Camden Property Trust

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.

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.

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

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

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

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

Equity Residential’s current price-to-FFO multiple is 21.01x. Its higher multiple shows that the stock has provided a consistent capital value return.

Analysts expect Equity Residential (EQR) to report revenue of $608.5 million for 2Q17 when it releases its results on July 25, 2017.

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.

HUD considers a house to be affordable if the cost of the total rent or mortgage plus utilities are ~30% or lower of the household’s annual income. This relates to a family of four earning at or below 80% of the area median income.

Camden Property Trust’s portfolio occupancy rate inched up marginally by 0.1% year-over-year, reaching 96% in 3Q15. In 4Q15, its occupancy rate may likely be around the same level.

Oil prices can play a crucial part in determining the direction of REITs. Let’s talk about a few of the positives and negatives affecting REITs here.

MAA is the sixth largest apartment REIT company in the United States, with a market capitalization of $6.4 billion.

ETFs are a convenient way for investors to build a portfolio that meets specific asset allocation needs. Camden Property Trust (CPT) sees allocation in most of the REIT-specific ETFs.

Camden Property Trust’s (CPT) EV-EBITDA multiple is in line with its historical valuation. Its current EV-EBITDA multiple is around 17.1x.

A closer look at Camden Property Trust’s (CPT) trailing 12 months price-to-FFO multiple shows that it’s in line with its historical valuation.

As of the end of fiscal 2014, 92.4% of Camden’s leverage consisted of fixed-rate debt, while 7.6% comprised variable-rate debt.

Camden’s strategic initiatives include selective opportunities to enhance its geographically diverse portfolio of assets that meets the requirements of its residents.

Camden Property Trust’s (CPT) focus on property acquisitions and dispositions bodes well for its healthy growth. Its average monthly revenue has improved significantly over the past several years.

The distribution of properties in the attractive US markets reflects Camden Property Trust’s geographic diversification strategy to take advantage of the growth in prime regional markets.

Camden Property Trust has restructured its portfolio over the past four years through strategic capital recycling and internal growth from its operating portfolio.

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.

AIMCO’s (AIV) EV-EBITDA multiple shows that it’s in line with its historical valuation. Over the last seven years, its EV-EBITDA was 10.5 to 18.2x, with a current EV-EBITDA multiple of 16.9x.

Historically, a lower-than-average price-to-FFO multiple for AIMCO (AIV) shows it couldn’t provide consistent capital value return to investors in spite of a higher dividend yield than some of its peers.

At the end of fiscal 2014, AIMCO’s (AIV) consolidated debt was $4.1 billion, down 5.8% over 2013. Over the last five years, AIMCO’s total debt has declined from $5.2 billion.

AIMCO has a diversified renter base. The average age of AIMCO’s residents is 36 years. Around 38% of AIMCO’s renters are between the ages of 18 and 30 years.

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.

Historically, a better-than-average price-to-FFO multiple for UDR meant that it was able to provide consistent capital value return to investors.

ETFs are a convenient way for portfolio diversification across a number of asset classes. ETFs mirror the performance of an entire market in a single trade.

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.

Acquisitions and dispositions are an important component of Essex Property Trust’s (ESS) business plan.

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.

A higher price-to-FFO multiple for AvalonBay Communities meant that it provided consistent capital value return along with reliable dividend yield to investors.

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

ETFs allow investors to build a portfolio that meets specific asset allocation needs. Investors can obtain portfolio diversification across a number of asset classes.

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.

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.