Read the most recent five year 10-Ks of Independence Realty, Avalon Bay, and UDR.

For questions 6,7, and 8, choose choose one firm from Q3.

1. Using excel, plot the Non-GAAP measures, stock price, revenues, net income, leverage, and other relevant measures (use all available SEC EDGAR years). How has the firm performed over time? Please use millions for the unit of count.

2. Examine the peers/competitors mentioned in the proxy statement, which are the true or closest peers/competitors (Hint: Compare property type and geography). Why do you think the firms mention other not so close peers/competitors?

3. Using excel, plot the Non-GAAP measure, stock price, revenues, net income, leverage, and other relevant measures for the closest peers/competitors selected from Q7 (for the past five years). Which firm has performed the best? Collect the CEO compensation for the firm and peers. Compare the performance and CEO compensation. Which management seems the most competent? Please use millions for the unit of count.

1. Based on your analysis from Q1-Q3, which housing REIT would you recommend as a buy (must choose one)? Briefly write an investment recommendation.