(REIT stocks earnings article updated with China Housing & Land Development results.)NEW YORK ( TheStreet) -- Stocks in the
China Housing & Land Development
China Housing & Land Development ( CHLN), a China-based REIT that focuses in residential and commercial real estate, as well as land development in Western China, posted softer-than-expected third-quarter revenue but net income came in ahead of analysts' consensus call. China Housing posted net profits of $6.5 million, or 15 cents per share. Operating income increased 118.8% year-over-year to $7 million. Total revenue increased 42.3% to $34 million. Average residential selling prices improved 13.9% year-over-year to RMB 5,694, or $857.92. Chairman Pingji Lu said quarterly sales "would have been even higher in the third quarter were it not for government approval delays" related to certain projects, requiring the delay of its revenue recognition. Looking ahead, China Housing expects total contract sales in 2010 to reach $168 million to $205 million, an increase as high as 97%, compared with $103.9 million in 2009. Total recognized revenue is expected to reach as high as $165 million in 2010. "Provided that current conditions remain stable, we believe we have an opportunity to increase our revenue and contract sales growth by an average of 30% each year for the next several years," Lu said.
UDR ( UDR) booked a 62.8% jump in third-quarter funds from operations to $46.9 million, or 27 cents per share. Funds from operations, or FFO, is a performance figure used by REITs to define cash flow from operations. The metric removes the profit-reducing effect of depreciation. Quarterly results included a one-time 1.5-cent-per-share charge related to acquisition costs. Excluding the charge, core FFO would have been 28 cents per share. CEO Tom Toomey said the apartment community-focused REIT was "able to maintain occupancy levels above 95% and report our first positive year-over-year same-store revenue and
net operating income growth since the first quarter of 2009." Rental income grew 6.7% to $159.8 million. Net losses narrowed 37.4% to a loss of $23.8 million. UDR reaffirmed its previously announced 2010 guidance for FFO of $1.07 to $1.11 per share. FBR analysts noted that "UDR's third quarter 2010 results were not unlike peers that have reported to date. Portfolio fundamentals have improved, while the company was active in the capital markets, raising equity and aggressively adding to the asset base through a variety of acquisitions." However, the analysts questioned whether the company was overpaying for assets and whether its core growth was meeting expectations. "We would continue to recommend investors proceed with caution in the multifamily subsector in the near term," the equity research firm added. "While core earnings growth improved across the board in the period, as expected, it would appear that second derivative expectations (versus current overall pricing) might not have been met. We believe that modest rotation out of the group could continue in the near term, despite the generally positive long-term fundamental outlook."
Hospitality Properties Trust
Hospitality Properties Trust ( HPT) posted better-than-expected funds from operations for the third quarter as its hotel tenants were able to book more revenue per available room. Hospitality Properties booked quarterly FFO of 82 cents per share, a penny ahead of consensus estimates, and a nickel higher than year-earlier FFO. Net income came to $42.8 million, or 35 cents per share, compared with year-earlier profits of $40.8 million, or 34 cents per share. Hospitality Properties' hotel portfolio, which include hotel names under the Marriott ( MAR), Hyatt Place ( H), InterContinental ( IHG) and Holiday Inn brands, among others, said revPAR increased by 6.7% to $66.54; average daily rate, or ADR, decreased 2.2% to $89.43; and occupancy increased 6.2 percentage points to 74.4%. The REIT's previously announced quarterly cash dividend of 45 cents per share will be paid next on Nov. 23 to shareholders of record on Oct. 29.
Public Storage ( PSA) said its third-quarter profits rose 0.9% as higher revenue was offset by higher expenses. The operator of more than 2,000 self-storage facilities across the U.S. and Europe posted quarterly profits of $239.4 million, or $1.07 per share, compared with year-earlier earnings of $237.3 million, or $1.03 per share. Excluding one-time gains related to foreign currency exchange, funds from operations rose to $1.69 per share, from $1.44. Revenue improved 2.6% to $422.8 million. Results topped Wall Street's expectations. Analysts had been looking for EPS of 72 cents, FFO of $1.34 per share and revenue of $382.4 million. Analysts from Gleacher issued an upgrade on Public Storage shares to buy, from neutral, citing its "exceptionally strong" balance sheet and relatively recession-proof business model.
Ventas ( VTR), which focuses on housing for seniors and healthcare properties in the United States and Canada, reported an 11.7% jump in normalized FFO to $115.4 million, or 73 cents per share, in the third quarter. FFO increased 10.8% to $108.9 million, or 69 cents per share, from $98.3 million, or 63 cents per share. Net income came to $57.9 million, or 37 cents per share, compared with year-earlier earnings of $49.8 million, or 32 cents per share. Total revenue increased 12.8% to $264.7 million. During the quarter Ventas agreed to acquire 118 private-pay seniors housing communities managed by Atria Senior Living Group for $3.1 billion. Upon closing, Ventas will become the largest owner of seniors housing nationally, it said. It also agreed to acquire Sunrise's joint venture interest in 58 communities for a total purchase price of $41.5 million, and completed the acquisition of Lillibridge on July 1, adding 96 medical office buildings to its portfolio.
Digital Realty Trust
Digital Realty Trust ( DLR), a niche real estate investment trust, missed expectations by a penny with FFO of 81 cents per share though the line item improved 9.5% year-over-year. Adjusted FFO was 90 cents per share. Funds from operations, or FFO, is a performance figure generally used by REITs to define cash flow from operations. The metric removes the profit-reducing effect of depreciation. FFO was negatively impacted by acquisition-related expenses, the redemption of Digital Realty's 8.5% series A preferred stock, and by charges related to exchanges of its 2026
debentures. >>Digital Realty Trust Expands Portfolio Net income was $23.6 million, or 11 cents per share, down 1.3% from $23.9 million, or 16 cents per share, in the year-earlier period. Total operating revenue was $237.5 million, up 45.5% year-over-year from $163.2 million The REIT forecast FFO per share for fiscal 2010 to be in a range between $3.28 and $3.30, which would represent growth as high as 12.6% over fiscal 2009. Adjusted FFO for the year is projected to be between $3.40 and $3.42. Analysts expected Digital Realty Trust to report FFO of $3.31 for fiscal 2010. Digital Realty's primary property holdings are datacenters, digital storage facilities which are used by companies to maintain their internet presence or beef up their data networks. Datacenters are expensive to build and maintain, and as such supply is relatively inelastic.
Kimco Realty Trust
Kimco Realty Trust ( KIM) topped expectations and forecast stronger full-year funds from operations. Citigroup ( C) analysts issued an upgrade on Kimco Realty shares to hold, from sell, citing its 107.7% jump in comparative year-to-date profits. The REIT raised its full-year FFO guidance to a range between $1.17 and $1.19 per share, up from its previous forecast for 2010 FFO between $1.14 and $1.18 per share. Analysts expect Kimco to book FFO of $1.11 per share for the year. Kimco, which owns and operates neighborhood and community shopping centers, said quarterly funds from operations declined year-over-year, though results topped expectations by a penny per share. >>Retails REITs: Trouble Ahead Quarterly FFO was $110.5 million, or 27 cents per share, compared with year-earlier FFO of $112.5 million, or 30 cents a share. Net income came in at $17.5 million, down from $28.3 million a year earlier. Revenue jumped 10.7% to $210.5 million. Occupancy rose slightly to 92.7%, up 30 basis points from the third quarter last year. Occupancy at U.S. shopping malls rose to 92.3%, up 40 basis points.
Macerich ( MAC) topped consensus estimates with FFO of $93.3 million, or 66 cents per share, despite weak revenue. FFO per share in the year-earlier period was 97 cents. Still, the mall owner lowered the high end of its previously forecast fiscal 2010 FFO guidance, saying it now expects full year FFO in a range of $2.60 to $2.70 and earnings per share in the range of 5 cents to 15 cents. Analysts were looking for 2010 FFO of $2.66 and EPS of 14 cents. Macerich attributed the revision to the anticipated reduction of its lease termination revenue, to $7 million, from $17 million. Through the end of the recent quarter, lease termination revenue was $6.6 million. Quarterly revenue rose 5% to $191 million, beating expectations for sales of $177.5 million. Net income was $8.4 million, or 6 cents per share, down sharply from $142.8 million, or $1.75 per share, in the year-earlier period. Occupancy increased to 92.6%, up from 91% in the corresponding quarter last year. Mall total tenant sales increased 5.8% year-over-year.
Health Care REIT
Health Care REIT ( HCN) said quarterly profits fell 76% to $5.8 million, or a penny per share, compared with year-earlier earnings of $24.7 million, or 17 cents per share. Revenue jumped 25.7% to $176 million. FFO was 79 cents per share, up from 77 cents per share in the year-earlier period. Health Care REIT, which invests in senior housing and, as the name suggests, health care-related real estate, revised the midpoint of its fiscal 2010 FFO guidance to a range of $3.13 to $3.16 per share, from $3.13 to $3.20 per diluted share. Net income guidance was reduced to a range of 98 cents to $1.01 per share, from $1.33 to $1.40 per share. Narrowed guidance was attributed to capital transactions in the recent quarter that were not taken into account in the previously announced outlook.
DuPont Fabros Technology
DuPont Fabros Technology ( DFT), which operates and manages large-scale datacenter facilities, posted double digit gains in FFO, FFO per share and revenue, but forecast weaker-than-expected full year FFO. FFO grew 54% in the recent quarter to 37 cents per share, up from 29 cents in the corresponding quarter last year, attributed to higher operating income due to the lease of certain operating properties. Net income came to 18 cents per share, up a dime from year-earlier EPS. Revenue improved 16.2% to $60.3 million, offset by a $1.2 million, or 2.3%, reduction due to energy cost savings from the company's participation in load management and rate setting programs. DuPont Fabros said it now expects fourth-quarter FFO in a range of 30 cents to 34 cents per share, and full-year FFO in a range between $1.30 and $1.40 per share. Analysts were looking for FFO of 37 cents per share in the quarter and $1.36 for the year.
CBL & Associates Properties
CBL & Associates Properties ( CBL) beat Wall Street's expectations with funds from operations of $65 million, or 47 cents per share, thanks to higher rental revenue. CBL, a REIT that focuses on regional shopping malls, community centers and office properties, raised its full year guidance for FFO to a range between $1.93 and $1.99 per share, up from its prior estimate for 2010 FFO in a range between $1.87 and $1.90. Net income in the recent quarter was $9.6 million, or 7 cents per share, down from earnings of $11.1 million, or 8 cents per share, in the year-earlier quarter. CEO Stephen D. Lebovitz said CBL's "occupancy increased sequentially and year-over-year in all categories, leasing spreads improved, and we posted healthy growth in same-center net operating income." Portfolio occupancy pushed up to 91% as of Sept. 30, up from 89.2% a year earlier. In the recent quarter CBL acquired the remaining 50% interest in Parkway Place in Huntsville, Ala. from its joint venture partner, Colonial Properties Trust. It also divested Pemberton Square, a mall in Vicksburg, Miss.
CommonWealth REIT ( CWH) beat the Street posting income of 82 cents per share, or $53.1 million. CommonWealth booked a profit of $59.5 million, or $1.06 per share, in the third quarter of 2009. FFO was $60.7 million, or 92 cents per share, compared with year-earlier FFO of $60.8 million, or $1.06 per share. As of Sept. 30, 86.4% of CommonWealth's total square feet was leased, down from 88.2% at the end of the corresponding quarter last year. Leases both newly signed and renewed in the quarter garnered weighted average rental rates that were 3% above prior rents for the same space. Average lease terms signed in the period were 5.8 years. The office building REIT acquired 26 properties and sold 13 properties in the recent quarter. Revenue, or rental income, improved 5.8% year-over-year to $218 million.
Inland Real Estate
Inland Real Estate ( IRC) posted a decrease in adjusted FFO to 19 cents per share in the third quarter, down from 25 cents in the year-earlier period. Core FFO was 19 cents, up from 9 cents year-over-year. The developer of shopping centers and single-tenant retail properties said leased occupancy was 93.4% as of Sept. 30, up 100 basis points over the prior quarter and 40 basis points over the third quarter of 2009. Average base rent for new and renewal leases signed increased 12% and 6.6%, respectively, over expiring rates for the quarter. Inland reiterated its guidance for a decline in same-store net operating income of 6% to 8% for 2010. FFO per common share for fiscal year 2010 is projected to be in the range of 80 cents to 87 cents, topping analysts' consensus call for full-year FFO of 78 cents per share. Management said it intends to maintain its
monthly dividend payment of 4.75 cents per share throughout 2010. The next payment will be made on Nov. 17 to common shareholders of record at the close of business on Nov. 1.
Vornado Realty Trust
Vornado Realty Trust ( VNO) beat expectations by a penny per share with a healthy uptick in funds from operations. Funds from operations, or FFO, is a performance figure used by REITs to define cash flow from operations. The metric removes the profit-reducing effect of depreciation. Vornado, a REIT that invests primarily in office and retail properties in New York City and Washington, posted third-quarter FFO of $248.96 million, or $1.31 per share, compared with year-earlier FFO of $234.25 million, or $1.25 per share. Excluding one-time items, adjusted quarterly FFO was $230.92 million, or $1.22 per share, up from from $221.38 million, or $1.18 per share, in the third quarter of 2009. That beat expectations for adjusted FFO of $1.21 per share. Net income got a boost $43.3 million of net gains from the sale of certain real estate properties, though the line item fell to $95.2 million, or 52 cents per share, from $126.4 million, or 70 cents per share, in the year-earlier quarter. Revenue jumped 5.3% to $707 million, easily surpassing expectations for revenue of $682.1 million.
St. Joe ( JOE) missed quarterly expectations by a nickel per share, posting a loss of 14 cents per share, or $13.1 million, narrower than the 16 cent-loss per share, or $14.5 million, booked in the year-earlier quarter. Analysts expected a loss of 9 cents per share. Pretax charges in the recent quarter included an $8.8 million reserve for litigation purposes, plus additional charges for legal and clean-up costs resulting from the
Gulf of Mexico oil spill. Revenue dropped 35.3% to $27.1 million, though the figure managed to top analysts' consensus call for revenue of $20.1 million. Real estate sales plummeted more than 55% to $10.9 million. St. Joe is a real estate development company that owns nearly 600,000 acres of land, mostly in Northwest Florida, where it develops towns, resorts and industrial properties.
HCP ( HCP) returned to year-over-year profitability with higher revenue, and raised its full year forecast. The healthcare industry-serving REIT now expects 2010 adjusted FFO in a range between $2.18 and $2.24 per share. Net FFO should range between $1.99 and $2.05 per diluted share. Analysts who exclude one-time items when forecasting estimates, expect FFO of $2.15 per share for fiscal 2010. UDR forecast net earnings per share for 2010 to be in a range between 96 cents and $1.02 per share. In the recent quarter, HCP, which invests in healthcare properties like senior housing, medical offices, hospitals and skilled-nurse properties, posted a profit of $22.7 million, or 5 cents per share, compared with a year-earlier loss of $46.7 million, or 18 cents per share. FFO pushed up to 54 cents per share, from 52 cents, excluding one-time items including a joint venture-related write-down. FFO per share results were in line with analysts' consensus call. Rental revenue, including tenant recoveries, jumped 12% to $266.4 million, topping expectations by more than $11 million. In September and October, HCP acquired $327.6 million of debt investments in Genesis Healthcare, a long-term care providers, purchased from major commercial banks. HCP maintained its dividend of 46.5 cents per share. It will be paid next on Nov. 23 to shareholders of record on Nov. 8.
Simon Property Group
Simon Property ( SPG) beat quarterly earnings expectations, increased its dividend and raised its full-year outlook. "It increased guidance," noted Sandler O'Neill analyst Alexander Goldfarb. "We saw a very hefty growth of the dividend, which is constant with Simon, a very good, well-oiled machine." The shopping mall owner raised its quarterly dividend by 33% to 80 cents per share. The new payout will be available Nov. 30 to shareholders of record on Nov. 16. Simon Property updated its guidance for 2010 and now expects to post full-year adjusted FFO in a range of $5.90 to $5.95 per share, increasing the high end of its prior estimate by 8 cents per share. Net FFO should be in a range of $4.90 to $4.95 per share next year. Diluted net income is expected to be within a range of $2.03 to $2.08 per share for 2010. For the recent quarter, Simon Property posted net income of $230.6 million, or 79 cents per share, compared with $105.5 million, or 38 cents per diluted share, in the year-earlier period. Adjusted FFO was $503.6 million, or $1.43 per diluted share, compared with year-earlier adjusted FFO of $473.1 million, or $1.38 per diluted share. Net FFO was $318.5 million, or 90 cents per diluted share. Simon Property's improved performance was due in part to a 10.6% year-over-year increase in sales by the REIT's mall tenants. Occupancy pushed up to 93.6%, from 92.8%. Average rent per square foot improved to $38.69, from $38.35.
Brookfield Properties ( BPO) said third-quarter funds from operations jumped 37% as the REIT was able to lease more space to its commercial tenants. Funds from operations, or FFO, is a performance figure generally used by REITs to define cash flow from operations. FFO rose to $169 million, or 32 cents per share, from $123 million, or 28 cents per share, in the year-earlier quarter. Net income was $156 million, or 28 cents per share. Brookfield leased 1.1 million square feet of commercial space in the recent quarter, compared with 693,000 square feet leased in the third quarter last year. Average net rent per square foot improved 9% to $25. Occupancy increased to 95.1%, up 30 basis points from the previous quarter. Brookfield said it entered into a definitive agreement to sell its residential land division for aggregate proceeds of approximately $1.2 billion, combining its residential land development business with homebuilder
Brookfield Homes ( BHS). The REIT also acquired a 16-property Australian office portfolio comprising 8 million square feet in Sydney, Melbourne and Perth. The $1.4 billion acquisition was funded with the company's available liquidity and a subordinate bridge acquisition facility. "Having completed the first step in our strategic repositioning with the expansion into Australia, we look forward to successfully concluding the next step, divesting our residential land business," said CEO Ric Clark. "Our transformation into a pure-play global office company should result in more transparent performance and growth creating meaningful value for our shareholders."
General Growth Properties
General Growth Properties ( GGP) reported negative FFO for the third quarter as reorganization expenses amid the mall owners' bout with bankruptcy pressured its bottom line. FFO for General Growth mall properties came to a loss of $29.3 million, or 9 cents per share, compared with year-earlier positive FFO of $88.9 million, or 28 cents per share. Reorganization expenses grew to $79.9 million this year, General Growth said, including the recognition of $83.7 million of incremental accrued interest expense. The U.S. shopping mall owner said it expects to emerge from bankruptcy on or around Nov. 8th. Net losses were 73 cents per share, steeper than the 38 cent loss recorded in the year-earlier quarter. Tenant sales at comparable properties in the quarter increased by 10.2% year-over-year, "building on the year-over-year sales growth momentum in the first and second quarter of 7.5% and 7.8% respectively," the company said. "GGP's underlying operating performance continues to improve," said CEO Adam Metz. "We are particularly pleased with the improving retail sales performance of our malls." As of Oct. 28, Sandeep Mathrani took over as CEO with Metz stepping down at the end of the year.
Apartment Investment and Management
Apartment Investment and Management ( AIV) said third quarter FFO rose to $48.9 million, or 42 cents per share, from $22.3 million, or 19 cents per share, in the year-earlier quarter. Pro forma FFO, which excludes operating real estate impairment losses and preferred stock redemption related gains, fell to $46.7 million or 40 cents per share, from $47.4 million, or 41 cents per share, in the prior-year quarter. Quarterly revenue grew to $292.3 million, from $285.4 million, beating expectations for revenue of $281.9 million. For the fourth quarter, Apartment Investment expects to book earnings of 34 cents to 38 cents per share, in line with analysts' consensus call for earnings of 36 cents. Net losses were $28.5 million, or 25 cents per share, narrower than a loss of $40.5 million, or 35 cents per share, reported in the third quarter last year.
Annaly Capital Management
Annaly Capital Management ( NLY), a manager of real estate investment securities including mortgages and collateralized mortgage obligations, disappointed Wall Street with core earnings per share of 60 cents, 7 cents below expectations. Net losses were $18.6 million, or 3 cents per share, compared with a year-earlier profit of $280.6 million, or 51 cents per share. Analysts from Deutsche Bank maintained a buy rating on Annaly despite its earnings miss but lowered their price target by $2 to $20. "The shortfall to our estimate was a result of lower-than-expected net interest income likely due to new capital being deployed towards the end of the quarter," the analysts noted.
Potlatch ( PCH), a timberland and wood products manufacturing facility operator, reported third-quarter net income of $18.1 million, or 45 cents per share, down from $45.8 million, or $1.15 per share, in the year-earlier quarter. Results missed expectations for earnings of 59 cents per share. Quarterly revenue fell 2.9% to $158.9 million, also missing expectations. Looking ahead, Potlatch said lumber prices have softened, impacting its wood products operating results, a trend it expects to continue into 2011. Lower lumber prices are pressuring its sawlog pricing as well. Results from its real estate segment should be higher sequentially in the current quarter due to a non-strategic land sale earlier this month.
ProLogis ( PLD), a Denver-based REIT that operates industrial distribution facilities, reported third-quarter core funds from operations of 15 cents per share, missing expectations by 3 cents. ProLogis was downgraded to market perform, from outperform, by analysts at Wells Fargo ( WFC), noting that "PLD has addressed its near-term liquidity concerns through aggressive asset sales and capital raising initiatives, but leverage remains high, and we believe it will need to be reduced over time." ProLogis expects to book $830 million in net proceeds thanks to the sale of a North American portfolio to Blackstone Real Estate Advisors, a unit of the Blackstone Group ( BX). It also plans to sell land and tender between $1 billion and $2 billlion of public debt next year.
Realty Income ( O), a
monthly dividend-paying REIT, missed earnings expectations by a penny and cut its 2010 guidance by 2.5 cents. Realty Income reported FFO of $47.8 million, or 46 cents per share, down from $48.2 million, or 47 cents per share, in the year-earlier period. Net income fell 5.5% to $25.6 million, or 25 cents per share. Revenue increased 7% to $87.2 million, beating expectations. Realty Income's occupancy rate rose to 96.4%, while rents at properties owned at least one year were flat. FFO guidance for 2010 of $1.82 to $1.83 per share is below analysts' expectations. FFO guidance for 2011 was raised by a penny per share to a range between $1.96 and $2.01, higher than the Street's call. Wells Fargo downgraded the stock to market perform from outperform, noting that "while third-quarter FFO per share was in line with our 46 cent estimate and its outlook solid, we believe shares are fully valued at current levels and we are unwilling to raise our valuation range beyond $31 to $35." The analysts maintained its 2010 FFO-per-share estimate of $1.83 but increased its 2011 FFO estimate to $2 "given the company's accelerated acquisition pace."
Duke Realty ( DRE) posted core FFO of 30 cents per share, 4 cents ahead of expectations. Net earnings were $34.1 million, or 13 cents per share, compared with a year-earlier loss of $322.9 million, or $1.44 per share. "Duke Realty had a solid quarter operationally with portfolio occupancy increasing to 88.9% and execution of over 8.5 million square feet of leases, which was our best leasing quarter in terms of volume since the third quarter of 2007," said CEO Dennis D. Oklak. "We continue to make meaningful progress on our strategic plan, including the repositioning of our portfolio through acquisitions and dispositions of non-strategic assets." Acquisitions in the recent quarter totaled $442 million, including the acquisition of its joint venture partner's 50% interest in Dugan for $298.2 million. Duke raised its fiscal 2010 core FFO guidance to a range of $1.11 to $1.15 per share, from its previous range of $0.95 to $1.15 per share. Analyst expectations are for core FFO of $1.03.
SL Green Realty
SL Green Realty ( SLG), one of the largest owners of Manhattan office space, said Monday its third-quarter FFO jumped to $145.3 million, or $1.82 per share, compared with $78.1 million, or 98 cents per share, in the year-earlier period. Analysts expected $1.79 per share. SL attributed the increase to the repayment of a mortgage on one of its New York City properties, located at 510 Madison Avenue. SL said it would help recapitalize the office tower at 3 Columbus Circle with private investor The Moinian Group in order to finish construction and provide refinancing if necessary. The REIT closed on a $330 million purchase of 125 Park Ave. Analysts from Barclays Capital reiterated an equal weight rating on SL Green shares following its earnings announcement, and lowered their price target on the stock by $1 to $70.
Developers Diversified Realty
Developers Diversified Realty ( DDR) reported quarterly FFO of $37.1 million, or 14 cents per share, a sharp improvement over year-earlier losses of $115.5 million, or 80 cents per share, in the year-earlier quarter. Excluding costs for extinguishing debt and impairments, Developers Diversified Realty's FFO was 25 cents per share, a penny ahead of analysts' consensus call. The REIT also reported higher occupancy rates. A total of 503 leases for 2.9 million square feet were executed in the quarter, compared with 433 leases in the year-earlier quarter. The core portfolio leased rate increased to 92%, up from 90.9% at the end of the third quarter last year. Following its earnings release, analysts from Deutsche Bank upgraded Developers Diversified to buy from hold, and raised their price target on the stock to $15, from $13. UBS reiterated a buy rating and also raised its price target by $2 to $15. RBC Capital Markets reiterated a sector perform rating and raised its price target by $1 to $13. -- Written by Miriam Marcus Reimer in New York. >To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to http://twitter.com/miriamsmarket. >To submit a news tip, send an email to: email@example.com.
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