My friends at Green Street Advisors, the realty-stock investment analysis firm in Newport Beach, Calif.
FORBES: This Week's Forbes on Fox stock picks included a REIT: AvalonBay
"Everyone knows who Ian Schrager is, " says John Arabia, an analyst at Green Street Advisors.
"Sales productivity has come back with a vengeance, " said Cedrik Lachance, an analyst with Green Street Advisors Inc.
Nonetheless, REIT research firm Green Street Advisors expects industrial development to quicken in the second half of the year.
Kirby, a principal at research boutique Green Street Advisors in Newport Beach, Calif.
"These are definitely defensive REITs, " says James Sullivan, an analyst at Green Street Advisors, the real estate research firm.
"Distress in the European financial markets should create more opportunities, " Green Street Advisors said in a report last fall.
WSJ: Sales Pace Picks Up for Troubled European Property Assets
"Private REIT shares are sold, not bought, " says Jon A. Fosheim, cofounder of real estate research firm Green Street Advisors.
In 1985 the South Dakota native cofounded Green Street Advisors, a research outfit that publishes an influential commercial property index.
Here we'll use an adjusted FFO measure favored by real estate research firm Green Street Advisors, which subtracts building-upkeep costs from FFO.
Michael Knott, an analyst at Green Street Advisors, disagreed with that assessment.
Green Street Advisors analyst John Arabia asks: Why didn't Sternlicht have Starwood invest in Priceline, as did another Priceline supplier, Delta Air Lines?
By comparison, REITs in general trade at 26% premiums to their net asset values, according to Green Street Advisors, a real-estate research firm.
"The challenge is that they may need more cash to complete their transformation, " said Cedrik Lachance, an analyst with Green Street Advisors Inc.
John Arabia, of Green Street Advisors, predicts Morgans will ultimately triumph and that the legal wranglings won't hurt Morgans reputation as a manager.
"With anyone else, you'd be worried, " says analyst James Sullivan of the Green Street Advisors research firm, who generally is skeptical about REITs doing construction.
In the past five years, General Growth's NAV and earnings growth have averaged 20% and 12%, respectively, according to real estate research firm Green Street Advisors.
Many mall trusts are changing hands these days at significant discounts to their net asset values, or NAVs, says Green Street Advisors, an independent research firm specializing in REITs.
This measure, an obsession of real estate research firm Green Street Advisors (which provides us with much of our REIT data), is net income plus depreciation minus maintenance-level capital expenditures.
"The test will come when the public market views these actions and decides whether they trust Cole management, " said Jim Sullivan, a managing director at Green Street Advisors, a Newport, Calif.
Cedrik Lachance, an analyst with Green Street Advisors Inc.
WSJ: General Growth Overseers Deny Founding Family Board Seats
Since the market hit bottom in 2009, the value of property owned by REITs has gained 60% and is back to peak levels, according to an index compiled by Green Street Advisors.
If there is ever a collapse of the euro, being invested in assets that could be denominated in a German currency would amount to "catastrophe insurance, " said Peter Papadakos, of Green Street Advisors.
Green Street Advisors, an independent research firm in Newport Beach, Calif. that specializes in REIT stocks, has gone through this exercise for 70 large REITs, a sample of which are shown in the table below.
Morgan Stanley's REIT Index is down 24% so far this year, and most REITs sell at an average of close to 10% discount to their net underlying asset values, according to Jon Fosheim of Green Street Advisors.
Just 10 months ago, cap rates on storage space were near 7% and were as high as 9% during the commercial real-estate downturn in 2009 and were generally several percentage points higher than cap rates on most other types of commercial real estate, according to data from Green Street Advisors.
First-class existing buildings are priced to yield only around 5% to an all-cash buyer, says research firm Green Street Advisors. (The return they talk about is rent minus the costs of operating and maintaining the building and leasing any empty space.) But a skillfully developed new property can bag an annual cash return of up to 10% of its construction costs.
应用推荐