Essex Property Trust names new Chief Accounting Officer

Essex Property Trust, Inc. (NYSE:ESS), a real estate investment trust, announced today a significant transition within its executive team. Brennan McGreevy has been promoted to Group Vice President and Chief Accounting Officer, effective today. He succeeds John Farias, who is transitioning to a new role in Operations Management within the company.

McGreevy, 40, brings a wealth of experience to his new position, having joined Essex in May 2020 as Group Vice President, Controller. His background includes over 13 years at KPMG LLP, where he served as a senior manager in Audit Services. McGreevy is a Certified Public Accountant in California and holds a Bachelor of Business Administration in accounting from Loyola Marymount University.

In his role as Chief Accounting Officer, McGreevy will oversee the company's accounting functions and the preparation of consolidated financial statements in compliance with U.S. generally accepted accounting principles and SEC requirements. This appointment is part of a planned transition of the Chief Accounting Officer role within Essex Property Trust.

The shift in leadership comes as Essex Property Trust continues to navigate the dynamic real estate market, with McGreevy's expertise expected to contribute to the company's strategic financial planning and reporting. Essex Property Trust remains committed to maintaining high standards of corporate governance and financial stewardship as it moves forward with its business operations.

In other recent news, Essex Property Trust has made significant strides in its operations and financial performance. The company recently appointed Brennan McGreevy as Group Vice President and Chief Accounting Officer.

McGreevy, a seasoned professional with over a decade of experience in audit services, will now oversee the accounting function and the preparation of financial statements.

Essex Property Trust also reported strong second quarter results for 2024, with core Funds From Operations (FFO) per share exceeding expectations. This led to a revision of its full-year guidance upwards, predicting higher same-property revenue growth and improved Net Operating Income.

In analyst news, Goldman Sachs initiated coverage on the company's stock with a Neutral rating, citing a stable outlook for rent growth but limited acquisition opportunities. Truist Securities and Piper Sandler also revised their price targets for Essex Property Trust, maintaining their respective Hold and Overweight ratings.

Furthermore, the company has entered into a substantial $900 million equity distribution agreement with a consortium of financial institutions. The agreement allows for the sale of the company's common stock, with anticipated net proceeds expected to be allocated towards various corporate purposes.

InvestingPro Insights

As Essex Property Trust, Inc. (NYSE:ESS) welcomes Brennan McGreevy as the new Chief Accounting Officer, it's worth noting the company's financial strength and market performance. With a robust market capitalization of $20.03 billion, Essex Property Trust is a significant player in the real estate investment trust sector. The company's P/E ratio stands at 37.26, indicating that investors may be expecting higher earnings growth in the future compared to the market average. This is further reflected in the adjusted P/E ratio for the last twelve months as of Q2 2024, which is at 55.69.

InvestingPro Tips highlight that Essex Property Trust has a commendable history of dividend payments, having raised its dividend for 30 consecutive years and maintained payments for 31 years. This consistency is a testament to the company's financial stability and commitment to shareholder returns. Additionally, the company's share price has seen a strong return over the last three months, with a 15.37% price total return, and is trading near its 52-week high, at 98.01% of the peak value.

For those interested in deeper financial analysis and additional InvestingPro Tips for Essex Property Trust, there are numerous other metrics and insights available on the InvestingPro platform, including the company's revenue growth and profit margins. Visit https://www.investing.com/pro/ESS for more information and to access a suite of professional investment tools.

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