Essex Property Trust
 | |
 Headquarters in San Mateo | |
| Company type | Public company |
|---|---|
| NYSE: ESS S&P 500 component | |
| ISIN | US2971781057 |
| Industry | Real estate investment trust |
| Founded | 1971 |
| Founder | George M. Marcus |
| Headquarters | San Mateo, California |
Key people | George M. Marcus, Chairman Angela L. Kleiman, CEO & President |
| Products | Apartments |
| Revenue |  $1.669 billion (2023) |
 $405 million (2023) | |
| Total assets | $12.361 billion (2023) |
| Total equity | $5.422 billion (2023) |
Number of employees | 1,750 (2023) |
| Website | www |
| 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
[edit]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
[edit]- ^ a b c d "Essex Property Trust, Inc. 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 23, 2024.
- ^ "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
- ^ "NMHC 50 Largest Apartment Managers". National Multifamily Housing Council.
- ^ 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.
- ^ "Essex Property Trust, Inc. and BRE Properties Complete $16.2 Billion Merger" (Press release). Globe Newswire. April 1, 2014.
- ^ Bennett, Johanna (December 19, 2013). "Essex Property, BRE Shares Slip On Merger". Barron's.
- ^ "Essex Property Trust Acquires Joint Venture Partner's Interest in Four Communities Comprising 1,480 Apartment Homes" (Press release). Business Wire. March 25, 2024.
External links
[edit]- Official website
- Business data for Essex Property Trust, Inc.:
- 1971 establishments in California
- 1994 initial public offerings
- Companies based in San Mateo, California
- Companies in the S&P 500 Dividend Aristocrats
- Companies listed on the New York Stock Exchange
- Financial services companies established in 1971
- Real estate companies established in 1971
- Real estate investment trusts of the United States