Essex Property Trust: 3 Reasons Why The Stock May Be Overvalued

mgstudyo Introduction In this article, we consider an equity investment in Essex Property Trust, Inc. (NYSE:ESS) in light of Q1 2024 results. In particular, we consider the issuance of the $350 million 10-year senior unsecured note with the maturity of April 2034 relative to their current capitalization rate. We also consider the historical share buyback activity of the management team to support our thesis. We then offer an estimate of the net asset value per share of the stock using the yield of the acqui ...