HALISTER1: Apartment REIT Fundamentals Improving, BTIG Says; Upgrades MAA

Apartment REIT Fundamentals Improving, BTIG Says; Upgrades MAA

(Bloomberg) -- BTIG sees improving fundamentals in the Apartment REIT sector amid moderating supply growth and "consistently firm" renter demand, analysts James Sullivan and Ami Probandt write in a note. The firm updated some estimates and raised some PTs.
  • Boosts Mid-America Apartment Communities’ rating to buy from neutral, says co. is achieving a "smooth, accretive integration" of Post Properties portfolio; now sees 2018 per-share FFO $6.35 vs $6.31 previous estimate
  • Raises AvalonBay PT to $215 from $200, says the co. has the strongest value-creation development pipeline in BTIG’s coverage
  • Increases Camden PT to $106 from $90, assumes faster rate of recovery in the core Houston market
  • Boosts Equity Residential 2018 estimate by a penny to $3.27
  • Reduces UDR’s 2018 estimate $1.95 from $1.97, sees moderation of SSNOI growth
To contact the reporter on this story: Kristy Westgard in New York at kwestgard1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Will Daley

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
AVB US (AvalonBay Communities Inc)
EQR US (Equity Residential)
MAA US (Mid-America Apartment Communities Inc)
UDR US (UDR Inc)
CPT US (Camden Property Trust)

People
Ami Probandt (BTIG LLC)
James W Sullivan (BTIG LLC)

Topics
Key Comm. Real Estate News

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