Aimco’s diversified portfolio should insulate performance from new supply, for now.
We are initiating coverage of apartment REITs Essex Property Trust and Apartment Investment & Management, or Aimco, with fair value estimates of $234 and $44 per share, respectively, and no-moat ratings. We see shares as roughly fairly valued, with dividend yields of 3.0% and 3.3%, respectively.Broadly speaking, apartment owners have benefited from low levels of new supply in the years immediately after the financial crisis and the subsequent economic recovery. In addition, a large, financi...
Apartment Investment and Management is a self-administered and self-managed real estate investment trust, focused on the ownership, management, redevelopment and limited development of apartment communities in the U.S. The company, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in AIMCO Properties, L.P. (the Aimco Operating Partnership). The company conducts all of its business and owns all of its assets through the Aimco Operating Partnership. The company's Real Estate portfolio includes garden style, apartment communities. In addition, the company held nominal ownership positions in partnerships that own low-income housing tax credit communities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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