Lower-Than-Expected Growth for Essex in Third Quarter, but Long-Term View Still on Track
While the consolidated portfolio for no-moat Essex Property Trust grew less than we anticipated in the third quarter, the company's joint ventures outperformed our expectations to bring bottom-line performance in line with our assumptions. As a result, we are maintaining our $259 fair value estimate for Essex. Rental rate growth continues to be strong and met our expectations with 2.5% growth for the total same-store portfolio. However, while we expected flat occupancy, Essex reported occupancy ...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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