iREIT Daily

The Skies Remain Friendly; It’s the Schedules That Stink

Brad Thomas

467 postsDecember 30, 2021

We’ve got more bad news for airlines as 2021 winds down.

It might be a Santa Claus rally (of sorts) for the markets. But there’s no such magic for more frequently flying vehicles and their owners/operators.

We already know that Monday was bad, as was the weekend. But the cancellations and delays didn’t stop on Tuesday. Over 3,000 flights worldwide were canceled altogether, while another 15,000 were delayed.

Of those, we hear, 1,200 of the former and 7,700 of the latter were U.S. related. In other words, they were supposed to be traveling into, out of, or within the country.

And FlightAware says that another 2,500 were canceled and 8,200 were delayed yesterday – as of just the afternoon – a respective 2,800+ and 885 of which were U.S. related.

That’s still being blamed on staff calling out sick… though it might be mildly suspicious that JetBlue (JBLU) is cutting its flights through January 13 by about 1,280.

Could it be staffing shortages in general? Or are some airlines finally realizing that they can’t be quite so schedule-happy during such complicated times?

I’m not sure if I have the answer to that.

Moving even further into the leisure category, the otherwise recovering cruise industry could be beached again. The CDC is currently looking into 86 cruise ships over the Covid cases they reported.

And they have to disclose whenever 0.10% of passengers test positive or even one crewmember does.

So far, major names like Carnival (CCL) and Norwegian (NCLH) have bent over backwards to comply with CDC mandates. All adults – and many minors – for example, are required to be vaccinated on these cruises.

Yet Senator Richard Blumenthal said yesterday that all such excursions should be docked altogether.

We’ll see if that call is picked up by anyone else.

Staffing Shortages Continue, but So Do REIT Rewards

As far as I know, cruise ships aren’t hurting to hire workers… which makes them one of the few experiential-type industries that can claim any such thing.

Florida-based grocery store Publix is certainly struggling. It just offered paid parental leave to both full-time and part-time workers alike as an added 2022 employee incentive.

Even the Red Cross says it’s short on staff. Between that and a lack of willing donors, it told Fox Business yesterday that:

“Blood centers across the country are reporting less than a one-day’s supply of blood. If the nation’s blood supply does not stabilize soon, some patients requiring transfusion may not receive the blood products they need. Donors of all blood types – particularly type O blood, the most needed blood group by hospitals – and platelets are needed now to avert the need to potentially postpone lifesaving treatments.”

Real estate investment trusts (REITs), however, “romped in 2021 as property values soared.” That’s the headline of another Fox Business story, and I think it’s worth quoting as well:

“Investors who bet on real estate investment trusts at the beginning of 2021 are reaching for top-shelf champagne these days as they prepare to celebrate the new year.
“They can afford to splurge. The FTSE Nareit Equity REITs index was up 36% in 2021, compared with 26% for the S&P 500 as of December 23, according to real estate analytics firm Green Street. If that trend continues for the remainder of the year, 2021 will be the REIT index’s best year since 1976 in terms of absolute performance, Green Street said.”

To which I’ll respond with, “You’d better believe it!”

The World According to REITs

Four Corners Property Trust (FCPT) understands that positive situation very well. It’s not slowing down its end-of-year acquisitions.

At all.

This time around, it announced buying up three master-leased Mr. Tire properties in Maryland for $2.5 million… an Idaho asset leased to Red Robin and a Missouri one leased to AT&T (T) for a combined $2.8 million… and a Portillo’s restaurant building in Wisconsin for $3.3 million.

Elsewhere in REIT-dom:

Gaming and Leisure Properties (GLPI) finished its acquisition of the Live! Casino & Hotel Maryland from The Cordish Companies for $1.14 billion. The transaction includes a partnership in specified future Cordish developments.
Highwoods Properties (HIW) sold a spate of office buildings in Richmond, Virginia, for $20.8 million; Raleigh, North Carolina, for $100.9 million; and Tampa, Florida, for $30.4 million.
The Howard Hughes Corp. (HHC) gained final approval from New York City to move forward on its planned $850 million development project at 250 Water Street in Lower Manhattan.

That’s it then! With the exception of your daily chart below, that’s all the REIT reporting I’ll be doing in this blog for the rest of the year.

I will be publishing a brief post tomorrow, but I truly doubt it will involve any major news. After all, it’s time to celebrate surviving yet another year of craziness…

And ring in 2022 filled with who-knows-what.

I’m looking forward to experiencing it with you regardless!

(Source: The Daily REITBeat)

Happy Investing

Brad Thomas

467 posts

View all my Posts

Brad Thomas is Senior Research Analyst at iREIT and CEO of Wide Moat Research LLC. With over 30 years of real estate experience, he is also long-time Editor of Forbes Real Estate Investor, a monthly subscription-based newsletter that dives deep into the vast world of profitable properties, and since 2021, he has served as an adjunct professor at New York University.

Thomas has also been featured on or in Forbes magazine, Kiplinger's, U.S. News and World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox. And he was the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021 based on both page views and number of followers.

Thomas is the recently-published author of The Intelligent REIT Investor Guide (2021), co-author of The Intelligent REIT Investor (2016), and he wrote The Trump Factor: Unlocking The Secrets Behind The Trump Empire (2016) - all available on Amazon.

Thomas received a bachelor of science in business/economics from Presbyterian College and is married with five wonderful kids.

More to Talk About Then Expected

REIT Mutual Fund	Symbol
Alpine Realty Income and Growth Fund	AIGYX, AIAGX
American Century Real Estate Fund	REAIX, REACX, AREEX, AREWX, ARYCX, AREDX
Real Estate Securities Fund	MRESX
AR Capital Real Estate Income Fund	ARIAX, ARICX, ARIPX
AssetMark Real Estate Securities Fund	AFREX
Aston/Harrison Street Real Estate Fund	AARIX, ARFCX
Baron Real Estate Fund	BREIX, BREFX
BlackRock Real Estate Securities	BIREX, BAREX, BCREX
Brookfield U.S. Listed Real Estate Fund	BRUAX, BRUCX, BRUIX, BRUYX
CGM Realty Fund	CGMRX
West Loop Realty Fund	REIIX, REIAX, REICX
Cohen & Steers Institutional Realty Shares	CSRIX
Cohen & Steers Realty Income Fund	CSEIX, CSDIX, CSBIX, CSCIX
Cohen & Steers Realty Shares	CSRSX
Columbia Real Estate Equity Fund	CREAX, CREIX, CRRVX, CRERX, CREEX, CRRFX, CREWX, CRECX, CREBX
Compass EMP REC Enhanced Volatility Weighted Fund	CWRAX, CWRIX, CWRTX, CWRCX
Davis Real Estate Fund	RPFRX, DREYX, DRECX, DREBX
Delaware Real Estate Investment Trust Portfolio II	DPRTX, DPRBX
Delaware Real Estate Investment Trust Portfolio	DPREX, DPRSX, DPRRX, DPRCX
DFA Real Estate Securities Portfolio	DFREX
Dunham Real Estate Stock Fund	DAREX, DNREX, DCREX
DWS RREEF Real Estate Securities Fund	RRRRX, RRREX, RRRAX, RRRSX, RRRBX, RRRCX
DWS RREEF Real Estate Securities Income Fund	REFAX, REFCX, REFIX, REFSX
Eaton Vance Real Estate Fund	EAREX, EIREX
EII Realty Securities Fund	EIIRX
Fidelity Advisor Real Estate Fund	FHEIX, FHEAX, FHETX, FHECX, FHEBX
Fidelity Advisor Real Estate Income Fund	FRIRX, FRIQX, FRINX, FRIOX
Fidelity Real Estate Income Fund	FRIFX
Fidelity Real Estate Investment Portfolio	FRESX
Fidelity Spartan Real Estate Index Fund	FSRNX, FRXIX, FSRVX
Fidelity Series Real Estate Equity Fund	FREDX, FREFX
Fidelity Series Real Estate Income Fund	FSREX, FSRWX
Forward Real Estate Long/Short Fund	KSRYX, FRLSX, FFSRX, KSRAX, KSRCX, KSRBX
Forward Real Estate Fund	FPREX, FFREX, KREAX, KRECX
Forward Select Income Fund	KIFYX, FSIMX, FFSLX, KIFAX, KIFBX, KIFCX
Franklin Real Estate Securities Fund	FREEX, FRLAX, FRRSX, FSERX
GMO Real Estate Fund	GMORX
Goldman Sachs Real Estate Securities Fund	GREIX, GRETX, GREAX, GRESX, GRERX, GREBX, GRECX
Great-West Real Estate Fund	MXREX
Heitman REIT Fund	OARTX, OBRTX
ING Real Estate Fund	CRARX, IREWX, IDROX, CLARX, CRWRX, CRCRX, CRBCX
INVESCO Real Estate Fund	REINX, IARFX, IARIX, IARYX, IARAX, IARRX, IARCX, AARBX
Ivy Real Estate Securities Fund	IRSAX, IREIX, IRSYX, IRSRX, IREEX, IRSCX, IRSBX
John Hancock Real Estate Securities Fund	JIREX
Johnson Realty Fund	JRLTX
J.P.Morgan Realty Income Fund	URTLX, JRIRX, URTAX, URTBX, URTCX
J.P. Morgan Security Capital U.S. Core Real Estate Securities Fund	CEEAX, CEERX, CEEFX, CEESX, CEECX
J.P. Morgan U.S. Real Estate Fund	SUSIX
Lazard U.S. Realty Equity Portfolio	LREIX, LREOX
Lazard U.S. Realty Income Portfolio	LRIIX, LRIOX
Manning & Napier Real Estate Series	MNRIX, MNREX
Morgan Stanley Institutional U.S. Real Estate Portfolio	MSUSX, MUSDX, MSULX, MURSX
Natixis AEW Real Estate Fund	NRFAX, NRFYX, NRFBX, NRFCX, NRFNX
Neuberger Berman Real Estate Fund	NBRIX, NBRFX, NREAX, NRERX, NRECX, NRREX
Nuveen Real Estate Securities Fund	FREAX, FARCX, FRSSX, FREBX, FRLCX, FREGX
Oppenheimer Real Estate Fund	OREAX, OREIX, OREYX, ORENX, OREBX, ORECX
PHOCAS Real Estate Fund	PHREX
PIMCO RealEstateRealReturn Strategy Fund	PRRSX, PETPX, PETAX, PETDX, PETCX, PETBX
Pioneer Real Estate Shares	PWREX, PYREX, PCREX, PBREX
Principal Real Estate Securities Fund	PIREX, PIRPX, PREPX, PRETX, PREJX, PRRAX, PRERX, PRENX, PRAEX, PRCEX, PRLEX
ProFunds Real Estate UltraSector ProFund	REPIX
Prudential Select Real Estate Fund	SREAX
Prudential U.S. Real Estate Fund	PJEAX, PJEZX, PJECX, PJEBX
REMS Real Estate Income 50/50 Portfolio	RREIX
REMS Real Estate Value-Opportunity Fund	HLRRX, HLPPX
Rydex Real Estate Fund	RYREX, RYHRX, RYCRX
SA Real Estate Securities Fund	SAREX
SEI Institutional Mgd Real Estate Fund	SETAX, SEIRX
Spirit of America Real Estate Income & Growth Fund	SOAAX
SSgA Clarion Real Estate Fund	SSREX
Stratton Real Estate Fund	STMDX
T.Rowe Price Real Estate Fund	TRREX, PAREX
TIAA-CREF Real Estate Securities Fund	TIREX, TRRPX, TRRSX, TCREX
Vanguard REIT Index Fund	VGSNX, VGRSX, VGSLX, VGSIX
Virtus Real Estate Securities Fund	PHRAX, PHRIX, PHRCX, PHRBX

REIT ETF	Symbol
Flex Shares	ASET
Wisdom Tree Global Ex-US	DRW
S&P 500 Equal Weight	EWRE
iShares FTSE Industrial/Office	FNIO
MSCI Real Estate Index	FREL
S&P REIT Index	FRI
First Trust S&P REIT	FRI
iShares Real Estate 50	FTY
Flexshares Global	GQRE
iShares Cohen & Streers	ICF
iShares International Developed RE	IFGL
iShares US RE	IYR
Premium Yield Equity REIT	KBWY
ETRACS Monthly Pay 2x Leverage	MORL
Market Vector Mortgage	MORT
iShares Global REIT	REET
iShares FTSE Mortgage	REM
iShares Residential	REZ
IQ US Real Estate Small Cap	ROOF
iShares FTSE NAREIT Retail	RTL
DOW Jones Global RE	RWO
SPDR Dow Jones	RWR
Schwab US REIT	SCHH
Super Dividend REIT	SRET
ProShares Ultra RE	URE
Vanguard REIT	VNQ
Vanguard Global ex-US	VNQI
iShares International Developed	WPS
Wilshire US REIT	WREI
Pacer Benchmark Data & Infrastructure RE	SRVR
Pacer Benchmark Industrial RE	INDS
Pacer Benchmark Retail RE	RTL
Hoya Capital Housing	HOMZ
NetLease Corporate RE	NETL

REIT Name	Ticker	Annual Increases/yr
Federal Realty	FRT	51
Universal Health Realty	UHT	33
National Retail Properties	NNN	29
Realty Income	O	27
Tanger Outlets	SKT	26
Urstadt Biddle	UBA	25
Essex Property Trust	ESS	25
W.P.Carey	WPC	22
National Health Investors	NHI	17
Equity Lifestyle	ELS	15
Digital Realty	DLR	15

The Skies Remain Friendly; It’s the Schedules That Stink

Brad Thomas

467 postsDecember 30, 2021

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The Skies Remain Friendly; It’s the Schedules That Stink

467 postsDecember 30, 2021

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