Essex Property Trust

Essex Property Trust, Inc.
Company typePublic company
NYSE: ESS
S&P 500 component
ISINUS2971781057
IndustryReal estate investment trust
Founded1971; 54 years ago (1971)
FounderGeorge M. Marcus
HeadquartersSan Mateo, California
Key people
 George M. Marcus, Chairman
Angela L. Kleiman, CEO & President
ProductsApartments
RevenueIncrease $1.669 billion (2023)
Decrease $405 million (2023)
Total assetsDecrease $12.361 billion (2023)
Total equityDecrease $5.422 billion (2023)
Number of employees
1,750 (2023)
Websitewww.essexapartmenthomes.com
Footnotes / references
[1]

Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.[1]

As of December 31, 2023, the company owned interests in 252 apartment complexes, aggregating 61,997 apartment units, and 3 commercial office buildings, comprising 283,000 square feet.[1]

It is the 11th largest owner of apartments in the United States[2] and the 26th largest apartment property manager in the United States.[3]

History

The company was founded in 1971 by billionaire George M. Marcus, who also founded Marcus & Millichap that same year.[4]

On June 13, 1994, the company became a public company via an initial public offering.[1]

In April 2014, the company acquired BRE Properties for $4.3 billion.[5][6]

In 2024, it acquired ownership interests in a joint venture owning 4 properties for $505 million.[7]

References

  1. ^ a b c d "Essex Property Trust, Inc. 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 23, 2024.
  2. ^ "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
  3. ^ "NMHC 50 Largest Apartment Managers". National Multifamily Housing Council.
  4. ^ Donato-Weinstein, Nathan (November 14, 2014). "George Marcus, Silicon Valley real estate icon, on founding companies — and the Bay Area housing crisis". American City Business Journals.
  5. ^ "Essex Property Trust, Inc. and BRE Properties Complete $16.2 Billion Merger" (Press release). Globe Newswire. April 1, 2014.
  6. ^ Bennett, Johanna (December 19, 2013). "Essex Property, BRE Shares Slip On Merger". Barron's.
  7. ^ "Essex Property Trust Acquires Joint Venture Partner's Interest in Four Communities Comprising 1,480 Apartment Homes" (Press release). Business Wire. March 25, 2024.
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