Top Stock to Buy #2 –EssexProperty Trust (ESS)
Essex Property Trust (NYSE:ESS) is a Real Estate Investment Trust (REIT) that owns and operates multi-family properties in California and the Pacific Northwest. Forecasts are for an average occupancy level of 96% in 2012, and rents this year are expected to rise by 6%. This REIT is a proven performer in redeveloping older properties, which supply a predictable stream of income.
ESS has a dividend yield of almost 3% and is expected to raise its dividend by 3%-5% this year.
Technically the breakout at $148 is very significant in that it breaks from a resistance line that extends back to February 2007. The target for ESS is $175.