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Multi-Family REIT Stats 7-25-14

Apartment Update for 07-25-14

Yields are calculated on the Q2-14 dividend. The percent change numbers are since the first of the year - with the exception of the change in the dividend. The dividend change is since Q2-13. ESS purchased BRE - each BRE share converted into 0.2971 newly issued shares of ESS plus $12.33 in cash. ACC, PPS and UDR increased their Q2-14 dividends. ESS has announce its Q2-14 dividend to be $1.30 - up from $1.21.


    Share Price 14 FFO Est Q2-14 Div/ Div/ Percent Change LTM
Company and ticker 1-01 07-25 1-01 07-25 Yield FFO14 FFO15 Price Pr+Div FFO Target Div

Apartment Investment and Management Company (NYSE:AIV) 25.91 33.67 2.17 2.07 3.09 50.24 47.27 29.95 31.96 -4.61 7.85 8.33
Avalonbay Communities Inc. (NYSE:AVB) 118.23 147.98 6.77 6.76 3.14 68.64 63.13 25.16 28.11 -0.15 9.64 8.41
Camden Property Trust (NYSE:CPT) 56.88 73.02 4.27 4.23 3.62 62.41 58.80 28.38 31.86 -0.94 7.75 4.76
Equity Residential (NYSE:EQR) 51.87 64.84 3.11 3.09 3.08 64.72 60.61 25.00 27.90 -0.64 10.42 25.00
Essex Property Trust Inc. (NYSE:ESS) 143.51 190.78 8.29 7.35 2.73 70.75 56.64 32.94 34.75 -11.34 11.35 7.44
Home Properties Inc. (NYSE:HME) 53.62 65.56 4.52 4.45 4.45 65.62 62.39 22.27 24.99 -1.55 3.02 4.29
Mid-America Apartment Communities Inc. (NYSE:MAA) 60.74 74.20 4.99 5.15 3.94 56.70 52.14 22.16 24.56 3.21 12.63 5.04
Post Properties Inc. (NYSE:PPS) 45.23 55.03 2.76 2.44 2.62 59.02 51.61 21.67 24.05 -11.59 4.93 9.09
UDR, Inc. (NYSE:UDR) 23.35 28.62 1.49 1.51 3.63 68.87 64.20 22.57 24.80 1.34 7.33 10.64

Apartment Average         3.37 63.00   25.57 28.11 -2.92 8.32 9.22
Student Housing
American Campus Communities, Inc. (NYSE:ACC) 32.21 40.02 2.33 2.35 3.80 64.68 61.04 24.25 26.61 0.86 7.01 5.56
Education Realty Trust, Inc. (NYSE:EDR) 8.82 11.00 0.64 0.61 4.00 72.13 61.97 24.72 27.21 -4.69 10.90 10.00

Student Housing Average               24.48 26.91 -1.91      

Sector Average         3.46 63.98   25.37 27.89 -2.74 8.44 8.96

Click to enlarge

Dividend dates are:

AIV: 05-29-14 AVB: 07-14-14 CPT: 07-16-14 EQR: 07-10-14 ESS: 06-26-14
HME: 05-24-14 MAA: 07-30-14 PPS: 07-15-14 UDR: 07-30-14 ACC: 05-29-14 EDR: 08-14-14
Click to enlarge

Special dividends are not included in these stats.

Apartment Price/FFO Ratios 07-25

  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 144 168 204 207 220 21.43% 1.47% 6.28% 16.50 16.27 15.30 210 202 3.86%
AVB 460 544 505 676 735 -7.17% 33.86% 8.73% 29.30 21.89 20.13 686 670 2.37%
CPT 272 362 411 423 449 13.54% 2.92% 6.15% 17.77 17.26 16.26 429 420 2.13%
EQR 242 276 235 309 330 -14.86% 31.49% 6.80% 27.59 20.98 19.65 317 304 4.21%
ESS 570 671 759 735 918 13.11% -3.16% 24.90% 25.14 25.96 20.78 810 706 14.15%
HME 348 413 437 445 468 5.81% 1.83% 5.17% 15.00 14.73 14.01 449 434 3.37%
MAA 398 457 435 515 560 -4.81% 18.39% 8.74% 17.06 14.41 13.25 522 512 1.94%
PPS 189 284 301 244 279 5.99% -18.94% 14.34% 18.28 22.55 19.72 264 228 14.75%
UDR 127 132 144 151 162 9.09% 4.86% 7.28% 19.88 18.95 17.67 152 149 1.99%

Average         4.68 8.08 9.82 20.72 19.22 17.42  
Student Housing
ACC 179 191 222 235 249 16.23% 5.86% 5.96% 18.03 17.03 16.07 236 232 1.70%
EDR 41 46 55 61 71 19.57% 10.91% 16.39% 20.00 18.03 15.49 66 56 16.39%

Sector Average       7.08 8.14 10.07 20.41 18.92 17.12
Click to enlarge

Dividend History [based on Q4 Dividends]


  Dividends/Share/Quarter Percentage Dividend Growth Average
Co. 2005 2006 2007 2008 2009 2010 2011 2012 2013 07-08 08-09 09-10 10-11 11-12 12-13 2011-13

AIV 0.600 0.600 0.600 0.600 0.100 0.100 0.120 0.200 0.240 0.00 -83.33 0.00 20.00 66.67 20.00 43.33
AVB 0.710 0.780 0.850 0.893 0.893 0.893 0.893 0.970 1.070 5.00 0.00 0.00 0.00 8.68 10.31 9.50
CPT 0.635 0.660 0.690 0.700 0.450 0.450 0.490 0.560 0.630 1.45 -35.71 0.00 8.89 14.29 12.50 13.39
EQR 0.433 0.443 0.463 0.483 0.338 0.338 0.338 0.338 0.400 4.32 -30.05 0.00 0.00 0.00 18.52 9.26
ESS 0.810 0.840 0.930 1.020 1.030 1.033 1.040 1.100 1.210 9.68 0.98 0.24 0.73 5.77 10.00 7.88
HME 0.630 0.650 0.660 0.670 0.670 0.580 0.620 0.660 0.700 1.52 0.00 -13.43 6.90 6.45 6.06 6.26
MAA 0.595 0.595 0.605 0.615 0.615 0.615 0.628 0.660 0.695 1.65 0.00 0.00 2.03 5.18 5.30 5.24
PPS 0.450 0.450 0.450 0.450 0.200 0.200 0.220 0.250 0.330 0.00 -55.56 0.00 10.00 13.64 32.00 22.82
UDR 0.300 0.313 0.330 0.330 0.180 0.185 0.200 0.220 0.235 0.00 -45.45 2.78 8.11 10.00 6.82 8.41
ACC 0.338 0.338 0.338 0.338 0.338 0.338 0.338 0.338 0.360 0.00 0.00 0.00 0.00 0.00 6.67 3.33
EDR 0.300 0.205 0.205 0.205 0.050 0.050 0.070 0.100 0.110 0.00 -75.61 0.00 40.00 42.86 10.00 26.43
Click to enlarge