Latest news with #Kleiman
Yahoo
09-05-2025
- Business
- Yahoo
Essex sees new lease rents turn positive
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Essex Property Trust's core West Coast markets saw new lease rents turn positive in the first quarter, with Northern California rising 1.5%, Seattle increasing 1.3% and even Southern California ticking up 20 basis points. Overall, the Palo Alto, California-based REIT achieved 2.8% blended net effective rent growth in Q1, which was slightly ahead of its expectations. Despite this solid performance, Essex was not ready to increase guidance for the full year, with uncertainty around U.S. trade policy leading to economic turbulence. 'As we navigate this complex environment, we will be nimble with our operating and investment strategy, [and] remain focused on our objective to maximize revenues and to generate long-term accretion,' CEO Angela Kleiman said on the call last week. Essex's decision to maintain its GAAP same-store revenue, expense and net operating income growth guidance of 3.0%, 3.75% and 2.7%, respectively, was expected by Anthony Paolone, executive director at JPMorgan. 'Similar to its apartment REIT peers that have reported thus far, we find no surprise in Essex maintaining its guidance despite the outperformance in the quarter,' Paolone said in a research note shared with Multifamily Dive. Despite not raising guidance, Essex likes the supply-demand fundamentals in its major West Coast metros. 'Total new housing supply delivery as a percentage of stock in 2025 is exceptionally low at only 50 basis points in the Essex markets and is expected to moderate throughout the year and to decrease further in 2026,' Kleiman said. The CEO pointed to two factors driving Essex's Q1 performance. First, after being elevated in the years following COVID-19, delinquency is falling. In Los Angeles, a trouble spot for apartment operators, delinquency improved to 1.3% of scheduled rent compared to 3.9% in Q1 2024. 'Second, we executed our operating strategy, which contributed to a notably low turnover rate of 35%, while achieving positive new lease rate growth and stable occupancy levels,' Kleiman said. As turnover and delinquency improve, the job situation seems to be getting better in Essex's tech markets. 'When we look at the third-party reports, what we're seeing is that the open jobs of the top 20 tech companies — that's the most meaningful indicator of the health of that sector — has remained steady and [is] incrementally increasing each month,' Kleiman said. 'So it troughed in around November, [and] December, but that's typically a seasonally low period. But since then, every month it has increased. And that gives us an indication of the hiring to come.' Parts of Northern California — specifically Santa Clara and San Mateo counties — and Seattle led Essex's portfolio in Q1. Even struggling markets in those areas are starting to turn around. Despite Oakland being a drag on Essex's portfolio with negative 1.2% in new lease rate growth in the first quarter, the city has begun to 'demonstrate incremental improvement as supply abates and concessions moderate,' Kleiman said. '[In] Oakland, what we're showing is that 75% of the supply is delivering in the first half,' Kleiman said. 'So by mid-year, we expect Oakland to start to revert back to a more normalized market dynamic. I don't think it's going to happen overnight, but it's finally going to turn.' Southern California still lags Northern California and Seattle, though it is improving. For Los Angeles, delinquency needs to return to near historical average, according to Kleiman. 'Right now, we're making great progress, but we're not there yet,' she said. 'Delinquency at 1.3% is still well above the historical average in LA.' Once delinquency falls, Essex can start building occupancy and eventually pricing power. But there are headwinds with the film industry still struggling, according to Kleiman. Category Q1 YOY Change Revenue $395.6 million 3.4% Net operating income $284.9 million 3.3% Operating expenses $124.3 million 3.8% Funds from operations $3.97 -13.7% Average rent $2,667 2.1% Occupancy rate 96.3% 0 bps SOURCE: Essex 'As far as the market is concerned, [the] labor market remains soft,' Kleiman said. 'And I think that is [due to] a lot of things happening there, I don't think that's too dissimilar from a national level in terms of just a generally soft employment economy.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
06-05-2025
- Business
- Axios
Exclusive: Yahoo Sports partners with Boardroom to boost content strategy
Yahoo Sports on Tuesday announced a new deal with Boardroom, a media company co-founded by Kevin Durant and Rich Kleiman, to co-produce a new video series hosted by Kleiman and to launch a content hub. Why it matters: The partnership is the latest in a slew of content deals Yahoo has inked since hiring former ESPN executive Ryan Spoon in 2023. How it works: In brokering content partnerships with reputable third-parties, Yahoo Sports has been able to expand its editorial offerings outside of its typical syndication model. "All of the partnerships that we have done have been very selectively specific around emerging, important verticals where there are great lead partners who are experts in access, opinion, analysis, reach and work together there," Spoon told Axios. Zoom in: The new video series, "Network with Rich Kleiman," will feature conversations with athletes and other sports figures about the workings of their business ventures. The episodes will be available on the new Boardroom hub on Yahoo Sports' website, along with other Boardroom content. Episodes will also be on Boardroom's site and YouTube. "With Yahoo, we get great infrastructure and great expertise," Kleiman told Axios. "For us, the ultimate goal is to continue to grow this brand and to scale it in as many different places as we can." Both companies will sell sponsorships and share the revenue. Zoom out: Over the past two years, Yahoo Sports has inked several content partnerships to enhance its coverage of specific beats. Last year, it partnered with The Athletic to create a women's sports hub that both outlets can monetize. Yahoo also launched partnerships with OneFootball for soccer coverage, The Hockey News for hockey coverage, Ariel Helwani and Uncrowned for combat sports and Motorsport Network for racing. The company expanded its coverage of sports collectibles by partnering with cllct, Sports Card Investor and Mantel. It partnered with BetMGM for Yahoo Sportsbook. The big picture: The deal with Boardroom, announced ahead of Yahoo's annual NewFront presentation to advertisers Tuesday, underscores the evolution of Yahoo Sports under its new owner, Apollo Global Management. At the NewFront presentation, Spoon will share that Yahoo Sports' audio and video consumption has more than doubled in the last year and that "Network with Rich Kleiman" is its 12th new original show since 2024.
Yahoo
05-05-2025
- Sport
- Yahoo
Grizzlies announce hiring of Tuomas Iisalo as franchise's next head coach
The Memphis Grizzlies liked what they saw from Tuomas Iisalo in a limited sample. The team announced Iisalo as its next head coach Friday after he served in the role on an interim basis this season after Taylor Jenkins was fired. In a statement, team president and general manager Zachary Kleiman praised Iisalo's former teams as "disciplined and tenacious" and said he expects to see those same traits carry over to Memphis. 'I have full confidence in Tuomas serving as head coach of the Memphis Grizzlies going forward,' said Grizzlies President and General Manager of Basketball Operations Zachary Z. Kleiman. 'Tuomas' teams at every level have been disciplined, tenacious and connected on both ends of the floor, consistently exceeding expectations. We look forward to the same in Memphis.' The move makes Iisalo the first Finnish-born head coach in NBA history. While Iisalo has a history of success as a coach, most of that experience came overseas. After playing professionally in Finland, Iisalo transitioned to coaching. He coached multiple teams in Finland, Germany and France between 2014-24. While coaching in Germany, Iisalo won the Bundesliga coach of the year award in two straight seasons and was named the Champions League coach of the year in 2023. Iisalo also won the EuroCup coach of the year award in 2024 after winning the 2023–24 EuroCup title with Paris Basketball. Months after that victory, Iisalo joined the Grizzlies as an assistant head coach. When the team surprisingly fired Jenkins with just nine games left in the regular season, Iisalo was elevated into the head-coaching role on an interim basis. The Grizzlies went 4-5 down the stretch and finished as the No. 8 seed in the Western Conference. The team then made its way out of the play-in tournament. After a loss to the Golden State Warriors, the Grizzlies defeated the Dallas Mavericks to secure a spot in the playoffs. Their postseason experience ended quickly, as the team was swept by the Oklahoma City Thunder in four games. With the move, Iisalo takes over a team in need of changes. During an end-of-season news conference, Kleiman stressed things needed to be better in Memphis, saying the team was not good enough during the 2024-25 season. "I don't think we can look back at this series and this season and say, 'Oh, we're close,'" Kleiman said after the team was swept by the Thunder. "No, we're not." Kleiman believes Iisalo can get the team closer to its ultimate goal. While he didn't have long to make an impact on the Grizzlies this season, his performance was enough to convince the franchise Iisalo is the right person to lead it back to prominence.
Yahoo
02-05-2025
- Sport
- Yahoo
Grizzlies announce hiring of Tuomas Iisalo as franchise's next head coach
The Memphis Grizzlies liked what they saw from Tuomas Iisalo in a limited sample. The team announced Iisalo as its next head coach Friday after he served in the role on an interim basis this season after Taylor Jenkins was fired. In a statement, team president and general manager Zachary Kleiman praised Iisalo's former teams as "disciplined and tenacious" and said he expects to see those same traits carry over to Memphis. 'I have full confidence in Tuomas serving as head coach of the Memphis Grizzlies going forward,' said Grizzlies President and General Manager of Basketball Operations Zachary Z. Kleiman. 'Tuomas' teams at every level have been disciplined, tenacious and connected on both ends of the floor, consistently exceeding expectations. We look forward to the same in Memphis.' The move makes Iisalo the first Finnish-born head coach in NBA history. While Iisalo has a history of success as a coach, most of that experience came overseas. After playing professionally in Finland, Iisalo transitioned to coaching. He coached multiple teams in Finland, Germany and France between 2014-24. While coaching in Germany, Iisalo won the Bundesliga coach of the year award in two straight seasons and was named the Champions League coach of the year in 2023. Iisalo also won the EuroCup coach of the year award in 2024 after winning the 2023–24 EuroCup title with Paris Basketball. Months after that victory, Iisalo joined the Grizzlies as an assistant head coach. When the team surprisingly fired Jenkins with just nine games left in the regular season, Iisalo was elevated into the head-coaching role on an interim basis. The Grizzlies went 4-5 down the stretch and finished as the No. 8 seed in the Western Conference. The team then made its way out of the play-in tournament. After a loss to the Golden State Warriors, the Grizzlies defeated the Dallas Mavericks to secure a spot in the playoffs. Their postseason experience ended quickly, as the team was swept by the Oklahoma City Thunder in four games. With the move, Iisalo takes over a team in need of changes. During an end-of-season news conference, Kleiman stressed things needed to be better in Memphis, saying the team was not good enough during the 2024-25 season. "I don't think we can look back at this series and this season and say, 'Oh, we're close,'" Kleiman said after the team was swept by the Thunder. "No, we're not." Kleiman believes Iisalo can get the team closer to its ultimate goal. While he didn't have long to make an impact on the Grizzlies this season, his performance was enough to convince the franchise Iisalo is the right person to lead it back to prominence.
Yahoo
02-05-2025
- Sport
- Yahoo
Grizzlies announce hiring of Tuomas Iisalo as franchise's next head coach
The Memphis Grizzlies liked what they saw from Tuomas Iisalo in a limited sample. The team announced Iisalo as its next head coach Friday after he served in the role on an interim basis this season after Taylor Jenkins was fired. In a statement, team president and general manager Zachary Kleiman praised Iisalo's former teams as "disciplined and tenacious" and said he expects to see those same traits carry over to Memphis. 'I have full confidence in Tuomas serving as head coach of the Memphis Grizzlies going forward,' said Grizzlies President and General Manager of Basketball Operations Zachary Z. Kleiman. 'Tuomas' teams at every level have been disciplined, tenacious and connected on both ends of the floor, consistently exceeding expectations. We look forward to the same in Memphis.' Advertisement The move makes Iisalo the first Finnish-born head coach in NBA history. While Iisalo has a history of success as a coach, most of that experience came overseas. After playing professionally in Finland, Iisalo transitioned to coaching. He coached multiple teams in Finland, Germany and France between 2014-24. While coaching in Germany, Iisalo won the Bundesliga coach of the year award in two straight seasons and was named the Champions League coach of the year in 2023. Iisalo also won the EuroCup coach of the year award in 2024 after winning the 2023–24 EuroCup title with Paris Basketball. Months after that victory, Iisalo joined the Grizzlies as an assistant head coach. When the team surprisingly fired Jenkins with just nine games left in the regular season, Iisalo was elevated into the head-coaching role on an interim basis. The Grizzlies went 4-5 down the stretch and finished as the No. 8 seed in the Western Conference. Advertisement The team then made its way out of the play-in tournament. After a loss to the Golden State Warriors, the Grizzlies defeated the Dallas Mavericks to secure a spot in the playoffs. Their postseason experience ended quickly, as the team was swept by the Oklahoma City Thunder in four games. With the move, Iisalo takes over a team in need of changes. During an end-of-season news conference, Kleiman stressed things needed to be better in Memphis, saying the team was not good enough during the 2024-25 season. "I don't think we can look back at this series and this season and say, 'Oh, we're close,'" Kleiman said after the team was swept by the Thunder. "No, we're not." Kleiman believes Iisalo can get the team closer to its ultimate goal. While he didn't have long to make an impact on the Grizzlies this season, his performance was enough to convince the franchise Iisalo is the right person to lead it back to prominence.
