Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust (REIT) primarily focused on the ownership, operation, management, acquisition, development, and redevelopment of apartment communities. The company's core business model centers around generating revenue through rental income from its properties, primarily located along the West Coast of the United States. Essex aims to maintain a strong market position by strategically investing in supply-constrained markets with high job growth and median incomes. The company operates as an umbrella partnership REIT (UPREIT) and is the sole general partner of Essex Portfolio, L.P. The competitive landscape includes other REITs, businesses, and entities involved in the acquisition, development, and operation of apartment communities.

• Employees: 1,750 (as of December 31, 2023)
• Geographic Footprint: Primarily West Coast of the United States
• Headquarters: San Mateo, California
• Founded: 1994
• Number of locations/facilities: 252 operating apartment communities, 3 commercial buildings, and 1 development pipeline project
• Revenue: $1.669 billion (FY2023)
• Market Capitalization: $14.926 billion (as of June 30, 2023, aggregate market value of voting stock held by non-affiliates)
• Key Subsidiaries/Brands: Essex Portfolio, L.P.

• CEO: Angela L. Kleiman
• CFO: Barbara Pak
• Board Chair: George M. Marcus

The management of Essex consists of the same members as the management of the Operating Partnership. The chairperson of the Diversity, Equity, and Inclusion Committee reports directly to the CEO.

• Annual Revenue: $1.669 billion (FY2023)
• Net Income: $405.8 million (FY2023)
• Market Cap: $14.926 billion (as of June 30, 2023, aggregate market value of voting stock held by non-affiliates)
• Total Assets: $12.361 billion (as of December 31, 2023)
• Employees: 1,750 (as of December 31, 2023)
• Key Financial Highlights: Same-Property revenue increased 4.4% in 2023. Average rental rates increased 4.5% in 2023.

The company's primary offerings are apartment homes within communities located along the West Coast of the United States. The company's communities include a mix of garden-style, mid-rise, and high-rise buildings. The company also owns three commercial buildings. The company focuses on providing quality housing and managing properties for financial performance.

• Apartment Homes: The company owns and operates a diverse range of apartment communities with various floor plans and amenities.
• Commercial Buildings: The company owns and operates several commercial buildings in California and Washington.

The company's operations are primarily divided into three geographical segments:

• Southern California: 43% of consolidated operating apartment homes.
• Northern California: 37% of consolidated operating apartment homes.
• Seattle Metro: 20% of consolidated operating apartment homes.

Essex's business strategy is centered on a research-driven approach to investments, focusing on major metropolitan areas with constraints on new housing supply. The company aims to increase its portfolio in markets with strong local economies and attractive property valuations, while decreasing allocations in markets with declining economic conditions or inflated valuations. The company also focuses on property management activities that generate above-average rental growth, tenant retention, and long-term asset appreciation. Key strategic initiatives include development and redevelopment of communities, and the use of technology to improve operational efficiency.

• Research Driven Approach to Investments: The company conducts extensive regional economic research and local market analysis to identify investment opportunities.
• Property Operations: The company manages its communities to generate above-average rental growth, tenant retention, and long-term asset appreciation.
• Development and Redevelopment: The company focuses on acquiring and developing apartment communities in supply-constrained markets.

Essex operates within the real estate investment trust (REIT) industry, specifically focusing on the multifamily sector. Key market trends affecting the business include fluctuations in housing demand, changes in interest rates, and economic conditions. The company faces competition from other REITs, businesses, and entities in the acquisition, development, and operation of apartment communities. The company's market position is influenced by its size, financial resources, and geographic concentration.

• Primary Industry: Real Estate Investment Trust (REIT), Multifamily Sector
• Key Competitors: Other REITs, businesses, and entities in the acquisition, development, and operation of apartment communities.
• Market Trends: Fluctuations in housing demand, changes in interest rates, and economic conditions.

• General Real Estate Investment Risks: Changes in economic conditions, demand for rental housing, supply and cost of housing, and the appeal of communities to tenants.
• Economic Environments: Negative economic effects, such as recessions, can lead to reductions in rental and occupancy rates, property valuations, and increases in costs.
• Rent Control and Legal Compliance: Changes in applicable laws or noncompliance with laws could adversely affect the company's operations and property values.
• Geographic Concentration: The company's communities are concentrated in Northern and Southern California and the Seattle metropolitan area, which exposes it to greater economic risks.
• Competition: The company faces competition from other REITs, businesses, and other entities in the acquisition, development, and operation of apartment communities.