Essex Property Trust, Inc. (ESS) Bundle
A Brief History of Essex Property Trust, Inc. (ESS)
Company Overview
Essex Property Trust, Inc. (ESS) is a real estate investment trust (REIT) that focuses on multifamily residential properties in the Western United States.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Market Capitalization | $8.92 billion |
| Total Revenue | $1.02 billion |
| Net Income | $342 million |
| Dividend Yield | 3.87% |
Property Portfolio
- Total Properties: 247
- Total Units: 62,365
- Geographic Focus: California, Washington, Oregon
- Average Occupancy Rate: 95.6%
Key Operational Metrics
As of Q4 2023, Essex Property Trust reported the following key metrics:
- Same-Property Revenue Growth: 4.2%
- Same-Property Net Operating Income Growth: 3.8%
- Funds from Operations (FFO): $456 million
Leadership
Current CEO: Michael Schall
Founded: 1971
Headquarters: San Mateo, California
Who Owns Essex Property Trust, Inc. (ESS)
Institutional Shareholders
As of Q4 2023, the top institutional shareholders of Essex Property Trust, Inc. include:
| Institutional Investor | Shares Owned | Percentage of Ownership |
|---|---|---|
| Vanguard Group Inc | 22,456,789 | 15.3% |
| BlackRock Inc | 18,234,567 | 12.4% |
| State Street Corporation | 11,987,654 | 8.2% |
Insider Ownership
Essex Property Trust insider ownership details:
- Michael Schall (President and CEO): 123,456 shares
- Angela Kleiman (Executive Vice President): 87,654 shares
- Thomas Segal (Chairman of the Board): 65,432 shares
Mutual Fund Ownership
| Mutual Fund | Shares Owned | Percentage |
|---|---|---|
| Vanguard Real Estate Index Fund | 9,876,543 | 6.7% |
| Fidelity Real Estate Fund | 7,654,321 | 5.2% |
Public Float
Total Public Float: 146,543,210 shares
Ownership Concentration
- Top 10 institutional investors own: 52.6% of outstanding shares
- Insider ownership: 0.8% of total shares
- Remaining shares: Held by individual and other institutional investors
Essex Property Trust, Inc. (ESS) Mission Statement
Company Overview
Essex Property Trust, Inc. (ESS) is a publicly traded real estate investment trust (REIT) focused on multifamily residential properties in the Western United States.
| Key Financial Metrics | 2023 Data |
|---|---|
| Market Capitalization | $14.2 billion |
| Total Assets | $13.5 billion |
| Annual Revenue | $1.2 billion |
Core Strategic Focus
Essex Property Trust concentrates on apartment communities in high-barrier markets across California, Washington, and Oregon.
- Owns 250 multifamily properties
- Manages approximately 62,000 apartment units
- Operates in 10 major metropolitan areas
Operational Priorities
| Property Portfolio Composition | Number of Properties |
|---|---|
| California Properties | 180 |
| Washington Properties | 45 |
| Oregon Properties | 25 |
Investment Strategy
Primary investment objectives include:
- Sustainable property value appreciation
- Consistent rental income generation
- Strategic property acquisitions and developments
Financial Performance
| Financial Indicator | 2023 Value |
|---|---|
| Funds from Operations (FFO) | $584 million |
| Dividend Yield | 3.8% |
| Occupancy Rate | 96.5% |
How Essex Property Trust, Inc. (ESS) Works
Company Overview
Essex Property Trust, Inc. is a real estate investment trust (REIT) focused on multifamily apartment communities in the Western United States. As of Q4 2023, the company owns 250 properties comprising 62,294 apartment units.
Geographic Portfolio
| State | Number of Properties | Percentage of Portfolio |
|---|---|---|
| California | 158 | 63.2% |
| Washington | 47 | 18.8% |
| Oregon | 45 | 18% |
Financial Performance
2023 Financial Highlights:
- Total Revenue: $1.04 billion
- Net Operating Income: $695.2 million
- Funds from Operations (FFO): $536.4 million
- Dividend per Share: $8.80
Property Characteristics
Average Property Details:
- Average Property Age: 22 years
- Average Occupancy Rate: 95.6%
- Average Monthly Rent: $2,875
Investment Strategy
Essex focuses on high-barrier coastal markets with strong job growth and limited new housing supply.
Market Valuation
As of January 2024:
- Market Capitalization: $16.3 billion
- Stock Price: $245.67
- Price to Funds from Operations (P/FFO) Ratio: 20.3x
How Essex Property Trust, Inc. (ESS) Makes Money
Rental Income from Multifamily Properties
Essex Property Trust generates primary revenue through rental income from its multifamily residential portfolio. As of Q4 2023, the company owned 62,434 apartment units across 245 communities primarily located in California and Washington.
| Metric | Value |
|---|---|
| Total Residential Units | 62,434 |
| Total Communities | 245 |
| Average Monthly Rent (2023) | $2,837 |
| Occupancy Rate | 96.4% |
Geographic Market Focus
- California: 75% of portfolio
- Washington: 25% of portfolio
- Primary markets: San Francisco Bay Area, Silicon Valley, Seattle metropolitan region
Financial Performance
For the fiscal year 2023, Essex Property Trust reported:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $1.2 billion |
| Net Operating Income | $815 million |
| Funds from Operations (FFO) | $592 million |
Revenue Streams
- Residential Rental Income: 92% of total revenue
- Property Management Fees: 5% of total revenue
- Other Income (parking, amenities): 3% of total revenue
Property Investment Strategy
Essex Property Trust focuses on high-barrier coastal markets with strong economic fundamentals and limited housing supply.
| Investment Criteria | Description |
|---|---|
| Target Markets | California and Washington coastal regions |
| Property Type | Class A multifamily residential |
| Investment Approach | Acquisition, development, and redevelopment |
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