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Today's Real Estate Stories
Macro/Technicals | Active Names | Earnings | Sector News, M&A, Capital Raises | Research Away | Top Events/Earnings Calendar

Macro/Technicals

SP Futures: 1109.20 ; +0.64
RMZ: 109.47; +0.02
XHB: 14.84; -2.82
IYR: 51.93; -0.15

Leaders: GBE +8.1%, WYN +8%, CBG 7.6%, JLL +6.1%, LVS 5.6%, HOT 2%
Laggards: IGT -10.1%, MPEL -7.3%, HOV -6.4%, MTH -6.3%, WMS -6%, KBH -6%

Active Names

 

REITs: AKR, HPT

Homebuilders: SKY, LEN, LEN-B

Travel Leisure: LVS, WYN, PENN, ISLE, MGM, MTN

Distressed: LALLF, LALBF

Other: FBCM

Earnings

 

Duff & Phelps reports Q2 EPS $0.19 ex-items vs Reuters $0.19

Mack-Cali Realty reports Q2 FFO $0.71 vs Reuters $0.70

Arlington Asset Investment reports Q2 EPS $1.10 vs year-ago ($4.18)

Biomed Realty Trust reports Q2 FFO $0.28 vs Reuters $0.27

Corporate Office Properties reports Q2 FFO $0.53 vs Reuters $0.57

Brandywine Realty reports Q2 FFO $0.34 vs Reuters $0.33

Highwoods Properties reports Q2 FFO $0.64 vs Reuters $0.61

CreXus Investment reports Q2 core EPS $0.13 vs Reuters $0.16

Equity Residential reports Q2 FFO $0.58 vs Reuters $0.55

TAL International reports Q2 EPS $0.47 vs Reuters $0.41

Cedar Shopping reports Q2 FFO $0.14 ex-items vs Reuters $0.16

Duke Realty reports Q2 core FFO $0.29 vs Reuters $0.28

Capstead Mortgage reports Q2 EPS $0.35 vs Reuters $0.39

Anworth Mortgage reports Q2 EPS $0.21 vs Reuters $0.24

Realty Income reports Q2 FFO $0.45 vs Reuters $0.46

Sector News, M&A, Capital Raises

 

Real Estate

Foreclosure Filings Rise in 75% of U.S. Cities on Unemployment – RealtyTrac

·         The number of properties receiving a filing more than doubled from a year earlier in Baltimore, Oklahoma City and Albuquerque, New Mexico, the mortgage-data company said today in a report. Notices of default, auction or bank seizure rose more than 50 percent in areas including Salt Lake City; Savannah, Georgia; and Atlantic City, New Jersey

·         “Foreclosures are spreading out from areas that had been hardest hit,” Rick Sharga, senior vice president for marketing at Irvine, California-based RealtyTrac, said in a telephone interview. “We’re dealing with underlying economic weakness as opposed to unsustainable home prices and bad loans.”  BBG

Tougher standards are starting to show results, Fannie says

·         Fannie Mae said it is laying the groundwork for a sustainable housing recovery in the U.S. by lending to borrowers with better credit, requiring a higher-quality appraisal and insisting on more documentation of income. "If you take all of these factors together, we're building the strongest book of business we've seen in the last decade," CEO Michael Williams said. Reuters (28 Jul.)

RYL  probably disappoints a bit today…reports a headline miss..but operations were better than headline

·         beat on margins ..but orders weaker

·         net order growth of -44% y/y!...most lilely missed even street expectations that have been getting more cautious recently

·         call Thursday at 12:00 pm ET

 

Gaming, Lodging, Leisure

House Panel Passes Bill to Legalize Online Gambling

·         House committee passed legislation that would legalize some Internet gambling, allowing U.S. residents to place online bets with companies licensed by the Treasury Department

Station Casinos Inc.,

·         the biggest U.S. gambling company in bankruptcy, settled its dispute with unsecured creditors, opening the way for Chairman Frank Fertitta and his brother to try to retain control of the company.  BBG

PartyGaming and Bwin Interactive Entertainment (BWIN.AV) agree to merger

Research Away

 

Deutsche Bank

Capstead Mortgage (CMO) downgraded to hold from buy at Deutsche Bank Target reduced to $13 from $14. 

ProLogis (PLD) added to Short-term buy List at Deutsche Bank

UBS

Meritage Homes (MTH) upgraded to neutral from sell at UBS Target remains $17. Firm notes the recent pull back in shares.

 

Top Events/Earnings Calendar

 

Today

Earnings: ADC, ARE, CLI, DDE, DUF, PCH, PNK, RYN, VTR, WYNN, CPT, EPR, FPO, SPF, UWN, WRE

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