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
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%)
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.
Oct. 29, 2015, 3:26 PM
- Q3 core FFO of $109.9M or $1.38 per share vs. $101.6M and $1.28 one year ago.
- Same-store NOI up 8.1% Y/Y, with revenue up 6.1% and expenses up 3%.
- Average revenue per occupied unit of $1,123 up 5.1%, with average effective rent up 4.6%. Average physical occupancy up 90 basis points. Resident turnover of 53.3% on a rolling twelve-month basis.
- Full-year core FFO per share guidance is boosted to $5.39-$5.49 from $5.25-$5.41.
- Previously: Mid America Apartment Communities beats by $0.05, beats on revenue (Oct. 28)
- MAA +2.7%
Oct. 26, 2015, 2:38 PM
- "The planned sales will likely raise questions regarding the apartment cycle as well as the 'call' for certain submarkets and asset types," says Cowen's James Sullivan, as Equity Residential (EQR +2.2%) announces the sale of $5.3B of apartment properties and looks to sell another $700M worth next year.
- Zell rung a bell for the top of the last real estate cycle with the early 2007 sale of his Equity Office Properties for $39B.
- Citi's Michael Bilerman acknowledges the sale should make good fodder for the bears, but he remains bullish on EQR. Wells Fargo's Jeffrey Donnelly is impressed with the timing, and applauds EQR for narrowing its focus on larger properties in core urban markets.
- Previously: Equity Residential sells chunk of holdings for $5.365B (Oct. 26)
- Other multi-family REITs: AvalonBay (AVB -0.5%), Essex Property (ESS -0.6%), Post Properties (PPS -0.1%), UDR (UDR -0.2%), Aimco (AIV +0.1%), Mid-America (MAA -0.3%), Investors Real Estate (IRET -0.1%), Independence Realty (IRT -2.6%).
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, 9:46 AM
- Two apartment players get upgrades to Buy from Neutral: AvalonBay (AVB +0.9%) and Mid-America Apartment Communities (MAA +1%). Also getting an upgrade to Buy thanks to its NYC exposure is SL Green Realty (SLG +1%).
- Downgraded to Underperform from Hold are Government Properties Trust (GOV -0.9%) and Digital Realty Trust (DLR -0.1%).
Dec. 11, 2014, 8:02 AM| Dec. 11, 2014, 8:02 AM
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%).
Sep. 25, 2013, 5:57 PM
- Mid-America Apartment Communities (MAA) and Monster Worldwide (MWW) are switching S&P index listings; MAA will move into the S&P MidCap 400 while MWW replaces it in the S&P SmallCap 600 after the close of trading Oct. 1.
- Other changes to the SmallCap 600: Newpark Resources (NR) will replace Arbitron (ARB) after the close on Sept. 27, Green Dot (GDOT) will replace Colonial Property Trust (CLP) and Santarus (SNTS) will replace Volterra Semiconductor (VLTR) after the close Oct. 1.
- MAA +0.7%, GDOT +2.1%, NR +3.2%, SNTS +3.5% AH.
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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