Welcome to the REITNotes Community! This is a spot for REIT enthusiasts to share their passion and knowledge of the REIT market. We encourage you to ask questions to the community and share your ideas about anything related to REITs and the real estate sector.
REITBot - 2022-01-10 20:00:02 PDT Today’s REITs of interest: 1) #CUBE closed at $52.23 after a 2.01% increase from the previous closing date with a Beta of 0.00, and a forward annualized dividend yield of 3.29%. 2) #PW closed at $70.79 after a 1.99% increase from the previous closing date with a Beta of 1.58, and a forward annualized dividend yield of 0.57%. 3) #IRT closed at $24.22 after a 1.98% increase from the previous closing date with a Beta of 0.00, and a forward annualized dividend yield of 1.98%. - See full comment
REITBot - 2021-07-06 20:00:02 PDT Today’s REITs of interest: 1) #AIV closed at $7.01 after a 2.79% increase from the previous closing date with a Beta of 0.00, and a forward annualized dividend yield of 0.00%. 2) #CUBE closed at $48.04 after a 2.58% increase from the previous closing date with a Beta of 0.37, and a forward annualized dividend yield of 2.83%. 3) #SUI closed at $176.92 after a 2.56% increase from the previous closing date with a Beta of 0.70, and a forward annualized dividend yield of 1.88%. - See full comment
REITBot - 2021-02-25 21:00:01 PDT Todayâ€™s REITs of interest: 1) #SBAC closed at $256.52 after a 2.40% increase from the previous closing date with a Beta of 0.87, and a forward annualized dividend yield of 0.73%. 2) #EXR closed at $129.53 after a 1.91% increase from the previous closing date with a Beta of 0.70, and a forward annualized dividend yield of 2.78%. 3) #CUBE closed at $38.56 after a 1.37% increase from the previous closing date with a Beta of 0.79, and a forward annualized dividend yield of 3.53%. - See full comment
REITFocused - 2020-12-28 15:01:06 PDT
Amongst the top self-storage REITs my least favorite one at the moment is #PSA. Public Storage has not increased dividends in a long time, and its Core FFO to dividend payout ratio appears to be slowly creeping up. #EXR and #CUBE are to of my favorite Large-cap, and #NSA in the Mid-cap range.
REITNewsHeadlines - 2020-10-27 21:02:09 PDT
CubeSmart - CubeSmart Announces Agreement to Acquire $540 Million Self-Storage Portfolio - News released on Tue, 27 Oct 2020 20:30:47 +0000 (UTC) - See full comment
heyyo - 2020-10-27 21:02:09 PDT
I only started buying #CUBE recently but one of my favorite REITs in a sector that many had written off for growth back in 2018/2019, but now we see it is a durable and growing segment. Iâ€™ll probably buy more shares tomorrow. Go CubeSmart!
Kev B - 2020-05-07 20:44:14 PDT
CubeSmart #CUBE reported first quarter 2020 results with an increase in funds from operations (â€œFFOâ€) per share, as adjusted, of $0.41 from $0.40 YoY. Increased same-store (477 stores) net operating income (â€œNOIâ€) 0.8% year over year, driven by 1.7% revenue growth and a 3.8% increase in property operating expenses. Same-store occupancy during the quarter averaged 91.5% and ended the quarter at 91.8%.
LLNN - 2019-11-10 08:59:55 PDT
Tanger Outlets (#SKT) had mixed results, in my opinion, when comparing your results. Occupancy was down a bit from 96.4 to 95.9%. Blended average rental rates increased 2.5% on a straight-line basis and decreased 2.0% on a cash basis for all renewals and re-tenanted leases that commenced during the trailing twelve months ended September 30, 2019. Same center net operating income ("Same Center NOI") for the consolidated portfolio decreased 1.8% for the quarter and 0.8% year to date due primarily to the impact of tenant bankruptcies, lease modifications, and store closures. The average tenant sales productivity for the consolidated portfolio was $395 per square foot for the twelve months ended September 30, 2019, compared to $383 per square foot in the comparable prior-year period. Funds from operations ("FFO") and adjusted funds from operations ("AFFO") available to common shareholders were both $0.58 per share, or $56.8 million, compared to $0.63 per share, or $61.9 million, for the prior-year period.
Kev B - 2019-11-09 17:35:22 PDT
Apple Hospitality REIT posted positive Q3 results on some important metrics: Average Daily Rate (ADR) (Actual) for Q3â€™19 $139.21, compared to Q3â€™18 $137.77 a 1.0%. Occupancy (Actual) for Q3â€™19 79.9% compared to Q3â€™18 78.9% a 1.3%. Revenue Per Available Room (RevPAR) (Actual) for Q3â€™19 $111.17 compared to Q3â€™18 $108.70 a 2.3% improvement for #APLE. Net income however dropped 25.6% to $ 46,223 from $62,122.
Kev B - 2019-11-09 16:22:12 PDT #SVC which previously was #HPT, declared Hotel RevPAR (all hotels):For the quarter ended September 30, 2019 compared to the same period in 2018 for SVCâ€™s 328 hotels that were owned as of September 30, 2019: ADR decreased 2.2% to $127.82; occupancy was unchanged at 77.0%; and RevPAR decreased 2.2% to $98.42. For the nine months ended September 30, 2019 compared to the same period in 2018 for SVCâ€™s 328 hotels that were owned as of September 30, 2019: ADR decreased 0.9% to $129.91; occupancy decreased 1.2 percentage points to 73.9%; and RevPAR decreased 2.5% to $96.00. So the numbers for the last 9 months are down.
Jon7421 - 2020-04-06 23:44:54 PDT #SVC is paying big dividend yield of 47% at moment but iâ€™m not buying, not sure how low stock price may go and if will recover like other stocks.
Fyryr - 2019-11-09 15:02:20 PDT
City Office continues to improve quarter over quarter, about a year ago I was concerned they would have to cut their dividends. Core FFO per common share $0.29, AFFO per common share $0.22, and Dividends per common share $0.235. #CIO had Core FFO Payout Ratio 82%, and AFFO Payout Ratio 108%. The AFFO payout ratio is not covered this quarter after being covered for the first time (in recent years) in Q2 2019.
Kev B - 2019-11-09 11:27:24 PDT
Lexington #LXP increased its industrial portfolio to 78% of gross real estate assets, with a 97.4% portfolio lease. They declared a quarterly common share/unit dividend/distribution of $0.105 per share/unit, an increase of 2.4%, which is a 52.5% dividend/Company AFFO ratio.
Kenbeertt - 2019-11-07 21:07:44 PDT
Ashford Hospitality Trust had comparable Total RevPAR for all hotels increased 1.9% during the quarter. â€¢ Adjusted EBITDAre was $103.1 million for the quarter, an increase of 1.3% over the prior-year quarter. â€¢ Adjusted funds from operations (AFFO) for #AHT in Q3 2019 was $0.28 per diluted share down from $0.30 in Q3 2018.
LLNN - 2019-11-10 11:03:24 PDT #BHR is focused on a strategy of investing in luxury hotels and resorts, however, some of its numbers are down during this investment phase. Braemar had comparable RevPAR for all hotels decreased by 2.0% to $234.81 during the quarter. Comparable RevPAR for all hotels not under renovation decreased by 1.4% to $250.48 during the quarter. Adjusted funds from operations (AFFO) was $0.29 per diluted share for the quarter, down from $0.34 in the previous year. Adjusted EBITDAre was $28.6 million for the quarter, down from $29.5 million in the previous year.
CapitalKing - 2019-11-07 21:30:22 PDT #AHT lost -4.28% during the day today.
Omick99 - 2019-11-06 09:18:28 PDT
Easterly Gov Properties #DEA improved AFFO from $0.24 to $0.29 YOY for the third quarter!
LLNN - 2019-11-10 11:40:41 PDT
In Q3 #DEA acquired some additional government leased properties and maintained occupancy at 100%!
CapitalKing - 2019-11-05 11:55:16 PDT #APTS share is getting hit hard based on 42.9% lower YoY AFFO, Daniel M. DuPree, Preferred Apartment Communitiesâ€™ Chairman and Chief Executive Officer, explained it as follows: "We had a strong quarter, up 10.7% on FFO over Q3 2018. We accomplished this despite incurring nearly $0.02/share in direct costs associated with our consideration of internalizing our external manager. We incurred additional indirect internalization related costs as we built up cash reserves to fund portions of an internalization if required. These extraordinary costs will have a significant impact on our year end numbers and we now expect that when these expenses are added back to FFO we will perform at the low end of our previously provided guidance range."
LLNN - 2019-11-10 09:27:57 PDT
Hi CapitalKing, based on the statement from APTSâ€™ CEO Mr. Daniel M. DuPree, it is possible that towards the end of year APTS, stock price will go lower due to the mgmt internalization costs. I will continue to buy #APTS as they still have good operational results (e.g., Occupancy is up in Q3 YoY, same-store rental revenues increased approximately 3.3%). The question for me is on timing; I donâ€™t want to buy too much now if the share price falls further, and I can lock stronger dividend yields in the long run.
BlueBlue - 2019-11-04 20:09:29 PDT
Some #Ohighlights from the quarter ended September 30, 2019:
Net income per share was $0.32. AFFO per share increased 2.5% to $0.83, compared to the quarter ended September 30, 2018. Invested $411.5 million in 51 properties and properties under development or expansion. Raised $572.4 million from the sale of common stock. Announced transaction to acquire 454 properties from CIM Real Estate Finance Trust, Inc. ("CMFT") for approximately $1.25 billion in cash.
AI_AI - 2019-10-29 05:24:40 PDT
Industrial REIT #ILPT had Net income for the quarter ended September 30, 2019 was $10.9 million, or $0.17 per share, compared to $18.1 million, for the same quarter last year, and Normalized FFO, for the quarter ended September 30, 2019, were $28.5 million, or $0.44 per share, compared to $25.3 million for the same quarter last year.
AI_AI - 2019-10-29 05:15:20 PDT #NXRT posted positive growth this quarter: Net Income, FFO2, Core FFO2, and AFFO2 of $118.7M, $8.6M, $11.5M and $13.3M, respectively, attributable to common stockholders for the quarter ended September 30, 2019, compared to Net Loss, FFO, Core FFO, and AFFO of $(5.3)M, $5.9M, $8.9M and $10.3M, respectively, attributable to common stockholders for the quarter ended September 30, 2018. For the three months ended September 30, 2019, Q3 Same Store properties, average effective rent, total revenue and NOI increased 3.7%, 3.7% and 4.4%, respectively, and occupancy decreased 80 bps over the prior year period.
Bob_knows - 2019-10-24 19:04:24 PDT #CUBE increased both FFO & FFO Adjusted to $0.44 from $0.43 in Q3 2018. The payout ratio for FFO is at 72.7%. Same-store net operating income improved to $101,812 from $101,742.
Faston - 2019-08-19 22:50:26 PDT
What is going on with CIM Commercial Trust Corp? Their Quarterly FFO dropped from .26 to .07 Year-over-year, and also their revenues and their occupancy was down? #CMCT also announced on August 8, 2019, they will do 1-for-3 reverse stock split on their common stock, to be effective on September 3, 2019. Is #CMCT going through some kind of revamp of assets or change in strategy?
Kenbeertt - 2019-11-16 18:28:50 PDT
The stock also dropped when they cut the dividend from $0.375 to $0.075. The change in FFO was however due to the 3 to 1 reverse split.
Kev B - 2019-08-17 21:22:01 PDT
Here are my latest 2 cents regarding REITs and earning reports. A lot is told about a REIT by the quality of its Quarterly Earning reports and supplementary material. Of course, this goes for any company not just REITs. Some Earning reports are so inconsistent from quarter to quarter that itâ€™s hard to match and track the companies metrics and progress (or lack thereof). Not sure if this is due to lack of processes or resources to maintain a consistent and high-quality report. However, I do see correlations between the performance of REITs and the quality of their reports. Not saying it is always the case, but for me, it is often an indicator. My expectation is that the company has better controls and metrics internally than the data they are sharing.
Kenbeertt - 2019-08-16 20:33:16 PDT
Invitation Homes [ INVH ] is doing better than I would expect for a single unit home REIT. Compared to last year its average monthly rents are up to $1,804 from $1,734, its renewals are up to 5.4% versus 4.7% which is a positive indicator, and itâ€™s new leased are 5.2% up from 4.8%. Itâ€™s turnover rates is also down to 8.5% from 9.5%. Occupancy is up to 96.5% from 96.1%. All this resulting in an AFFO improvement from $0.24 to $0.25. Iâ€™m pleasantly surprised #INVH.
Gekko5 - 2019-11-21 20:26:08 PDT
According to a WallStreet Journal report, Blackstone sold the last of its stake in Invitation Homes #INVH, a REIT it created after the housing crash and buying up tens of thousands of single-family homes.
Kev B - 2019-08-10 17:40:43 PDT
Welltower #WELL grew its Normalized FFO by 5 cents from $1.00 in Q2 2018 to $1.05 in Q2 2019, improving the Normalized FFO payout ratio from 87% to 83%. Consistent results from Welltower, that is why Iâ€™m long with them.
LLNN - 2019-07-31 14:35:55 PDT
Investment in #VICI is paying off. They declared AFFO attributable to common stockholders was $156.8 million, or $0.38 per diluted share, for the quarter ended June 30, 2019, compared to $128.8 million, or $0.35 per diluted share for the quarter ended June 30, 2018, a good increase.
CapitalKing - 2019-07-30 09:56:59 PDT #GEO did very well! Regardless of all the political pressure! They reported second quarter 2019 Normalized Funds From Operations (â€œNormalized FFOâ€) of $66.6 million, or $0.56 per diluted share, compared to $57.7 million, or $0.48 per diluted share, for the second quarter 2018. GEO reported second quarter 2019 Adjusted Funds From Operations (â€œAFFOâ€) of $83.4 million, or $0.70 per diluted share, compared to $72.2 million, or $0.60 per diluted share, for the second quarter 2018. They also reported total revenues for the second quarter 2019 of $614.0 million up from $583.5 million for the second quarter 2018. So they showed growth across the board!
Billy123 - 2019-07-29 09:37:55 PDT
Not all REITs are showing YoY fund increases. #SITC had Second quarter OFFO was of $0.31 per diluted share, compared to $0.49 per diluted share, in the year ago-period. Site states that the year-over- year decrease in OFFO is primarily attributable to the dilutive impact of the spin-off of RVI partially offset by lower interest expense and higher fee income.
Kev B - 2019-07-28 21:20:23 PDT
Pebblebrook Hotel Trust, Inc had AFFO per diluted share of $0.85 a 4.9% YOY improvement. #PEB also declared Net Debt to Trailing 12-Month Corporate EBITDA1 of 4.7x. Which was further progress reducing leverage and optimizing portfolio through strategic property sales since the corporate acquisition. Its AFFO/diluted share outlook for 2019 is $2.62 to $2.67 (midpoint up $0.01).
Kenbeertt - 2019-07-28 17:28:43 PDT #Cube had an AFFO $0.42, representing a year-over-year increase of 2.4%. The REIT also increased same-store (467 stores) net operating income (â€œNOIâ€) 1.3% year over year, driven by 2.0% revenue growth and a 3.8% increase in property operating expenses. It did this while having a same-store occupancy during the quarter averaged 93.1% and ended the quarter at 93.7%.
Kev B - 2019-07-28 11:37:18 PDT #TCO - Taubman Centers had Adjusted Funds from Operations (AFFO) Up 8 %, Sales Per Square Foot Up 8.8 Percent, 12th consecutive quarter of positive growth. AFFO for the three and six month periods ended June 30, 2019 excludes a restructuring charge, costs incurred related to the pending Blackstone transactions and costs associated with shareholder activism. Tenant sales per square foot in U.S. comparable centers were up 10.6 percent in the quarter, bringing 12-month trailing U.S. sales per square foot to $ 940, an increase of 12.2 percent over the 12-months ended June 30, 2018. Year-to-date, U.S. sales per square foot were up 16.2 percent. This goes to show that physical retail is not as dead as people think it is and that top quality centers are doing better than most expected.
LLNN - 2019-08-11 22:24:10 PDT
Taubman Centers is a part of the S&P400 MidCap Index, and the company also states to have a portfolio of malls that is the most productive in the U.S. publicly held mall sector, which is an awesome claim. Which #TCO supports by showing that it has the highest portfolio sales per square foot. In March 31, 2019, TCO $919 Sales/SqF compared to #MAC at $746Sales/SqF, #SPG $660 Sales/SqF, #PEI $499 Sales/SqF, #WPG $399 Sales/SqF, #SKT $398 Sales/SqF, CBL $377 Sales/SqF. Also, impressively comparable is what TCO can charge for rent per square foot compared to its comparable Mall REITs. In March 31, 2019, TCO $62.16 Avg. Rent/SqF. compared to MAC at $60.74 Avg. Rent/SqF., SPG $54.34 Avg. Rent/SqF., CBL $32.45 Avg. Rent/SqF., and WPG $28.98 Avg. Rent/SqF. Taubman also has malls in China, and South Korea, not only the USA, which may help to slow down any impacts in malls falling out of preference in the US market.
Kyuie - 2019-07-27 11:11:50 PDT
The mortgage small-cap REIT Ares Commercial Real Estate Corp #ACRE did better in the Diluted earnings per common share than last year with $0.34 Q1 2019 against $0.33 Q1 2018. However, in the six months of this year it did only $0.63 compared to $0.65 for the first 6 months of last year.