Multi-Family Residential REITs
Case studies in multi-family residential reits.
AvalonBay Communities — When Should the Next Building Start?
On February 27, 2025, AvalonBay Communities (AVB) filed its annual report for the year ended December 31, 2024. The apartment owner and developer had reported solid same-store results, but the performance varied across its markets. Read case
Camden Property Trust: when should the next apartment start?
On November 1, 2024, Camden Property Trust's latest quarterly filing described a deliberate pause in four predevelopment projects. Camden had recognized a $41.0 million noncash impairment on three land parcels and said it would stop capitalizing interest and expenses associated with those sites. The filing does not map each impaired parcel to each paused project. Read case
Equity Residential — Building the Operating Model Before the Merger
On July 30, Equity Residential and AvalonBay Communities announced that the company they planned to create would be called Vivmark Residential. The announcement advanced the public identity of a deal that remained pending: each company still needed shareholder approval and other closing conditions had to be met. Read case
Essex Property Trust: Reading the Coastline
On July 29, Essex Property Trust announced second-quarter results and raised its full-year 2026 guidance. Same-property revenue grew 2.7% year over year, and same-property net operating income (NOI) grew 2.6%. The company reported stronger same-property revenue growth in Northern California than in Southern California or Seattle Metro. Read case
MAA: When should the next apartment project start?
In early August 2026, MAA’s strategy team had a difficult sequencing question. The company had six multifamily developments in its disclosed pipeline, five additional projects in lease-up, and several recent or planned site actions. At the same time, its Same Store net operating income was declining, even as lease pricing had improved sequentially. Read case
UDR: Is the operating recovery enough?
UDR, Inc. owns and operates apartment communities across the United States. The company describes a strategy built around targeted markets, operating improvements, and adapting its portfolio through acquisitions, sales, renovations, redevelopment, development, joint ventures, and other investments. Read case