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Deutsche Bank Analyst Upgrades REITs Following Archstone-Smith Buyout AP 5-30 A Deutsche Bank analyst on Wednesday raised his stock ratings on eight real estate investment trusts, saying the $15.5 billion buyout offer for Archstone-Smith Trust may reinvigorate enthusiasm for commercial real estate. Analyst Lou Taylor upgraded his ratings to "Buy" from "Hold" for apartment REITs Apartment Investment & Management Co. and AvalonBay Communities Inc.; for industrial and office REITs Boston Properties Inc. and Kilroy Realty Corp.; and for retail REITs Developers Diversified Realty Corp., Kimco Realty Corp., Macerich Co. and Simon Property Group Inc. "After being cautious on the group the past three months as funds flows turned negative and investors pursued other alternatives, we are turning slightly more positive on the heels of the Archstone announcement," Taylor wrote in a note to clients. "These stocks have the most meaningful upside potential from current levels to our targets." Office Rents Rise in Q1 Reuters 4-17 The U.S. office market saw first-quarter rents rise at their fastest pace in seven years and the national vacancy rate fell to its lowest since 2004, according to real estate research firm Reis. U.S. office effective rent, which includes free-months rent and other perks, rose 2.5 percent. Effect rent averaged $22.89 per square foot during the quarter, within sight of the U.S. market's record high of $24.67 seen in the first quarter 2001. The gap between asking rent and effect rent fell to 14.3 percent, the lowest since the second quarter 2002. Still, occupancy gains have slowed, as the U.S. vacancy rate fell 0.20 percentage points to 13.1 percent. The decrease matched the prior quarter's contraction, the smallest since 2004. During 2005 and most of 2006, the average quarterly vacancy decline was 0.40 percentage points. The vacancy rate has been slowly sinking since its recent peak of 16.9 percent in late 2003 and early 2004. The declining pace is consistent with tenants' lower expectations for the pace of job growth and for the potential for a mid-cycle slowdown in the broader economy, Reis said. New York and San Francisco saw the greatest rent increases, up 6.5 percent and 5.6 percent, respectively. The apartment vacancy rate rose 0.20 percentage points to 6.1 percent. That followed a 0.40 percentage point rise in the fourth quarter 2006. During the quarter 670 apartment units were converted into condominiums, a little bit more than 1 percent of the 55,500 units converted in the third quarter 2005, the height of the condo craze. With some condos reconverted back into apartments and completions of new apartment building, Reis expects apartment vacancies will rise through the end of the year. But effective rents still rose by 1 percent in the quarter. Asking rent rose by 0.9 percent. Reis expects the tighter credit standards resulting from the mortgage mess in the pool of riskier borrowers will boost demand for apartments, as it becomes more difficult to be a home owner. But supply will moderate the pace of asking rents, which Reis expects will rise at by 3.8 percent. New York remained the tightest U.S. market with a vacancy rate of 2.5 percent, followed by Fairfield County, Connecticut at 3 percent, Los Angeles at 3.4 percent and Central New Jersey at 3.6 percent. Leading effective rent increases were San Jose, California and Seattle at 1.7 percent and Buffalo, New York at 1.5 percent. Fort Lauderdale, Florida, which saw some of the greatest number of condo conversions over the past two years saw effective rent up 0.8 percent, compared with 2.8 percent a year earlier. Other Florida markets also saw a similar slowdown in rent increases, as more supply hit the market. On 6-11 Stifel Nicolaus Downgraded AMB and PLD from Buy to Hold. On 6-18 BMO Capital Markets Upgraded FPO from Market Perform to Outperform. On 6-21 Ferris Baker Watts Upgraded OFC. On 5-24 AG Edwards Upgraded OFC from Hold to Buy. On 5-22 RBC Capital Mkts Upgraded MPG from Underperform to Sector Perform. Dividend Announcements On 6-19 LRY declared a dividend of $0.62 per share tobe paid on July 15 to shareholders of record on July 1, 2007. On 6-14 SLG declared a regular quarterly dividend of 70 cents payable on July 13 to shareholders of record June 29. On 6-13 CLI declared a cash dividend of $0.64/share for the period April 1, 2007 through June 30, 2007. The dividend will be paid on July 16, 2007 to shareholders of record as of July 5, 2007. On 6-12 BDN declared a cash dividend for the second quarter of 2007 of $0.44/share, payable on July 19, 2007 to holders of record on July 5, 2007. On 6-11 MPG declared its second quarter 2007 common stock dividend of $0.40/share payable on July 31, 2007 to common shareholders of record as of June 29, 2007. On 6-18 BMR declared a dividend of $0.31 per share payable on July 16, 2007 to stockholders of record at the close of business on June 29, 2007. On 6-18 ARE declared a dividend of 76 cents per share [up from 74 cents] payable on July 13, 2007 to shareholders of record on July 2, 2007. On 6-18 BXP declared a dividend of $0.68 per share payable on July 31, 2007 to shareholders of record as of the close of business on June 29, 2007. 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 |