GLG News by Self-Storage Real Estate Experts

Jack KernManaging DirectorKern Investment Research

Camden Properties Trust Lays an Egg in Texas?

July 5, 2011

Analysis of:Camden Closes $261M MF Portfolio Acquisition | www.globest.com

Camden Properties Trust NYSE:CPT) , the well respected residential REIT, run by always amiable and friendly CEO Rick Campo recently announced the purchase of eight apartment communities, totally 2,957 units. The properties, spread across 4 markets in Texas increase the firm's holdings to 69,170 units, including deliveries under construction. If the press releases are to be taken at their word, then it means the average cost per unit is a stunning $88,265, We're surprised, to say the least.

Jack KernManaging DirectorKern Investment Research

Archstone to Go, or Want to Buy Some Units?

June 21, 2011

Archstone-Smith was a very well regarded real estate investment trust right up until it went private after being acquired by Tishman Speyer and Lehman Brothers Holdings in 2007. The firm has been largely quiet since then, just managing their properties and holding on to long term entitlements. Now they are back in the news, with the prospect they might go public again, or be sold off in a free for all. With $18 to $22 billion in apartments at stake, neither choice is clear.

Jack KernManaging DirectorKern Investment Research

AVB Drops Out of the Race and Becomes a "B" Company?

April 8, 2011

There have been a number of reports highlighting Avalon Bay's newest strategy of seeking to grow through acquisition of B class assets. There is a good likelihood the strategy will be misunderstood, especially given their "mysterious new research effort." The reality is AVB may be abandoning their previously successful core strategy in an effort to become a clone of EQR. Anyone following EQR knows the mix isn't always magic.

Jack KernManaging DirectorKern Investment Research

Season Opener - RealPage 1, Yardi 1

April 1, 2011

Analysis of:RealPage Countersues Yardi | multifamilyexecutive.com

RealPage has filed a counterclaim against Yardi, alleging among other things that Yardi engaged in anti-competitive practices and mis-appropriated trade secrets. This latest round of litigation among property services giants seems to be getting more complex with each individual filing. There are some allegations that a former chief information officer took certain intellectual property secrets with him when he joined Yardi. The game begins...

Jack KernManaging DirectorKern Investment Research

RealPage and Yardi Locked in Legal Wrangle over Evergreen's Activities

February 16, 2011

The two leading companies in the property management space, RealPage and Yardi claim a majority of market share in the multifamily operating platform space. The recent filing of a lawsuit alleging that an operating subsidiary of Realpage engaged in practices that harmed Yardi has not only raised the specter of an ugly battle, but also opened the door to shine a spotlight on the real differences between the two firms. Whatever the outcome, it may well be that RealPage is the ultimate loser.

Jack KernManaging DirectorKern Investment Research

The Effects of Demographics on the Apartment Industry

February 11, 2011

Analysis of:The Effects of Demographics on the Apartment Industry | www.multihousingnews.com

Published in Multihousing News February 4th, 2011“The demographic of renters is changing in an unprecedented way, by age, family, composition, country of origin and even head of household,” says Jack Kern, managing director, Kern Investment Research LLC.The changes have been occurring even as we speak, and apartment companies have certainly already been laying the groundwork to receive the new customers. Echo Boomers, Baby Boomers, immigrants, single households, older renters are all cohorts that will be the customers of apartments. Larger apartments, smaller apartments, a greater emphasis on downtown living, are all a part of the mix.The demographic profile of the U.S. has been undergoing massive transformation within a mere 50 years, and the apartment industry has been feeling at the least the trickle-down effects. As the latest data from the census bureau indicates, the U.S. population has hit 308.7 million, an almost 10 percent increase from 281.4 million in 2000. The population is inexorable marching towards a projected half a billion by 2040. The majority of babies born in the country are now members of minorities.The biggest trend that preoccupies most apartment companies today is the entry of the Echo Boomers into the renter market. This is the cohort born between 1980 and 1995, and they number 80 million. The “best estimate” is that there are about 15 million Echo Boomers that will enter the prime renter ago of 18 to 34 this decade, according to Kern.

Jack KernManaging DirectorKern Investment Research

RealPage, Inc. (Nasdaq RP) Poised for Growth or Running on Empty?

December 30, 2010

Recent IPO (RP) RealPage is looking for growth that may not materialize. The multifamily real estate sector has seen, in the past 10 years, an amazing transformation; from an industry that had a broad range of owners and a tremendous amount of transaction activity to one with great consolidation in property operations and fewer majors than in the past 5 years, including a number of very prominent REITs that have gone private.

Jack KernManaging DirectorKern Investment Research

AvalonBay (AVB) Positioned to See Growth

September 24, 2010

AVB has traditionally played at the higher end of the multifamily market, and as the economy declined, they were not immune to losing residents. It now seems they're one of the better positioned REITs for growth and performance in both the short term and looking forward. Several factors are converging that will benefit the company moving forward.

Jack KernManaging DirectorKern Investment Research

AVG, BRE, CPT and Others Poised for Growth?

September 14, 2010

The public apartment companies are perhaps the most resilient and sustainable part of commercial real estate right now. After a devastating loss of net operating income and some of the most lopsided and irresponsible layoffs this industry has ever seen, the major publics may now finally be back on track. The question is, which direction is the train headed?

Jack KernManaging DirectorKern Investment Research

EQR Faces Roller Coaster Future to Appease Neithercut

January 27, 2010

Analysis of:Equity Residential Appoints Mark Shapiro to Board of Trustees | www.earthtimes.org

In a little noticed press release, Equity Residential on January 26th, 2010, appointed Mark Shapiro to the company's board of trustees. Shapiro, 39, is the Chief Executive Officer of Six Flags, Inc. the world’s largest regional theme park company. Prior to joining Six Flags in 2005, Shapiro spent 12 years at ESPN. He also serves as a director of Live Nation and the Tribune Company. Whether you're long or short on EQR, it makes you wonder doesn't it?

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