Apartment REITs Appear Fairly Valued as Supply Levels Off
After transferring coverage, we are maintaining our no-moat rating for the apartment REITs (AvalonBay, Equity Residential, Essex Property Trust, and AIMCO). We have increased our fair value estimate for AvalonBay to $181 from $170 after increasing our medium-term outlook for the company, and we are maintaining our fair value estimates of $64 for Equity Residential, $259 for Essex, and $43 for AIMCO. While there are differences between the portfolios and management teams, the differences have dec...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.
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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.
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