PALO ALTO, CA--(Marketwire - November 3, 2010) - Essex Property Trust, Inc. (
"Throughout his tenure at Essex, Keith's strategic vision and strong leadership have driven Essex's growth and success. He has developed a culture of achievement, assembled a strong executive team, and has been a prudent steward of the Company's resources," stated George M. Marcus, Chairman of the Company's Board of Directors. "Keith's abilities are best demonstrated by Essex's many accomplishments. Since Essex's public offering in 1994, the stock price has increased approximately 510%, or an average of 32% per year. In addition, Essex has increased its dividend each year and has paid out in excess of twice the IPO stock price in dividends per share since going public. Beyond these accomplishments, Keith has balanced the expectations and demands of investors, employees and residents in a fair and sensible manner."
In his new role as President and CEO, Mr. Schall will oversee all business, investment, and financial operations of the Company. Mr. Schall previously served as Chief Financial Officer and Chief Operating Officer during more than 24 years with the Company and has served on the Board of Directors since 1994.
Commenting on Mr. Schall's appointment as CEO, Mr. Guericke said, "Mike and I have been partners for over two decades. During his time with Essex, he has been much more than a Chief Financial Officer or a Chief Operating Officer; he has been an instrumental decision maker in driving the Company's success. Mike understands the power of strategically allocating capital while maintaining a disciplined business strategy and a strong balance sheet. Furthermore, he possesses strong ethical leadership skills and I have no doubt in his abilities to guide Essex to future success."
Mr. Schall stated, "I will endeavor to carry on Keith's successful legacy, which includes execution of a focused business strategy and leadership of a strong management team. Keith's mentorship and knowledge will continue to inspire me in my new role at Essex. I believe that the recovery in the west coast housing markets will offer superior opportunities for Essex, and that the Company is well positioned to produce industry leading results."
About Essex Property Trust, Inc.
Essex Property Trust, Inc., located in Palo Alto, California and traded on the New York Stock Exchange (ESS), 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 142 apartment communities with an additional 3 properties in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.
Forward looking statement -- The statements which are not historical facts contained in this release, such as the statements regarding industry-leading results and the future growth of the Company, are forward-looking statements that involve risks and uncertainties, including but not limited to, unexpected changes in the economic conditions and market demand for rental units in the markets in which Essex Property Trust, Inc. operates and growth of the Company. All forward-looking statements are made as of today, and the Company assumes no obligation to update this information. For more details relating to risk and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent Report on Form 10-Q for the period ending September 30, 2010 and Form 10-K for the year ended December 31, 2009.
Contact Information:
Nicole Culbertson
(650) 849-1649