You've successfully subscribed to Private Eye Capital
Great! Next, complete checkout for full access to Private Eye Capital
Welcome back! You've successfully signed in.
Success! Your account is fully activated, you now have access to all content.
Success! Your billing info is updated.
Billing info update failed.

$ESS

Essex FY results & Private (REAL) market update

Essex FY results & Private (REAL) market update
Members Public

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), and the

Eric J Bokota
$ESS
LA is set to BOOM!

LA is set to BOOM!
Members Public

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: Working through the backlog of un-produced film & TV from 2020 as COVID shut down production schedules for much of 2020.More importantly,

Eric J Bokota
$ESS
Don't believe everything that you read over and over again

Don't believe everything that you read over and over again
Members Public

Apartment REIT investors have heard two refrains throughout 2020: 1) California is dead (2) Urban areas are dead. To read the news, the death of CA seems a given -after all we lost not only Joe Rogan but Elon Musk and Oracle.   Today after hours we have a sizable counterfactual.

Eric J Bokota
$AVB
Essex Property Trust 3Q Results - pretty, pretty good.

Essex Property Trust 3Q Results - pretty, pretty good.
Members Public

Key observations: Strong operational performance in occupancy, rent, NOI and cash collections. Trends at Essex improved heading from 3Q into October.  While on a cash basis (allocation of free rent to period where free rent was borne by ESS), NOI was down a little over 10% but on GAAP/ straight

Eric J Bokota
$ESS
Germany's Vonovia & the Case for Cap Rate Compression at Essex

Germany's Vonovia & the Case for Cap Rate Compression at Essex
Members Public

A rough draft of this article was sent to subscribers to our FREE Actionable Investment Idea Newsletter in advance of publication on privateeyecapital.com .  If you like being in the know and want FREE weekend reading, be sure to sign up NOW. It's FREE!! Can you guess what is featured

Eric J Bokota
$ESS
Essex Property Trust (ESS): What Goldman Sachs says vs. What Goldman Sachs does

Essex Property Trust (ESS): What Goldman Sachs says vs. What Goldman Sachs does
Members Public

This past week again saw the West Coast Apartment REITs in the red despite continued positive apartment operating data points and private market commentary.  This provides long term investors with what I believe to be an excellent opportunity. Today I will touch upon: 1) Update on September apartment rental collections

Eric J Bokota
$ESS
The prudent sounding verbiage in sell-side reports can lead to terrible investment outcomes

The prudent sounding verbiage in sell-side reports can lead to terrible investment outcomes
Members Public

This is in response to Baird's enlightening research piece (Seeking Alpha synopsis here) earlier this month letting us all know to  wait for rents to bottom before buying apartment REITs.  The wizards at Baird think this is what worked last time.  Let me tell you - things are different. Why

Eric J Bokota
$ESS
The private market for California apartments is Alive & Well

The private market for California apartments is Alive & Well
Members Public

Quick N Dirty: On 9/14/20, Aimco announced a series of transactions including the formation of a $2.4 bn JV with a passive institutional partner whereby LA/SF apartment properties were sold at a 4.2% cap rate/$592k per unit valuation.  This valuation is consistent with what

Eric J Bokota
$AVB