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Josh Dennerlein

Josh Dennerlein

Senior Equity Research Analyst and Director at Bank of America Corp. /de/

New York, NY, US

Josh Dennerlein is a Senior Equity Research Analyst and Director at Bank of America, specializing in REITs and the Business & Information Services sector with coverage extending to companies like Equifax and Cintas Corporation. He has built a notable performance record with over 67 stock ratings, a success rate of about 40%, and an average portfolio return near -6%, while contributing high-conviction calls such as adding Cintas to the firm’s US 1 List. He started his finance career at Bank of America in February 2010 after a stint as a Mechanical Engineer at Robert Derector Associates, and he currently leads the Business & Information Services equity research team. Dennerlein holds a Bachelor of Engineering in Mechanical Engineering with Economics from McGill University and maintains key financial analysis credentials, although precise FINRA licenses are not specified.

Josh Dennerlein's questions to ESSEX PROPERTY TRUST (ESS) leadership

Question · Q3 2024

Josh Dennerlein of Bank of America sought clarification on the 'earn-in' calculation in the supplemental and asked if the capital recycling strategy would favor JV consolidations over open market acquisitions.

Answer

Executive Barb Pak clarified that the 90 basis point earn-in is based on signed leases through October plus projections, assuming no market rent growth and excluding concessions. Executive Adam Berry added that while JV buyouts are an option, the strategy remains flexible and depends on partner discussions, cost of capital, and market opportunities, reaffirming their commitment to the JV business model.

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