Real Estate Investment Trust

[shark2007]

https://docs.google.com/spreadsheet/ccc?key=0AsfzUMW9_-dzdERHNE5vX3JibkFhN0xIbThON2JRUHc#gid=0



REIT

A Real Estate Investment Trust or REIT is a tax designation for a corporate entity investing in real estate that reduces or eliminates corporate income taxes. In return, REITs are required to distribute 90% of their income, which may be taxable, into the hands of the investors.
The REIT structure was designed to provide a similar structure for investment in real estate as mutual funds provide for investment in stocks.

Like other corporations, REITs can be publicly or privately held. Public REITs may be listed on public stock exchanges like shares of common stock in other firms.

REITs can be classified as equity, mortgage, or hybrid.

The key statistics to look at in a REIT are its net asset value (NAV), adjusted funds from operations (AFFO) and cash available for distribution (CAD).
REITs face challenges from both a slowing U.S. economy and the global financial crisis, depressing share values by 40 to 70 percent in some cases.





NOTA IMPORTANTE
Questo thread nasce con l'intento ambizioso di esaminare e monitorare un ampio ventaglio di Società REIT USA; le Società oggetto di indagine verranno selezionate tra quelle che, finora, sembrano aver egregiamente superato la più grande crisi economica derivante da una bolla del settore immobiliare.
Lo scopo finale del thread è di individuare opportunità remunerative interessanti e, possibilmente, con un livello accettabile di rischio.

 

[shark2007]

Profili societari : Annaly Capital Management Inc.

Annaly Capital Management Inc.

Annaly Capital Management, Inc. commenced operations on February 18, 1997, as a self-managed self-advised company. We have elected to be treated as a real estate investment trust (REIT) under the Internal Revenue Code. We own and manage a portfolio of mortgage-backed securities. Our principal business objective is to generate income for distribution to our stockholders from the spread between the interest income on our mortgage-backed securities and costs of borrowing to finance our acquisition of mortgage-backed securities, and from dividends we receive from our subsidiaries. We trade on the New York Stock Exchange under the symbol NLY.

All of the investment securities we own are issued and guaranteed by U.S. Government Agencies and carry an actual or implied AAA rating. We structure our portfolio using the Annaly MBS Barbell StrategySM, according to which a combination of adjustable-, floating-, and fixed-rate mortgage-backed securities is designed to perform through a wide range of interest rate environments. We employ leverage to enhance our returns.

In addition to managing a portfolio of high-quality mortgage-backed securities we earn dividend income from our subsidiaries. As the graphic below illustrates we currently have three wholly-owned subsidiaries, RCap Securities, Inc.(RCap), Fixed Income Discount Advisory Company (FIDAC), and Merganser Capital Management, Inc. (Merganser). RCap (member: FINRA) is a self-clearing broker dealer. FIDAC specializes in managing residential and commercial loans and securities, CDO management, and other advisory services. Merganser extends our subsidiaries’ asset management platform into traditional fixed income strategies for institutional clients.

The crest that is seen in our logo is the family crest of Michael A.J. Farrell, founder and current CEO, of Annaly Capital Management, Inc. In medieval times the Farrell clan was a leading family in the county of Longford, Ireland. The ancestral home of the Farrell clan was called Annaly. Our family crest and its motto “Prodesse Non Nocere” are trademarks of the Company. The description figuratively means ‘Proceed without fear.’ It stands as a symbol of the confidence we try to instill in our investors. It is reinforced by years of reliable, highly competitive investment performance.

Annaly Portfolio Strategy

At Annaly we invest in what we believe to be the premier asset-backed securities in the world -- U.S. residential mortgage-backed securities issued and guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. We enhance the return on our investment in these securities by using leverage. We seek to earn positive net interest income from the difference between the yield on our mortgage-backed securities and the cost to finance them.

Annaly's Portfolio Strategy: Assets

Mortgage-backed securities (“MBS”) are ownership interests in mortgage loans made by financial institutions (savings and loans, commercial banks and mortgage bankers). When an institution has made enough loans it will “pool” or package them together and sell them to mortgage investors like Annaly. The institution will collect the principal and interest payments made by the homeowners and forward them to the mortgage investor. We structure our portfolio using the “Annaly MBS Barbell StrategySM®.” This strategy utilizes a combination of adjustable-, floating-, and fixed-rate mortgage-backed securities so that it can perform throughout a wide range of interest rate environments. At one end of the barbell are adjustable-rate and floating-rate securities or swaps. These securities tend to outperform when interest rates rise because their yields will increase as interest rates rise due to the adjustable nature of their coupons. On the other end of the barbell are fixed-rate securities. These securities generally experience capital gains when interest rates are falling, which help to offset the lower yields and faster prepayments associated with falling interest rates.

Annaly MBS Barbell Strategy sm

We take pride in the transparency of our balance sheet. All of our investment securities are classified as “available for sale.” Consequently, the entire portfolio is recorded at market value -- determined by the average price provided by three independent sources -- and announced quarterly. The securities in the portfolio are primarily Agency MBS, which, although not rated, carry an implied “AAA” rating. Agency MBS are mortgage-backed securities for which a government agency or federally chartered corporation, such as Freddie Mac, Fannie Mae, or Ginnie Mae, guarantees payments of principal or interest on the securities, and therefore the securities have virtually zero credit risk exposure. To date, we have not needed to introduce credit risk into our Agency portfolio in order to achieve the favorable returns we have achieved for our shareholders. All of our assets can be easily priced and traded in the largest fixed income market in the world, the mortgage-backed securities market.

Annaly’s Portfolio Strategy: Financing

We believe that managing the financing side of our strategy is just as important as the assets we choose. We primarily use the repurchase markets to finance the acquisition of our investment securities. The repurchase market is an extremely liquid, efficient market used by most major financial institutions either for lending or borrowing money. Additionally we have developed proven strategies to manage the risks usually associated with leverage, including:

Leveraging only liquid assets that are easily priced and have well-defined active markets.
Utilizing self imposed limits on the amount borrowed from any one lender. Diversifying counterparty risk by maintaining credit relationships and open financing lines with many high quality lenders.
Maintaining optimal levels of leverage to manage margin calls.

Putting the Pieces Together

In the example used below, let’s say we are given $1 million to invest. We would purchase a portfolio of Agency securities and use them as collateral to borrow $8 million (leverage 8:1) which we would use to purchase additional securities. In total we would have purchased $9 million of securities paying us a rate of 6.00% and borrowed $8 million at a cost of 5.00%. (The interest rates and amounts of leverage used in this example are for illustration purposes only. They are not indicative of rates or amounts of leverage currently available or desirable.)

Investment Model

Yield on Portfolio 6.00%
Cost of Borrowing -5.00%
Net Interest Rate Spread 1.00%
Debt to Equity Ratio 8 Times
Yield on Unleveraged Portion of the Portfolio 6.00%
Net Interest Rate Spread x Leverage (8x) 8.00%
Gross ROE 14.00%

Without leverage we would have purchased $1 million of securities and made a total of $60,000 ($1,000,000 x 6.00%) for the year. Using leverage in the above example we earned $140,000 ($1,000,000 X 14.00%) or $80,000 more than we would have earned with no leverage.

Systems: XBasis

XBasis is Annaly’s in-house, proprietary, .NET portfolio management system, and is specifically designed to handle the complexities of agency and non-agency mortgage backed securities, in terms of their pricings, cash flows, and financings.

 

[shark2007]

Annuncio dividendo trimestrale

Annaly Capital Management, Inc. Announces 4th Quarter Dividend of $0.64 Per Share

Company Release - 15/12/2010

NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the fourth quarter 2010 common stock cash dividend of $ 0.64 per common share. This dividend is payable January 27, 2011 to common shareholders of record on December 28, 2010. The ex-dividend date is December 23, 2010.

The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as unrealized and realized gains and losses, differences in premium amortization and discount accretion, and non-deductible general and administrative expenses.

Dividends may be reinvested through Annaly's Dividend Reinvestment and Share Purchase Plan. Plan information may be obtained from the Plan Administrator, Mellon Investor Services at 1-800-301-5234, at www.annaly.com, or by contacting the Company.

Annaly manages assets on behalf of institutional and individual investors worldwide. The Company’s principal business objective is to generate net income for distribution to investors from its investment securities and from dividends it receives from its subsidiaries. Annaly is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”).

 

[raggirays]

Bel settore,
In questo periodo abbastanza nero val la pena seguire, grazie Shark. Avevo provato a segnalare FCH a Ottobre ma con scarso interesse

http://www.finanzaonline.com/forum/wall-street/1234069-felcor-lodging-nyse-fch.html

Si è verificata puntualmente la presa di profitto dopo la trimestrale (almeno la mia di sicuro.. )
Al momento ho nel mirino BEE e sto valutando un ingresso. Adesso vado a spulciarmi un po' Annaly

 

[shark2007]

Profili societari : Anworth Mortgage Asset Corporation

Anworth Mortgage Asset Corporation

Anworth Mortgage Asset Corporation is a real estate investment trust.
It invests primarily in United States agency mortgage-backed securities issued or guaranteed by United States government sponsored entities, such as Fannie Mae or Freddie Mac, or an agency of the United States government, such as Ginnie Mae, including mortgage pass-through certificates, collateralized mortgage obligations, and other real estate securities, on a leveraged basis.
The company’s portfolio includes agency mortgage-backed securities comprising agency adjustable-rate mortgage-backed securities, agency hybrid adjustable-rate mortgage-backed securities, agency fixed-rate mortgage-backed securities, and agency floating-rate collateralized mortgage obligations.
The company qualifies as a REIT for federal income tax purposes. It would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.
Anworth Mortgage Asset Corporation was founded in 1997 and is based in Santa Monica, California.

 

[shark2007]

Annuncio dividendo trimestrale

Anworth Mortgage Asset Corporation Declares a $0.22 Per Share Fourth Quarter 2010 Common Dividend

Company Release - 17/12/2010

SANTA MONICA, Calif.--(BUSINESS WIRE)-- Anworth Mortgage Asset Corporation (NYSE: ANH) announced today that its board of directors declared, on December 16, 2010, a quarterly common stock dividend of $ 0.22 per share for the fourth quarter of 2010. The common stock dividend is payable on January 27, 2011 to common stockholders of record as of the close of business on December 28, 2010.

Anworth distributes dividends based on its current estimate of annual taxable earnings per common share as opposed to GAAP earnings per common share. In 2010, we expect that taxable earnings will exceed GAAP earnings due to the non-deductibility of components of discretionary and incentive executive compensation.

 

[shark2007]

Profili societari : MFA Financial, Inc.

MFA Financial, Inc.

MFA Financial, Inc. is a self-advised real estate investment trust (or REIT) primarily engaged in the business of investing, on a leveraged basis, in both Agency and non-Agency residential mortgage-backed securities (or MBS) which are primarily secured by pools of hybrid and adjustable-rate mortgage loans (or ARMs) on single family residences.

The ARMs collateralizing MFA’s MBS are primarily comprised of hybrids, which have interest rates that are fixed for a specified period (typically three to ten years) and, thereafter, generally adjust annually to an increment over a specified interest rate index, and, to a lesser extent, adjustable-rate mortgages, which have interest rates that generally adjust annually (although some adjust more frequently) to an increment over a specified interest rate index. Interest rates on the mortgage loans collateralizing MFA’s MBS are based on specific index rates, such as London Interbank Offered Rate (or LIBOR) or the one-year constant maturity treasury (or CMT) rate. The ARMs collateralizing MFA’s MBS typically have interim and lifetime caps on interest rate adjustments. Because the coupons earned on hybrid and adjustable-rate MBS adjust over time as interest rates change (typically after a fixed-rate period) the market values of these assets are generally less sensitive to changes in interest rates than are fixed-rate MBS.

MFA’s financing strategy is designed to increase the size of its MBS portfolio by borrowing against a substantial portion of the market value of the MBS in its portfolio. MFA generally utilizes repurchase agreements, which typically bear interest rates reflective of LIBOR, to finance the acquisition of its MBS and, in certain cases, enter into interest rate swap agreements to hedge the interest rate risk associated with these repurchase agreements. MFA primarily generates net income by maintaining a positive spread between the interest and other income it earns on its investments and the cost of financing such investments and its operating costs.

MFA was incorporated in Maryland on July 24, 1997 and began operations on April 10, 1998. MFA has elected to be treated as a REIT for U.S. federal income tax purposes. MFA’s common stock and preferred stock are listed on the New York Stock Exchange under the symbols “MFA” and “MFA PrA,” respectively. MFA’s principal executive offices are located at 350 Park Avenue, 21st Floor, New York, New York 10022, and its telephone number is 212-207-6400.

 

[shark2007]

Annuncio dividendo trimestrale

MFA Financial, Inc. Announces Fourth Quarter 2010 Dividend of $0.235

NEW YORK, Dec. 16, 2010

MFA Financial, Inc. (NYSE: MFA) announced today that its Board of Directors declared a quarterly dividend of $ 0.235 per share of common stock for the fourth quarter of 2010. The dividend will be paid on January 31, 2011 to stockholders of record on December 31, 2010. The ex-dividend date is December 29, 2010.

 

[shark2007]

Profili societari : Hatteras Financial Corp.

Hatteras Financial Corp.

Hatteras Financial Corp. operates as an externally-managed mortgage real estate investment trust (REIT). It invests in adjustable-rate and hybrid adjustable-rate single-family residential mortgage pass-through securities guaranteed by a U.S. Government agency or issued by a U.S. Government-sponsored entity.
The company would elect to be taxed as a REIT under the Internal Revenue Code of 1986, and would not be subject to federal taxes on its REIT taxable income to the extent that the company distributes its income to stockholders and maintain its qualification as a REIT.
Hatteras Financial Corp. was founded in 2007 and is based in Winston Salem, North Carolina.

 

[shark2007]

Annuncio dividendo trimestrale

Hatteras Financial Corp. Declares Fourth Quarter 2010 Dividend of $1.00 Per Share

Company Release - 14/12/2010

WINSTON SALEM, N.C.--(BUSINESS WIRE)-- The Board of Directors of Hatteras Financial Corp. (NYSE:HTS) (“Hatteras” or the “Company”) today declared a quarterly dividend of $ 1.00 per common share for the fourth quarter of 2010. The dividend will be paid on January 21, 2011, to stockholders of record on December 27, 2010, with an ex-dividend date of December 22, 2010.

“We are pleased with this, our final dividend of the year, as a signal of the continued profitable operating environment we enjoy today,” said Michael R. Hough, the Chief Executive Officer of Hatteras. “While the dividend this quarter is a reflection of our capital raise in September and our controlled investing approach, we believe our portfolio is appropriately positioned to mitigate the uncertainties of today’s interest rate environment and to capitalize on the opportunities inherent in a steep yield curve. As we move into 2011, the risk parameters that we apply to our portfolio do call for caution, so we will continue with the patient approach we have applied to operating Hatteras since we formed the company in 2007."

 

[shark2007]

Profili societari : Resource Capital Corp.

Resource Capital Corp.

Founded in 2005, Resource Capital Corp. (NYSE:RSO) is a New York City based specialty finance company focused on real-estate related assets and, to a lesser extent, higher-yielding commercial finance assets.
The company’s investment strategy concentrates on the following asset classes: commercial real estate-related assets such as commercial mortgage-backed securities, B notes and mezzanine debt, residential real estate-related assets such as residential mortgage-backed securities and commercial finance assets such as other asset-backed securities, syndicated bank loans, equipment leases, trust preferred securities and private equity investments principally issued by financial institutions.
The Company qualifies to be treated as a REIT for federal income tax purposes. As a REIT, the Company is not subject to federal income tax if it distributes at least 90% of its taxable income to its shareholders.

 

[shark2007]

Annuncio dividendo trimestrale

Resource Capital Corp. Declares Quarterly Cash Dividend

PHILADELPHIA, PA, Dec 16, 2010 (MARKETWIRE via COMTEX) --
Resource Capital Corp. (NYSE: RSO) ("RCC") announced today that its Board of Directors has declared a cash dividend of $ 0.25 per common share for the quarter ending December 31, 2010.
The dividend will be paid on January 26, 2011 to holders of record on December 31, 2010.

 

[shark2007]

Profili societari : Capstead Mortgage Corporation

Capstead Mortgage Corporation

We invest in a leveraged portfolio of almost exclusively residential adjustable-rate mortgage (“ARM”) securities issued and guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. ARM securities reset to more current interest rates within a relatively short period of time allowing for:

•the expansion of financing spreads during periods of falling interest rates,

•the recovery of financing spreads diminished during periods of rising interest rates, and
•smaller fluctuations in portfolio values from changes in interest rates compared to fixed-rate mortgage securities.
Experienced Management
Formed in 1985, Capstead’s experienced management team has over 80 years of combined mortgage finance industry experience.

Quality Assets
Agency-guaranteed residential mortgage securities are considered to have little, if any, credit risk, particularly given federal government support for Fannie Mae and Freddie Mac. These mortgage investments are highly liquid and can be financed with multiple funding providers through standard repurchase arrangements.

Proven Strategy
We prudently leverage our portfolio to provide the financial flexibility needed to successfully manage through periods of changing market conditions.

 

[shark2007]

Annuncio dividendo trimestrale

Capstead Mortgage Corporation Declares a $0.39 Per Share Fourth Quarter 2010 Common Dividend

Company Release - 09/12/2010


DALLAS--(BUSINESS WIRE)-- Capstead Mortgage Corporation (NYSE: CMO) announced today that it will pay a fourth quarter 2010 dividend of $ 0.39 per common share on January 20, 2011 to stockholders of record as of December 31, 2010.

 

[paologorgo]

caro sciarc,

avrei alcune domande da porti. I base a quale dei seguenti criteri stai effettuando lo screening dei titoli?

• settore di appartenenza (commercial, healthcare, technology, uffici, etc.)
• multipli su alcune delle principali ratio (NOI, NAV, FFO)
• percentuale rappresentata dal dividendo sul valore del titolo
• alla caz.zo, segnalandone tanti, così poi ci dirai che hai comperato quello che aumenterà (è statistico, uno ci sarà...)

Devo ammettere di essere un po' preoccupato, potresti affossare definitivamente il CRE negli USA...

 

[shark2007]

caro sciarc,

avrei alcune domande da porti. In base a quale dei seguenti criteri stai effettuando lo screening dei titoli?

• settore di appartenenza (commercial, healthcare, technology, uffici, etc.)
  Settore residenziale, commerciale, uffici, healthcare.
  
• multipli su alcune delle principali ratio (NOI, NAV, AFFO)
  La prima ratio da monitorare è il NAV (come indicato dal post n. 01) a seguire gli altri AFFO e CAD.
  
• percentuale rappresentata dal dividendo sul valore del titolo
  Importante l'ottima %, ma tenendo conto dello storico, ossia se il dividendo è continuativo o meno ...
  
• alla caz.zo, segnalandone tanti, così poi ci dirai che hai comperato quello che aumenterà (è statistico, uno ci sarà...)
  Alla caqqo investe qualcun altro ...!
  Shark ha in portafoglio da oltre 1 mese le prime 5 Società REIT ... ma sta valutando nuovi ingressi in altre 2-3 REIT ... sempre facendo attenzione che l'importo complessivo nel settore non superi il 5% del totale ...

Devo ammettere di essere un po' preoccupato, potresti affossare definitivamente il CRE negli USA...
Povero Paolo ... ?! Non perdi mai la voglia di fare dell'inutile sarcasmo ...
Ma l'ennesima ironia sprezzante è, come sempre, negativa soprattutto per il "coniglio lotofago" che si cela in te... Infatti, mentre te la ridi, Shark vede da 1 mese lievitare le quotazioni dei propri titoli REIT e dal prox Gennaio 2011 comincerà ad incassare megadividendi trimestrali ...!

 

[tv2]

Ciao shark,

ho studiacchiato CIM, credo che ne prendero' qualcuna.
A te come sembra questo titolo?

grazie e buone feste

 

[shark2007]

Ciao shark,

ho studiacchiato CIM, credo che ne prendero' qualcuna.
A te come sembra questo titolo?

grazie e buone feste

Interessante Società REIT ... stavo per inserirla nel thread.

Si tenga presente che fa parte del gruppo capitanato da Annaly Capital Management Inc. (vedere post n. 2 e n. 3).

 

[shark2007]

Profili societari : Chimera Investment Corporation

Chimera Investment Corporation

Chimera Investment Corporation is a specialty finance company that invests in residential mortgage-backed securities (RMBS), residential mortgage loans, real estate-related securities and various other asset classes. Our objective is to provide attractive risk-adjusted returns to our investors over the long-term, primarily through dividends and secondarily through capital appreciation, by maintaining a business model that evolves with market opportunities. We have elected to be taxed as a REIT for federal income tax purposes. We are externally managed by Fixed Income Discount Advisory Company (FIDAC), a wholly-owned subsidiary of Annaly Capital Management, Inc.

Chimera is a specialty finance company that manages residential mortgage credit risk. We strive to achieve our objective of providing attractive risk-adjusted returns to our investors over the long-term by investing in a diversified investment portfolio of RMBS, residential mortgage loans, real estate-related securities and various other asset classes.

In addition, we engage in transactions with residential mortgage originators in which we identify and re-underwrite residential mortgage loans owned by such entities, and rather than purchasing and securitizing such residential mortgage loans ourselves, we and the originator structure the securitization and purchase the resulting mezzanine and subordinate non-Agency RMBS. We have and may continue to engage in similar transactions with non-Agency RMBS in which we acquire originally AAA-rated non-Agency RMBS and re-securitize those securities.

We may use leverage to increase potential returns to our stockholders. Subject to maintaining our REIT qualification and availability of funding, we may use a number of sources to finance our investments, including repurchase agreements, warehouse facilities, securitizations, asset backed commercial paper and term financings.

Our strategy of balancing both interest rate and credit sensitive assets is designed to generate attractive, risk-adjusted returns in a variety of market conditions. Over time, we will modify our investment allocation strategy as market conditions change to seek to maximize the returns from our investment portfolio.

 

[shark2007]

Annuncio dividendo trimestrale

Chimera Investment Corporation Announces 4th Quarter Dividend of $0.17 per Share

Company Release - 20/12/2010

NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Chimera Investment Corporation (NYSE: CIM) declared the fourth quarter 2010 common stock cash dividend of $ 0.17 per common share. This dividend is payable January 27, 2011 to common shareholders of record on December 31, 2010. The ex-dividend date is December 29, 2010.

The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as differences in premium amortization, accretion of discounts, unrealized and realized gains and losses, credit loss recognition, and non-deductible general and administrative expenses.