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Essex Property Trust Inc(NYSE:ESS) is a publicly traded real estate investment trust(REIT) that primarily invests in apartments and commercial buildings. Here's a summary of the company's profile, earnings, growth, and other relevant information:
Profile:
*Essex Property Trust Inc was founded in 1971 and is headquartered in San Mateo, California.
*It's a self-administered and self-managed REIT that specializes in the acquisition, development, and management of multifamily residential and commercial properties.
*As of 2022, the company's portfolio consists of 255 apartment communities and five commercial buildings located in California, Colorado, Texas, and Washington.
*Essex Property Trust Inc has a market capitalization of around $15.6 billion.
Earnings:
*In 2022, the company's net income attributable to common shareholders was $247.3 million, up from $102.9 million in 2022.
*Funds from operations (FFO) per share, a measurement of a REIT's financial performance, was $11.79 in 2022, compared to $10.58 in 2020.
*The company's revenue for 2022 was $1.18 billion, a 10.2% year-over-year growth from $1.07 billion in 2020.
*As of 2022, the company's quarterly dividend per share was $2.12, representing a 2.6% increase from $2.07 in 2020.
Growth:
*Essex Property Trust Inc focuses on growing its portfolio through strategic acquisitions and developments.
*In 2022, the company acquired four apartment communities in California and Colorado for around $646 million.
*The company also has a development pipeline targeting high-growth markets in the Western United States, with four development projects underway as of 2022. These projects include a 241-unit apartment community in Mountain View, California, and a 256-unit apartment community in Seattle, Washington.
*The company's focus on sustainability initiatives, such as solar installations and energy-efficient upgrades, contributes to long-term growth while supporting environmental responsibility.
In summary, Essex Property Trust Inc is a publicly traded REIT with a large portfolio of multifamily and commercial properties in the Western United States. The company's strategy focuses on growth through acquisitions and developments, with a focus on sustainability. As of 2022, the company reported an increase in net income, FFO per share, and revenue.