Barclays raises US REITs co PT on higher 2025 FFO forecast

Barclays raises price target on U.S. REIT cos Essex Property Trust ESS.N, Equity Residential EQR.N, and Camden Property Trust CPT.N

Research firm hikes price target on ESS to $328 from $303, EQR to $83 from $79, and CPT to $136 from $127

Says across the broad earnings beat in Q1 and accelerating leasing in April-May raise FY25 core funds from operations (FFO) for residential REIT co by nearly 1%

Adds second half of 2025 is off to a solid start, driven by growing leasing spreads, mainly in multifamily and single-family rental

"Supply and demand trends continue to point to sustained rent growth in all but a handful of the top REIT-centric markets"- Barclays

EQR, CPT rating unchanged at 'overweight', and ESS unchanged at 'equal weight'

As of last close, S&P 500 Equity Real Estate Investment Trusts (REITs) Index (Industry Group).SPLRCREC has risen 1.4% YTD