Essex Property Trust

Essex Property Trust, Inc.
Public company
Traded as NYSE: ESS
S&P 500 Component
Industry Apartments
Founded 1971 (1971)
Founder George M. Marcus
Headquarters San Mateo, California
Key people
 George M. Marcus, Chairman
Michael J. Schall, President and CEO[1]
Revenue Increase US$1.285 billion (2016)[1]
Increase US$0.438 billion (2016)[1]
Total assets Increase US$12.217 billion (2016)[1]
Total equity Decrease US$6.192 billion (2016)[1]
Number of employees
 1,799 (2016)[1]
Website www.essexapartmenthomes.com

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

As of December 31, 2016, the company owned an interest in 245 apartment complexes, aggregating 59,645 apartment units, and 2 office buildings comprising 140,564 square feet.[1]

History

The company was founded in 1971 by billionaire George M. Marcus, who also founded Marcus & Millichap that same year.[2]

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

In 2010, the company acquired a 231-unit apartment complex in San Jose, California for $54 million.[3]

In 2013, the company sold a 400-unit apartment complex in Foster City, California for $138 million.[4]

In 2014, the company acquired BRE Properties for $4.3 billion.[5][6]

In 2014, the company was added to the S&P 500 Index.[7]

In 2015, the company sold its Sharon Green Apartments in Menlo Park, California for $245 million, or $828,000 per apartment unit, a record sales price for the area.[8] The company also acquired Enso Apartments in San Jose, California for $92.8 million, of $507,000 per apartment unit.[9]

In 2016, the company acquired a 103-unit apartment complex in Japantown, San Jose, California for $51.25 million, or $498,000 per apartment unit.[10]

In 2016, the company sold its former headquarters in Palo Alto, California to Google for $18 million.[11]

In 2016, the company acquired 2 properties in the San Fernando Valley for $185 million.[12]

References

  1. 1 2 3 4 5 6 7 8 9 Essex Property Trust, Inc. 2016 Form 10-K Annual Report
  2. ↑ 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.
  3. ↑ Torres, Blanca (October 20, 2010). "Essex Property Trust buys San Jose apartments for $54M". American City Business Journals.
  4. ↑ Torres, Blanca (August 12, 2013). "Essex Property Trust sells Foster City complex for $138 million". American City Business Journals.
  5. ↑ "Essex Property Trust, Inc. and BRE Properties Complete $16.2 Billion Merger" (Press release). Market Wired. 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). PRNewswire. March 26, 2014.
  8. ↑ Donato-Weinstein, Nathan (December 11, 2015). "Menlo Park apartments sell for $828,000 per unit". American City Business Journals.
  9. ↑ Donato-Weinstein, Nathan (December 22, 2015). "Essex buys north San Jose's Enso apartments for $507,000 per unit". American City Business Journals.
  10. ↑ Donato-Weinstein, Nathan (January 8, 2016). "Essex buys Japantown apartments for $498,000 per unit". American City Business Journals.
  11. ↑ Donato-Weinstein, Nathan (January 19, 2016). "Google buys former Essex Property Trust HQ in Palo Alto". American City Business Journals.
  12. ↑ Chen, Cathaleen (December 19, 2016). "Essex Property Trust buys $185M apartment portfolio in the Valley". The Real Deal (magazine).
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.