Highwoods Properties Inc
Highwoods Properties’ Falling Funds from Operations Payout Ratio
Highwoods Properties’ (HIW) FFO (funds from operations) increased to $2.90 per share in 2014, compared with $2.81 per share in 2013.
Highwoods Properties’ Moderate Revenue Growth in Recent Years
In comparison to its peer group, Highwoods Properties posted a moderate revenue growth.
Highwoods Properties Acquires Trophy Assets in Recent Years
Highwoods Properties (HIW) acquires properties in the best business districts to strengthen its competitive position in the market.
Highwoods Properties’ Diversified Tenant Base
Highwoods Properties’ top five tenants occupy an area of 3 million square feet or 11% of the company’s total rentable area.
Douglas Emmett’s Leverage: A Tale of Dependence, or of Improvement?
At the end of fiscal 2014, Douglas Emmett’s consolidated debt was $3.4 billion, up by 6% over 2013. Since 2015, its total debt has seen moderate declines.
Analyzing Douglas Emmett’s Low—but Rising—FFO Payout Ratio
Bolstered by its higher FFO per share, Douglas Emmett increased its dividend by 9.5% to $0.81 per common share in fiscal 2014, over $0.74 per share in 2013.
Douglas Emmett’s Net Operating Income Growth—Too Flat for Comfort?
Douglas Emmett’s NOI remained flat over the past five years. In 2010, the company reported NOI of $393.4 million while in 2014 it was at $397.7 million.
Why Does Kilroy Realty Trade at a Higher Valuation than Peers?
A closer look at Kilroy Realty’s EV/EBITDA multiple shows that it is in line with its historical valuation.
Analyzing Kilroy Realty’s Funds from Operations Payout Ratio
FFO payout ratio is the dividend declared per common share divided by the diluted FFO per common share for a given period.
What Does SL Green’s Higher EV/EBITDA Multiple Mean to Investors?
The EV/EBITDA multiple is widely used for the valuation of real estate companies.
Peer Group Comparison: SL Green Realty Trades at Lower Multiple
A closer look at SL Green Realty’s (SLG) trailing-12-month price-to-FFO multiple shows that it is in line with its historical valuation.
Evaluating SL Green’s Higher Funds from Operations
FFO (funds from operations) is a measure used by REITs to define the cash generated from their operations.
The Lowdown on Boston Properties’ High EV-to-EBITDA: Investor Takeaways
Boston Properties’ EV-to-EBITDA ratio shows that it is in line with its historical valuation, with an EV-to-EBITDA ratio of around 19.9x as of November 27.
Boston Properties’ Price-to-FFO Multiple Stands Tall among Peers
Boston Properties’ TTM price-to-FFO ratio is in line with its historical valuation, with a current price-to-FFO ratio of around 21.8x as of November 27.
Boston Properties’ Higher FFO Payout Ratio, or Why Dividends Matter
Boston Properties’ FFO increased to $5.26 per share in 2014, compared to $4.91 per share in 2013. Bolstered by high FFO, it increased its dividend by 46.4%.
Sizing up Boston Properties’ Funds from Operations
Boston Properties’ FFO has risen steadily over the past five years, from $547.4 million in 2010 to $807.5 million in 2014—its highest in ten years.
Payrolls Up By A Quarter Million In December
Private payrolls increased by 228,000, and manufacturing payrolls rose by 17,000. Construction payrolls rose 48,000, a big jump.
Civeo cuts workforce and postpones dividend
Due to decreasing demand and declining revenues, Civeo has cut its workforce by 30% in Canada and by 45% in the US. More than 1,000 employees have lost their jobs in total.
November Payrolls Exceed Wall Street Expectations
In November, payrolls increased by 321,000, well in excess of Wall Street expectations of 230,000. Government employment increased by 7,000 jobs.
Why geography matters to REIT investors
The strength of the services economy, in particular, is an important driver of office REITs. Strength increases demand and prices for office space. It lowers vacancy rates.
The US services economy continues to hum along
Expansion was reported in 16 of the industries. The best-performing sectors were construction, retail, and agriculture. Two industries—entertainment and utilities—reported declines.
October payrolls increase: Good news for office REITs
Private payrolls increased by 209,000 while manufacturing payrolls rose by 15,000. Private services payrolls increased by 181,000. Government employment increased by 5,000 jobs.
Pay attention to office REITs’ focus on geography
Office REITs are driven in part by economy’s strength The strength of the services economy, in particular, is an important driver of office real estate investment trusts (or REITs) such as Boston Properties, Inc. (BXP), Kilroy Realty Corporation (KRC), Vornado Realty Trust (VNO), SL Green Realty Corp. (SLG), and Highwoods Properties Inc. (HIW). Strength increases […]
Why September’s rising payrolls matter for office REITs
In September, payrolls increased by 248,000, which came in well above Wall Street expectations of 215,000. The ADP survey predicted the number would come in at 213,000.
JOLT job openings are flat at 13-year highs, driving office REITs
The Bureau of Labor Statistics (or BLS) compiles data from a random sample of private non-farm businesses. Job openings are one piece of the report. The other is hires versus separations.
Services activity hits a record in August, supporting office REITs
The index showed that overall activity in the non-manufacturing sector increased for the 55th consecutive month, and the rate of growth is accelerating.
Must-know: Why all commercial real estate is local
Vacancy rates are determined not only by demand, but also by the supply of office space. Since the real estate bubble burst, we’ve had a lack of new construction, which has limited supply of office space.
Why capacity utilization is an important economic indicator
Capacity utilization rates are approaching long-term historical averages.
Institute for Supply Management non-manufacturing survey grows
The index showed that overall activity in the non-manufacturing sector increased for the 53rd consecutive month, but the rate of growth is decelerating.
Why Markit suggests the June payroll forecasts are too low
Markit is forecasting a June payroll number of 250,000. Wall Street is forecasting that the ADP report will come in at 208,000 and that the BLS payroll number will come in at 200,000 when they’re released next week.
A rebound in capacity utilization helps office REITs like SL Green
While most people don’t think of industrial data affecting office REITs, it does influence the top-line growth of commercial REITs like SL Green (SLG).
Must-know: Why did the service sector report a pick-up in May?
The Institute of Supply Management (ISM) Purchasing Manager’s Index (PMI) is similar to the other regional PMI indices, but it covers the entire country. It’s the sister index to the ISM Manufacturing Purchasing Managers Index.
Why economic strength can be a double-edged sword for office REITs
We’re seeing signs of strength in the employment market. Friday’s payroll reading was a mixed bag—payrolls were strong, but the drop in unemployment was due to a decrease in the labor force participation rate.
Why you should focus on geography’s role in the office REIT cycle
The strength of the services economy is an important driver of the office REITs like Boston Properties (BXP), Kilroy (KRC), Vornado Realty Trust (VNO), S.L. Green (SLG), and Highwoods (HIW).
Why a service sector rebound in March affects key office REITs
The index showed that overall activity in the non-manufacturing sector increased for the 50th consecutive month and the pace of growth is accelerating.
Must know: Why the rise in job openings is good for office REITs
The activity and decisions of the Fed are probably the biggest driver of returns in the financial sector right now.
Why the ISM Services report drives REITs like Boston Properties
The strength of the services economy in particular is an important driver of the office REITs like Boston Properties (BXP), Kilroy (KRC), Vornado Realty Trust (VNO), S.L. Green (SLG), and Highwoods (HIW).
The US witnesses an unexpected drop in capacity utilization
From 1972 to 2012, capacity utilization averaged 80.2% and bottomed at 66.9% in 2009 suggesting there’s a lot of room for production to expand before we start feeling inflationary pressures.
Capacity utilization approaches historical levels, helping REITs
Industrial production and capacity utilization are numbers that get a lot of focus at the Fed. These figures not only help forecast economic activity, but they’re also important inputs into inflation.