Columbia Property Trust (CXP) go-private deal suggests significant upside for Kilroy
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To follow me on Twitter (more timely updates), click here [https://twitter.com/PrivateEyeCap]. By my calculations, CXP is getting done at about a 6.3% cap rate. Some of the headline #s I saw don't appear to have ascribed value to the company's development portfolio.
Altice USA- Yes 2Q net adds disappointed but...I think ATUS could triple in 3-4 years
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Quick and dirty: Since reporting 2Q results a couple weeks ago, cable broadband provider Altice USA (ATUS) shares have fallen -17% to $28 and now trade at very low valuation multiples. While 2Q net subscriber additions were modestly disappointing, as shown below, I believe the resurgence of NYC explains this
Lots to like in Kilroy's 2Q conf call
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While Kilroy shares have languished over the past few months, the business continues to make steady progress: * As previously mentioned, during 2Q, development activity commenced for Kilroy Oyster Point Phase 2 (KOP2). Life sciences vacancy in South San Francisco is very low at sub 2% and rents continue to hit
Essex Property Trust- muted 1Q; 2H21 and 2022 likely to shine
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Essex Property Trust (ESS - initial piece here [https://www.privateeyecapital.com/why-would-any-long-term-investor/] & follow up [https://www.privateeyecapital.com/tag/ess/]) posted a slightly better than expected set of results. Shares declined slightly - the market appears to be disappointed that ESS did not increase full year NOI guidance
Things are quite good for sunbelt apartment owners
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Both Camden (CPT) and Mid American (MAA) reported results this week. Operating results are strong - CPT's new lease rents inflected positively and are +4.4% in April (blended lease rates for April of 4.5%). MAA reported even stronger results (slightly different geographic mix - CPT slowed
The market fears office but I love Kilroy
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Kilroy Realty (KRC- find previous writeups here [https://www.privateeyecapital.com/tag/krc/]) - Kilroy completed the sale of a large San Francisco office property for $1.1 billion and reported an ‘as expected’ set of 1Q results (office leases are long term so there aren’t huge Q to
Atlanta Braves: MLB Commish talks 'replacement cost'
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Atlanta Braves (BATRA/ BATRK - initial writeup here [https://www.privateeyecapital.com/have-you-ever-wanted-to-own-an-mlb-team/]) - MLB commissioner Rob Manfred gave us a glimpse into the cost of marginal supply [https://www.si.com/mlb/2021/04/27/rob-manfred-mlb-expansion-fee-over-2-billion] (or replacement cost, if you prefer) by stating that the franchise fee for
Invitation Homes - strong start to 2021
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Invitation Homes (INVH - initial writeup here [https://www.privateeyecapital.com/invitation-homes/]) reported a very strong start to 2021.A decade+ of underbuilding, the maturing of the millennials (marriage, kids, burbs), increased work flexibility (fewer days in the office/ more time at home) and ultra low mortgage rates have caused
