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Thu, Jan. 28, 4:37 PM
Thu, Jan. 28, 4:30 PM
- Q4 FFO per share of $1.20 vs. $0.99 one year ago. Adjusted FFO of $1.01 vs. $0.79. Dividend is $0.70.
- Revenue growth of 5.4% Y/Y, expense growth of 4.8%, NOI up 5.7%.
- Occupancy of 95.5% down 10 basis points from a year ago.
- Q1 FFO is guided to $1.16-$1.20 with NOI growth of 3.5-5.5%. Full-year 2016 FFO of $4.75-$4.95 with NOI growth of 4.5% at the midpoint. 2015's FFO was $4.54 and 2014's $4.18.
- Conference call tomorrow at 11 ET
- Previously: Camden Property Trust FFO in-line, beats on revenue (Jan. 28)
- CPT flat after hours
Thu, Jan. 28, 4:24 PM
Wed, Jan. 27, 5:35 PM| Wed, Jan. 27, 5:35 PM | 9 Comments
Wed, Jan. 6, 8:07 AM
- The national vacancy rate edged up to 4.4% in Q4 versus 4.3% in Q3 and a year earlier, according to Reis, Inc. It's the second straight sequential rise in vacancies - the first time that's happened since 2009. Rents rose 0.8% in Q4 - slower than past quarters, but still representing an annualized increase north of 3%.
- It's a tale of two markets, with older, suburban properties holding the overall vacancy rate down amid a surge in downtown, Class A supply aimed at the one-percenters.
- "Vacancies are rising predominantly because a lot of shiny, sexy new Class A projects are having a harder time leasing up relative to a few years ago," says Ryan Severino from Reis. According to his firm, there have been exactly zero completions of new Class B and C apartments since 2012, and almost 1M of new Class A units since 2007.
- Interested parties: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, MORE, NXRT, APTS, BRG
Dec. 22, 2015, 12:05 PM
- It's been a rough year for REITs (even with a nice post-Labor Day bounce), but 2016 should be better, says MUFG's Karin Ford, as long as Fed rate hikes are measured. At the moment, the betting looks to be on a 25 basis point move at every other meeting ... Is that measured enough?
- Turning to property fundamentals, Ford sees sustained organic growth, strong demand, and "judicious" levels of new supply.
- MUFG is overweight on HTA, LTC, and TRNO, neutral on ARE, ESS, and HCN, and underweight CPT.
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX, LRET, XLRE
Dec. 16, 2015, 10:27 AM
- BMO Capital upgrades Apartment Investment and Management (AIV +1.7%) to Outperform from Market Perform. Yesterday it was Citi with an upgrade.
- Another apartment player gets an upgrade as KeyBanc boosts Camden Property Trust (CPT +1.3%) to Overweight.
- Argus upgrades Kimco (KIM +1.3%) to Buy. The stock is higher by 4.2% year-to-date.
- Stifel downgrades Liberty Property Trust (LPT -0.3%) to Sell. The stock is lower by 15.5% YTD.
Dec. 15, 2015, 3:57 PM
- Equity Residential (NYSE:EQR), AvalonBay (NYSE:AVB), and Camden Property Trust (NYSE:CPT) have had discussions about allowing tenants to market rooms through Airbnb's (Pending:AIRB) network in exchange for a slice of the revenue.
- Source: WSJ
- Earlier this year, Airbnb brought on a former San Francisco real estate executive for the purpose of working out partnerships with apartment landlords.
- “You just can’t turn your head or keep your head in the sand over what’s going on,” says Equity Residential COO David Santee. "While it's a little scary, we do think there’s a play there,” says Camden Property Chief Information Officer Kristy Simonette.
- Already at odds with Airbnb, hotel owners may not be too pleased with even more apartments in big cities being essentially converted into hotel rooms.
Dec. 9, 2015, 9:38 AM
- Strong demand for rental housing in the aftermath of the property crash isn't a new story, but it's got plenty of room to run, according to CoreLogic. The company expects more than 1.25M of household formations next year, with most of those wanting to rent at a time when vacancy rates are at or near 30-year lows.
- As a result, they say, look for rental rates to continue to outpace the level of inflation.
- And while multifamily mortgage originations should rise next year, CoreLogic sees single-family originations falling 10% - mostly due to lower refinance volume as interest rates go north.
- Interested parties: Single-family landlords: SBY, AMH, ARPI, SWAY. Apartment owners: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, MORE, NXRT, APTS, IRT
Dec. 3, 2015, 4:18 PM
Nov. 20, 2015, 9:26 AM
- Apartment rents are still strong, but the rate of growth is slowing, according to Zillow, reporting a nationwide increase of 4.5% Y/Y in October, down from 5.3% in September and 6.6% in July.
- Even in red-hot San Francisco, a rent gain of 15.2% last month stands against 19% in June and July.
- At issue is more supply, says Zillow, noting projects begun a couple of years back are starting to come online.
- With rental affordability down, the relative affordability of homeownership is on the rise, says Zillow, noting home values up 4.3% - the fastest pace in a year.
- Apartment REITs: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, APTS, BRG
Oct. 29, 2015, 4:51 PM
- Q3 adjusted FFO of $0.91 per share vs. $0.89 one year ago. Dividend is $0.70.
- Same-property revenues up 5.5% Y/Y; expenses up 5.7%; NOI up 5.5%.
- Occupancy of 96% up 10 basis points.
- Full-year FFO guidance of $4.51-$4.55 per share, with the midpoint of same-property revenue growth, expense growth, and NOI growth at 5.2%.
- Conference call tomorrow at 12 ET
- Previously: Camden Property Trust misses by $0.01, beats on revenue (Oct. 29)
- CPT flat after hours
Oct. 29, 2015, 4:38 PM
- Camden Property Trust (NYSE:CPT): Q3 FFO of $1.14 misses by $0.01.
- Revenue of $227.18M (+6.6% Y/Y) beats by $1.31M.
Oct. 28, 2015, 5:35 PM
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Oct. 26, 2015, 10:48 AM
Oct. 20, 2015, 11:30 AM
- “Ultimately this was going to eat our lunch,” says Camden Property Trust (CPT -0.3%) President Keith Oden, as the company this summer stopped accepting parcels at all of its 169 apartment communities.
- The company's buildings received 1M packages in 2014, up 50% from the previous year. Camden figures each package results in roughly 10 minutes of lost productivity. Doing the math at $20 per hour for employee wages adds up to $3.3M per year.
- The surge in online shopping has turned apartment management offices essentially into receiving centers, with workers needing to accept and record items and track down tenants to pick them up, not to mention finding a place to store the mountain of parcels.
- AvalonBay (AVB -0.4%) is experimenting with installing electronic lockers in about a dozen of its properties.
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