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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
Members Public

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'
Members Public

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
Invitation Homes - strong start to 2021

Invitation Homes - strong start to 2021
Members Public

Invitation Homes (INVH - initial writeup here) reported a very strong start to 2021.  A decade+ of underbuilding, the maturing of the millennials (marriage, kids, burbs), increased work flexibility (fewer days in the office/ more time at home) and ultra low mortgage rates have caused the US housing market to

Eric J Bokota
Kilroy Realty (KRC): Sale of the Exchange Confirms Massive Undervaluation

Kilroy Realty (KRC): Sale of the Exchange Confirms Massive Undervaluation
Members Public

On 3/8 Kilroy Realty announced it has agree to sell The Exchange, a downtown San Francisco office building for $1.1 billion (significant at 10% of KRC's enterprise value), a record setting $1,440 per foot.  I estimate deal was done at a ~4.9% cap rate.   Interestingly, the

Eric J Bokota
$KRC
Invitation Homes ->Buy Rental Houses at a Big Discount

Invitation Homes ->Buy Rental Houses at a Big Discount
Members Public

Note: this article was sent out to subscribers in advance of web publication.  Wanna hear it first? Sign up to receive Private Eye Capital's FREE Actionable Investment Idea Newsletter.  It's FREE! (brought to you by the Department of Redundancy Department).   Unless you’ve been living under a rock for the

Eric J Bokota