Essex FY results & Private (REAL) market update
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The results themselves are very much what I would expect based on what we saw in 2H20 and management's past commentary on trends.Importantly, ESS management provided 2021 earnings guidance (was previously suspended due to COVID related uncertainty), resumed the share buyback (had been paused due to uncertainty)
KRC results: Outlook Better than expected & Private Market Comps
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More evidence that Kilroy Realty (KRC - here [https://www.privateeyecapital.com/kilroy-realty-the-price-is-wrong/] is my initial piece) is significantly undervalued came with 4Q results. While 4Q leasing activity remained subdued (just 61k sq feet signed in 4Q with 14% POSITIVE cash rent spread; signed another 75k sq feet in January
Have you ever wanted to own an MLB team?
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Note: this article was sent out to subscribers in advance of web publication. Wanna hear it first? Sign up [https://privateeyecapital.us17.list-manage.com/subscribe/post?u=9817d763c853faa67051e844f&id=42a78a95e4] to receive Private Eye Capital's FREE Actionable Investment Idea Newsletter. It's FREE! If you are
Mobile Home Parks - the best business in real estate?
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Having written extensively about the apartment business/REITs, today I write about another residential REIT sub-sector, the mobile home parks (MHPs). While shares are well off their 52 week highs (frankly I'm not sure why - operating results have been very strong, interest rates are low and prospects
Index Weightings Help Explain Why Many Bargains Abound in REIT-land
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I’ve been writing quite a bit about apartment REITs lately. Any time I identify numerous bargains within one specific sector or sub-sector, I’m effectively saying that I am right and the market (stock price) is wrong. With billions of dollars invested and hundreds (if not thousands) of analysts/
Calculating NAV per share
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A REIT's NAV per share (Net Asset Value) is usually significantly higher than its stated accounting book value under US GAAP. I've received a few inquiries on how to calculate the estimated NAV for a REIT and have compiled this quick tutorial. Materials required: Annual/Quarterly
LA is set to BOOM!
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Happy new year - As I’ve mentioned previously, I believe that LA is on the precipice of a large, Hollywood-driven boom (I’m guessing 2H21) as: 1. Working through the backlog of un-produced film & TV from 2020 as COVID shut down production schedules for much of 2020. 2.
Kilroy Realty: The Price is Wrong
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