The Daily REITBeat st November 21 , 2019
Total % Price Change Return Index Closing Price Change 1D 5D 1M 3M YTD Dow Jones Industrial Average 27821.09 ‐112.93 ‐0.40 0.13 3.93 5.98 19.26 Nasdaq Composite Index 8526.73 ‐43.93 ‐0.51 0.53 5.40 6.70 28.51 S&P 500 Index 3108.46 ‐11.72 ‐0.38 0.47 4.09 6.35 24.00 MSCI US REIT Index 1293.90 ‐4.08 ‐0.31 1.59 ‐1.59 2.00 22.38 FTSE NAREIT REIT Index 780.80 ‐0.77 ‐0.10 1.94 ‐1.94 1.06 24.18 VIX Index 12.78 ‐0.08 ‐0.62 ‐1.69 ‐10.32 ‐23.38 ‐49.72
MSCI US REIT Index Daily Performance Chart
IYR/VNQ Daily Performance Chart
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The Daily REITBeat st November 21 , 2019
REIT/Real Estate Headlines
INVH Priced a 57.6 million share offering at $30.10/share on behalf of certain selling stockholders affiliated with Blackstone and after this offering and Blackstone's related distribution of its remaining 300,452 shares in Invitation Homes to its partners, Blackstone will no longer beneficially own shares in Invitation Homes
CONE Priced $600 million of 2.90% senior notes due 2024 and $600 million of 3.45% senior notes due 2029 and intends to use the net proceeds from this offering (i) to finance their repurchase of any and all of their outstanding $700 million 5.00% Senior Notes due 2024 and $500 million 5.375% Senior Notes due 2027
GNL Priced an underwritten public offering of 3 million shares of its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock raising gross proceeds of $75 million
COLD Entered into a definitive agreement to acquire Nova Cold Logistics, based in Canada, for CAD $337 million from Brookfield Business Partners L.P. together with its institutional partners and completed the acquisition of two cold storage facilities owned by MHW Group Inc, one in Maryland and one in Pennsylvania, and exercised an option to purchase the underlying land, for $54 million
MPW Announced a sterling‐denominated public offering of senior notes and intends to use approximately £367.0 million ($0.5 billion) of the net proceeds from the offering to repay amounts outstanding under the revolving credit facility of the Operating Partnership, and the remaining net proceeds for general corporate purposes, which may include working capital, capital expenditures and potential future acquisitions
EQR Announced the appointment of T. Zia Huque to the Company’s Board of Trustees to serve until the next annual meeting of shareholders
HST Announced the appointment of Julie Aslaksen as Executive Vice President, General Counsel and Secretary, effective November 14th
LPT Announced that On Services – AV Specialists Inc. it signed a 24K sf of space and Inmark, LLC expanded its lease by an additional 24K sf bringing its total space to 53,578 sf at 4183 Eagle Hill Drive in High Point, NC
DRE Fitch announced plans to withdraw its ratings on or about Dec. 20th for commercial reasons plus the company and its Chairman and Chief Executive Officer James B. Connor, announced that they have been recognized for their dedication and initiatives to advance diversity and inclusion in the workplace, with the receipt of Nareit’s inaugural Dividends Through Diversity and Inclusion Recognition Awards during REITworld, the organization’s 2019 Annual Conference in Los Angeles
REIT Analyst Initiations/Upgrades/Downgrades/Reiterations
UPGRADES KIM: Scotiabank upgrades to Sector Perform from Sector Underperform (raise price target by $3 to $21)
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The Daily REITBeat st November 21 , 2019
Barclays Lodging REIT Reiterations Overweight: APLE ($18), HST ($20), PK ($28), RLJ ($19) Equalweight: CLDT ($19), DRH ($11), SHO ($15) Underweight: HT ($14)
Capital One REIT Reiterations Overweight: HST ($20), STOR ($43), VER ($11)
SunTrust Robinson Lodging REIT/Real Estate Reiterations (Yesterday) Buy: HGV ($42), MTN ($280), PK ($27), PLYA ($11), VAC ($155), WYND ($76) Hold: BXG ($11), CHH ($87), DRH ($9), H ($79), HLT ($99), HST ($18), MAR ($128), RHP ($85), SHO ($14)
REITERATIONS WRI: Scotiabank reiterates Sector Perform rating (raise price target by $4 to $32) BRX: Scotiabank reiterates Sector Perform rating (raise price target by $4 to $23) PK: Wells Fargo reiterates Market Perform rating (lower price target by $2 to $23) DOC: Compass Point reiterates Buy rating (raise price target by $4 to $23) NXRT: Yesterday, SunTrust Robinson reiterated Hold rating (raised price target by $1 to $46) O: Yesterday, JPM reiterated Neutral rating (raised price target by $1 to $77) AIV: Yesterday, Barclays reiterated Equalweight rating (lowered price target by $2 to $51) MGP: Yesterday, Scotiabank reiterated Sector Outperform rating (raised price target by $1 to $35)
Daily REIT Performance by Sector
Sector / (%) Specialized REITs 0.63 Diversified REITs 0.39 Industrial REITs 0.25 Health Care REITs 0.17 Residential REITs 0.21 Office REITs 0.34 Retail REITs 1.05 Lodging REITs 1.53
Top 10 REIT Movers Yesterday
Ticker UP (%) Ticker DOWN (%) SAFE 5.09 CBL 6.38 STAR 2.29 MGP 4.09 CCI 1.91 IIPR 3.32 ANH 1.76 RVI 3.10 SNH 1.63 MAC 2.90 NSA 1.38 RESI 2.68 CLNY 1.23 PEI 2.59 PLYM 1.14 TCO 2.49 AMT 1.08 BRX 2.36 RWT 1.06 ESRT 2.26
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The Daily REITBeat st November 21 , 2019
Top 10 REIT Volume Disparities vs 30‐Day Average
Ticker UP (%) Ticker DOWN (%) MGP 2240.30 HLT 53.25 NYMT 1554.63 PSTL 52.60 SAFE 959.06 IRM 48.18 CMCT 659.22 DRE 46.56 ESRT 316.06 BXP 45.74 TCO 235.84 PGRE 41.82 STAR 143.24 WELL 40.54 PLYM 123.51 SITC 38.76 SVC 122.41 ABR 38.02 RLJ 121.36 LPT 37.93
REIT/Real Estate Articles
APARTMENT REITS/REAL ESTATE WSJ Apartment Landlords Artificial Intelligence Tenant Screening Article: https://www.wsj.com/articles/robots‐are‐ taking‐over‐the‐rental‐screening‐process‐11574332200
DATA CENTER REITS Seeking Alpha DLR Article: https://seekingalpha.com/article/4307916‐grahams‐golden‐rules‐brought‐digital‐realty‐ trust
INDUSTRIAL REITS Bloomberg PLD Hamid Moghadam Podcast Interview: https://www.bloomberg.com/news/audio/2019‐11‐ 21/warehouse‐related‐real‐estate‐market‐may‐get‐bigger‐podcast Raleigh LPT High Point Industrial Leasing Update Article: https://www.bizjournals.com/triad/news/2019/11/21/local‐industrial‐park‐reaches‐100‐percent.html
MALL & RETAIL REITS/REAL ESTATE Philadelphia PEI Moorestown Mall Lord & Taylor Store Closure Update Article: https://www.bizjournals.com/philadelphia/news/2019/11/20/lord‐taylor‐to‐lay‐off‐dozens‐at‐moorestown‐ mall.html NY Real Deal FRT Georgetowne Shopping Center Acquisition Article: https://therealdeal.com/2019/11/20/fairway‐ anchored‐bergen‐beach‐shopping‐center‐sells‐for‐85m/ CNBC Carl Icahn Mall CMBS Short Play Article: https://www.cnbc.com/2019/11/20/why‐icahn‐is‐making‐a‐400‐ million‐bet‐against‐malls‐record‐store‐closures‐this‐year.html Seeking Alpha SPG Articles: https://seekingalpha.com/article/4307406‐buy‐best‐breed‐simon‐property‐group‐rises‐ rest and https://seekingalpha.com/article/4308180‐know‐best‐breed‐investor
MANUFACTURED HOUSING REITS Memphis UMH Blues Community Expansion Article: https://www.bizjournals.com/memphis/news/2019/11/20/expansion‐underway‐for‐fraysers‐memphis‐blues.html
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The Daily REITBeat st November 21 , 2019
OFFICE REITS Charlotte HIW Bank of America Tower at Legacy Union Building Acquisition Articles: https://www.bizjournals.com/charlotte/news/2019/11/20/legacy‐union‐tower‐sells‐for‐441‐6m‐to‐highwoods.html and https://www.charlotteobserver.com/news/business/biz‐columns‐blogs/development/article237580049.html NY Commercial Observer SLG 711 Third Avenue Center on Addiction Lease Article: https://commercialobserver.com/2019/11/center‐on‐addiction‐lease‐711‐third‐avenue‐sl‐green‐realty‐corp/
TOWER REITS Street.com AMT Article: https://realmoney.thestreet.com/investing/american‐tower‐look‐to‐position‐it‐from‐the‐ long‐side‐15175468
OTHER REIT SECTOR ARTICLES Bloomberg Sam Zell Mexico REITs Corporate Governance Article: https://www.bloomberg.com/news/articles/2019‐ 11‐20/sam‐zell‐criticizes‐mexican‐real‐estate‐trusts‐shame‐on‐you Seeking Alpha Brad Thomas REIT Stock Ideas Article: https://seekingalpha.com/article/4308104‐michelangelo‐vince‐ lombardi‐37‐percent‐gains‐far
BLOOMBERG ECONOMIC CALENDAR * 8:30am: Philadelphia Fed Business Outlook, est. 6, prior 5.6 * 8:30am: Initial Jobless Claims, est. 218,000, prior 225,000 * 8:30am: Continuing Claims, est. 1.68m, prior 1.68m * 9:45am: Bloomberg Consumer Comfort, prior 58 * 9:45am: Bloomberg Economic Expectations, prior 49 * 10am: Leading Index, est. ‐0.2%, prior ‐0.1% * 10am: Existing Home Sales, est. 5.49m, prior 5.38m * 10am: Existing Home Sales MoM, est. 2.04%, prior ‐2.2%
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The Daily REITBeat st November 21 , 2019
Mary Jensen, Founder & CEO David Auerbach [email protected] [email protected] 310.526.1707 214.492.3777
Mary Jensen is a proven strategic communicator and capital David Auerbach has been in the securities business for over 20 markets executive with progressive in‐house experience in years serving as an institutional trader specializing in REITs (Real corporate strategy, marketing, business development and Estate Investment Trust), Equity and Preferred stocks, MLPs, investor relations gained primarily within the REIT/Commercial ETFs, and Closed End Funds. He has spent his entire career in Real Estate industry. Ms. Jensen is recognized for driving Dallas, TX. investment decisions by major Wall Street firms, enhancing stakeholder relationships and gaining better exposure with David departed Esposito Securities after 6½ years in December financial institutions, as well as establishing business 2018 where he helped to build out the REIT/Real Estate platform partnerships and processes to achieve company goals. Serving as with institutional investors and Equity REITs and worked with a trusted advisor to C‐Suite Executives and company Boards, ETF issuers on seeding, relationship building, and order Mary has a proven track record of effectively communicating an execution. David also specialized in Closed End Fund stocks organization’s value proposition and engaging prospective handling large blocks of trades in highly illiquid names. He also investors. built a niche working with partners in handling new preferred Mary has worked in the REIT space for more than 19 years with offerings. several prominent REITs, such as Douglas Emmett, Inc. (NYSE: DEI), where she counseled them prior to, during and for several Prior to joining Esposito Securities, David spent 11 years at years after their IPO through various equity and debt offerings as Green Street Advisors as a Vice President of Institutional Trading well as navigating them through the worst financial crisis in handling REIT order execution and sales trading on behalf of history. Other prominent REITs include, Healthcare Trust of institutional clients, hedge funds, pension funds, and other America (NYSE: HTA), Essex Property Trust, Inc. (NYSE: ESS), investors. Before that, David worked at Financial Marketplace Spirit Realty Capital (NYSE: SRC) and Mack‐Cali Realty (NYSE: Inc. for 2 years as a retail investment adviser. CLI). David has been quoted by Bloomberg, WSJ, Financial Times, Ms. Jensen holds a Master of Business Administration from the REIT.com, and GlobeSt.com among others. David graduated Graziadio School of Business and Management, Pepperdine from the University of Texas at Austin in May 1999 with a BBA in University, and is an active member of the National Investor Finance and graduated from Southern Methodist University in Relations Institute (NIIRI) and the National Association of Real May 2005 with an MBA in Finance. He currently holds FINRA Estate Investments Trusts (NAREIT). Series 3, 7, 24, 55, and 63 registrations.
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