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Contemplating BlueRock Residential REIT

Contemplating BlueRock Residential REIT
Members Public

Warning this is a half assed draft (moreso than all the other half assed drafts on my site). Quick and dirty -Sunbelt apartments are an incredibly hot asset. Rents are soaring and cap rates are compressing. -BlueRock (BRG), an owner of sunbelt apartments, trades at a significant discount to NAV.

Eric J Bokota

Columbia Property Trust (CXP) go-private deal suggests significant upside for Kilroy
Members Public

To follow me on Twitter (more timely updates), click here. By my calculations, CXP is getting done at about a 6.3% cap rate.  Some of the headline #s I saw don't appear to have ascribed value to the company's development portfolio.  Here are the #s I'm using: Note: All

Eric J Bokota
$KRC
Altice USA- Yes 2Q net adds disappointed but...I think ATUS could triple in 3-4 years

Altice USA- Yes 2Q net adds disappointed but...I think ATUS could triple in 3-4 years
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Quick and dirty: Since reporting 2Q results a couple weeks ago, cable broadband provider Altice USA (ATUS) shares have fallen -17% to $28 and now trade at very low valuation multiples.  While 2Q net subscriber additions were modestly disappointing, as shown below, I believe the resurgence of NYC explains this

Eric J Bokota
Lots to like in Kilroy's 2Q conf call

Lots to like in Kilroy's 2Q conf call
Members Public

While Kilroy shares have languished over the past few months, the business continues to make steady progress: As previously mentioned, during 2Q, development activity commenced for Kilroy Oyster Point Phase 2 (KOP2).  Life sciences vacancy in South San Francisco is very low at sub 2% and rents continue to hit

Eric J Bokota
$KRC
Essex Property Trust- muted 1Q; 2H21 and 2022 likely to shine

Essex Property Trust- muted 1Q; 2H21 and 2022 likely to shine
Members Public

Essex Property Trust (ESS - initial piece here & follow up) posted a slightly better than expected set of results.  Shares declined slightly - the market appears to be disappointed that ESS did not increase full year NOI guidance like 'California heavy' apartment peers Equity Residential (EQR).  I'm not too

Eric J Bokota
$ESS
Things are quite good for sunbelt apartment owners

Things are quite good for sunbelt apartment owners
Members Public

Both Camden (CPT) and Mid American (MAA) reported results this week.  Operating results are strong - CPT's new lease rents inflected positively and are +4.4% in April (blended lease rates for April of 4.5%).  MAA reported even stronger results (slightly different geographic mix - CPT slowed by SoCal/

Eric J Bokota
$MAA/CPT
The market fears office but I love Kilroy

The market fears office but I love Kilroy
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Kilroy Realty (KRC- find previous writeups here) -  Kilroy completed the sale of a large San Francisco office property for $1.1 billion and reported an ‘as expected’ set of 1Q results (office leases are long term so there aren’t huge Q to Q surprises in reported results).  Leasing

Eric J Bokota
$KRC
Atlanta Braves: MLB Commish talks 'replacement cost'

Atlanta Braves: MLB Commish talks 'replacement cost'
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Atlanta Braves (BATRA/ BATRK - initial writeup here) - MLB commissioner Rob Manfred gave us a glimpse into the cost of marginal supply (or replacement cost, if you prefer) by stating that the franchise fee for the new entrants to the league could be $2.2 bn per team.  Of

Eric J Bokota