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Aimco (AIV) Broadens Complaints Against Airbnb in California
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Apartment Investment and Management Company (AIV - Free Report) , better known as Aimco, lodged an amended and intensified complaint against Airbnb in the Superior Court of California. The Denver, CO-based residential real estate investment trust (REIT) has broadened its claims against Airbnb by including all apartment owners in the class action lawsuit. The lawsuit claims that Airbnb has unlawfully rented the properties of the apartment owners without taking any permission.
Aimco objects that a large part of Airbnb's revenues is generated from illegitimately renting the properties for the short run which it does not own at all. Airbnb illicitly profits from such transactions. This way, Airbnb is breaching its own Terms of Service.
The lawsuit actually questions the claims of Airbnb’s that it serves solely as a passive, online listing platform. The lawsuit claims that Airbnb's unauthorized rentals and payment processing practices not only interfere with private property rights of the landlords and leases but also bring trespassers into these private properties.
Before granting ownership status to the residents, Aimco conducts background checks and assesses credit history. As part of the lease agreement, all residents of Aimc have to sign the Company's Good Neighbor Policy. This serves as a safety net and ensures good behavior.
Notably, Aimco lodged the initial complaint against Airbnb in February in Florida and California. However, Airbnb's disrespect to rights of property owners prompted Aimco to broaden its litigation efforts.
Shares of Aimco have underperformed the Zacks categorized REIT and Equity Trust – Residential industry in the last three months. Shares of the company have returned 1%, while the industry grew 6.5%. In the last 30 days, its second-quarter and full-year 2017 funds from operations (FFO) per share estimates remained unchanged.
In the last 30 days, DCT Industrial Trust’s FFO per share for second-quarter 2017 remained unchanged at 59 cents.
In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 remained unchanged at 77 cents.
In the last 30 days, PS Business Parkss FFO per share for second-quarter 2017 moved up 2% to $1.53.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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Aimco (AIV) Broadens Complaints Against Airbnb in California
Apartment Investment and Management Company (AIV - Free Report) , better known as Aimco, lodged an amended and intensified complaint against Airbnb in the Superior Court of California. The Denver, CO-based residential real estate investment trust (REIT) has broadened its claims against Airbnb by including all apartment owners in the class action lawsuit. The lawsuit claims that Airbnb has unlawfully rented the properties of the apartment owners without taking any permission.
Aimco objects that a large part of Airbnb's revenues is generated from illegitimately renting the properties for the short run which it does not own at all. Airbnb illicitly profits from such transactions. This way, Airbnb is breaching its own Terms of Service.
The lawsuit actually questions the claims of Airbnb’s that it serves solely as a passive, online listing platform. The lawsuit claims that Airbnb's unauthorized rentals and payment processing practices not only interfere with private property rights of the landlords and leases but also bring trespassers into these private properties.
Before granting ownership status to the residents, Aimco conducts background checks and assesses credit history. As part of the lease agreement, all residents of Aimc have to sign the Company's Good Neighbor Policy. This serves as a safety net and ensures good behavior.
Notably, Aimco lodged the initial complaint against Airbnb in February in Florida and California. However, Airbnb's disrespect to rights of property owners prompted Aimco to broaden its litigation efforts.
Shares of Aimco have underperformed the Zacks categorized REIT and Equity Trust – Residential industry in the last three months. Shares of the company have returned 1%, while the industry grew 6.5%. In the last 30 days, its second-quarter and full-year 2017 funds from operations (FFO) per share estimates remained unchanged.
Currently, Aimco carries a Zacks Rank #3 (Hold).
Investors interested in the REIT space, may consider better-ranked stocks like DCT Industrial Trust Inc. , Gaming and Leisure Properties, Inc. (GLPI - Free Report) and PS Business Parks, Inc. , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, DCT Industrial Trust’s FFO per share for second-quarter 2017 remained unchanged at 59 cents.
In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 remained unchanged at 77 cents.
In the last 30 days, PS Business Parkss FFO per share for second-quarter 2017 moved up 2% to $1.53.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
3 Top Picks to Ride the Hottest Tech Trend
Zacks just released a Special Report to guide you through a space that has already begun to transform our entire economy...
Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>