Essex Property Trust, Inc.
Company typePublic company
NYSE: ESS
S&P 500 component
IndustryReal estate investment trust
Founded1971; 53 years ago (1971)
FounderGeorge M. Marcus
HeadquartersSan Mateo, California
Key people
 George M. Marcus, Chairman
Angela L. Kleiman, CEO & President
ProductsApartments
RevenueIncrease $1.495 billion (2020)
Increase $568 million (2020)
Total assetsIncrease $12.936 billion (2020)
Total equityDecrease $6.000 billion (2020)
Number of employees
1,799 (2020)
Websitewww.essexapartmenthomes.com
Footnotes / references
[1]

Essex Property Trust is a publicly traded real estate investment trust that invests in apartments, primarily on the West Coast of the United States.[1]

As of December 31, 2020, the company owned interests in 246 apartment complexes, aggregating 60,272 apartment units, and 1 office building comprising 106,716 square feet.[1]

It is the 10th largest owner of apartments in the United States[2] and the 20th largest apartment property manager in the United States.[3]

History

The company was founded in 1971 by billionaire George M. Marcus, who also founded Marcus & Millichap that same year.[4]

On June 13, 1994, the company became a public company via an initial public offering.[1]

In April 2014, the company acquired BRE Properties for $4.3 billion[5][6] and was added to the S&P 500.[7]

References

  1. ^ a b c d "Essex Property Trust, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
  3. ^ "NMHC 50 Largest Apartment Managers". National Multifamily Housing Council.
  4. ^ Donato-Weinstein, Nathan (November 14, 2014). "George Marcus, Silicon Valley real estate icon, on founding companies — and the Bay Area housing crisis". American City Business Journals.
  5. ^ "Essex Property Trust, Inc. and BRE Properties Complete $16.2 Billion Merger" (Press release). Globe Newswire. April 1, 2014.
  6. ^ Bennett, Johanna (December 19, 2013). "Essex Property, BRE Shares Slip On Merger". Barron's.
  7. ^ "Essex Property Set to Join S&P 500; Cliff Natural Resources, FEI to Join S&P MidCap 400; Fabrinet, Albany Molecular Research to Join S&P SmallCap 600" (Press release). PR Newswire. March 26, 2014.

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