Sign In
Not register? Register Now!
Essay Available:
Pages:
2 pages/≈550 words
Sources:
6 Sources
Style:
MLA
Subject:
Accounting, Finance, SPSS
Type:
Other (Not Listed)
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 10.53
Topic:

INVESTMENT MEMO

Other (Not Listed) Instructions:

Read reading and Write a brief concise 2 page "Investment Memo" - with your recommendations.
Alternative residential segments - Single Family & Manufactured Housing (& RV) - have been solid investments for years but has been far outshined by multi family.
Over the past 5 years this has changed with the advent of SFR REIT IPOs and growth in the MH segment.
This Memo should be your assessment after reviewing the Supplemental, Earnings, Investor Presentation and the Sell Side analyst Reports that were uploaded.
The Investment Memo is a 2 pager to the PM which describes your view of INVH & ELS: （memo must include all the requirement as following )
1: Basics - what residential business are they are in, size / market cap, some historic returns & and other you may want to highlight.
2: Pros & Cons - for each company set out a short - Bullet Point Format - investment Pros & Cons. This which could include areas we have discussed - demographics, expected organic rent & NOI growth, expenses, development and other external growth opportunities.
3: Valuation - Implied Cap Rate & P/FFO - From the XLS workup- & is there anything that stands out in terms of these valuation metrics given the Pros & Cons above ? which seems "cheaper" or a "better value" given the growth expectation and business model?
4: Recommendation - Which company do you prefer we own and why - rank them in order.
5: Ending critical think -Think about INVH & ELS vs Multi Family - what do you think we should own now in order Top --> Bottom
This Memo should be your assessment after reviewing the Supplemental, Earnings, Investor Presentation and the Sell Side analyst Reports that were uploaded.

Other (Not Listed) Sample Content Preview:
To:
From:
Date:
RE: INVESTMENT MEMO
______________________________________________________________________________
Basics
Invitation Homes Inc. is an American public company that operates in single-family home leasing. The company is traded in the New York Stock Exchange market as (NYSE: INVH). As of the second quota of 2022, the company had an average annual income of new residents of $131,000 and revenue of $557m (“Invitation Homes”). The company's net income in the same financial year was $0.18B. Invitation Homes Inc. has its headquarters in Dallas, Texas. The following company is Equity Lifestyle Properties which owns and operates manufactured homes, recreational vehicle resorts, marinas, and campgrounds in North America. Equity Lifestyle Properties employs around 4,100 employees and operates in 35 states in America, including one province in Canada (“ELS”). The company has an equity market value of $ 13.8 B and an enterprise value of $ 17. 1B. Additionally, Equity Lifestyle Properties owns roughly 449 properties. The last company is AvalonBay Communities, Inc. which had an equity market cap of $28 263 966 but a debt of $8, 064,003 (AvalonBay Communities”).
Pros and Cons
Invitation Homes Inc.
Pros:
* Core FFO per share 13% increase to $0.42
* AFFO per share increased to $0.36
* NOI growth rate of 12.4%
* Vast demographic coverage of 35 states, including a Canadian Province.
Cons:
* Unsecured Term Loan of $725 million.
* Same-store core operating expense growth of 6.2%
* Maintenance expense TTD 2022 of $373 million.
Equity Lifestyle Properties
Pros:
* Dividend/ Share of 22%
* Average long-term core NOI growth of 4.3%
* Dividend yield of 2.3%
* Core Annual Revenue of $1.14B
* Interest coverage of 5.7*
Cons:
* Average long-term core NOI growth...
Updated on
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:
Order

👀 Other Visitors are Viewing These MLA Other (Not Listed) Samples:

HIRE A WRITER FROM $11.95 / PAGE
ORDER WITH 15% DISCOUNT!
Order Now