Essex Property Trust, Inc. (Essex) is a self-administered and self-managed real estate investment trust (REIT) that focuses on the ownership, operation, management, acquisition, development, and redevelopment of apartment communities along the West Coast of the United States . As of December 31, 2023, Essex owned or had ownership interests in 252 operating apartment communities, comprising 61,997 apartment homes, with an additional development pipeline of 264 apartment homes . The company's strategy is centered on investing in major metropolitan areas with high rental demand and limited new housing supply, aiming for above-average rental growth and long-term asset appreciation .
- Apartment Communities - Owns and manages a portfolio of 252 operating apartment communities, primarily located in Southern California, Northern California, and the Seattle Metro area, providing rental housing solutions .
- Real Estate Investments - Engages in the acquisition, development, and redevelopment of apartment communities to enhance portfolio value and generate long-term asset appreciation .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Angela L. Kleiman ExecutiveBoard | CEO and President | Board Member at Rexford Industrial Realty, Inc. (NYSE: REXR) | Joined ESS in 2009; previously COO and CFO; led the BRE Properties merger and balance sheet transformation; became CEO in March 2023. | View Report → |
Barb M. Pak Executive | CFO and EVP | Member of Nareit | Joined ESS in 2012; previously led Capital Markets and Co-Investments; became CFO in January 2021. | |
Brennan McGreevy Executive | Group VP and Chief Accounting Officer | None disclosed | Joined ESS in May 2020; promoted to CAO in September 2024; previously worked at KPMG LLP. | |
John Farias Executive | SVP and Chief Accounting Officer | None disclosed | Joined ESS in 2024; oversees accounting and financial reporting; no additional details provided in the documents. | |
Amal M. Johnson Board | Director | None disclosed | Joined ESS Board in 2018; no additional details provided in the documents. | |
Anne B. Gust Board | Director | None disclosed | Former Special Counsel to the Governor of California; held executive roles at The Gap, Inc.; joined ESS Board in January 2024. | |
George M. Marcus Board | Chairman of the Board | Chairman of Marcus & Millichap Company (MMC) and Marcus & Millichap, Inc. (NYSE: MMI) | Founder of ESS; led the company to S&P 500 inclusion and Dividend Aristocrat status; oversees strategic direction. | |
Irving F. Lyons, III Board | Lead Independent Director | Lead Director at Prologis, Inc. (NYSE: PLD); Board Member at Equinix, Inc. (NASDAQ: EQIX) | Former Chairman of BRE Properties; extensive experience in real estate investment and governance. | |
John V. Arabia Board | Director | None disclosed | Former CEO of Sunstone Hotel Investors; joined ESS Board in January 2024; extensive experience in real estate and corporate governance. | |
Keith R. Guericke Board | Director | Board Member at Century Communities, Inc. (NYSE: CCS) | Former CEO and President of ESS (1988–2010); played a key role in ESS's IPO in 1994; extensive real estate expertise. | |
Maria R. Hawthorne Board | Director | None disclosed | Joined ESS Board in 2020; no additional details provided in the documents. | |
Mary Kasaris Board | Director | None disclosed | Member of the ESS Compensation Committee; no additional details provided in the documents. | |
Michael J. Schall Board | Director | None disclosed | Former CEO and President of ESS (2011–2023); transitioned to part-time consultant role after retirement; remains on the Board. | |
Thomas E. Robinson Board | Director | None disclosed | Joined ESS Board in 2014; no additional details provided in the documents. |
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"Given the challenging developer environment on the West Coast and reports of developers permanently exiting the market , how do you intend to capitalize on the reduced competition, and what strategies are you implementing to mitigate potential negative impacts on your development pipeline?"
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"With the potential impact of new single-family home supply on the rental market , how is Essex addressing the increased competition from single-family housing, and what measures are you taking to maintain occupancy and rental rates amid this competition?"
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"Considering the slowdown in development starts and the resulting decrease in preferred and mezzanine investment opportunities , how do you plan to adjust your investment strategy to sustain growth, and are you exploring alternative avenues for capital deployment?"
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"In light of possible changes to rent control regulations, including the upcoming vote on the repeal of the Costa-Hawkins Rental Housing Act , how are you adjusting your underwriting assumptions for long-term rent growth, and what risk mitigation strategies are you implementing if statewide rent regulations become more restrictive than anticipated?"
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"Given the recent uptick in bad debt in regions like Southern California excluding L.A. County , are you observing early signs of financial stress among residents, and how are you proactively managing credit risk and potential increases in delinquency rates across your portfolio?"
Research analysts who have asked questions during ESSEX PROPERTY TRUST earnings calls.
Adam Kramer
Morgan Stanley
4 questions for ESS
Alexander Goldfarb
Piper Sandler
4 questions for ESS
Haendel St. Juste
Mizuho Financial Group
4 questions for ESS
John Kim
BMO Capital Markets
4 questions for ESS
Austin Wurschmidt
KeyBanc Capital Markets Inc.
3 questions for ESS
Brad Heffern
RBC Capital Markets
3 questions for ESS
Eric Wolfe
Citi
3 questions for ESS
Julien Blouin
The Goldman Sachs Group, Inc.
3 questions for ESS
Nicholas Yulico
Scotiabank
3 questions for ESS
Wesley Golladay
Robert W. Baird & Co.
3 questions for ESS
Alex Kalmus
Zelman & Associates
2 questions for ESS
James Feldman
Wells Fargo
2 questions for ESS
Jamie Feldman
Wells Fargo & Company
2 questions for ESS
Jana Galan
Bank of America
2 questions for ESS
John Pawlowski
Green Street
2 questions for ESS
Michael Goldsmith
UBS
2 questions for ESS
Richard Anderson
Wedbush Securities
2 questions for ESS
Richard Hightower
Barclays
2 questions for ESS
Steve Sakwa
Evercore ISI
2 questions for ESS
Alexander Kim
Zelman & Associates
1 question for ESS
Alex Kim
Zelman & Associates
1 question for ESS
Ami Probandt
UBS
1 question for ESS
Daniel
Citi
1 question for ESS
David Segall
Green Street
1 question for ESS
Jeffrey Spector
BofA Securities
1 question for ESS
Josh Dennerlein
Bank of America
1 question for ESS
Linda Tsai
Jefferies
1 question for ESS
Nick Joseph
Citigroup Inc.
1 question for ESS
Omotayo Okusanya
Deutsche Bank AG
1 question for ESS
Rich Hightower
Barclays
1 question for ESS
Sanketkumar Agrawal
Evercore ISI
1 question for ESS
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
The Plaza | 2025 | Acquired an apartment home community in Foster City, CA with 307 units (built in 2013) at a contract price of $161.4 million, with the acquisition timed subsequent to Q4 2024. |
Century Towers | 2024 | Acquisition of a 50% common equity interest in the Century Towers apartment community in San Jose (376 units) for a gross price of $173.5 million, structured with the issuance of 81,737 OP Units at $305 each, $110.5 million debt repayment, and a $29.4 million gain on remeasurement. |
Patina at Midtown | 2024 | Acquired a 49.9% common equity interest in a San Jose property comprising 269 units for a gross purchase price of $117.0 million, including a simultaneous debt repayment of $95.0 million and a $2.2 million gain on co-investment remeasurement. |
ARLO Mountain View | 2024 | Acquired a 164-unit apartment community in Mountain View for a total contract price of $101.1 million, featuring 10,725 square feet of fully leased retail space and built in 2018. |
Maxwell Sunnyvale (Stabilized Community) | 2024 | Acquired a 75-unit stabilized community in Sunnyvale, CA with a consolidation valuation of $46.6 million, which involved a $14.7 million preferred equity investment, a $3.7 million non-cash impairment, and a debt repayment of $32.1 million. |
BEXAEW LLC’s 49.9% Interest | 2024 | Acquired a 49.9% interest in four apartment communities totaling 1,480 units for a gross valuation of $505.0 million, with concurrent repayment of $219.9 million in debt, a $138.3 million gain on remeasurement, funding via senior unsecured notes at 5.5% and free cash flow, and an expected yield of 5.9%. |
Hacienda at Camarillo Oaks | 2023 | Acquired a 73-unit property in Camarillo, CA for $23.1 million (approximately $316,000 per unit) with an average monthly rent of $2,376, representing a strategic value-add within an existing Essex community. |
Regency Palm Court | 2022 | Acquired full ownership of a 116-unit property in Los Angeles by purchasing the joint venture partner's 49.8% minority interest at a contract price of $32.9 million (approximately $313,000 per unit with an average rent of $1,787). |
Windsor Court | 2022 | Achieved full ownership of a 211-unit Los Angeles property by acquiring the joint venture partner's 49.8% interest for $32.9 million, resulting in a $17.4 million gain on the co-investment remeasurement, with a price per unit of $313,000 and an average rent of $1,787. |
Vela | 2022 | Acquired a 379-unit property in Woodland Hills for a total contract price of $183.0 million (approximately $483,000 per unit and an average rent of $2,729), with a joint venture structure holding a 50% stake and initially financed by a $100.7 million bridge loan at 2.64% interest that was later replaced by permanent secured debt. |
Recent press releases and 8-K filings for ESS.
- Essex Property Trust underscored its 31-year dividend increase record and its unique position as the only dedicated multifamily REIT focused on West Coast markets, highlighting its strong operating margins relative to peers.
- The conference detailed favorable market fundamentals, noting limited new supply and robust tech-driven job growth in Northern California that supports steady rent and income growth.
- Discussions centered on strategic capital allocation, including significant fee simple acquisitions in the Bay Area—amounting to approximately $1 billion—and a move to wind down the preferred equity book to optimize long-term returns.
- Cost management insights were provided, covering potential tariff impacts on operating expenses and recent moderations in commercial insurance premiums, indicating careful monitoring of external risks.
- On May 20, 2025, the company replaced its existing $1.2 billion revolving credit facility with a new facility providing a maximum borrowing capacity of $1.5 billion (expandable to $2.5 billion), maturing in January 2030 with an interest rate of SOFR + 0.775%.
- The Operating Partnership secured a $300 million unsecured term loan credit facility maturing on May 20, 2028, including provisions for a potential additional increase of $300 million and a fixed rate swap for half of this facility at an all-in rate of 4.1%.
- An unsecured commercial paper program was also established with a maximum aggregate issuance of $750 million to support general corporate and working capital needs.
- Net income per diluted share fell to $3.16 from $4.25 YoY, while Core FFO per diluted share grew by 3.7% over Q1 2024.
- Same-property revenue and NOI increased by 3.4% and 3.3% YoY, with sequential growth of 1.6% and 0.9% respectively.
- The company acquired three communities for $345.4M, disposed an asset for $127.0M, and issued $400M of 10-year senior unsecured notes to refinance maturing debt.
- Net Income declined to $3.16 per share in Q1 2025 from $4.25 in Q1 2024, while Core FFO grew 3.7% to $3.97, indicating improved operational performance ( ).
- Same-property revenue and NOI increased by 3.4% and 3.3%, respectively, reflecting favorable market conditions ( ).
- The company acquired three apartment communities in Northern California for a total of $345.4 million and disposed of a Southern California community for $127.0 million ( , ).
- Essex issued $400 million of 10-year senior unsecured notes and increased its dividend by 4.9% to $10.28 per share ( ).