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...AvalonBay Communities is a real estate investment trust. The company develops, redevelops, acquires, owns and operates multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. The company owns or holds a direct or indirect ownership interest in: operating apartment communities containing apartment homes in various states and the District of Columbia; communities under development; and rights to develop an additional 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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