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Essex Property Trust, Inc. (ESS)

- NYSE
  • Mon, Apr. 27, 9:52 AM
    | Comment!
  • Wed, Apr. 22, 10:02 AM
    • Deals in the REIT space are picking up steam, with the latest being today's sale of Associated Estates to a Brookfield fund for $2.5B. Associated Estates has been under activist pressure for a number of months, and one wonders if any other apartment names might be next in line.
    • Sector giants Equity Residential (EQR +1.3%), AvalonBay (AVB +1.2%), and Essex Property (ESS +1.2%) don't seem like likely targets, but are nicely higher on the session.
    • Others: Post Properties (PPS +1.7%), UDR (UDR +1.6%), Aimco (AIV +1.3%), Camden Property (CPT +1.2%), Home Properties (HME +1.4%), Mid-America Apartments (MAA +1.1%), Investors Real Estate (IRET +0.8%).
    • ETFs: IYR, VNQ, DRN, URE, SCHH, ICF, SRS, RWR, KBWY, DRV, REK, FRI, FTY, PSR, FREL, WREI
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  • Thu, Apr. 9, 3:24 PM
    • A weak 30-year bond auction has long-term Treasury yields on the move higher, with the 10-year up five basis points to 1.96%. One also can't help but notice a recent uptick in capital raising among the equity REITs.
    • Realty Income (O -2.2%), Agree Realty (ADC -2.2%), Omega Healthcare (OHI -4%), Medical Properties Trust (MPW -2.5%), W.P. Carey (WPC -2.2%), Duke Realty (DRE -2.5%), Essex Property (ESS -2.9%), Aimco (AIV -3%), Simon Property (SPG -2.4%), Kimco (KIM -2.9%), Inland Real Estate (IRC -3%), DDR Corp (DDR -2.3%), Sovran Self Storage (SSS -2.2%), Washington Real Estate (WRE -4%), Digital Realty Trust (DLR -2%), Hospitality Properties (HPT -2.6%), Ashford Hospitality (AHT -2.4%), Stag Industrial (STAG -4.6%), American Campus (ACC -2.3%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    • Previously: Treasury yields on the rise after weak 30-year auction (April 9)
    | 37 Comments
  • Fri, Mar. 6, 10:31 AM
    • Equity REITs are facing some competition as the 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
    • Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
    • The iShares U.S. Real Estate ETF (IYR -2.3%).
    • Realty Income (O -3.7%), National Retail Properties (NNN -3.9%), Agree Realty (ADC -3.1%), Omega Heathcare (OHI -4.5%), Health Care REIT (HCN -3.5%), Ventas(VTR -3.7%), HCP (HCP -3.6%), Medical Properties (MPW -4%), Healthcare Trust (HTA -4%), AvalonBay (AVB -2.7%), Essex Property (ESS -2.3%), Simon Property (SPG -2.3%), General Growth (GGP -2.2%), Kimco (KIM -2.9%), Inland Real Estate (IRC -2.9%), DDR (DDR -2.7%), Federal Realty Investment (FRT -2.6%), Public Storage (PSA -2%), Sovran Self Storage (SSS -2.7%), Boston Properties (BXP -2.8%), First Potomac (FPO -3.2%), Digital Realty Trust (DLR -1.9%), Hospitality Properties (HT -2.1%), Ashford (AHT -2.7%), STAG Industrial (STAG -3%), American Campus (ACC -2.9%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    • Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
    | 62 Comments
  • Fri, Feb. 6, 10:19 AM
    • Equity REITs have had as a big of a move as any sector over the past year as interest rates confounded the experts and continued to fall. WIth today's jobs report and a summer rate hike looking far more likely, fans of the income favorites are reassessing.
    • Realty Income (O -4.3%), National Retail Properties (NNN -3.9%), Omega Healthcare (OHI -3.5%), Ventas (VTR -4%), HCP (HCP -2.3%), Equity Residential (EQY -2%), Essex Property (ESS -2.1%), Simon Property (SPG -2.1%), General Growth (GGP -1.5%), Inland Real Estate (IRC -2.3%), Federal Realty (FRT -2.6%), Extra Space Storage (EXR -2.1%), Government Properties (GOV -1.8%), Washington Real Estate (WRE -2.1%), Hospitality Properties (HPT -1.8%), Chambers Street (CSG -1.5%), American Campus Communities (ACC -1.5%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
    | 64 Comments
  • Tue, Jan. 6, 2:25 PM
    • The 10-year Treasury yield plunging all the way to 1.94% makes the dividends on these players even more attractive.
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
    • Individual names: National Retail Properties (NNN +2.3%), Spirit Realty (SRC +3.2%), Health Care REIT (HCN +1.6%), Ventas (VTR +2.1%), HCP (HCP +2.3%), AvalonBay (AVB +1.4%), Essex Property Trust (ESS +1.2%), Brixmor Property (BRX +1.8%), Macerich (MAC +0.9%), Retail Properties of America (RPAI +1.2%), Tanger Factory (SKT +1.3%), Public Storage (PSA +1.6%), Sovran Self Storage (SSS +1.9%),
    | 1 Comment
  • Jul. 24, 2014, 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%).
    | Comment!
  • Apr. 1, 2014, 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
    | Comment!
  • Mar. 26, 2014, 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.
    | Comment!
  • Mar. 25, 2014, 4:11 PM
    • Essex Property Trust (ESS) announces the underwritten sale of 450K shares pursuant to a terms agreement under its equity distribution agreement. The offering is expected to close on March 31.
    • Press release
    • Shares -1.3% AH
    | Comment!
  • Dec. 4, 2013, 10:59 AM
    • Essex Property's (ESS -2.4%) offer for BRE Properties (BRE +13.3%) is higher than a rejected $60 bid from Land & Buildings earlier this year, reports Bloomberg, citing two sources. BRE has been working with Wells Fargo to explore strategic options, including a sale. Essex plans to pay for the purchase with bank financing, a stock offering, and the sale of assets.
    • It's been a busy deal year in the REIT sector, with $78B of acquisitions YTD, up 41% from 2012.
    • BRE's currently trading at $60.50.
    • Earlier coverage
    | 1 Comment
  • Dec. 4, 2013, 10:17 AM
    • A check of other multi-family REITs amid news of a $5B bid for BRE Properties (BRE +12.8%) by Essex (ESS -1.8%).
    • Equity Residential (EQR +2.2%), AvalonBay (AVB +2.5%), UDR (UDR +2.5%), Apartment Investment and Management (AIV +4%), Camden (CPT +3.2%), Home Properties (HME +3.3%), Mid-America (MAA +1.7%), Post (PPS +4.7%).
    | Comment!
  • Dec. 4, 2013, 10:11 AM
    • The apartment REIT sector may see some M&A action as Essex Property Trust (ESS -1.8%) has offered to purchase BRE Properties (BRE +10.6%) for about $5B, reports Bloomberg.
    | Comment!
  • Jan. 13, 2012, 2:22 PM
    Essex Property Trust (ESS +3.1%) says Q4 net operating income climbed 11% Y/Y as Southern California continues to recover from its economic doldrums. FFO is now estimated to range from $6.50 to $6.80.
    | Comment!
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Company Description
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.
Sector: Financial
Country: United States