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2022-02-04 00:00
10:55 AM EST, 02/03/2022 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
AVB is seeing a rebound in the coastal multifamily rental market, but it lags Sunbelt peers with higher Y/Y rental rate growth. We keep our $250 target on forward P/FFO of 26.3x our 2022 FFO estimate, above the 25.1x peer average. We raise 2022 FFO estimate $0.60 to $9.50 and start 2023's at $10.10. Rental revenue was up 8.3%, with rates +3.3% Y/Y and +2.0% Q/Q. Total occupancy was 96.1%, +170 bps Y/Y and -10 bps Q/Q. Cash NOI was +6.8% in Q4 2021 and AVB guides +8.5% to +11.5% in 2022. Strongest Y/Y rental revenue by market was Southeast +19.2%, Metro NY/NJ +11.2%, Denver +8.6%, southern CA +9.9%, New England +9.2%, and Pacific NW +7.3%. The weakest markets were northern CA +4.1% and Mid-Atlantic +5.4%. In Q4 '21, urban market revenue rebounded strongly with NYC +18.0% and San Francisco +10.0%. AVB is targeting new development project starts of $2.2B, which will bring in an additional 5,386 apartments. During Q4 2021, AVB acquired three major apartment communities for $331M, including 694 apartment units.