J.P. Morgan raises PTs of US residential REITs on stronger rentals

Invitation Homes

17/06/2024 12:02

** J.P. Morgan raises PTs of multi- and single-family rental
real estate investment trusts (REITs)
    ** Revisions reflect better-than-expected leasing outcomes
seen so far this year from higher rents owing to wage inflation
in the U.S. - brokerage 
    ** Adds private market liquidity is improving for
residential REIT property type faster than other types 
    ** S&P 500 Residential REITs Sub-Industry Index  .5SP601060 
up 7.3% YTD
    
 Company       Current PT  Previous PT  Median PT -
                                        LSEG data
 AvalonBay     $212        $194         $208
 Communities                            
  AVB.N                                 
 American      $38         $37          $40.50
 Homes 4 Rent                           
  AMH.N                                 
 Camden        $112        $104         $108
 Property                               
 Trust                                  
  CPT.N                                 
 Essex         $265        $244         $264
 Property                               
 Trust                                  
  ESS.N                                 
 Equity        $68         $66          $69
 Residential                            
  EQR.N                                 
 Invitation    $36         $35          $39
 Homes                                  
  INVH.N                                
 UDR Inc       $43         $42          $41
  UDR.N                                 
 Veris         $13         $11          $17
 Residential                            
 Inc  VRE.N                             
 
    

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))