Multifamily REIT Monogram Sees Bulk of Growth From Development

Mark Alfieri, president, CEO and COO of Monogram Residential Trust (NYSE: MORE), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.

Monogram’s portfolio includes investments in 55 multifamily communities in 10 states comprising more than 15,000 apartment homes.

Alfieri stressed the importance of development for the company, noting that it will continue to account for about 70 percent of growth in the long term.

Turning to geographic markets, Alfieri observed that strong first quarter results from New England were “a real surprise.”  Although the results were boosted by the lack of excessive snow removal expenses that had been seen a year earlier, Monogram still posted “terrific net operating income and rent growth,” Alfieri said.

Other markets that have delivered recent surprises on the upside include South Florida, Denver and Southern California, Alfieri said. He noted that 2016 and 2017 look to be “stellar years” for the Southern California market.