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Love the talking heads.Now is the time to trade reits.When the ecomony turns~that is when you invest for the divy:Investor Daily: High yield REITS come with a warning
Janet Morrissey, contributing writer
Wednesday April 8, 2009, 11:21 am EDT
Buzz up! Print Related:Fannie Mae, Freddie Mac, General Growth Properties Inc.
Many investors looking for safe havens in a rough market are latching onto double-digit dividend yields offered by real estate investment trusts.
{"s" : "fnm,fre,ggp,pld","k" : "c10,l10,p20,t10","o" : "","j" : ""} "Equity REITs absolutely are a place for an investor to get a very meaningful spread versus treasurys," says Ritson Ferguson, chief investment officer at ING Clarion Real Estate Securities, an investment management firm.
Typically, investors seek out REITS for their stable, predictable cash flows and above-average dividend yields. Under REIT rules, companies avoid paying most corporate taxes as long as they distribute at least 90% of their taxable income to shareholders as dividends. And with the past year's market selloff, those dividends, which are typically paid quarterly, have become even more attractive.
Equity REITs (which own brick-and-mortar properties) currently offer average dividend yields of 7.7%, while mortgage REITs (which hold mortgage securities on properties) yield an average of 15.5%, according to the National Association of Real Estate Investment Trusts. That far outpaces the S&P 500 index, where stocks currently average a dividend yield of about 3%.
Some individual REITs offer far loftier yields: Sunstone Hotel Investors Inc., CBL & Associates Properties Inc., Macerich Co., Hersha Hospitality Trust, and Apartment Investment & Management Co., all exceed 30%, while the yields at several mortgage REITs - Newscastle Investment Corp, Arbor Realty Trust, and RAIT Financial Trust - top the 100% mark.
But industry experts caution investors to beware of REITs offering the frothiest yields. "A dividend that high indicates ... the market doesn't believe that dividend is sustainable," says Steven Marks, a managing director at Fitch Ratings.
"Yields in the 20s and 30s (and higher) often reflect a view by the market that this dividend is likely to be cut," Ferguson concurs. When investors get jittery about a REIT's ability to cover its dividend, they tend to sell shares, which causes the yields to jump.
About 40 REITs have already cut their dividends in the past six months, notes Tom Bohjalian, senior vice president and portfolio manager at Cohen & Steers Inc. Some have suspended their dividends, while others have either trimmed them or opted to pay a portion of them in stock. He says investors looking at REITs with yields north of 15% need to "do a deep dive into the balance sheet" to assess if a company will need to trim or scrap its dividend to meet debt obligations.
Indeed, industry analysts say debt is the biggest threat facing REITs and their dividends in today's seized-up credit markets, and it must be carefully considered before buying a stock.
Two blue chip names show what can happen when debt problems can lead to dividend cuts and then panic. Last year, mall-owner General Growth Properties Inc. and industrial warehouse giant ProLogis were trying to dig themselves out from under a mountain of debt accumulated during the real estate boom of the past five years. Like just about every other business, REITs have had a tough time finding lenders who are willing to refinance their debt in today's frozen credit markets.
Stunned investors watched General Growth suspend its dividend, replace its management team, and sell off some of its crown jewel properties to meet debt calls and stave off bankruptcy. Its stock lost more than 98% of its value in the last year, leading to its ouster from the S&P 500 index.
Similarly, ProLogis slashed its dividend by 52% to shore up cash to cover debt maturities, and 85% of its share value disappeared. General Growth's dividend yield was 37%, and Prologis' yield was 46% when they changed their dividend policies.
Spooked investors responded by dumping REITs in droves: The group's total returns, which include dividends, fell 37% in 2008 and are off another 20% so far in 2009, according to NAREIT. But as share prices have fallen, dividend yields have risen - even for companies that face little debt risk, and this is where cherry-picking becomes key.
Industry analysts caution investors to be wary of equity REITs with debt levels that exceed 70% of total market cap and - more importantly - those with a significant amount of debt rolling over in the next two years.
"A company needs to have dealt with or presented a credible plan for dealing with maturities in 2009 and 2010 to get out of the penalty box," says Ferguson.
Among the equity REITs with leverage exceeding 70% and who have at least 39% of their debt expiring in 2009 and 2010 are General Growth, CBL & Associates Properties Inc., Ramco-Gershenson Properties Trust, Developers Diversified Realty Corp., U-Store-It Trust, and Strategic Hotels & Resorts Inc., according to SNL Financial LC.
"When you get to those levels, you have to question the company's ability to continue to fund that (dividend)," says Bohjalian, although he does emphasize that dividend yield isn't the only factor to consider when looking at a company's overall story and growth outlook.
Healthcare and apartment REITS offer the safest bets, with average dividend yields of 8.6% and 9.8% respectively, says Richard Anderson, a senior analyst at BMO Capital Markets.
Healthcare REITs have been largely unscathed in the economic downturn as demand for nursing homes and doctors continues in good economic times and bad, Anderson notes. As a result, most have the cash flow to cover their debt maturities and pay their dividends.
In the apartment sector, REITs are reaping the benefits of the battered housing market as foreclosed homeowners turn to rental units to live while fewer renters are venturing into homeownership until they're certain the market has bottomed. Apartment REITs and certain healthcare REITs also have access to cheap debt from mortgage giants Fannie Mae and Freddie Mac, says Anderson.
"If you've got access to Fannie and Freddie, and you're an apartment company or a healthcare company, you're in pretty solid shape," says Bohjalian.
Love the talking heads.Now is the time to trade reits.When the ecomony turns~that is when you invest for the divy:Investor Daily: High yield REITS come with a warning
Janet Morrissey, contributing writer
Wednesday April 8, 2009, 11:21 am EDT
Buzz up! Print Related:Fannie Mae, Freddie Mac, General Growth Properties Inc.
Many investors looking for safe havens in a rough market are latching onto double-digit dividend yields offered by real estate investment trusts.
{"s" : "fnm,fre,ggp,pld","k" : "c10,l10,p20,t10","o" : "","j" : ""} "Equity REITs absolutely are a place for an investor to get a very meaningful spread versus treasurys," says Ritson Ferguson, chief investment officer at ING Clarion Real Estate Securities, an investment management firm.
Typically, investors seek out REITS for their stable, predictable cash flows and above-average dividend yields. Under REIT rules, companies avoid paying most corporate taxes as long as they distribute at least 90% of their taxable income to shareholders as dividends. And with the past year's market selloff, those dividends, which are typically paid quarterly, have become even more attractive.
Equity REITs (which own brick-and-mortar properties) currently offer average dividend yields of 7.7%, while mortgage REITs (which hold mortgage securities on properties) yield an average of 15.5%, according to the National Association of Real Estate Investment Trusts. That far outpaces the S&P 500 index, where stocks currently average a dividend yield of about 3%.
Some individual REITs offer far loftier yields: Sunstone Hotel Investors Inc., CBL & Associates Properties Inc., Macerich Co., Hersha Hospitality Trust, and Apartment Investment & Management Co., all exceed 30%, while the yields at several mortgage REITs - Newscastle Investment Corp, Arbor Realty Trust, and RAIT Financial Trust - top the 100% mark.
But industry experts caution investors to beware of REITs offering the frothiest yields. "A dividend that high indicates ... the market doesn't believe that dividend is sustainable," says Steven Marks, a managing director at Fitch Ratings.
"Yields in the 20s and 30s (and higher) often reflect a view by the market that this dividend is likely to be cut," Ferguson concurs. When investors get jittery about a REIT's ability to cover its dividend, they tend to sell shares, which causes the yields to jump.
About 40 REITs have already cut their dividends in the past six months, notes Tom Bohjalian, senior vice president and portfolio manager at Cohen & Steers Inc. Some have suspended their dividends, while others have either trimmed them or opted to pay a portion of them in stock. He says investors looking at REITs with yields north of 15% need to "do a deep dive into the balance sheet" to assess if a company will need to trim or scrap its dividend to meet debt obligations.
Indeed, industry analysts say debt is the biggest threat facing REITs and their dividends in today's seized-up credit markets, and it must be carefully considered before buying a stock.
Two blue chip names show what can happen when debt problems can lead to dividend cuts and then panic. Last year, mall-owner General Growth Properties Inc. and industrial warehouse giant ProLogis were trying to dig themselves out from under a mountain of debt accumulated during the real estate boom of the past five years. Like just about every other business, REITs have had a tough time finding lenders who are willing to refinance their debt in today's frozen credit markets.
Stunned investors watched General Growth suspend its dividend, replace its management team, and sell off some of its crown jewel properties to meet debt calls and stave off bankruptcy. Its stock lost more than 98% of its value in the last year, leading to its ouster from the S&P 500 index.
Similarly, ProLogis slashed its dividend by 52% to shore up cash to cover debt maturities, and 85% of its share value disappeared. General Growth's dividend yield was 37%, and Prologis' yield was 46% when they changed their dividend policies.
Spooked investors responded by dumping REITs in droves: The group's total returns, which include dividends, fell 37% in 2008 and are off another 20% so far in 2009, according to NAREIT. But as share prices have fallen, dividend yields have risen - even for companies that face little debt risk, and this is where cherry-picking becomes key.
Industry analysts caution investors to be wary of equity REITs with debt levels that exceed 70% of total market cap and - more importantly - those with a significant amount of debt rolling over in the next two years.
"A company needs to have dealt with or presented a credible plan for dealing with maturities in 2009 and 2010 to get out of the penalty box," says Ferguson.
Among the equity REITs with leverage exceeding 70% and who have at least 39% of their debt expiring in 2009 and 2010 are General Growth, CBL & Associates Properties Inc., Ramco-Gershenson Properties Trust, Developers Diversified Realty Corp., U-Store-It Trust, and Strategic Hotels & Resorts Inc., according to SNL Financial LC.
"When you get to those levels, you have to question the company's ability to continue to fund that (dividend)," says Bohjalian, although he does emphasize that dividend yield isn't the only factor to consider when looking at a company's overall story and growth outlook.
Healthcare and apartment REITS offer the safest bets, with average dividend yields of 8.6% and 9.8% respectively, says Richard Anderson, a senior analyst at BMO Capital Markets.
Healthcare REITs have been largely unscathed in the economic downturn as demand for nursing homes and doctors continues in good economic times and bad, Anderson notes. As a result, most have the cash flow to cover their debt maturities and pay their dividends.
In the apartment sector, REITs are reaping the benefits of the battered housing market as foreclosed homeowners turn to rental units to live while fewer renters are venturing into homeownership until they're certain the market has bottomed. Apartment REITs and certain healthcare REITs also have access to cheap debt from mortgage giants Fannie Mae and Freddie Mac, says Anderson.
"If you've got access to Fannie and Freddie, and you're an apartment company or a healthcare company, you're in pretty solid shape," says Bohjalian.
GGP~Wachovia downgraded from outperform to market perform.Nonsense~This is a refinancing situation.The peeps at wachovia probably based that on the run yesterday.I do banking with wachovia and they do not even know which end is up with them being taken out by Wells Fargo.I know as I have many connections at wachovia.They are in transition and it is a mess.They are trying to sort out services offered now.With that being said.I hope ggp keeps falling back to technical support levels.Bob :)))
I am with you Million.Every scenario has been posted a 1000 different ways.I have been sector trading the bigboards the last month and it has gone well.When Jared answers the preferred stock question and contracts are signed money will pour in to eeso.Also the new big customer release would help.Personally I think Jared is holding back for a reason.We shall see soon enough.Bob :))
Glassy,One of my biggest/best suppliers is located in Houston.Good people.Bob :))
Glassy,Chill out and Scream(See that works).You did not miss much.I was busy also.I missed a good entry on ebhi then it ran a dime.It closed down though so no great loss.Heard the cc was a bust.Still watching though.Ebhi did have a good report on 3rd party sales via amazon.Our list of developers did ok.3 up and the two runners pulling back(Good).REALLY looking for re-entry in ggp.Pei needs more down.Looking at the charts I do not know if it gets back to those support levels on ggp.Hope so.Relax Bob :)))
Biggie,I am thrilled pei and ggp are pulling back.Easy traders that needed a breather.I have put up the 5 developers I am trading.Keeping a close eye on ebhi.Wtsla will benefit in the specialty retail sector when the economy turns(They are now).Price points are right.The retail sector is in a shambles.I am still trying to determine who the survivors will be that are dirt cheap.The trick is finding the ones that when you wake up in the morning didn't file BK.Lots are walking that rope.Bob :))
In my fab 5 mall developer/reit plays 3 up 2 down.CBL~DDR and Grt made decent gains.The two hardest runners recently pulled back(Fantastic)Pei and GGP.Bob :))
In my fab 5 mall developer/reit plays 3 up 2 down.CBL~DDR and Grt made decent gains.The two hardest runners recently pulled back(Fantastic)Pei and GGP.Bob :))
Hey skid,I missed the pop on ebhi today because I was tied up with biz.It was up a dime at one point.Hearing the cc was nothing to speak of.I think traders bailed as their was no important news from the call about the debt refinancing to push above resistance levels.I did see their 3rd party sales were doing well via amazon.Still watching.Bob :))
Hey Glassy,I just got some free time.EBHI~I missed the mid .40's.Now .55+.09.I see it touched the .60's.Watching for now.
Ditto last post.Thankyou Bob :))
Thanks,Heading right were I want it to.Sometimes red is good.HeHe
True to my own heart.Speak the truth and it does not matter what others think.Words to live bye.Bob :))
Will Do.Thanks Bob :))
That would take me back some years.My first job was a management inspector in a government aerospace machine shop.I used lots of that LAVA soap in the day.I could make a few Mr.Bill's with your putty.lol Bob :)))
Its all good.I had someone ask me if I had another cheap reit the other day.I told them they are all cheap and to trade them as the one or two year high was in the 40's.They are trading at a buck or two with good cash flow and are 90%+leased.I know its not that simple.DD is required on reits and retail.Bob :))
I am compiling a retail rebounder list also in addition to my developer list.Saks would fit that list.Bont is another one.Our biggest fear is bk on this list.Eddie bauer(ebhi) has a cc wedenesday morning at 10:00.The landmines are many with the individual retailers.
Thanks will add sks.I also believe the banking sector will be offering up some nice positions this year.The gods above don't want to let it run just yet based on their latest release."Lots of toxic loans/debt still coming".To me that means our guys do not have their positions built up yet.Gonna be a good year for the smart traders in retail/banking sector.Bob :))
Oh yea on the patience front.I can not even train employees.I am quick and to the point.I have people that have been around a while do my training.(HaHa)I am a delegator passing the buck.My calling really is a politician.lol Bob :))
Yep,Now is the time to search out the winnas.Better to be a early bird.The developers I will be playing looking forward are pei~ggp~ddr~cbl and grt.Also working on retail rebounders also.The economy will rebound and we want to be in retail and the banks when it does.Bob :))
When he gets back,I will find out where he was exactly.He had a tough last 12 months with losing a job and his mother just died of cancer.I grew up with him.One of those guys that just can not catch a break.
I would have the creativity as I am a master at visual.The patience would be my hangup.All most threw my tv in the street when direct tv turned off my hd during football season.lol Bob :))
One of friends has family down in Texas.He stopped bye today to say see ya in a month.I think he mentioned Galveston.Bob :))
Ha,I knew it was solder.My second coming.I will create beautiful stained glass art work.Nope,Lucky if I could finish water colors.lol Bob :))
You are correct skid.Their is good money to be made in the swings.My buddy does not trade a lot.He is very intelligent and picks his situations wisely.He is like me.A long time retailer that knows the biz.We both agree ggp goes over 2.00 with favorable financing news along with a possible new board memember or two.The dec.chart top was 2.49.Hope it goes lower for entry at this point.Bob :))
Not cigs either.Had a dusting here also in nepa.Please let spring come.Hurting sales.Bob :))
You Got me.I saw them 3 times.The first time was the stones first farewell tour at the Carrier dome in the 80's.Second in philly and the last time was at the Orange Bowl.The Orange bowl was so smokey.Well you know what I mean.lolBob :))
That was not a good upgrade.lol
Bigz,Forgot to tell you.Waiting for free tickets from biz people I deal with(perks)7 minutes from home.~http://www.livenation.com/edp/eventId/405162
While folks look for the top gainers.I am looking at the worst 52 week performers:Alpha Last Rel Str His Vol Avg Vol YTD
Percent 52 Week
High 52 Week
Low
NHI NATL HEALTH INVESTOR +7.30 27.01 54.53% 68.97% 175759 0.48% 33.35 16.00
DFT DUPONT FABROS TECH +2.40 7.54 64.39% 90.07% 514556 264.25% 20.46 1.53
UHT UNIV HEALTH REAL EST -5.10 30.77 53.52% 89.35% 79362 -4.80% 38.12 19.80
IRET INVESTORS REAL ESTATE TRUST -6.10 9.67 50.42% 76.69% 246093 -8.25% 11.44 6.72
DLR DIGITAL REALTY TRUST -9.10 33.85 52.64% 103.76% 2307176 4.09% 50.62 17.38
MNRTA MONMOUTH REAL ESTATE INVESTMEN -11.40 6.44 53.06% 97.78% 50574 -5.99% 7.84 4.36
ADC AGREE REALTY CP -11.60 15.05 54.86% 130.27% 68409 -14.63% 28.44 7.35
OHI OMEGA HEALTHCARE INV -15.80 13.94 49.73% 100.10% 2220551 -11.04% 19.06 9.00
FSP FRANKLIN ST PROP -17.90 12.37 51.83% 128.58% 1185547 -15.04% 15.32 7.75
UBA URSTADT BIDDLE A -18.90 13.85 53.41% 77.22% 135887 -13.06% 20.50 9.70
NNN NATIONAL RETAIL PROP -19.20 16.31 54.10% 96.40% 2367339 -3.00% 24.25 9.65
O REALTY INCOME CP -20.10 19.25 54.19% 103.05% 3297292 -15.29% 33.87 14.11
SUI SUN COMMUNITIES INC -20.20 13.66 65.78% 83.91% 250470 2.17% 19.99 6.76
ELS EQUITY LIFESTYLE PRP -21.30 40.67 56.41% 96.07% 730111 6.72% 55.36 22.16
UBP URSTADT BIDDLE PROP -23.50 12.93 54.22% 85.21% 6785 -6.40% 18.43 8.96
NLP NTS RLTY HLG LP -25.00 4.08 58.12% 160.22% 2305 17.92% 6.39 0.33
PSB PS BUSINESS PARKS -25.80 39.94 56.63% 88.77% 162921 -9.68% 59.37 27.85
OFC CORP OFFICE PPTY TR -27.30 25.52 51.74% 118.16% 2035308 -15.85% 42.38 19.64
LTC L T C PROP INC -29.00 18.14 49.99% 84.40% 164686 -8.80% 30.39 14.18
MSW MISSION WEST PROPERTIES INC. -32.90 6.45 48.08% 106.06% 52989 -13.42% 11.65 5.29
UMH UMH PROPERTIES INC. -34.20 5.76 59.25% 31.49% 19038 -0.17% 9.87 4.87
SKT TANGER FACTORY OUT -34.50 31.20 52.93% 101.86% 1068729 -16.22% 45.54 24.24
HCN HEALTH CARE REIT -34.60 31.34 48.97% 100.31% 3895205 -24.52% 52.62 25.86
NHP NATIONWIDE HLTH PROP -35.30 22.13 50.12% 106.18% 3140629 -21.75% 38.67 17.69
PSA PUBLIC STG -37.40 56.92 50.61% 106.19% 5087031 -27.90% 100.18 44.80
AHT ASHFORD HOSP TR INC -38.50 1.78 57.38% 148.81% 749643 54.78% 6.03 0.86
EGP EASTGROUP PROPERTIES -38.80 29.44 55.83% 107.69% 365977 -16.03% 48.99 19.60
SNH SENIOR HSG SBI -40.30 14.37 51.15% 119.47% 3301238 -18.21% 24.28 9.47
LRY LIBERTY PROPERTIES -41.60 19.43 50.43% 128.29% 3292193 -13.08% 43.04 10.88
FRT FEDERAL RLTY INV TR -41.80 47.00 52.04% 101.24% 2272622 -23.49% 93.70 36.27
GOOD GLADSTONE COMMERCIAL CORPORATI -43.40 8.46 53.62% 59.83% 14450 4.12% 17.25 5.24
ACC AMERICAN CAMPUS COMM -43.60 17.95 48.97% 112.34% 1247427 -10.88% 36.32 14.71
CLI MACK-CALI REALTY CP -43.70 20.00 53.47% 137.10% 2612327 -14.57% 41.27 12.06
PCH POTLATCH CP -44.60 22.57 50.05% 95.59% 1056227 -11.49% 53.77 18.00
ALX ALEXANDERS INC -44.70 171.35 50.28% 106.77% 27055 -32.78% 424.10 125.88
AEC ASSOCIATED EST RLTY -46.80 5.63 46.13% 75.53% 106461 -37.17% 14.91 4.82
HME HOME PPTYS INC -46.90 31.85 51.93% 103.82% 1219965 -20.24% 59.05 23.35
ESS ESSEX PRTY TR INC -47.00 62.67 52.37% 109.44% 1379551 -17.23% 126.50 48.16
FPO FIRST POTOMAC RTY TR -47.30 7.90 54.09% 110.29% 237606 -11.83% 18.37 5.11
RPT RAMCO GERS PROP -47.40 7.11 66.87% 108.95% 220417 19.52% 23.59 2.99
HR HEALTHCARE RLTY TR -48.90 14.48 48.02% 119.64% 1682097 -37.30% 31.23 12.06
HIW HIGHWOODS PRPTY INC -49.10 20.42 49.21% 127.07% 2103955 -24.19% 37.09 14.22
HRP HRPT PROPERTIES -49.50 3.29 49.26% 151.96% 5969519 1.23% 8.00 1.45
VTR VENTAS INC -50.30 23.90 50.33% 114.67% 6189121 -27.70% 50.97 16.28
HCP HCP INC. -50.40 18.28 48.48% 123.66% 10017494 -33.06% 41.24 13.80
EQY EQUITY ONE INC -51.10 15.55 67.23% 95.59% 412993 -10.63% 25.49 8.76
MAA MID AMER APT COMMUN -52.00 30.49 51.95% 112.64% 1096922 -16.57% 59.43 22.22
WRE WASH REAL EST INV TR -52.70 17.28 46.72% 112.06% 1569357 -37.99% 38.17 14.20
FUR WINTHROP REALTY NEW -53.90 7.62 51.74% 91.54% 71650 -28.05% 12.05 1.26
AVB AVALONBAY CMTYS -54.20 47.56 50.04% 113.25% 4208504 -20.32% 108.58 37.45
HPT HOSPITALITY PROP TR -54.50 13.11 55.98% 113.60% 2877529 -11.84% 32.89 6.88
CRE CARE INVESTMENT TR -55.10 5.25 46.71% 125.92% 34953 -31.10% 12.40 3.85
IRC INLAND REAL ESTATE -55.20 7.18 48.88% 100.75% 603594 -43.62% 15.99 5.71
APO AMER COMM PROP TR -57.20 6.11 74.28% 62.93% 14865 41.76% 19.01 3.10
EQR EQUITY RESIDENTAL -57.60 19.04 48.66% 145.26% 9889343 -35.10% 48.03 15.20
BFS SAUL CENTERS INC -57.90 25.94 52.00% 113.96% 64068 -33.67% 53.13 18.42
SSS SOVRAN STORAGE -58.50 20.43 51.00% 106.97% 264477 -41.16% 44.23 15.76
REG REGENCY CENTERS CORP -60.50 31.02 55.93% 128.05% 2984246 -32.53% 80.30 20.72
CPT CAMDEN PROPERTY -61.20 22.53 51.07% 136.49% 2170815 -26.47% 53.18 15.46
AKR ACADIA RLTY TR -62.20 11.20 52.61% 115.19% 346422 -20.34% 25.94 8.29
EPR ENTERTAINMT PPTY SBI -64.20 17.72 54.51% 128.39% 1191650 -39.21% 56.69 11.23
BRE B R E PROP INC -64.90 20.29 48.77% 129.18% 2001840 -25.99% 50.87 16.48
WRI WEINGARTEN RLTY SBI -65.30 11.72 56.18% 134.65% 3117336 -41.88% 38.95 7.22
BXP BOSTON PPTYS INC -65.80 36.57 49.02% 129.53% 5706407 -32.68% 117.96 28.62
BMR BIOMED REALTY TRUST -65.80 7.72 50.85% 157.59% 2380814 -32.19% 28.50 5.21
LSE CAPLEASE FNDING -66.10 2.21 55.89% 136.84% 138426 31.55% 9.89 1.35
EXR EXTRA SPACE STORAGE -67.40 5.93 50.54% 106.80% 1076331 -41.11% 17.24 4.70
PPS POST PROPERTIES -67.60 11.38 51.76% 150.04% 1201651 -30.18% 38.73 8.79
ARE ALEXANDRIA RL EST EQ -67.60 33.71 42.73% 129.07% 2306020 -43.38% 114.10 30.39
SPG SIMON PPTY GRP INC -68.50 35.90 50.40% 144.24% 13403050 -31.27% 104.63 24.27
BDN BRANDYWINE REALTY TR -68.50 3.52 50.47% 177.31% 4109486 -51.85% 18.58 2.35
VNO VORNADO REALTY TRUST -68.60 35.11 47.71% 132.87% 7824579 -40.89% 106.25 27.01
DRE DUKE REALTY CP -68.60 6.32 50.70% 178.04% 6591853 -40.99% 26.47 3.60
CSA COGDELL SPENCER INC -68.60 4.94 46.16% 114.38% 110158 -44.56% 19.15 4.13
EDR EDUCATION RLTY TRUST -69.50 3.72 52.95% 124.04% 166301 -27.30% 13.78 2.06
PKY PARKWAY PROP INC. -69.80 11.63 50.38% 122.71% 133736 -34.20% 41.62 8.34
UDR UDR INC. -70.00 8.11 49.37% 139.13% 5881052 -39.86% 26.91 6.43
CUZ COUSINS PROP INC -70.90 7.19 49.44% 153.39% 1162525 -47.13% 28.72 5.85
MPW MEDICL PROP TRST IN -71.40 3.90 50.46% 125.29% 766101 -36.17% 11.95 2.56
OLP ONE LIBERTY PROP -72.10 3.46 49.95% 191.20% 87820 -59.67% 18.52 2.26
DRH DIAMONDROCK HOSP CO -72.10 3.61 47.51% 126.09% 2144057 -28.80% 14.15 2.30
TCO TAUBMAN CENTERS INC -73.60 16.80 49.55% 122.58% 2307308 -32.92% 60.75 12.02
KRC KILROY REALTY CP -73.90 16.16 44.29% 125.46% 1257395 -50.85% 53.27 14.03
DEI DOUGLAS EMMETT -74.40 7.80 47.66% 109.89% 3658333 -39.81% 25.34 5.87
AIV APT INV & MNGMNT CO -74.40 6.05 51.77% 129.79% 5328665 -47.62% 41.59 4.57
CDR CEDAR SHOP NEW -74.90 2.16 39.64% 136.48% 733707 -69.00% 13.68 1.50
CLP COLONIAL PROPERTY TR -75.60 4.76 54.29% 179.42% 1232146 -41.09% 24.70 2.72
AMB AMB PROPERTY CORP -75.90 15.66 54.60% 176.42% 6942433 -32.32% 58.85 8.45
SPPR SUPERTEL HOSPITALITY INC. -76.00 1.12 49.36% 178.24% 155100 -34.12% 5.44 0.82
HT HERSHA HOSPITALITY -76.00 2.28 67.27% 113.04% 635052 -19.15% 9.69 0.90
GGP GEN GROWTH PROP INC -76.80 1.05 67.35% 275.56% 10021799 -18.60% 43.73 0.24
DCT DCT INDUSTRIAL TRUST -77.10 3.33 51.01% 176.43% 5140442 -33.13% 10.01 2.33
KRG KITE REALTY GROUP TR -77.30 2.60 47.12% 106.66% 281727 -50.02% 14.75 1.58
YSI U-STORE-IT TRUST -78.60 2.12 47.71% 158.31% 536489 -51.82% 13.05 1.32
MDH MHI HOSPITALITY CORPORATION -78.60 1.24 52.48% 128.41% 6236 -1.43% 7.07 0.75
GRT GLIMCHER REALTY TRST -78.60 1.56 54.14% 207.83% 417461 -42.44% 12.40 0.33
KIM KIMCO REALTY CP -78.80 8.56 51.20% 168.54% 16751004 -52.02% 46.48 5.89
LHO LASALLE HOTEL PROP -79.10 6.14 54.22% 139.31% 1432761 -44.38% 33.32 3.56
PEI PENN REAL ESTATE TR -79.70 5.18 60.89% 207.18% 1222998 -27.65% 26.16 1.92
LXP LEXINGTON REALTY TRU -79.90 2.52 47.07% 186.64% 1847294 -47.72% 20.63 1.75
HST HOST HOTELS & RESORT -81.60 4.49 50.42% 186.68% 21251232 -40.69% 18.36 3.08
PLD PROLOGIS SBI -81.80 6.82 50.01% 207.20% 19136052 -50.00% 64.98 1.95
DDR DEVELOPERS RLTY -83.00 2.42 49.64% 206.45% 9336617 -48.29% 44.08 1.18
MAC MACERICH CO -83.20 8.95 51.88% 200.84% 5337693 -48.44% 73.30 5.45
CBL C B L & ASSOC PRP -83.70 2.95 52.46% 219.38% 2823398 -51.88% 25.72 1.62
GKK GRAMERCY CAP CORP -84.90 1.22 60.05% 211.19% 620300 -4.69% 20.73 0.41
FCH FELCOR LODGING TR -85.40 1.28 49.28% 234.62% 1400186 -30.43% 15.37 0.66
SHO SUNSTONE HOTEL INV -86.20 2.52 46.43% 182.49% 1344747 -59.29% 19.66 1.87
SLG SL GREEN REALTY CP -87.90 10.84 45.99% 173.69% 4324865 -57.53% 98.74 7.00
FR FIRST IND RLTY INC -89.00 2.40 43.88% 164.27% 1358406 -68.21% 32.20 1.76
I was skittzzed.I got home and had all these emails.I thought a virus got me.lol Bob :))
TY,Reits are misunderstood.At the prices many are at some should start doing some dd.Worst case is if you buy smart technically and believe the divy is safe you get a 10%+return without capital appreciation.Bob :))
Skid,I sold ggp yesterday.He sold today after I saw him this morning and told him it needs a breather.(Had a buy order in end of day at 1.01 that did not fill)They shouldn't go bankrupt.Too much at stake with 200 properties and lots of big industry players wanting them to survive.New board members and refinancing will happen soon imo.They have the cash flow and a high occupancy rate.Their extension ran out and they are still being given the benefit of the doubt.Never happens.Like I stated before.At this point I am trading the reits.All 5 I mentioned are cheap based on their 1/2 year highs.Some may go down.Some will get the refinancing of debt and some will be taken out eventually.Its early in the game.I don't have the kahunas to hold more than a day or two yet.With the swings their is no need to.I know the industry along with my biz friends.Bob :))
Stickzz around here and get ready to pay the tax man next year.Lots of great posters and all the mods are great people.Thats it.Bob :)))
Hey MM,Everyone has been hot here.The cheap beaten down nyse~nasdaq~amex have been smokin.I expect this most of this year.We will have sector shifts.Lets put it this way.The companies that survived the economic disaster this far with good cash flow are sitting for the taking.The problem with many is they need debt refinanced.When the banks loosen their are many doubles/triples+ out their.You are starting to see buying off the bottom now and shorts covering.Short covering is real on the bigboards and does cause upward movement.Not like pink/otcbb guessing.Pei did not move from 2.20 to 5.90 because the economy is great all of a sudden.See what I mean.We are not out of the woods yet.Their will be lots of great trades this year as it has already started.Bob :))
Hey Rocket,Lots of people were also starting to get email replies to regular posts and pm's.Kinda annoying.I was told by Glassy to go to settings and scroll down and hit no on both items that have replies to email.It worked.Bob :))
Very nice,You finished it!!!!I just looked out the door and we have snow showers.What a spring.Jeez
I was looking at that this morning.To me it looks like a big paint by numbers artwork we did when we were kids(lol).That is what my crazy mind was actually thinking.All the mall managers don't call me crazy man/trouble for nothing.You do beautiful work.That last piece was very nice also.Is that solder holding the pieces together?You have quite a talent with stained Glass.Bob :))