Tue, Jul. 26, 3:01 PM
- Concessions of $300K in Q2 were four times higher than in Q2 one year ago, with sweeteners the greatest in NYC, NoCal, and New England, according to COO Sean Breslin.
- Higher competition from the surge in newly built apartment buildings will drive revenue in communities open at least 12 months down by about 0.4%, says the company. Also at work: Job growth in the areas where AvalonBay (AVB -1.9%) owns properties was weaker than expected in Q2.
- "We did not see the same seasonal lift we’ve seen in prior years,” says CEO Timothy Naughton. "There's just not enough high-paying jobs being created to absorb al the new supply," says Breslin.
- Equity Residential (EQR -0.6%), Essex Property (ESS -1.8%), UDR (UDR -1.1%), Camden Property (CPT -1.3%)
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
Oct. 26, 2015, 10:48 AM
Apr. 22, 2015, 10:02 AM
- Deals in the REIT space are picking up steam, with the latest being today's sale of Associated Estates to a Brookfield fund for $2.5B. Associated Estates has been under activist pressure for a number of months, and one wonders if any other apartment names might be next in line.
- Sector giants Equity Residential (EQR +1.3%), AvalonBay (AVB +1.2%), and Essex Property (ESS +1.2%) don't seem like likely targets, but are nicely higher on the session.
- Others: Post Properties (PPS +1.7%), UDR (UDR +1.6%), Aimco (AIV +1.3%), Camden Property (CPT +1.2%), Home Properties (HME +1.4%), Mid-America Apartments (MAA +1.1%), Investors Real Estate (IRET +0.8%).
- ETFs: IYR, VNQ, DRN, URE, SCHH, ICF, SRS, RWR, KBWY, DRV, REK, FRI, FTY, PSR, FREL, WREI
Jan. 12, 2015, 2:40 PM
- The 10-year Treasury yield is down all the way to 1.91% and the 30-year earlier dropped to 2.47% amid a slumping stock market and WTI crude oil plummeting another 4.3% to $46.23 per barrel. Equity REITs, meanwhile, continue a big start to the year.
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
- A sampling of individual names: Realty Income (O +0.9%), Omega Healthcare (OHI +1%), National Health Investors (NHI +1.7%), LTC Properties (LTC +1.8%), Camden Property Trust (CPT +1.3%), CBL & Associates (CBL +2.2%), Regency Centers (REG +1.2%), CubeSmart (CUBE +1.5%), Washington Real Estate Trust (WRE +0.9%), American Campus Communities (ACC +0.7%).
Sep. 15, 2014, 10:01 AM
Jul. 24, 2014, 10:40 AM
- The apartment building owner last night beat estimates on the top and bottom lines and raised full-year guidance.
- This morning, ISI Group chimes in with an upgrade to Buy and $156 price target, citing expected contribution from AvalonBay's (AVB +2.2%) $3.2B development pipeline.
- AVB results aren't necessarily filtering through to the rest of the apartment sector, which is mixed. Equity Residential (EQR +0.3%), Essex Property (ESS), Aimco (AIV -0.2%), Camden Properties (CPT -0.1%).
Dec. 4, 2013, 5:37 PM
Dec. 4, 2013, 10:17 AM
- A check of other multi-family REITs amid news of a $5B bid for BRE Properties (BRE +12.8%) by Essex (ESS -1.8%).
- Equity Residential (EQR +2.2%), AvalonBay (AVB +2.5%), UDR (UDR +2.5%), Apartment Investment and Management (AIV +4%), Camden (CPT +3.2%), Home Properties (HME +3.3%), Mid-America (MAA +1.7%), Post (PPS +4.7%).
Feb. 24, 2012, 12:45 PM
Jan. 12, 2012, 9:00 AM
Jan. 11, 2012, 7:07 PM
Camden Property Trust (CPT) drops 2.6% AH after announcing it will acquire the 80% interest it currently doesn't own in 12 JVs involving apartment communities in the southwestern U.S for $372.1M ($99.5M in cash and the assumption/repayment of $272.6M in debt). Camden will finance the purchases by issuing 5.75M shares.| Jan. 11, 2012, 7:07 PM