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    Essex Property Trust Inc (ESS)

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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 .

    1. 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 .
    2. Real Estate Investments - Engages in the acquisition, development, and redevelopment of apartment communities to enhance portfolio value and generate long-term asset appreciation .
    NamePositionStart DateShort Bio
    Angela L. KleimanChief Executive Officer and PresidentApril 1, 2023Angela L. Kleiman transitioned to the role of CEO on April 1, 2023, following the retirement of the former CEO, Michael J. Schall. She previously served as COO and Senior EVP from January 2021 to March 2023, and as CFO and EVP from October 2015 to December 2020. Kleiman joined Essex in 2009 .
    Barb M. PakChief Financial Officer and Executive Vice President2021Barb M. Pak joined Essex in 2012 and became an executive officer in 2021. She previously served as Senior VP of Finance from February 2019 to December 2020. Before Essex, she was a Portfolio Manager for Oak Hill REIT Management and began her career at Green Street Advisors in 1999 .
    Anne MorrisonChief Administrative Officer, General Counsel, and Executive Vice PresidentDecember 2023Anne Morrison began serving as General Counsel in February 2020 and was promoted to Chief Administrative Officer in December 2023. She joined Essex's Legal group in 2013 and expanded her role to include enterprise risk management, ESG matters, compliance, insurance placement, and all human resources matters .
    Rylan K. BurnsChief Investment Officer and Executive Vice PresidentJanuary 2024Rylan K. Burns began serving as CIO in January 2024. He joined Essex in 2019 to lead the Investor Relations department and later managed the Co-Investment platform. Before Essex, he was a portfolio manager at Millennium Investments .
    Brennan McGreevyGroup Vice President and Chief Accounting OfficerSeptember 4, 2024Brennan McGreevy was promoted to Group Vice President and Chief Accounting Officer on September 4, 2024. He joined Essex in May 2020, having previously worked as a senior manager in Audit Services at KPMG LLP for over 13 years .
    1. "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?"

    2. "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?"

    3. "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?"

    4. "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?"

    5. "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?"

    Program DetailsProgram 1
    Approval DateSeptember 2022
    End Date/DurationOngoing as of September 30, 2024
    Total Additional Amount$500.0 million
    Remaining Authorization$302.7 million as of September 30, 2024
    DetailsSupersedes previous plans
    YearAmount Due ($ in millions)Debt TypeInterest Rate (%)% of Total Debt
    20240.794Fixed rate ($0.553M), Variable rate ($0.241M) 3.2 (fixed), 4.2 (variable) 0.01% = (0.794 / 6,365.931) * 100
    2025633.054Fixed rate ($632.035M), Variable rate ($1.019M) 3.5 (fixed), 4.2 (variable) 9.9% = (633.054 / 6,365.931) * 100
    2026549.405Fixed rate ($548.291M), Variable rate ($8.999M) 3.5 (fixed), 6.0 (variable) 8.6% = (549.405 / 6,365.931) * 100
    2027803.955Fixed rate ($419.558M), Variable rate ($384.397M) 3.8 (fixed), 4.1 (variable) 12.6% = (803.955 / 6,365.931) * 100
    2028518.332Fixed rate ($517.000M), Variable rate ($1.332M) 2.2 (fixed), 4.2 (variable) 8.1% = (518.332 / 6,365.931) * 100
    Thereafter3,881.937Fixed rate ($3,748.000M), Variable rate ($133.937M) 3.6 (fixed), 4.2 (variable) 61.0% = (3,881.937 / 6,365.931) * 100
    NameStart DateEnd DateReason for Change
    KPMG LLP1994 PresentCurrent auditor