Kelley, McKeefrey, Dockery (212) 829-5482
The RMZ closed 0.42% lower, in line with the broader market selloff. On the desk volumes were very light and we were slightly better to buy. MAC reported this morning, 4c light on the top line on revenues of $181.9M v. Reuters $173.9M. Barron’s trader notes that housing should recover from the tax credit expiration, and mentions TOL and DHI( DHI was upgraded this am along with the sector @ DB, MTH and RYL also upgraded).Barron’s goes on to say that expectations may be too high for WYNN. While a sustained recovery in the economy seems far from certain, the earnings we’ve seen in the REIT space have been solid to date. 695 to 697 in the RMZ is setting up as decent short-term support.
SP Futures:
1123.80;
+0.38
RMZ:
707.71;
-0.42
XHB:
14.99;
+0.672
IYR:
52.28;
-0.324
SNL U.S. Gaming Index :
235.52;
+0.80
REITs: ABR, BRE, ESS, O, HST, ARE, FR, AIV, EDR, NLY, OLP, CYS, CBG, TCO
Homebuilders: TOL, LEN, LEN-B, KBH, MHO
Travel Leisure: HTZ, DTG
Distressed: LALLF, SEMX, SIX
Other: FBCM
REIT
|
06:04 |
MAC Macerich reports Q2 FFO $0.57 vs Reuters $0.61 ($41.73)
Company reports revenues of $181.9M vs Reuters $173.9M.
- Same center NOI +2.0%.
- Occupancy increased to 91.8% at 30-Jun, up from year-ago 90.5%
- Mall total tenant sales +3.3%
|
Financial: REIT
|
03:28 |
KBU.GR Colonial Real Estate downgraded to neutral from overweight at HSBC (pre-European open) (€4.37 -€0.01)
- SA London |
* * * * *
Financial: REIT
|
02:10 |
QED.LN Quintain Estates & Development sells Greenwich Pier Walk (40p)
Company says has sold Pier Walk at Greenwich Peninsula to Deka Immobilien, a subsidiary of DekaBank Group.
- The retail units within the building will be leased back to the joint venture between Quintain and Lend Lease (Europe) Ltd, Greenwich Peninsula Regeneration Ltd, at no cost for 125 years.
- The sale price for the building of £97.1M was settled by a cash payment and represents an uplift of 6% on the latest independent valuation as of 31-Mar-10 and a yield of 5.9%.
- SA London |
* * * * *
Financial: REIT
|
12:48 |
MNR.LN Observer reports that KiFin considering a third attempt to oust Minerva management
Without citing sources, the Observer reports that KiFin, which owns 29.5% of Minerva, has been canvassing shareholders to gather support for a third attempt to oust the company's Chairman and CEO. KiFin's Nathan Kirsh is reportedly more confident the effort will succeed following discussions with Minerva's primary institutional investors, including Morgan Stanley, UBS and Goldman Sachs.
Reference Link
Related StreetAccount comments: 7/14/2010 |
* * * * *
Financial: REIT
|
16:53 |
LAND Gladstone Land files 12.1M share IPO; expected to price in range of $14-16 per share ($16.37)
Gladstone Land is an externally-managed corporation that currently owns two farms in California that it leases to Dole Fresh Vegetables, a wholly owned subsidiary of Dole Foods (DOLE).
- Gladstone Land has three publicly traded sister companies: Gladstone Commercial (GOOD), Gladstone Capital (GLAD) invests and Gladstone Investment (GAIN)
- Gladstone Land intends to apply to have its common stock listed on the NASDAQ Global Market under the symbol LAND.
- The company did not disclose any underwriters in the filing.
|
Deutsche Bank upgrades three in homebuilding space - Deutsche Bank upgraded
D.R. Horton (DHI), Meritage Homes (MTH), and Ryland Group (RYL) to Buy from
Hold as it believes the housing market is near a point where it can
sustainably recover. The firm finds the long-term risk/reward profiles on
shares attractive and raised its price target for D.R. Horton to $13 from
$12, for Meritage Homes to $22 from $20, and keeps a $22 price target for
Ryland Group.
o RWT Redwood Trust files mixed securites shelf of indeterminate amount
o N.Z. House Prices Post Slowest Annual Gain This Year- BBG
§ New Zealand house prices rose at the slowest annual pace since December as home-loan interest rates increased and consumer borrowing declined.
§ Prices advanced 4.1 percent in July from a year earlier, after gaining 5.2 percent in June, according to an index
o U.S. reshapes housing finance system- Washington Post
§ On Aug. 17, the Treasury Department is hosting a conference of financial companies, housing advocates, academics and other interested parties to begin discussing how to design a new system that doesn't rely as much on taxpayers
Disclaimer: Prepared by staff of Cantor Fitzgerald & Co. ("Cantor") and is for information purposes only. It is not intended to form the basis of any investment decision, should not be considered a recommendation by Cantor or any other person and does not constitute an offer or solicitation with respect to the purchase or sale of any investment nor is it a confirmation of terms. Any calculations and valuations presented herein are intended as a basis for discussion. Sources of information are believed to be reliable but Cantor makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change. Cantor undertakes no obligation to provide recipients with any additional information or any update to or correction of the information contained herein. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. Cantor, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained herein or any reliance on that information. Cantor may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests. No liability is accepted by Cantor for any loss that may arise from any use of the information contained herein or derived here from. This product may not be reproduced or redistributed outside the recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters, Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street Journal. ***All eco data from Bloomberg and DJ
