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Apartment Investment & Management Company (AIV)

  • Thu, Apr. 9, 3:24 PM
    • A weak 30-year bond auction has long-term Treasury yields on the move higher, with the 10-year up five basis points to 1.96%. One also can't help but notice a recent uptick in capital raising among the equity REITs.
    • Realty Income (O -2.2%), Agree Realty (ADC -2.2%), Omega Healthcare (OHI -4%), Medical Properties Trust (MPW -2.5%), W.P. Carey (WPC -2.2%), Duke Realty (DRE -2.5%), Essex Property (ESS -2.9%), Aimco (AIV -3%), Simon Property (SPG -2.4%), Kimco (KIM -2.9%), Inland Real Estate (IRC -3%), DDR Corp (DDR -2.3%), Sovran Self Storage (SSS -2.2%), Washington Real Estate (WRE -4%), Digital Realty Trust (DLR -2%), Hospitality Properties (HPT -2.6%), Ashford Hospitality (AHT -2.4%), Stag Industrial (STAG -4.6%), American Campus (ACC -2.3%).
    • Previously: Treasury yields on the rise after weak 30-year auction (April 9)
    | Thu, Apr. 9, 3:24 PM | 37 Comments
  • Thu, Apr. 9, 10:30 AM
    • "We expect apartment fundamentals to remain stronger for longer given favorable demographics, solid job and wage growth, little impact from for-sale housing, and lower gasoline costs," says analyst Robert Stevenson, anticipating renters will continue to absorb 5%+ rental rate hikes this year.
    • His two favorite names in apartment REITs are Home Properties (HME -1.1%) and Mid-America Apartment Communities (MAA -1.5%) - they're the cheapest in the sector, he says, and he sees no reason to pay a premium price for others with similar growth characteristics.
    • Risks: Spiking long-term bond yields and oversupply, but Stevenson believes the apartment companies are better-positioned to deal with both than the rest of the residential REIT sector.
    • Bullish on HME and MAA, Stevenson gives Neutral ratings to Aimco (AIV -1.5%), AvalonBay (AVB -1.6%), Camden Property (CPT -1.5%), Equity Residential (EQR -1.7%), Essex Property (ESS -1.7%), Post Properties (PPS -1%), and UDR (UDR -1.7%).
    • Source: Barron's
    | Thu, Apr. 9, 10:30 AM | 1 Comment
  • Wed, Apr. 8, 10:28 AM
    • Started at Outperform are AvalonBay (AVB +0.5%), Camden Property Trust (CPT +0.5%), Equity Residential (EQR +0.4%), and Mid-America Apartment (MAA +0.6%).
    • Initiated at Market Perform is Aimco (AIV +0.4%), Essex Property Trust (ESS +0.5%), and UDR (UDR +0.3%).
    | Wed, Apr. 8, 10:28 AM | Comment!
  • Thu, Mar. 19, 4:34 PM
    • S&P lifts Aimco (AIV) to a BBB- credit from BB+ previously. The outlook remains stable.
    • CFO Ernie Freedman notes the upgrade came sooner than management expected, and the investment grade rating allows for the company to raise unsecured money - though the company doesn't anticipate doing so.
    • Source: Press Release
    | Thu, Mar. 19, 4:34 PM | Comment!
  • Wed, Mar. 18, 3:28 PM
    • The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
    • The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
    • IYR +2.3%
    • National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
    • Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
    | Wed, Mar. 18, 3:28 PM | Comment!
  • Tue, Mar. 17, 9:56 AM
    • Launching coverage on the multi-family sector, Baird starts UDR (UDR -0.1%), Camden Property (CPT -0.1%), Mid-America Apartment (MAA +0.5%), and Aimco (AIV) at Outperform.
    • Started at Neural are AvalonBay (AVB -0.3%), Post Properties (PPS -0.7%), Essex Property (ESS -0.2%), and Equity Residential (EQR -0.7%).
    • Manufactured housing community operator Sun Communities (SUI +0.2%) rates a Neutral, as do campus housing players American Campus Communities (ACC) and Education Realty (EDR -0.2%).
    • Equity Lifestyle Properties (ELS -0.6%) is started at Outperform.
    | Tue, Mar. 17, 9:56 AM | Comment!
  • Wed, Feb. 18, 12:47 PM
    • Including dividends, apartment REITs returned 39.7% in 2014, the best among all real estate sectors, according to Nareit, which says REITs overall returned a still-pleasing 28%.
    • REITs in general have cooled of late - off 1.7% in February, with apartments off 1.1% as some analysts ring the register.
    • Morgan Stanley's Haendel St. Juste says slowing growth combined with pricey stock prices isn't the best combination. He notes the names are trading at 10-15% premiums to NAV vs. 10-15% discounts one year ago.
    • Then there's oversupply, especially in company towns like D.C. and in the Texas oil belt. Over the past six months, builders have broken ground on multifamily apartments at an average pace of 357K units per year - 26% more than the 30-year average.
    • Names of interest: EQR, AVB, ESS, PPS, UDR, AIV, CPT. HME, MAA, TSRE, AEC, IRET
    | Wed, Feb. 18, 12:47 PM | 2 Comments
  • Thu, Feb. 5, 5:11 PM
    • Apartment Investment (NYSE:AIV): Q4 EPS of $0.54 misses by $0.02.
    • Revenue of $233.3M (-2.2% Y/Y) misses by $5.07M.
    • Press Release
    | Thu, Feb. 5, 5:11 PM | Comment!
  • Wed, Feb. 4, 5:35 PM
  • Wed, Jan. 28, 12:23 PM
    • Expect plenty of foreign capital to continue flowing into the sector, says MLV analyst Ryan Meliker. This will contribute to cap rate compression, making it more difficult for REITs to make accretive purchases.
    • The West Coast should lead the country in job generation, and thus rent growth, making Essex Property Trust (ESS) - essentially a pure-play on major markets there - an interesting pick.
    • The Northeast is split - with Boston and NYC expected to outperform on rent growth, but Philadelphia, Baltimore, and D.C. predicted to lag.
    • Strength in the Southeast will be led by Atlanta, and Central and South Florida. Meliker's top pick, Preferred Apartments (APTS +0.6%) has a strong presence in Atlanta.
    • "Conference participants agreed that Houston was in for difficult times ahead – there was no sugar coating how oil prices might affect job growth and therefore demand for multifamily housing."
    • Others of interest: Aimco (AIV +0.6%), Associated Estates (AEC +3.1%), AvalonBay (AVB -0.2%), Post Properties (PPS +0.3%), UDR (UDR +0.3%), Camden Property (CPT -0.3%), Home Properties (HME +0.2%), Mid-America (MAA +0.1%), Trade Street Residential (TSRE -0.6%), Equity Residential (EQR +0.3%).
    | Wed, Jan. 28, 12:23 PM | Comment!
  • Tue, Jan. 27, 4:38 PM
    • Apartment Investment (NYSE:AIV) declares $0.28/share quarterly dividend, 7.7% increase from prior dividend of $0.26.
    • Forward yield 2.73%
    • Payable Feb. 27; for shareholders of record Feb. 13; ex-div Feb. 11.
    | Tue, Jan. 27, 4:38 PM | Comment!
  • Wed, Jan. 14, 7:34 AM
    | Wed, Jan. 14, 7:34 AM | 2 Comments
  • Mon, Jan. 12, 4:25 PM
    • Apartment Investment Management (NYSE:AIV) is selling 8.2M shares, with an underwriter greenshoe of another 1.23M shares.
    • Helped along by an upgrade this morning, the stock gained 1.9% in the regular session, and is lower by 2.5% after hours.
    • Press release
    | Mon, Jan. 12, 4:25 PM | Comment!
  • Mon, Jan. 12, 9:39 AM
    • Apartment Investment Management (AIV +1%) continues a big move higher as Wells Fargo upgrades to Outperform, with the price target range lifted to $43-$44 from $36-$37.
    | Mon, Jan. 12, 9:39 AM | Comment!
  • Wed, Jan. 7, 8:55 AM
    • Cashing in its chips on Apartment Investment Management (NYSE:AIV) after a near-50% move higher over the past year, Raymond James downgrades the stock to Outperform from Strong Buy.
    • Equity One (NYSE:EQY) and Essex Property Trust (NYSE:ESS) are both downgraded to Underperform from Market Perform. Essex is higher by about 40% over the past year, while Equity One's gains haven't been nearly as impressive as the other three.
    | Wed, Jan. 7, 8:55 AM | 2 Comments
  • Dec. 16, 2014, 10:49 AM
    • National annual effective rent growth of 4.7% in November is the strongest result since August 2011, reports Axiometrics.
    • Axiometrics' Jay Denton: "The combination of an improving job market, and a growing percentage of the population that prefers renting to owning, continues to boost apartment demand."
    • Year-to-date rent growth of 5% makes 2014 the strongest post-recession year. 2010 was the previous high at 4.6%.
    • The occupancy rate continued a seasonal decline, but at 94.8% it's the strongest November read since Axiometrics started reporting monthly in 2008.
    • Source: Press release
    • Interested parties: EQR, AVB, ESS, PPS, UDR, AIV, CPT, HME, MAA, TSRE, AEC, IRET
    | Dec. 16, 2014, 10:49 AM | 3 Comments
AIV vs. ETF Alternatives
Company Description
Apartment Investment & Management Company is a self-administered and self-managed real estate investment trust, or REIT, engaged in the ownership and operation of a diversified portfolio of apartment properties.
Sector: Financial
Country: United States