Oct. 30, 2014, 4:49 PM| 1 Comment
Oct. 30, 2014, 8:22 AM| Comment!
Oct. 29, 2014, 5:35 PM
- ADNC, ADUS, AEGR, AFFX, AHS, AHT, AIV, ALJ, ATEN, ATRC, AXTI, BCOV, BEAT, BYD, BYI, CCI, CHE, CODE, COLM, CPSI, CPT, CSLT, CTRL, CUBE, DCT, DGI, DGII, EGN, EGO, EHTH, ELGX, ELLI, ELX, EMN, EPAY, ESIO, ESS, EXPE, FLDM, FLR, FLT, FRT, GB, GDOT, GMED, GNMK, GPRO, GRPN, HIL, HME, IMMR, IMPV, INT, ISBC, KEG, LNKD, LRE, LYV, MCHP, MELI, MHK, MOH, MTZ, MXL, MYL, NATI, NEM, NR, NSR, NUVA, OIS, OMCL, ONNN, OPLK, OUTR, PKI, PSA, PXLW, QNST, RAIL, RSG, SAM, SBUX, SEM, SGEN, SGMS, SIMG, SPF, SREV, STAA, STAG, SYNC, TCO, TEP, THRX, TNAV, TPX, TRMB, TSO, TSRA, TSYS, TUES, VCRA, WU, YRCW, ZEN
Oct. 14, 2014, 3:10 PM
- The vacancy rate ticked higher to 4.2% in Q3 from 4.1 a quarter earlier - not much of a move, but the first increase in almost five years, according to REIS. Another survey - this one from MPF Research - says vacancy fell to 4.3% from 4.4% across the country's top 100 markets.
- Where the two reports both agree, however, is that there were significant construction deliveries during Q3 and a full pipeline of new construction going forward, suggesting neither vacancies nor rents have a lot of room improvement.
- The potential weakening fundamentals come as apartment REITs have been this year's top-performing REIT sectors (make that any sector) with a total return of 23.65% YTD. Can the outperformance continue?
- Names of interest are almost all having a big day today as interest rates continue to fall. One suspects that as long as rates stay low and first-time homebuyers or those with less-than-perfect credit have trouble getting mortgages, the apartment REITs might still get a bid: EQR, AVB, ESS, PPS, UDR, AIV, CPT, HME, MAA, AEC, IRET, TSRE
Oct. 13, 2014, 8:46 AM
- Firm notes Apartment Investment & Management's (NYSE:AIV) substantial increase in portfolio quality over the past year, an accretive re-development program, and cap rate compression in key markets.
- Upgrade comes with "significant" upward revision.
- Says “robust” renter demand continues to absorb new supply, and notes AIV offers “cheap” exposure to the “red-hot” California apartment market.
Aug. 20, 2014, 9:29 AM
- “We will take what economic activity we can get, but our housing market model was designed in the U.S. to build a lot of single-family homes for owners, not multifamily homes for renters," says Diane Swonk commenting on yesterday's big jump in housing starts.
- A big share of the gain came from multifamily starts - typically a volatile number - but a rolling 12-month total shows apartment construction at its highest level in 25 years. Single-family housing has a bigger multiplier effect for both consumer spending and employment, says Swonk.
- As for apartment owners, a separate report showed rents up 3.3% Y/Y, their fastest pace of increase in five years. It's little mystery why the stocks of companies like Equity Residential (NYSE:EQR) and AvalonBay (NYSE:AVB) are at all-time highs, but their owners may want to mull the fast pace of building.
- Others of interest: ESS, PPS, UDR, AIV, CPT, HME, MAA, TSRE, AEC, IRET, APTS
Jul. 31, 2014, 4:41 PM| Comment!
Jul. 31, 2014, 4:05 PM| Comment!
Jul. 30, 2014, 6:06 PM| Comment!
Jul. 30, 2014, 5:35 PM
- ABCO, ABTL, ACGL, ADNC, ADUS, AFFX, AHS, AIV, ARRS, ASH, AVD, AXTI, BAGL, BBG, BBRG, BEAT, BRKS, BYD, CALD, CERS, CPSI, CPT, CTRL, CYH, DATA, DCT, DGI, DVA, DXPE, EEP, EGO, EIX, ELLI, ESIO, EXEL, EXPE, FLDM, FLR, FLT, FNGN, G, GDOT, GFIG, GPRO, HME, HNSN, IMMR, IMPV, JIVE, JLL, KEYW, KOG, KRG, LNKD, LOPE, LRE, LYV, MATX, MCHP, MHK, MRC, MXL, MXWL, NGVC, NKTR, NU, OIS, OMCL, ONNN, OUTR, PCCC, PCYC, PKI, PMCS, PSA, PXLW, RMD, RMTI, SGEN, SKUL, SPF, SPWR, SREV, SSNC, STAA, SWIR, SWN, SYNA, THG, TNAV, TRLA, TSLA, TSYS, VCRA, WU, WWWW, YRCW
Jul. 24, 2014, 10:40 AM
- The apartment building owner last night beat estimates on the top and bottom lines and raised full-year guidance.
- This morning, ISI Group chimes in with an upgrade to Buy and $156 price target, citing expected contribution from AvalonBay's (AVB +2.2%) $3.2B development pipeline.
- AVB results aren't necessarily filtering through to the rest of the apartment sector, which is mixed. Equity Residential (EQR +0.3%), Essex Property (ESS), Aimco (AIV -0.2%), Camden Properties (CPT -0.1%).
Jul. 23, 2014, 7:04 AM| Comment!
Jul. 8, 2014, 2:53 PM
- Despite a big run this year, Apartment Investment Management's (AIV +1%) valuation "still does not reflect the attractive portfolio upgrades that AIV has completed since 2009," says analyst Nick Yulico, boosting to a Buy with $36 price target (from $32).
- By his team's figures, AIV is trading at a 15% discount to its 1-year forward NAV as the market is pricing the company as if it still owned its lesser-quality 2008-era portfolio.
- Yulico also suggests the possibility of a guidance hike this quarter thanks to industry data showing improving rent growth in the company's markets.
- Previously: Apartment Investment Management boosted by upgrade
Jul. 8, 2014, 9:40 AM| Comment!
May. 16, 2014, 10:40 AM
- A check of apartment REITs finds the group little-changed amid a surge in multi-family starts and permits in April. Finance professor Amir Sufi says it's pretty simple - builders are well aware of the data represented in this chart showing rents easily outpacing inflation over the past few years.
- Trulia's Jed Kolko says 93% of multi-family starts are intended as rentals and 89% of them were 20+ unit buildings. Both of these metrics were in the 60% range during the bubble years.
- Equity Residential (EQR +0.2%), AvalonBay (AVB -0.4%), Essex Property (ESS +0.2%), Post Properties (PPS -0.1%), UDR (UDR), Apartment Investment (AIV +0.5%), Camden Property (CPT +0.1%), Home Properties (HME -0.1%), Mid-America Apartment (MAA)
May. 1, 2014, 5:39 PM
- Apartment Investment & Management (AIV): Q1 FFO of $0.50 beats by $0.01.
- Revenue of $248.9M (+4.8% Y/Y) beats by $8.34M.
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