2024-04-09 09:30:39 ET
Summary
- Blackstone is set to acquire Apartment Income REIT Corp. for $10 billion, with the deal set to close in Q3.
- Apartment Income REIT Corp.'s market price surged by over 20% upon the announcement of the acquisition.
- The surge in price may have already priced in the acquisition, and technical indicators suggest that AIRC stock is overpriced.
- AIRC REIT's fundamentals are robust and will likely provide Blackstone with synergies. However, we think its upside story is over and done.
Today's article dials in on Apartment Income REIT Corp. (NYSE: AIRC ) , a U.S.-based REIT targeting upmarket residential units. The rationale for this thesis stems from Blackstone's ( BX ) agreement to acquire Apartment Income REIT Corp. in a deal worth a reported $10 billion . ...
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Blackstone's Acquisition Of Apartment Income REIT Is Likely Priced In