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The Zacks Analyst Blog Highlights:CBRE Group, Host Hotels & Resorts, American Capital Agency, Essex Property Trust and Kimco Realty

CHICAGO, July 23, 2014 /PRNewswire/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog includethe CBRE Group Inc. (NYSE:CBG-Free Report), Host Hotels & Resorts, Inc. (NYSE:HST-Free Report), American Capital Agency Corp. (Nasdaq:AGNC-Free Report), Essex Property Trust Inc. (NYSE:ESS-Free Report) and Kimco Realty Corporation (NYSE:KIM-Free Report).

Zacks Investment Research, Inc., www.zacks.com

Today, Zacks is promoting its 'Buy' stock recommendations. Get #1Stock of the Day pick for free.

Here are highlights from Tuesday's Analyst Blog:

REITs Counter Fed Suspense: Q2 Earnings in Focus

The real estate investment trust (REIT) sector is somewhat jittery due to the Fed's interest rate indecision, but offers some good investment opportunities thanks to demand growth. In fact, REITs have returned more than the broader market in the first half of the year.

The total FTSE NAREIT All REITs Index returned 18.24% compared with the 8.22% gain for the S&P 500 Index as of Jul 18. This outperformance was backed by a notable drop in Treasury yields, continuation of the low interest rate environment and a comparatively lower level of new supply of real estates.

How Was the Sector Backdrop in Q2?

Leaving behind the winter issues that snowballed into high property costs in the first quarter, the focus turned to the demand side of real estate in the second quarter. Favorable demographics and e-commerce applications lent enough support to this demand growth.

And the sluggish pace of economic recovery was a blessing in disguise as supply of new constructions remained modest. This gave the present real estate owners a solid scope to capitalize on.

A recent report from CBRE Group Inc. (NYSE:CBG-Free Report) also supports our view. The report highlights a decent recovery in the fundamentals of a number of real estate types in the second quarter. The office vacancy rate slipped 30 basis points (bps) to 14.5% in particular, following a 10 bps decline in Q1. This was propelled by growth in private sector jobs.

National industrial availability fell 30 bps from the prior quarter to 10.8% with e-commerce being a driving factor. Moreover, apartment demand continued to increase, with vacancy rate of 4.4% declining 20 bps year over year. Also, the retail availability rate declined 20 bps from the prior quarter to 11.7%.

Obviously, a decline in vacancy levels essentially reflects the rising demand for space and is, therefore, a positive sign for the industry's growth.

But Worries Still Exist

Despite this healthy recovery in fundamentals, a number of markets still look stretched. For the hotel/lodging REITs, the West Coast market continues to offer promises, while the East Coast remains a drag with bleak chances of recovery.

In addition, leasing pace is sluggish in the Washington, D.C. office market. The employment level in this market continues to depend on government-related and legal industries in which a sheer lack of job demand prevails.

There Are Still Opportunities

Nevertheless, hurt by taper and interest rate issues in the past, the healthcare REIT valuations look cheap and offer a good entry point. Moreover, as short-term interest rates are likely to remain low with the Fed stance, we believe that mortgage REITs will benefit as long as interest spread remains wide.

Earnings of Top REITs in Focus

According to the Zacks methodology, a stock needs to have both a positive Earnings ESP and a Zacks Rank #3 (Hold) or better for an earnings surprise.

Earnings ESP is our proprietary methodology for identifying stocks that have the best chance to surprise with their upcoming earnings announcements. It shows the percentage difference between the Most Accurate estimate and the Zacks Consensus Estimate. Our research shows that for stocks with this combination, the chance of a positive earnings surprise is as high as 70%.

Here's how some of the top REITs are expected to report:

Host Hotels & Resorts, Inc. (NYSE:HST-Free Report)

Based in Bethesda, MD, this Zacks Rank #2 (Buy) hotel REIT stock is scheduled to release Q2 earnings on Jul 31, before the opening bell.

Zacks Consensus Estimate (funds from operations or FFO per share): 43 cents

Zacks Consensus Estimate (revenue): $1.4 billion

Earnings ESP: 2.33%

This combination of Zacks Rank and Earnings ESP conclusively show that Host Hotels has a chance to beat the Zacks Consensus Estimate.

American Capital Agency Corp. (Nasdaq:AGNC-Free Report)

This Zacks Rank #1 (Strong Buy) mREIT company, also based in Bethesda, MD, is scheduled to release its Q2 earnings on Jul 28, after the market close.

Zacks Consensus Estimate (earnings per share): 66 cents

Zacks Consensus Estimate (revenue): $304 million

Earnings ESP: 6.06%

This combination of Zacks Rank and Earnings ESP conclusively show that American Capital Agency might exceed the Zacks Consensus Estimate.

Essex Property Trust Inc. (NYSE:ESS-Free Report)

With a Zacks Rank #3, this Palo Alto, California-based company is a residential REIT scheduled to report second-quarter earnings after the market closes on Aug 6.

Zacks Consensus Estimate (FFO per share): $1.67

Zacks Consensus Estimate (revenue): $258 million

Earnings ESP: 7.19%

With this stock's combination of Zacks Rank and ESP we can say that Essex has a chance to beat the Zacks Consensus Estimate.

Then Again...

Kimco Realty Corporation (NYSE:KIM-Free Report)

This New Hyde Park, New York-based Zacks Rank #3 company is scheduled to release Q2 results on Jul 29, after the market close.

Zacks Consensus Estimate (FFO per share): 34 cents

Zacks Consensus Estimate (revenue): $239 million

Earnings ESP: 0.00%

We cannot conclusively say that Kimco will beat the Zacks Consensus Estimate. Though the company's Zacks Rank #3 increases the predictive power of ESP, we also need to have a positive ESP to be confident of an earnings surprise call.

Bottom Line

An earnings beat essentially lifts investors confidence on the stock and immediately leads to stock price appreciation. This when supported by improving fundamentals in the REIT industry can prove rewarding for investors. Hence, tracking such stocks and prudently investing in these might fetch decent returns.

For that, keep an eye on our earnings preview and earnings report coverage in the coming days on www.zacks.com.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

Today, Zacks is promoting its 'Buy' stock recommendations. Get #1Stock of the Day pick for free.

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today.

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978. The later formation of the Zacks Rank, a proprietary stock picking system; continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumedthat any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein andis subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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SOURCE Zacks Investment Research, Inc.

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