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Business Wire (Jan 29, 2014)
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Business Wire (Jan 9, 2014)
Business Wire (Dec 10, 2013)
Business Wire (Dec 9, 2013)
Business Wire (Oct 31, 2013)
at MarketWatch.com (Nov 29, 2012)
at CNBC.com (Oct 17, 2012)
at CNBC.com (Oct 4, 2012)
at CNBC.com (Oct 3, 2012)
at CNBC.com (Sep 27, 2012)
at CNBC.com (Sep 21, 2012)
at MarketWatch.com (Jun 21, 2012)
at MarketWatch.com (Apr 24, 2012)
at MarketWatch.com (Mar 12, 2012)
AIV vs. ETF Alternatives
Thursday, Feb 64:52 PM
Thursday, Feb 64:52 PM| Comment!
- Apartment Investment & Management Company (AIV): Q4 FFO of $0.57 in-line.
- Revenue of $250.8M (-5.7% Y/Y) beats by $5.39M.
Thursday, Feb 612:10 AM|Thursday, Feb 612:10 AM| 4 Comments
Wednesday, Feb 55:35 PM|Wednesday, Feb 55:35 PM| 2 Comments
Wednesday, Jan 292:55 PM|Wednesday, Jan 292:55 PM| Comment!
Thursday, Jan 168:49 AM
Thursday, Jan 168:49 AM| 2 Comments
- Making a number of changes in its coverage of equity REITs, JPMorgan mostly is taking a shine to the beaten-up sector.
- Upgrades to Overweight: Health Care REIT (HCN), General Growth (GGP), Federal Realty Investment Trust (FRT), EPR Properties (EPR), Douglass Emmett (DEI), Brookfield Properties (BPO), Brandywine Realty (BDN), Avalon Bay (AVB), Apartment Investment & Management (AIV), and STAG Industrial (STAG).
- Downgrades to Neutral: Equity One (EQY), CBL & Associates (CBL), American Campus Communities (ACC).
Friday, Jan 102:44 PM
Friday, Jan 102:44 PM| 3 Comments
- The broad averages are struggling following the jobs number, but the big decline in interest rates (the 10-year Treasury is now off 10 bps to 2.87%) has the equity REIT sector lit up bright green.
- Ventas (VTR +4.4%) is having the biggest day, continuing to cruise through a couple of early-year downgrades (latest was Barclays on Wednesday). Among those also higher: National Retail Properties (NNN +3.1%), Realty Income (O +1.6%), Health Care REIT (HCN +2.5%), HCP (HCP +3.8%), RAIT Finanical (RAS +1.4%), Apartment Investment (AIV +2.9%), General Growth (GGP +1.6%), Inland Real Estate (IRC +1.5%), Government Properties (GOV +1.6%), American Campus (ACC +1.7%).
- Relevant ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
Wednesday, Jan 810:53 AM
Wednesday, Jan 810:53 AM| Comment!
- Morgan Stanley is neutral on the group despite some obvious headwinds as it's likely the bad news has already been priced into the stocks.
- First, there's supply pressure - Axios estimates 323K new units in 2014 vs. the 275K historical average and 184K last year. Supply increases may not be as detrimental as thought, however, thanks to average growth of just 125K units per year from 2010-2012.
- Second, there's rising rates: Morgan Stanley notes multifamily has historically been the least impacted in the REIT sector from higher rates thanks to shorter lease terms.
- Valuation? Multifamily REITs trade at a 14% discount to NAV vs. a 1% premium historically. The FFO multiple is 16.1x vs. the 10-year average of 18x, and the relative FFO multiple sigma of negative 1.6x also suggests the group's undervaluation compared to the broader REIT sector.
- Among the players: EQR, AVB, ESS, BRE, PPS, UDR, AIV, CPT, HME, MAA.
Friday, Dec 62013, 11:17 AM
Friday, Dec 62013, 11:17 AM| 1 Comment
- "It’s very hard to grow in size by doing one-off property acquisitions and one-off property developments,” says REIT analyst Jeffrey Langbaum of the M&A shopping spree for apartment REITs. “If you want to grow in earnest, a big portfolio is one way to do that. You’ve had companies taking advantage of those opportunities.”
- Essex Property Trust (ESS +0.3%) is the latest with its reported $5B bid ($64-$65 per share, though it would probably not be all-cash) for BRE Properties (BRE -0.1%). The deal - should it happen - would add to $22B in apartment REIT purchases in 2013. Before the report of the bid, BRE traded at a 13% discount to its NAV, and next up on the block could be Home Properties (HME +0.6%) and Post Properties (PPS +0.9%), both of which also trade as discounts. A November 22 Citi report pegs Post's NAV at $58.16 vs. a current price $46, and Home's at $73.17 vs. a current $56.
- Associated Estates Realty (AEC -0.3%) is another takeout possibility, says Sandler's Alexander Goldfarb, who estimates NAV at $21.90 vs. the current stock price of $16.33.
- While investors have complained about BRE management's performance, apartment REITs in general have been under pressure amid rising rates this year even as business remains strong. "You have a lot of mismatch in the valuation of apartment buildings or apartment REITs,” says “Long-term factors here are still very stacked on the side of solid growth.” says another analyst.
- Others in the sector: Equity Residential (EQR +0.2%), AvalonBay (AVB +0.4%), UDR (UDR -0.7%), Apartment Investment and Management (AIV +0.4%), Camden (CPT -1.3%), Mid-America (MAA +0.4%).
Wednesday, Dec 42013, 10:17 AM
Wednesday, Dec 42013, 10:17 AM| Comment!
- 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%).
Thursday, Oct 312013, 5:15 PM|Thursday, Oct 312013, 5:15 PM| Comment!
Thursday, Oct 312013, 1:15 PM|Thursday, Oct 312013, 1:15 PM| Comment!
Thursday, Oct 312013, 12:10 AM|Thursday, Oct 312013, 12:10 AM| Comment!
Wednesday, Oct 302013, 5:35 PM|Wednesday, Oct 302013, 5:35 PM| 4 Comments
Wednesday, Oct 22013, 1:19 PM
Wednesday, Oct 22013, 1:19 PM| Comment!
- Carlyle Group (CG -0.4%) is the latest Wall Street name to turn from buyer to seller in real estate, according to Robert Stuckey, the P-E firm's head of U.S. real estate. More than one-third of Carlyle's $2.3B in real estate is in apartments, and rising construction amid slower demand (in part as buying becomes a better deal) is not the best combination for higher rents.
- "We went from an unusually high-growth market to a market that is growing and attractive but more stable,” says Stuckey. “Our capital was useful at the front edge of the recovery.”
- Effective national rent of $1,073 per month at Q3's end is up 1% from last quarter.
- Apartment REITs might have lower IRR bogeys than Carlyle. Possible buyers? AIV, MAA, CPT, EQR, UDR, HME, AVB, BRE.
Tuesday, Oct 12013, 7:39 AM|Tuesday, Oct 12013, 7:39 AM| Comment!
Monday, Sep 232013, 3:34 PM
Monday, Sep 232013, 3:34 PM| Comment!
- Total property losses are expected at nearly $2B, with about half housing and the rest from commercial and government sectors.
- Franklin Street Properties (FSP -0.2%) is the most exposed, with 14.3% of its current portfolio in the affected area, according to SNL Financial. Next is CoreSite Realty (COR), whose two data center assets in the area account for 13.3% of the company's property count. Next is newly public Independence Realty Trust (IRT +2.2%) - which only owns one property there, but it accounts for 12.5% of its portfolio.
- Others (in order of percentage of portfolio in affected area): RLJ, OFC, DRH, INN, FR, GOV, REG, CHSP, EQR, LSE, LTC, GEO, TCO, AIV, CPT, CWH, EPR, ELS, WRI, MPW, MNR, PSA.
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