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Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Community Healthcare Trust (CHCT) or SL Green (SLG). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
Community Healthcare Trust and SL Green are both sporting a Zacks Rank of # 2 (Buy) right now. This means that both companies have witnessed positive earnings estimate revisions, so investors should feel comfortable knowing that both of these stocks have an improving earnings outlook. However, value investors will care about much more than just this.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
CHCT currently has a forward P/E ratio of 8.49, while SLG has a forward P/E of 10.02. We also note that CHCT has a PEG ratio of 1.06. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. SLG currently has a PEG ratio of 2.01.
Another notable valuation metric for CHCT is its P/B ratio of 1.11. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, SLG has a P/B of 1.34.
Based on these metrics and many more, CHCT holds a Value grade of B, while SLG has a Value grade of D.
Both CHCT and SLG are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that CHCT is the superior value option right now.
Zacks Investment Research
As of Oct. 31, 2024, two stocks in the real estate sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here's the latest list of major overbought players in this sector.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Boston Properties BXP reported third-quarter 2024 funds from operations (FFO) per share of $1.81, in line with the Zacks Consensus Estimate. However, the reported figure declined 2.7% year over year.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
BXP’s quarterly results reflect better-than-anticipated revenues due to healthy leasing activity. However, higher interest expenses during the quarter acted as a dampener. The company revised its guidance for 2024 FFO per share.
Quarterly revenues from lease came in at $799.5 million, up 4.2% year over year. The Zacks Consensus Estimate was pegged at $790.5 million. Total revenues increased 4.2% from the prior-year quarter to $859.2 million.
BXP, Inc. Price, Consensus and EPS Surprise
BXP, Inc. price-consensus-eps-surprise-chart | BXP, Inc. Quote
BXP’s Q3 in Detail
BXP’s rental revenues (excluding termination income) for the office portfolio were $773 million, which fell marginally year over year. For the hotel & residential segment, the metric aggregated $27.2 million, reflecting a jump of 7.6% year over year. On a consolidated basis, BXP’s rental revenues (excluding termination income) came in at $800.2 million, down marginally year over year.
BXP’s share of the same-property net operating income (NOI) on a cash basis (excluding termination income) totaled $444.7 million, which declined 2% from the prior-year quarter.
Its share of EBITDAre (on a cash basis), as of Sept. 30, 2024, was $469.8 million, up marginally from $466.2 million as of June 30, 2024.
BXP’s in-service properties occupancy fell 10 basis points sequentially to 87%.
BXP’s quarterly interest expenses were up 10.4% year over year to $163.2 million.
BXP’s Portfolio Activity
As of Sept. 30, 2024, BXP’s portfolio comprised 184 properties, encompassing 53 million square feet of space. This included nine properties under construction/redevelopment.
The company executed 74 leases aggregating 1.1 million square feet with a weighted average lease term of 7.2 years.
BXP fully placed in service a laboratory/life sciences project, 180 CityPoint, encompassing approximately 329,000 square feet in Waltham, MA.
BXP partially placed in service Skymark in Reston, VA. The residential property consists of 508 units across a five-story low-rise building and an iconic 39-story tower. The property is owned by a joint venture in which BXP has a 20% interest.
BXP’s Balance Sheet Position
BXP exited the third quarter of 2024 with cash and cash equivalents of $1.42 billion, up from $685.4 million as of June 30, 2024.
BXP’s share of net debt to EBITDAre annualized was 7.59 as of Sept. 30, 2024, down from 7.91 times as of June 30, 2024.
BXP’s 2024 Outlook
BXP expects its 2024 FFO per share in the band of $7.09-$7.11, revising it from the range of $7.07-$7.13 projected earlier and keeping the midpoint unchanged. The Zacks Consensus Estimate for 2024 FFO per share, pegged at $7.10, is within the guided range.
BXP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITs
Alexandria Real Estate Equities, Inc. ARE reported third-quarter 2024 adjusted funds from operations (AFFO) per share of $2.37, missing the Zacks Consensus Estimate by a penny. However, the reported figure outpaced the year-ago quarter’s AFFO per share of $2.26 by 4.9%.
Results reflected a rise in revenues, aided by decent leasing activity and rental rate growth. ARE narrowed its 2024 outlook.
SL Green Realty Corp. SLG reported a third-quarter 2024 FFO per share of $1.13, which missed the Zacks Consensus Estimate of $1.21. The company had reported an FFO of $1.27 per share in the previous year.
SLG’s results reflected decent leasing activity in its Manhattan portfolio and higher rental revenues, though higher interest expenses acted as a dampener.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
Zacks Investment Research
Community Healthcare Trust (CHCT) reported $29.64 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 3.1%. EPS of $0.55 for the same period compares to $0.11 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $29.06 million, representing a surprise of +2.01%. The company delivered an EPS surprise of +5.77%, with the consensus EPS estimate being $0.52.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Community Healthcare Trust performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
View all Key Company Metrics for Community Healthcare Trust here>>>
Shares of Community Healthcare Trust have returned -2.3% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Zacks Investment Research
Community Healthcare Trust (CHCT) came out with quarterly funds from operations (FFO) of $0.55 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to FFO of $0.63 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of 5.77%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.59 per share when it actually produced FFO of $0.53, delivering a surprise of -10.17%.
Over the last four quarters, the company has surpassed consensus FFO estimates just once.
Community Healthcare Trust, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $29.64 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.01%. This compares to year-ago revenues of $28.74 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Community Healthcare Trust shares have lost about 33.5% since the beginning of the year versus the S&P 500's gain of 22.1%.
What's Next for Community Healthcare Trust?
While Community Healthcare Trust has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Community Healthcare Trust: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus FFO estimate is $0.53 on $29.62 million in revenues for the coming quarter and $2.17 on $115.54 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Alexander's (ALX), is yet to report results for the quarter ended September 2024. The results are expected to be released on November 4.
This real estate investment trust is expected to post quarterly earnings of $2.57 per share in its upcoming report, which represents a year-over-year change of -29.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Alexander's' revenues are expected to be $53.5 million, down 3.5% from the year-ago quarter.
Zacks Investment Research
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