Morningstar Got it Right
Joel Bloomer of Morningstar wrote a great report titled “Increased Uncertainty for REITs” (thanks for the link Yeksoon!).
In the report, Morningstar raised the FAIR VALUE UNCERTAINTY RATINGS for a number of REITs. Guess who’s on the list? You know it baby…all the usual suspects are mentioned! The report basically says that fair value is a crapshoot with the REITs.
Here is the list:
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Real Estate Investment Trusts |
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Very High Fair Value Uncertainty |
High Fair Value Uncertainty
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AvalonBay Communities, Inc. AVB
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AMB Property Corporation AMB |
Biomed Realty Trust, Inc. BMR
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Camden Property Trust CPT
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Apartment Investment & Management AIV |
DCT Industrial Trust, Inc. DCT
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Ashford Hospitality Trust, Inc. AHT |
Digital Realty Trust, Inc. DLR
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Boston Properties, Inc. BXP |
EastGroup Properties, Inc. EGP
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Brandywine Realty Trust BDN |
Equity Residential EQR
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BRE Properties, Inc. BRE |
Essex Property Trust ESS
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Boston Properties, Inc. BXP |
Federal Realty Investment Trust FRT
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CBL & Associates Properties, Inc. CBL |
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Cedar Shopping Centers, Inc. CDR |
Health Care REIT, Inc. HCN
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Colonial Properties Trust CLP |
HRPT Properties Trust HRP
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Corporate Office Properties Trust, Inc. OFC |
Mid-America Apartment Communities MAA
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Cousins Properties, Inc. CUZ |
Nationwide Health Properties, Inc. NHP
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Developers Diversified Realty DDR |
Post Properties, Inc. PPS
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Diamondrock Hospitality Company DRH |
Public Storage PSA
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Douglas Emmett, Inc. DEI |
Realty Income Corporation O
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Duke Realty Corporation DRE |
Universal Health Realty UHT
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Equity Lifestyle Properties, Inc. ELS |
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Equity One, Inc. EQY |
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Extra Space Storage, Inc. EXR |
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| Felcor Lodging Trust, Inc. FCH |
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| First Industrial Realty Trust FR |
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| First Potomac Realty Trust FPO |
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| General Growth Properties, Inc. GGP |
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| Getty Realty Corporation GTY |
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| Home Properties, Inc. HME |
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| Hospitality Properties Trust HPT |
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| Host Hotels & Resorts, Inc. HST |
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| Kilroy Realty Corporation KRC |
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| Kimco Realty Corporation KIM |
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| Kite Realty Group Trust KRG |
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| Liberty Property Trust LRY |
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| Macerich Company MAC |
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| Mack-Cali Realty Corporation CLI |
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| Maguire Properties, Inc. MPG |
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| Pennsylvania REIT PEI |
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| ProLogis Trust PLD |
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| Regency Centers Corporation REG |
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| Senior Housing Prop Trust SNH |
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| Simon Property Group, Inc. SPG |
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| SL Green Realty Corporation SLG |
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| Strategic Hotel & Resorts, Inc. BEE |
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| Sunstone Hotel Investors, Inc. SHO |
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| Tanger Factory Outlet Centers SKT |
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| Taubman Centers, Inc. TCO |
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| UDR, Inc. UDR |
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| U-Store-It Trust YSI |
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| Vornado Realty Trust VNO |
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| Weingarten Realty Investors WRI |
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So far I’m betting that Morningstar emerges from the coming REIT scandal the cleanest. I appreciate that they are telling the truth. The other analysts are gonna get what’s coming to ‘em. Here is the link to the full report:
http://news.morningstar.com/articlenet/article.aspx?id=281880