Published Thu, 27 Sep 2018 08:00:00 -0400 on Seeking Alpha
This research report was produced by The REIT Forum with assistance from Big Dog Investments.
Today, we bring you two REITs and a dividend champion.
Apartment Investment & Management Company Apartment Investment & Management Company (AIV) is gradually improving the average quality of their portfolio by selling off some of their older assets and acquiring new assets.
AIV is providing clear guidelines for the expected level of capital activity. That gives investors a little more insight into the expected changes in the portfolio.
Their geography within the portfolio looks pretty good.
The portfolio is clearly overweight California, but many apartment REITs are overweighting California. Essex Property Trust (ESS) is dramatically overweight in California and often trades at the highest multiples. I like the geography, but some of the assets are older or less appealing.
The apartment REIT sector is not inherently strong against recessions. Their ability to perform through a recession is primarily driven by strong balance sheets. If the apartment REITs were taking on aggressive levels of leverage, they could get hammered much worse during a recession.
However, AIV’s portfolio does provide a couple of ironic benefits.
AIV has a weaker average asset quality than several of their peers. While some companies would try to hide that factor, AIV presents it as a strength.... Read more
|Stock name||Last trade||P/E||Earnings/Share||Dividend/Share||Dividend yield|
|ANNALY CAPITAL MANAGEMENT||9.22||0.0||-1.59||1.20||12.90|
|PHILIP MORRIS INTERNATIONAL||86.24||17.4||4.95||4.56||5.32|
|ESSEX PROPERTY TRUST||289.41||45.7||6.33||7.80||2.72|
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