MultifamilyExecutive: Stock Prices

Apartment Living Could Lead to Greater Wealth Creation Than Owning

Thu, 17 May 2012 11:21:17 EST

Absent sudden surges in market valuation, home ownership typically generates zero real returns as an equity investment.

REITS Increasing Dividends

Thu, 22 Dec 2011 11:37:13 EST

Memphis-based Education Realty Trust’s announcement that it’s raising its quarterly cash dividend by 40 percent, to $0.07 per share, makes it the second straight day that a REIT announced that it's increasing its dividend. Yesterday, Denver-based UDR raised its dividend $0.20 per share, pushing its payout by 8.1 percent.

Walker & Dunlop Goes Public, Plans Growth in 2011

Thu, 16 Dec 2010 05:28:19 EST

After 73 years as a family business, Walker & Dunlop is entering the public markets and is now trading under the ticker symbol "WD."

MFE Exclusive: Post-IPO Interview with RealPage CEO Steve Winn

Fri, 28 Jan 2011 10:29:51 EST

It's been a good summer for Steve Winn. The chairman and CEO of Carrollton, Texas-based multifamily software and services provider RealPage took his company public in August, with trading on the NASDAQ beginning August 12. Winn sat down with Multifamily Executive senior editor Chris Wood to share his thoughts on the $1.07 billion IPO and the evolving future of both RealPage and multifamily technology.

AvalonBay Boosts Estimates

Thu, 10 Jun 2010 05:16:04 EST

AvalonBay Communities made its big announcement before NAREIT's REIT Investor Week in Chicago even began.

REITs 2010: Three Trends to Watch This Year

Thu, 14 Jan 2010 04:54:50 EST

As 2010 arrives, multifamily REITs find themselves in a much different position than a year ago.

Overheated Activity in the REIT Sector May Not Bode Well

Tue, 27 Dec 2011 05:22:28 EST

Though the economy is still struggling, things on Wall Street seem frantic these days.

Former REITs May Reconsider Public Life

Thu, 22 Oct 2009 04:05:27 EST

In 2005, ING Clarion Partners bought Atlanta-based Gables Residential Trust for $2.8 billion in cash. That same year, Morgan Stanley Real Estate's Prime Property Fund announced that it would buy Chicago-based AMLI Residential Properties for $2.1 billion. Then, in October 2007, the big domino fell—a fund of Tishman Speyer and Lehman Bros. bought Denver-based Archstone for $22.2 billion just as the credit crunch was gripping the world.

Slow Motion: Apartment REITs Aren’t Rushing to Raise Cash

Wed, 9 Sep 2009 06:46:20 EST

Earlier this year, analysts braced for equity offerings from companies across the REIT sphere. And in many sectors, that happened. Except, that is, in the apartment market, which has shied away from cash-generating activities thanks to relatively easy access to agency debt.

Industry Remains Nervous After Fannie, Freddie Takeover

Thu, 1 Oct 2009 06:24:52 EST

Pricing Pressure

Wed, 1 Jul 2009 12:38:09 EST

When demand exceeds supply, prices rise. That's one of the fundamental principles of economics. But it may not apply in the apartment market during the near term. The outlook for rent recovery in much of the nation doesn't look very promising, even after employment growth levels regain momentum and begin to yield apartment demand in excess of completions.

2003 Multifamily 50 - Part 2

Tue, 29 Sep 2009 04:46:00 EST

In 2002, three forces – a national recession, low interest rates for first-time home buyers, and an oversupply of new apartments–came together and created a "perfect storm" that crashed into the multifamily market, negatively impacting operating performance by putting upward pressure on the national vacancy rate. To stem the tide of declining demand, owners re-priced their rental rates through increased concessions and outright rental rate decreases, helping to stabilize the vacancy rate. The decrease demand for apartments is a root cause of the decline in operating fundamentals for the multifamily industry.

2003 Multifamily 50 - Part I

Wed, 1 Jul 2009 12:24:57 EST

While the multifamily market currently shows signs reminiscent of the devastating late 1980s, it looks like the industry is on track to a strong fourth quarter in 2003 and should remain steady for the foreseeable future. Although several areas have seen some of the short-term negative indicators that defined the late 1980s – an increase in vacancies, a rise in concessions, as well as stagnant rents – many states, including California, Texas, and New York, still have a major shortage of units and new development will continue.

Swimming Upstream

Fri, 24 Apr 2009 01:10:44 EST

Gerald Ogier has found that in every business cycle there is a development cycle, and within that there is a boom and bust period in which companies stop and start building new product.

There's No Place Like Home

Fri, 24 Apr 2009 01:10:39 EST

Home Properties prides itself on its "family feel." This public real estate investment trust (REIT), formed by Nelson and Norman Leenhouts in 1967, is run more like a traditional family business than a corporation. The company specializes in acquiring and repositioning older properties, typically from smaller family-run businesses that are looking to get out of the multifamily industry, says Nelson Leenhouts, co-CEO in charge of operations. The average property age of the company's portfolio is 30 years.

Who's Got The Next Round?

Fri, 24 Apr 2009 01:10:31 EST

The sluggish performance of the stock market and other investment vehicles, combined with historically low interest rates, has fed a real estate frenzy around the country. And, given apartment properties' relatively stable performance over time, the multifamily sector suddenly finds itself hosting a very crowded party of people who want to be part of the scene.

Climate Change

Fri, 24 Apr 2009 01:10:35 EST

Nearly two years ago, when Freddie Mac's accounting issues unexpectedly became front-page news, virtually no one in the housing industry wanted to say two words on the topic—unless it was “no comment.” (I know—I called them.) After all, housing appeared to be the economy's only support, and Freddie and Fannie Mae provided then, as they do today, the financial foundation for the housing industry, offering a reliable source of liquidity for the marketplace.

Investment Uptick

Fri, 24 Apr 2009 01:10:24 EST

Ten years ago, investing in multifamily real estate was less like growing your capital and more like trying to survive in the Wild West. “You didn't know what was going on in the market, what supply was, and what demand was,” says Jim Hurley, portfolio manager for the California State Teachers' Retirement System. “It was more an attitude of ‘build it and they will come,' rather than where we are today, which is based on discipline from the equity providers and lenders.”