All N. America REIT & Real Estate Research Reports

25
Research Reports posted
in the past 30 days
Date Title Pages
07-24-2014Omega Healthcare Investors, Inc. (OHI): Benign is Fine7
07-24-2014Brandywine Realty (BDN), Mack-Cali Realty (CLI) & SL...7
07-23-2014Simon Property Group (SPG) & Macerich (MAC): Operating...8
07-23-2014Industrial REIT Sector: 2Q14 Earnings Update: Mostly...10
06-25-2014Heard on the Beach - Still Crazy After All These Years8
06-24-2014Westfield Group (WDC.AU): Dropping Research Coverage4
06-23-2014Executive Compensation and Corporate Governance - June 201423
06-20-2014Weekly Pricing Update - 06/20/20149
06-19-2014Lodging Sector: Hotel C Corps – What’s New?18
06-19-2014EdR (EDR): Equitization Done Right7
06-18-2014Douglas Emmett (DEI): West L.A. On Sale7
06-18-2014Taubman Centers (TCO): It is Indeed Best to Divest7
06-18-2014Tech Sector Update: Development Cranes Are the Albatross20
06-18-2014Tech REITs: Company Snapshots12
06-15-2014Industrial REITs: I.CON Recap: A Confident Bunch7
06-13-2014Weekly Pricing Update - 06/13/20149
06-10-2014Real Estate Pricing - June 20143
06-10-2014Real Estate Fund Flows - June 20143
06-10-2014U.S. Economic Indicators - June 20143
» View More Research

Spotlight

Sector Updates
Office 05-29-2014
Residential 05-26-2014
Mall 05-30-2014
Industrial 05-29-2014
Strip Center 05-28-2014
Health Care and Lab Space 05-30-2014
Lodging 05-29-2014
Tech 06-18-2014
Self Storage 05-30-2014

Multifamily Conference Call with Clyde Holland

Published 07/17/2014

                 
 
Green Street hosted a conference call with Clyde Holland, Chairman and CEO of Holland Partner Group, a leading developer and operator of West Coast apartment communities. Mr. Holland expects apartment demand to outweigh new supply for the foreseeable future. Competition for new development sites in Holland's core markets of Seattle, Southern California and Denver continues to increase. In Seattle, Mr. Holland shared that development yields for the best locations are in the mid to low 5’s with cap rates in the high 3’s to low 4’s, leaving 100-125 bps of margin. Finally, he discussed the emerging trends such as a "walkability super-cycle," which will see people increasingly living and working in the same neighborhood while relying on public transportation to get around. 


CRE Investors: Still Crazy After All These Years

Published 07/17/2014

The commercial real estate industry has long been in denial about the true long-term costs of owning real estate. Despite the accumulation of overwhelming evidence of the importance of adequate cap-ex, we have never come across a property-market practitioner that employs a cap-ex reserve as large as what we use. Green Street first labeled cap-ex as the industry’s “crazy aunt in the basement” nearly 20 years ago, a label that remains as appropriate as ever.

View Article


How to Value REITs: Download Green Street's Updated Guide

Published 07/01/2014


*Past performance as of 5/30/14 cannot be used to predict
future performance. Please see our track record disclosure.

Green Street just posted its updated REIT Valuation guide based on its NAV-based pricing model for the general public. The model has been pivotal behind the firm’s superb twenty-year recommendation track record. The guide provides the nuts and bolts of an NAV-based analysis, the factors that impact the premiums at which REITs should trade (franchise value, balance sheet risk, corporate governance, and overhead), and Green Street's relative valuation approach for identifying the most/least attractively valued REITs.
 


Strip Center Special Report: Capital Expenditures

Published 06/19/2014

 
The Strip Center team recently completed a seminal review of cap-ex in the sector. The team reports that cap-ex has a material impact on the total returns of commercial real estate, and many market participants understate the true cost. The report takes a deep look at what comprises cap-ex, and provides a comparison of the cap-ex burden across companies and strip center types. Green Street's recent Sector Allocation report identified cap-ex as one of the key areas where savvy investors can find mispricing.


RESM and CPO Enhancements

Published 06/02/2014


Recent Changes to Property Values
 
Green Street recently published a Heard on the Beach which describes valuable enhancements to the Real Estate Securities Monthly (RESM) and Commercial Property Outlook (CPO) reports.  The RESM has been bolstered with a section on sector valuation, which, in addition to valuation of the major sectors, includes valuation conclusions for many niche property sectors.  The CPO report has been expanded to cover lodging, storage, and senior housing for eight sectors in total. The report now starts with a "Quarter in Brief" page for a quick overview.  Andy McCulloch writes that fundamentals have been good, with the lodging, office and storage sectors reporting particularly good news.  Property appreciation also looks to be re-accelerating. 
 


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. 

Real Estate Analytics Product Suite Contact Us


Green Street in the News: Starboard Real Estate Primer on Darden

Published 04/01/2014



Green Street's Advisory & Consulting group recently completed an in-depth valuation analysis of Darden Restaurants, Inc.'s (NYSE: DRI) real estate holdings for Starboard, a sophisticated hedge fund client.  The analysis included a detailed review of each of Darden's locations. Using Green Street's proprietary data and industry contacts and knowledge, in combination with publicly-available information, our consulting team derived valuation estimates for the company's owned and leased real estate.  Starboard used this information as part of a publicly-filed presentation to argue for a sale or spin-off of the Company's real estate to enhance shareholder value.   

View Press Release


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.  
 
View Excerpt


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.  

View Excerpt Learn More


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.

View Excerpt Learn More


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. 

View Excerpt Learn More


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.

Learn More


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).

Become a Client to view the reports Listen to Bloomberg Radio interview


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




Our Track Record

Total Return of Green Street’s Monthly Recommendations
Jan 28, 1993 to Jul 1, 2014¹
Annualized hypothetical returns

¹Past Performance cannot be used to predict future results.
View our methodology and disclosure statement.

Valuation Data

Green Street Advisors
Commercial Property Price Index
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.
Average Premium to NAV

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