ESS - Embedded Expectations Analysis - 2020 02 27
ï€ Essex Property Trust, Inc. (ESS:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 48.3x Uniform P/E. At these levels, the market has bullish expectations for the firm, and management is confident about their permits, smart unit initiatives, and lending relationshipsï€ Specifically, management is confident their supply of permits will improve as the year progresses and that they are raising their FFO guidance by $0.05 following their quarterly results. Moreover, they are confident their joint venture-related notes receivables will generate income until they procure permanent financing and that they are excited about their smart unit initiatives. In addition, they are confident they have great construction lending relationships that they can marry with their preferred equity, and they are confident they do not focus on timing during their expense planning. Furthermore, management is confident their collateralized mortgage investment has been highly profitable for shareholders
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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