Equity REIT Investor

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[Equity REIT Investor @dividends_reit]

New article on Highwoods Properties $HIW, an office REIT that predominately invests throughout sunbelt markets.
-Stable operating performance and higher earnings
-The stock price has tanked
-Compelling value at the current prices https://t.co/0J5W7w6vse

[Equity REIT Investor @dividends_reit]

@rhunterh Always go with light boost

[Equity REIT Investor @dividends_reit]

The quarter-over-quarter numbers are not bad either. Same-store revenue growth up 1.8%, and same-store NOI up 4.3%. Sure, multifamily is not as hot, but that far from screams decline

[Equity REIT Investor @dividends_reit]

I have come across several different takes that the Phoenix market is *currently* in decline and is more boom/bust oriented.

How does that square with Camden $CPT reporting same-property Q4 revenues up 11.3% and same-property NOI up 13.4%?

[Equity REIT Investor @dividends_reit]

Also, the California performance was really underperforming. Houston and DC are typical markets with below average performance

[Equity REIT Investor @dividends_reit]

I have come across several different takes that the Phoenix market is *currently* in decline and is more boom/bust oriented.

How does that square with Camden $CPT reporting same-property Q4 revenues up 11.3% and same-property NOI up 13.4%?

[Equity REIT Investor @dividends_reit]

@EllliotttB Fascinating record of how much things have changed over the years (and that 2008 was really 15 years ago). Curious if you have any takeaways or how this informs your view of the current market values? Was the market then just more inefficient or overly bearish?

[Equity REIT Investor @dividends_reit]

Solid earnings for both $MAA and $CPT. Now, 2023 is comparing against the double-digit growth rates of 2022, so it is understandable the level of growth is normalizing. But mid-to-high single digit same-store NOI growth is still encouraging. Valuation is not bad.

[Private Eye Capital @PrivateEyeCap]

$MAA - strong earn-in + decent renewals expected to drive same-store NOI growth of 5.3-7.3% in 2023. $CPT expects something similar (+5%) at the midpoint. Much has been made of supply coming to the sunbelt this year but Class B is priced ~20% lower and should do just fine.

[Equity REIT Investor @dividends_reit]

However, higher interest expense is taking a nearly 3% hit to their growth.

Also, 2023 same-store NOI midpoint projection is only 5% growth, signaling a return to much more normalized levels.

[Equity REIT Investor @dividends_reit]

Even for some growth REITs, higher interest expense is really taking a big bite out of projected 2023 FFO per share levels. I was going through Camden's Q4 report and was surprised that 2023 projected FFO per share was only up 4% at the midpoint compared to 2022 levels.

[Equity REIT Investor @dividends_reit]

Higher interest rates are really starting to impact highly leveraged REITs.
Brandywine Realty Trust $BDN produced FFO per share of $1.38 in 2022. For 2023, their midpoint guidance is $1.16.
~16% in FFO per share year-over-year decline if the company generates 2023 estimates.

[Equity REIT Investor @dividends_reit]

Anecdotes like this should reaffirm investor confidence in the strength of the office market. Truly critical to bringing about employee collaboration and positive culture, which I can tell our favorite MHP investor is focused on.

[Equity REIT Investor @dividends_reit]

Suburban occupancy holding up better than CBD occupancy rates relative to last year.

[Equity REIT Investor @dividends_reit]

Boston Properties $BXP year-over-year same-property occupancy rate down 100 basis points from 89.6% to 88.6%. The declining occupancy is not great, but it pushes back against the overly pessimistic office takes out there.

[Equity REIT Investor @dividends_reit]

Solid outlook provided by Equity Lifestyle $ELS. Their consistently strong organic growth performance continues. Normalized FFO per share growth rate based on the midpoint is a little underwhelming.
Manufactured housing = stability + growth

[Equity REIT Investor @dividends_reit]

Last week's REIT Rundown, covering publicly-traded real estate news on recent acquisitions, dividend changes, and operational updates. Tickers covered include $UMH $PEB $GMRE $GOOD $VNO $GNL $IIPR $VRE https://t.co/yUrrBlc146

[Equity REIT Investor @dividends_reit]

Based on their midpoint FFO per share guidance, the stock trades at ~17.5x FFO. Quite attractive, considering their growth story remains active. There was prior speculation that life science would experience a slowdown, hurting ARE. Does not appear to be occurring.

[Equity REIT Investor @dividends_reit]

Great quarter for Alexandria Real Estate Equities $ARE:
- Cash same-store NOI growth of 10.9%
- 2023 guidance of 5% midpoint same-store cash NOI growth
- Q4 FFO per share up 8.6% year-over-year
- 2023 FFO per share estimate midpoint of $8.96

[Equity REIT Investor @dividends_reit]

@RecoveryTrade Are there lease escalations tied to inflation? Or mostly fixed?

[Equity REIT Investor @dividends_reit]

Going through SL Green Realty $SLG Q4 earnings report.
Does anyone know the economics behind the solid same-store NOI growth, while rental rate on replacement leases is negative? I would have thought those two would be very positively correlated.

[Equity REIT Investor @dividends_reit]

@Refinedman2 When you say charge a higher rate, are you talking about higher cap rates on new acquisitions or higher rental rates?

[Equity REIT Investor @dividends_reit]

Just one year ago, cannabis REITs $IIPR $NLCP $PW were the ultimate growth REITs:
- New, emerging tenant base
- Highly accretive acquisitions due to low cost of capital
- High earnings growth projections
- Low dividend yields

[Equity REIT Investor @dividends_reit]

@AJManaseer Which two?