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Essex Announces Fourth Quarter and Full-Year 2021 Results and 2022 Guidance

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SAN MATEO, Calif., February 02, 2022--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) announced today its fourth quarter and full-year 2021 earnings results and related business activities.

Net Income and Funds from Operations ("FFO") per diluted share for the quarter ended and year ended December 31, 2021 are detailed below.

Three Months Ended

December 31,

Year Ended

December 31,

%

%

2021

2020

Change

2021

2020

Change

Per Diluted Share

Net Income

$2.10

$1.47

42.9%

$7.51

$8.69

-13.6%

Total FFO

$4.30

$3.24

32.7%

$13.98

$12.78

9.4%

Core FFO

$3.25

$3.02

7.6%

$12.49

$12.82

-2.6%

Fourth Quarter and Full-Year Highlights:

  • Reported Net Income per diluted share for the fourth quarter of 2021 of $2.10, compared to $1.47 in the fourth quarter of 2020. For the full-year, the Company reported Net Income per diluted share of $7.51.

  • Reported Total FFO per diluted share of $4.30, a 32.7% increase over the fourth quarter of 2020. The increase is primarily attributed to an unrealized gain related to the Company’s investment in technology co-investments and a one-time legal settlement.

  • Core FFO per diluted share improved by 7.6% compared to the fourth quarter of 2020. For the full-year, Core FFO per diluted share declined by 2.6%, exceeding the high-end of the Company’s original guidance range.

  • Achieved same-property gross revenue and net operating income ("NOI") growth of 4.0% and 4.7%, respectively, compared to the fourth quarter of 2020. For the full-year, same-property gross revenue and NOI declined by 1.2% and 2.7%, respectively, both exceeding the high-end of the Company’s original guidance range.

  • On a sequential basis, same-property revenues and NOI improved by 1.6% and 3.5%, respectively, representing a second consecutive quarter of positive improvement.

  • Acquired or increased ownership interest in four apartment communities during the fourth quarter of 2021 for a total contract price of $347.5 million. For the full-year, the Company acquired or increased its ownership interest in six apartment communities for a total contract price of $432.3 million, exceeding the midpoint of the Company’s full-year guidance range.

  • For the full-year, the Company sold four apartment communities for a total contract price of $330.0 million.

  • Committed $60.0 million in two structured finance investments in the fourth quarter of 2021. For the full-year, the Company committed $117.2 million in five structured finance investments at a weighted average return of 11.2%.

"We are pleased to report Core FFO that exceeded our expectations for the fourth quarter and all of 2021, despite persistent headwinds from pandemic-related regulatory challenges. Our results reflect a remarkable year of rent growth for Southern California and solid positive momentum in Northern California and Seattle. We attribute our progress to improving economic conditions, including better job growth compared to the U.S., record job openings for the largest tech employers in the Essex markets, and record venture capital investment," commented Michael J. Schall, President and CEO of the Company.

Same-Property Operations

Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property gross revenues for the quarter ended December 31, 2021 compared to the quarter ended December 31, 2020, and the sequential percentage change for the quarter ended December 31, 2021 compared to the quarter ended September 30, 2021, by submarket for the Company:

Q4 2021 vs. Q4 2020

Q4 2021 vs. Q3 2021

% of Total

Revenue

Change

Revenue

Change

Q4 2021
Revenues

Southern California

Los Angeles County

9.0%

3.4%

18.7%

Orange County

9.6%

2.1%

11.9%

San Diego County

5.6%

-3.0%

8.9%

Ventura County

7.8%

1.0%

4.3%

Total Southern California

8.3%

1.5%

43.8%

Northern California

Santa Clara County

-0.4%

2.6%

17.6%

Alameda County

1.6%

2.7%

6.5%

San Mateo County

-4.9%

1.3%

4.8%

Contra Costa County

2.8%

-1.8%

5.8%

San Francisco

-1.2%

-1.7%

2.8%

Total Northern California

-0.2%

1.4%

37.5%

Seattle Metro

3.4%

2.3%

18.7%

Same-Property Portfolio

4.0%

1.6%

100.0%

The table below illustrates the components that drove the change in Same-Property Revenues on a year-over-year basis for the fourth quarter and full-year 2021.

Q4 2021 vs. Q4 2020

YTD 2021 vs. YTD 2020

Same-Property Revenue Components

$ Amount
(in Millions)

% Contribution

$ Amount

(in Millions)

% Contribution

Prior-Period Same-Property Revenues

$

317.5

$

1,304.4

Scheduled Rents

6.7

2.1

%

-20.0

-1.5

%

Delinquencies

2.5

0.8

%

1.2

0.1

%

Cash Concessions

5.2

1.6

%

-5.3

-0.4

%

Vacancy

-1.6

-0.5

%

6.1

0.5

%

Other Income

0.0

0.0

%

1.8

0.1

%

2021 Same-Property Revenues/Change

$

330.3

4.0

%

$

1,288.2

-1.2

%

Year-Over-Year Change

Year-Over-Year Change

Q4 2021 compared to Q4 2020

YTD 2021 compared to YTD 2020

Revenues

Operating

Expenses

NOI

Revenues

Operating

Expenses

NOI

Southern California

8.3%

3.4%

10.6%

3.2%

1.9%

3.7%

Northern California

-0.2%

1.2%

-0.9%

-5.6%

2.7%

-8.9%

Seattle Metro

3.4%

3.0%

3.7%

-1.7%

2.4%

-3.5%

Same-Property Portfolio

4.0%

2.5%

4.7%

-1.2%

2.3%

-2.7%

Sequential Change

Q4 2021 compared to Q3 2021

Revenues

Operating

Expenses

NOI

Southern California

1.5%

-2.7%

3.3%

Northern California

1.4%

-2.0%

3.0%

Seattle Metro

2.3%

-3.3%

5.1%

Same-Property Portfolio

1.6%

-2.6%

3.5%

Financial Occupancies

Quarter Ended

12/31/2021

9/30/2021

12/31/2020

Southern California

96.2%

97.1%

96.8%

Northern California

96.1%

95.9%

96.5%

Seattle Metro

95.7%

95.8%

95.8%

Same-Property Portfolio

96.1%

96.4%

96.5%

Investment Activity

Real Estate

In October 2021, Wesco VI, LLC ("Wesco VI"), a joint venture in which the Company owns a 50.0% interest, acquired Monterra in Mill Creek, a 139-unit apartment home community located in Mill Creek, WA for a total contract price of $55.0 million. In November 2021, Wesco VI acquired The Rexford, a 203-unit apartment home community located in Fremont, CA for a total contract price of $112.5 million.

In November 2021, the Company purchased a managing interest in a single asset entity owning a 179-unit apartment home community located in Vista, CA for a contract price of $44.0 million, at the Company’s pro rata share.

In December 2021, the Company acquired Canvas, a 123-unit apartment home community located in Seattle, WA for a total contract price of $47.6 million.

In January 2022, Wesco VI acquired a 379-unit apartment home community located in Woodland Hills, CA for a total contract price of $183.0 million.

Other Investments

In November 2021, the Company converted $11.0 million of its existing preferred equity investment in Silver, a 268-unit apartment home community located in San Jose, CA, into a 58.0% common equity interest in the property. The Company will retain $13.5 million of its preferred equity investment in the property at a preferred return of 8.0%. The property is encumbered by $100.0 million of mortgage debt at a rate of 3.15%.

In the fourth quarter of 2021, the Company originated two structured finance investments totaling $60.0 million. The first is a $50.0 million subordinated loan earning an 11.0% interest rate and the second is a $10.0 million preferred equity investment earning an initial preferred return of 11.0%. The subordinated loan investment will not begin funding until the second quarter of 2022 and the preferred equity investment is expected to be fully funded by the second quarter of 2022.

In the fourth quarter of 2021, the Company received total cash proceeds of $35.7 million from the full redemption of a subordinated loan investment and the partial redemption of two preferred equity investments.

Development Activity

In the fourth quarter of 2021, the Company’s sole development property in lease-up, Wallace on Sunset, a 200-unit apartment home community located in Hollywood, CA, reached stabilization.

Liquidity and Balance Sheet

Common Stock

In the fourth quarter of 2021, the Company did not issue any shares of common stock through its equity distribution program or repurchase any shares through its stock repurchase plan.

Balance Sheet

As of January 31, 2022, the Company has approximately $1.2 billion in liquidity via undrawn capacity on its unsecured credit facilities, cash, and marketable securities.

2022 Full-Year Guidance and Key Assumptions

Per Diluted Share

Range

Midpoint

Net Income

$4.62 - $5.10

$4.86

Total FFO

$13.46 - $13.94

$13.70

Core FFO

$13.46 - $13.94

$13.70

U.S. Economic Assumptions

GDP Growth

3.7%

Job Growth

2.9%

ESS Markets Economic Assumptions

Job Growth

4.1%

Market Rent Growth

7.7%

Estimated Same-Property Portfolio Growth based on 49,369 Apartment Homes

Midpoint
Cash-Basis

Midpoint
GAAP-Basis

Revenues

7.0% to 8.5%

7.8%

8.3%

Operating Expenses

3.5% to 4.5%

4.0%

4.0%

Net Operating Income

8.0% to 10.8%

9.4%

10.2%

2022 Core FFO Per Diluted Share Guidance Range versus Full-Year 2021

The table below provides a summary of income statement changes between the Company’s 2021 Core FFO per diluted share and its 2022 Core FFO per diluted share guidance range.

2022 Core FFO Per Diluted Share Guidance versus 2021

Low-End

High-End

2021 Core FFO Per Diluted Share

$

12.49

$

12.49

NOI from Consolidated Communities, Excluding Straight-Line Concessions

1.25

1.62

Change in Straight-Line Concessions from Consolidated Communities

0.12

0.05

Net Interest Expense

(0.09)

(0.01)

Interest and Other Income

(0.10)

(0.07)

FFO from Co-Investments

(0.11)

(0.05)

G&A and Other

(0.03)

(0.02)

Impact from Weighted Average Shares Outstanding

(0.07)

(0.07)

2022 Core FFO Per Diluted Share Guidance

$

13.46

$

13.94

Other Key Assumptions

  • Acquisitions of $500 - $700 million, subject to market conditions and cost of capital.

  • Dispositions of $100 - $300 million, subject to cost of capital.

  • Structured finance commitments of $50 - $150 million.

  • Redemptions of structured finance investments expected to be approximately $350 million in 2022.

  • Total development spending in 2022 for existing projects under construction is expected to be approximately $30 million at the Company’s pro rata share. The Company does not currently plan to start any new developments during 2022.

  • Revenue generating capital expenditures are expected to be approximately $100 million at the Company’s pro rata share.

For additional details regarding the Company’s 2022 FFO guidance range, please see page S-14 of the supplemental financial information. For the first quarter of 2022, the Company has established a guidance range of Core FFO per diluted share of $3.24 to $3.36.

Conference Call with Management

The Company will host an earnings conference call with management to discuss its quarterly results on Thursday, February 3, 2022 at 11 a.m. PT (2 p.m. ET), which will be broadcast live via the Internet at www.essex.com, and accessible via phone by dialing toll-free, (877) 407-0784, or toll/international, (201) 689-8560. No passcode is necessary.

A rebroadcast of the call will be available online for 30 days and digitally for 7 days. To access the replay online, go to www.essex.com and select the fourth quarter 2021 earnings link. To access the replay digitally, dial (844) 512-2921 using the replay pin number 13726045. If you are unable to access the information via the Company’s website, please contact the Investor Relations Department at investors@essex.com or by calling (650) 655-7800.

Corporate Profile

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 253 apartment communities comprising approximately 62,000 apartment homes with an additional 2 properties in various stages of active development. Additional information about the Company can be found on the Company’s website at www.essex.com.

This press release and accompanying supplemental financial information has been furnished to the Securities and Exchange Commission electronically on Form 8-K and can be accessed from the Company’s website at www.essex.com. If you are unable to obtain the information via the Web, please contact the Investor Relations Department at investors@essex.com or by calling (650) 655-7800.

FFO RECONCILIATION

FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes non-core items, which is referred to as "Core FFO," to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. generally accepted accounting principles ("GAAP") and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as alternatives to net income as an indicator of the REIT's operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied the NAREIT definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the NAREIT definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.

The following table sets forth the Company’s calculation of diluted FFO and Core FFO for the three months and years ended December 31, 2021 and 2020 (dollars in thousands, except for share and per share amounts):

Three Months Ended

Year Ended

December 31,

December 31,

Funds from Operations attributable to common stockholders and unitholders

2021

2020

2021

2020

Net income available to common stockholders

$

136,874

$

95,745

$

488,554

$

568,870

Adjustments:

Depreciation and amortization

132,179

130,127

520,066

525,497

Gains not included in FFO

-

(25,716)

(145,253)

(301,886)

Impairment loss

-

1,825

-

1,825

Depreciation and amortization from unconsolidated co-investments

16,467

13,403

61,059

51,594

Noncontrolling interest related to Operating Partnership units

4,788

3,369

17,191

19,912

Depreciation attributable to third party ownership and other

(159)

(132)

(571)

(539)

Funds from operations attributable to common stockholders and unitholders

$

290,149

$

218,621

$

941,046

$

865,273

FFO per share – diluted

$

4.30

$

3.24

$

13.98

$

12.78

Expensed acquisition and investment related costs

$

39

$

1,487

$

203

$

1,591

Deferred tax expense (income) on unrealized gain on unconsolidated co-investment (1)

10,277

(105)

15,668

1,531

Gain on sale of marketable securities

(901)

(2,007)

(3,400)

(2,131)

Unrealized gains on marketable securities

(9,332)

(10,300)

(33,104)

(12,515)

Provision for credit losses

251

587

141

687

Equity income from non-core co-investments (2)

(36,336)

(916)

(55,602)

(5,289)

Loss (gain) on early retirement of debt, net

28

(937)

19,010

22,883

Loss (gain) on early retirement of debt from unconsolidated co-investment

7

-

25

(38)

Co-investment promote income

-

-

-

(6,455)

Income from early redemption of preferred equity investments and notes receivable

(209)

-

(8,469)

(210)

Accelerated interest income from maturity of investment in mortgage backed security

-

(11,753)

-

(11,753)

General and administrative and other, net

261

9,316

1,026

14,958

Insurance reimbursements, legal settlements, and other, net

(35,044)

(150)

(35,234)

(81)

Core Funds from operations attributable to common stockholders and unitholders

$

219,190

$

203,843

$

841,310

$

868,451

Core FFO per share – diluted

$

3.25

$

3.02

$

12.49

$

12.82

Weighted average number of shares outstanding diluted(3)

67,480,346

67,398,487

67,335,261

67,725,692

  1. Represents deferred tax expense related to net unrealized gains on technology co-investments.

  2. Represents the Company’s share of co-investment income from technology co-investments.

  3. Assumes conversion of all outstanding limited partnership units in Essex Portfolio, L.P. (the "Operating Partnership") into shares of the Company's common stock and excludes DownREIT limited partnership units.

Net Operating Income ("NOI") and Same-Property NOI Reconciliations

NOI and same-property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups of communities. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenues less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented (Dollars in thousands):

Three Months Ended

December 31,

Year Ended

December 31,

2021

2020

2021

2020

Earnings from operations

$

101,262

$

111,931

$

529,995

$

491,441

Adjustments:

Corporate-level property management

expenses

9,068

8,549

36,188

34,573

Depreciation and amortization

132,179

130,127

520,066

525,497

Management and other fees from

affiliates

(2,431)

(2,286)

(9,138)

(9,598)

General and administrative

17,092

23,144

51,838

65,388

Expensed acquisition and investment related costs

39

1,487

203

1,591

Impairment loss

-

1,825

-

1,825

Gain on sale of real estate and land

-

(25,716)

(142,993)

(64,967)

NOI

257,209

249,061

986,159

1,045,750

Less: Non-same property NOI

(26,911)

(29,201)

(94,755)

(129,158)

Same-Property NOI

$

230,298

$

219,860

$

891,404

$

916,592

Safe Harbor Statement Under The Private Litigation Reform Act of 1995:

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 the Company's 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 regarding the Company’s expectations related to the continued impact of the COVID-19 pandemic and related variants on the Company’s business, financial condition and results of operations and the impact of any additional measures taken to mitigate the impact of the pandemic, the Company’s intent, beliefs or expectations with respect to the timing of completion of current development and redevelopment projects and the stabilization of such projects, the timing of lease-up and occupancy of its apartment communities, the anticipated operating performance of its apartment communities, the total projected costs of development and redevelopment projects, co-investment activities, qualification as a REIT under the Internal Revenue Code of 1986, as amended, the real estate markets in the geographies in which the Company’s properties are located and in the United States in general, the adequacy of future cash flows to meet anticipated cash needs, its financing activities and the use of proceeds from such activities, the availability of debt and equity financing, general economic conditions including the potential impacts from such economic conditions, including as a result of the COVID-19 pandemic and related variants, governmental measures intended to prevent its spread, inflation, labor shortages, supply chain impacts, trends affecting the Company’s financial condition or results of operations, changes to U.S. tax laws and regulations in general or specifically related to REITs or real estate, changes to laws and regulations in jurisdictions in which communities the Company owns are located, and other information that is not historical information. While the Company's management believes the assumptions underlying its forward-looking statements are reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect the Company’s current expectations of the approximate outcomes of the matters discussed. Factors that might cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following: the continued impact of the COVID-19 pandemic and related variants, which remains inherently uncertain as to duration and severity, and any additional governmental measures taken to limit its spread and other potential future outbreaks of infectious diseases or other health concerns, which could continue to adversely affect the Company’s business and its tenants, and cause a significant downturn in general economic conditions, the real estate industry, and the markets in which the Company's communities are located; the Company may fail to achieve its business objectives; the actual completion of development and redevelopment projects may be subject to delays; the stabilization dates of such projects may be delayed; the Company may abandon or defer development or redevelopment projects for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; the total projected costs of current development and redevelopment projects may exceed expectations; such development and redevelopment projects may not be completed; development and redevelopment projects and acquisitions may fail to meet expectations; estimates of future income from an acquired property may prove to be inaccurate; occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions; there may be increased interest rates and operating costs; the Company may be unsuccessful in the management of its relationships with its co-investment partners; future cash flows may be inadequate to meet operating requirements and/or may be insufficient to provide for dividend payments in accordance with REIT requirements; changes in laws or regulations; the terms of any refinancing may not be as favorable as the terms of existing indebtedness; unexpected difficulties in leasing of development projects; volatility in financial and securities market; the Company’s failure to successfully operate acquired properties; unforeseen consequences from cyber-intrusion; the Company’s inability to maintain its investment grade credit rating with the rating agencies; government approvals, actions and initiatives, including the need for compliance with environmental requirements; and those further risks, special considerations, and other factors referred to in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports that the Company files with the SEC from time to time. Additionally, the risks, uncertainties and other factors set forth above or otherwise referred to in the reports that the Company has filed with the SEC may be further amplified by the global impact of the COVID-19 pandemic and related variants. All forward-looking statements are made as of the date hereof, the Company assumes no obligation to update or supplement this information for any reason, and therefore, they may not represent the Company’s estimates and assumptions after the date of this press release.

Definitions and Reconciliations

Non-GAAP financial measures and certain other capitalized terms, as used in this earnings release, are defined and further explained on pages S-18.1 through S-18.4, "Reconciliations of Non-GAAP Financial Measures and Other Terms," of the accompanying supplemental financial information. The supplemental financial information is available on the Company's website at www.essex.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005850/en/

Contacts

Rylan Burns
Group VP of Private Equity & Finance
(650) 655-7800
rburns@essex.com