Essex Property Trust Inc. is a self-administered and self-managed real estate investment trust (“REIT”).
The company focuses on acquiring, developing, and managing apartment complexes in the West Coast, particularly in the Seattle metropolitan area, the San Francisco Bay Area, and Southern California.
It focuses on markets in major metropolitan areas that have regional population in excess of one million.
Essex Property Trust, which is based in Palo Alto, California, is publicly listed on the New York Stock Exchange (NYSE) under the stock ticker symbol ‘ESS’.
As of December 31, 2013, Essex Propert Trust owned approximately 164 communities, aggregating 34,079 units, in addition to four commercial buildings (totaling approximately 315,900 square feet), and eleven active development projects with 2,501 units in development.
The history of the company traces back to 1971, when the Essex Property Corporation was formed by George M. Marcus. The company went public on the NYSE in 1994 – at the time it has a portfolio of 16 multifamily communities.
Essex Property Trust Inc. – Live Stock Market Data
Essex Property Trust Inc. – Overview
- President and CEO: Michael J. Schall
- Chairman: George M. Marcus
- Type: Public
- Industry: REIT
- Publicly listed on the New York Stock Exchange (NYSE)
- NYSE stock ticker symbol: ESS
- S&P 500 Component
- Revenue: $613.703 million USD (2013)
- Net income: $172.055 million USD (2013)
- Diluted earnings per share: $4.04 USD (2013)
- Founded: 1971
- Founder(s): George M. Marcus
- Employees: 1,173 (2013)
- Corporate headquarters: 925 East Meadow Drive, Palo Alto, California, USA
- Corporate contact number: (650) 494-3700
- Investor relations email: [email protected]
- Website: http://www.essexpropertytrust.com/
Essex Property Trust Inc. – Financial Results
| Operating data (in $ thousands) | 2013 | 2012 |
| Revenue | $613,703 | $538,185 |
| Expenses | $424,998 | $371,160 |
| Earnings from operations | $188,705 | $167,025 |
| Income before discontinued operations | $140,882 | $127,653 |
| Income from discontinued operations | $31,173 | $11,937 |
| Net income | $172,055 | $139,590 |
| Balance sheet data (in $ thousands) | ||
| Total assets | $5,186,839 | $4,847,223 |
| Total liabilities | $3,184,252 | $2,962,758 |
| Total stockholders’ equity | $1,884,619 | $1,764,804 |
| Cash flow data (in $ thousands) | ||
| Net cash provided by operating activities | $304,982 | $267,499 |
| Net cash used in investing activities | $(453,696) | $(812,138) |
| Net cash provided by financing activities | $148,599 | $550,356 |
| Cash and cash equivalents at end of period | $18,491 | $18,606 |
| Common share data (in $) | ||
| Basic earnings (loss) per common share | $4.05 | $3.42 |
| Diluted earnings (loss) per common share | $4.04 | $3.41 |
Source: “Essex Property Trust, Inc. 2013 Annual Report”