Barclays on U.S. REITs: 1Q11 Earnings Preview/Valuation Update
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Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays on U.S. REITs: 1Q11 Earnings Preview/Valuation Update
Barclays analyst says, "What to Watch For: REITs in our coverage universe begin reporting 1Q11 results this week with AMB Property (NYSE: AMB) and ProLogis (NYSE: PLD) coming tomorrow before the open; earnings season lasts through mid-May. This note highlights our earnings expectations for the quarter. On average, we expect reported 1Q FFOps for our coverage universe to increase 54.1% YOY, but operating FFO (which excludes non-recurring items) to increase 7.5%. For FY 2011, we expect FFOps for our coverage universe to increase 16.3%; on an operating basis, we project a 9.8% increase."
"Sector Focus: Going into 1Q11 earnings, we expect to see continued bifurcation between sectors that are seeing continued improvement, such as apartments and industrial, versus those which are still lagging, such as office and retail."
"Names to Own Into Earnings: Boston Properties (NYSE: BXP) - well positioned to benefit from a CBD office recovery. CB Richard Ellis (NYSE: CBG) - despite 1Q seasonality, we look for positive commentary for FY 2011."
Barclays lowers PT on Apollo Commercial Real Estate Finance (NYSE: ARI) from $18 to $17, raises PT on BXP from $107 to $108, raises Camden Property Trust's (NYSE: CPT) PT from $57 to $58, CB Richard Ellis from $31 to $32, Digital Realty Trust Inc. (NYSE: DLR) from $66 to $67, and DuPont Fabros Technology (NYSE: DFT) from $27 to $28 (ALL OVERWEIGHT RATED)
Barclays raises PT on Equity Residential (NYSE: EQR) from $54 to $56 and Avalonbay Communities (NYSE: AVB) from $115 to $118. (BOTH EQUALWEIGHT RATED)
Barclays lowers PT on Equity One Inc. (NYSE: EQY) from $17 to $16 and raises PT on Colonial Properties Trust (NYSE: CLP) from $19 to $20. (BOTH UNDERWEIGHT RATED)
Barclays analyst says, "What to Watch For: REITs in our coverage universe begin reporting 1Q11 results this week with AMB Property (NYSE: AMB) and ProLogis (NYSE: PLD) coming tomorrow before the open; earnings season lasts through mid-May. This note highlights our earnings expectations for the quarter. On average, we expect reported 1Q FFOps for our coverage universe to increase 54.1% YOY, but operating FFO (which excludes non-recurring items) to increase 7.5%. For FY 2011, we expect FFOps for our coverage universe to increase 16.3%; on an operating basis, we project a 9.8% increase."
"Sector Focus: Going into 1Q11 earnings, we expect to see continued bifurcation between sectors that are seeing continued improvement, such as apartments and industrial, versus those which are still lagging, such as office and retail."
"Names to Own Into Earnings: Boston Properties (NYSE: BXP) - well positioned to benefit from a CBD office recovery. CB Richard Ellis (NYSE: CBG) - despite 1Q seasonality, we look for positive commentary for FY 2011."
Barclays lowers PT on Apollo Commercial Real Estate Finance (NYSE: ARI) from $18 to $17, raises PT on BXP from $107 to $108, raises Camden Property Trust's (NYSE: CPT) PT from $57 to $58, CB Richard Ellis from $31 to $32, Digital Realty Trust Inc. (NYSE: DLR) from $66 to $67, and DuPont Fabros Technology (NYSE: DFT) from $27 to $28 (ALL OVERWEIGHT RATED)
Barclays raises PT on Equity Residential (NYSE: EQR) from $54 to $56 and Avalonbay Communities (NYSE: AVB) from $115 to $118. (BOTH EQUALWEIGHT RATED)
Barclays lowers PT on Equity One Inc. (NYSE: EQY) from $17 to $16 and raises PT on Colonial Properties Trust (NYSE: CLP) from $19 to $20. (BOTH UNDERWEIGHT RATED)
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