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Apartment Income (AIRC) Adds 4 New Retailers to Anschutz Campus
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Apartment Income REIT Corp. (AIRC - Free Report) has recently announced the addition of four new retailers at two premier apartment communities, 21 Fitzsimons and The Fremont, located at Anschutz Medical Campus.
These additions will offer a wide range of services to meet the needs of residents, nearby workers and the broader community. These new retailers are expected to improve the living experience and in turn help the company lure more tenants to its properties.
Following the announcement, shares of the company gained 3.6% till the closing hours of Mar 21 on the NYSE.
The four new retailers are namely, Spinelli's Market – a premiere fresh market and deli; Milieu Fermentation – an innovative brewery; Sable and Siren Hair Co. – a hair salon; and WOW Scrubs – a medical scrubs boutique.
Milieu Fermentation is a distinctive craft brewery that specializes in artisanal beers made in small batches. It aims to offer a unique taproom experience with a passion for experimentation and a commitment to quality. Sable and Siren Hair Co., owned and operated by a 15-year industry veteran, Jen Valentine, is a full-service hair salon boutique.
A local deli called Spinelli's Market is well-known for its award-winning sandwiches and Italian specialties. It will offer fresh produce, pantry staples, freshly crafted deli sandwiches, ready-to-heat entrees and more. WOW Scrubs is a specialty store that sells high-quality medical scrubs and related items.
Sable and Siren and WOW Scrubs are expected to open in March 2024, while Spinelli’s and Milieu Fermentation are to start their businesses after this spring.
Per Aurora Mayor Mike Coffman and chairman of the Fitzsimons Innovation Community, “The Anschutz Medical Campus and Fitzsimons Innovation Community are important economic drivers for the City of Aurora and the State of Colorado.”
Tyson Kuhlhoff, director of operations at AIR Communities, stated, “These new retailers will not only enhance the living experience for our residents but also contribute to the vibrant community on the Anschutz Medical Campus.”
Moreover, AIRC’s focus on development projects in key markets, which are likely to generate meaningful annual net operating income upon completion and stabilization, seems encouraging.
However, the choppy residential real estate market and elevated interest rate remain concerns.
Over the past three months, shares of this Zacks Rank #4 (Sell) company have declined 5.1% compared with the industry’s downside of 0.5%.
The Zacks Consensus Estimate for SKT’s 2024 FFO per share stands at $2.03, indicating an increase of 3.6% from the year-ago reported figure.
The Zacks Consensus Estimate for SLG’s 2024 FFO per share is pinned at $5.88, suggesting year-over-year growth of 19%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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Apartment Income (AIRC) Adds 4 New Retailers to Anschutz Campus
Apartment Income REIT Corp. (AIRC - Free Report) has recently announced the addition of four new retailers at two premier apartment communities, 21 Fitzsimons and The Fremont, located at Anschutz Medical Campus.
These additions will offer a wide range of services to meet the needs of residents, nearby workers and the broader community. These new retailers are expected to improve the living experience and in turn help the company lure more tenants to its properties.
Following the announcement, shares of the company gained 3.6% till the closing hours of Mar 21 on the NYSE.
The four new retailers are namely, Spinelli's Market – a premiere fresh market and deli; Milieu Fermentation – an innovative brewery; Sable and Siren Hair Co. – a hair salon; and WOW Scrubs – a medical scrubs boutique.
Milieu Fermentation is a distinctive craft brewery that specializes in artisanal beers made in small batches. It aims to offer a unique taproom experience with a passion for experimentation and a commitment to quality. Sable and Siren Hair Co., owned and operated by a 15-year industry veteran, Jen Valentine, is a full-service hair salon boutique.
A local deli called Spinelli's Market is well-known for its award-winning sandwiches and Italian specialties. It will offer fresh produce, pantry staples, freshly crafted deli sandwiches, ready-to-heat entrees and more. WOW Scrubs is a specialty store that sells high-quality medical scrubs and related items.
Sable and Siren and WOW Scrubs are expected to open in March 2024, while Spinelli’s and Milieu Fermentation are to start their businesses after this spring.
Per Aurora Mayor Mike Coffman and chairman of the Fitzsimons Innovation Community, “The Anschutz Medical Campus and Fitzsimons Innovation Community are important economic drivers for the City of Aurora and the State of Colorado.”
Tyson Kuhlhoff, director of operations at AIR Communities, stated, “These new retailers will not only enhance the living experience for our residents but also contribute to the vibrant community on the Anschutz Medical Campus.”
Moreover, AIRC’s focus on development projects in key markets, which are likely to generate meaningful annual net operating income upon completion and stabilization, seems encouraging.
However, the choppy residential real estate market and elevated interest rate remain concerns.
Over the past three months, shares of this Zacks Rank #4 (Sell) company have declined 5.1% compared with the industry’s downside of 0.5%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Tanger Inc. (SKT - Free Report) and SL Green Realty (SLG - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for SKT’s 2024 FFO per share stands at $2.03, indicating an increase of 3.6% from the year-ago reported figure.
The Zacks Consensus Estimate for SLG’s 2024 FFO per share is pinned at $5.88, suggesting year-over-year growth of 19%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.