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.
高盛分析师Julien Blouin开始关注了几家多户家庭信托公司和独立家庭租赁信托公司。
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.
分析师开始给Invitation Homes Inc. (纽交所:INVH) 预测了买入评级，并将Mid-America Apartment Communities, Inc. (纽交所:MAA) 的价格目标保持在187美元，American Homes 4 Rent (纽交所:AMH) 的价格目标保持在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.
分析师表示，对于AMH和INVH这样的独立家庭信托公司，由人口统计数据、住房价格可承受能力和迁徙趋势驱动的强劲需求预计将在2025年和2026年导致同店营收增长重新加速，因为竞争租赁供应压力将缓解。
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.
特别是，分析师预计AMH和INVH将在2025年的受覆盖股票中经历最高的同店营收增长。此外，Blouin表示，AMH即将展开的发展项目将使该公司实现卓越的外部增长。
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以中立评级开始对Camden Property Trust (纽交所:CPT)、Equity Residential (纽交所:EQR) 和Essex Property Trust, Inc. (纽交所:ESS) 的覆盖，分别设定价格目标为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).
分析师预计ESS市场的租金增长将保持强劲，受益于公司郊区地区改善的迁移趋势（根据高盛估计占比约60%，根据CoStar占比约47%）。
However, they anticipate that EQR to encounter a significant supply challenge in its urban submarkets.
然而，他们预计EQR将在其城市分市场遇到重大供应挑战。
Apart from this, the analyst initiated coverage on UDR, Inc. (NYSE:UDR) at a Sell rating, with a price target of $42.
此外，分析师开始对UDR, Inc. (纽交所:UDR) 进行卖出评级覆盖，设定价格目标为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).
对于UDR，Blouin预计UDR的租金增长将受到郊区人口流动的提升的推动（根据高盛和UDR的估计，约占总曝光的70%，根据科斯塔的估计约为50%）。这将部分抵消由城市地区的人口流出引起的影响（占总组合的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，分析师补充道，同店面的费用增长预计为低4%的区间，比共识高约100个基点。
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.
总的来说，分析师指出，住宅信托行业的供应下降正在创造有利的增长环境。对于阳光地带的多家住宅信托公司而言，尽管郊区人口流动正在放缓，但Blouin预计供应将出现更大的下降，这将推动同店面营业收入的加速增长。
Image via Shutterstock
图片来自shutterstock。
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