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Focused

CBL: Two Board Members to Retire at Year-End

Worth Watching: 06 Nov 2018, 11:27 AM ET - CBL (Ba1/BB+/BB+) announced that Gary Bryenton and Gary Nay will retire from the board of directors at the end of 2018, reducing the size of the board to 7 directors. Bryenton joined the board in 2001 and served as a Chairman of the Nominating/Cor ..
Focused

CBL 3Q18: Dividend Slashed, Eyes on Facility Recast

Earnings Note: 31 Oct 2018, 12:06 AM ET - CBL had an in-line 3Q18; operating results were modestly improved but still firmly negative on a 6% decline in NOI (as expected). Div. cut frees up ~$100 mn for redevelopment/capex spend. Stay Hold but would start to build at current levels
Focused

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

CBL: COO Gus Stephas Retiring at Year-End

Worth Watching: 04 Sep 2018, 2:08 PM ET - CBL (Ba1/BB+/BB+) announced that COO Gus Stephas will retire at year-end, having served in the position since 2007 and in various roles at the company for 40 years. Stephas will assist in the transition of responsibilities to members of the execut ..
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

CBL: S&P (Finally) Follows Suit, Drops to HY

Worth Watching: 05 Aug 2018, 10:12 PM ET - CBL (Ba1/BB+/BB+) was cut to HY by S&P as the agency downgraded one notch to BB+ (negative outlook) in a move we described as a "near certainty" following 2Q18 results. The deteriorated operating backdrop for lower-quality malls and a "weakened ..
Focused

CBL 2Q18: Telegraphing Dividend Cut, Subordination

Earnings Note: 02 Aug 2018, 5:20 PM ET - CBL reported 2Q18 earnings that was relatively devoid of surprises on the operating front. There was some bad news for both debt and equity investors: the dividend will likely be cut and bondholders subordinated before the year is out.

July 2018 Company Coverage Initiated

Company Coverage Initiated: 31 Jul 2018, 9:38 PM ET - Our monthly report provides executive summaries for the eight companies on which we launched coverage in North America, Asia and Europe during the month of July.
Focused

CBL Initiation: Holding Out for Better Entry Points

Company Spotlight: 23 Jul 2018, 4:39 AM ET - We initiate coverage on CBL (Ba1/BBB-/BB+), a B/C-class mall REIT,  with a HOLD: short-term risks, including subordination from bank lines taking security, are counterbalanced by solid liquidity and what we see as decent asset coverage.

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..

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