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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 .
| 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?"
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 ( ).