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AIV Reports FFO of $0.83 vs. $0.74 in Q2-06 AIV reported FFO of $80.2 million [$0.83/share] compared with $74.3 million [$0.74/share] in Q3-06. FFO before impairment and preferred redemption charges was $0.86/share. AFFO was $55.9 million [$0.58/share] compared with $57.6 million [$0.58/share] in Q3-06. AFFO includes deductions of $0.28/share in 2007 and $0.20/share in 2006 for capital replacement expenditures. Revenues increased, which was primarily generated by higher average rent, up $27/unit, or 3.2%, from $850/unit to $877/unit, while occupancy was was up 0.4% from 94.4% to 94.8%, and increased utility reimbursements were up $1.4 million. Same Store expenses of $108.3 million increased $3.4 million [3.2%] as a result of higher taxes, utilities, marketing and payroll. SSNOI was $150.8 million, up 4.9% from Q3-06. AVB Reports FFO of $1.19 vs. $1.07 in Q2-06 AVB reported FFO of $95.302 million [$1.19/share] compared to $81.261 million [$1.07/share] in Q3-06, driven primarily by improved community operating results and contributions from newly developed communities. For Established Communities, rental revenue increased 5.0%, comprised of an increase in Average Rental Rates of 5.2% and a decrease in Economic Occupancy of 0.2%. As a result, total revenue for Established Communities increased $7,951,000 to $165.035 million. Operating expenses for Established Communities increased $604,000, or 1.1% to $53.538 million. Accordingly, Net Operating Income for Established Communities increased by $7.347 million [7.1%] to $111.497 million. BRE Reports FFO of $1.19 vs. $1.07 in Q2-06 BRE reported FFO of $32.4 million [$0.62/share] as compared with $30.6 million [$0.58/share] for Q3-06. Q3-07 included a nonrecurring charge of $2.8 million [$0.05/share] in connection with the redemption of preferred stock. FFO for Q3-06 included expenses of $576,000 [$0.01/share] for charges associated with the early retirement of debt. Total revenues from continuing operations were $87.8 million as compared with $81.6 million in Q3-06. Same-store NOI growth was driven by revenue growth of 4.5% for the quarter. Average same-store market rent increased 5.2% to $1,453 per unit, from $1,380 per unit in Q3-06. Same-store physical occupancy levels averaged 94.5%, consistent with Q3-06. Rent concessions in the same-store portfolio totaled $310,000 [1.7 days rent] as compared with $370,000 [1.9 days rent] for Q3-06. Property-level operating expense increased 1.4% from Q3-06 levels. SSNOI was $54.889 million compared to $51.851 million in Q3-06 - up 5.87%. CPT Reports FFO of $0.91 vs. $1.24* in Q2-06 CPT reported FFO of $56.3 million [$0.91/share] as compared to $77.8 million [$1.24/share] for Q3-06. FFO for Q3-06 included a $0.40/share impact from gain on sale of land. SSNOI growth was 3.8% compared to Q3-06, with revenues increasing 3.6% and expenses increasing 3.3%. On a sequential basis, SSNOI decreased 3.0% compared to Q2-07, with revenues increasing 0.7% and expenses increasing 7.1% compared to Q2. Camden’s current development pipeline under construction includes eight wholly-owned communities comprising 2,526 apartment homes with a total budgeted cost of $479.0 million. The Company also has four joint venture communities under construction comprising 1,257 apartment homes with a total budgeted cost of $325.0 million. Camden’s future development pipeline currently consists of 20 potential developments comprising 6,494 apartment homes and a total estimated cost of $1.6 billion. ESS Reports FFO of $1.33 vs. $1.19 in Q2-06 ESS reported FFO of $37.3 million [$1.33/share] compared to $32.854 million [$1.19/share] in Q3-06. Same-Property revenues were up 5.8% while expenses were up 3.8% resulting in SSNOI growth of 6.8%. At the end of Q3-07 EES had a development pipeline totaled approximately $985 million with $239 million of costs incurred to date consisting of 15 projects and 3,111 units. EQR Reports FFO of $0.59 vs. $0.63 in Q2-06 EQR reported FFO of $172.385 million [$0.59/share] compared to $195.630 million [$0.63/share] in Q3-06. Results were lower due to lower net gains on sales of condos; higher interest expenses due to higher debt balances, partially offset by reduced share count; lower income from items Rent.com; and lower NOI primarily attributable to dilution from property disposition activity throughout the past two years. Same-store revenues increased 3.7%, expenses increased 1.1% and SSNOI increased 5.3%. The increase in same-store revenues was driven primarily by increases in average rental rates [$1,259 in Q3-07 compared to $1,214 in Q3-07 - an increase of 3.7%]. During Q3-07 EQR acquired six properties, consisting of 1,411 apartment units, for an aggregate purchase price of $393.7 million at and average cap rate of 4.8% and sold 29 properties, consisting of 9,663 apartment units, for an aggregate sale price of $957.8 million at an average cap rate of 5.3%. Also during Q3-07, EQR repurchased 6,634,140 shares at an average price of $40.82/share for an aggregate purchase of approximately $270.8 million. HME Reports FFO of $0.84 vs. $0.83 in Q2-06 HME reported FFO of $39.5 million [$0.84/share] compared to $39.3 million [$0.83/share] in Q3-06. SSNOI increased by 3.8% over Q3-06. Average physical occupancy for the Core properties was 95.0%, an increase of 0.3% over the Q3-06. Rental revenue, including utility reimbursements, increased 2.8% compared to Q3-06. MAA Reports FFO of $0.91 vs. $0.82 in Q2-06 MAA reported FFO of $25.578 million [$0.91/share] as compared to $21.972 million [$0.82/share] in Q3-06. SSNOI increased 7.1% over Q3-06 despite the strong performance in the prior year. Strong pricing momentum continued as leasing concessions declined 26% on a same store basis and effective rent increased by 3.4% from Q3-06. MMA's property repositioning initiative made good progress with 1,507 apartment units renovated year to date. Since the inception of the program, Mid-America has renovated a total of 2,732 apartment units, capturing rent increases averaging 15%. PPS Reports FFO of $0.53 vs. $0.47 in Q2-06 PPS reported FFO of $23.9 million [$0.53/share] compared to $20.8 million [$0.47/share] for Q3-06. PPS’ FFO for Q3-07 included a decrease in compensation expense of approximately $0.9 million [$0.02/share] related to a variable compensation plan. Total revenues for the mature communities increased 4.7% compared to Q3-06, and operating expenses increased 4.8%, producing a 4.6% increase in SSNOI. The average monthly rental rate per unit increased 4.2%.At the end of Q3-07SS had an aggregate pipeline of development projects under construction of $435.9 million. PPS also owns land for which it is in pre-development of 2,761 rental apartment units, 238 for-sale condominium units and 152,900 square feet of retail amenities. Total projected future development costs of this pre-development pipeline are estimated to be $750 million and construction of these projects is generally expected to commence by the end of 2008. UDR Reports FFO of $0.47 vs. $0.41 in Q2-06 UDR reported FFO of $68.7 million [$0.47/share] versus $60.2 million [$0.41/share] for Q3-06. SSNOI was $103.240 million compared to $95.143 million in Q3-06, up 8.5% over Q3-06. [SSNOI growth by region - West: 11.6%; Mid-Atlantic: 8.3%; Southeast: 1.4%; Southwest: 10.5%; and Midwest: 18.5%] Rents & fees per occupied home averaged $926 vs. $887 in Q3-06 - up 4.4%. Total Concessions fell to $1.904 million vs. $2.598 million in Q3-06 - down 26.7.%. AHT Reports FFO of $0.25 vs. $0.25 in Q2-06 AHT reported adjusted FFO of $34.882 million [$0.25/share] compared to $22.339 million [$0.25/share] in Q3-06. [Diluted weighted average shares outstanding in Q3-07 were 142.249 million compared to 88.343 million in Q3-06] Proforma RevPAR increased 8.3% for hotels not under renovation on a 5.1% increase in ADR to $134.89 and a 233-basis point improvement in occupancy. Proforma RevPAR increased 7.4% for all hotels on a 5.4% increase in ADR to $135.27 and a 144-basis point improvement in occupancy. Proforma same-property Hotel Operating Profit for hotels not under renovation improved 11.7%. DRH Reports FFO of $0.35 vs. $0.27 in Q2-06 DRH reported FFO of $33.358 million [#0.35/share] compared to $19.268 million [$0.27/share] in Q3-06. Same-store RevPAR increased 11.5% from $117.23 to $130.68 as compared to Q3-06, driven by a 6.4% increase in the average daily rate and a 3.6 percentage point increase in occupancy (from 74.3% to 77.9%). Same-store Hotel Adjusted EBITDA margins for our hotels increased 245 basis points over the same period in the prior year. HST Reports FFO of $0.38 vs. $0.28 in Q2-06 HST reported FFO of $210 million [$0.38/share] compared to $152 million [#$0.28/share] in Q3-06. RevPAR for the comparable hotels plus the Starwood portfolio, which includes the 24 hotels acquired from Starwood in 2006 that we own as of September 7, 2007, increased 7.2%. Adjusted EBITDA increased 15.4% to $292 million. On 12-14 Lehman Brothers Initiated coverage of CPT at Equal-weight. On 12-07 ESS declared an increased dividend of $0.93/share payable January 15, 2008 to shareholders of record as of December 28, 2007. On 12-07 CPT declared a dividend of $0.69/share to holders of record as of December 21, 2007 to be paid on January 17, 2008. On 12-11 AHT declared a dividend of $0.21/share payable on January 15, 2008, to shareholders of record on December 31, 2007. On 12-13 DRH declared a dividend of $0.24/ share to be paid 1-10-08 to shareholders of record as of December 31, 2007. On 12-12 GCT declared a dividend of $0.1650/share payable on January 15, 2008 to shareholders of record at the close of business on December 27, 2007. On 12-13 EQR declared a dividend of $0..4825/share to be paid on January 11, 2008 to shareholders of record on December 24, 2007. On 12-14 AVB declared a dividend of $0.85/share payable January 15, 2008 to stockholders of record as of December 31, 2007. On 12-17 HST announced a dividend of $0.20/share and a special dividend of $0.20/share payable on January 15, 2008 to stockholders of record on December 31, 2007. On 11-27 Analysts at UBS downgraded several apartment landlords Tuesday, citing the risk of a recession, a glut of residential homes coming back on the market as rentals, and poor performance during the last economic pullback. They lowered their ratings on shares of apartment real estate investment trusts BRE Properties to sell from neutral, and cut AvalonBay Communities to neutral from buy. Among apartment REITs, the analysts' top picks are Essex Property Trust and Home Properties, both of which are rated buy. Apartment Investment and Management Co. is a buy as well. Although apartments have trailed the broader REIT sector so far this year, "we believe prospects for continued slowing growth and potential risk of a recession place further pressure on the multifamily sector," the analysts wrote in a report to clients. "There is also the pressure from the oversupply of homes and condos coming back on the market as rentals, which will likely increase as [adjustable-rate mortgages] reset now through 2009," they said. The UBS analysts are also nervous that REITs have ramped up their development pipelines while multifamily permitting is declining. "With the risk of a recession, the yields on these pipelines may be lower than expected," they wrote. "We estimate yields have already come down 1% since last year." On 11-30 HT declared a dividend of $0.18/share payable on January 16, 2008 to shareholders and unitholders of record on January 5, 2008. On 11-30 MAA declared an increased dividend of $0.615/share payable Jan. 31st to shareholders of record Jan. 15th. On 11-05 HME declared an increased dividend of $0.66/share payable on 11-27 to shareholders of record on 11-16-07. On 10-31 AIV declared a dividend of $0.60 to be paid 11-30 to shareholders of record 11-16-07. On 10-31 BRE declared a dividend of $0.5375 payable 12-31 to shareholders of record on 12-14-07. On 10-03 UDR declared a dividend of $0.33/share payable on 10-31 to shareholders of record as of 10-12-07. On 11-07 Keefe Bruyette Downgraded AVB from Outperform to Market Perform. On 11-07 Keefe Bruyette Upgraded UDR from Market Perform to Outperform. On 11-07 Keefe Bruyette Downgraded PPS from Market Perform to Underperform. On 11-07 Credit Suisse Upgraded CPT from Neutral to Outperform. On 11-05 Banc of America Downgraded CPT from Buy to Neutral. On 11-01 Deutsche Securities Downgraded BRE from Buy to Hold. On 10-31 KeyBanc Capital Markets Upgraded PPS from Underweight to Hold. On 10-23 Credit Suisse Initiated CPT at Neutral. On 10-18 UBS Initiated HME at Buy and Initiated UDR at Neutral. On 10-11 Credit Suisse Upgraded BRE from Neutral to Outperform. On 10-08 Deutsche Securities Downgraded AVB from Buy to Hold. On 9-20 KeyBanc Capital Initiated coverage of DRH at Hold, Initiated LHO at Hold, and Initiated SHO at Hold. On 8-03 Robert W. Baird Downgraded AHT from Outperform to Neutral. On 7-30 UBS upgraded HT from Neutral to Buy. On 11-27 Analysts at UBS downgraded several apartment landlords Tuesday, citing the risk of a recession, a glut of residential homes coming back on the market as rentals, and poor performance during the last economic pullback. They lowered their ratings on shares of apartment real estate investment trusts BRE Properties and Equity Residential to sell from neutral, and cut AvalonBay Communities to neutral from buy. Although apartments have trailed the broader REIT sector so far this year, "we believe prospects for continued slowing growth and potential risk of a recession place further pressure on the multifamily sector," the analysts wrote in a report to clients. "There is also the pressure from the oversupply of homes and condos coming back on the market as rentals, which will likely increase as [adjustable-rate mortgages] reset now through 2009," they said. Among apartment REITs, the analysts' top picks are Essex Property Trust and Home Properties, both of which are rated buy. Apartment Investment and Management is a buy as well. UBS also lowered its price targets on REIT stocks by an average 8% as a result of higher volatility. The price swings are being driven by ongoing concerns over REITs' access to capital given the credit turmoil, rising cap rates and slowing fundamentals, according to the investment bank, which is predicting a 40% chance of recession in 2008. On 9-20 PPS declared a dividend $0.45/share payable 10-15 to shareholders of 9-28. On 9-18 ESS declared a dividend of $.93/share payable 10-15 to shareholders of 9-28. On 9-13 GCT declared a dividend of $0.1650/share payable 10-15 to shareholders of 9-27. On 9-12 AVB declared a dividend of $0.85/share payable 10-15 to stockholders of 9-28. On 11-29 MAA declared a dividend of $0.615/share payable on January 31, 2008 to shareholders of record on January 15, 2008. On 11-29 PPS declared a dividend of $0.45/share payable on January 15, 2008 to all common stock shareholders of record as of January 2, 2008. On 9-17 AHT declared a dividend of $0.21/share payable on October 15, 2007, to shareholders of record on September 28, 2007. On 9-17 HST declared a dividend of $0.20/share payable on October 15, 2007 to stockholders of record on September 30, 2007. In addition, HST expects to declare a special dividend during the fourth quarter in the range of $.10 to $.20. On 9-12 ENN declared a dividends of $0.25/share payable on the earlier of the third business day after the closing date of ENN's pending merger with an affiliate of Whitehall Street Global Real Estate or November 1, 2007. On 10-10 HPT declared an increased dividend of $0.77/share to be paid to shareholders as of the close of business on October 19, 2007 and distributed on or about November 15, 2007. On 11-05 SHO declared a dividend of $0.35/share [a 9.4% increase] to be paid on January 15, 2008 to stockholders of record on December 31, 2007. On 11-30 HT declared a dividend of $0.18/share payable on January 16, 2008 to shareholders and unitholders of record on January 5, 2008. NOTE: Although the tables above are checked and double-checked for accuracy, and may at times be 100% accurate - do NOT count on that. Please confirm through your own research any numbers on which you are to make a buy, sell or hold decision. Most sites giving this kind of data would say that it's information is for entertainment purposes only. I will not presume that you are that masochistic. And even accurately replicated and freshly retrieved FFO numbers are often stale. Home Page Previous REIT Update Top Sites |