Vanguard REIT ETF
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Why Elliott Management Might Be in Trouble
Last week, Elliott Management filed its 13F for the first quarter of 2020. In the last quarter, the hedge fund’s AUM was worth around $73.15 billion.
Paul Singer and Elliott Management’s Top Holdings
Elliott Management filed its 13F, disclosing its latest holdings, and its billionaire hedge fund manager, Paul Singer, has made some headlines.
Will the Fed’s Dovish Stance Ignite REITs This Year?
With the strength of the labor market faltering, market participants expect the Federal Reserve to take a dovish stance on interest rates. What does this mean for REITs?
How Real Asset Investing Could Boost Portfolio Returns
Volatility in stocks and bonds shifts investors’ attention from a traditional stock-bond portfolio to another asset class called real assets.
The Benefits of Real Asset Investing
In essence one of the things we have accomplished with these three products is to reduce the volatility inherent in all markets, and in particular very volatile markets like the real asset sectors.
Equinix Continues to Enhance Shareholders’ Wealth
On August 8, Equinix (EQIX) declared a regular quarterly cash dividend of $2.28 per share for the third quarter.
Extra Space Rides on Strong Fundamentals and Earnings Outlook
Extra Space’s top-line and bottom-line results have been seeing YoY (year-over-year) growth for the past several quarters.
Equinix to Continue Rewarding Shareholders with Dividend Payments
In 2015, 2016 and 2017, Equinix paid regular cash dividend per share of $6.76, $7.00 and $8.00, respectively.
Where Equity Residential’s Expenses Are Heading
Equity Residential’s (EQR) second-quarter operating expenses increased at a higher rate than the growth rate of same-store revenues.
RAAX ETF: Capturing Real Benefits of Real Assets
RAAX’s allocation process provides exposure to segments with better returns profiles while managing overall portfolio risk.
Are Real Assets in the Goldilocks Zone?
According to the IMF (International Monetary Fund), the world economy grew 3.8% in 2017, the fastest since 2011.
Higher Asset Yields are Driving Crown Castle’s Profitability
Cell-tower companies’ operating costs mainly depend on its number of tenants per tower.
How Could Interest Rate Hikes Affect Simon Property?
Simon Property Group (SPG) could face a higher cost of debt in the second quarter due to the rising interest rate environment.
Redevelopment Initiatives to Drive Simon Property’s Q2 2018
Simon Property Group (SPG) is set to release its second-quarter results on July 30.
American Tower’s Diligent Capital Allocation to Fund Growth
American Tower’s (AMT) core strategy lies in the expansion and acquisition of properties, towers, and fiber cells.
RAAX Fund Uses Rules-based Approach for Optimum Allocation
VanEck The VanEck Vectors Real Asset Allocation ETF (RAAX) uses a data-driven, rules-based process that leverages over 50 indicators (technical, macroeconomic and fundamental, commodity price, and sentiment) to allocate across 12 individual real asset segments in five broad real asset sectors. These objective indicators identify the segments with positive expected returns. Then, using correlation and […]
Which REITs Can Protect You from Rising Inflation and Interest?
Despite their strong first-quarter turnaround and improving fundamentals, REITs have remained under selling pressure in 2018.
Will the Rollback of Dodd-Frank Help the Real Estate Sector?
In a continued effort to deregulate the economy, President Donald Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act.
Why REIT Valuations Look Attractive as the Market Hits the Roof
In the recently concluded first quarter, more than 95% of REITs reported earnings beats and maintained their guidances for 2018.
Why the Recent REIT Rebound Could Stretch a Little Further
The real estate sector (VNQ) has been lagging in performance in 2018. It’s seen a year-to-date loss of 6%.
How Forex Volatility Could Affect American Tower’s Operations
While the US dollar was expected to gain from the growing economy and the rising interest rates, the recent tax cuts have flipped the scenario.
A Look into American Tower’s Major Revenue Drivers
American Tower (AMT) owns and operates over 160,000 communications sites around the world.
What’s American Tower’s Capital Allocation Strategy?
American Tower (AMT) has remained committed to enhancing shareholder value and driving sustainable growth.
What’s American Tower’s 2018 Outlook?
Despite delivering a strong performance over the past several quarters, American Tower (AMT) has lowered its full-year 2018 guidance for property revenue, net income, and adjusted EBITDA.
RAAX: Key Focus Areas for Long-Term Considerations
Now that we understand the investment process overall, can you give us a few example sectors and how they work?
RAAX ETF Aims to Generate Long-term Total Returns
Now that we understand why the macro environment is supportive, why don’t you tell us a little bit about the investment process?
Strategic Allocation to Real Assets Could Boost Portfolio Returns
Building on a legacy in the real asset space, VanEck is soon to debut a new fund, ticker RAAX.
Non-Manufacturing Sector Grew for 98th Consecutive Month
In March, the service sector continued to grow but at a slower pace.
How Analysts View HCP Inc. in Fiscal 2018
Analysts gave HCP a mean price target of $26.59, implying a significant ~17.0% rise from its current level of $22.68.
HCP’s Performance in Comparison to Its Peers
HCP has a $2.0 billion credit facility with maturity in 2021, and the majority of its debt matures after 2019.
HCP and Its Falling Shareholder Returns
HCP has indicated that the recently enacted Tax Cut and Jobs Act could materially and adversely affect the company and its stockholders.
HCP’s Portfolio Riding on Developments, Acquisitions, and More
In 4Q17, HCP recorded an $84.0 million impairment on the debt investment and reduced the value to $105.0 million.
HCP Inc.’s Demographic Drivers of Demand
According to the National Bureau of Economic Data, the first wave of Baby Boomers are expected to turn 75 in 2020.
HCP Inc.’s Expanding Medical Office Portfolio
Rental revenues for HCP increased ~3.0% from $392.0 million in 2016 to $400.0 million in 2017.
Chart in Focus: HCP’s Life Science Portfolio
Life Science is an 8.0 million square foot portfolio and represents ~25.0% of HCP’s NOI.
HCP Beats Funds from Operations, Misses on Revenues in 4Q17
For 2017, HCP’s funds from operation stood at $1.95 per share, and its same-store cash NOI growth was 3.4%.
HCP’s Cautious View for Its Senior Housing Portfolio in 2018
HCP Inc. has a diversified senior housing portfolio, which has a balanced mix of triple net and SHOP (senior housing operating portfolio).
Healthcare Trust of America Maintains Its ‘Buy’ Rating in 2018
Analysts gave HTA a mean price target of $33.38, implying a significant ~26.0% rise from its current level of $26.30.
Healthcare Trust of America’s Performance in Comparison to Its Peers
HTA has earnings per share of $0.33 and a PE (price-to-earnings) ratio of ~111.0x.
How Healthcare Trust of America Rewards Its Investors
HTA paid dividends of $1.17 in 2015, $1.19 in 2016, and $1.21 in 2017.
Healthcare Trust of America’s Balance Sheet
In 2017, Healthcare Trust of America (HTA) had total leverage of 29.9%.
Healthcare Trust of America’s Strategic Rationale
HTA has 3.4% combined pro forma same-store NOI growth, and its development assets are currently 86.0% pre-leased.
HTA’s Portfolio Riding on Investments, Acquisitions, and More
Healthcare Trust of America (HTA) completed investments of $2.7 billion in 2017, and 90% of these properties are in key strategic markets.
Healthcare Trust of America: Key Macro Drivers
In 2015, US healthcare spending grew 5.8%, and health spending accounted for 17.8% of the nation’s GDP.
Healthcare Trust of America’s Stellar 4Q17 Performance
The net income for Healthcare Trust of America (HTA) in 4Q17 increased 156.9% to $42.5 million in comparison to 4Q16.
Healthcare Trust of America and Its Growth Story
Healthcare Trust of America (HTA) has centers in more than 20 key markets in the US, covering 24 million square feet.
How Wall Street Analysts View Welltower
Welltower’s (HCN) performance expectations in 2018 have reflected in its analyst ratings. Analysts gave HCN a mean price target of $70.86, implying a ~15% rise from its current level of $61.37.
Welltower’s Performance versus Peers
REITs’ income can be correctly determined using the price-to-FFO multiple, which makes multiple adjustments—like adding back depreciation to correctly reflect income.
How Welltower Is Rewarding Its Shareholders
Welltower (HCN) announced a dividend of $0.87 per share for 3Q17 from the previous guidance $0.86 in 3Q16. The dividend yield stands at ~5.6%.
Welltower’s Efficiently Managed Debt and Balance Sheet
Welltower (HCN) has kept its balance sheet in good shape. It has a cash balance of $236 million and $2.6 billion in credit line availability.
Welltower’s Key Growth Drivers
Welltower (HCN) is in the business of senior housing and healthcare real estate. It has 1,334 healthcare properties and ~198,000 residents.
These Drivers Helped Welltower’s 3Q17 Performance
Welltower (HCN) reported revenue of 1.09 billion—1.14% higher than the previous year. Rental income fell 13% due to lower occupancy in Canada the United Kingdom.
Welltower’s 3Q17 Performance and Outlook
Welltower (HCN) increased its SSNOI (same-store net operating income) to 2.5%–3% from 2.25%–3%. This slight increase is due to strong seniors’ housing operating performance.
Crude Oil Futures Continued to Rally, Wall Street Fell
February WTI crude oil futures contracts also rose 1% to $63.57 per barrel on January 10, 2018. It’s the highest settlement since December 2014.
Will Crude Oil Futures and S&P 500 Move in the Same Direction?
February US crude oil (UWT) (USL) futures contracts rose 0.5% to $61.73 per barrel on January 8. Prices are near the highest level since December 2014.
How Does Equity Residential’s Balance Sheet Look?
EQR reported higher revenues backed by strong growth in rental income.
How Tax Plan, Interest Rates, and Other Factors Are Affecting EQR
Since REITs are required to pay 90% of their income as dividends, the tax cuts might reduce their advantage in comparison to other corporations.
How Is Equity Residential Rewarding Its Investors?
EQR announced a quarterly dividend of $0.50. The current dividend yield stands at 3.2%, and it has a payout ratio of 135.2% for 3Q17.
Equity Residential’s Strategic Properties Give It an Edge
Equity Residential (EQR) has properties in Southern California, San Francisco, New York, Washington DC, Boston, and Seattle.
What Is Equity Residential’s Valuation after 3Q17 Earnings?
EQR has a price-to-FFO multiple of 20.23x.
Crude Oil Futures and Wall Street Extends the Rally
US crude oil futures contracts for February delivery also rose 0.6% to $62.01 per barrel on January 4, 2018—the highest settlement since December 2014.
What Do Wall Street Analysts Think of SPG?
Analysts gave SPG a mean price target of $188.10, implying an ~16.0% rise from its current level of $162.26.
Key Drivers Contributing to SPG’s Evolution
Simon Property Group’s capital expenditure increased ~15.0% in 2Q17 while it decreased ~1.2% in 3Q17.
SPG and High Consumer Confidence
According to a survey conducted by the University of Michigan, the consumer sentiment index declined to 95.9 in December 2017 from 98.5 in November 2017.
Are the Trump Administration’s Policies Beneficial for REITs?
SPG’s total operating expenses grew 13.0% in 3Q17 on a year-over-year basis, while they grew 22.6% and 6.4% in 2Q17 and 1Q17, respectively.
Simon Property Group: Altering Strategies to Target Growth in 2018
Simon Property Group (SPG) is expected to pay a dividend of $7.15 per share in 2017, an increase of 10.0%. Its portfolio valuation rose 3.9% for 3Q17 on a year-over-year basis.
Large Speculator Positions on S&P 500 Index Last Week
The S&P 500 index posted its fifth consecutive weekly gain for the week ended December 22, 2017.
What’s in Store for the S&P 500 Index This Week?
For the week ending November 10, the S&P 500 Index (SPY) closed at 2,582, depreciating 0.21% for the week.
This ISM Index Hit a Lifetime High in October
For October, service sector activity rose at a pace not seen since the inception of the report. The non-manufacturing index reached a lifetime high of 60.1.
What’s in Store for the S&P Index This Week?
For the week ending October 20, the S&P 500 Index (SPY) closed at 2,575, recording gains of 0.69% for the week.
What’s behind CapitaLand’s Economic Moat
CapitaLand Commercial Trust (CCT SP) is a Singapore based real estate investment trust (REIT) that owns 10 office properties in the city’s central business district (CBD).
Will this Week’s Earnings Push the S&P 500 Index Higher?
For the week ending October 13, the S&P 500 index (SPY) closed at 2,553, recording gains of 0.15%. The S&P 500 Index has appreciated in six out of the last eight weeks.
Why HCP’s Dividend Yield Is Moving South
Revenue and earnings HCP (HCP) is a healthcare REIT specializing in US healthcare property investment. In 2016, the company’s revenue growth slowed to 10% from 19% in 2015. The growth was driven by its senior housing operating portfolio, life science segment, and medical office segment, and partially offset by its senior housing triple-net segment. Rental and […]
What Could Move the S&P 500 Index This Week?
The S&P 500 Index (SPY) closed the week ending August 25 at 2,443.05 and rose 0.72%—compared to the close on August 11.
Comparing the Valuations of 3 Leading Self-Storage REITs after 2Q17
Public Storage (PSA) trades at an EV-to-EBITDA multiple of ~21.5x.
A Look at Self-Storage REITs’ Dividends in 2Q17
During 2Q17, CubeSmart (CUBE) paid a dividend of $0.27 per share, which was higher than $0.21 per share paid in 2Q16.
Overview of Self-Storage REITs’ Development Activities in 2Q17
During 1H17, CubeSmart acquired two properties located in Maryland and California worth $21.9 million.
Behind 3 Key Industrial REIT Valuations: A Post-2Q17 Comparison
Prologis (PLD) is now trading at a price-to-FFO multiple of ~22.2x, driven by its better-than-expected results in 2Q17.
How Did Industrial REITs Reward Shareholders in 2Q17?
Real estate investment trusts have to distribute ~90% of their profits to investors in order to qualify as an REIT.
How 3 Key Industrial REITs Managed Expenses in 2Q17
Industrial REITs (real estate investment trusts) fund their development and redevelopment properties through debt.
How Commercial REITs Compare to Each Other
Vornado seems to be the most premium in terms of price-to-FFO multiple. The REIT currently trades at 17.99x.
Commercial REIT Shareholder Returns in 2Q17
In 2Q17, GGP paid $17.5 million in dividends to its shareholders, which was more than $13.3 million paid a year ago.
Commercial REITs Have Higher Debt-to-Equity Ratios
GGP’s (GGP) debt-to-equity was 1.55x for 2Q17, which was higher than the industrial mean of 1.07x. As of 2Q17, GGP had $2.0 billion of liquidity.
Development Activities of Commercial REITs in 2Q17
Simon Property Group (SPG) had 25 redevelopment expansion projects under construction as of 2Q17.
How Commercial REITs Managed Their Expenses in 2Q17
Simon Property reported a 5.0% rise in NOI (net operating income) during the quarter backed by an 80.6% higher NOI for US malls and premium outlets.
The Top Lines for REITs Simon Property, GGP, and Vornado
When we consider the top line performance of commercial REITs, we find that they have performed decently during the second quarter.
How Did 2Q17 Go for Simon Property, GGP, and Vornado?
Amid the loud cries that US malls are dying, the 2Q17 performances of US commercial REITs show the fallacy of the idea.
Simon Property Compared to Its Peers after 2Q17
SPG’s current price-to-FFO multiple is 14.41x. The multiple is at a premium compared to its peers.
Did Simon Property Reward Stockholders Generously in 2Q17?
In 2Q17, Simon Property Group (SPG) hiked its quarterly dividend by 9.1% to $1.80 per share, payable on August 31, 2017.
Refinancing Helped Simon Property’s Balance Sheet in 2Q17
Simon Property maintained a debt-to-equity ratio of 6.36x in 2Q17. That was higher than the industrial mean of 1.08x.
Simon Property’s 2Q17 Growth: Development of Projects
As of 2Q17, Simon Property Group had 25 redevelopment expansion projects in line. SPG’s share of net costs was $1.0 billion for these projects.
How Simon Property Managed Its Expenses in 2Q17
Simon Property’s NOI from new development, redevelopment, and expansion stood at $19.8 million compared to $15.7 million in the previous year.
Simon Property’s Revenue Rode High in 2Q17, Backed by New Leases
Simon Property’s malls and premium outlets stood at 95.2% in 2Q17. Base minimum rent rose 3.3% to $52.10 per square foot.
Simon Property’s 2Q17 Earnings: Let’s See the Results
Simon Property Group (SPG) announced its 2Q17 results on August 1, 2017. Its funds from operations (or FFO) of $2.47 per share surpassed the estimate of $2.44.
Welltower Compared to Other Industry Players after 2Q17
Welltower’s current price-to-FFO multiple is 17.34x. It had higher-than-expected results in 2Q17 and has an optimistic outlook for fiscal 2017.
How Did Welltower Do in I2Q17 Results?
Welltower (HCN) reported its 2Q17 results on July 28, 2017. Its adjusted FFO (funds from operations) of $1.60 per share surpassed the Wall Street estimate of $1.05.
What’s Equity Residential’s Valuation after 2Q17 Results?
EQR’s current price-to-FFO multiple is 21.64x. The company consistently returns value to its shareholders in the form of dividends and share buybacks.
How Equity Residential Improved Its Balance Sheet in 2Q17
During 2Q17, Equity Residential (EQR) reported higher-than-expected top-line and bottom-line results backed by robust rent growth and occupancy levels.
Why Equity Residential’s Expenses Soared in 2Q17
Equity Residential reported higher-than-expected top-line and bottom-line results in 2Q17 backed by robust rent growth as well strong demand for its apartments.
What Marred EQR’s Growth in 2Q17?
While New York exceeded management’s expectation in terms of occupancy and renewal rate growth, Boston, Seattle, and its West Coast markets performed in line with EQR’s guidance.