Essex Property Trust: An Attractive Dividend For Your WalletKapitall • Oct. 23, 2012
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at MarketWatch.com (May 14, 2014)
at CNBC.com (Apr 8, 2014)
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at MarketWatch.com (Mar 26, 2014)
at MarketWatch.com (Nov 29, 2012)
at MarketWatch.com (Oct 29, 2012)
at CNBC.com (Oct 3, 2012)
Yesterday, 9:29 AM
- “We will take what economic activity we can get, but our housing market model was designed in the U.S. to build a lot of single-family homes for owners, not multifamily homes for renters," says Diane Swonk commenting on yesterday's big jump in housing starts.
- A big share of the gain came from multifamily starts - typically a volatile number - but a rolling 12-month total shows apartment construction at its highest level in 25 years. Single-family housing has a bigger multiplier effect for both consumer spending and employment, says Swonk.
- As for apartment owners, a separate report showed rents up 3.3% Y/Y, their fastest pace of increase in five years. It's little mystery why the stocks of companies like Equity Residential (NYSE:EQR) and AvalonBay (NYSE:AVB) are at all-time highs, but their owners may want to mull the fast pace of building.
- Others of interest: ESS, PPS, UDR, AIV, CPT, HME, MAA, TSRE, AEC, IRET, APTS
Fri, Aug. 15, 4:07 PM
- Apex Apartments, a 366-unit community in Milpitas, CA completed and stabilized this year, was purchased for $150M with no debt.
- Avalon Bellevue Park Apartments, a 220-unit community in Bellevue, WA built in 1994, was purchased for $58.8M. Essex Proprty (NYSE:ESS) assumed a $21.5M mortgage maturing in 5 years with a 5.5% interest rate.
- Source: Press Release
Wed, Aug. 13, 9:45 AM
Wed, Aug. 6, 5:00 PM
Tue, Aug. 5, 5:35 PM
- ACAS, AGU, ALDW, ANAD, ANDE, AR, ATML, ATO, AWK, BIOS, BIRT, BKD, BREW, BWC, CDE, CDXS, CF, CLDX, CNVR, CODI, COUP, CPA, CPE, CRL, CSII, CSOD, CTL, CXO, CXW, DCTH, DEPO, DK, DNB, DXCM, DYN, ECOL, EFC, ELON, ENS, ENV, ERII, ESS, ETE, ETP, EVC, EXAR, FLTX, FNV, FOXA, FTK, GEOS, GMCR, GPOR, GTY, HI, HIL, IL, INN, INWK, IO, ITMN, IXYS, JACK, KEG, KND, KW, LGP, LHCG, LNT, MBI, MCP, MG, MHLD, MNTX, MRIN, MTDR, MUSA, MWE, NBIX, NLY, NPSP, NRP, NVAX, NVTL, OILT, OSUR, PAA, PACD, PKT, PMT, PPO, PRI, PRU, PRXL, PTLA, QEP, RAIL, REG, RGP, RIG, RJET, RLOC, RNDY, RXN, SAAS, SAPE, SD, SGI, SLF, SN, SSNI, SSRI, SWM, SXL, SYMC, TCAP, TEG, TEP, THOR, THRX, TNGO, TRMR, TROX, TWO, TXTR, UHAL, UIL, WGL, WR, WTI, XNPT, YY, ZU
Thu, Jul. 24, 10:40 AM
- The apartment building owner last night beat estimates on the top and bottom lines and raised full-year guidance.
- This morning, ISI Group chimes in with an upgrade to Buy and $156 price target, citing expected contribution from AvalonBay's (AVB +2.2%) $3.2B development pipeline.
- AVB results aren't necessarily filtering through to the rest of the apartment sector, which is mixed. Equity Residential (EQR +0.3%), Essex Property (ESS), Aimco (AIV -0.2%), Camden Properties (CPT -0.1%).
Wed, Jul. 23, 7:04 AM| Comment!
Wed, Jun. 11, 4:20 PM
Thu, Jun. 5, 9:45 AM
- The relationship between rents and incomes remains near the 20-year average from Seattle to Southern California, Essex Property Trust (ESS +0.2%) chief Michael Schall tells SNL Financial. "When you start pushing those ratios, strange things happen in the marketplace," but it's not happening now, partly because personal income growth is so much stronger in the West than the rest of the country.
- And why is this? To put it simply: Poorer people are moving away, skewing income to those with high-paying, high-tech jobs.
- As for whether Essex has any interest in Midwest-exposed Associate Estates (AEC) - where an activist is pushing for a sale - Schall (who has firsthand experience with that activist) isn't interested in that part of the country. "I think that we're a consolidating business, and I would expect consolidation to continue within the (West coast) space.
Tue, Jun. 3, 12:40 PM
- A few quick notes from the discussions/presentations ...
- American Realty Capital's (ARCP +0.7%) Nick Schorsch: "[The company] is currently ready, locked, and loaded" to close $3.3B in acquisitions by the end of the month.
- ARCP's presentation slides
- Previously: Activist rumblings at American Capital
- Essex Property Trust's (ESS) Michael Schall: "Overall, it's a great time to own apartments on the West Coast."
- After the BRE acquisition, Essex is now owns more than 53K units on the West Coast, putting it in #1 position, and much of the presentation deals with the benefits of the merger.
- Previously: Essex and BRE come to terms
- "Disruption to EBITDA [is] in the rear view mirror," says Hersha Hospitality's (HT -0.3%) Jay Shah, expecting EBITDA growth of 9-10% over the next 2-3 years.
- Webcasts here
- ETFs: IYR, VNQ, DRN, REZ, URE, SRS, ICF, RWR, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, IFNA, WREI
Fri, May. 16, 10:40 AM
- A check of apartment REITs finds the group little-changed amid a surge in multi-family starts and permits in April. Finance professor Amir Sufi says it's pretty simple - builders are well aware of the data represented in this chart showing rents easily outpacing inflation over the past few years.
- Trulia's Jed Kolko says 93% of multi-family starts are intended as rentals and 89% of them were 20+ unit buildings. Both of these metrics were in the 60% range during the bubble years.
- Equity Residential (EQR +0.2%), AvalonBay (AVB -0.4%), Essex Property (ESS +0.2%), Post Properties (PPS -0.1%), UDR (UDR), Apartment Investment (AIV +0.5%), Camden Property (CPT +0.1%), Home Properties (HME -0.1%), Mid-America Apartment (MAA)
Wed, May. 7, 4:57 PM
Tue, May. 6, 5:35 PM
- ACAS, ANAC, ANDE, APU, AR, ASYS, ATLS, ATO, AVG, AWK, BALT, BKD, BODY, BREW, BRKR, CAR, CDE, CDXS, CF, CLR, CODI, COUP, CSLT, CTL, CTRP, CXW, CZR, DCTH, DK, DYN, ERII, ESS, EXPD, FANG, FMI, FNV, FURX, GEOS, GMCR, GPOR, GTAT, GTY, HAIN, HK, HNSN, IL, IPAR, KGC, KIM, KND, KW, LCI, LGP, LHCG, LPSN, LXU, MCP, MDR, MHLD, MIDD, MKL, MM, MRIN, MWE, NKTR, NLY, NRP, NSTG, NVAX, NVEC, NVTL, OSUR, PAA, PGTI, PHH, PL, PMT, PNNT, PODD, POWR, PRU, QEP, QTM, RATE, REG, RIG, RNDY, RST, SCMP, SCTY, SD, SFM, SN, SWM, TCAP, TGB, TGI, TROX, TSLA, TWO, TWTC, TXTR, UGI, UIL, UNM, WGL, WR, WTR, XOMA, Z.
Wed, Apr. 9, 6:55 PM
- While much of the attention in recent weeks has been on high-flying momentum stocks falling back to earth, there’s also been a big rally among many of the stocks with largest short positions.
- Rallies in heavily shorted stocks are being driven by hedge funds pulling back on all their stock positions, so as bullish positions in high-growth stocks have been ditched, short positions have been closed out as well.
- Among the top 10 most shorted stocks, seven have rallied over the last month - with four up by double-digit percentages - even as the S&P 500 has dropped 0.8%: GameStop (GME, +11.5%), US Steel (X, +13.9%), Joy Global (JOY, +7.2%), ADT (ADT, -0.9%), VeriSign (VRSN, -8.6%), Essex Property Trust (ESS, +0.6%), Quest Diagnostics (DGX, +13.1%), Microchip Technology (MCHP, +2.8%), Western Union (WU, -1.9%), Frontier Communications (FTR, +13.6%).
Tue, Apr. 1, 4:15 PM
- The combined company has an equity market cap of about $11.1B and a total market cap of $16.2B. BRE Properties shareholders have received 0.2971 newly issued shares of Essex (ESS) common stock and $7.18 in cash - $58.87 at today's closing price. The cash consideration was adjusted to reflect the authorization of a $5.15 per share special distribution to BRE shareholders.
- BRE is up 3.7% AH to $63.25. Essex is off 1.5% to $171.40.
- Essex anticipates the deal with be accretive to core FFO per share of about $0.05-$0.08 annually.
- Source: Press Release
Wed, Mar. 26, 5:35 PM
- Essex Property Trust (ESS) +2.2% AH on news it will replace Cliffs Natural Resources (CLF) in the S&P 500 after the close of trading April 1.
- CLF will move down to the S&P MidCap 400, replacing ESS.
- FEI Co. (FEIC) will replace BRE Properties (BRE), which is being acquired by Essex, in the MidCap 400, and Fabrinet (FN) will replace FEI in the S&P SmallCap 600.
- Also, Albany Molecular Research (AMRI) will replace Supertex (SUPX), which is being acquired, in the SmallCap 600.
- AMRI +4.2%, FEIC +2%, FN +1.5%, CLF -1.3% AH.
ESS vs. ETF Alternatives
Essex Property Trust Inc is a self-administered and self-managed real estate investment trust, engaged in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities.
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