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Yahoo Daily #s Office Industrial Apartment Retail Mall Health NAREIT Index Factoids MLP Stats Bank Stats Prior REIT Updates Aug 06 Aug Retail/HC Aug Off/Ind/Apt July 06 July Retail/HC July Off/Ind/Apt June 06 June Retail/HC June Off/Ind/Apt May 06 May Retail/HC May Off/Ind/Apt April 05 April Retail/HC April Off/Ind/Apt March 05 March Off/Ind/Apt March Retail/HC Feb 05 Feb Off/Ind/Apt Feb Retail/HC Jan 04 Jan Off/Ind/Apt Jan Retail/HC Dec 04 Dec Off/Ind/Apt Dec Retail/HC Nov 04 Nov Off/Ind/Apt Nov Retail/HC Oct 04 Oct Off/Ind/Apt Oct Retail/HC Sept 04 Sept Off/Ind/Apt Sept Retail/HC Aug 04 Aug Off/Ind/Apt Aug Retail/HC July 04 July Off/Ind/Apt July Retail/HC June 04 June Off/Ind/Apt June Retail/HC May 04 May Off/Ind/Apt May Retail/HC April Off/Ind/Apt April Retail/HC April 04 March Off/Ind/Apt March Retail/HC March 04 Feb Off/Ind/Apt Feb Retail/HC Feb 04 Jan Off/Ind/Apt Jan Retail/HC Jan 04 Dec Off/Ind/Apt Dec Retail/HC Dec 03 Nov Off/Ind/Apt Nov Retail/HC Nov 03 Oct Off/Ind/Apt Oct Retail/HC Oct 03 Sept Off/Ind/Apt Sept Retail/HC Sept 03 August Off/Ind/Apt August Retail/HC August 03 July Off/Ind/Apt July Retail/HC July 03 Factoids Q3-02 Index Q2-02 Index Q1-02 Index Q4-01 Index Q3-01 Index Q2-01 Index Q1-01 Index Biz Links Business News Columnists Econ Reports Stock Exchanges Searches Tax News REIT Links CPN CSA Globe St. ICSC Real Estate Journal Reis ReBuz RSR NaREIT NREI Property ICSC REIT Week REIT Net NAIOP ShopCntrsToday ShopCntrWrld Ind & Office Realtors Yahoo Sortable REOC List Yahoo Stock Screen Stock Charts |
The Shopping Center sector fell 0.18% in September to a gain year-to-date of 1.18% from August's gain of 2.00%. 05 FFO growth estimates ended September with a fall to 0.59% vs. August's fall of 0.49%. Yields rose 5 basis points to 5.06% from August's 5.01%. NAREIT's Shopping Center sector numbers [where large caps that are also the lower yielding components dominate NAREIT stats] was down 1.07% for the month with a 7.07% gain year-to-date and a yield of 4.52% vs. August's 8.23% year-to-date gain with a yield of 4.43% [a rise of 9 basis points]. Based on the numbers from this site, the Shopping Center sector had a yield spread over the ten year treasury of 73 basis points at September's end, 99 points at August's end, 50 at July's end, 105 at June's end, 118 at May's end, and 115 at April's end. The Mall sector fell 3.22% in September to a year-to-date gain of 4.31% from August's gain of 7.61% gain year-to-date. 05 FFO growth estimates ended September with a rise to 3.93% vs. August's 3.85%. Yields rose 16 basis points to 4.42% from August's 4.26%. NAREIT's Mall sector numbers were down 2.08% for the month and up 14.36% year-to-date with a yield of 3.87% vs. August's 16.79% year-to-date gain with a yield of 3.79% [a rise of 8 basis points]. The Health Care sector rose 3.51% in September [after having an atypically bad August in which the sector fell 6.81%] to a gain of 4.32% year to date from August's gain of 0.76%. 05 FFO growth estimates ended September with a fall to -1.96% vs. August's -2.01%. Yields fell 20 basis points to 6.22% from August's 6.42%. NAREIT's Health sector numbers: Up 1.26% for the month and up 7.22% year-to-date with a yield of 5.17% vs. August's 5.89% year-to-date increase with a yield of 6.10% [this data concerning the change in yield does not appear logical, but I have yet to find the error in it]. The Hospitality sector fell 2.63% for the month to a year-to-date gain of .11% vs. August's 2.08% year to date performance. 05 FFO growth estimates ended September with a fall of 0.24% year-to-date vs. August's 0.28% RISE. Yields rose 16 basis points to 5.29% vs August's 5.13%. NAREIT's Lodging sector numbers: Down 1.50% for the month and up 2.96% year-to-date with a yield of 2.96% vs. August's 4.53% year-to-date increase with a yield of 3.70%. I only use REITs that are paying dividends in my stats - while NAREIT uses all Hospitality REITs - some of which are still not paying dividends. This explains the big difference in yields and some of the difference in price performance. During September, the Office sector rose 1.26% to a gain of 4.99% year-to-date from August's year-to-date gain of 3.70%. 05 FFO growth estimates ended September with a fall to -10.63% vs. August's fall of -10.86%. Yields fell 6 basis points to 5.45% from July's 5.51%. NAREITs Office sector numbers: Up 1.96% for the month and up 13.53% year to date [with a yield of 5.05%] vs. August's 11.35% gain and 5.07% yield [a fall of 2 basis points]. There is a large difference between my numbers and NARIET's numbers -- but large caps BXP, EOP and VNO have done much better than average -- helping the cap weighted NAREIT index. At the same time small caps AFR, AMV, BED, GLD and PKY have fallen, dragging down the non-cap-weighted numbers. Based on the numbers from this site, the Office sector had a yield spread over the ten year treasury of 112 basis points at September's end, 113 points at August's end, 102 at July's end, 171 at June's end, 183 at May's end, and 170 at April's end. Improving fundamentals may justify the shrinking spreads -- but I can not help but feel uncomportable with spreads under 150. The Industrial sector rose 1.78% for the month, to a gain of 6.39% year-to-date from August's gain of 4.69% year-to-date. 05 FFO growth estimates ended September with a fall to -0.16% vs. August's fall of 0.25%. Yields fell 8 basis points to 4.31% from August's 4.39%. NAREIT's Industrial sector numbers: Up 0.40% for the month and up 6.12% year-to-date with a yield of 3.91% vs. August's 5.70% year-to-date increase and yield of 3.91%. The Apartment sector fell 0.73% for the month to a gain of 3.80% year to date from August's year-to-date gain of 4.50%. 05 FFO growth estimates ended September rising to 0.08% vs. August's rise of 0.06%. Yields rose 5 basis points to 5.10% from August's 5.05%. NAREIT's Apartment sector numbers: Up 1.28% for the month and up 9.54% year-to-date with a yield of 4.67% vs. August's 8.16% year-to-date rise with a yield of 4.70% [a fall of 3 basis points]. In the three other equity income segments followed by this site, Pipeline MLPs were up 0.51% for the month and up 10.28% year-to-date [vs being up 9.90% at August's end] and had a distribution yield of 6.07% [vs. 6.10% in August] - a fall of 3 basis points. During September, large-cap banks fell 2.74% to a loss of 8.75% year to date, from August's loss of 6.20% and yields rose 13 basis points to 3.84% from August's 3.71%. Mid-cap banks fell 2.86% to a year-to-date loss of 5.44% from August's loss of 2.71% and yields ended at 3.55% [vs. August's 3.44% - a rise of 11 basis points]. The ten year treasury ended the month at 4.33% [vs 4.02% on 8-31 - a rise of 31 basis points]. Click here for the Shopping Center, Mall, and Health Care Update page. This months article updates are here. |