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Vornado: 3Q18 Earnings Quick Cuts

Worth Watching: 31 Oct 2018, 4:59 PM ET - Vornado (VNO) reported a solid 3Q18 despite FFO missing consensus estimates as the top line came in line with expectations. The quarter was relatively uneventful and the core operating story remains essentially unchanged: high-90% occupancy in the ..

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

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

Vornado: 2Q18 Earnings Quick Cuts

Worth Watching: 31 Jul 2018, 2:59 PM ET - Vornado  (VNO) reported a solid 2Q18 as FFO came in line with consensus estimates. The quarter was relatively uneventful and the core operating story remains essentially unchanged alongside high-90% occupancy, good renewal spreads and NOI growt ..

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.
Focused

Vornado: 1Q18 Earnings Quick Cuts

Worth Watching: 01 May 2018, 10:30 PM ET - Vornado (VNO) turned in a solid 1Q18 as both FFO and revenue came in ahead of consensus estimates. The quarter was relatively uneventful and the story remains essentially consistent with prior quarters: continued solid performance in the office bo ..

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 ..
Focused

Vornado: 4Q17 Earnings

Worth Watching: 04 Mar 2018, 9:48 PM ET - Vornado (VNO) turned in a solid 4Q17 as both FFO and revenue beat consensus estimates. The quarter was relatively uneventful and operating trends remain consistent with prior periods: continued strength in the office book, partially offset by t ..
Focused

U.S. REITs/CRE: 4Q17 Review

Sector Analysis: 04 Mar 2018, 9:41 PM ET - We review U.S. CRE and REIT trends in the wake of solid 4Q17 earnings results and a generally positive, if slowing, operating backdrop for the broader property sectors. Fundamentals continue to support our broader O/P on the sector.

REITs: 4Q17 Earnings Season Halftime Report

Earnings Note: 04 Feb 2018, 10:25 PM ET - With roughly half of the 4Q17 REIT earnings season in the bag, we summarize results for the companies that have reported thus far, highlighting the most important issuer themes and giving investors a quick 'pulse check' on the sector.

Real Estate and REIT 2018 Outlook: Healthcare

Sector Outlook: 23 Jan 2018, 11:40 AM ET - We take a look at the healthcare CRE and REIT market heading into 2018, including discussions on the various sub-property types including senior living, skilled nursing, and medical office.

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