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Wednesday, 19 April 2000

A.G. Edwards Initiates Essex Property Trust At Accumulate

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April 20, 2000

(NewsTraders.com) -- Essex Property Trust (NYSE:ESS) was thrust into the brokerage spotlight on Thursday, as A.G. Edwards & Sons analyst Art Havener initiated coverage of the apartment-focused real estate investment trust with an "accumulate" rating.

Havener believes the REIT's focus on high-barrier-to-entry apartment markets, its research-driven market selection strategy, experienced management team, and flexible balance sheet will allow the company to outperform its peers.

The analyst is estimating compound annual growth in funds from operations, or FFO, per share of 10.7% over the 1999 to 2000 timeframe.

Such FFO growth, combined with Essex's current dividend yield of 5.7%, produces an expected total return of nearly 17%, Havener said.

"On a risk-adjusted basis, we believe ESS's total return potential is attractive," the analyst commented in a research note.



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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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