All N. America REIT & Real Estate Research Reports

Research Reports posted
in the past 30 days
Date Title Pages
04-17-2014Weekly Pricing Update - 04/17/20149
04-17-2014U.S. Mall Sector: Annual Quality-Grade Audit14
04-14-2014Vornado Realty Trust (VNO): Spinning off Non-Street Retail8
04-14-2014CBL & Associates (CBL): Defogging the Windshield9
03-20-2014Health Care and Lab Space REITs: Company Snapshots22
03-20-2014Health Care Sector Update: Settling In31
03-19-2014Sector Snapshot: Apartments - March 20143
03-19-2014Sector Snapshot: Industrial - March 20143
03-19-2014Sector Snapshot: Malls - March 20143
03-19-2014Sector Snapshot: Office - March 20143
03-19-2014Sector Snapshot: Strips - March 20143
03-19-2014Equity One (EQY): Searching for an Olson Twin6
03-19-2014Regency Centers (REG): Getting the Relative Nod4
03-17-2014CommonWealth (CWH): One ‘Zell’ of a Strategy16
03-17-2014Industrial Sector Update: ‘Surprisingly’ Good Shape24
03-17-2014Industrial REITs: Company Snapshots18
03-17-2014Digital Realty Trust (DLR): Foust Subbed Out as CEO5
03-16-2014Spirit Realty Capital (SRC): M&A Chatter Getting Louder9
03-14-2014Weekly Pricing Update - 03/14/20149
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Sector Updates
Office 03-07-2014
Residential 03-11-2014
Mall 03-14-2014
Industrial 03-17-2014
Strip Center 03-13-2014
Health Care and Lab Space 03-20-2014
Lodging 03-21-2014
Tech 04-04-2014
Self Storage 03-26-2014

Real Estate Analytics: U.S. Housing Dynamics

Published 04/15/2014

Draft legislation in D.C. to phase out Fannie & Freddie and establish a new finance system is anchored by the creation of the FMIC, or Federal Mortgage Insurance Corp (think FDIC).  Importantly, the FMIC would mean a continuation of the government guarantee on multifamily MBS - a positive for apartment owners.

Green Street's Macro Snapshots, a product of Real Estate Analytics, aims to distill key conclusions and save you time. 

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Special Report: Capital Allocation Roadmap for REITs

Published 03/05/2014

Allocating capital is one of the most important jobs of a REIT management team.  In this report, Mike Kirby and Peter Rothemund advocate a simple, disciplined strategy for REITs to follow—grow when you are blessed with an NAV premium and shrink when you trade at a discount to NAV.  By funding growth during “green-light” periods with a proportionate issuance of equity/debt or repurchasing stock/debt with proceeds from property sales when NAV discounts are present, REITs can permanently increase their NAV and create shareholder wealth.  
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Retail REITs Special Report: eCommerce: A Sea Change is Occurring

Published 02/12/2014

eCommerce is increasingly being embraced by the U.S. consumer.  Green Street estimates that online shopping is stealing over 100 basis points per year of sales growth from physical stores.  The impact on malls will be a sizable change in competitive position.  Long-term, “A’” malls win and “C” malls are most at risk.  View Green Street’s mall database for information about mall quality grades. Internet sales will also be a headwind for strip centers, especially low-quality properties. The strip REITs have little near-term risk due to high-quality portfolios.

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2014 U.S. Mall Outlook

Published 01/30/2014

Cedrik Lachance and his team published the 2014 U.S. Mall Outlook, a new product within Green Street’s Real Estate Analytics product line. According to the report, the mall business is at an inflection point due to a sea change in consumer behavior.  As a result, many lower-quality malls are likely to falter.  The report includes 30 informative mall market snapshots that have never been published before.  

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2014 U.S. Office Outlook

Published 01/23/2014

Michael Knott and his team report that office NOI growth is poised for an improving arc into '15-'17, when it may top an average of other major sectors as office hits the sweet spot of the cycle.  In the team’s annual U.S. Office Outlook report, high-barrier markets are expected to perform the best over the next five years. 

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2014 U.S. Apartment Outlook

Published 01/23/2014

Dave Bragg and his team provided a macro overview of the apartment sector, including national and market-level forecasts for 2014-18. Over that period, an uptick in household formations is expected to buoy demand for all housing.  The annual U.S. Apartment Outlook serves as a deep dive into the supply and demand dynamics affecting the apartment sector, and provides key insights into how these drivers vary across the top-30 apartment markets.

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Mike Kirby Wins Graaskamp Award

Published 10/30/2013

Photo Courtesy of Michael Grecco

The James A. Graaskamp award aims to recognize people who, through significant research, contribute practical insights of immediate use to real estate decision makers.

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Empire State Realty Trust (ESRT) is Second-Largest REIT IPO Ever

Published 10/02/2013

Empire State Realty Trust, a $5 billion office REIT concentrated in Manhattan and featuring the world-famous Empire State Building, priced its initial public offering (IPO) at the low end of the proposed range. Michael Knott and the Office team published three reports about the company. The new REIT offers things to like (e.g., lease-up opportunity, improving submarkets, good balance sheet) and ample things not to like (e.g., governance issues, execution risk, and challenges in valuing the ESB and the observatory).

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Barron’s Interviews Mike Kirby

Published 05/13/2013

Barron's talked with Mike Kirby about REIT valuations, attractive real estate sectors, and some favorite stocks. 

Barrons - Why REITs Will Stay on a Roll
Barrons - Real-Estate Roundtable Interview

Barron's Interviews Green Street Advisors

Published 11/27/2010

Michael Grecco for Barron's

Barron's recently talked with Green Street's president, Craig Leupold, and its director of research, Mike Kirby, about REIT valuations, leading stocks, popular exchange-traded funds and the merits of REITs versus private real-estate investments.

Barrons - REITs with the Right Stuff

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Indexed to 100 in Aug '07

Green Street’s CPPI is a time series of current and historical unleveraged commercial property values. It is not a forecast and does not reflect performance of REIT stocks.
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