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Msg  12295 of 12919  at  8/18/2019 11:51:42 AM  by


Apartment REITs

Brief clip from a lengthy report by Baird Equity Research....
Outperform ratings reiterated on AVB, BRG, CPT (2019 Best Idea), IRET, IRT, and MAA.
Full recommendation bullets for all Outperform-rated names on page 5.

- AVB: Only fifth-highest 2020 AFFO multiple (22.1x) among Apartment REITs despite
improving development earn-in, exposure to accelerating bi-coastal markets, and best-in-
class balance sheet.

- BRG: Largest NAV discount among Apartment REITs, exposure to Sunbelt markets
leading nation in household formation, high insider ownership.

- CPT: Negative 2Q earnings reaction after top-line guidance was not increased from
1Q (we chalk this up to accurate initial forecast) ignores same-property growth trailing
only UDR next year, expecting continued Sunbelt employment and household growth

- IRET: 6.2% implied cap rate a major outlier, internal growth finally moving AFFO/share
and should for several years.

- IRT: Value-add renovation program driving outsized internal growth, discounted price point
relative to new supply near its sub-markets.

- MAA: Top-line benefits of Post merger now being realized and likely in early stages, under-
appreciated balance sheet, defensive price point in many markets.

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