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End Of Q1 Multi-Family REIT Update

Apartment Update for 03-31-14

Yields are calculated on the Q1-14 dividend. The percent change numbers are since the first of the year - with the exception of the change in the dividend. The dividend change in since Q1-13. On 12-19 ESS announced plans to buy BRE - each BRE share will convert into 0.2971 newly issued shares of ESS plus $12.33 in cash. PPS increased its Q2-14 div to $0.36. UDR has increased its Q2-14 div to $0.26.


    Share Price 14 FFO Est Q4-13 Div/ Div/ Percent Change LTM
Company 1-01 03-31 1-01 03-31 Yield FFO14 FFO15 Price Pr+Div FFO Target Div

Apartment Investors AIV 25.91 30.22 2.17 2.08 3.44 50.00 46.22 16.63 17.56 -4.15 1.87 8.33
Avalon Bay AVB 118.23 131.32 6.77 6.77 3.53 68.54 63.74 11.07 11.98 0.00 0.54 8.41
BRE Properties BRE 54.71 62.78 2.66 2.71 2.52 58.30 53.56 14.75 14.75 1.88 0.00 0.00
Camden CPT 56.88 67.34 4.27 4.22 3.92 62.56 59.19 18.39 19.50 -1.17 -0.41 17.86
Equity Residential EQR 51.87 57.99 3.11 3.10 3.45 64.52 60.79 11.80 12.57 -0.32 3.08 25.00
Essex Properties ESS 143.51 170.05 8.29 8.35 2.85 57.96 53.48 18.49 19.34 0.72 0.83 10.00
Home Properties HME 53.62 60.12 4.52 4.52 4.86 64.60 61.73 12.12 13.43 0.00 -0.37 4.29
Mid-America MAA 60.74 68.27 4.99 5.04 4.28 57.94 53.19 12.40 13.54 1.00 1.43 5.04
Post Properties PPS 45.23 49.10 2.76 2.61 2.69 50.57 47.31 8.56 9.29 -5.43 -2.80 32.00
United Dominion UDR 23.35 25.83 1.49 1.50 3.64 62.67 59.12 10.62 11.63 0.67 1.34 6.82

Apartment Average         3.52 59.77   13.48 14.41 -0.68 0.55 11.77
Student Housing
American Campus ACC 32.21 37.35 2.33 2.33 3.86 61.80 58.06 15.96 17.08 0.00 -1.19 6.67
Education Reality EDR 8.82 9.87 0.64 0.64 4.46 68.75 60.27 11.90 13.15 0.00 0.85 10.00

Student Housing Average               13.93 15.11 -9.39      

Sector Average         3.62 60.68   13.56 14.53 -0.57 0.43 13.44

Click to enlarge

Dividend dates are:

AIV: 02-27-14 AVB: 04-14-14 BRE: 03-30-14 CPT: 04-16-14 EQR: 01-14-14 ESS: 03-30-14
HME: 02-24-14 MAA: 04-30-14 PPS: 04-14-14 UDR: 04-30-14 ACC: 02-20-14 EDR: 02-13-14
Click to enlarge

Special dividends are not included in these stats.
Apartment Price/FFO Ratios 03-31


  FFO / Share % FFO Growth Price/FFO 14 FFO Range
Co. 2011 2012 2013 2014 2015 12-13 13-14 14-15 2013 2014 2015 High Low Range

AIV 144 168 204 208 225 21.43% 1.96% 8.17% 14.81 14.53 13.43 217 205 5.77%
AVB 460 544 505 677 728 -7.17% 34.06% 7.53% 26.00 19.40 18.04 685 648 5.47%
BRE 214 219 254 271 295 15.98% 6.69% 8.86% 24.72 23.17 21.28 279 264 5.54%
CPT 272 362 411 422 446 13.54% 2.68% 5.69% 16.38 15.96 15.10 429 418 2.61%
EQR 242 276 235 310 329 -14.86% 31.91% 6.13% 24.68 18.71 17.63 313 306 2.26%
ESS 570 671 759 835 905 13.11% 10.01% 8.38% 22.40 20.37 18.79 850 814 4.31%
HME 348 413 437 452 473 5.81% 3.43% 4.65% 13.76 13.30 12.71 455 447 1.77%
MAA 398 457 435 504 549 -4.81% 15.86% 8.93% 15.69 13.55 12.44 533 496 7.34%
PPS 189 284 301 261 279 5.99% -13.29% 6.90% 16.31 18.81 17.60 276 253 8.81%
UDR 127 132 144 150 159 9.09% 4.17% 6.00% 17.94 17.22 16.25 152 147 3.33%

Average         5.81 9.75 7.12 19.27 17.50 16.33  
Student Housing
ACC 179 191 222 233 248 16.23% 4.95% 6.44% 16.82 16.03 15.06 237 231 2.58%
EDR 41 46 55 64 73 19.57% 16.36% 14.06% 17.95 15.42 13.52 66 60 9.38%

Sector Average       7.83 9.90 7.64 18.96 17.20 15.99  

Click to enlarge

Disclosure: I am long AVB, HME, UDR.