I hope someone can point me in the right direction, I am looking to research the financials of US REITs and have seen that SNL offers financial data (such as NAV) that is widely quoted by financial commentators. However unfortunately their service is to provide to business only, is anyone aware where I can obtain acess to SNL dataz from? for example know a broker where I can open an account and they provide this data as a service?
dworld, I used SNL for REITs before at my prior ER gig. You won’t get access unless you sign up for their subscription, which isn’t cheap from what I recall. I don’t remember if Bloomberg uses some of SNL’s data, but they use REIS, Real Capital Analytics and such I believe for supply/new construction and cap rate data. So BB might be your best bet if you have access to a terminal.
Not really; they were a competing firm. I actually don’t recall seeing their analyst ratings on BB. Generally, Greenstreet is well respected given that they focus on REITs. That makes them good at providing specific information as it relates to REITs and real estate in general (e.g. legal structures of REITs, taxes, regulations, etc…). They also don’t really have an investment banking arm (or a meaningful one to my knowledge), so they are viewed as having a more independent view (favored by the buyside) on companies they rate. That said, from what I understand, they rely primarily on an NAV model (generate an NOI and apply a cap rate to come up with a market value; add cash & other assets and subtract liabilities and then divide by S/O to get an NAV/sh). The problem with that is they get somewhat simplistic with forecasting out the P/L so they can miss some of the nuances (e.g. it may not appropriately factor in lease expirations and model equity and debt raising, which are very important for REIT modeling). The NAV approach is how many (particularly less sophisticated shops) traditionally have valued REITs and real estate overall, but I think it’s moving to also incorporate a DCF model (we relied on DCF, but used NAV as a backstop). The other problem is because they don’t really have an IB arm, they don’t get the best management access.
All in all, I would say use a couple opinions from different brokerages. Try to find who the good analysts are for specific REIT sectors (many are only good at 1-3 segments like office, industrial, etc… while the rest they just cover b/c the bank basically requires them to).
Much to my chagrin, so does Colbert. He was amazing at playing the idiot conservative. It allowed him to ask very difficult and uncomfortable questions to his guests, making him one of the best interviewers on TV. There was an article a while back that asked several celebrities/other famous people, who the toughest interviewer was. Colbert was first, Letterman was second, Stewart was third. (Note: they’re all gone now.)
Now, Colbert comes off as some nice guy that tries to appease everyone. His interviews suck and his show sucks harder (and Jean Baptiste is hugely annoying).