Apartment Investment & Management CompanyNYSE
Yesterday, 10:17 AM
- It may be a valuation call as Aimco (NYSE:AIV) has gained 19.3% since the Feb. 11 bottom versus Mid-America's (NYSE:MAA) 6% advance.
- JMP downgrades Aimco to Market Perform and boosts Mid-America to Market Outperform.
- It's MAA's third upgrade in the past few sessions.
- MAA is higher by 2% today, while AIV is down 0.1%.
Mon, Sep. 26, 3:26 PM
- A 1.55% decline in Europe amid worries over the financial condition of Deutsche Bank has helped send the U.S. averages lower by 0.85%, and Treasury yields to their slimmest this month. At the short end, traders are cutting bets on the chance of a rate hike at any point in 2016.
- Fading that negative action are the REITs, with the Vanguard REIT Index Fund (NYSEARCA:VNQ) higher by 0.3% and the iShares U.S. Real Estate ETF (NYSEARCA:IYR) up 0.2%. The iShares Mortgage REIT ETF (NYSEARCA:REM) is also up 0.2%.
- Among individual issues: Annaly Capital (NLY +0.8%), American Capital Agency (AGNC +0.7%), Realty Income (O +1.1%), Omega Healthcare (OHI +1%), HCP (HCP +0.8%), Aimco (AIV +1.7%), Simon Property (SPG +0.5%), Kimco (KIM +0.8%), Public Storage (PSA +0.9%), Stag Industrial (STAG +0.5%)
Thu, Sep. 8, 10:14 AM
- May-August is typically peak apartment-leasing season in Manhattan, but landlords were unable to push up rents, as a report pegs the median monthly rent last month at $3,399, flat from one year ago. This comes as 6,285 new leases were signed, the most in any month dating back to January 2008.
- At issue, according to Jonathan Miller of property appraiser Miller Samuel, is excess supply - and it's likely to remain a challenge for the next year or two.
- According to Citi Habitats, 19% of new leases signed last month came with some form of landlord concession such as a free month, or payment of the broker's fee. One year ago in August, such sweeteners were seen on just 7% of deals.
- Interested parties: AvalonBay (AVB -1.2%), Equity Residential (EQR -1.6%), UDR (UDR -1%), Aimco (AIV -1%)
Tue, Aug. 16, 10:59 AM
- The major averages are off just modestly, but the Vanguard REIT Index Fund (NYSEARCA:VNQ) is lower by 1% as FRBNY boss Bill Dudley hit the tape this morning suggesting the possibility of a September rate hike and telling markets they're not being aggressive enough in pricing in Fed monetary tightening.
- Fed Funds futures are currently pointing to about a 50% chance of one rate hike this year, and barely pricing in any Fed moves next year.
- On tap for REITs this month is their move out of the financial sector and into their own separate sector classification.
- A few names today: Kimco (KIM -1.7%), Realty Income (O -2.1%), Omega Healthcare (OHI -1.2%), Medical Properties Trust (MPW -1.2%), W.P. Carey (WPC -1.7%), Aimco (AIV -1.4%), Simon Property (SPG -1.1%), Public Storage (PSA -0.7%), Government Properties (GOV -1%), Boston Properties (BXP -1.2%), Stag Industrial (STAG -1.2%)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS
Thu, Jul. 28, 6:39 PM
Thu, Jul. 28, 4:23 PM
- Q2 adjusted FFO of $0.50 vs. $0.46 earned in Q2 one year ago.
- Average rent per apartment of $1,611 up 5.3% Y/Y. Daily average occupancy of 95.9% down 50 basis points. Revenue of $168.5M up 4.2%. Expenses of $52.9M up 4.6%. NOI of $115.6M up 4.1%.
- Weighted average rent increases of 5.3% vs. 4.6% in Q1.
- Full-year AFFO per share outlook is boosted to $1.94-$2.02 from $1.92-$2.02. 2015 was $1.88.
- Conference call tomorrow at 1 ET
- Previously: Apartment Investment beats by $0.02, beats on revenue (July 28)
- AIV flat after hours
Thu, Jul. 28, 4:23 PM
Wed, Jul. 27, 5:35 PM
- ACTG, AFL, AIV, AJG, ALDW, ALGN, ALJ, AMZN, ARII, ATEN, ATR, AUY, BCOV, BGS, BIDU, BOOM, BRKS, CAA, CATM, CBL, CBS, CENX, CHMT, CLD, CLMS, COLM, COWN, CPHD, CPT, CUBE, CWST, CY, DECK, DGI, DGII, DLR, DTLK, ECOL, EEP, EGO, EHTH, EIX, ELLI, EMN, EQC, ES, ESS, EXPE, EYES, FE, FET, FICO, FII, FIX, FLS, FPO, FR, FTNT, GIMO, GNMK, GOOG, HIG, HLS, IM, INVA, INVN, ISIL, ITGR, IXYS, KAMN, KBR, KLAC, KRG, LEG, LMNX, LPLA, LYV, MATW, MOBL, MSCC, MSTR, MTD, N, NGVC, NR, NSR, OMCL, OUTR, PCCC, PDFS, PFG, PXLW, QGEN, QSII, RGA, RMD, ROVI, RSG, RTEC, SB, SBAC, SKYW, SNMX, SPNC, SRCL, STMP, STRZA, SYNA, TCO, TFSL, THG, TLGT, TNDM, UCTT, ULH, VCRA, VDSI, VRSN, WDC, WLK, WRI, WYNN, YRCW
Mon, Jul. 18, 9:52 AM
- The sector's had a nice run this year as, once again, higher interest rates have failed to materialize. A number of sell-siders are heading to the sidelines today on selected names today.
- JMP Securities downgrades American Campus Communities (ACC) to Market Perform from Outperform. Citigroup downgrades Aimco (AIV -0.7%) to Neutral from Buy. Mizuho cuts LTC Properties (LTC -1.4%) to Neutral from Buy. Capital One downgrades Stag Industrial (STAG -0.7%) to Equal Weight from Overweight. Deutsche cuts Urstadt Biddle Properties (UBA -0.8%) to Hold from Buy.
Thu, Jun. 16, 10:20 AM
- Inside May's CPI report was a monthly rent increase of 0.4%, the strongest monthly increase sine 2007. The year-over-year rise was 3.8%, the highest since 2008.
- That far outpaces the average hourly wage increase of 1.4%.
- Associated tickers: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, APTS
Thu, Jun. 9, 11:52 AM
- The team hosted meetings with 29 companies over two days across six subsectors. Some highlights:
- Lodging: Business travel remains soft and most are operating defensively by grouping up and reducing leverage. NYC is flooded with hotels available for sale which should pressure pricing.
- Apartments: The slowdown in NoCal is concentrated in Soma and San Jose, but expected to be temporary. The NYC slowdown is expected to endure through 2017. Merchant builders in Houston with deliveries in 2017 are in trouble - an opportunity for Camden Property Trust (NYSE:CPT) to pick up assets on the cheap.
- Malls: Concerns over department stores are overblown. Simon Property (NYSE:SPG) expects spreads to top mid-teens in the next five years. Omni-channel retail strategy is growing increasingly important as the WSJ reports 80% of online sales touch brick and mortar in some way.
- CS's Ian Weissman is ranked #1,134 out of #3,990 analysts on TipRanks.com.
- Tickers of interest: HPT, SHO, LHO, PEB, CHSP, INN, RLJ, EQR, AVB, ESS, PPS, UDR, AIV, GGP, BRX, KIM, WRI, MAC
Wed, Jun. 8, 9:49 AM
- Equity Residential (EQR -1%), AvalonBay Communities (AVB -1.1%), and Essex Property Trust (ESS -0.5%) are all downgraded to Hold from Buy at Jefferies.
- With market caps of $13B-$23B, these three are the apartment sector giants by a wide margin. They tend to play in the high-priced markets on the coasts (Essex is all West Coast).
- Equity Residential made big news late last year when it sold a big chunk of its portfolio - and when Sam Zell sells, it's worth paying attention to. The company made more news last week when it cut guidance thanks to weakness in San Francisco and New York (though management played this down at a conference yesterday).
- Other sector names: Post Properties (PPS +0.1%), UDR (UDR -0.8%), Aimco (AIV -0.5%), Camden Property (CPT -1%), Mid-America (MAA -0.3%), Investors Real Estate (IRET +1.6%), Independence Realty (IRT +0.4%), Monogram Residential (MORE -0.5%), NexPoint (NXRT), Preferred Apartment (APTS +0.6%), Bluerock Residential (BRG -0.2%)
Thu, Jun. 2, 10:05 AM
Thu, Apr. 28, 4:43 PM
- Apartment Investment (NYSE:AIV): Q1 FFO of $0.57 beats by $0.02.
- Rental and other property revenues of $241.48M (+1.3% Y/Y) beats by $0.56M.
Thu, Apr. 28, 3:54 PM
- The national homeownership rate slipped to 63.5% at the end of Q1, according to the Census Bureau. That's thirty basis points lower than Q4 and twenty bps below the level of one year ago. At the peak in 2005, it topped 69%.
- The rental vacancy rate of 7% was flat from Q4 and down 10 bps from a year ago. In 2010, it was 10.6%. In the meantime, the median asking rent for rental units continues to move higher.
- Apartment REITs: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, APTS, BRG
Thu, Apr. 28, 7:28 AM
- Apartment Investment (NYSE:AIV) declares $0.33/share quarterly dividend, in line with previous.
- Forward yield 3.28%
- Payable May 31; for shareholders of record May 20; ex-div May 18.