Latest news with #AngelaKleiman
Business Wire
3 days ago
- Business
- Business Wire
Essex Property Trust Named a Best Company to Work For by U.S. News & World Report
SAN MATEO, Calif.--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) announced today that it was named a 2025-2026 Best Company to Work For by U.S. News & World Report. Additionally, the Company was named a Best Company to Work For in Real Estate and Facilities Management and a Best Company to Work For in the West. The Company's recognition can be found here. 'We are proud to be named a Best Company to Work For by U.S. News & World Report in three categories. This achievement recognizes our continuous effort to create a dynamic, rewarding workplace and a culture that promotes growth opportunities for our talented associates at Essex,' said Angela Kleiman, Essex's President and CEO. The rigorous selection methodology employed by U.S. News & World Report is detailed here. 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
Yahoo
3 days ago
- Business
- Yahoo
Essex Property Trust Named a Best Company to Work For by U.S. News & World Report
SAN MATEO, Calif., May 29, 2025--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) announced today that it was named a 2025-2026 Best Company to Work For by U.S. News & World Report. Additionally, the Company was named a Best Company to Work For in Real Estate and Facilities Management and a Best Company to Work For in the West. The Company's recognition can be found here. "We are proud to be named a Best Company to Work For by U.S. News & World Report in three categories. This achievement recognizes our continuous effort to create a dynamic, rewarding workplace and a culture that promotes growth opportunities for our talented associates at Essex," said Angela Kleiman, Essex's President and CEO. The rigorous selection methodology employed by U.S. News & World Report is detailed here. 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 View source version on Contacts Loren RaineyDirector, Investor Relations(650) 655-7800lrainey@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Business
- Yahoo
Essex sees new lease rents turn positive
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Essex Property Trust's core West Coast markets saw new lease rents turn positive in the first quarter, with Northern California rising 1.5%, Seattle increasing 1.3% and even Southern California ticking up 20 basis points. Overall, the Palo Alto, California-based REIT achieved 2.8% blended net effective rent growth in Q1, which was slightly ahead of its expectations. Despite this solid performance, Essex was not ready to increase guidance for the full year, with uncertainty around U.S. trade policy leading to economic turbulence. 'As we navigate this complex environment, we will be nimble with our operating and investment strategy, [and] remain focused on our objective to maximize revenues and to generate long-term accretion,' CEO Angela Kleiman said on the call last week. Essex's decision to maintain its GAAP same-store revenue, expense and net operating income growth guidance of 3.0%, 3.75% and 2.7%, respectively, was expected by Anthony Paolone, executive director at JPMorgan. 'Similar to its apartment REIT peers that have reported thus far, we find no surprise in Essex maintaining its guidance despite the outperformance in the quarter,' Paolone said in a research note shared with Multifamily Dive. Despite not raising guidance, Essex likes the supply-demand fundamentals in its major West Coast metros. 'Total new housing supply delivery as a percentage of stock in 2025 is exceptionally low at only 50 basis points in the Essex markets and is expected to moderate throughout the year and to decrease further in 2026,' Kleiman said. The CEO pointed to two factors driving Essex's Q1 performance. First, after being elevated in the years following COVID-19, delinquency is falling. In Los Angeles, a trouble spot for apartment operators, delinquency improved to 1.3% of scheduled rent compared to 3.9% in Q1 2024. 'Second, we executed our operating strategy, which contributed to a notably low turnover rate of 35%, while achieving positive new lease rate growth and stable occupancy levels,' Kleiman said. As turnover and delinquency improve, the job situation seems to be getting better in Essex's tech markets. 'When we look at the third-party reports, what we're seeing is that the open jobs of the top 20 tech companies — that's the most meaningful indicator of the health of that sector — has remained steady and [is] incrementally increasing each month,' Kleiman said. 'So it troughed in around November, [and] December, but that's typically a seasonally low period. But since then, every month it has increased. And that gives us an indication of the hiring to come.' Parts of Northern California — specifically Santa Clara and San Mateo counties — and Seattle led Essex's portfolio in Q1. Even struggling markets in those areas are starting to turn around. Despite Oakland being a drag on Essex's portfolio with negative 1.2% in new lease rate growth in the first quarter, the city has begun to 'demonstrate incremental improvement as supply abates and concessions moderate,' Kleiman said. '[In] Oakland, what we're showing is that 75% of the supply is delivering in the first half,' Kleiman said. 'So by mid-year, we expect Oakland to start to revert back to a more normalized market dynamic. I don't think it's going to happen overnight, but it's finally going to turn.' Southern California still lags Northern California and Seattle, though it is improving. For Los Angeles, delinquency needs to return to near historical average, according to Kleiman. 'Right now, we're making great progress, but we're not there yet,' she said. 'Delinquency at 1.3% is still well above the historical average in LA.' Once delinquency falls, Essex can start building occupancy and eventually pricing power. But there are headwinds with the film industry still struggling, according to Kleiman. Category Q1 YOY Change Revenue $395.6 million 3.4% Net operating income $284.9 million 3.3% Operating expenses $124.3 million 3.8% Funds from operations $3.97 -13.7% Average rent $2,667 2.1% Occupancy rate 96.3% 0 bps SOURCE: Essex 'As far as the market is concerned, [the] labor market remains soft,' Kleiman said. 'And I think that is [due to] a lot of things happening there, I don't think that's too dissimilar from a national level in terms of just a generally soft employment economy.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-05-2025
- Business
- Yahoo
Three Steps Properties buys troubled Oakland apartments for $78M
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. An affiliate of Union Labor Life Insurance Co. sold the 206-unit Zo apartment tower in Oakland, California, to Three Steps Properties for $78 million last month, according to Union Labor Life Insurance Co. took control of the 24-story tower in August 2024 when the unpaid debt on the property was $89.3 million, according to citing Alameda County property documents. Gerding Edlen developed the tower, but lost ownership through a deed-in-lieu of foreclosure proceeding, according to When the Portland, Oregon-based developer completed the property in 2019, it had been the first tower to break ground in downtown Oakland since 2008. Oakland-based Three Steps Properties recently acquired another property near Zo. It paid $99 million for a 254-unit, 34-story apartment tower two blocks from Zo, according to Zo isn't the first building to face issues in the Oakland market. In January 2024, UDR assumed the ownership interest of a 173-unit lease-up property in the city built by developer Mill Creek Residential after the Atlanta-based developer told the REIT it would not fund its share of a capital call, according to the Highlands Ranch, Colorado-based REIT's fourth-quarter 2023 earnings release. 'We did take the keys back on that asset as the developer didn't want to continue to support the cash flow shortfalls,' UDR President and Chief Financial Officer Joe Fisher said on the REIT's Q4 earnings call in February 2024. The situation in Oakland and the rest of the Bay Area has been challenging for apartment owners over the past five years. Renters moved away during the COVID-19 pandemic, and some haven't returned. For the 12 months ending January 2023, Oakland experienced a 270-basis-point year-over-year occupancy decline — the third-worst in the state. In addition, supply has been increasing in the market. In 2024, Oakland added 2,751 new apartment units, which grew inventory by 0.9%, according to data from RealPage Market Analytics. Overall, the city's total apartment inventory has grown by 12.6% in the last decade. However, the outlook may finally be improving, according to one REIT. Despite Oakland being a drag on Essex Property Trust's portfolio with 1.2% in new rate growth in the first quarter, the city has begun to 'demonstrate incremental improvement as supply abates and concessions moderate,' CEO Angela Kleiman said on the Palo Alto, California-based firm's first-quarter 2025 earnings call last week. '[In] Oakland, what we're showing is that 75% of the supply is delivering in the first half,' Kleiman said. 'So by midyear, we expect Oakland to start to revert back to a more normalized market dynamic. I don't think it's going to happen overnight, but it's finally going to turn. And we waited for a long time for this, so we're pretty darn happy about it.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Recommended Reading Problem loans: Tracking the biggest multifamily delinquencies Sign in to access your portfolio
Los Angeles Times
11-04-2025
- Business
- Los Angeles Times
Santa Ana Condo Towers Sells for $240M
Essex Property Trust Inc. sold Essex Skyline, which is comprised of two condo towers at 15 MacArthur Place in Santa Ana, for $239.6 million, or $685,000 per unit. The buyer was Crescent Heights, a Miami-based commercial real estate owner and developer. It was the second major sale in Southern California for San Mateo-based Essex, a real estate investment trust. The company also sold the Highridge apartment complex in Rancho Palos Verdes for $127 million in February to Bascom Group. The 25-story towers in Santa Ana were constructed in 2008 as condominiums and were converted into apartments two years later by Essex when it acquired a majority stake in the 350-unit development. It assumed full control in 2012. It simultaneously announced the acquisition of three apartment properties in Northern California for an aggregate value of $345 million. 'We are pleased to announce a productive first quarter of acquisitions and disposition,' said Angela Kleiman, chief executive of Essex Property Trust, in a statement. 'The newly acquired properties will seamlessly integrate into our existing property collections operating model.' Information for this article was sourced from Essex Property Trust.
