The company, for 2022, is expected to generate AFFO (Adjusted Funds from Operations) north of $0.65/share.
If you combine that with the peer group multiple ranging from 16x - 24x Enterprise Value/AFFO....this leads to a minimum share price of $10.4/share to $15.6/share.
Now add on the current "unrestricted" portion of cash and cash equivalents of ~$2/share
This leads to an implied share price of a minimum of $12.4/share to a maximum of $17.6/share over the next 12 months.
Layer on the upside from high inflation rents which will convert quickly on their standardized 1-year leases, and also add in their two development projects slated to be completed in 2023, you are looking at a company worth $15 to $20+/share on a conservative basis within the next 24 months.
They have a lot of non-cross-collateralized debt, and cap rates are very low for multi-family, there is very little risk to the company.
If you combine that with the peer group multiple ranging from 16x - 24x Enterprise Value/AFFO....this leads to a minimum share price of $10.4/share to $15.6/share.
Now add on the current "unrestricted" portion of cash and cash equivalents of ~$2/share
This leads to an implied share price of a minimum of $12.4/share to a maximum of $17.6/share over the next 12 months.
Layer on the upside from high inflation rents which will convert quickly on their standardized 1-year leases, and also add in their two development projects slated to be completed in 2023, you are looking at a company worth $15 to $20+/share on a conservative basis within the next 24 months.
They have a lot of non-cross-collateralized debt, and cap rates are very low for multi-family, there is very little risk to the company.
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THis failed to hit my buy limit so it is cancelled