Camden Property Trust

During 2Q17, Equity Residential (EQR) reported higher-than-expected top-line and bottom-line results backed by robust rent growth and occupancy levels.

EQR announced a quarterly dividend of $0.50. The current dividend yield stands at 3.2%, and it has a payout ratio of 135.2% for 3Q17.

Equity Residential’s (EQR) top line in 2Q17 surpassed both the year-ago results as well as management’s expectations backed by rent growth.

Equity Residential (EQR) reported strong third-quarter results yesterday.

Over the last two months, analysts have maintained their “hold” recommendation for Equity Residential.

During the first half of 2018, Equity Residential sold four apartment properties and a land parcel for $292.7 million.

Equity Residential (EQR) posted FFO (funds from operations) of $0.81 in Q2 2018, beating Wall Street’s expectations by a penny.

Analysts gave EQR a mean price target of $69.08, implying a ~8.3% rise from its current level of $63.77.

EQR reported higher revenues backed by strong growth in rental income.

Since REITs are required to pay 90% of their income as dividends, the tax cuts might reduce their advantage in comparison to other corporations.

Equity Residential (EQR) has properties in Southern California, San Francisco, New York, Washington DC, Boston, and Seattle.

Equity Residential (EQR) is expected to experience slightly lower margins, mainly due to the higher cost of debt.

On March 31, 2017, Equity Residential (EQR) owned 302 properties in ten states and the District of Columbia, comprising 77,498 apartment units.

In 2015, EQR was active in both the unsecured and secured credit markets to lower its effective borrowing costs and extend its maturity profile.

Camden Property Trust (CPT) is the fifth largest apartment REIT in the United States. At the end of fiscal 2014, it had 181 multifamily properties comprised of 63,163 apartment homes.

Apartment Investment & Management Company (or AIMCO) (AIV) is a self-administered, self-managed REIT. It’s one of the largest owners and operators of apartment communities in the United States.

A closer look at UDR’s EV/EBITDA multiple shows that, over the last seven years, UDR’s EV/EBITDA was 12.9x–23.8x. Its current EV/EBITDA is around 22.3x.

A close look at Essex Property Trust’s trailing-12-month price-to-FFO multiple shows that it’s in line with its historical valuation.

Essex Property Trust merged with BRE Properties for the opportunity to acquire a highly complementary apartment portfolio concentrated in its target markets.

Essex Property Trust is one of the largest apartment REIT companies in the United States with a market capitalization of $14.4 billion.

AvalonBay Communities acquired ~40% of Archstone’s assets and liabilities, which the company saw as an opportunity to expand its presence across major US markets.

The most common way to calculate the relative value of a REIT like Equity Residential (EQR) is the price-to-FFO (funds from operations) multiple.

Equity Residential’s debt-to-equity ratio reached its high of 1.96 in 2008. Since then, it has fallen consistently from 1.72 in 2009 to 0.96 as of June 2015.

AvalonBay Communities is a REIT focused on developing, redeveloping, acquiring, and managing high-quality apartment communities in high barrier-to-entry US markets.

Equity Residential was formed as a REIT. It became a publicly traded company in 1993. It’s part of the S&P 500 Index. It employs about 3,500 people.