Mid-America Apartment Communities Inc.NYSE
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, Oct. 17, 10:51 AM
- Apartment landlords have had a rough time of it in the past few months - burdened by a combination of rising interest rates and ideas that rent growth is slowing.
- Among the hardest hit is Mid-America Apartment (NYSE:MAA), down 15% over the past 90 days, though still higher by 6% Y/Y.
- DA Davidson steps in with an upgrade to Buy. The $106 price target suggests nearly 25% upside.
- Shares are down 0.85% on today's session.
Tue, Sep. 27, 4:36 PM
Thu, Aug. 25, 7:58 AM
- Analyst James Sullivan moves over the BTIG from Cowen & Co. Checking apartment REITs:
- AvalonBay (NYSE:AVB) is started at Buy and $208 price target after being rated only a Hold with $192 price target at Cowen, with Sullivan saying the company is the sector's best external growth story.
- Also a Hold at Cowen, UDR is initiated at Buy with $42 price target, with Sullivan saying the portfolio mix of primary and secondary markets and moderate price points has outperformed in a decelerating market.
- Essex Property Trust (NYSE:ESS) also merits an upgrade - now a Buy at BTIG.
- A Buy at Cowen, MAA is now only Neutral at BTIG.
- Monogram Residential (NYSE:MORE) is a Buy at BTIG after being rated the same at Cowen.
- See also: More new REIT coverage at BTIG (Aug. 25)
Fri, Aug. 19, 7:31 AM
- Markets are "misinterpreting" the company's planned purchase of Post Properties (NYSE:PPS), says SunTrust's Michael Lewis, upgrading MAA to Buy from Neutral.
- While the deal may be dilutive in the short-term, profits will benefit over the longer term.
- MAA is the most defensive REIT in the apartment sector, says Lewis, and the post-merger-news decline makes for a compelling entry point.
Mon, Aug. 15, 1:20 PM
Mon, Aug. 15, 7:44 AM
- Mid-America Apartment (NYSE:MAA) agrees to acquire Post Properties (NYSE:PPS) in an all-stock deal worth ~$3.88B, confirming an earlier report.
- MAA shareholders will own ~67.7% and former PPS shareholders will own 32.3% of the combined company with a ~$12B market cap, creating the largest multi-family REIT by number of units, with ~105K across 317 properties.
- The companies expect the deal to achieve $20M in annual gross synergies.
Mon, Aug. 15, 6:46 AM
- M&A activity is kicking off the headlines this week with an array of deals expected to be announced shortly.
- Among them: Mid-America Apartment (NYSE:MAA)- Post Properties (NYSE:PPS), Sharp (OTCPK:SHCAY)- Foxconn (OTC:FXCOF), Honeywell (NYSE:HON)- JDA Software, Xylem (NYSE:XYL)- Sensus USA and KKR- Entertainment One (OTC:ENTMF).
- The technology sector is still leading the global M&A market in 2016, but the real estate segment is not far behind.
- Will 2016 outpace 2015's record in terms of acquisitions and deal value?
Sun, Aug. 14, 7:03 PM
- A deal for about $4B could be announced as soon as tomorrow, according to the Journal's sources, with Post (NYSE:PPS) owners set to receive 0.71 share of newly-issued MAA stock for each share of Post they hold.
- Based on MAA's Friday close of $102.15, this would mean about $72.53 for each share of Post - roughly a 16% premium to Friday's close.
- Apartment landlords have naturally benefitted from the aftermath of the housing bust, but rent growth has begun to slow of late, leaving managements looking to mergers as the next way to drive value. Real estate is this year's 2nd busiest sector for M&A activity with more than $215B of deals, including $52B among REITs.
Wed, Jul. 27, 4:53 PM
- Q2 core FFO of $118.8M or $1.49 per share vs. $108M or $1.36 one year ago.
- Same-store NOI up 5.7% Y/Y, with a 4.4% boost to revenue and 2.3% in operating expenses. Large market properties saw a 6.7% increase in NOI, and secondary market a 3.8% boost.
- Average effective rent per unit in same-store portfolio of $1,031, up 4.4%. Occupancy of 96.2% was flat.
- Full-year core FFO guidance is boosted to $5.07-$5.13 per share, with NOI growth in same-store portfolio of 4.75-5.25%.
- CC tomorrow at 9 ET
- Previously: Mid America Apartment Communities beats by $0.03, misses on revenue (July 27)
- MAA flat after hours
Wed, Jul. 27, 4:45 PM
Tue, Jul. 26, 5:35 PM
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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
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%)
Tue, May 17, 5:14 PM
Wed, May 4, 4:27 PM
- Mid America Apartment Communities (NYSE:MAA): Q1 FFO of $1.44 beats by $0.03.
- Revenue of $269.01M (+4.0% Y/Y) beats by $3.92M.