Multifamily REITs Set For Revenue Boost As Supply Pressures Ease, Says Goldman Sachs
Multifamily REITs Set For Revenue Boost As Supply Pressures Ease, Says Goldman Sachs
Goldman Sachs analyst Julien Blouin initiated coverage of several multifamily REITs and single-family rental REITs companies.
高盛分析師Julien Blouin開始關注了幾家多戶家庭信託公司和獨立家庭租賃信託公司。
Initiating with a Buy rating, the analyst kept the price target for Invitation Homes Inc. (NYSE:INVH) at $46, Mid-America Apartment Communities, Inc. (NYSE:MAA) at $187 and American Homes 4 Rent (NYSE:AMH) at $48.
分析師開始給Invitation Homes Inc. (紐交所:INVH) 預測了買入評級，並將Mid-America Apartment Communities, Inc. (紐交所:MAA) 的價格目標保持在187美元，American Homes 4 Rent (紐交所:AMH) 的價格目標保持在48美元。
The analyst says that for single-family REITs like AMH and INVH, strong demand driven by demographics, home affordability, and migratory trends is expected to lead to re-accelerating same-store revenue growth in 2025 and 2026 as competitive rental supply pressures ease.
分析師表示，對於AMH和INVH這樣的獨立家庭信託公司，由人口統計數據、住房價格可承受能力和遷徙趨勢驅動的強勁需求預計將在2025年和2026年導致同店營收增長重新加速，因爲競爭租賃供應壓力將緩解。
In particular, the analyst expects AMH and INVH to experience the highest same-store revenue growth among their covered stocks in 2025. Additionally, Blouin says that AMH's upcoming development projects will enable the company to achieve superior external growth.
特別是，分析師預計AMH和INVH將在2025年的受覆蓋股票中經歷最高的同店營收增長。此外，Blouin表示，AMH即將展開的發展項目將使該公司實現卓越的外部增長。
On the other hand, Blouin started coverage at a Neutral rating on Camden Property Trust (NYSE:CPT), Equity Residential (NYSE:EQR), and Essex Property Trust, Inc. (NYSE:ESS), with a price target of $139, $81 and $318, respectively.
另一方面，Blouin以中立評級開始對Camden Property Trust (紐交所:CPT)、Equity Residential (紐交所:EQR) 和Essex Property Trust, Inc. (紐交所:ESS) 的覆蓋，分別設定價格目標爲139美元、81美元和318美元。
The analyst expects rent growth in ESS's markets to stay strong, driven by improving migration trends in the company's suburban areas (~60% of exposure based on GS estimates, 47% per CoStar).
分析師預計ESS市場的租金增長將保持強勁，受益於公司郊區地區改善的遷移趨勢（根據高盛估計佔比約60%，根據CoStar佔比約47%）。
However, they anticipate that EQR to encounter a significant supply challenge in its urban submarkets.
然而，他們預計EQR將在其城市分市場遇到重大供應挑戰。
Apart from this, the analyst initiated coverage on UDR, Inc. (NYSE:UDR) at a Sell rating, with a price target of $42.
此外，分析師開始對UDR, Inc. (紐交所:UDR) 進行賣出評級覆蓋，設定價格目標爲42美元。
For UDR, Blouin expects solid rent growth for UDR, driven by improving migration in suburban areas (~70% exposure per GS and UDR's estimates, ~50% according to CoStar). This will be partially offset by outmigration from urban areas (~30% of the portfolio).
對於UDR，Blouin預計UDR的租金增長將受到郊區人口流動的提升的推動（根據高盛和UDR的估計，約佔總曝光的70%，根據科斯塔的估計約爲50%）。這將部分抵消由城市地區的人口流出引起的影響（佔總組合的30%）。
Also, same-store expense growth is projected to be in the low 4% range, about 100 basis points above consensus, adds the analyst.
此外，分析師補充道，同店面的費用增長預計爲低4%的區間，比共識高約100個點子。
Overall, the analyst writes that in residential REIT sector, declining supply is creating a favorable growth environment. For Sunbelt multifamily REITs, while suburban migration is moderating, Blouin anticipates a sharper decline in supply, which will drive accelerating same-store revenue growth.
總的來說，分析師指出，住宅信託行業的供應下降正在創造有利的增長環境。對於陽光地帶的多家住宅信託公司而言，儘管郊區人口流動正在放緩，但Blouin預計供應將出現更大的下降，這將推動同店面營業收入的加速增長。
Image via Shutterstock
圖片來自shutterstock。
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