Essex Property Trust Announces Recent Transaction Activity
ACQUISITIONS
Property |
Location |
Region |
Year Built |
Acquisition Date |
Contract Price |
Apartment Homes |
Price per Home(1) |
The Plaza |
|
NorCal |
2013 |
Jan 2025 |
|
307 |
|
One Hundred Grand |
|
NorCal |
2016 |
Feb 2025 |
|
166 |
|
ROEN Menlo Park |
|
NorCal |
2017 |
Feb 2025 |
|
146 |
|
Total |
- |
- |
- |
- |
|
619 |
|
DISPOSITIONS
Property |
Location |
Region |
Year Built |
Disposition Date |
Contract Price |
Apartment Homes |
Price per Home(1) |
Highridge |
|
SoCal |
1972 |
Feb 2025 |
|
255 |
|
Essex Skyline |
|
SoCal |
2008 |
Apr 2025(2) |
|
350 |
|
Total |
- |
- |
- |
- |
|
605 |
|
1) |
Price per apartment home excludes value allocated to retail space. |
|
2) |
Closed April 2, 2025 |
“We are pleased to announce a productive first quarter of acquisitions and dispositions that are advancing our mission to drive FFO and NAV per share growth. The newly acquired properties will seamlessly integrate into our existing property collections operating model, further optimizing our operating platform and generating additional yield for our investors,” said Angela Kleiman, President & CEO.
About Essex Property Trust, Inc.
Essex Property Trust, Inc., 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 257 apartment communities comprising over 62,000 apartment homes with an additional property in active development. Additional information about the Company can be found on the Company’s website at www.essex.com.
Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements which are not historical facts, including statements regarding our expectations, estimates, assumptions, hopes, intentions, beliefs and strategies regarding the future. Words such as “expects,” “assumes,” “anticipates,” “may,” “will,” “intends,” “plans,” “projects,” “believes,” “seeks,” “future,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, among other things, statements related to the Company’s expected year-one yield, recognition of promote income and annual accretion to Core FFO. We cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect our current expectations of the approximate outcomes of the matters discussed. Factors that might cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, those associated with market risks and uncertainties, as well as the risks referenced in our most recent annual report on Form 10-K and any subsequent current reports on Form 8-K filed (and not furnished) by us with the SEC, as well as those risk factors and special considerations set forth in our other filings with the SEC which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements are made as of the date hereof, we assume no obligation to update or supplement this information for any reason, and therefore, they may not represent our estimates and assumptions after the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250403433817/en/
Loren Rainey
Director, Investor Relations
(650) 655-7800
lrainey@essex.com
Source: Essex Property Trust, Inc.
