2022 Multifamily REIT Values

As of November 2, 2022, the manufactured homes sector led all publicly traded U.S. equity REIT sectors in terms of the last twelve months funds from operations multiple.

SNL US REIT INDEX PRICE/LTM FFO (X)

As of Nov. 2, 2022
Source: S&P Global Market Intelligence

As of November 2, 2022, the manufactured homes sector led all publicly traded U.S. equity REIT sectors in terms of the last twelve months funds from operations multiple. The sector posted a 20.64x LTM FFO multiple, outperforming the Dow Jones equity all REIT index by 5.36 percentage points. The apartments and self-storage REIT sectors followed with price to LTM FFO multiples of 19.33x and 18.31x, respectively. The broader equity all REIT index ranked second to the last with a 15.27x price to LTM FFO multiple while the U.S. health care REIT sector ranked last with a 14.48x price to LTM FFO multiple.

Among the REITs focused in the manufactured homes sector, UMH Properties, Inc. had the highest price to LTM FFO multiple of 30.0x.

Iman Niazi is a Senior 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: https://www.spglobal.com/marketintelligence/en/campaigns/real-estate

—Posted on Nov. 30, 2022


SNL US REIT INDEX PRICE/LTM FFO (X)

As of Jun. 1, 2022
Source: S&P Global Market Intelligence

As of June 1, 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 27.34x LTM FFO multiple, outperforming the Dow Jones equity all REIT index by 4.6 percentage points. The apartments and self storage REIT sectors followed with price to LTM FFO multiples of 27.06x and 23.30x, respectively.

The broader equity all REIT index ranked second to the last with a 22.73x price to LTM FFO multiple while the U.S. health care REIT sector ranked last with a 20.90x 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 28.7x. Among the apartment REITs, Independence Realty Trust Inc. was on top of the list with a 53.8x price to LTM FFO multiple. Followed by Apartment Income REIT Corp. with a 42.1x price to LTM FFO multiple. Essex Property Trust Inc. was at the bottom of the list with a 20.1x price to LTM FFO multiple.

Winzen Matamorosa is a Senior 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: https://www.spglobal.com/marketintelligence/en/campaigns/real-estate

—Posted on Jun. 21, 2022

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