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Essex Property Trust, Inc. (ESS)

NYSE - NYSE Delayed Price. Currency in USD
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257.53+5.06 (+2.00%)
At close: 4:02PM EST
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  • T
    Tyrone
    Occupancy is terrible and rent rates all along the west coast will be low for next 2years. Occupancy may return but rate definately won’t be there.. I’ll think of buying at 150
  • m
    maddog
    Buy puts. This is going downhill fast. The yield is kept artificially inflated.
    Bearish
  • m
    maddog
    There you have it folks. Even financial gimmicks like selling properties, buying back stock at inflated prices is not helping ESS. Covid excuse has been used a zillion times in the earnings report. Folks, this CEO has literally eroded wealth and benefited himself. No wonder he supports the left so he can continue milking the system.
    Throw these guys out and put Essex out of business. The company operations are a joke. Burkart is even worse than Schall. Watch for $150. It's coming. There is no way out of this. Essex has ridden the Silicon Valley boom with arrogance and bullying. They will be raising a lot of money to keep the stock price high and maintain the payout. Schall has no clue what he is doing
    Bearish
  • m
    maddog
    Look at how the #$%$ duo timed their stock sales in February 2020 and then stopped after the stock tanked. Breach of fiduciary duty. Wonder if the Legal person at Essex is even ethical.
    Bearish
  • g
    governo
    I started following "awesomestokcalerts" (Gooogle it - off course without any space or dash in between the words) and their notifications are better than anyone else.
  • Y
    Yahoo Finance Insights
    Essex Property Trust is up 5.18% to 195.98
  • Y
    Yahoo Finance Insights
    Essex Property Trust is up 10.13% to 250.17
  • m
    maddog
    Folks, hope you are enjoying the ride down as much as you had the thrills of buying on the way up. This is classic hype and failed promises now being realized by investors. The can that has been kicked down the road for years and decades is not pretty much like a hot air balloon that has gone poof.
    Surprised the Chairman keeps the CEO in his job with all the nonsense Essex does. Lie, bully, cut corners, falsely market amenities, borrow money and then don't complete projects....list goes on and on...

    Don't leave this company. Sue and make sure they pay their fines and residents for dilapidated apartments.
    Bearish
  • i
    ifm
    Essex Property Trust (ESS) is one of the best run REITs owning & operating appartments in California.
    They have a solid balance sheet, good interest coverage & track record of dividend growth.

    Therefore ESS was trading at a premium to their NAV in the past.
    Currently it's priced around 23% Discount to NAV (284 USD) - Why?
  • Y
    Yahoo Finance Insights
    Essex Property Trust is down 4.90% to 246.24
  • m
    maddog
    Operations cash flow is kept inflated with reduced spending and finishing of projects. ESS is actually losing money. Thus ponzi schema will explode. At some point there will be a clean up. Question is will Schall be held accountable?
    Bearish
  • m
    maddog
    The only company I know off that does a conference call the next day after earnings announcement so it gives the management team time to make up stories. Analysts - you are smart guys since you project have been ballparking low estimates giving ESS Schall the benefit of doubt when he beats. This has been ongoing for many quarters now. Either you are unable to improve estimations precisely or are giving Schall the ability to inflate the stock with earnings beats which are in reality not true. You are focused on few metrics. Ask Schall to report property by property numbers. Revenue, costs, vacancy rate, customer satisfaction (make sure you add zero to that scale), turnover, ROI etc. You will soon realize that this ponzi scheme only works for select properties.
  • m
    maddog
    There you go. Earnings released on 2/7. If Essex is really well positioned in strong markets as they claim to be wouldn't you expect some positivity and enthusiasm from this company's announcement. I think even holding onto cash would have made you money in 2017. Technically Essex has last money for investors in 2017. Look at the net income number. It's down 48%. Don't fall for the superficial FFO which basically allows Essex to capitalize on gimmicks. Make real estate transactions to show higher numbers. Folks they do not know how to operate. It's evident. They are hanging by a thread. Their CEO and management team has no desire other than pocket hefty stock option gains. Note: They have issued stock at the $260 level. Employees are already losing money working for Essex. Institutional investors far from Silicon Valley and Seattle metro area - Essex has 1799 employees. They claim to have revenue of $1.3B. That's $722k per employee. Really? Even high tech companies don't have that kind of revenue per employee nowadays. Essex's creativity in financial make believe is what is forcing funds to buy their stock. Being in the S&P index ties hands of money managers and drives auto buying. Trust me analysts are lagging in seeing the reality of this company. I have enjoyed the downward slide based on fundamentals. The next support level that ESS will break through in 10-12 weeks is $160. Sell sell sell. Surprised all analysts think alike. Isn't there a bold analyst who can see through this drama filled company?
  • m
    maddog
    YES ON PROP 10. Surprised the management team thinks the same way. Is there really and diversity and inclusiveness at Essex? The smartest of companies have replaced their CEO. Infact CEO's like Nooyi are even stepping down proactively to transfer the baton. Schall seems to be really wanting to drive ESS into the ground.
    Watch for restatements, abrupt exits. Everything catches up. A CEO in denial and out of touch with customers. The attitude will only change once there is a hard fall. Until then shareholder money is being pocketed via dividends which are not sustainable and cost cutting which will drive customers away. Chatter of a recession in Silicon valley is already happening.
  • m
    maddog
    The conference call answers are a joke related to maintenance and technology being incorporated. I can tell you that Essex has no clue on how to maintain a property in a timely manner. Their vagueness on expenses cannot be timed and they don't have a date for closing is so true. They never close. They are wonderful at telling the market what they want to hear. Trust me these guys have no desire or interest in problem solving. Spot the word "customer service" or "excellence" or "resident interest" or "putting the customer first".
    Enjoy the short ride. ESS will be in a downfall soon. Surprised the board has no control over the CEO and his team.
    Essex will do anything to manages costs by basically cutting out items that they are required to do. So they tell the markets one thing and actually do another or don't even do anything since they have no control of productivity and efficiency of their employees and it starts at the top. It's amazing how employees take the CEO for a ride and he takes the markets and investors for a ride. Essex management walking a community - really....you would see something on Instagram or you would see fixes to problems. It's amazing the stories these guys tell.
  • m
    maddog
    Folks I am surprised that analysts are not putting weightage on Management effectiveness. Essex management are sophisticated story tellers in day to day activities. Essex StEalerS have no ability to hold their management accountable. It is a joke in what stories Essex employees get away with in real day to day interactions with residents. It seems like the wave riding is happening at all levels in Essex. Read on yelp, apartmentratings.com and other places to see how frustrating it is to deal with Essex. Board of Directors seem to be aloof as well. Letting the CEO run the ship without any empathy for customers. I have emails from Essex management that supports the lowest bar in customer service that I have seen in today's digital age. It's shocking to see that the layers are so ineffective in problem solving. Lawyers I bet you can get people to sign up for a class action against these guys for negligence and discrimination of residents.
  • m
    maddog
    Out of touch bankers and analysts continue upgrading this company as if it is a gem. Inflated PE which should demand higher returns just doesn't line up. Risk free return is negative and the multiple is so much higher than some fast growing companies that ESS is over bought due to hype. Folks if ESS just does what is said it will do, they will be losing money. They have abandoned projects and cut out holding their side of the bargain at many properties. Renters - walk away. Many have been fooled and lied too and by walking away from this business you will send a strong signal to the management and lenders that money doesn't grow on trees. This business is built on pushing the can down the road at every instance they can get. These include lack of productive employees, abandoned projects, ignorance of paying customers, bureaucratic operations, a cozy management team removed from reality of service. I will stick to $160 in 10 weeks. There is no reason for the high financial ratios and multiples. This is a scheme that will eventually blow up when rates normalize.
  • m
    maddog
    Folks, read the fine print in the earnings release. There is no growth. All there are is excuses and financial gimmicks. Share repurchases so the BS duo can continue filling their pockets. Bold statements like they care about residents during this time. All BS like the BS duo. They cannot even return phone calls. The earnings are actually showcased if Essex was going to crush the analyst estimates. All they have done is recycled money from bonds, moved expirations out, used money to prop up the stock price by buying at elevated levels (one would think that they knew how to dollar coast average down), issued notes to fund daily operations. Folks, if operations are profitable why would a business need to use borrowed money. Is the BS duo siphoning money on the sidelines?

    Can't wait for $100....will continue pocketing premiums while patiently waiting for this ship to sink.

    Projects funded 5 years ago have not been completed. The management of funds and operations is wore than a Chinese company with zero transparency.
    Bearish
  • m
    maddog
    The stock market drop over the past few days should recover at some point, but one point to note is that ESS has dropped far more than the S&P and institutional investors have started reducing their holdings. This is based on lack of fundamentals in this company that has borrowed cheaply to build a unsustainable portfolio of apartments. Their tactics to lure prospective residents and continuous story telling (aka lying) to the current residents about grand plans is coming to light. Other than a 3.10% yield this company has actually lost money for buy and hold investor. Why risk your money? Buy an index fund. ESS (Essex SteAlerS) don't deserve a dime of bond or equity money. I wouldn't be surprised if there is a massive turnover at this poorly managed company. What is the board waiting for? There is no originality nor efficient thinking at this company. You will be surprised by the mindless projects they do at their properties, none of which provide benefits to residents.
  • m
    maddog
    Forward P/E at 47.57. Got to be kidding. Operating margin (TTM) at 34.58%. This is only because of lack of proper spending to maintain apartments. Essex SteAlerS have basically abandoned projects that they raised money for. I don't think the word fiduciary is in their books. They are desperately trying to maintain their quarterly payout. Cash balance 50M. Debt 5B+. Folks sell before you are left with nothing. Price/Book (mrq) at 2.31. This stock is not worth the book value of 94.93. The valuation is so skewed that institutional investors are also starting to reduce holdings. I have no confidence or faith in this management team running the show for decades.