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Essex Property Trust: An Attractive Dividend For Your WalletKapitall • Oct. 23, 2012
Marketwire (Jul 1, 2014)
Marketwire (Jun 11, 2014)
Marketwire (May 29, 2014)
Marketwire (May 7, 2014)
Marketwire (May 6, 2014)
Marketwire (May 2, 2014)
Marketwire (Apr 8, 2014)
Marketwire (Apr 2, 2014)
at MarketWatch.com (Oct 29, 2012)
at CNBC.com (Oct 3, 2012)
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.
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.
Tue, Mar. 25, 4:11 PM
Wed, Mar. 5, 9:11 AM
- Though the stock trades at a 27% discount to his estimated NAV (assumes a 7.25% cap rate) and portfolio fundamentals are improving, Stifel's Nathan Isbee cuts the stock to Hold from Buy following this week's announcement of the Springfield Town Center acquisition.
- PEI is paying "full price," says Isbee, getting an initial yield of just 4.1% slowly ramping up and stabilizing at 5.5% in 2018. The company will need to raise $190M-$200M to fund the purchase without boosting its leverage. Look for PEI to use asset sales as opposed to an equity offering given the discount the shares are trading at.
- In another Stifel move in the REIT sector, Essex Property Trust (ESS) loses its Buy rating after a big move this year (up 20%). Essex is in the process of moving ahead with its deal to buy BRE Properties for a mixture of cash and stock.
Wed, Feb. 19, 7:48 AM
- It's a valuation call from analyst David Toti, who notes a 12.1% return for Essex (ESS) since October 4 has more than doubled that of the MSCI U.S. REIT Index.
- "We still expect ESS' portfolio to remain a best-in-class performer, and for there to be increasing synergies after the BRE merger. We continue to assign the stock the 11th highest applied NAV premiums amongst the 80 REITs we scale."
- Toti downgrades to Hold from Buy with price target cut $5 to $171.
Thu, Jan. 30, 4:35 PM
Thu, Jan. 30, 12:10 AM| Thu, Jan. 30, 12:10 AM | 2 Comments
Wed, Jan. 29, 5:35 PM| Wed, Jan. 29, 5:35 PM | Comment!
Wed, Jan. 8, 10:53 AM
- Morgan Stanley is neutral on the group despite some obvious headwinds as it's likely the bad news has already been priced into the stocks.
- First, there's supply pressure - Axios estimates 323K new units in 2014 vs. the 275K historical average and 184K last year. Supply increases may not be as detrimental as thought, however, thanks to average growth of just 125K units per year from 2010-2012.
- Second, there's rising rates: Morgan Stanley notes multifamily has historically been the least impacted in the REIT sector from higher rates thanks to shorter lease terms.
- Valuation? Multifamily REITs trade at a 14% discount to NAV vs. a 1% premium historically. The FFO multiple is 16.1x vs. the 10-year average of 18x, and the relative FFO multiple sigma of negative 1.6x also suggests the group's undervaluation compared to the broader REIT sector.
- Among the players: EQR, AVB, ESS, BRE, PPS, UDR, AIV, CPT, HME, MAA.
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