Essex Property Trust, Inc. ('Essex'), an S&P 500 company, is a fully integrated real estate investment trust ('REIT') that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
Company profile
Ticker
ESS
Exchange
Website
CEO
Michael Schall
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
ESSEX PORTFOLIO LP, ESSEX PROPERTY TRUST INC
SEC CIK
Corporate docs
IRS number
770369576
ESS stock data
Calendar
27 Apr 22
2 Jul 22
31 Dec 22
Financial summary
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| Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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| Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
|---|---|---|---|---|---|---|
| Cash on hand (at last report) | 108.55M | 108.55M | 108.55M | 108.55M | 108.55M | 108.55M |
| Cash burn (monthly) | (no burn) | 400.58K | (no burn) | (no burn) | (no burn) | (no burn) |
| Cash used (since last report) | n/a | 1.23M | n/a | n/a | n/a | n/a |
| Cash remaining | n/a | 107.32M | n/a | n/a | n/a | n/a |
| Runway (months of cash) | n/a | 267.9 | n/a | n/a | n/a | n/a |
Recent insider trades
| Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 May 22 | Johnson Amal M | Stock Option (Right to Purchase) Common Stock | Grant | Acquire A | No | No | 286.48 | 6,130 | 1.76M | 6,130 |
| 10 May 22 | Robinson Thomas E | Stock Option (Right to Purchase) Common Stock | Grant | Acquire A | No | No | 286.48 | 6,130 | 1.76M | 6,130 |
| 10 May 22 | Guericke Keith R | Stock Option (Right to Purchase) Common Stock | Grant | Acquire A | No | No | 286.48 | 6,130 | 1.76M | 6,130 |
| 10 May 22 | Scordelis Byron A | Stock Option (Right to Purchase) Common Stock | Grant | Acquire A | No | No | 286.48 | 6,130 | 1.76M | 6,130 |
| 10 May 22 | Hawthorne Maria R | Stock Option (Right to Purchase) Common Stock | Grant | Acquire A | No | No | 286.48 | 6,130 | 1.76M | 6,130 |
Institutional ownership, Q1 2022
93.1% owned by funds/institutions
| 13F holders | Current |
|---|---|
| Total holders | 545 |
| Opened positions | 60 |
| Closed positions | 64 |
| Increased positions | 207 |
| Reduced positions | 192 |
| 13F shares | Current |
|---|---|
| Total value | 20.91B |
| Total shares | 60.8M |
| Total puts | 14.2K |
| Total calls | 119.7K |
| Total put/call ratio | 0.1 |
| Largest owners | Shares | Value |
|---|---|---|
| Vanguard | 10.61M | $3.67B |
| BLK Blackrock | 6.45M | $2.23B |
| STT State Street | 5.22M | $1.81B |
| CNS Cohen & Steers | 5.05M | $1.74B |
| PFG Principal Financial Group Inc - Registered Shares | 2.91M | $1.01B |
| Resolution Capital | 1.65M | $570.41M |
| Geode Capital Management | 1.45M | $499.28M |
| FMR | 1.31M | $452.64M |
| TROW T. Rowe Price | 1.12M | $386.29M |
| NTRS Northern Trust | 1.1M | $381.45M |
Financial report summary
?Management Discussion
- Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
- Essex is a self-administered and self-managed REIT that acquires, develops, redevelops, and manages apartment communities in selected residential areas located on the West Coast of the United States. Essex owns all of its interests in its real estate investments, directly or indirectly, through the Operating Partnership. Essex is the sole general partner of the Operating Partnership and, as of December 31, 2021, had an approximately 96.6% general partner interest in the Operating Partnership.
- The Company’s investment strategy has two components: constant monitoring of existing markets, and evaluation of new markets to identify areas with the characteristics that underlie rental growth. The Company’s strong financial condition supports its investment strategy by enhancing its ability to quickly shift acquisition, development, redevelopment, and disposition activities to markets that will optimize the performance of the Company's portfolio.
Content analysis
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H.S. freshman Avg
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New words:
bond, centralization, component, elevated, EPS, Expo, lender, macroeconomic, permanent, pertaining, receipt, Rexford, Russia, settle, settled, Silver, slightly, Subtopic, sustainability, Target, typical, Ukraine, Vela, Vista, Woodland
Removed:
annum, assembling, August, Bank, beginning, capacity, cleaning, continuing, coupon, CPPIB, dated, delaying, depending, designated, discretion, dramatic, efficiently, employment, equally, establishing, experiencing, extraordinary, fully, guaranteed, Hidden, increasing, instituting, insurance, intention, interbank, Irvine, jurisdictional, key, Mateo, offered, offering, opening, optional, outbreak, prohibit, protect, purpose, rank, Ray, receiving, Reform, repaid, repay, repayment, repurchased, requiring, reservation, resident, respond, response, retired, retirement, Scope, Simi, structuring, support, supporting, telephonic, terminated, thousand, Topic, transitioning, treat, unable, unconditionally, unprecedented, unpredictable, upcoming, Valley, Velo, waiving, wide
Financial reports
Current reports
8-K
Essex Property Trust Publishes Updated Investor Presentation and Increases Guidance
3 Jun 22
8-K
Submission of Matters to a Vote of Security Holders
12 May 22
8-K
Essex Announces First Quarter 2022 Results and Increases Full-Year 2022 Guidance
26 Apr 22
8-K
Regulation FD Disclosure
4 Mar 22
8-K
Essex Announces Fourth Quarter and Full-Year 2021 Results and 2022 Guidance
2 Feb 22
8-K
Essex Announces Third Quarter 2021 Results and Increases Full-Year 2021 Guidance
26 Oct 21
8-K
Other Events
24 Sep 21
8-K
Essex Property Trust Provides Preliminary Third Quarter 2021 Operating Update
9 Sep 21
8-K
Essex Announces Second Quarter 2021 Results and Increases Full-Year 2021 Guidance
29 Jul 21
8-K
Essex Property Trust Publishes Updated Investor Presentation and Increases Guidance
4 Jun 21
Registration and prospectus
424B5
Prospectus supplement for primary offering
24 Sep 21
S-3ASR
Automatic shelf registration
24 Sep 21
424B2
Prospectus for primary offering
18 May 21
FWP
Free writing prospectus
17 May 21
424B5
Prospectus supplement for primary offering
17 May 21
424B2
Prospectus for primary offering
23 Feb 21
FWP
Free writing prospectus
22 Feb 21
424B5
Prospectus supplement for primary offering
22 Feb 21
424B2
Prospectus for primary offering
11 Aug 20
FWP
Free writing prospectus
10 Aug 20
Proxies
DEFA14A
Additional proxy soliciting materials
24 Mar 22
DEFA14A
Additional proxy soliciting materials
26 Mar 21
DEFA14A
Additional proxy soliciting materials
16 Apr 20
DEFA14A
Additional proxy soliciting materials
16 Apr 20
DEFA14A
Additional proxy soliciting materials
1 Apr 20
DEFA14A
Additional proxy soliciting materials
26 Mar 19
DEF 14A
Definitive proxy
26 Mar 19
Other
UPLOAD
Letter from SEC
9 Apr 17
CORRESP
Correspondence with SEC
5 Apr 17
UPLOAD
Letter from SEC
29 Mar 17
UPLOAD
Letter from SEC
13 May 15
CORRESP
Correspondence with SEC
12 May 15
CORRESP
Correspondence with SEC
7 May 15
UPLOAD
Letter from SEC
27 Apr 15
UPLOAD
Letter from SEC
30 Sep 14
CORRESP
Correspondence with SEC
15 Sep 14
UPLOAD
Letter from SEC
7 Sep 14
Ownership
4
ESSEX PROPERTY TRUST / Mary Kasaris ownership change
11 May 22
4
ESSEX PROPERTY TRUST / IRVING F LYONS III ownership change
11 May 22
4
ESSEX PROPERTY TRUST / GEORGE M MARCUS ownership change
11 May 22
4
ESSEX PROPERTY TRUST / MARIA R HAWTHORNE ownership change
11 May 22
4
ESSEX PROPERTY TRUST / BYRON A SCORDELIS ownership change
11 May 22
4
ESSEX PROPERTY TRUST / KEITH R GUERICKE ownership change
11 May 22
4
ESSEX PROPERTY TRUST / THOMAS E ROBINSON ownership change
11 May 22
4
ESSEX PROPERTY TRUST / Amal M Johnson ownership change
11 May 22
4
ESSEX PROPERTY TRUST / Angela L. Kleiman ownership change
30 Mar 22
4
ESSEX PROPERTY TRUST / MICHAEL J SCHALL ownership change
30 Mar 22
Transcripts
2020 Q2
Earnings call transcript
4 Aug 20
2020 Q1
Earnings call transcript
8 May 20
2019 Q4
Earnings call transcript
30 Jan 20
2019 Q3
Earnings call transcript
26 Oct 19
2019 Q2
Earnings call transcript
25 Jul 19
2019 Q1
Earnings call transcript
25 Apr 19
2018 Q4
Earnings call transcript
31 Jan 19
2018 Q3
Earnings call transcript
29 Oct 18
2018 Q2
Earnings call transcript
3 Aug 18
2018 Q1
Earnings call transcript
6 May 18