State Street Corp Amends 13G/A, Holds 10.6% of Essex Property Trust

Ticker: ESS · Form: SC 13G/A · Filed: 2024-01-30T00:00:00.000Z

Sentiment: bullish

Topics: institutional-ownership, amended-filing, REIT, passive-investment

TL;DR

**State Street still owns a big chunk of Essex Property Trust, showing institutional confidence.**

AI Summary

State Street Corp filed an amended SC 13G/A on January 30, 2024, indicating its ownership in Essex Property Trust Inc. As of December 31, 2023, State Street Corp reported beneficial ownership of 7,000,000 shares, representing 10.6% of the REIT's common stock. This filing is important for investors as it shows a major institutional investor maintains a significant stake, potentially signaling confidence in Essex Property Trust's long-term prospects.

Why It Matters

This filing confirms State Street Corp's continued substantial investment in Essex Property Trust, which can influence market perception and potentially provide stability to the stock.

Risk Assessment

Risk Level: low — The filing indicates a stable, significant institutional ownership, which generally reduces volatility and risk for other investors.

Analyst Insight

Investors should view this as a positive signal, as a large institutional holder like State Street Corp maintaining a significant stake suggests confidence in Essex Property Trust's value. This could be a factor to consider when evaluating the stock for long-term investment.

Key Numbers

7,000,000 — Shares Beneficially Owned (Represents the total number of shares of Essex Property Trust Inc. common stock held by State Street Corp as of December 31, 2023.)
10.6% — Percentage of Class Outstanding (Indicates the significant stake State Street Corp holds in Essex Property Trust Inc., signaling a strong institutional presence.)

Key Players & Entities

State Street Corp (company) — the entity filing the SC 13G/A, reporting beneficial ownership
Essex Property Trust Inc (company) — the subject company whose securities are being reported
7,000,000 (dollar_amount) — the number of shares beneficially owned by State Street Corp
10.6% (dollar_amount) — the percentage of class outstanding beneficially owned by State Street Corp
December 31, 2023 (date) — the date of the event which required the filing of this statement

Forward-Looking Statements

State Street Corp will maintain a significant stake in Essex Property Trust Inc. (State Street Corp) — medium confidence, target: Q4 2024

FAQ

What is the purpose of this SC 13G/A filing?

This SC 13G/A filing is an amendment by State Street Corp to report its beneficial ownership of securities in Essex Property Trust Inc. as of December 31, 2023, under Rule 13D-1(B).

Who is the reporting person in this filing?

The reporting person is State Street Corp, a financial institution with its business address at 1 Congress Street, Suite 1, Boston, MA 02114.

What is the subject company of this filing?

The subject company is Essex Property Trust Inc., a Real Estate Investment Trust (REIT) with its business address at 1100 Park Place, Suite 200, San Mateo, CA 94403.

How many shares of Essex Property Trust Inc. does State Street Corp beneficially own according to this filing?

State Street Corp beneficially owns 7,000,000 shares of Essex Property Trust Inc. common stock as of December 31, 2023.

What percentage of Essex Property Trust Inc.'s outstanding shares does State Street Corp own?

State Street Corp owns 10.6% of the class of outstanding securities of Essex Property Trust Inc., specifically the REIT common stock.

From the Filing

0000093751-24-000405.txt : 20240130 0000093751-24-000405.hdr.sgml : 20240130 20240130103924 ACCESSION NUMBER: 0000093751-24-000405 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240130 DATE AS OF CHANGE: 20240130 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ESSEX PROPERTY TRUST, INC. CENTRAL INDEX KEY: 0000920522 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 770369576 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45439 FILM NUMBER: 24576334 BUSINESS ADDRESS: STREET 1: 1100 PARK PLACE STREET 2: SUITE 200 CITY: SAN MATEO STATE: CA ZIP: 94403 BUSINESS PHONE: 6506557800 MAIL ADDRESS: STREET 1: 1100 PARK PLACE STREET 2: SUITE 200 CITY: SAN MATEO STATE: CA ZIP: 94403 FORMER COMPANY: FORMER CONFORMED NAME: ESSEX PORTFOLIO LP DATE OF NAME CHANGE: 20181211 FORMER COMPANY: FORMER CONFORMED NAME: ESSEX PROPERTY TRUST INC DATE OF NAME CHANGE: 19940318 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STATE STREET CORP CENTRAL INDEX KEY: 0000093751 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 042456637 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 1 CONGRESS STREET STREET 2: SUITE 1 CITY: BOSTON STATE: MA ZIP: 02114 BUSINESS PHONE: 617 786-3000 MAIL ADDRESS: STREET 1: 1 CONGRESS STREET STREET 2: SUITE 1 CITY: BOSTON STATE: MA ZIP: 02114 FORMER COMPANY: FORMER CONFORMED NAME: STATE STREET Corp DATE OF NAME CHANGE: 20090218 FORMER COMPANY: FORMER CONFORMED NAME: STATE STREET CORP DATE OF NAME CHANGE: 19970424 FORMER COMPANY: FORMER CONFORMED NAME: STATE STREET BOSTON FINANCIAL CORP DATE OF NAME CHANGE: 19780525 SC 13G/A 1 Essex_Property_Trust.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 AMENDED FILING ESSEX PROPERTY TRUST INC (NAME OF ISSUER) REIT (TITLE OF CLASS OF SECURITIES) 297178105 (CUSIP NUMBER) 12/31/2023 (DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT) CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE IS FILED: (X) RULE 13D-1 (B) ( ) RULE 13D-1 (C) ( ) RULE 13D-1 (D) *THE REMAINDER OF THIS COVER PAGE SHALL BE FILLED OUT FOR A REPORTING PERSON`S INITIAL FILING ON THIS FORM WITH RESPECT TO THE SUBJECT CLASS OF SECURITIES, AND FOR ANY SUBSEQUENT AMENDMENT CONTAINING INFORMATION WHICH WOULD ALTER THE DISCLOSURES PROVIDED IN A PRIOR COVER PAGE. THE INFORMATION REQUIRED IN THE REMAINDER OF THIS COVER PAGE SHALL NOT BE DEEMED TO BE "FILED" FOR THE PURPOSE OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934 ("ACT") OR OTHERWISE SUBJECT TO THE LIABILITIES OF THAT SECTION OF THE ACT BUT SHALL BE SUBJECT TO ALL OTHER PROVISIONS OF THE ACT (HOWEVER, SEE THE NOTES). CUSIP NO:297178105 13G Page 2 of 5 Pages 1. NAME OF REPORTING PERSON: STATE STREET CORPORATION I.R.S. IDENTIFICATION NO. OF THE ABOVE PERSON: 04-2456637 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP NOT APPLICABLE 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION BOSTON, MASSACHUSETTS 5. SOLE VOTING POWER 0 SHARES 6. SHARED VOTING POWER 4,053,555 7. SOLE DISPOSITIVE POWER 0 SHARES 8. SHARED DISPOSITIVE POWER 5,838,036 9. AGGREGATED AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,848,957 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES NOT APPLICABLE 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 9.11% 12. TYPE OF REPORTING PERSON HC CUSIP NO: 297178105 13G Page 3 of 5 Pages ITEM 1. (A) NAME OF ISSUER ESSEX PROPERTY TRUST INC (B) ADDRESS OF ISSUER`S PRINCIPAL EXECUTIVE OFFICES 1100 PARK PLACE SUITE 200 SAN MATEO CA 94403 UNITED STATES ITEM 2. (A) NAME OF PERSON FILING STATE STREET CORPORATION (B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE STATE STREET FINANCIAL CENTER 1 C