Essex Property Trust
| Company type | Public company |
|---|---|
| NYSE: ESS S&P 500 Component | |
| Industry | Apartments |
| Founded | 1971 |
| Founder | George M. Marcus |
| Headquarters | San Mateo, California |
Key people | George M. Marcus, Chairman Michael J. Schall, President and CEO[1] |
| Revenue |  US$1.285 billion (2016)[1] |
| US$0.438 billion (2016)[1] | |
| Total assets | US$12.217 billion (2016)[1] |
| Total equity |  US$6.192 billion (2016)[1] |
Number of employees | 1,799 (2016)[1] |
| Website | www |
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
- ^ a b c d e f g h i Essex Property Trust, Inc. 2016 Form 10-K Annual Report
- ^ 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.
- ^ Torres, Blanca (October 20, 2010). "Essex Property Trust buys San Jose apartments for $54M". American City Business Journals.
- ^ Torres, Blanca (August 12, 2013). "Essex Property Trust sells Foster City complex for $138 million". American City Business Journals.
- ^ "Essex Property Trust, Inc. and BRE Properties Complete $16.2 Billion Merger" (Press release). Market Wired. April 1, 2014.
- ^ Bennett, Johanna (December 19, 2013). "Essex Property, BRE Shares Slip On Merger". Barron's.
- ^ "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.
- ^ Donato-Weinstein, Nathan (December 11, 2015). "Menlo Park apartments sell for $828,000 per unit". American City Business Journals.
- ^ Donato-Weinstein, Nathan (December 22, 2015). "Essex buys north San Jose's Enso apartments for $507,000 per unit". American City Business Journals.
- ^ Donato-Weinstein, Nathan (January 8, 2016). "Essex buys Japantown apartments for $498,000 per unit". American City Business Journals.
- ^ Donato-Weinstein, Nathan (January 19, 2016). "Google buys former Essex Property Trust HQ in Palo Alto". American City Business Journals.
- ^ Chen, Cathaleen (December 19, 2016). "Essex Property Trust buys $185M apartment portfolio in the Valley". The Real Deal (magazine).
External links
- Business data for Essex Property Trust, Inc.: