Apartment Investment & Management CompanyNYSE
Fri, Dec. 2, 11:51 AM
- The financial sector is taking a breather from its staggering post-election run, with a post-jobs report dip in rates a good enough excuse for satiated bulls to cash in some chips.
- XLF -1%, KBE -0.7%, KRE -0.7%.
- Individual issues: Bank of America (BAC -1.8%), Morgan Stanley (MS -1.2%), Citigroup (C -1.9%), M&T (MTB -1.1%), Flagstar (FBC -1.7%), Fifth Third (FITB -1.6%), PNC Financial (PNC -1.4%), Prudential (PRU -1.1%), Lincoln National (LNC -1.9%), Schwab (SCHW -2.1%), State Street (STT -1.8%)
- No longer part of the financial sector as far as the GICS classification, REITs are enjoying the respite in rates. IYR +1.6%, VNQ +1.6%
- Realty Income (O +4.1%), Vereit (VER +3%), Omega Healthcare (OHI +3.2%), Welltower (HCN +3.5%), HCP (HCP +2.7%), Universal Health (UHT +4.4%), W.P. Carey (WPC +2%), Lexington Realty (LXP +2.5%), Essex Property (ESS +1.2%), Aimco (AIV +1.5%), General Growth (GGP +2.6%), Brixmor (BRX +1.6%), Federal Realty (FRT +1.8%), Kimco (KIM +1.2%), Public Storage (PSA +1.4%), Life Storage (LSI +1.4%), Boston Properties (BXP +1.2%), Stag Industrial (STAG +2.4%).
Mon, Oct. 31, 8:32 AM
- Pulling his Underperform rating on Equity Residential (NYSE:EQR), analyst Richard Anderson notes the falling stock is closing in on the $60 price target he gave it back in July. The guidance cuts have stopped though, he says, noting the company last week reiterated full-year revenue growth forecasts. The new $62 PT compares to Friday's close of $60.18.
- Upgrading Aimco (NYSE:AIV) to Buy from Neutral, Anderson says the company seems more confident about 2017 than most peers. Half the company's capital is tied up in non-Class A price points, says Anderson, thus giving it some insulation from the pricing pressure being felt in the more expensive coastal markets.
- Anderson: "In some ways, AIV is a reincarnation of the Home Properties business model -- owning lower price-point assets and upgrading them through a dedicated redevelopment program."
- His $49 price target is 14% above Friday's close.
Thu, Oct. 27, 5:02 PM
- Q3 pro forma FFO of $0.55 down from $0.57 one year ago. Adjusted FFO of $0.45 slips from $0.48.
- Same-store average rent for apartments of $1,666 up 5% Y/Y. Average daily occupancy of 95.7% flat.
- Same-store revenue up 5% Y/Y; expenses up 2.4%; NOI up 6.3%.
- Full-year pro forma guidance is lifted to $2.29-$2.33 per share from $2.26-$2.34. AFFO of $1.96-$2 from $1.94-$2.02.
- Earnings call tomorrow at 1 ET
- Previously: Apartment Investment misses by $0.01, beats on revenue (Oct. 27)
- AIV flat after hours
Thu, Oct. 27, 4:43 PM
Wed, Oct. 26, 5:35 PM
- ACTG, AFL, AIV, AJG, ALDR, ALEX, ALJ, AMCC, AMGN, AMZN, ARAY, ARII, ASGN, ATEN, ATR, ATRC, AUY, AZPN, BGS, BIDU, BMRN, BOFI, BOOM, BSAC, BVN, CA, CATM, CBI, CBL, CEMP, CENX, CHDN, CLD, CLMS, CNMD, COLM, COWN, CPT, CRUS, CUBE, CXP, CY, DECK, DGII, DLR, ECOL, EGO, EHTH, ELLI, EMN, ESS, EXPE, FET, FII, FIX, FLEX, FLS, FORM, FPO, FR, FTNT, FTV, GIMO, GOOG, HBI, HIG, HLS, HTH, IART, IM, INT, INVA, IPHS, ISBC, ITGR, KAMN, KIM, KONA, KRG, LEG, LNKD, LOGM, MAA, MAC, MCK, MLNX, MOBL, MOH, MSA, MSTR, NANO, NATI, NGD, NR, NSIT, NSR, OFC, OII, OIS, OMCL, OSIS, PDFS, PEB, PFG, PKD, POWI, PSMT, PXLW, RGC, RSG, SGEN, SHOR, SIMO, SKYW, SMCI, SNMX, SPNC, SPSC, SRCL, SSD, SSNC, STRZA, SYK, SYNA, TDOC, TEAM, TFSL, TGB, TLGT, TMST, VCRA, VDSI, VR, VRSN, WRE, WRI, WSFS, YRCW
Wed, Oct. 26, 8:46 AM
Thu, Oct. 20, 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