Mid-America Apartments Completes A Merger And Offers Both Growth And Income
Regarded Solutions • 13 Comments
Regarded Solutions • 13 Comments
Implications Of Merger Deal Between Mid-America Apartment Communities
Core Equity Research
Core Equity Research
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
Tue, May 3, 5:35 PM
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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
Fri, Apr. 22, 9:46 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)
Tue, Mar. 22, 4:30 PM
Fri, Mar. 11, 10:40 AM
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
Wed, Feb. 3, 4:57 PM
- Q4 core FFO of $115.5M or $1.45 per share vs. $104.7M and $1.32 one year ago.
- Same-store revenue growth of 5.4% Y/Y, expenses up 2.4%, NOI up 7.3%. Average effective rent per unit up 4.4%. Average physical occupancy of 96.1% down 10 basis points. On balance large markets did far better than secondary markets, with NOI in large up 8.4% Y/Y, and in secondary up 5.3%.
- Full-year 2016 core FFO guidance of $5.68-$5.88 per share vs. $5.69 for 2015. Guidance includes dilution of $0.04-$0.06 from asset recycling plans. Q1 core FFO per share is guided to $1.34-$1.44 in Q1, $1.39-$1.49 in Q2, $1.41-$1.51 in Q3, and $1.44-$1.54 in Q4.
- Conference call tomorrow at 9 ET
- Previously: Mid America Apartment Communities beats by $0.05, misses on revenue (Feb. 3)
- MAA flat premarket
Wed, Feb. 3, 4:39 PM
- Mid America Apartment Communities (NYSE:MAA): Q4 EPS of $1.45 beats by $0.05.
- Revenue of $263.34M (+4.0% Y/Y) misses by $1.1M.
Tue, Feb. 2, 5:35 PM
- AAV, ALL, AVB, AWH, BDN, BRKS, BWLD, BXP, CACI, CBL, CCK, CDNS, CEB, CINF, CPST, DHT, ENH, EPM, EXAR, FBHS, GEOS, GLUU, GPRO, HIVE, HUBG, ICUI, IMPV, LCI, LNC, MAA, MAC, MCHP, MDU, MET, MNR, MTGE, MTRX, MUSA, MWA, NE, NXPI, OSUR, PACB, PCL, PMT, PNNT, RE, RGLD, RRTS, SFLY, SPSC, TIS, TMK, TTWO, TWO, UHAL, WFT, WSTL, XL, YUM
Fri, Jan. 22, 11:43 AM
- The team cashes in its chips on a Buy call for Mid-America Apartment Communities (MAA +2.2%) after a near-20% move higher over the past few months (the stock is notably flat for 2016).
- Buy calls for shopping center operators DDR (DDR +2%) and WP Glimcher (WPG +1%) haven't worked out as well, and SunTrust downgrades those as well from Buy to Neutral.
Mid-America Apartment Communities, Inc. operates as a real estate investment trust, which owns and manages apartments in the Sunbelt region of the United States. It operates through the following segments: Large Market Same Store Communities, Secondary Market Same Store Communities and Non Same... More
Industry: REIT - Residential
Country: United States
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