Thu, Apr. 28, 4:26 PM
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
Wed, Apr. 27, 5:35 PM
- ABAX, ACHC, AEM, AIV, AJG, ALDR, ALGN, AMCC, AMGN, AMZN, ARII, ATEN, ATHN, ATR, ATRC, AZPN, BCOV, BGS, BIDU, BMRN, BOOM, BRKS, BVN, CATM, CENX, CHDN, CHE, CHMT, CLD, CLW, COHR, COLM, COWN, CPHD, CPT, CUBE, DDR, DGII, DLR, ECOL, EHTH, ELLI, EMN, EPAY, EPR, ESS, EXLS, EXPE, EYES, FET, FII, FLEX, FLS, FPO, GB, GILD, GIMO, GNW, GRPN, HELE, HIG, HT, HTH, HURN, HWAY, INVA, IPHI, ISBC, JNPR, KBR, KRG, LEG, LNKD, LOGM, LPLA, MATW, MMSI, MOBL, MOH, MSA, MSCC, N, NATI, NFG, NPTN, NR, NSIT, NSR, NUS, OFIX, OMCL, OUTR, P, PCCC, PDFS, PFG, PODD, PXLW, QLIK, RGA, RGC, ROVI, RRC, RSG, SCSS, SGEN, SHOR, SKYW, SMCI, SNMX, SPN, SPNC, SRCL, STRZA, SWKS, SYNA, TEP, TLGT, TMST, TNDM, TRMB, TXTR, VCRA, VDSI, VGR, VR, VRSN, WDC, YRCW
Wed, Apr. 27, 11:23 AM
Fri, Apr. 8, 2:31 PM
- The national vacancy rate has now risen for three straight quarters and hit 4.5% in Q1, according to Reis, up from 4.2% nine months earlier.
- Average rents increased 4.1% to $1,248 in Q vs. a 5% increase in Q1 a year ago, according to Axiometrics.
- Perhaps most of concern according to housing economists, the number of new occupied apartments climbed by just more than 20K units in Q1 - that's against a five-year average of roughly 40K per quarter. Whether that sharp drop turns into a long-term trend is another story.
- Supply? Developers are expected to build nearly 1M units in the U.S. over the next three years, up from about 100K in the previous three.
- In the country's hotter markets - think NYC, SF, Denver, Houston - landlords are more often offering concessions to bring in tenants. In Manhattan, rentals with concessions rose to 14% of the market vs. 5% a year earlier, and the median rental price fell 2.8% to $3,300.
- Landlords: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, APTS, BRG
- Now read: NexPoint's Hidden Value (April 5)
Fri, Apr. 1, 3:59 PM
- National rents are higher by 0.4% over the past month and 2.7% Y/Y, according to the National Apartment List Rent Report. The median price for a 2BR apartment is $1.300, while 1BRs average $1,150.
- While San Francisco is in the lead for the nation's highest prices, rents have grown just 0.9% Y/Y. Seattle rents are higher by 5.4% Y/Y and it's now the 8th-most expensive city.
- Colorado Springs was tops for rent growth, up 11.4% Y/Y, followed by Orlando up 8.9%, Providence up 8.7%, and Tampa up 8.6%.
- Apartment REITs: EQR, AVB, ESS, PPS, AIV, CPT, MAA, IRET, IRT, APTS
- Now read: 2016 Rate Hikes Could Be A Blessing In Disguise For Equity REITs (April 1)
Wed, Feb. 17, 4:13 PM
- The market environment has changed, says Ryan Severino from Reis Inc., noting apartment construction is at its quickest pace since 1999. "Gone are the days when apartments faced little competition from new construction.”
- The vacancy rate is expected to head higher from the 4.4% recorded in Q4, thus keeping at least a little bit of pressure on rents.
- Even the fast pace of construction, however, isn't keeping pace with demand - the number of households last year grew by 1.5M, but the housing stock rose just 1.1M units, says Freddie Mac's David Brickman.
- Apartment owners: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, BRG
Thu, Jan. 28, 4:37 PM
- Camden Property Trust (NYSE:CPT) declares $0.75/share quarterly dividend, 7.1% increase from prior dividend of $0.70.
- Forward yield 4.07%
- Payable April 18; for shareholders of record March 31; ex-div March 29.
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
- Camden Property Trust (NYSE:CPT): Q4 FFO of $1.20 in-line.
- Revenue of $229.66M (+6.1% Y/Y) beats by $0.85M.
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
Camden Property Trust operates as a real estate investment trust, which engages in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. It focuses on maintaining a geographically diverse portfolio of apartment homes located... More
Industry: REIT - Residential
Country: United States
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