Breaking News Instant updates and real-time market news.

AVB

AvalonBay

$177.22

-1.39 (-0.78%)

16:17
10/04/18
10/04
16:17
10/04/18
16:17

AvalonBay to sell 80% interest in five Manhattan apartment communities

AvalonBay entered into an agreement to contribute its fee ownership of Avalon Morningside Park, Avalon Bowery Place I, and Avalon Bowery Place II, as well as its leasehold interest in Avalon West Chelsea and AVA High Line, to a newly formed joint venture with an institutional client of global real estate investment manager, Invesco Real Estate, in which AvalonBay will retain a 20% interest and act as the managing member and property manager for the assets. These five communities contain 1,301 apartment homes and approximately 58,000 square feet of retail space in the borough of Manhattan in New York City. The transaction is based on an aggregate asset valuation of approximately $760M and is expected to close before the end of 2018. AvalonBay intends to use the estimated net proceeds of approximately $460M from this transaction for general corporate purposes, which may include the acquisition, development and redevelopment of apartment communities.

  • 30

    Oct

AVB AvalonBay
$177.22

-1.39 (-0.78%)

08/15/18
ARGS
08/15/18
NO CHANGE
Target $196
ARGS
Buy
AvalonBay price target raised to $196 from $185 at Argus
Argus analyst Jacob Kilstein raised his price target on AvalonBay to $196 and kept his Buy rating after its Q2 FFO beat along with higher guidance and diminishing concerns with the oversupply in the New York and San Francisco markets. The analyst adds that the REIT is "favorably valued" at 19.8-times his expected FFO estimate for FY18, which is below the midpoint of its 5-year historical range of 17.4- to 30.1-times. Kilstein adds that the stock price has fallen about 9% over the past year, and the pullback offers a favorable entry opportunity.
08/15/18
BARD
08/15/18
DOWNGRADE
Target $183
BARD
Neutral
AvalonBay downgraded to Neutral at Baird
As reported previously, Baird analyst Drew Babin downgraded AvalonBay to Neutral from Outperform. The analyst does not believe the low-to-mid single-digit AFFO growth run-rate he expects this year and next to facilitate much multiple expansion. Babin raised his price target to $183 from $174 on AvalonBay shares.
08/15/18
BARD
08/15/18
DOWNGRADE
BARD
Neutral
AvalonBay downgraded to Neutral from Outperform at Baird
08/06/18
ZELM
08/06/18
DOWNGRADE
ZELM
Sell
AvalonBay downgraded to Sell from Hold at Zelman

TODAY'S FREE FLY STORIES

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.