporate Secretary, effective January 10, 2022. Mr. Khan previously served as Chief Financial Officer of Rexford Industrial Realty, Inc. (REXR), from July 2013 through August 2020.
Jan 18, 2022 | 08:57 EST
Truist analyst Michael Lewis raised the firm's price target on AvalonBay to $266 from $249 and keeps a Hold rating on the shares as part of a broader research note previewing the 2022 outlook for REITs. The sector should perform roughly in line with the broader market as an improving economy supports healthy occupancy and rent growth, while rising interest rates weigh on the cost of capital and already-elevated REIT stock valuations, the analyst tells investors in a research note.
Jan 18, 2022 | 07:46 EST
Barclays analyst Anthony Powell raised the firm's price target on Equity Residential to $97 from $87 and keeps an Equal Weight rating on the shares. Powell increased apartment estimates and price targets to reflect the "strong demand and pricing environment" the sector saw in Q3 and Q4.
Jan 18, 2022 | 05:53 EST
Barclays analyst Anthony Powell upgraded AvalonBay Communities to Equal Weight from Underweight with a price target of $263, up from $225. The analyst cites industry dynamics, the company's increased Sunbelt exposure and its pipeline, which he says is more valuable in the current environment, for the upgrade. Powell increased apartment estimates and price targets to reflect the "strong demand and pricing environment" the sector saw in Q3 and Q4.