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|Apartment Income REIT (NYSE: AIRC)||UDR (NYSE: UDR)|
|Property count||26,599 apartment units||51,649 units|
|Property type||57% Class A / 43% Class B & C+||57% Class A / 43% Class B|
|Geographic diversification||90% of its gross asset value is in eight primarily coastal markets (and Denver)||A highly diversified portfolio across 21 coastal and Sun Belt markets|
|Location mix||Urban markets 35%/suburban 65%||Urban 42%/suburban 58%|
We expect that our Sun Belt markets will continue to capture job growth, migration trends, and demand for apartment housing that will be well ahead of national trends. While there were clearly favorable Sun Belt migration trends by both employers and households prior to COVID, this past year the trends accelerated. The primary reasons behind these favorable migration trends, including enhanced affordability, favorable business climates, and lower taxes, will still be with us well past the point we get the pressures associated with COVID behind us.
|REIT||Dividend Yield||Dividend Payout Ratio (FFO)||Credit Rating||Leverage ratio|
|Apartment Income REIT||4.2%||87%||BBB||7.1 times proportional debt-to-adjusted EBITDAre|
|UDR||3.5%||75%||BBB+/Baa1||6.8 times net debt-to-EBITDAre|
|REIT||Recent price||2021 FFO (estimate at the midpoint)||P/FFO|
|Apartment Income REIT||$43||$1.98||21.5 times|
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