Kilroy Realty Corp

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  • Boston City
    Company & Industry Overviews

    Boston Properties among REITs: Kind of a Big Deal

    Boston Properties is a Boston-based REIT that completed its initial public offering in 1997 and is now the largest publicly traded office REIT in the US.

    By Peter Barnes
  • uploads///MBA Mortgage Apps LT
    Real Estate

    Good credit conditions help commercial REITs like Boston Properties

    Increased credit availability is extremely important to commercial REITs like Simon Property Group (SPG), Boston Properties (BXP), Kilroy (KRC), Vornado (VNO), and S.L. Green (SLG).

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    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).

    By Brent Nyitray, CFA, MBA
  • uploads///C DIV
    Company & Industry Overviews

    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.

    By Peter Barnes
  • uploads///C GEO
    Company & Industry Overviews

    A Look at Alexandria’s Geographic Coverage

    Alexandria’s geographic coverage spans markets such as Greater Boston, San Francisco, New York City, San Diego, Seattle, and Maryland.

    By Peter Barnes
  • uploads///C P FFO
    Company & Industry Overviews

    BioMed Realty Is Trading at a Discount Compared to Peers—For Now

    A close look at BioMed Realty’s TTM price-to-FFO ratio shows that the company is in line with its historical valuation. Its current ratio is ~16.3x.

    By Peter Barnes
  • uploads///Fed Assets
    Real Estate

    Must-know: Thinking about quantitative easing going forward

    The Fed currently supports $4 trillion in assets with about $55 billion in equity. Under any other entity, that would be considered an unthinkable leverage ratio.

    By Brent Nyitray, CFA, MBA
  • uploads///NFIB Small Business Optimism
    Real Estate

    Why small business optimism continues to recover slowly

    Small business accounts for roughly half of the U.S. gross domestic product (or GDP) and jobs.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Real Estate

    Why does the Fed now see increasing confidence in credit?

    On the household front, it noted that home price appreciation continues—although it did say it believed credit standards remain tight.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Consumer

    The jobs report looms large this week for REITs and homebuilders

    The upcoming week will be about the jobs report on Friday, which is the biggest driver of Fed policy at the moment.

    By Brent Nyitray, CFA, MBA
  • uploads///Art  Development
    Earnings Report

    How Prologis Boosted Top-Line Growth in 2Q17

    Prologis’s (PLD) upbeat top-line and bottom-line results in 2Q17 were driven by higher-than-expected rent growth and net operating income.

    By Jennifer Mathews
  • uploads///ISM non manf
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///ADP Payrolls
    Real Estate

    Jobs report shows hiring is picking up—good for commercial REITs

    Private sector employment increased by 238,000 in December, while November’s numbers were revised upward from 215,000 to 229,000.

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    Why capacity utilization is an important economic indicator

    Capacity utilization rates are approaching long-term historical averages.

    By Brent Nyitray, CFA, MBA
  • uploads///JOLT Job Openings
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///VNO DVD
    Real Estate

    Vornado Realty Trust’s 3Q14 earnings: Company overview

    Vornado has maintained a $0.73 dividend since early 2013. Late in 2012, it paid a $1 long-term capital gain along with its then-recurring dividend of $0.69 a share.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    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).

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///JOLT Job Openings
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///NFIB Small Business Optimism
    Real Estate

    Must-konw update: Small business optimism hurt by the deep freeze

    Small business accounts for roughly half of the U.S. GDP and jobs.

    By Brent Nyitray, CFA, MBA
  • uploads///Art  FFO
    Company & Industry Overviews

    How Prologis Has Managed to Remain Afloat amid Online Hype

    Prologis is expected to ride high on its growth trajectory. For 2017, it raised its adjusted FFO (funds from operation) projection by $0.10 per share.

    By Jennifer Mathews
  • uploads///MBA Mortgage Apps
    Real Estate

    Why credit conditions ease, but mortgage credit is still tight

    Overall, the financial situation didn’t change materially between the April and June Federal Open Market Committee (or FOMC) meetings.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed  unemployment forecast
    Real Estate

    Why the Fed’s economic projections became more optimistic

    The staff economists took up their near-term estimate of GDP growth based on stronger retail sales despite the government shutdown.

    By Brent Nyitray, CFA, MBA
  • uploads///VNO DVD
    Financials

    Must-know: Vornado maintains dividends and plans spin-off

    Given that REITs are required to distribute 90% of their earnings to shareholders via dividends, they tend to have somewhat more volatile dividend streams than more traditional companies.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Financials

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///C OCCU
    Company & Industry Overviews

    Alexandria: Flying High with Higher Occupancy Levels

    Occupancy rate is the number of units that are rented out to residents by a company in proportion to the total number of units in the building or community.

    By Peter Barnes
  • uploads/// year bond yield LT
    Financials

    Bonds rally on the slightly bullish FOMC minutes

    Bonds rallied on the FOMC minutes, touching as low as 1.93% before selling off and finishing the day with a modest rally.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Rates are falling, but corporate spreads are widening

    The Fed noted that during the October through December intermeeting period, long-term interest rates fell and corporate spreads widened.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    The push-pull effect of economic strength on the REIT sector

    Economic forces that work at cross-purposes are driving the commercial REIT sector. Economic strength is good, but increasing interest rates are a negative.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Real Estate

    Bonds Rally And Commercial REITs Analyze The October FOMC Minutes

    The FOMC minutes go deeper than the FOMC statement and explain the current discussions. Commercial real estate investment trusts are sensitive to the interest rate. So, these companies carefully analyze the minutes.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    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 […]

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///Art  Val
    Earnings Report

    How Prologis Stacks Up against Peers after 2Q17 Earnings

    The price-to-FFO multiple is the best way to evaluate Prologis (PLD).

    By Jennifer Mathews
  • uploads///Art  Debt
    Earnings Report

    How Prologis Improved Its Balance Sheet

    Prologis maintained a debt-to-equity ratio of 0.75x for 2Q17, which was lower than the industrial mean of 1.07x.

    By Jennifer Mathews
  • uploads///Art  Revenue Proportion
    Earnings Report

    Robust US Business Growth Helped Prologis in 2Q17

    Prologis’s (PLD) properties are spread across the globe. This geographical diversity ensures that the company gets the optimum value from the retail and supply chains in different parts of the world.

    By Jennifer Mathews
  • uploads///Art  Rental
    Earnings Report

    Prologis’s Strong 2Q17 Results Backed by Rent Growth

    Prologis (PLD) reported better-than-expected 2Q17 top-line and bottom-line results.

    By Jennifer Mathews
  • uploads///Art  FFO
    Earnings Report

    Where Does Prologis Stand after 2Q Earnings?

    Prologis (PLD) reported core funds from operation (or FFO) of $0.84 per share in 2Q17, which surpassed Wall Street’s estimates of $0.77 by a remarkable 9.1%.

    By Jennifer Mathews
  • uploads///Art  Ratings
    Miscellaneous

    Prologis: What Analysts Recommend for the Stock

    Analysts have assigned Prologis stock a mean price target of $58.47, which is 2.1% higher than its current price of $57.28.

    By Jennifer Mathews
  • uploads///Art  Val
    Earnings Report

    Where Does Prologis Stand among Its Peers?

    In terms of price-to-FFO multiple, PLD trades at par with most of its peers except Brandywine Realty Trust (BDN).

    By Jennifer Mathews
  • uploads///Art  Interest
    Earnings Report

    Will Prologis Be Able to Turn Macro Issues to Its Advantage?

    In addition to Prologis’s strategic initiatives such as acquisitions, dispositions, and project development activities, several macroeconomic factors also impact performance.

    By Jennifer Mathews
  • uploads///Art  Revenue Proportion
    Earnings Report

    The Factors behind Prologis’s Expected 2Q17 Upbeat Results

    Wall Street expects Prologis to report adjusted FFO (funds from operations) of $0.76, a 27.3% rise year-over-year.

    By Jennifer Mathews
  • uploads///Art  NOI
    Earnings Report

    Can Prologis’s Cost Reductions Drive Net Operating Income Higher?

    According to Wall Street analysts, Prologis (PLD) is expected to report NOI (net operating income) of $440.2 million in 2Q17.

    By Jennifer Mathews
  • uploads///Art  Sentiment
    Earnings Report

    Prologis’s Main Revenue Drivers in 2Q17

    Prologis (PLD) is expected to see higher revenue growth as well as higher margins for 2Q17.

    By Jennifer Mathews
  • uploads///Art  Revenue
    Earnings Report

    Will Prologis Ride High on Its Top Line in 2Q17?

    Analysts expect Prologis (PLD) to report revenue of $583.5 million for 2Q17 when it releases its earnings on July 18, 2017.

    By Jennifer Mathews
  • uploads///Art  FFO
    Earnings Report

    What’s in Store for Prologis in 2Q17?

    Prologis (PLD) is scheduled to report its fiscal 2Q17 earnings on July 18. 2017. Analysts expect it to report adjusted FFO (funds from operations) of $0.76.

    By Jennifer Mathews
  • uploads///Art  Analyst ratings
    Company & Industry Overviews

    Prologis on the Street: How Analysts See PLD Stock

    The analysts covering Prologis have assigned the stock a mean price target of $57.8, which is the same as its current price level.

    By Jennifer Mathews
  • uploads///Art  Val
    Company & Industry Overviews

    Understanding Prologis’s Multiples Next to Those of Peers

    Prologis’s price-to-FFO multiple is now 20.95x, which means that it has been returning consistent capital value and reliable dividend yields to investors.

    By Jennifer Mathews
  • uploads///Art  debt
    Company & Industry Overviews

    Prologis’s Health by Leverage

    In order to qualify as an REIT (real estate investment trust), companies like Prologis (PLD) have to pay almost 90% of their taxable income as dividends.

    By Jennifer Mathews
  • uploads///Art  dividend
    Company & Industry Overviews

    Inside Prologis’s Relationship with Its Shareholders

    Commerical REITs (real estate investment trusts) have to pay at least 90% of their taxable income as dividends or share buybacks.

    By Jennifer Mathews
  • uploads///Art  consumer sentiment
    Company & Industry Overviews

    Prologis, Rising Interest Rates, and President Trump: Curses, or Blessings in Disguise?

    Rising optimism in US markets bodes well for commercial REITs like Prologis, Duke Realty, Kilroy Realty, and Boston Properties.

    By Jennifer Mathews
  • uploads///Art Geo
    Company & Industry Overviews

    Why Prologis’s Business Model Promises Consistent Profitability

    Prologis is expected to achieve a growth rate of 6%, 5.8%, 9.1% and 8.7%, respectively, in AFFO (adjusted funds from operations) over the next four quarters.

    By Jennifer Mathews
  • uploads///C FFO PAYOUT
    Company & Industry Overviews

    Analyzing BioMed Realty’s Higher FFO Payout Ratio

    Bolstered by higher FFO per share, BioMed Realty increased its dividend by 36.5% to $1.31 per common share in 2014—its highest dividend in seven years.

    By Peter Barnes
  • uploads///C OCCU
    Company & Industry Overviews

    Higher Demand Likely to Drive BioMed Realty’s Occupancy in 2016

    The improving economy, favorable business fundamentals, and a focus on life science companies have led to strong demand for BioMed Realty’s properties.

    By Peter Barnes
  • uploads///C STRATEGY
    Company & Industry Overviews

    BioMed Realty’s Other Strategy: Generating Sustainable Growth

    BioMed Realty’s growth strategy aims to meet demands for specialized office and laboratory space by leveraging its local knowledge and management expertise.

    By Peter Barnes
  • uploads///C EV EBITDA
    Company & Industry Overviews

    Interpreting BioMed Realty’s EV-to-EBITDA Multiple

    A close look at BioMed Realty Trust’s EV-to-EBITDA multiple shows that its ratio is in line with its historical valuation, with a current ratio of ~14.8x.

    By Peter Barnes
  • uploads///C STRATEGY
    Company & Industry Overviews

    What is CXP’s Strategy to Enhance Its Competitive Position?

    Columbia Property Trust’s strategy is to invest in a property portfolio that provides the size, quality, and market needed to deliver long-term returns.

    By Peter Barnes
  • uploads///c acqui
    Company & Industry Overviews

    BioMed Realty’s Property Acquisitions Have Been Enhancing Its Portfolio Quality

    Many companies are looking to acquire properties in BioMed Realty’s core markets, thus enhancing competition for strategic properties.

    By Peter Barnes
  • uploads///C TENANT
    Company & Industry Overviews

    BioMed Realty’s Quality Tenant Base and Triple Net Leases Ensure Steady Cash Flows

    BioMed Realty’s tenant base has the top names in biotechnology companies, scientific research institutions, governments, and other life science firms.

    By Peter Barnes
  • uploads///C Dev
    Company & Industry Overviews

    BioMed Realty’s Strategy: Adding Value through Property Development and Redevelopment

    BioMed Realty focuses on value creation through development and redevelopment of old and new properties, aiming to develop space on all land it acquires.

    By Peter Barnes
  • uploads///C PROP
    Company & Industry Overviews

    An Overview of BioMed Realty’s Specialized Property Portfolio

    BioMed Realty’s total property portfolio witnessed increased from 12.2 million square feet in 2010 to 17.5 million square feet in 2014.

    By Peter Barnes
  • uploads///C DIV
    Company & Industry Overviews

    Analyzing Alexandria’s Higher Funds from Operations Payout Ratio

    Alexandria’s FFO payout ratio, which was 40.4% in 2010, increased to 61.8% in 2013 and 65.2% in 2014.

    By Peter Barnes
  • uploads///C COST
    Company & Industry Overviews

    Alexandria: Earnings Margin to Remain at an Elevated Level

    Alexandria (ARE) recorded an EBITDA margin of 62.5% in 2014, the lowest earnings margin recorded by the company in the last five years.

    By Peter Barnes
  • uploads///C STRATEGY
    Company & Industry Overviews

    Alexandria’s Strategy to Generate Sustainable Growth

    Alexandria’s strategy is to acquire, develop, and redevelop properties in target cluster markets.

    By Peter Barnes
  • uploads///C ACQUI
    Company & Industry Overviews

    Property Acquisitions May Boost Alexandria’s Operating Income

    Alexandria seeks property acquisition opportunities with in-place cash flows and the possibility of near-term lease-up.

    By Peter Barnes
  • uploads///C TENANTS
    Company & Industry Overviews

    Alexandria: Diversified Tenant Base and Lease Expirations

    Alexandria Real Estate Equities (ARE) has a diversified tenant base, which reduces the company’s dependence on any particular industry.

    By Peter Barnes
  • uploads///C PROP
    Company & Industry Overviews

    An Overview of Alexandria’s Property Portfolio

    Alexandria Real Estate Equities’ total property portfolio has witnessed healthy growth during the past five years.

    By Peter Barnes
  • uploads///C PICS
    Company & Industry Overviews

    Alexandria Real Estate Equities: What Does It Do?

    Alexandria Real Estate Equities (ARE) is a fully integrated, self-administered, and self-managed REIT.

    By Peter Barnes
  • uploads///C DIV
    Company & Industry Overviews

    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.

    By Peter Barnes
  • uploads///C PIC
    Company & Industry Overviews

    Highwoods Properties: What Does It Do?

    Highwoods Properties (HIW) is a fully integrated, self-administered, and self-managed REIT.

    By Peter Barnes
  • uploads///C COST
    Company & Industry Overviews

    Kilroy Realty: Standing Tall with Highest Earnings Margin

    Kilroy Realty’s earnings margin is much higher than the industry average of 52.3% and those recorded by its peers.

    By Peter Barnes
  • uploads///C STRATEGY
    Company & Industry Overviews

    What Is Kilroy Realty’s Value Creation Strategy?

    Kilroy Realty expects its strategy to generate higher rental income and higher occupancy levels in the years to come.

    By Peter Barnes
  • uploads///C PIIC
    Company & Industry Overviews

    Getting to Know Douglas Emmett: An REIT Heavy Hitter Worth Watching

    Founded in 2005 and headquartered in California, Douglas Emmett is an REIT focused on high-quality commercial properties and luxury apartment communities.

    By Peter Barnes
  • uploads///C FFO
    Company & Industry Overviews

    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.

    By Peter Barnes
  • uploads///C TENANTS
    Company & Industry Overviews

    Kilroy Realty: Lease Expiration and Tenant Management

    As of fiscal ended 2014, 49.5% of the Kilroy Realty’s leases were long term in nature, expiring after 2020.

    By Peter Barnes
  • uploads///C REV
    Company & Industry Overviews

    Why Has SL Green’s Revenue Growth Remained Moderate?

    SL Green Realty (SLG) primarily generates revenue through leasing office space to corporate tenants.

    By Peter Barnes
  • uploads///C GEO
    Company & Industry Overviews

    An Insight into Kilroy Realty’s Geographic Coverage

    Kilroy Realty (KRC) is present in some of the West Coast’s premier office sub-markets.

    By Peter Barnes
  • uploads///C DIV
    Company & Industry Overviews

    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%.

    By Peter Barnes
  • uploads///C PROP PORTFOLIO
    Company & Industry Overviews

    A Look at Kilroy Realty’s Property Portfolio

    The increase in Kilroy Realty’s office property portfolio was due to the acquisition of properties to create long-term value.

    By Peter Barnes
  • uploads///C PROP
    Company & Industry Overviews

    Kilroy Realty Corporation: What Does it Do?

    Kilroy Realty Corporation (KRC) was founded in 1996 by John B. Kilroy Jr.

    By Peter Barnes
  • uploads///C FFO
    Company & Industry Overviews

    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.

    By Peter Barnes
  • uploads///C ACQI
    Company & Industry Overviews

    Property Acquisitions and Dispositions: Key to SL Green’s Growth

    SL Green’s focus on property acquisitions and dispositions bodes well for its healthy growth.

    By Peter Barnes
  • uploads///C COST
    Company & Industry Overviews

    Boston Properties’ Cost Structure, EBITDA Margin, and Other Must-Knows

    Boston Properties (BXP) consolidated costs were $1.6 billion for fiscal 2014—up by 12.1% over 2013—on the heels of a 25.7% total cost rise in 2013.

    By Peter Barnes
  • uploads///C REV
    Company & Industry Overviews

    Why Boston Properties’ Revenue Growth Keeps Looking So Good

    Boston Properties reported total revenues of $2.4 billion for fiscal 2014—up by a healthy 12.2% over 2013.

    By Peter Barnes
  • uploads///C PIC
    Company & Industry Overviews

    SL Green Realty: What Does It Do?

    SL Green Realty is the second-largest publicly traded office REIT in the United States and is part of the S&P 500.

    By Peter Barnes
  • uploads///C STRATEGY
    Company & Industry Overviews

    Breaking Down Boston Properties’ Value Creation Strategy

    Boston Properties aims for high growth by managing properties, recycling capital, and operating in supply-constrained markets with high entry barriers.

    By Peter Barnes
  • uploads///C ACQ
    Company & Industry Overviews

    A Nod to Boston Properties’ Key Growth Drivers, Acquisitions and Dispositions

    Boston Properties’ average rental income has improved over the years due to acquisitions of high-quality properties and dispositions of low-return assets.

    By Peter Barnes
  • uploads///C DEV
    Company & Industry Overviews

    Why Property Development Matters So Much to Boston Properties

    Boston Properties believes in generating consistent earnings growth and value creation over the coming years through existing and new property development.

    By Peter Barnes
  • uploads///C REGION
    Company & Industry Overviews

    Making Sense of Boston Properties’ Geographically Concentrated Portfolio

    Boston Properties concentrates on some of the highest-growth markets in the US, including Boston, New York, San Francisco, and Washington, D.C.

    By Peter Barnes
  • uploads/// year bond yield LT
    Real Estate

    Bonds rally on the dovish FOMC minutes

    Commercial real estate investment trusts are sensitive to the interest rate, so these companies carefully analyze minutes from the Federal Open Market Committee meetings.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///VNO DVD
    Financials

    Vornado maintains its dividend and plans to spin off its retail portfolio

    Vornado has maintained a $0.73 dividend since early 2013. Late in 2012, it paid a $1 long-term capital gain along with its then-recurring dividend of $0.69 a share.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    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.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Real Estate

    Why the April FOMC minutes were no surprise to bond investors

    With “tapering” now a common term in Fed-speak, a new word is needed to address when we eventually step away from ZIRP (or zero interest rate policy). That word is “normalization.”

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    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).

    By Brent Nyitray, CFA, MBA
  • uploads///Personal Income
    Financials

    Important releases for homebuilder and REIT investors this week

    While last week was a huge one for the builders, we still have a lot of important data this week, with the Case-Shiller Real Estate Index, New Home Sales, as well as the Personal Spending and Income data.

    By Brent Nyitray, CFA, MBA
  • uploads///NFIB Small Business Optimism
    Real Estate

    Why a small business hiring boom is good for office REITs

    The National Federation of Independent Business is a monthly report that contains a wealth of information regarding trends for small businesses.

    By Brent Nyitray, CFA, MBA
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