Essex on Acquisition Spree - Analyst Blog
15 Ottobre 2012 - 6:55PM
Zacks
Essex Property Trust, Inc.
(ESS), a real estate investment trust
(REIT), recently provided the information regarding its acquisition
activity in third-quarter 2012. The company announced that it has
acquired four communities - Riley Square, Park West, Domaine and
Ascent - comprising 464 units for a total price of $119.8 million.
The first two communities - Riley Square and Park West - are
located in California and the rest are based in Washington.
Riley Square, a community comprising of 156 apartment units,
is located near Mervyn’s Plaza Shopping Center, Sunken
Gardens Golf Course and Paramount's Great America in the Santa
Clara area of California. The community was purchased as a joint
venture for $38.3 million in August 2012.
Park West, a community comprising 126 apartments and six different
buildings, is located adjacent to the shops and restaurants of
Irving Street, Golden Gate Park and Museums in San Francisco. Essex
Property acquired the community in late September 2012 for $31.6
million.
Of the two Washington-based communities, the first was a 92-unit
property named Domaine, acquired for $34 million. The community was
purchased in late September 2012, is strategically located in
Seattle and provides a modern urban living experience.
The second Washington-based community – Ascent – is a 90-unit
community in Kirkland. The community was purchased in October for
$15.9 million. It is situated near the Montebello Apartments, which
was acquired by the company in July 2012.
Essex property is highly active on acquiring, constructing and
managing multifamily residential properties positioned in highly
desirable, supply-constrained markets across the West Coast. With
the acquisition of the four communities, it now owns around 165
multifamily properties in Washington and California, with an
additional nine properties in various stages of development.
The company, competes with the likes of Post Properties
Inc. (PPS), and is expected to release
its third-quarter 2012 results on October 31. The Zacks Consensus
Estimate for third quarter FFO (fund from operations) is currently
pegged at $1.69 per share.
We currently have a long-term Neutral recommendation on the stock.
It also carries a short-term Zacks #3 Rank (Hold).
Note: FFO, a widely accepted and reported measure of the
performance of REITs is derived by adding depreciation,
amortization and other non-cash expenses to net income.
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