2021 Multifamily REIT Values

According to S&P Global Market Intelligence, the manufactured home sector led all publicly traded equity REITs.

Dow Jones US REIT Index Price/LTM FFO (x)

As of Jan. 6, 2022
Source: S&P Global Market Intelligence

As of Jan. 6, 2022, the manufactured homes sector led all publicly traded U.S. equity REIT sectors in terms of the last 12 months funds from operations multiple. The sector posted a 33.64x LTM FFO multiple, outperforming the Dow Jones equity all REIT index by 10.39 percentage points. The apartments and self-storage REIT sectors followed with price to LTM FFO multiples of 32.81x and 30.02x, respectively. The broader equity all REIT index ranked last with a 23.25x price to LTM FFO multiple.

Among the REITs focused in the manufactured homes sector, Equity LifeStyle Properties Inc. had the highest price to LTM FFO multiple of 29.5x. Among the apartment REITs, Centerspace was on top of the list with a 21.3x price to LTM FFO multiple. Followed by NexPoint Residential Trust Inc. with a 20.5x price to LTM FFO multiple. Apartment Income REIT Corp. was at the bottom of the list with a 13.3x price to LTM FFO multiple.

Winzen Matamorosa is an Associate for the Real Estate Client Operations department of S&P Global Market.

If you are interested to learn more about the products and services available within S&P Global Real Estate data, please visit us here.

—Posted on Jan. 26, 2022


SNL US REIT INDEX PRICE/LTM FFO (X)

As of Aug. 2, 2021. Source: S&P Global Market Intelligence

As of Aug. 2, 2021
Source: S&P Global Market Intelligence

As of Aug. 2, the Manufactured Homes sector led all publicly traded U.S. equity REIT sectors in terms of the last 12 months funds from operations multiple. The sector posted a 35.39x LTM FFO multiple, outperforming the SNL US REIT Equity Index by 7.2 percentage points.

Among the REITs focused in the Manufactured Homes sector, Equity LifeStyle Properties Inc. had the highest price to LTM FFO multiple of 35.9x.

The Multifamily and Self Storage REIT sectors followed next with price to LTM FFO multiples of 30.63x and 29.89x, respectively. The Health Care sector ranked last with a 26.03x price to LTM FFO multiple.

Among the multifamily REITs, Apartment Income REIT Corp.  was on top of the list with a 59.8x price to LTM FFO multiple. Following next was UDR Inc., with a 33.3x price to LTM FFO multiple. BRT Apartments Corp. was at the bottom of the list with a 15.1x price to LTM FFO multiple.

Winzen Matamorosa is an Associate for the Real Estate Client Operations department of S&P Global Market.

If you are interested to learn more about the products and services available within S&P Global Real Estate data, please visit us here.

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