I'm doing a strategic alternatives analysis for a REIT and am curious what other monkeys favorite sources for REIT research are.
I've been able to pull some good information from Bloomberg and the company's IR releases, but am having trouble in finding particulars regarding their lease rollover schedule beyond percentages of in-place leases rolling each year. Where would folks recommend looking for details about above/below market in-place rent splits and which markets the properties that they have rolling are located?
Add on question, does anyone know where to get equity research reports on REITs if you don’t work at a bank?
You could ask a friend from the buyside, however people are getting more paranoid in sharing due to greater tracking...
I’ve basically ruled out asking someone for that reason. It seems like a big ask for a junior person even though those reports are spread around all the time among equity sales people at banks
Sometimes this info is divulged in the quarterly earnings conference calls. You can access the transcripts on Seeking Alpha.
I use Green Street and S&P Market Intelligence as well as the other sources you mentioned. However, both subscriptions are expensive if I am not mistaken.
In addition to any press releases (company specific news, earnings, etc.), make sure you review the earnings supplemental reports. These sometimes include the rent rolls, and they have LOADS of valuable information not highlighted in the press release or the earnings call. Also, make sure to check the SEC filings (https://www.sec.gov/edgar/searchedgar/companysearch.html) for information in the 10K and 10Qs. Reit.com is a great website. Bloomberg has TONS of valuable information on a variety of markets. You can get very granular data (county-level in some instances) of cap rates, rent growth, average rent, etc. Good luck!
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