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May 23, 2012 12:02 AM EDT
Updated: Aug 11, 2010 2:55 PM EDT  

Real Estate

Kelley, McKeefrey, Dockery (212) 829-5482

News and Views

 InterContinental Hotels posted net income for the first half of the year of $141M v. a loss of $29M in the same period last year while revpar rose 3.9%. Despite an improvement in business travel and better top and bottom line metrics, the lack of visibility going forward has IHG_LN trading down 4.5%;  “The economic environment does remain uncertain, however, with short booking windows and limited visibility,” said Chief Executive Officer Andrew Cosslett in a statement. Travel agent TT_LN also saw disappointing results with bookings down significantly. We were active in a number of apartment, office and mortgage names with dedicated players despite the light volumes in the broader markets. DLC has upsized their IPO to 40M shares from 31.25M. PMT has filed a $500mln common and preferred share offering. Winthrop Realty Trust (FUR),  yesterday announced that it formed a joint venture with affiliates of Pershing Square that acquired 100% of the $300 million face amount of Stuyvesant Town Mezzanine Loans. INN has filed a $325mln IPO  through Baird and MOB has filed a $257mln IPO also through Baird. The RMZ closed at the highs of the session. The index is up 9% since July 10th.


Macro/Technicals

SP Futures: 1118.20 ; -0.66%
RMZ: 717.13 ; +1.331%
XHB: 15.41 ; +2.802%
IYR: 52.80 ; +0.995%
SNL U.S. Gaming Index : 239.63; 1.75%


Active Names

 

REITs: AIV, CBG, CLI, DEI, ESS, NLY, TCO

Homebuilders: TOL, LEN, LEN-B, KBH, MHO

Travel Leisure: HTZ, DTG

Distressed: LALLF, SEMX, SIX

Other: FBCM


Earnings

 

01:08

GFJ.GR Gagfah reports Q2 FFO per share €0.17 vs Reuters €0.18 year-ago €0.18 (€6.58)
Company reports income from the leasing of investment property of €237.9M vs Reuters €238.5M and year-ago €251.6M. Company reports Ebitda €101.2M vs year-ago €38.6M. Reports Ebit €100.2M vs year ago €35.0M. - SA London

* * * * *

00:33

KW Kennedy-Wilson reports Q2 EPS $0.24 ex-items vs Reuters $0.03 -- 1 estimate ($10.35)
Including $2.0M of amortization of non-cash compensation, GAAP EPS was $0.20. Company reports revenues of $9.0M vs a single estimate of $9.4M.

* * * * *

19:04

HPP Hudson Pacific Properties reports Q2 net loss $2.8M vs yea-ago net loss $0.1M ($16.60)

  • Results include a one-time, $2.4M expense for transaction costs related to the company's IPO.
  • Revenues of $11.1M vs a single estimate of $16.0M.

Financial: REIT

17:06

HR Healthcare Realty reports Q2 FFO $0.32 ex-items vs Reuters $0.32 ($24.08)
Company reports revenues of $65.4M vs Reuters $66.6M.

* * * * *

Financial: REIT

16:48

MPG MPG Office Trust reports Q2 FFO $0.01 ex-items vs Reuters $0.04 ($3.00)

  • Reports Q2:
    • Revenues $107.7M vs Reuters $115.2M
    • As of June 30, 2010, MPG's office portfolio (including Properties in Default) was comprised of whole or partial interests in 27 office properties totaling approximately 16M net rentable square feet, one 350-room hotel with 266,000 square feet, and on- and off-site structured parking plus surface parking totaling approximately 10M square feet, which accommodates approximately 33,000 vehicles

* * * * *

Financial: REIT

16:33

WAC Walter Investment Management reports Q2 EPS vs year-ago $4.30 ($17.87)

  • Net interest income was $41.9M vs $44.7M y/y.
  • Provision for loan losses was $3.4M vs $3.2M q/q and $3.7M y/y.

* * * * *

Financial: REIT

16:27

STWD Starwood Property Trust reports Q2 EPS $0.26 ex-items vs Reuters $0.29 ($18.04)

  • Net interest margin in Q2 generated from investments was approximately $18.0M, up from $12.4M in Q1 of 2010, reflecting the earnings impact of $177M of new investments made during Q2.

* * * * *

Financial: REIT

16:25

GGP General Growth Properties reports Q2 core FFO $0.32 vs year-ago $0.39 ($14.40)
Company reports revenues of $805.3M vs year-ago $792.1M. Comparable Retail and other segment NOI $571.5M vs year-ago $591.4M

* * * * *

Financial: REIT

16:13

CUZ Cousins Properties reports Q2 FFO $0.10 ex-items vs Reuters $0.10 ($7.18)
Company reports rental property revenues of $36.0M vs Reuters $37.4M.

  • Operational office occupancy 89% vs. 88% seq.
  • retail centers 86% vs. 85% seq.
  • industrial 85% vs. 85%

o    MPG MPG Office Trust reports Q2 FFO

o    WAC Walter Investment Management reports Q2 EPS

o    STWD Starwood Property Trust reports Q2 EPS

o    CUZ Cousins Properties reports Q2 FFO

o   CTRP Ctrip.com reports Q2 GAAP EPADS

o    VCGH VCG Holding reports Q2 EPS

o    HPP Hudson Pacific Properties reports Q2 net loss


Sector News, M&A, Capital Raises

 

07:24

KRC Kilroy Realty downgraded to sell from hold at Stifel Nicolaus - wires ($32.64)

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06:38

MOB Richmond Honan Medical Properties files $257.6M IPO through Baird
Richmond Honan is a self-managed real estate company that acquires, owns, manages, develops and re-develops medical office buildings that are strategically aligned with healthcare delivery systems through proximity, including on-campus properties, as well as through tenancy and other arrangements. The proposed symbol is 'MOB.'

* * * * *

06:32

DLC DLC Realty Trust files amended S-11; increases size of IPO to 40M shares from 31.25M through BofA Merrill Lynch and Barclays
The anticipated range of the offering is reduced to $12-$13 from prior $15-$17. The IPO was initially filed 12-Apr and the proposed symbol is 'DLC.'
Related StreetAccount comments: 8/6/2010, 4/12/2010

* * * * *

06:05

PMT PennyMac files $500M equity o

* * * * *

Financial: REIT

17:31

INN Summit Hotel Properties files $325.5M IPO through Baird
Summit Hotel Properties ia self-advised hotel investment company that was recently organized to continue and expand the existing hotel investment business of its predecessor, Summit Hotel Properties, a hotel owner exclusively focused on premium, limited service hotels in the upscale and midscale without food and beverage segments of the U.S. lodging industry. The company intends to apply to list its common stock on the NYSE, under the symbol INN.

* * * * *

Financial: REIT

17:14

RAS RAIT Financial Trust enters into sales agreement with JonesTrading for up to 17.5M shares ($2.03)

ffering ($18.02)
Offering includes common and preferred shares and warrants to purchase common or preferred shares.

* * * * *

05:28

MAC Macerich upgraded to buy from hold at Deutsche Bank ($41.75)
Target is $47.

* * * * *

04:15

GFC.FP Gecina downgraded to neutral from add at Evolution (timing uncertain) (€2.20 -€0.01)
- SA London

* * * * *

02:13

QED.LN Quintain Estates & Development Q1 interim management statement: £3.5M added to annual income since 1-Apr-10 (41p)
Anticipates the delivery of further milestones before the end ofthe calendar year. - SA London

* * * * *

* * * * *

Financial: REIT

17:31

INN Summit Hotel Properties files $325.5M IPO through Baird
Summit Hotel Properties ia self-advised hotel investment company that was recently organized to continue and expand the existing hotel investment business of its predecessor, Summit Hotel Properties, a hotel owner exclusively focused on premium, limited service hotels in the upscale and midscale without food and beverage segments of the U.S. lodging industry. The company intends to apply to list its common stock on the NYSE, under the symbol INN.

* * * * *

Financial: REIT

17:14

RAS RAIT Financial Trust enters into sales agreement with JonesTrading for up to 17.5M shares ($2.03)

o    BAC: BofA May Get $13 Billion Capital Boost From China Banking Stake- BBG

§  Bank of America Corp., hit by last month’s disclosure of a potential $10 billion charge tied to new regulations, may add $13 billion to its book value when it posts gains from a Chinese bank stake for the first time in October

§  The windfall stems from Bank of America’s 11% stake in China Construction Bank

 

o    INN Summit Hotel Properties files $325.5M IPO through Baird  

o    RAS RAIT Financial Trust enters into sales agreement with JonesTrading for up to 17.5M shares


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