june 26 2024
Prologis (PLD) Stock Drops Despite Market Gains: Important Facts to Note
The most recent trading session ended with Prologis 
PLD standing at $109.83, reflecting a -1.61% shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily gain of 0.09%. Elsewhere, the Dow lost 0.1%, while the tech-heavy Nasdaq added 0.16%.
Shares of the industrial real estate developer witnessed a gain of 6.57% over the previous month, beating the performance of the Finance sector with its gain of 0.26% and the S&P 500's gain of 2.83%.
Investors will be eagerly watching for the performance of Prologis in its upcoming earnings disclosure. The company is predicted to post an EPS of $1.33, indicating a 27.32% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.85 billion, indicating a 12.28% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.42 per share and a revenue of $7.52 billion, signifying shifts of -3.39% and +10.25%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Prologis. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.09% lower. Prologis presently features a Zacks Rank of #4 (Sell).
With respect to valuation, Prologis is currently being traded at a Forward P/E ratio of 20.6. This expresses a premium compared to the average Forward P/E of 11.76 of its industry.
It is also worth noting that PLD currently has a PEG ratio of 2.49. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. REIT and Equity Trust - Other stocks are, on average, holding a PEG ratio of 2.22 based on yesterday's closing prices.
The REIT and Equity Trust - Other industry is part of the Finance sector. With its current Zacks Industry Rank of 172, this industry ranks in the bottom 32% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Zacks Investment Research
Airbnb's Secret Weapon to Fight State Laws: Its Hosts — WSJ
By Konrad Putzier and Allison Pohle
Julie Marks rents out her Jericho, Vt., basement and a guest unit on Airbnb. When state officials proposed a bill in 2021 to restrict short-term rentals, she wrote an opinion piece against it in a local paper.
Soon, she got a message from Rent Responsibly, the national network for short-term rental host groups that is partly funded by Expedia Group, which owns the vacation rental-listing site Vrbo. Rent Responsibly encouraged her to form her own state group to oppose the bill.
"One night after a couple of glasses of wine at 1 a.m. I made a website and then boom — there it was," Marks said. Within three weeks, 600 supporters had signed on.
At the suggestion of another state's host group, she hired a lobbyist. Marks and other group leaders met lawmakers for coffee. They testified at hearings and hosted happy hours at local breweries. Within a few months, the Vermont bill was dead.
Airbnb hosts are emerging as a potent political force, often with the financial backing and organizational support of the industry that prefers to let the individual hosts be the face of the movement while the companies help behind the scenes.
Hosts have formed countless advocacy groups across the U.S. under Rent Responsibly. They are swarming statehouses, flooding towns with letters and showing up at community meetings by the hundreds.
And, in states such as Vermont, they are starting to tip the political balance of power.
"The professionalization of host advocacy efforts is really leading to a turning of the tides in a lot of communities," said Noah Stewart, head of U.S. advocacy at Expedia Group.
Airbnb also helps leaders craft messages and keeps hosts in the loop about coming legislative hearings through its platform.
"That's huge, because otherwise we have no way to reach all those folks, " Marks said.
Hosts' rising political clout comes at a crucial time for the U.S. short-term rental industry, which is facing a wave of bills and rules designed to make it harder to turn homes into Airbnbs. New York City last year took the most aggressive step yet, eliminating nearly all short-term rentals when it began strictly enforcing registration rules. Other states and cities may follow suit.
"The snowball effect is the risk," said Robert Mollins, a stock analyst at Gordon Haskett Research Advisors who tracks Airbnb and Expedia.
Hosts and short-term rental companies face a formidable coalition of hotel companies and unions and neighborhood groups worried about traffic and party houses. Housing advocates have also been critical, saying that renting homes on Airbnb shrinks the housing supply and raises rents.
Host groups say their industry promotes tourism, creating jobs and tax revenue, and helps middle-class homeowners pay their bills.
Upsurge in hosts
Until recently, hosts struggled to match the political clout of their opponents. One big reason that is starting to change: There are way more hosts now. Their number in the U.S. has grown to more than 790,000, according to data company AirDNA, an eightfold increase since 2014 and up 35% since the start of the pandemic.
Host revenues have also surged as Americans spend more on travel. That means there are now lots of people with lots more money to lose if Airbnb restrictions pass.
Colorado's advocacy group, the Colorado Lodging and Resort Alliance, or Clara, launched in 2019. At first, members mainly used the host group to share information on bills. By 2023, the focus shifted to advocacy. Clara later used funding from the industry group Vacation Rental Management Association to hire its own lobbyist to help defeat proposed short-term rental regulations, said Toby Babich, a Clara founder.
The Colorado Senate introduced a bill this year that would quadruple property taxes on short-term rentals. But by then, "the wagons were circled," Babich said. The group formed a coalition of stakeholder groups, held meetings with lawmakers and solicited economic impact studies.
In April, the bill died in committee.
Not all groups have been successful. Surging rents during the pandemic led to more calls to restrict short-term rentals, which can shrink the housing supply as homes get turned into de facto hotels.
In Hawaii, short-term rental owners last year formed a statewide group and lawmakers later introduced a bill that would leave counties free to set limits on Airbnbs. Hawaii has faced surging rents and the Lahaina fires, which destroyed hundreds of homes on Maui, worsened the matter.
"The fires provided a lot more fuel for this fight," said Jennifer Wilkinson, vice president of the state host group Hawai'i Mid and Short-Term Rental Alliance. The bill became law in May, and the mayor of Maui has proposed a county law that would remove thousands of short-term rental listings on the island.
In New York, hosts last year staged protests outside city hall and filed a lawsuit alongside Airbnb, but failed to stop the de facto short-term-rental ban.
Help from Airbnb
Aside from independent, politically active host groups such as Clara, there are also more informal groups set up by Airbnb. Andrea Henderson, a short-term rental host in Denver, received an Airbnb email soliciting applications to be a host "community leader" and run one of these groups. She was selected in 2022.
She isn't on the company's payroll, but said she does get funding to put on local meetups. The Denver group grew from 10 members in 2022 to more than 1,000 in 2024, she said.
Many hosts hadn't heard of the Colorado Senate bill. Henderson corresponded with a member of Airbnb's advocacy team, shared information about the legislation with hosts and encouraged those interested to testify at hearings.
Some independent groups also get support from Airbnb and Expedia. "They speak authentically because they're not hired consultants, they're not PR agencies," said Jay Carney, global head of policy and communications at Airbnb.
In Pennsylvania, the Poconos Association of Vacation Rental Owners has biweekly calls with members of the two companies' policy teams who help draft letters to homeowners associations and community boards, said the group's executive director Ricky Cortez.
Still, for the most part the companies stay in the background, and hosts say they are happy with that.
"If Airbnb walks in the door, no one is going to support them," Marks said. "But if Julie Marks and her three friends, who are also Vermonters, walk through the door, they'll listen."
Write to Konrad Putzier at konrad.putzier@wsj.com and Allison Pohle at allison.pohle@wsj.com
By Konrad Putzier and Allison Pohle
Julie Marks rents out her Jericho, Vt., basement and a guest unit on Airbnb. When state officials proposed a bill in 2021 to restrict short-term rentals, she wrote an opinion piece against it in a local paper.
Soon, she got a message from Rent Responsibly, the national network for short-term rental host groups that is partly funded by Expedia Group, which owns the vacation rental-listing site Vrbo. Rent Responsibly encouraged her to form her own state group to oppose the bill.
"One night after a couple of glasses of wine at 1 a.m. I made a website and then boom — there it was," Marks said. Within three weeks, 600 supporters had signed on.
At the suggestion of another state's host group, she hired a lobbyist. Marks and other group leaders met lawmakers for coffee. They testified at hearings and hosted happy hours at local breweries. Within a few months, the Vermont bill was dead.
Airbnb hosts are emerging as a potent political force, often with the financial backing and organizational support of the industry that prefers to let the individual hosts be the face of the movement while the companies help behind the scenes.
Hosts have formed countless advocacy groups across the U.S. under Rent Responsibly. They are swarming statehouses, flooding towns with letters and showing up at community meetings by the hundreds.
And, in states such as Vermont, they are starting to tip the political balance of power.
"The professionalization of host advocacy efforts is really leading to a turning of the tides in a lot of communities," said Noah Stewart, head of U.S. advocacy at Expedia Group.
Airbnb also helps leaders craft messages and keeps hosts in the loop about coming legislative hearings through its platform.
"That's huge, because otherwise we have no way to reach all those folks, " Marks said.
Hosts' rising political clout comes at a crucial time for the U.S. short-term rental industry, which is facing a wave of bills and rules designed to make it harder to turn homes into Airbnbs. New York City last year took the most aggressive step yet, eliminating nearly all short-term rentals when it began strictly enforcing registration rules. Other states and cities may follow suit.
"The snowball effect is the risk," said Robert Mollins, a stock analyst at Gordon Haskett Research Advisors who tracks Airbnb and Expedia.
Hosts and short-term rental companies face a formidable coalition of hotel companies and unions and neighborhood groups worried about traffic and party houses. Housing advocates have also been critical, saying that renting homes on Airbnb shrinks the housing supply and raises rents.
Host groups say their industry promotes tourism, creating jobs and tax revenue, and helps middle-class homeowners pay their bills.
Upsurge in hosts
Until recently, hosts struggled to match the political clout of their opponents. One big reason that is starting to change: There are way more hosts now. Their number in the U.S. has grown to more than 790,000, according to data company AirDNA, an eightfold increase since 2014 and up 35% since the start of the pandemic.
Host revenues have also surged as Americans spend more on travel. That means there are now lots of people with lots more money to lose if Airbnb restrictions pass.
Colorado's advocacy group, the Colorado Lodging and Resort Alliance, or Clara, launched in 2019. At first, members mainly used the host group to share information on bills. By 2023, the focus shifted to advocacy. Clara later used funding from the industry group Vacation Rental Management Association to hire its own lobbyist to help defeat proposed short-term rental regulations, said Toby Babich, a Clara founder.
The Colorado Senate introduced a bill this year that would quadruple property taxes on short-term rentals. But by then, "the wagons were circled," Babich said. The group formed a coalition of stakeholder groups, held meetings with lawmakers and solicited economic impact studies.
In April, the bill died in committee.
Not all groups have been successful. Surging rents during the pandemic led to more calls to restrict short-term rentals, which can shrink the housing supply as homes get turned into de facto hotels.
In Hawaii, short-term rental owners last year formed a statewide group and lawmakers later introduced a bill that would leave counties free to set limits on Airbnbs. Hawaii has faced surging rents and the Lahaina fires, which destroyed hundreds of homes on Maui, worsened the matter.
"The fires provided a lot more fuel for this fight," said Jennifer Wilkinson, vice president of the state host group Hawai'i Mid and Short-Term Rental Alliance. The bill became law in May, and the mayor of Maui has proposed a county law that would remove thousands of short-term rental listings on the island.
In New York, hosts last year staged protests outside city hall and filed a lawsuit alongside Airbnb, but failed to stop the de facto short-term-rental ban.
Help from Airbnb
Aside from independent, politically active host groups such as Clara, there are also more informal groups set up by Airbnb. Andrea Henderson, a short-term rental host in Denver, received an Airbnb email soliciting applications to be a host "community leader" and run one of these groups. She was selected in 2022.
She isn't on the company's payroll, but said she does get funding to put on local meetups. The Denver group grew from 10 members in 2022 to more than 1,000 in 2024, she said.
Many hosts hadn't heard of the Colorado Senate bill. Henderson corresponded with a member of Airbnb's advocacy team, shared information about the legislation with hosts and encouraged those interested to testify at hearings.
Some independent groups also get support from Airbnb and Expedia. "They speak authentically because they're not hired consultants, they're not PR agencies," said Jay Carney, global head of policy and communications at Airbnb.
In Pennsylvania, the Poconos Association of Vacation Rental Owners has biweekly calls with members of the two companies' policy teams who help draft letters to homeowners associations and community boards, said the group's executive director Ricky Cortez.
Still, for the most part the companies stay in the background, and hosts say they are happy with that.
"If Airbnb walks in the door, no one is going to support them," Marks said. "But if Julie Marks and her three friends, who are also Vermonters, walk through the door, they'll listen."
Write to Konrad Putzier at konrad.putzier@wsj.com and Allison Pohle at allison.pohle@wsj.com
San Juan Basin Files 8K - Operations And Financial Condition >SJT
San Juan Basin Royalty Trust (SJT) filed a Form 8K - Operations and Financial Condition - with the U.S Securities and Exchange Commission on April 19, 2024.
On April 19, 2024, the San Juan Basin Royalty Trust (the "Trust") issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing a monthly cash distribution to the holders (the "Unit Holders") of its units of beneficial interest (the "Units") in the amount of $1,065,685.42 or $0.022864 per Unit, based primarily upon the reported production of the Trust's subject interests (the "Subject Interests") during the month of February 2024, by the owner of the Subject Interests, Hilcorp San Juan L.P. The distribution is payable May 14, 2024, to the Unit Holders of record as of April 30, 2024.
In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall be deemed "furnished" and not "filed" with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/319655/000095017024045798/sjt_april_8-k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/319655/000095017024045798/0000950170-24-045798-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
San Juan Basin Royalty Trust (SJT) filed a Form 8K - Operations and Financial Condition - with the U.S Securities and Exchange Commission on April 19, 2024.
On April 19, 2024, the San Juan Basin Royalty Trust (the "Trust") issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing a monthly cash distribution to the holders (the "Unit Holders") of its units of beneficial interest (the "Units") in the amount of $1,065,685.42 or $0.022864 per Unit, based primarily upon the reported production of the Trust's subject interests (the "Subject Interests") during the month of February 2024, by the owner of the Subject Interests, Hilcorp San Juan L.P. The distribution is payable May 14, 2024, to the Unit Holders of record as of April 30, 2024.
In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall be deemed "furnished" and not "filed" with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/319655/000095017024045798/sjt_april_8-k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/319655/000095017024045798/0000950170-24-045798-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
4 REITs With Double Digit Total Returns Over The Last 3 And 5 Years
Investors looking over the vast number of real estate investment trusts (REITs) are sometimes confused as to which ones will most likely create both appreciation and a good dividend return over time. The combination of these two performance matrices creates the "total return" of the REIT.
Many REITs perform well for short periods but do not sustain those results over a longer period. With the headwinds of COVID-19, inflation and increases in interest rates over the past five years, it hasn't been an easy time for the REIT sector in general.
However, some individual REITs have withstood the headwinds and captured excellent gains. Take a look at four REITs with double-digit total returns over the past three- and five-year time frames.
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Iron Mountain Inc. is a Portsmouth, New Hampshire-based specialty REIT with a focus on information management and storage, data center infrastructure and asset lifecycle management. Iron Mountain was founded in 1951 and has more than 240,000 customers worldwide. In recent years, it has shifted its focus from paper storage to data storage.
On Feb. 22, Iron Mountain reported its fourth-quarter operating results. Funds from operations (FFO) of $0.83 per share beat the consensus estimate of $0.81 and its FFO of $0.74 per share in the fourth quarter of 2022. Revenue of $1.42 billion beat the fourth-quarter 2022 revenue of $1.28 billion but could not meet the analyst estimates of $1.45 billion.
On March 15, Wells Fargo analyst Eric Luebchow maintained an Overweight position on Iron Mountain and raised the price target from $80 to $90. Barclays' analyst Brendan Lewis also has an Overweight position from early March on Iron Mountain, with a $91 price target.
Iron Mountain's three- and five-year total returns are 129.4% and 150.54% respectively.
Tanger Inc. , formerly called Tanger Factory Outlet Centers Inc., is a Greensboro, North Carolina-based retail REIT that owns, coowns or manages 40 indoor shopping centers and outdoor factory outlet malls with 15.6 million square feet and over 3,000 stores across 20 states and in Canada. Tanger Factory Outlet Centers was founded in 1981 and had its initial public offering (IPO) in May 1993. Tanger's occupancy rate at the end of 2023 was 97.3%.
On Feb. 15, Tanger reported excellent fourth-quarter operating results. FFO of $0.52 beat the estimate of $0.50. Revenue of $127.48 million beat the estimate of $119.04 million and was 9.46% above revenue from the fourth quarter of 2022 of $116.46 million. Additionally, full-year core FFO was announced in a range from $2.01-$2.09 per share, with a midpoint above the analyst consensus estimate of $2.03 per share.
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On April 5, Bank of America Securities analyst Jeffrey Spector upgraded Tanger from Underperform to Neutral and raised the price target 29.1% from $24 to $31. On March 22, Citigroup analyst Michael Bilerman also upgraded Tanger from Neutral to Buy and raised the price target from $30 to $33.
Tanger's three- and five-year total returns are 94.41% and 56.76%, respectively.
Plymouth Industrial REIT Inc. is a Boston-based industrial REIT that owns and operates 156 properties with over 34 million square feet in 13 East Coast and Midwestern markets. Its portfolio occupancy as of Dec. 31, was 98.6%. During the fourth quarter of 2023, it leased an aggregate of 966,167 square feet, with a 23.4% increase in rental rates on a cash basis from these leases.
In 2023, Plymouth outperformed larger and more well-known industrial REITs such as Prologis Inc. and Rexford Industrial Realty Inc. . Still, this smaller REIT receives far less publicity than its rivals.
On Feb. 21, Plymouth reported its fourth-quarter operating results. Adjusted FFO (AFFO) of $0.48 per share was a 14.29% increase over AFFO of $0.42 in the fourth quarter of 2022. Revenue of $50.75 million missed the Street's estimate of $50.91 million but topped its revenue of $47.32 million in the fourth quarter of 2022.
Plymouth Industrial also announced an increase in its quarterly dividend from $0.225 per share to $0.24 per share. The $0.96 per share annual dividend presently yields 4.48%.
On March 27, Barclays analyst Brendan Lynch initiated coverage on Plymouth Industrial REIT with an Equal-Weight rating and announced a price target of $22.
On April 2, Plymouth Industrial reported on its leasing activity for the first quarter of 2024. Over 1.3 million square feet of space with terms of at least six months was leased with a 17.1% increase in rental rates. These included both renewals and new leases. Total same-store occupancy at the end of the first quarter was 98.3%.
Plymouth Realty's three- and five-year total returns are 39.62% and 58.28%, respectively.
Lamar Advertising Co. is a Baton Rouge, Louisiana-based specialty REIT, founded in 1902 with a focus on owning and leasing 363,000 displays throughout the U.S. and Canada, including digital and print billboards, interstate logos and airport advertising formats. Lamar Advertising and Outfront Media Inc. are the only two REITs exclusively devoted to billboard and display advertising.
On Feb. 23, Lamar Advertising reported its fourth-quarter results. FFO of $1.46 per share beat the estimate of $1.35 per share and was 124.62% better than its fourth-quarter 2022 FFO of $0.65 per share. Revenue of $555.91 million topped the estimate of $547.66 million and also bested its revenue of fourth-quarter 2022 revenue of $535.51 million.
On Feb. 26, Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating on Lamar and increased the price target from $105 to $110. The same day, JPMorgan Chase & Co. analyst Richard Close maintained a Neutral rating on Lamar and raised the price target from $92 to $109.
Lamar pays a quarterly dividend of $1.30 per share, and the annualized $5.20 dividend yields 4.52%. Its total three- and five-year returns are 34% and 67.52%, respectively.
The following table summarizes all four REITs and the total returns made since 2019:
REIT SYMBOL TYPE 3-YR RETURN 5-YR RETURN Iron Mountain Inc. IRM Specialized 129.4% 150.54% Tanger Inc. SKT Retail 94.41% 56.76% Plymouth Industrial REIT PLYM Industrial 39.62% 58.28% Lamar Advertising Co. LAMR Specialized 34% 67.52%
(Dates used: April 5, 2021, and April 5, 2019, to April 5, 2024)
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Investors looking over the vast number of real estate investment trusts (REITs) are sometimes confused as to which ones will most likely create both appreciation and a good dividend return over time. The combination of these two performance matrices creates the "total return" of the REIT.
Many REITs perform well for short periods but do not sustain those results over a longer period. With the headwinds of COVID-19, inflation and increases in interest rates over the past five years, it hasn't been an easy time for the REIT sector in general.
However, some individual REITs have withstood the headwinds and captured excellent gains. Take a look at four REITs with double-digit total returns over the past three- and five-year time frames.
Don't Miss:
- Investing in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
- Elon Musk Is Bullish On Austin. Here’s How To Invest In The City’s Growth Before He Floods It With New Tech Workers.
Iron Mountain Inc. is a Portsmouth, New Hampshire-based specialty REIT with a focus on information management and storage, data center infrastructure and asset lifecycle management. Iron Mountain was founded in 1951 and has more than 240,000 customers worldwide. In recent years, it has shifted its focus from paper storage to data storage.
On Feb. 22, Iron Mountain reported its fourth-quarter operating results. Funds from operations (FFO) of $0.83 per share beat the consensus estimate of $0.81 and its FFO of $0.74 per share in the fourth quarter of 2022. Revenue of $1.42 billion beat the fourth-quarter 2022 revenue of $1.28 billion but could not meet the analyst estimates of $1.45 billion.
On March 15, Wells Fargo analyst Eric Luebchow maintained an Overweight position on Iron Mountain and raised the price target from $80 to $90. Barclays' analyst Brendan Lewis also has an Overweight position from early March on Iron Mountain, with a $91 price target.
Iron Mountain's three- and five-year total returns are 129.4% and 150.54% respectively.
Tanger Inc. , formerly called Tanger Factory Outlet Centers Inc., is a Greensboro, North Carolina-based retail REIT that owns, coowns or manages 40 indoor shopping centers and outdoor factory outlet malls with 15.6 million square feet and over 3,000 stores across 20 states and in Canada. Tanger Factory Outlet Centers was founded in 1981 and had its initial public offering (IPO) in May 1993. Tanger's occupancy rate at the end of 2023 was 97.3%.
On Feb. 15, Tanger reported excellent fourth-quarter operating results. FFO of $0.52 beat the estimate of $0.50. Revenue of $127.48 million beat the estimate of $119.04 million and was 9.46% above revenue from the fourth quarter of 2022 of $116.46 million. Additionally, full-year core FFO was announced in a range from $2.01-$2.09 per share, with a midpoint above the analyst consensus estimate of $2.03 per share.
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On April 5, Bank of America Securities analyst Jeffrey Spector upgraded Tanger from Underperform to Neutral and raised the price target 29.1% from $24 to $31. On March 22, Citigroup analyst Michael Bilerman also upgraded Tanger from Neutral to Buy and raised the price target from $30 to $33.
Tanger's three- and five-year total returns are 94.41% and 56.76%, respectively.
Plymouth Industrial REIT Inc. is a Boston-based industrial REIT that owns and operates 156 properties with over 34 million square feet in 13 East Coast and Midwestern markets. Its portfolio occupancy as of Dec. 31, was 98.6%. During the fourth quarter of 2023, it leased an aggregate of 966,167 square feet, with a 23.4% increase in rental rates on a cash basis from these leases.
In 2023, Plymouth outperformed larger and more well-known industrial REITs such as Prologis Inc. and Rexford Industrial Realty Inc. . Still, this smaller REIT receives far less publicity than its rivals.
On Feb. 21, Plymouth reported its fourth-quarter operating results. Adjusted FFO (AFFO) of $0.48 per share was a 14.29% increase over AFFO of $0.42 in the fourth quarter of 2022. Revenue of $50.75 million missed the Street's estimate of $50.91 million but topped its revenue of $47.32 million in the fourth quarter of 2022.
Plymouth Industrial also announced an increase in its quarterly dividend from $0.225 per share to $0.24 per share. The $0.96 per share annual dividend presently yields 4.48%.
On March 27, Barclays analyst Brendan Lynch initiated coverage on Plymouth Industrial REIT with an Equal-Weight rating and announced a price target of $22.
On April 2, Plymouth Industrial reported on its leasing activity for the first quarter of 2024. Over 1.3 million square feet of space with terms of at least six months was leased with a 17.1% increase in rental rates. These included both renewals and new leases. Total same-store occupancy at the end of the first quarter was 98.3%.
Plymouth Realty's three- and five-year total returns are 39.62% and 58.28%, respectively.
Lamar Advertising Co. is a Baton Rouge, Louisiana-based specialty REIT, founded in 1902 with a focus on owning and leasing 363,000 displays throughout the U.S. and Canada, including digital and print billboards, interstate logos and airport advertising formats. Lamar Advertising and Outfront Media Inc. are the only two REITs exclusively devoted to billboard and display advertising.
On Feb. 23, Lamar Advertising reported its fourth-quarter results. FFO of $1.46 per share beat the estimate of $1.35 per share and was 124.62% better than its fourth-quarter 2022 FFO of $0.65 per share. Revenue of $555.91 million topped the estimate of $547.66 million and also bested its revenue of fourth-quarter 2022 revenue of $535.51 million.
On Feb. 26, Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating on Lamar and increased the price target from $105 to $110. The same day, JPMorgan Chase & Co. analyst Richard Close maintained a Neutral rating on Lamar and raised the price target from $92 to $109.
Lamar pays a quarterly dividend of $1.30 per share, and the annualized $5.20 dividend yields 4.52%. Its total three- and five-year returns are 34% and 67.52%, respectively.
The following table summarizes all four REITs and the total returns made since 2019:
| REIT | SYMBOL | TYPE | 3-YR RETURN | 5-YR RETURN |
| Iron Mountain Inc. | IRM | Specialized | 129.4% | 150.54% |
| Tanger Inc. | SKT | Retail | 94.41% | 56.76% |
| Plymouth Industrial REIT | PLYM | Industrial | 39.62% | 58.28% |
| Lamar Advertising Co. | LAMR | Specialized | 34% | 67.52% |
(Dates used: April 5, 2021, and April 5, 2019, to April 5, 2024)
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
These 3 Real Estate Stocks With Over 3% Dividend Yields Are Recommended By Wall Street's Most Accurate Analysts
During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.
Benzinga readers can review the latest analyst takes on their favorite stocks by visiting our Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy .
Below are the ratings of the most accurate analysts for three high-yielding stocks in the real estate sector.
Sun Communities, Inc. 
SUI
- Dividend Yield: 3.05%
- BMO Capital analyst John Kim maintained an Outperform rating and cut the price target from $143 to $140 on Jan. 22, 2024. This analyst has an accuracy rate of 61%.
- Evercore ISI Group analyst Steve Sakwa maintained an Outperform rating and boosted the price target from $128 to $132 on Nov. 27, 2023. This analyst has an accuracy rate of 60%.
- Recent News: Sun Communities said it will release first quarter 2024 operating results after the closing bell on April 29, 2024.
Prologis, Inc. PLD
- Dividend Yield: 3.06%
- Morgan Stanley analyst Ronald Kamdem maintained an Overweight rating and raised the price target from $128 to $141 on Jan. 24, 2024. This analyst has an accuracy rate of 60%.
- Raymond James analyst William Crow maintained a Strong Buy rating and increased the price target from $130 to $145 on Jan. 24, 2024. This analyst has an accuracy rate of 72%.
- Recent News: Prologis is expected to report first quarter results on April 17, 2024.
Invitation Homes Inc. 
INVH
- Dividend Yield: 3.22%
- Raymond James analyst Buck Horne maintained an Outperform rating and raised the price target from $37 to $39 on March 28, 2024. This analyst has an accuracy rate of 74%.
- Oppenheimer analyst Tyler Batory maintained an Outperform rating and boosted the price target from $35 to $40 on Jan. 5, 2024. This analyst has an accuracy rate of 71%.
- Recent News: On March 15, Invitation Homes declared a quarterly cash dividend of 28 cents per share payable on shares of its common stock.
Read More: Investor Sentiment Improves, But Dow Falls Over 200 Points
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.
Benzinga readers can review the latest analyst takes on their favorite stocks by visiting our Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy .
Below are the ratings of the most accurate analysts for three high-yielding stocks in the real estate sector.
Sun Communities, Inc. SUI
- Dividend Yield: 3.05%
- BMO Capital analyst John Kim maintained an Outperform rating and cut the price target from $143 to $140 on Jan. 22, 2024. This analyst has an accuracy rate of 61%.
- Evercore ISI Group analyst Steve Sakwa maintained an Outperform rating and boosted the price target from $128 to $132 on Nov. 27, 2023. This analyst has an accuracy rate of 60%.
- Recent News: Sun Communities said it will release first quarter 2024 operating results after the closing bell on April 29, 2024.
Prologis, Inc. PLD
- Dividend Yield: 3.06%
- Morgan Stanley analyst Ronald Kamdem maintained an Overweight rating and raised the price target from $128 to $141 on Jan. 24, 2024. This analyst has an accuracy rate of 60%.
- Raymond James analyst William Crow maintained a Strong Buy rating and increased the price target from $130 to $145 on Jan. 24, 2024. This analyst has an accuracy rate of 72%.
- Recent News: Prologis is expected to report first quarter results on April 17, 2024.
Invitation Homes Inc. INVH
- Dividend Yield: 3.22%
- Raymond James analyst Buck Horne maintained an Outperform rating and raised the price target from $37 to $39 on March 28, 2024. This analyst has an accuracy rate of 74%.
- Oppenheimer analyst Tyler Batory maintained an Outperform rating and boosted the price target from $35 to $40 on Jan. 5, 2024. This analyst has an accuracy rate of 71%.
- Recent News: On March 15, Invitation Homes declared a quarterly cash dividend of 28 cents per share payable on shares of its common stock.
Read More: Investor Sentiment Improves, But Dow Falls Over 200 Points
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Beyond Empty Offices: 4 REITs to Buy Now — Barrons.com
By LAWRENCE C. STRAUSS
Shares of real estate investment trusts have trailed the market this year, but some of these companies offer healthy dividends, attractive yields, and solid fundamentals.
A key culprit for the underperformance: higher-for-longer interest rates. Higher rates hurt REITs because, like utilities, they are capital intensive and often carry a lot of debt.
"Coming into this year, investors expected the Fed to pivot," says Gina Szymanski, a managing director of AEW Capital Management and a real estate securities portfolio manager. "But since the beginning of the year, those expectations have been ratcheted down."
REIT stocks overall are down about 2% in 2024, a reversal from last year's fourth-quarter surge on the expectation that the Federal Reserve's first series of rate cuts was fast approaching.
The S&P 500 index's real estate sector returned nearly 19% during that stretch, including dividends, compared with about 12% for the broader index.
Saira Malik, chief investment officer at Nuveen, thinks there are some good plays in the sector in this environment. "REITs tend to perform in periods of stable and lower interest rates," she says.
Even if rates stay around current levels, she adds, that's also a positive backdrop "because the headwind of increasing interest rates is behind them."
REITs on average had free cash flow per share growth of 1% to 2% last year, according to Szymanski. She expects that to improve to 4% to 5% this year and 6% to 8% in 2025. That, in turn, should help dividend growth.
REITs can be attractive options for income investors because the firms are required to pay out at least 90% of their taxable income to shareholders.
"This has not been a story of fundamental weakness," says Szymanski, noting that plenty of REITs have strong balance sheets and cash flow and that supply-demand dynamics in many sectors have been favorable for these companies.
Those fundamentals do vary among the different REIT sectors. "But it's still reasonably healthy overall," says Michael Knott, head of U.S. REIT research at Green Street.
The office sector is probably the toughest, the result of hybrid work schedules triggered by the pandemic as well as those employees who prefer to work remotely full-time.
Vornado Realty Trust, which has a big office presence in New York City, announced late last year that it would pay a dividend of 30 cents a share, down from 37.5 cents previously. Other office REITs have made similar moves. They aren't for the faint of heart.
Among the sectors that Malik favors is retail, including strip shopping centers, even amid headlines about companies shuttering stores.
"Consumers still shop at strip centers," she says. "The tenants are still strong in there. Many times, it's essential businesses." That includes grocery stores.
One way to play strip centers is Kimco Realty, which yields 4.9%.
Elsewhere, Malik cites Prologis, which yields 2.9%, as a sound play on the industrial sector, in this case a company with a big presence in warehouses and others aspects of global shipping.
One of Szymanksi's fund holdings is Vici Properties, which yields 5.7%. Its portfolio includes casino real estate in Las Vegas, including Caesars Palace. That market has been performing well.
Another REIT she favors is Welltower, which yields 2.7%. With its senior housing portfolio, the company's growth is being helped by "the aging baby boomers creating demand for assisted living space," she says.
Investors need to be selective, of course, but there's plenty of income to be had in REITs.
Email: editors@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
These Monthly Income REITs Have Yields Up to 8%
For investors seeking a steady stream of monthly income, real estate investment trusts (REITs) that pay dividends on a monthly basis emerge as a compelling financial strategy. In this article, we unravel two REITs that pay monthly dividends and have yields up to 8%.
Realty Income
Realty Income 
O owns and operates a portfolio of more than 13,250 commercial properties, making it the 7th largest global REIT. It boasts a world-class tenant base, including BJ's Wholesale Club, Dollar General, Dollar Tree, Walgreens, Walmart, and Wynn Resorts.
Realty Income currently pays a monthly dividend of $0.2565, equating to an annualized dividend of $3.078 per share and giving its stock a yield of about 5.9% at today's levels.
On top of its high yield, Realty Income is a dividend aristocrat. It has raised its annual dividend every year since 1994, meaning 2024 will mark the 30th consecutive year in which it has raised its annual dividend payment.
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EPR Properties
EPR Properties 
EPR is a leading diversified experiential net lease REIT. It owns and manages a portfolio of 359 entertainment, recreation, education, and leisure properties, including movie theaters, golf ranges, waterparks, amusement parks, fitness centers, private schools, and early childhood education centers.
EPR currently pays a monthly dividend of $0.275 per share, equating to an annualized dividend of $3.30 per share and giving its stock a yield of about 8% at today's levels.
EPR had an impressive track record of dividend growth up until the Covid-19 pandemic forced it to suspend its dividend, but with operations back to normal, investors should consider EPR a reliable source of monthly income that will likely grow in the years ahead.
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Image Credit: Shutterstockhttps://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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