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Apartment Income REIT Corp - Stock Quote AIRC

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Morningstar's Apartment Income REIT Corp Stock Analysis

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Apartment Income REIT Reports Double-Digit Growth and Significantly Lower Leverage in Q1

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

Apartment Income REIT reported first-quarter results that were in line with our expectations, leading us to reaffirm our $53 fair value estimate. Same-store occupancy stayed at 98.1% in the first quarter, matching our estimate. Rate growth for the same-store portfolio was 6.2% year over year, slightly below our estimate of 7.9% growth, leading to same-store revenue growth of 9.2% that was slightly below our 10.1% estimate. However, same-store expense growth was also lower than we anticipated with the company reporting 3.1% expense growth compared with our 4.7% estimate. As a result, same-store net operating income grew 11.7%, which was relatively in line with our 12.3% estimate for the first quarter. With portfolio NOI up double-digits in the quarter, Apartment Income REIT also reported strong pro forma funds from operations growth of 13.2% to $0.57 per share, matching our estimate for the first quarter.

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Apartment Income REIT Corp's Company Profile

Business Description

Apartment Investment and Management Co. owns a portfolio of 84 apartment communities with over 26,000 units. The company focuses on owning large, high-quality properties in the urban and suburban submarkets of Boston, Denver, Los Angeles, Miami, Philadelphia, San Diego, San Francisco, and Washington, D.C.

Contact
4582 South Ulster Street, Suite 1700
Denver, CO, 80237
T +1 303 757-8101
Sector Real Estate
Industry REIT - Residential
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 800