Stock price when the opinion was issued
(A Top Pick July 31/13. Down 8.85%.) Great US apartment company that is diversified and increasing the in-development work, especially in the Texas area. Has been a little bit weak in the last while. Yield of around 3%-4% and growth at around 5% plus they are doing development that has a good return as well.
In US Sun Belt, no pricing power given so much supply. Already priced into the stock. Pretty attractive cap rate of 6-7% for quality real estate. No turnaround in 2024, perhaps in 2025. Better upside than a year ago. Constructive about US apartments in latter half of 2025.