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All N. America REIT & Real Estate Research Reports

Research Reports posted
in the past 30 days
Date Title Pages
08-03-2015Real Estate Securities Monthly - North America - 08/03/201527
07-31-2015Weekly Pricing Update - 07/31/20159
07-31-2015Lodging Sector: 2Q15 Mid-Earnings Update – Mixed...6
07-26-2015Industrial Sector: Texas Market Check-Up: Passed the...8
07-02-2015Weekly Pricing Update - 07/02/20159
07-01-2015Real Estate Securities Monthly - North America - 07/01/201530
06-30-2015Executive Compensation and Corporate Governance23
06-29-2015Lodging Sector: Hotel Sector Valuation – Slight Edge to the REITs11
06-26-2015Apartment Conference Call with Bob Faith, Greystar13
06-26-2015Weekly Pricing Update - 06/26/20159
06-25-2015Heard on the Beach - How Much is Too Much?8
06-23-2015Mexico Conference Call with Alfonso Munk, Prudential Real Estate Investors0
06-22-2015Sector Snapshot: Apartments - June 20153
06-22-2015Sector Snapshot: Industrial - June 20153
06-22-2015Sector Snapshot: Malls - June 20153
06-22-2015Sector Snapshot: Office - June 20153
06-22-2015Sector Snapshot: Strips - June 20153
06-22-2015Sector Snapshot: Health Care - June 20153
06-22-2015Sector Snapshot: Lodging - June 20153
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Sector Updates
Office 06-02-2015
Residential 05-29-2015
Mall 06-05-2015
Industrial 05-29-2015
Strip Center 06-02-2015
Health Care and Lab Space 05-22-2015
Lodging 06-19-2015
Tech 06-02-2015
Self Storage 05-27-2015
Net Lease 05-21-2015

REIT Spin-Offs: Capitalizing on Record-High Valuations

Published 07/31/2015

Today’s sky-high real estate prices have created compelling opportunities for thriving operating companies to create shareholder value through REIT spin-offs and other creative real estate strategies. Darden Restaurants, Hudson's Bay Company, and Sears are three publicly traded companies that are using REIT spin-offs as a means to increase shareholder value. Jim Sullivan describes Green Street’s work on conversions and spin-offs in a new video.

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Green Street Revamps Corporate Governance Scorecard

Published 06/01/2015

As was highlighted in the recent attempt by Simon Property Group (SPG) to acquire Macerich (MAC), most REITs incorporated in Maryland have the ability to classify the board of directors (and thus fend off an unwelcome suitor) whenever they want. This month’s Heard on the Beach introduces soon-to-be-implemented changes to Green Street’s corporate governance scoring system that will appropriately penalize those REITs that can avail themselves of this extraordinary antitakeover device.

View Last Year's Corp Gov Ranking

Management Value Added - A Better Gauge

Published 04/22/2015

Green Street published its annual review of management performance based on Management Value Added (MVA). MVA measures the extent to which a REIT’s NAV/sh growth exceeds the levered change in value of its property portfolio. By backing out property appreciation, a factor over which management has only limited control, MVA provides an assessment of how much value has been created via the channels management actually controls. This year’s edition introduces letter grades for the REITs.

Special Report – Capital Structure in the REIT Sector

Published 02/26/2015

Differences in capital structure have proven to be one of the largest determinants of total return differentials across REITs. Building on over twenty years of extensive research, Mike Kirby and Peter Rothemund recommend an optimal capital structure for REITs, and provide a roadmap for investors to capitalize on fundamental misunderstandings on this topic.

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2015 U.S. Apartment Outlook – A Real Estate Analytics Product

Published 01/27/2015

Dave Bragg and his team provided a macro overview of the apartment sector, including national and market-level forecasts for 2015-19. Institutional-quality apartments are now 26% above ’07 peak levels and continue to look attractively valued. 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. 2015 U.S. outlook reports have also been published for the Mall, Office, Strip Center and Industrial sectors.

View Excerpt

Green Street Featured Insight: REIT Conversions

Published 01/07/2015

The REIT Industry: Growing Leaps and Bounds
By Jim Sullivan

In a recent article for PREA Quarterly, Jim Sullivan says he expects REIT conversions and REIT spin-offs to ramp up in ’15 and continue to expand the boundaries of the types of assets that can end up on a REIT’s balance sheet.  

Jim Sullivan
Managing Director

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Single-Family Rental Sector: Growing Up Before Our Eyes

Published 10/15/2014

SFR Estimated Median Gross Yields

In a special report and accompanying conference call on the Single-Family Rental (SFR) sector, Dave Bragg and David Segall conclude that a consolidation wave has only just begun and should accelerate. Their report provides highlights from Green Street’s proprietary database of 75,000+ institutionally-owned SFR assets with insights on gross yields, rent growth, and asset quality. It also gives an updated valuation of SFR REIT American Homes 4 Rent (AMH).

View Excerpt

New Website for Green Street's Advisory & Consulting Group

Published 08/08/2014

Green Street’s Advisory & Consulting Group provides services to investors and operators seeking insightful, customized solutions to enhance their decision-making process. Read about the Group's recent work related to Darden Restaurants, GGP in bankruptcy, Equinix's REIT Conversion and a recent REIT IPO here.

View New Advisory & Consulting Website

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.

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

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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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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Our Track Record

Total Return of Green Street’s Monthly Recommendations
Jan 28, 1993 to Aug 3, 2015¹
Annualized hypothetical returns

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

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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.
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