2024 Multifamily REIT Values

As of Jan. 6, the self storage 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 29.51x LTM FFO multiple, outperforming the Dow Jones equity all REIT index by 11.36 percentage points. The health care and manufactured homes REIT sectors followed with price to LTM FFO multiples of 24.98x and 20.15x, respectively. The broader equity all REIT index ranked second to last with an 18.16x price to LTM FFO multiple while the U.S. Apartment REIT sector ranked last with an 18.09x price to LTM FFO multiple.

—Posted on Jan. 31, 2024

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As of November 1, 2024, the self storage 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 30.58x LTM FFO multiple, outperforming the Dow Jones equity all REIT index by 11.82 percentage points. The health care and manufactured homes REIT sectors followed with price to LTM FFO multiples of 26.76x and 20.72x, respectively. The broader equity all REIT index ranked second to last with an 18.76x price to LTM FFO multiple while the U.S. Apartment REIT sector ranked last with an 18.61x price to LTM FFO multiple.

Among the REITs focused in the self storage sector, Extra Space Storage Inc. had the highest price to LTM FFO multiple of 21.5x.

Among the Multifamily REITs, Veris Residential was on top of the list with a 33.5x price to LTM FFO multiple, followed by AvalonBay Communities Inc. with a 20.4x price to LTM FFO multiple.

Centerspace and BRT Apartments Corp. were at the bottom of the list with a 14.8x and a 13.6x price to LTM FFO multiple respectively. 

Jerra Joy Agravio is an Associate in the Real Estate Client Operations Department of S&P Global Market Intelligence. 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 November 25, 2024