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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ffo Multiple | 16.8x - 18.6x | 17.7x |
| Selected Fwd Ffo Multiple | 15.5x - 17.1x | 16.3x |
| Fair Value | €125.20 - €138.38 | €131.79 |
| Upside | -0.3% - 10.2% | 4.9% |
| Benchmarks | - | Full Ticker |
| Camden Property Trust | - | NYSE:CPT |
| UDR, Inc. | - | NYSE:UDR |
| Centerspace | - | NYSE:CSR |
| Invitation Homes Inc. | - | NYSE:INVH |
| AvalonBay Communities, Inc. | - | NYSE:AVB |
| Mid-America Apartment Communities, Inc. | - | DB:M2K |
| - | - | - |
| Select Price / LTM FFO Ratio | ||||||||
| Benchmark Companies | ||||||||
| CPT | UDR | CSR | INVH | AVB | M2K | |||
| NYSE:CPT | NYSE:UDR | NYSE:CSR | NYSE:INVH | NYSE:AVB | DB:M2K | |||
| Historical FFO Growth | ||||||||
| 5Y CAGR | NM | 5.2% | NM | 9.3% | NM | NM | ||
| 3Y CAGR | NM | 7.3% | NM | 5.5% | NM | NM | ||
| Latest Twelve Months | -1.0% | -6.9% | 4.5% | -8.4% | 5.3% | -9.5% | ||
| Historical FFO Margin | ||||||||
| Fiscal Year Two Years Prior | 50.2% | 49.8% | 0.0% | 41.7% | 0.0% | 0.0% | ||
| Fiscal Year One Year Prior | 48.4% | 52.1% | 29.6% | 41.8% | 52.6% | 52.3% | ||
| Latest Fiscal Year | 47.4% | 47.8% | 31.9% | 35.7% | 52.8% | 48.0% | ||
| Latest Twelve Months | 47.4% | 47.3% | 32.5% | 35.7% | 52.7% | 46.8% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 7.9x | 8.5x | 4.0x | 7.7x | 9.7x | 7.9x | ||
| Price / LTM EPS | 103.0x | 114.0x | -56.2x | 42.1x | 25.4x | 30.8x | ||
| Price / LTM FFO | 16.5x | 16.6x | 12.1x | 21.7x | 18.6x | 16.4x | ||
| Low | Mid | High | ||||||
| Benchmark Price / LTM FFO | 12.1x | 16.6x | 21.7x | |||||
| Historical Price / LTM FFO | 15.0x | 19.4x | 32.8x | |||||
| Selected Price / LTM FFO | 16.8x | 17.7x | 18.6x | |||||
| (x) LTM Funds From Operations | 1,028 | 1,028 | 1,028 | |||||
| (=) Equity Value | 17,314 | 18,225 | 19,137 | |||||
| (/) Shares Outstanding | 117.1 | 117.1 | 117.1 | |||||
| Implied Value Range | 147.91 | 155.70 | 163.48 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 126.36 | 133.01 | 139.66 | 125.60 | ||||
| Upside / (Downside) | 0.6% | 5.9% | 11.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPT | UDR | CSR | INVH | AVB | M2K | |
| Value of Common Equity | 12,154 | 13,487 | 1,005 | 20,056 | 29,061 | 17,210 | |
| (/) Shares Outstanding | 106.8 | 331.3 | 16.7 | 612.9 | 142.2 | 117.1 | |
| Implied Stock Price | 113.76 | 40.71 | 60.06 | 32.72 | 204.38 | 147.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 113.76 | 40.71 | 60.06 | 32.72 | 204.38 | 125.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |