44 - Essex's Trophy Assets
We like companies with Trophy Assets, hard to replace assets that create high barriers to entry for competitors. Essex property's portfolio of west coast apartment complexes is a trophy asset. In this episode Glenn discusses
The structural housing issues in California make Essex's properties valuable.
The risks of Zoom Towns and WFH.
And our estimate of fair value and if Essex is trading at a premium or a discount to our estimate.
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AMM Div Letter #50: Essex Property Trust
Highly competitive market depresses California housing affordability in second-quarter 2021, C.A.R. reports
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