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Essex Property

ESS is a registered REIT with a portfolio of commercial real estate properties focused on the multifamily space. At 3Q18, ESS owned or held an interest in 247 communities (59,982 apartment units) located on the West Coast, in addition to one operating commercial building and 6 active development projects. ESS operates in Southern California (~44% of NOI at 3Q18), Northern California (~40%), and the Seattle Metro area (~17%). At 3Q18, the average rental rate for ESS apartments was highest in Northern California at $2,707, while the average rent was $2,172 in Southern California and $1,838 in the Seattle Metro. In 2014, ESS completed a merger with BRE Properties and in connection with the closing, BRE merged into a wholly owned subsidiary of ESS. The total consideration for the BRE merger was $4.3 bn. (07 Dec 2018)

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Essex Property: 3Q18 Earnings Quick Cuts

Worth Watching: 29 Oct 2018, 10:24 PM ET - Essex Property (ESS) reported a solid 3Q18 as FFO came in slightly ahead of consensus estimates. Solid rent growth was broad-based across markets and mostly in line with expectations, including Southern California (2.6%), Northern California (2 ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Essex Property: 2Q18 Earnings Quick Cuts

Worth Watching: 03 Aug 2018, 11:23 AM ET - Essex Property (ESS) reported a solid 2Q18 as FFO came in ahead of consensus estimates. Reflecting the strong quarter, the company raised guidance for FY18 same store NOI growth to 2.5-3.2% (+20 bp at the midpoint) after having also hiked by 20 ..
Focused

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

Essex Property: 1Q18 Earnings Quick Cuts

Worth Watching: 04 May 2018, 12:01 AM ET - Essex Property (ESS) turned in a better-than-expected 1Q18 as both FFO and revenue beat consensus estimates, reflecting modest upside surprise in the seasonally slow first quarter, prompting the company to hike guidance for core FFO and same stor ..

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..
Focused

Essex Property: 4Q17 Earnings

Worth Watching: 04 Mar 2018, 9:50 PM ET - Essex Property (ESS) turned in a solid 4Q17 as FFO came in a penny ahead of consensus estimates. Management struck a markedly more positive tone compared to the prior quarter's call, pointing in part to the recent uptick in job growth across it ..
Focused

U.S. REITs/CRE: 4Q17 Review

Sector Analysis: 04 Mar 2018, 9:41 PM ET - We review U.S. CRE and REIT trends in the wake of solid 4Q17 earnings results and a generally positive, if slowing, operating backdrop for the broader property sectors. Fundamentals continue to support our broader O/P on the sector.
Focused

Essex Property: Prices $300 mn Offering

Worth Watching: 27 Feb 2018, 8:35 PM ET - Essex Property (Baa1/BBB+/BBB+) issued $300 mn of 30Y notes to fund repayments on the $1.2 bn revolving credit facility ($274 mn outstanding at Feb. 22) as well as its $35 mn working capital facility ($6 mn outstanding at Feb. 22). The notes price ..
Focused

IG Note: ESS First 30Y Looks Like a Pass

IG Note: 27 Feb 2018, 10:19 AM ET - Essex Property (ESS) is in the market with its first 30Y, a $300 mn issue to term out LOC borrowings. IPT of +155 bp looks about FV, and we would pass as the issue inevitably tightens from talk.

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