Strategies for Multi-Family Real Estate Capital Allocation
AIR
COMMUNITIES
The most efficient and most effective way to allocate capital to multi-family real estate
Key Takeaways
1
Multi-family
fundamentals remain
strong, and AIR's
business continues to
perform
2
AIR has a high-quality portfolio:
- Diversified across eight core markets with
attractive economic growth and limited
regulatory risk
- Third highest average rents within the sector
at $2,482, up $275, or 12.5%, since Separation
3
AIR's simple,
transparent business
model of narrow focus
and low leverage
warrants a low risk
premium
4
The AIR Edge is a differentiator:
- Source of Same Store organic growth with the
highest conversion of rent to FCF among peers, ~9-
10% greater than the average (1)
- Driver of attractive risk-adjusted external growth
through disciplined, accretive paired trades
5
Experienced, deep team fully
aligned with shareholders
(1)
Per company filings. Peers defined as AVB, CPT, EQR, ESS, MAA, and UDR. Coastal peers defined as AVB, EQR, ESS, and UDR. Sunbelt peers defined as CPT and MAA.
1View entire presentation