Essex Property Trust, Palo Alto, Calif., has priced an offering of 1.5 million shares of common stock at $128.65 per share.The sole underwriter, UBS Investment Bank, has been granted an option to buy up to 225,000 additional shares of common stock to cover any overallotments. Essex is a real estate investment trust that buys, develops, redevelops, and manages West Coast multifamily residential properties. It can be found online at http://www.essexpropertytrust.com.
KBW now rates UWM as outperform, and BTIG calls the stock a buy, but both cite high leverage levels and industry macro trends depressing its stock price.
If approved, the deal can provide relief for the approximately 662,000 individuals affected by an incident at the mortgage vendor last November.
Properties outside of the 100-year flood zone exposed to $375 billion to $1 trillion in losses, Moodys reports
DSCR loans once allowed coverage ratios as low as 0.65, but 2023-24 vintage stress is pushing lenders toward stricter underwriting and interest-only structures.
The Consumer Financial Protection Bureau is overhauling its consumer complaint portal after receiving 6.6 million complaints last year, more than double the 3.2 million in 2024, citing abuse by credit repair firms and social media influencers.
