Greystar Notes on REIT Earnings

Quick hits from the largest apartment manager in the country

Greystar Founder and CEO, Bob Faith

Greystar, started in 1993 by Starwood co-founder Bob Faith, is a multifamily behemoth managing over 800,000 units covering practically every geography. With nearly $80 billion of assets under management, it is larger than the largest publicly traded multifamily REITs. By comparison, Avalon Bay AVB 0.00%↑ , the largest, has an enterprise value of $35 billion. 

Greystar also has an impressive internal research function that closely monitors listed REITs. The notes below were shared with me from their quarterly review of REIT earnings. Considering they are technically proprietary, I will not share them in their entirety but have included key takeaways, commentary and select quotes from conference calls. 

I find this style of commentary immensely more valuable than most sell-side REIT coverage which tends to get lost in the weeds about a penny here or there on next quarter’s FFO. As an owner, developer, and manager Greystar is focused on the trends and dynamics impacting the actual economics of the rental housing market.

Here are the highlights from the report, including commentary on homebuilders and single-family rentals (SFR):