8-K
ESSEX PROPERTY TRUST, INC. (ESS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): September 9, 2021
ESSEX PROPERTY TRUST, INC.
ESSEX PORTFOLIO, L.P.
(Exact Name of Registrant as Specified in its Charter)
001-13106 (Essex Property Trust, Inc.)
333-44467-01 (Essex Portfolio, L.P.)
(Commission File Number)
| Maryland | 77-0369576 |
|---|---|
| (Essex Property Trust, Inc.) | (Essex Property Trust, Inc.) |
| California | 77-0369575 |
| (Essex Portfolio, L.P.) | (Essex Portfolio, L.P.) |
| (State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
1100 Park Place, Suite 200
San Mateo, CA 94403
(Address of principal executive offices) (Zip Code)
(650) 655-7800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $.0001 par value (Essex Property Trust, Inc.) | ESS | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
| Essex Property Trust, Inc. | Emerging growth company | ☐ |
|---|---|---|
| Essex Portfolio, L.P. | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On September 9, 2021, Essex Property Trust, Inc. (the “Company”), issued a press release captioned "Essex Property Trust Provides Preliminary Third Quarter 2021 Operating Update," reaffirming its full-year and third quarter 2021 guidance ranges and providing a preliminary third quarter 2021 operating update. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by this reference.
The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any registration statement or other filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is being furnished herewith:
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release, dated September 9, 2021 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
Date: September 9, 2021
| ESSEX PROPERTY TRUST, INC. | |
|---|---|
| /s/ Barbara Pak | |
| Name: | Barbara Pak |
| Title: | Executive Vice President and Chief Financial Officer |
| ESSEX PORTFOLIO, L.P. | |
| By: Essex Property Trust, Inc. | |
| its General Partner | |
| /s/ Barbara Pak | |
| Name: | Barbara Pak |
| Title: | Executive Vice President and Chief Financial Officer |
Document
Essex Property Trust Provides Preliminary Third Quarter 2021 Operating Update
San Mateo, California – September 9, 2021 – Essex Property Trust, Inc. (NYSE:ESS) announced today that it is reaffirming its full-year and third quarter 2021 guidance ranges and providing a preliminary third quarter 2021 operating update.
Same-property revenue change, operating statistics, and net effective new lease rates by region are reflected in the tables below:
| Same-Property Revenue Change(1) | |||
|---|---|---|---|
| Q1 2021<br>Actuals | Q2 2021<br>Actuals | Jul – Aug 2021 Preliminary | |
| Southern California | -5.8% | 2.0% | 9.5% |
| Northern California | -10.9% | -8.4% | -2.9% |
| Seattle | -7.0% | -2.3% | -0.8% |
| Total Same-Property | -8.1% | -3.0% | 2.6% |
1)Reflects the year-over-year change in same-property revenues.
| Same-Property Operating Statistics and Net Effective New Lease Rates(1) | |||||
|---|---|---|---|---|---|
| Q1 2021 | Q2 2021 | Jul 2021 | Preliminary Aug 2021 | ||
| Cash delinquencies(2) | 2.1% | 2.6% | 2.2% | 0.8% | |
| Financial occupancy | 96.7% | 96.6% | 96.5% | 96.4% | |
| Southern California | |||||
| vs. Dec'20 | 0.7% | 4.8% | 12.7% | 17.1% | |
| vs. Pre-COVID | -2.4% | 1.6% | 9.3% | 13.5% | |
| Northern California | |||||
| vs. Dec'20 | 0.3% | 3.1% | 10.0% | 12.7% | |
| vs. Pre-COVID | -16.2% | -13.8% | -8.1% | -5.8% | |
| Seattle | |||||
| vs. Dec'20 | -0.7% | 8.2% | 22.8% | 26.0% | |
| vs. Pre-COVID | -14.5% | -6.8% | 5.8% | 8.5% | |
| Total Same-Property | |||||
| vs. Dec'20 | 0.3% | 4.8% | 13.4% | 17.0% | |
| vs. Pre-COVID | -10.2% | -6.2% | 1.5% | 4.7% |
1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810
www.essex.com
1)Table reflects the % change of new lease rates on a net effective basis, including the impact of leasing incentives, compared to Dec’20 and Mar’20 (pre-COVID).
2)Represents total same-property portfolio cash delinquencies as a percentage of scheduled rent, reflected in the financial statements of the reporting period. Year-to-date through August 2021, the Company has received $7.1 million in delinquency reimbursements associated with COVID rental assistance programs.
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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 3 properties in various stages of active development. Additional information about the Company can be found on the Company’s website at www.essex.com.
Contact Information
Rylan Burns
Group Vice President of Private Equity & Finance
(650) 655-7800
rburns@essex.com