That's because the REIT's average lease term is nine years, so those renewing within the next year or so were booked at much lower rates.
Highfields is shorting Digital Realty's stock, meaning that it would profit if the REIT's shares decline.
Its largest nursing-home tenant is Genesis HealthCare, which operates more than 80% of the REIT's skilled-nursing portfolio.
The last New York area publicly-listed company to list shares as a REIT was S.L. Green (SLG).
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But as a practical matter, the widely-reported FFO figure is a good gauge of a REIT's financial health.
Then you subtract from that the REIT's total mortgages and other debt obligations to arrive at a theoretical liquidating value.
Now, because of the REIT's tax advantages, he can achieve comparable returns with lower interest rates paid by higher-quality customers.
During the transition the REIT's stock has consistently underperformed, making it cheap for an acquirer looking to collect apartments now that rents are improving.
Such gains have boosted the net asset value of the REIT's shares at an average annual clip of 24% since 2003, Green Street estimates.
Tanger Factory Outlet Centers, whose malls sell cheap name-brand clothing, is estimated to be up 7.2%, which is 2.7 points better than this REIT's five-year record.
While the REIT's stock is in the doldrums, keep in mind that eight-year-old Prologis boasts a profitable history of selling older properties and using the recycled capital on new ventures.
Health Care REIT's share price is up 22.6% so far this year and it pays a dividend yield of 4%, higher than the 3.3% yield for the overall REIT sector.
Tax law allows this as long as no more than 20% of a REIT's property value is in a taxable subsidiary, and Sunrise makes up only 10% of Ventas' assets.
For instance, if a Gap wants to be near the central court escalators and nothing is available there, the REIT's leasing folks might convince a record store to give up part of its space.
So just like other companies, a REIT's success can be measured by looking at its earnings growth, return on invested capital and whatever else you'd consider if you were picking a stock in any other business.
Tanger Factory Outlet Centers (nyse: SKT - news - people ), whose malls sell cheap name-brand clothing, is estimated to be up 7.2%, which is 2.7 points better than this REIT's five-year record.
Never mind that the Bloomberg REIT index yields a mere 4%, a discount of 0.6 percentage points to the ten-year Treasury note--and a most expressive contrast to the REIT's 8.1% yield in March 2000, which at the time was a two-point premium to the ten-year note.
CapitaMall also has a high payout ratio consistent with the country's REIT market, while Simon has a 2.8% dividend yield.
Shares of Vanguard's REIT ETF (VNQ), which invests in a wide range of real estate companies, gained 10% in the first quarter of 2010 and over 69% in the last year.
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.
If there's any solace for REIT owners in all this, it's that Fosheim's bearishness has proved ill-timed in the past.
The success of Mapletree Greater China's IPO, which is also Singapore's biggest REIT listing on record, "would give a positive spin on the Singapore REIT market" and set the stage for further REIT listings this year, said Nick Crockett, executive director at CBRE Capital Advisors, a property consultancy firm.
Fortunately, one soft market can't derail a well-diversified REIT, notes PaineWebber's Boston.
According to NAREIT, the U.S. equity REIT sector boasts an overall year-to-date total return of 23.57 percent (through August 1), outperforming the average equity REIT sector by around 36 percent.
Gosman wanted to use the tax benefits of Santa Anita's paired-share REIT structure to aggressively acquire and operate more properties.
In many cases, REIT earnings exceeded Wall Street's expectations, with owners of high-end shopping malls and self-storage space posting the largest gains.
Parkway's share price is up about 86% since then, making it the top-performing U.S.-listed REIT over that period, according to financial research company FactSet.
But the doggy REIT holdings have kept Lieber's Alpine Realty Income and Growth Fund to a mere 3.5% gain thus far this year, prompting a rash of investor redemptions.
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