Associated Estates Realty Corp (NYSE:AEC)

CAPS Rating: 4 out of 5

The Company is a fully integrated multifamily real estate engaged in property acquisition, advisory, development, management, disposition, operation and ownership activities.

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Member Avatar QBInc (< 20) Submitted: 3/18/2012 9:28:52 PM : Outperform Start Price: $14.09 AEC Score: -10.06

Demographic trends, housing bubble bursting, leveraged americans and the echo baby boomers aversion to home ownership and preference for mobility all point toward a preference for and growth in the demand for apartment rental unts

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Member Avatar MOTV8 (< 20) Submitted: 8/12/2011 1:24:11 PM : Outperform Start Price: $14.28 AEC Score: -37.64

More renters than buyers in this economy, reit's doing well.

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Member Avatar MrCainThaler (49.18) Submitted: 2/8/2011 12:43:51 PM : Outperform Start Price: $13.17 AEC Score: -9.32

My arguments are best explained here:

http://ibankcoin.com/mr_cain_thaler/2011/02/07/residential-reits-or-how-renting-saved-real-estate/

and here:

http://ibankcoin.com/mr_cain_thaler/2011/02/08/select-reit-notes-bought-aec/

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Member Avatar SuperPicks (28.88) Submitted: 3/17/2010 2:44:27 AM : Underperform Start Price: $10.75 AEC Score: -2.41

This is a part of 4 part pure downthumb play on REIT here on CAPs (entered 3/16/2010):
in order from most overvalued to least: AEC, TCO, HME, ALX

The first two (AEC &TCO) appear to be sure-deal underperforms IMO.

The stock charts on each of these have done fairly well during the past 5 years, 3years, and past 1 year. Additionally they have done much better than their other REIT counterparts. The market has bet each of these have some fundamental (location, property type, income levels, debt structure, etc) significantly better than the rest of the pack. Now this may be true, but not at these valuations pal.
I'll reference snippets of profile (from Reuters website) of each that are valid reminders for me:
AEC:
multifamily real estate. The properties the Company owns are concentrated in Ohio, Michigan, Georgia, Florida, Indiana, Virginia and Maryland. As of December 31, 2009, approximately 32%, 24%, 14%, 10%, 7%, 7% and 6% of the units in properties it owns were located in Ohio, Michigan, Georgia, Florida, Indiana, Virginia and Maryland, respectively.

TCO:
Regional/Super-regional shopping centers. The centers are located in metropolitan areas, including Atlantic City, Charlotte, Dallas, Denver, Detroit, Los Angeles, Miami, New York City, Orlando, Phoenix, San Francisco, Tampa and Washington, District of Columbia.

HME:
East coast. Has been conservative and has desirable type rentable communities (not luxury spots so relatively inexpensive to rent).
Owns, operates, acquires, develops and rehabilitates apartment communities. The Company's properties are regionally focused, primarily in selected Northeast, Mid-Atlantic and Southeast Florida markets along the East Coast of the United States.

ALX:
The Company is managed by, and its properties are leased and developed by Vornado Realty Trust (Vornado). As of December 31, 2009, the Company had seven properties in the greater New York City metropolitan area. It consisted of the 731 Lexington Avenue property, the Kings Plaza Regional Shopping Center, the Rego Park I shopping center, the Rego Park II property, the Paramus property and the Flushing property.

The 731 Lexington Avenue property, a 1,307,000 square foot multi-use building, comprises the entire square block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The Kings Plaza Regional Shopping Center contains 1,351,000 square feet and is located on Flatbush Avenue in Brooklyn. The Rego Park I shopping center contains 351,000 square feet and is located on Queens Boulevard and 63rd Road in Queens, New York. The Rego Park II property, a 600,000 square foot shopping center is located adjacent to the Rego Park I property in Queens, New York.

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Member Avatar optionhater (44.21) Submitted: 1/13/2009 11:26:04 AM : Underperform Start Price: $5.58 AEC Score: -100.93

another over leveraged REIT with farflung operations which increase administrative costs

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Member Avatar qubit16 (98.00) Submitted: 12/3/2007 9:00:35 PM : Underperform Start Price: $8.03 AEC Score: -89.04

sd

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Member Avatar SCLadyOH (< 20) Submitted: 4/16/2007 5:46:58 PM : Outperform Start Price: $10.20 AEC Score: +39.04

Real Estate REIT - owns 10,000+ rental units up 9% ytd

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Member Avatar tonyboots (< 20) Submitted: 2/13/2007 7:15:47 PM : Outperform Start Price: $11.00 AEC Score: +23.02

the price is right !

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Member Avatar tony5799 (< 20) Submitted: 9/21/2006 4:31:04 PM : Outperform Start Price: $10.18 AEC Score: +23.45

Demand for apartments in their markets will increase

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Member Avatar Carbuncle001 (90.82) Submitted: 8/29/2006 7:15:12 AM : Outperform Start Price: $9.13 AEC Score: +40.94

Housing still too 'spensive for the little folks, so...apartments it is!

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