Essex Property Trust Inc. is a publicly traded real estate investment trust (REIT) that specializes in owning and managing multifamily apartment communities. The company was founded in 1971 and is headquartered in San Mateo, California. It primarily operates in the West Coast region of the United States, including California, Washington, Oregon, and Arizona.
Essex's portfolio includes over 250 apartment communities, comprising more than 60,000 units. The company focuses on owning and operating high-quality, well-located properties in supply-constrained markets with high barriers to entry. The majority of its portfolio consists of Class A properties, which are typically newer, higher-end apartment buildings in desirable locations.
In addition to property ownership, Essex also offers property management services, providing a range of services including leasing, marketing, maintenance, and resident services. The company's vertically integrated business model allows it to have greater control over the properties it owns and manages, which it believes enhances the quality of its properties and the satisfaction of its residents.
Essex has a track record of delivering consistent financial performance, with strong occupancy rates, rental rate growth, and operating margins. The company has a long-term strategy focused on value creation through disciplined acquisition and development of high-quality properties in supply-constrained markets.