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Acadia Realty Trust (AKR) to Enjoy Above-Average Returns

July 29, 2015

BMO Capital Markets Analyst Paul Adornato says one of the REIT stocks he recommends is Acadia Realty Trust (AKR). He says the company has a niche business in that it specializes in owning and developing urban retail properties. “This is a property type that will enjoy above-average returns for the foreseeable future as a beneficiary of a very long-term trend of retailers looking to reduce their mall store fleet, at least in part, in order to build brand awareness and reach the consumer where they now like to live, and that is in dense urban markets,” Adornato says. “ While this is a focus for Acadia, very few other property owners play in this urban retail space...
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CubeSmart’s (CUBE) Same-Store Numbers to Outperform Peers

July 29, 2015

Paul Adornato, Senior Analyst with BMO Capital Markets covering the real estate investment trust sector, says he particularly likes the storage sector at the moment. One of his top recommended stocks is CubeSmart (CUBE). “They are one of the premier names in the group; they have about $4 billion in equity cap,” Adornato says. “I think they have the chance to be among the best performers within the storage REIT group because they still have occupancy that is a bit below their peer average.” FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE. CubeSmart has narrowed the occupancy gap significant over the last few yeas. But, Adornato says there still might be another 200 basis points for them to catch up...
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Operating Upside Likely for Mid-America Apartment Communities Inc (MAA)

July 28, 2015

Janney Montgomery Scott Analyst Robert Stevenson says Mid-America Apartment Communities Inc (MAA) is his favorite name in the REIT space. He says they are one of the better Class B, B-plus apartment owners and operators in the Southeast Sun Belt markets to Texas. “They have major concentrations in markets like Atlanta and Charlotte and Austin, an inexpensive valuation, and peer group average same-store NOI growth in 2015,” Stevenson says. FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE. Mid-America Apartment Communities continues to upgrade the quality of its portfolio via acquisitions as well as through dispositions, Stevenson says. He expects to see continued operating upside from the Colonial assets Mid-America acquired in 2013...
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Market Slow to Recognize NorthStar Realty Finance Corp (NRF) is More of an Equity REIT

July 28, 2015

MLV & Co Analyst Richard Eckert says NorthStar Realty Finance Corp (NRF) is his top stock recommendation right now. He says it is almost more of an equity REIT at this point. “Over 80% of Northstar’s income now comes from equity investments, from direct investments in real estate, and I don’t think the market recognizes that,” Eckert says. “They’re still being traded like a mortgage REIT, when in fact they’ve already been included in the RMZ, which is an equity REIT index.” FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE. Eckert says he has broken out an estimated NAV for each of the individual property portfolios, and when added up, the total is a lot more than what the they are trading at now...
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Spirit Realty Capital, Inc (SRC) Could Post Double-Digit Earnings Growth

July 27, 2015

Alexander D. Goldfarb, Managing Director and Senior REIT Analyst in the research department of Sandler O’Neill + Partners, is currently recommending Spirit Realty Capital, Inc (SRC) even though the stock has recently been beaten up. “Triple net may not be in vogue these days, but when you look at Spirit you are going to get 7% dividend yield, and you are getting 10%-ish earnings growth,” Goldfarb says. “That’s pretty compelling.” FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE. Despite concerns over interest rates, Goldfarb says investors are still getting 7% based on where Spirit’s stock is trading. He expects the company to post at least high-single, if not double-digit, earnings growth...
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Global Net Lease, Inc. (GNL) Aims for Leverage Below 50%

July 27, 2015

Global Net Lease, Inc. (GNL) CFO Patrick Goulding says the company has a conservative financing strategy and uses leverage where it’s prudent and accretive to earnings. He says the goal is maintain leverage below 50%. “Our current leverage is below 40%, and what we are designing this to do is to have an investment-grade quality balance sheet, so maintaining leverage certainly below 50% but probably more in the mid-40% range,” Goulding says. FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE. Ultimately, Goulding says management’s intention is to go to the rating agencies and get a debt rating to enable them to access even more competitive borrowing in the public market...
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Store Capital Corp (STOR) a Rare Growth Stock Among REITs

July 24, 2015

Store Capital Corp (STOR) CEO Christopher Volk says his company’s stock is a growth stock that happens to be a REIT. He says the stock pays a nice dividend, but also has outsized growth potential as a result of the volume of acquisitions and the spreads the company has been realizing relative to its size. “The biggest thing that’s driving our growth in cash flow, though, is new acquisitions,” Volk says. FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE. Store has been able to do new acquisitions at lease rates and borrowing spreads that are among the best in the company’s 35-year history of running net-lease companies, Volk says. “By increasing our guidance from $850 million to $1 billion of acquisitions for 2015, a lot of that impact will not be felt in 2015 because these transactions will close at varying times during the year and won’t be outstanding for the full 12-month period, but they will definitely have a huge impact on 2016,” he says...
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Equity One, Inc.’s (EQY) Focus on Leasing Begins to Pay Off

July 23, 2015

Equity One, Inc. (EQY) CEO David Lukes says the company has made it a priority to focus on leasing. He says those efforts are beginning to pay off, and are apparent in first quarter results. “There are a couple of interesting data points from our first quarter results that are good indicators of what’s happening in our business,” Lukes says. “Number one, the average days that a suite was vacant, and all of our leasing was quite large. What that means is we were able to lease stubborn inventory by focusing on tenant mix. Shopping centers are very much like a rolling ball. The hard labor is to get it moving; keeping it moving is a little easier...
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Rouse Properties Inc (RSE) Pursues “Only-Game-in-Town” Strategy

July 22, 2015

Rouse Properties Inc (RSE) CEO Andrew Silberfein says 85% of the company’s assets are what they call the “only-game-in-town” assets, meaning they are the only enclosed malls in their market. When the company purchases an asset, Silberfein says management is looking for a number of things. “We like having the protection of being the only game in town, and we want to have the best real estate in the market with pricing power,” Silberfein says. “Generally, throughout our portfolio, our assets are the best-located real estate in the market. And what we’re looking for is an opportunity for us to apply our platform and improve the metrics of the asset...
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Brookfield Asset Management Inc (BAM) Takes Advantage of Quality Assets at Distressed Prices

July 20, 2015

Portfolio Manager Derek Warren of Morguard Financial Corporation says his firm focuses solely on real estate in North America. Brookfield Asset Management Inc (BAM) is a top holding as one of Canada’s largest real estate institutions that has over time shown exceptional growth. “[Brookfield] has shown an ability on behalf of management to take advantage of situations as they occur across markets. From a long-term standpoint, you should be buying real estate when there is blood in the streets, and Brookfield has been able to wade into those troubled areas with capital and is able to pick quality real estate that is either from owners or financiers that are distressed,” Warren says...
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Celanese Corporation (CE) High Margins Not Sustainable

July 17, 2015

Hassan Ahmed, Founder and Head of Research of Alembic Global Advisors, says he believes Celanese Corporation’s (CE) margins have been unnaturally high and aren’t sustainable. He says the stock may be overvalued. “It’s an extremely well-running company, but they had a large earnings beat in 1Q and, on the back of that, the stock rallied very high,” he says. “I think there is an expectation in the market that the strength that was exhibited in 1Q may actually carry on over the next couple of quarters, and I do not believe that may happen.” FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE. Ahmed says that the first quarter was a bit of an anomaly for Celanese because crude oil prices fell drastically...
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SCANA Corporation (SCG) to Show Free Cash Flow and Improved Earnings Power by 2017

July 17, 2015

Timothy Winter, Analyst Gabelli & Company, says SCANA Corporation (SCG) is in a peak construction period. Come 2017, when the company’s development costs decline, he says it will have free cash flow and significantly improved earnings power. “SCANA, which is South Carolina Electric & Gas, is building two new nuclear units at their existing Summer Nuclear Station in Jenkinsville, South Carolina,” Winter says. “We consider this to be one of the better rate-based growth stories because South Carolina legislation and regulation allows them to earn a return of 11% ROE on nuclear development that they true up every year.” FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE...
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Methanex Corporation (USA) (MEOH) Trading at 50% of Asset Value

July 16, 2015

Hassan Ahmed, Founder and Head of Research of Alembic Global Advisors, says he believes Methanex Corporation (MEOH) is currently undervalued. He says the stock is trading at about half of its replacement value, by which he means 50% of the value of its assets. “I do consider it extremely attractively valued at the current valuation level,” Ahmed says. FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE. Because one of the main raw materials for producing methanol is natural gas, Ahmed says Methanex has set up facilities in places where they can go on long-term cheap natural gas contracts. They currently operate in the U.S., Canada, Trinidad, Egypt, Chile and New Zealand, Ahmed says...
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Chemtura Corp (CHMT) Seeking $50 to $100 Million Bolt-On Acquisitions

July 16, 2015

Chemtura Corp (CHMT) CEO Craig Rogerson says a key component of the company’s growth strategy is bolt-on acquisitions in which the purchase price or target company’s revenue ranges from $50 to $100 million. He says Chemtura is looking for companies to acquire that offer them more product line extensions, more technology or an opportunity for a broader geographic footprint. “If you look at where we are right now, the pipeline is probably most full in the industrial performance products segment. In the petroleum additives and urethanes areas, I would expect that we will close on one or more of those over the next couple of years as well,” Rogerson says...
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Acquisition to Ramp Earnings Growth to 7% for WEC Energy Group Inc (WEC)

July 14, 2015

Gabelli & Company Analyst Timothy Winter says he recently upgraded WEC Energy Group Inc (WEC) to a “buy” rating. He says the utility group is down about 15% from its highs in January. “Well, WEC was down about 20%, and they are about ready to close an acquisition of Integrys Energy (TEG) out of Chicago, which is going to ramp up the earnings growth rate from 4% to 6%, to 5% to 7%,” Winter says. “We think that could be conservative.” FOR MORE INFORMATION ON THIS INTERVIEW CLICK HERE. The companies have contiguous service areas, so the acquisition will result in synergies, Winter says. Integrys has an electric and gas service area in the Green Bay, Wisconsin area, and they own a large gas distribution utility in Chicago...
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