• Tim Knight from...
    11/26/2014 - 19:43
    I read your post Pity the Sub Genius and agreed with a lot of what you wrote. However you missed what I think is the biggest killer of middle class jobs, and that is technological...

REITs

REITs
Tyler Durden's picture

Michael Mauer Leaves Citi For Carl Icahn, Who Hates REITs





Michael Mauer, head of Citi's leveraged syndicate has left the TARP-laden firm to join hedge fund Icahn Associates. Mauer, who was hired in 2001, had previously worked at JP Morgan where he ran the syndicated loan business before the JPM-Chase merger. Mauer's departure comes as Icahn's hedge fund is focusing more on distressed debt opportunities.

 
Tyler Durden's picture

GS: 2009 Outlook: Bearish On CRE; REITs Could Re-test Recent Lows





Goldman has been really pounding the REIT space. Which, of course, skeptics will say simply means their prop desk (or what is left of it) is buying REIT assets hand over fist. Or maybe they just really hate the space.

 
Tyler Durden's picture

GS: 2009 Outlook: Bearish On CRE; REITs Could Re-test Recent Lows





Goldman has been really pounding the REIT space. Which, of course, skeptics will say simply means their prop desk (or what is left of it) is buying REIT assets hand over fist. Or maybe they just really hate the space.

 
Tyler Durden's picture

REITs Continue The Dividend Trap





If only companies knew they would be rewarded with aggressive buying of their stock after reducing and/or PIKing cash dividends they likely would have done so much, much sooner... After all why would investors demands cash out of "dividend stocks." This little trick however has not escaped REITs Mack-Cali and Simon Properties. CLI announced after market close today that it would be reducing its dividend by 30%, from $2.56 to $1.80 (a 30% reduction) and would pay the quarterly dividend of $0.45 on April 13 with an ex-div date of April 3.

 
Tyler Durden's picture

Much More Pain Ahead For REITs





Zero Hedge has written much about this so no comments here. Good article from Bloomberg summarizing the upcoming pain. Some salient quotes:

 
Tyler Durden's picture

Yet More REITs Conserving Cash





REIT Simon Property Group announced results of its dividend election today, which for all practical purposes could be called anything but an "election." The final outcome is that shareholders will receive a dividend of $0.90/share consisting virtually entirely of stock (90%) and the balance in cash.

 
Tyler Durden's picture

Game Over REITS? S&P Puts Entire Industry On Downgrade Review





S&P just announced it was downgrading Camden Property Trust and First Industrial, and putting nine other REITs on downgrade review including AIV, BRE, Capital Automotive, CLP, DDR, HPT, PLD and UDR...

 
Tyler Durden's picture

Goldman Slams Commercial REITs





Summary from report:

"Commercial real estate trends are eroding at a pace indicating that occupancy and rental declines should match the deep recession of the early 1990s. To that end, we ran a “stress test” for the 36 companies under coverage and now expect a 25% decline in earnings in 2009/2010, far below Street growth forecasts. Moreover, we expect most companies to reduce dividends to help address debt rolls of more than $100 bn into 2012."

 
Tyler Durden's picture

REITs Next To Receive Bail-Out Funding?





REITs are in trouble. Let me paraphrase that - REITs are in very big trouble. These companies whose very existence presumes significant equity value in their underlying investments are feeling a lot of pain these days with commercial mortgages on the verge of a default tsunami.

 
Tyler Durden's picture

REITs Next To Receive Bail-Out Funding?





REITs are in trouble. Let me paraphrase that - REITs are in very big trouble. These companies whose very existence presumes significant equity value in their underlying investments are feeling a lot of pain these days with commercial mortgages on the verge of a default tsunami.

 
Tyler Durden's picture

REITs Next To Receive Bail-Out Funding?





REITs are in trouble. Let me paraphrase that - REITs are in very big trouble. These companies whose very existence presumes significant equity value in their underlying investments are feeling a lot of pain these days with commercial mortgages on the verge of a default tsunami.

 
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