Headquartered in San Mateo, CA, Essex Property Trust, Inc. is a real estate investment trust (REIT) engaged in the acquisition, development, redevelopment and management of multifamily residential properties in supply constrained markets.
Specifically, the company enjoys concentration of assets in select coastal submarkets along the West Coast, including Southern California (Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas. Notably, in April 2014, Essex Property completed the merger with BRE Properties which led to the creation of a premium West Coast pure play multifamily REIT.
As of Mar 31, 2021, Essex Property enjoyed ownership or ownership stakes in 244 operating apartment communities, encompassing roughly 60,175 apartment homes. It had additional five properties in different stages of active development.
Particularly, as of that date, the company’s development pipeline comprised three consolidated projects under development, two unconsolidated joint venture projects under development, and several predevelopment projects totalling 1,316 apartment homes. Total incurred costs amounted to $0.6 billion. The estimated remaining project costs is roughly $136 million, of which $90 million marks the company's share of estimated remaining costs, for total estimated project costs of $0.7 billion.
During first-quarter 2021, the company sold three apartment communities, two in Southern California and one in Northern California, containing 636 apartment homes, for a total contract price of $275.5 million, recognizing a $100.1-million gain on sale.
Note**: All EPS numbers presented in this report represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.