Essex Will Rely on Strength of West Coast Fundamentals as Development Becomes Harder to Source
Fourth-quarter results for no-moat Essex Property Trust were generally in line with our expectations, and there doesn't appear to be anything reported this quarter that would lead to a material change to our $273 fair value estimate. Rental rate growth was 2.9%, beating our 2.3% estimate, and occupancy held up better than expected, remaining flat compared with our estimate of down 40 basis points, so same-store revenue did better at 2.9% than we had anticipated. However, expenses grew 3.8% in th...Essex Property Trust operates as a self-administered and self-managed real estate investment trust. The company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The company is the sole general partner of the Operating Partnership. The company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of primarily apartment communities, located along the West Coast. The company owns or has an interest in various operating apartment communities, consisting of apartment homes, operating commercial building and a development pipeline.
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