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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 .
    NamePositionExternal RolesShort 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.

    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

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    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 8-K Update on Credit Facilities
    ESS
    Debt Issuance
    • 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.
    May 20, 2025, 12:00 AM
    Essex Property Trust Q1 2025 Earnings Update
    ESS
    Earnings
    Debt Issuance
    M&A
    • 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.
    Apr 30, 2025, 4:00 PM
    Essex Property Trust Q1 2025 Earnings Release
    ESS
    Earnings
    Debt Issuance
    Dividends
    • 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 ( ).
    Apr 29, 2025, 12:00 AM