2021 Multifamily REIT Values

As of Aug. 2, the Manufactured Homes led all publicly traded U.S. equity REIT sectors.

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.

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