Essex's West Coast Portfolio Delivers Solid Growth in 1Q; Company Raises Dividend
Essex Property Trust performed in line with our expectations for the first quarter, leading us to maintain our $259 fair value estimate and no-moat rating. The company benefited from its West Coast exposure, producing same-store revenue and net operating income growth of 3.3% and 3.6%, respectively, each above the numbers reported by its more diversified apartment peers for the quarter. Higher fundamentals drove core funds from operations to $3.09 per share, up 5.1% compared with the first quart...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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