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
Kilroy Realty (KRC): Sale of the Exchange Confirms Massive Undervaluation
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On 3/8 Kilroy Realty announced [https://www.businesswire.com/news/home/20210308005258/en/Kilroy-Realty-to-Sell-The-Exchange-on-16th-for-1.08-Billion] it has agree to sell The Exchange, a downtown San Francisco office building for $1.1 billion (significant at 10% of KRC's enterprise value), a record setting $1,440 per foot. I
Invitation Homes ->Buy Rental Houses at a Big Discount
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UPDATED: Cap rates, 4 yr expected IRRs for Apartment REITs
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Thought it was time for a quick update here as companies have reported and share prices have moved up a bit. Broadly speaking, the coastal/urban apartment REIT share prices have moved up. Unlike the wizards on the sellside who like to keep their price targets closely in-line with the
TJX results
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TJ Maxx reported 4Q/FY results. While TJX shares have done well since I first wrote [https://www.privateeyecapital.com/tjx-the-maxx-for-the-minimum/] about the company, this is the market starting to look forward to brighter days in 2022 and beyond. Current results remain weak due: -store closures overall stores were closed
