Professional
Added to YB: 2024-04-02
Pitch date: 2024-03-26
AIRC [bullish]
Apartment Income REIT Corp.
+23.63%
current return
Author Info
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Company Info
Apartment Income REIT Corp (NYSE: AIRC) is a publicly traded, self-administered real estate investment trust (“REIT”).
Market Cap
$5.7B
Pitch Price
$31.61
Price Target
45.50 (+16%)
Dividend
N/A
EV/EBITDA
20.97
P/E
9.03
EV/Sales
11.96
Sector
Residential REITs
Category
value
Show full summary:
Apartment Income REIT Corp.: Following Two Years of Rising Interest Rates, We Believe REITs Are Trading at Significant Discounts
AIRC: Apartment REIT trading at discount post-rate hikes despite strong fundamentals. Fair value cut to $45.50 (5.7% cap rate, 21x FFO, 4% yield). Expects 3.2% SS NOI growth, $200M dispositions at 5.75% cap, $100M acquisitions at 5.25% cap. NAV ~$55. Risks: reversing renter demo trends, market exposure, supply.
Read full article (10 min)