10 year Treasury hits one year high
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Last week, interest rates and inflation came back into focus as the 10 year treasury yield hit its highest levels in one year.The ten year treasury rate has doubled since I started this site a mere 6 or so months ago as inflation expectations have increased and market participants
More office results/Musings on Office/ Margin of safety
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I have been thinking about office real estate and office REITs more over the past couple of weeks. As noted in my piece [https://www.privateeyecapital.com/index-weightings-and-other-factors-explain-why-many-bargains-abound-in-reit-land/] highlighting the severe underweighting of apartment REITs in real estate indices/ETFs, office REITs are also significantly underweight (versus real commercial property
Kilroy Realty: $200+ million in NOI for FREE or... How bad is SF really?
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Note: this article was sent out to subscribers in advance of web publication. Wanna hear it first? Sign up [https://privateeyecapital.us17.list-manage.com/subscribe/post?u=9817d763c853faa67051e844f&id=42a78a95e4] to receive Private Eye Capital's FREE Actionable Investment Idea Newsletter. It's FREE! Headlines like this:
EQR Results; Expectations/Moods/Share Prices
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Equity Residential (EQR) reported results last week showing improved quarter over quarter occupancy. While rents declined year over year, concessions/incentives have declined and rents have stabilized versus last quarter. LA, Boston, Orange Country and San Diego rank are expected to show relative strength for 2021. Of course, SF and
MAA/CPT -Quick sunbelt update
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Mid American and Camden both reported results last week. For 4Q20/FY2020 MAA's results were a bit better as it has less exposure to the soft Houston market and no exposure to Los Angeles. Similarly, MAA has a slightly better outlook for 2021. MAA mgmt expects slightly positive
Essex FY results & Private (REAL) market update
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The results themselves are very much what I would expect based on what we saw in 2H20 and management's past commentary on trends.Importantly, ESS management provided 2021 earnings guidance (was previously suspended due to COVID related uncertainty), resumed the share buyback (had been paused due to uncertainty)
KRC results: Outlook Better than expected & Private Market Comps
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More evidence that Kilroy Realty (KRC - here [https://www.privateeyecapital.com/kilroy-realty-the-price-is-wrong/] is my initial piece) is significantly undervalued came with 4Q results. While 4Q leasing activity remained subdued (just 61k sq feet signed in 4Q with 14% POSITIVE cash rent spread; signed another 75k sq feet in January
Have you ever wanted to own an MLB team?
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Note: this article was sent out to subscribers in advance of web publication. Wanna hear it first? Sign up [https://privateeyecapital.us17.list-manage.com/subscribe/post?u=9817d763c853faa67051e844f&id=42a78a95e4] to receive Private Eye Capital's FREE Actionable Investment Idea Newsletter. It's FREE! If you are
