Attached files
file | filename |
---|---|
8-K - ESSEX PROPERTY TRUST INC 8-K 12-31-2011 - ESSEX PROPERTY TRUST, INC. | form8k.htm |
EX-99.1 - EXHIBIT 99.1 - ESSEX PROPERTY TRUST, INC. | ex99_1.htm |
EXHIBIT 99.2
Fourth Quarter 2011
Supplemental Financial Information
In October, the final residential phase of Via, a 284-unit community located in Sunnyvale, California, wascompleted. The completion of the three residential phases of the development was six months ahead of schedule and stabilization occurred during the fourth quarter of 2011. This community reached 95% residential occupancy during the quarter. The contemporary Spanish-Mediterranean style property has a mix of one-bedroom and two-bedroom units. Amenities include a fitness center, business center, recreation room and a pool and spa.
|
Table of Contents
Page
|
|
Consolidated Operating Results
|
S-1 – S-2
|
Consolidated Funds From Operations
|
S-3
|
Consolidated Balance Sheets
|
S-4
|
Debt Summary – December 31, 2011
|
S-5
|
Capitalization Data and Selected Debt Ratios – December 31, 2011
|
S-6
|
Property Operating Results – Quarters ended December 31, 2011 and 2010
|
S-7
|
Property Operating Results – Year ended December 31, 2011 and 2010
|
S-7.1
|
Revenue by County – Quarters ended December 31, 2011, December 31, 2010 and September 30, 2011
|
S-8
|
Revenue by County – Year ended December 31, 2011 and 2010
|
S-8.1
|
Development Pipeline – December 31, 2011
|
S-9
|
Redevelopment Pipeline and Capital Expenditures – December 31, 2011
|
S-10
|
Co-Investments – December 31, 2011
|
S-11
|
Summary of Consolidated Co-Investments and Noncontrolling Interest – December 31, 2011
|
S-12
|
Income From Discontinued Operations and Selected Financial Data – December 31, 2011
|
S-13
|
Assumptions for Midpoint of 2012 Guidance
|
S-14
|
Market Forecast (Supply, Jobs and Apartment Market Conditions)
|
S-15
|
New Residential Supply Data
|
S-16
|
Exhibit A - Property List by Region
|
1 - 2
|
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Operating Results
|
Three Months Ended
|
Year Ended
|
||||||||||||||
(Dollars in thousands, except per share amounts)
|
December 31,
|
December 31,
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues:
|
||||||||||||||||
Rental and other property
|
$ | 123,150 | $ | 107,465 | $ | 468,778 | $ | 408,734 | ||||||||
Management and other fees from affiliates
|
2,196 | 1,092 | 6,780 | 4,551 | ||||||||||||
125,346 | 108,557 | 475,558 | 413,285 | |||||||||||||
Expenses:
|
||||||||||||||||
Property operating
|
40,309 | 38,133 | 160,585 | 144,465 | ||||||||||||
Depreciation
|
39,840 | 36,155 | 152,228 | 129,011 | ||||||||||||
General and administrative
|
6,753 | 7,972 | 25,304 | 25,962 | ||||||||||||
Impairment and other charges
|
- | 686 | - | 2,302 | ||||||||||||
86,902 | 82,946 | 338,117 | 301,740 | |||||||||||||
Earnings from operations
|
38,444 | 25,611 | 137,441 | 111,545 | ||||||||||||
Interest expense before amortization
|
(25,082 | ) | (21,670 | ) | (91,694 | ) | (82,756 | ) | ||||||||
Amortization expense
|
(2,951 | ) | (1,870 | ) | (11,474 | ) | (4,828 | ) | ||||||||
Interest and other income
|
4,782 | 7,111 | 17,139 | 27,841 | ||||||||||||
Equity loss from co-investments
|
(137 | ) | (688 | ) | (467 | ) | (1,715 | ) | ||||||||
Loss on early retirement of debt
|
(343 | ) | - | (1,163 | ) | (10 | ) | |||||||||
Income before discontinued operations
|
14,713 | 8,494 | 49,782 | 50,077 | ||||||||||||
Income from discontinued operations
|
3,154 | 134 | 7,734 | 705 | ||||||||||||
Net income
|
17,867 | 8,628 | 57,516 | 50,782 | ||||||||||||
Net income attributable to noncontrolling interest
|
(2,564 | ) | (3,307 | ) | (10,446 | ) | (14,848 | ) | ||||||||
Net income attributable to controlling interest
|
15,303 | 5,321 | 47,070 | 35,934 | ||||||||||||
Dividends to preferred stockholders
|
(1,367 | ) | (543 | ) | (4,753 | ) | (2,170 | ) | ||||||||
Excess of cash paid to redeem preferred stock and units over the carrying value
|
- | - | (1,949 | ) | - | |||||||||||
Net income available to common stockholders
|
$ | 13,936 | $ | 4,778 | $ | 40,368 | $ | 33,764 | ||||||||
Net income per share - basic
|
$ | 0.42 | $ | 0.16 | $ | 1.24 | $ | 1.14 | ||||||||
Net income per share - diluted
|
$ | 0.42 | $ | 0.16 | $ | 1.24 | $ | 1.14 |
See Company's 10-K and 10-Q for additional disclosures
S-1
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Operating Results
|
Three Months Ended
|
Year Ended
|
||||||||||||||
Selected Line Item Detail
|
December 31,
|
December 31,
|
||||||||||||||
(Dollars in thousands)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Rental and other property
|
||||||||||||||||
Rental
|
$ | 114,536 | $ | 100,262 | $ | 436,587 | $ | 381,164 | ||||||||
Other property
|
8,614 | 7,203 | 32,190 | 27,570 | ||||||||||||
Rental and other property
|
$ | 123,150 | $ | 107,465 | $ | 468,777 | $ | 408,734 | ||||||||
Management and other fees from affiliates
|
||||||||||||||||
Management
|
$ | 1,778 | $ | 1,059 | $ | 5,428 | $ | 3,836 | ||||||||
Development and redevelopment
|
418 | 33 | 1,352 | 715 | ||||||||||||
Management and other fees from affiliates
|
$ | 2,196 | $ | 1,092 | $ | 6,780 | $ | 4,551 | ||||||||
Property operating expenses
|
||||||||||||||||
Real estate taxes
|
$ | 11,158 | $ | 10,146 | $ | 44,002 | $ | 39,411 | ||||||||
Administrative
|
8,564 | 8,329 | 35,253 | 32,657 | ||||||||||||
Maintenance and repairs
|
9,180 | 8,899 | 34,852 | 30,427 | ||||||||||||
Utilities
|
8,250 | 7,675 | 32,578 | 29,290 | ||||||||||||
Property management and insurance
|
3,157 | 3,084 | 13,900 | 12,680 | ||||||||||||
Property operating expenses
|
$ | 40,309 | $ | 38,133 | $ | 160,585 | $ | 144,465 | ||||||||
General and administrative
|
||||||||||||||||
General and administrative
|
$ | 11,006 | $ | 11,832 | $ | 41,601 | $ | 40,561 | ||||||||
Allocated to property operating expenses - administrative
|
(3,090 | ) | (2,782 | ) | (11,966 | ) | (10,643 | ) | ||||||||
Capitalized to real estate
|
(1,163 | ) | (1,078 | ) | (4,331 | ) | (3,956 | ) | ||||||||
Net general and administrative
|
$ | 6,753 | $ | 7,972 | $ | 25,304 | $ | 25,962 | ||||||||
Interest and other income
|
||||||||||||||||
Marketable securities and other interest income
|
$ | 1,497 | $ | 1,595 | $ | 5,878 | $ | 7,496 | ||||||||
Tax benefit - taxable REIT subsidiary
|
1,682 | - | 1,682 | - | ||||||||||||
Notes receivable
|
1,189 | 2,067 | 4,443 | 7,854 | ||||||||||||
Gain from sale of marketable securities
|
414 | 3,449 | 4,956 | 12,491 | ||||||||||||
Gain on sale of land
|
- | - | 180 | - | ||||||||||||
Interest and other income
|
$ | 4,782 | $ | 7,111 | $ | 17,139 | $ | 27,841 | ||||||||
Equity loss from co-investments
|
||||||||||||||||
Equity loss from co-investments
|
$ | (1,555 | ) | $ | (922 | ) | $ | (4,917 | ) | $ | (1,949 | ) | ||||
Income from preferred equity investments
|
1,418 | 234 | 3,531 | 234 | ||||||||||||
Gain on sale of co-investment
|
- | - | 919 | - | ||||||||||||
Equity income loss from co-investments
|
$ | (137 | ) | $ | (688 | ) | $ | (467 | ) | $ | (1,715 | ) | ||||
Noncontrolling interest
|
||||||||||||||||
Limited partners of Essex Portfolio, L.P.
|
$ | 1,027 | $ | 354 | $ | 3,229 | $ | 2,779 | ||||||||
DownREIT limited partners' distributions
|
1,071 | 1,068 | 4,207 | 4,335 | ||||||||||||
Perpetual preferred distributions
|
- | 1,575 | 1,650 | 6,300 | ||||||||||||
Third-party ownership interest
|
466 | 310 | 1,360 | 1,434 | ||||||||||||
Noncontrolling interest
|
$ | 2,564 | $ | 3,307 | $ | 10,446 | $ | 14,848 |
See Company's 10-K and 10-Q for additional disclosures
S-2
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Funds From Operations
(Dollars in thousands, except share and per share amounts) |
Three Months Ended
December 31, |
Year Ended
December 31, |
||||||||||||||||||||||
2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
|||||||||||||||||||
Funds from operations
|
||||||||||||||||||||||||
Net income available to common stockholders
|
$ | 13,936 | $ | 4,778 | $ | 40,368 | $ | 33,764 | ||||||||||||||||
Adjustments:
|
||||||||||||||||||||||||
Depreciation
|
39,863 | 36,326 | 152,543 | 129,711 | ||||||||||||||||||||
Gains not included in FFO, net of internal disposition costs (1)
|
(3,159 | ) | - | (7,543 | ) | - | ||||||||||||||||||
Depreciation addback from unconsolidated co-investments
|
4,145 | 1,840 | 12,642 | 6,128 | ||||||||||||||||||||
Noncontrolling interest related to Operating Partnership units
|
1,027 | 354 | 3,228 | 2,779 | ||||||||||||||||||||
Depreciation attributable to third party of consolidated co-investments
|
(277 | ) | (256 | ) | (1,066 | ) | (1,014 | ) | ||||||||||||||||
Funds from operations
|
$ | 55,535 | $ | 43,042 | $ | 200,172 | $ | 171,368 | ||||||||||||||||
FFO per share-diluted
|
$ | 1.55 | $ | 1.31 | 18.6 | % | $ | 5.74 | $ | 5.35 | 7.3 | % | ||||||||||||
Components of the change in FFO
|
||||||||||||||||||||||||
Non-core items:
|
||||||||||||||||||||||||
Tax benefit - TRS activity
|
(1,682 | ) | - | (1,682 | ) | - | ||||||||||||||||||
Gain on sales of marketable securities
|
(414 | ) | (3,449 | ) | (4,956 | ) | (12,491 | ) | ||||||||||||||||
Acquisition costs
|
181 | 338 | 1,231 | 1,250 | ||||||||||||||||||||
Loss on early retirement of debt
|
343 | - | 1,163 | - | ||||||||||||||||||||
Gain on sale of co-investment
|
- | - | (919 | ) | - | |||||||||||||||||||
Gain on sale of land
|
- | - | (180 | ) | - | |||||||||||||||||||
Excess of cash paid to redeem preferred stock and units over the carrying value
|
- | - | 1,949 | - | ||||||||||||||||||||
Co-investment - acquisition fee income
|
- | - | - | (500 | ) | |||||||||||||||||||
Non-recurring payroll costs
|
- | 2,127 | - | 2,127 | ||||||||||||||||||||
Other items, net
|
- | (64 | ) | - | (959 | ) | ||||||||||||||||||
Funds from operations excluding non-core items
|
53,963 | 41,994 | 196,778 | 160,795 | ||||||||||||||||||||
FFO excluding non-core items per share-diluted
|
$ | 1.51 | $ | 1.28 | 18.1 | % | $ | 5.64 | $ | 5.02 | 12.4 | % | ||||||||||||
Changes in core items:
|
||||||||||||||||||||||||
Same-property NOI
|
$ | 6,572 | $ | 13,299 | ||||||||||||||||||||
Non-same property NOI
|
6,962 | 30,624 | ||||||||||||||||||||||
Management and other fees from affiliates
|
1,104 | 2,729 | ||||||||||||||||||||||
Equity income from joint ventures
|
2,856 | 7,343 | ||||||||||||||||||||||
Interest and other income
|
(912 | ) | (4,070 | ) | ||||||||||||||||||||
Interest and amortization expense
|
(4,493 | ) | (15,584 | ) | ||||||||||||||||||||
General and administrative
|
(1,065 | ) | (1,488 | ) | ||||||||||||||||||||
Perpetual preferred distributions
|
1,575 | 4,650 | ||||||||||||||||||||||
Dividends to preferred stockholders
|
(824 | ) | (2,583 | ) | ||||||||||||||||||||
Other items, net
|
194 | 1,063 | ||||||||||||||||||||||
$ | 11,969 | $ | 35,983 | |||||||||||||||||||||
Weighted average number of shares outstanding diluted (2)
|
35,818,631 | 32,931,723 | 34,860,521 | 32,028,269 |
(1)
|
Internal disposition costs relate to a disposition incentive program established to pay incremental bonuses for the sale of certain of the Company's communities that are part of the program.
|
(2)
|
Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock.
|
See Company's 10-K and 10-Q for additional disclosures
S-3
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Balance Sheets
(Dollars in thousands)
December 31, 2011
|
December 31, 2010
|
|||||||
Real Estate:
|
||||||||
Land and land improvements
|
$ | 860,661 | $ | 802,325 | ||||
Buildings and improvements
|
3,452,403 | 3,162,236 | ||||||
4,313,064 | 3,964,561 | |||||||
Less: accumulated depreciation
|
(920,026 | ) | (775,553 | ) | ||||
3,393,038 | 3,189,008 | |||||||
Real estate for development
|
44,280 | 217,531 | ||||||
Co-investments
|
383,412 | 107,840 | ||||||
3,820,730 | 3,514,379 | |||||||
Cash and cash equivalents
|
35,463 | 35,694 | ||||||
Marketable securities
|
74,275 | 92,310 | ||||||
Notes and other receivables
|
66,369 | 49,444 | ||||||
Other assets
|
40,127 | 41,060 | ||||||
Total assets
|
$ | 4,036,964 | $ | 3,732,887 | ||||
Mortgage notes payable
|
$ | 1,745,858 | $ | 1,832,745 | ||||
Unsecured debt
|
465,000 | - | ||||||
Lines of credit
|
150,000 | 426,000 | ||||||
Other liabilities
|
114,968 | 109,146 | ||||||
Derivative liabilities
|
3,061 | 5,633 | ||||||
Total liabilities
|
2,478,887 | 2,373,524 | ||||||
Series G cumulative convertible preferred stock, carrying value
|
4,349 | 4,349 | ||||||
Stockholders' equity and noncontrolling interest:
|
||||||||
Common stock
|
3 | 3 | ||||||
Cumulative redeemable preferred stock, liquidation value
|
73,750 | 25,000 | ||||||
Additional paid-in-capital
|
1,844,611 | 1,515,468 | ||||||
Distributions in excess of accumulated earnings
|
(408,066 | ) | (313,308 | ) | ||||
Accumulated other comprehensive loss
|
(72,771 | ) | (77,217 | ) | ||||
Total stockholders' equity
|
1,437,527 | 1,149,946 | ||||||
Noncontrolling interest
|
116,201 | 205,068 | ||||||
Total stockholders' equity and noncontrolling interest
|
1,553,728 | 1,355,014 | ||||||
Total liabilities and equity
|
$ | 4,036,964 | $ | 3,732,887 |
See Company's 10-K and 10-Q for additional disclosures
S-4
E S S E X P R O P E R T Y T R U S T, I N C.
Debt Summary - December 31, 2011
(Dollars in thousands)
Percentage of
Total |
Balance
Outstanding |
Weighted
Average |
Weighted
Average Maturity |
|||||||||||||
Mortgage notes payable
|
||||||||||||||||
Fixed rate - secured
|
64 | % | $ |
1,502,208
|
6.0 | % | 6.0 | |||||||||
Variable rate - secured (1)
|
10 | % |
243,650
|
1.7 | % | 17.7 | ||||||||||
Total mortgage notes payable
|
74 | % |
1,745,858
|
5.4 | % | 7.6 | ||||||||||
Unsecured bonds
|
11 | % | 265,000 | 4.5 | % | 5.5 | ||||||||||
Unsecured term loan (2)
|
9 | % |
200,000
|
2.6 | % | 4.8 | ||||||||||
Line of credit - unsecured (3)
|
6 | % |
150,000
|
2.5 | % | |||||||||||
Total debt
|
100 | % | $ |
2,360,858
|
4.9 | % | ||||||||||
Scheduled principal payments (excludes lines of credit)
|
Weighted
Average |
|||||||||||||||
Interest Rate
|
||||||||||||||||
2012 | $ |
35,953
|
5.4 | % | ||||||||||||
2013 |
215,583
|
5.0 | % | |||||||||||||
2014 |
77,179
|
5.3 | % | |||||||||||||
2015 |
70,305
|
5.2 | % | |||||||||||||
2016 |
362,907
|
3.4 | % | |||||||||||||
Thereafter
|
1,448,932
|
5.4 | % | |||||||||||||
Total
|
$ | 2,210,858 | 5.0 | % |
Capitalized interest for the three months and year ended December 30, 2011 was approximately $1.3 million and $8.2 million, respectively.
|
(1)
|
$202.7 million of the variable rate debt is tax exempt to the note holders, and $187.8 million of the tax exempt debt is subject to interest rate protection agreements.
|
|
(2)
|
The unsecured term loan has a variable interest rate of 142.5 basis points over LIBOR. The Company has entered into interest rate swap contracts for a term of five years with a notional amount of $150 million, which effectively converted the interest rate on $150 million of the term loan to a fixed rate of 2.66%.
|
|
(3)
|
The unsecured line of credit facility is $425 million with an accordion to $500 million. The line matures in December 2014 with two one-year extensions, exercisable at the Company's option. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 1.25%.
|
See Company's 10-K and 10-Q for additional disclosures
S-5
E S S E X P R O P E R T Y T R U S T, I N C.
Capitalization Data and Selected Debt Ratios - December 31, 2011
(Dollars and shares in thousands, except per share amounts)
Capitalization Data | Selected Debt Ratios | ||||||||||||||||||||
Total debt | $ | 2,360,858 | Debt to Total Assets |
Total
|
|||||||||||||||||
Indebtedness
|
Assets (1)
|
Ratio
|
|||||||||||||||||||
Common stock and potentially dilutive securities |
12/31/2008
|
1,754,388 | 3,804,849 | 46 | % | ||||||||||||||||
Common stock outstanding | 33,888 |
12/31/2009
|
1,847,442 | 4,004,101 | 46 | % | |||||||||||||||
Limited partnership units (1) | 2,229 |
12/31/2010
|
2,258,745 | 4,611,218 | 49 | % | |||||||||||||||
Options-treasury method | 115 |
12/31/2011
|
2,360,858 | 4,956,990 | 48 | % | |||||||||||||||
Total share of common stock and potentially dilutive securities | 36,232 | ||||||||||||||||||||
Secured Debt to Total Assets | |||||||||||||||||||||
Common stock price per share as of December 31, 2011 | $ | 140.51 |
Secured
|
Total
|
|||||||||||||||||
Indebtedness
|
Assets (1)
|
Ratio
|
|||||||||||||||||||
Market value of common stock and potentially dilutive securities | $ | 5,090,898 |
12/31/2008
|
1,588,931 | 3,804,849 | 42 | % | ||||||||||||||
12/31/2009
|
1,832,549 | 4,004,101 | 46 | % | |||||||||||||||||
Preferred stock | $ | 78,206 |
12/31/2010
|
2,082,745 | 4,611,218 | 45 | % | ||||||||||||||
12/31/2011
|
1,745,858 | 4,956,990 | 35 | % | |||||||||||||||||
Total equity capitalization | $ | 5,169,104 | |||||||||||||||||||
Total market capitalization | $ | 7,529,962 | Total Interest Coverage |
Adjusted
|
Total
|
||||||||||||||||
EBITDA (2)
|
Interest (3) |
Ratio
|
|||||||||||||||||||
Ratio of debt to total market capitalization | 31.4 | % |
12/31/2008
|
265,092 | 93,051 | 285 | % | ||||||||||||||
12/31/2009
|
257,551 | 91,651 | 281 | % | |||||||||||||||||
12/31/2010
|
257,899 | 92,232 | 280 | % | |||||||||||||||||
12/31/2011
|
300,790 | 99,934 | 301 | % | |||||||||||||||||
Indebtedness Divided by Adjusted EBITDA | |||||||||||||||||||||
Indebtedness
|
Adjusted
EBITDA (2)
|
Ratio
|
|||||||||||||||||||
12/31/2008
|
1,754,388 | 271,410 | 6.6 | ||||||||||||||||||
12/31/2009
|
1,847,442 | 257,551 | 7.2 | ||||||||||||||||||
12/31/2010
|
2,258,745 | 257,899 | 8.8 | ||||||||||||||||||
12/31/2011
|
2,360,858 | 300,790 | 7.8 | ||||||||||||||||||
(1) | Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock. | (1) | Total Assets is defined by the Company as GAAP total assets plus the add back of accumulated depreciation. | ||||||||||||||||||
(2) |
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, excluding gain/loss on sale of real estate, gain/loss on early retirement of debt, gain/loss from sale of marketable securities, gain/loss of co-investment and impairment charges.
|
||||||||||||||||||||
(3) | Total Interest is comprised of interest expense, less amortization expenses,plus capitalized interest. | ||||||||||||||||||||
See Company's 10-K and 10-Q for additional disclosures
S-6
E S S E X P R O P E R T Y T R U S T, I N C.
Property Operating Results - Quarter ended December 31, 2011 and 2010
(Dollars in thousands, except per unit amounts)
Southern California
|
Northern California
|
Seattle Metro
|
Other real estate assets (1)
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
2011
|
2010
|
2011
|
2010
|
% Change
|
|||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property revenue
|
$ | 52,831 | $ | 50,750 | 4.1 | % | $ | 32,153 | $ | 29,340 | 9.6 | % | $ | 16,010 | $ | 14,708 | 8.9 | % | $ | - | $ | - | $ | 100,994 | $ | 94,798 | 6.5 | % | ||||||||||||||||||||||||||||
Non-same property revenue (2)
|
5,890 | 1,146 | 7,680 | 5,231 | 5,461 | 4,263 | 3,125 | 2,027 | 22,156 | 12,667 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues
|
$ | 58,721 | $ | 51,896 | $ | 39,833 | $ | 34,571 | $ | 21,471 | $ | 18,971 | $ | 3,125 | $ | 2,027 | $ | 123,150 | $ | 107,465 | ||||||||||||||||||||||||||||||||||||
Property operating expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property operating expenses
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes
|
$ | 4,249 | $ | 4,226 | $ | 2,822 | $ | 2,792 | $ | 1,428 | $ | 1,583 | $ | - | $ | - | $ | 8,499 | $ | 8,601 | ||||||||||||||||||||||||||||||||||||
Administrative
|
3,991 | 4,045 | 1,651 | 1,750 | 1,027 | 1,079 | - | - | 6,669 | 6,874 | ||||||||||||||||||||||||||||||||||||||||||||||
Maintenance and repairs
|
3,860 | 3,943 | 2,328 | 2,399 | 1,443 | 1,449 | - | - | 7,631 | 7,791 | ||||||||||||||||||||||||||||||||||||||||||||||
Utilities
|
3,292 | 3,297 | 2,268 | 2,175 | 1,381 | 1,272 | - | - | 6,941 | 6,744 | ||||||||||||||||||||||||||||||||||||||||||||||
Management fees and insurance
|
1,856 | 1,949 | 1,026 | 1,072 | 663 | 699 | - | - | 3,545 | 3,720 | ||||||||||||||||||||||||||||||||||||||||||||||
Total same-property operating expenses
|
17,248 | 17,460 | -1.2 | % | 10,095 | 10,188 | -0.9 | % | 5,942 | 6,082 | -2.3 | % | - | - | $ | 33,285 | $ | 33,730 | -1.3 | % | ||||||||||||||||||||||||||||||||||||
Non-same property operating expenses (2)
|
2,328 | 762 | 2,818 | 2,061 | 1,651 | 1,463 | 227 | 142 | 7,024 | 4,428 | ||||||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses
|
$ | 19,576 | $ | 18,222 | $ | 12,913 | $ | 12,249 | $ | 7,593 | $ | 7,545 | $ | 227 | $ | 142 | $ | 40,309 | $ | 38,158 | ||||||||||||||||||||||||||||||||||||
Net operating income (NOI):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property NOI
|
$ | 35,583 | $ | 33,290 | 6.9 | % | $ | 22,058 | $ | 19,152 | 15.2 | % | $ | 10,068 | $ | 8,626 | 16.7 | % | $ | - | $ | - | $ | 67,709 | $ | 61,068 | 10.9 | % | ||||||||||||||||||||||||||||
Non-same property NOI (2)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redevelopment communities
|
- | - | 620 | 566 | 1,312 | 1,147 | - | - | 1,932 | 1,713 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2011
|
- | - | 434 | - | 201 | - | - | - | 635 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2010
|
1,683 | 416 | 2,689 | 2,071 | 1,095 | 631 | 5,467 | 3,118 | ||||||||||||||||||||||||||||||||||||||||||||||||
Development communities (4)
|
1,879 | (32 | ) | 1,119 | 533 | 1,202 | 1,022 | - | - | 4,200 | 1,523 | |||||||||||||||||||||||||||||||||||||||||||||
Other real estate assets (1)
|
- | - | - | - | - | - | 2,898 | 1,885 | 2,898 | 1,885 | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-same property NOI
|
3,562 | 384 | 4,862 | 3,170 | 3,810 | 2,800 | 2,898 | 1,885 | 15,132 | 8,239 | ||||||||||||||||||||||||||||||||||||||||||||||
Total NOI
|
$ | 39,145 | $ | 33,674 | $ | 26,920 | $ | 22,322 | $ | 13,878 | $ | 11,426 | $ | 2,898 | $ | 1,885 | $ | 82,841 | $ | 69,307 | ||||||||||||||||||||||||||||||||||||
Same-property operating margin
|
67 | % | 66 | % | 69 | % | 65 | % | 63 | % | 59 | % | 67 | % | 64 | % | ||||||||||||||||||||||||||||||||||||||||
Annualized same-property turnover percentage
|
45 | % | 44 | % | 41 | % | 36 | % | 34 | % | 36 | % | 42 | % | 40 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property concessions per turn (3)
|
$ | 201 | $ | 178 | $ | 169 | $ | 169 | $ | 202 | $ | 135 | $ | 192 | $ | 168 | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of apartment units at end of period
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property apartment units
|
12,175 | 6,524 | 4,625 | 23,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated apartment units
|
13,205 | 12,917 | 8,106 | 7,696 | 6,108 | 5,980 | 27,419 | 26,593 | ||||||||||||||||||||||||||||||||||||||||||||||||
Joint venture
|
1,909 | 1,097 | 1,895 | 1,575 | 1,530 | 648 | 5,334 | 3,320 | ||||||||||||||||||||||||||||||||||||||||||||||||
Under development
|
371 | 115 | 589 | 284 | 275 | - | 1,235 | 399 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total apartment units at end of period
|
15,485 | 14,129 | 10,590 | 9,555 | 7,913 | 6,628 | 33,988 | 30,312 | ||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total
|
46 | % | 47 | % | 31 | % | 32 | % | 23 | % | 22 | % | 100 | % | 101 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property financial occupancy
|
96.6 | % | 96.5 | % | 96.7 | % | 96.4 | % | 96.6 | % | 95.8 | % | 96.6 | % | 96.4 | % |
(1)
|
Other real estate assets consists mainly of retail space, commercial properties, and boat slips and their operating results are classified in non-same property results.
|
(2)
|
Includes properties which subsequent to October 1, 2010 were either acquired or in a stage of development or redevelopment without stabilized operations.
|
(3)
|
Average same-property concessions per turn is the dollar amount per unit resulting from the same-property concessions divided by the product of the same property turnover percentage for the quarter times the same-property apartment units.
|
(4)
|
Development communities include Allegro, Axis 2300, Bellerive, Muse, Santee Village and Via.
|
See Company's 10-K and 10-Q for additional disclosures
S-7
E S S E X P R O P E R T Y T R U S T, I N C.
Property Operating Results - Year ended December 31, 2011 and 2010
(Dollars in thousands, except per unit amounts)
Southern California
|
Northern California
|
Seattle Metro
|
Other real estate assets (1)
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
2011
|
2010
|
2011
|
2010
|
% Change
|
|||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property revenue
|
$ | 207,813 | $ | 202,354 | 2.7 | % | $ | 123,451 | $ | 116,796 | 5.7 | % | $ | 61,827 | $ | 59,101 | 4.6 | % | $ | - | $ | 393,091 | $ | 378,251 | 3.9 | % | ||||||||||||||||||||||||||||||
Non-same property revenue (2)
|
18,556 | 1,193 | 26,006 | 10,506 | 20,140 | 11,247 | 10,984 | 7,537 | 75,686 | 30,483 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues
|
$ | 226,369 | $ | 203,547 | $ | 149,457 | $ | 127,302 | $ | 81,967 | $ | 70,348 | $ | 10,984 | $ | 7,457 | $ | 468,777 | $ | 408,734 | ||||||||||||||||||||||||||||||||||||
Property operating expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property operating expenses
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes
|
$ | 17,155 | $ | 17,135 | $ | 11,830 | $ | 12,310 | $ | 5,747 | $ | 5,945 | $ | - | $ | - | $ | 34,732 | $ | 35,390 | ||||||||||||||||||||||||||||||||||||
Administrative
|
16,217 | 16,226 | 6,877 | 6,886 | 4,312 | 4,408 | - | - | 27,406 | 27,520 | ||||||||||||||||||||||||||||||||||||||||||||||
Maintenance and repairs
|
15,354 | 14,393 | 8,920 | 8,479 | 5,154 | 4,896 | - | - | 29,428 | 27,768 | ||||||||||||||||||||||||||||||||||||||||||||||
Utilities
|
13,604 | 13,154 | 8,651 | 8,679 | 5,396 | 5,023 | - | - | 27,651 | 26,856 | ||||||||||||||||||||||||||||||||||||||||||||||
Management fees and insurance
|
7,791 | 7,895 | 4,271 | 4,354 | 2,797 | 2,832 | - | - | 14,859 | 15,081 | ||||||||||||||||||||||||||||||||||||||||||||||
Total same-property operating expenses
|
70,121 | 68,803 | 1.9 | % | 40,549 | 40,708 | -0.4 | % | 23,406 | 23,104 | 1.3 | % | - | - | 134,076 | 132,615 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
Non-same property operating expenses (2)
|
8,015 | 889 | 9,861 | 4,306 | 6,388 | 4,238 | 2,245 | 2,417 | 26,509 | 11,850 | ||||||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses
|
$ | 78,136 | $ | 69,692 | $ | 50,410 | $ | 45,014 | $ | 29,794 | $ | 27,342 | $ | 2,245 | $ | 2,417 | $ | 160,585 | $ | 144,465 | ||||||||||||||||||||||||||||||||||||
Net operating income (NOI):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property NOI
|
$ | 137,692 | $ | 133,551 | 3.1 | % | $ | 82,902 | $ | 76,088 | 9.0 | % | $ | 38,421 | $ | 35,997 | 6.7 | % | $ | - | $ | - | $ | 259,015 | $ | 245,636 | 5.5 | % | ||||||||||||||||||||||||||||
Non-same property NOI (2)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redevelopment communities
|
- | - | 2,294 | 2,256 | 5,012 | 4,617 | - | - | 7,306 | 6,873 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2011
|
- | - | 1,223 | - | 228 | - | - | - | 1,451 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2010
|
6,245 | 416 | 10,053 | 3,382 | 3,949 | 880 | - | - | 20,247 | 4,678 | ||||||||||||||||||||||||||||||||||||||||||||||
Development communities (4)
|
4,296 | (112 | ) | 2,575 | 562 | 4,563 | 1,512 | - | - | 11,434 | 1,962 | |||||||||||||||||||||||||||||||||||||||||||||
Other real estate assets (1)
|
- | - | - | - | - | - | 8,739 | 5,120 | 8,739 | 5,120 | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-same property NOI
|
10,541 | 304 | 16,145 | 6,200 | 13,752 | 7,009 | 8,739 | 5,120 | 49,177 | 18,633 | ||||||||||||||||||||||||||||||||||||||||||||||
Total NOI
|
$ | 148,233 | $ | 133,855 | $ | 99,047 | $ | 82,288 | $ | 52,173 | $ | 43,006 | $ | 8,739 | $ | 5,120 | $ | 308,192 | $ | 264,269 | ||||||||||||||||||||||||||||||||||||
Same-property operating margin
|
66 | % | 66 | % | 67 | % | 65 | % | 62 | % | 61 | % | 66 | % | 65 | % | ||||||||||||||||||||||||||||||||||||||||
Annualized same-property turnover percentage
|
51 | % | 50 | % | 48 | % | 47 | % | 46 | % | 46 | % | 49 | % | 48 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property concessions per turn (3)
|
$ | 153 | $ | 158 | $ | 153 | $ | 149 | $ | 116 | $ | 107 | $ | 146 | $ | 146 | ||||||||||||||||||||||||||||||||||||||||
Average same-property financial occupancy
|
96.3 | % | 96.8 | % | 96.6 | % | 97.2 | % | 96.4 | % | 96.9 | % | 96.4 | % | 96.9 | % |
(1)
|
Other real estate assets consists mainly of retail space, commercial properties, and boat slips and their operating results are classified in non-same property results.
|
(2)
|
Includes properties which subsequent to January 1, 2010 were either acquired or in a stage of development or redevelopment without stabilized operations.
|
(3)
|
Average same-property concessions per turn is the dollar amount per unit resulting from the same-property concessions divided by the product of the same property turnover percentage times the same-property apartment units.
|
(4)
|
Development communities include Allegro, Axis 2300, Bellerive, Muse, Santee Village and Via.
|
See Company's 10-K and 10-Q for additional disclosures
S-7.1
E S S E X P R O P E R T Y T R U S T, I N C.
Revenue by County - Quarters ended December 31, 2011, December 31, 2010 and September 30, 2011
(Dollars in thousands)
Average Property Rental Rates
|
December 31, 2011
|
December 31, 2010
|
||||||||||||||||||||||||||||||||||||||||||
Region
|
Units
|
QTD
2011
|
QTD
2010
|
% Change
|
Property Revenue
|
Financial Occupancy
|
Property Revenue
|
Financial Occupancy
|
Property Revenue
% Change
|
Property Revenue
September 30, 2011
|
Sequential % Change
|
|||||||||||||||||||||||||||||||||
Southern California
|
||||||||||||||||||||||||||||||||||||||||||||
Los Angeles County
|
4,140 | $ | 1,620 | $ | 1,557 | 4.0 | % | $ | 20,675 | 97.0 | % | $ | 19,695 | 96.6 | % | 5.0 | % | $ | 20,329 | 1.7 | % | |||||||||||||||||||||||
Ventura County
|
2,898 | 1,328 | 1,288 | 3.1 | % | 11,940 | 96.5 | % | 11,435 | 96.4 | % | 4.4 | % | 11,707 | 2.0 | % | ||||||||||||||||||||||||||||
San Diego County
|
2,477 | 1,155 | 1,115 | 3.6 | % | 8,874 | 96.9 | % | 8,552 | 96.5 | % | 3.8 | % | 8,799 | 0.9 | % | ||||||||||||||||||||||||||||
Orange County
|
2,037 | 1,455 | 1,410 | 3.2 | % | 9,172 | 97.6 | % | 8,701 | 96.4 | % | 5.4 | % | 9,010 | 1.8 | % | ||||||||||||||||||||||||||||
Santa Barbara County
|
347 | 1,657 | 1,658 | -0.1 | % | 1,540 | 87.6 | % | 1,766 | 99.1 | % | -12.8 | % | 1,506 | 2.3 | % | ||||||||||||||||||||||||||||
Riverside County
|
276 | 771 | 734 | 5.0 | % | 630 | 94.8 | % | 601 | 91.8 | % | 4.8 | % | 604 | 4.3 | % | ||||||||||||||||||||||||||||
Total same-property
|
12,175 | 1,410 | 1,362 | 3.5 | % | 52,831 | 96.6 | % | 50,750 | 96.5 | % | 4.1 | % | 51,955 | 1.7 | % | ||||||||||||||||||||||||||||
Los Angeles County
|
665 | 1,899 | 3,574 | 549 | ||||||||||||||||||||||||||||||||||||||||
Orange County
|
365 | 2,180 | 2,316 | 597 | ||||||||||||||||||||||||||||||||||||||||
Non-same property
|
1,030 | 1,998 | 5,890 | 1,146 | ||||||||||||||||||||||||||||||||||||||||
Northern California
|
||||||||||||||||||||||||||||||||||||||||||||
Santa Clara County
|
2,260 | 1,715 | 1,521 | 12.8 | % | 11,776 | 96.9 | % | 10,435 | 96.6 | % | 12.9 | % | 11,376 | 3.5 | % | ||||||||||||||||||||||||||||
Contra Costa County
|
1,720 | 1,549 | 1,443 | 7.3 | % | 8,176 | 97.1 | % | 7,555 | 96.4 | % | 8.2 | % | 7,862 | 4.0 | % | ||||||||||||||||||||||||||||
Alameda County
|
1,371 | 1,433 | 1,336 | 7.3 | % | 6,070 | 95.9 | % | 5,723 | 96.3 | % | 6.1 | % | 5,918 | 2.6 | % | ||||||||||||||||||||||||||||
San Mateo County
|
768 | 1,710 | 1,565 | 9.3 | % | 4,075 | 97.2 | % | 3,654 | 95.9 | % | 11.5 | % | 3,879 | 5.1 | % | ||||||||||||||||||||||||||||
San Francisco MSA
|
175 | 1,947 | 1,835 | 6.1 | % | 1,005 | 94.3 | % | 980 | 97.9 | % | 2.6 | % | 993 | 1.2 | % | ||||||||||||||||||||||||||||
Other
|
230 | 1,523 | 1,492 | 2.1 | % | 1,051 | 96.3 | % | 993 | 94.9 | % | 5.8 | % | 998 | 5.3 | % | ||||||||||||||||||||||||||||
Total same-property
|
6,524 | 1,611 | 1,474 | 9.3 | % | 32,153 | 96.7 | % | 29,340 | 96.4 | % | 9.6 | % | 31,026 | 3.6 | % | ||||||||||||||||||||||||||||
Alameda County
|
171 | 1,693 | 903 | 857 | ||||||||||||||||||||||||||||||||||||||||
Santa Clara County
|
1,411 | 1,758 | 6,777 | 4,374 | ||||||||||||||||||||||||||||||||||||||||
Non-same property
|
1,582 | 1,751 | 7,680 | 5,231 | ||||||||||||||||||||||||||||||||||||||||
Seattle Metro
|
||||||||||||||||||||||||||||||||||||||||||||
Total same-property
|
4,625 | 1,086 | 1,008 | 7.8 | % | 16,010 | 96.6 | % | 14,708 | 95.8 | % | 8.9 | % | 15,507 | 3.2 | % | ||||||||||||||||||||||||||||
Non-same property
|
1,483 | 1,173 | 5,461 | 4,263 | ||||||||||||||||||||||||||||||||||||||||
Other real estate assets
|
3,125 | 2,027 | ||||||||||||||||||||||||||||||||||||||||||
Total same-property revenue
|
23,324 | $ | 1,402 | $ | 1,323 | 6.0 | % | $ | 100,994 | 96.6 | % | $ | 94,798 | 96.4 | % | 6.5 | % | $ | 98,488 | 2.5 | % | |||||||||||||||||||||||
Total non-same property revenue
|
4,095 | $ | 1,462 | $ | 22,156 | $ | 12,667 |
See Company's 10-K and 10-Q for additional disclosures
S-8
E S S E X P R O P E R T Y T R U S T, I N C.
Revenue by County - Year ended December 31, 2011 and 2010
(Dollars in thousands)
Average Property Rental Rates
|
Year to Date 2011
|
Year to Date 2010
|
||||||||||||||||||||||||||||||||||
Region
|
Units
|
YTD 2011
|
YTD 2010
|
% Change
|
Property Revenue
|
Financial Occupancy
|
Property Revenue
|
Financial Occupancy
|
Property Revenue
% Change
|
|||||||||||||||||||||||||||
Southern California
|
||||||||||||||||||||||||||||||||||||
Los Angeles County
|
4,140 | $ | 1,592 | $ | 1,547 | 2.9 | % | $ | 80,944 | 96.6 | % | $ | 78,531 | 96.7 | % | 3.1 | % | |||||||||||||||||||
Ventura County
|
2,898 | 1,316 | 1,278 | 3.0 | % | 46,955 | 96.2 | % | 45,713 | 97.0 | % | 2.7 | % | |||||||||||||||||||||||
San Diego County
|
2,477 | 1,139 | 1,106 | 3.0 | % | 34,951 | 96.5 | % | 33,788 | 96.7 | % | 3.4 | % | |||||||||||||||||||||||
Orange County
|
2,037 | 1,436 | 1,412 | 1.7 | % | 35,882 | 96.9 | % | 34,968 | 96.9 | % | 2.6 | % | |||||||||||||||||||||||
Santa Barbara County
|
347 | 1,664 | 1,637 | 1.6 | % | 6,580 | 91.3 | % | 6,902 | 97.3 | % | -4.7 | % | |||||||||||||||||||||||
Riverside County
|
276 | 755 | 730 | 3.4 | % | 2,501 | 94.3 | % | 2,452 | 93.6 | % | 2.0 | % | |||||||||||||||||||||||
Total same-property
|
12,175 | 1,391 | 1,354 | 2.7 | % | 207,813 | 96.3 | % | 202,354 | 96.8 | % | 2.7 | % | |||||||||||||||||||||||
Los Angeles County
|
665 | 1,618 | 9,736 | 548 | ||||||||||||||||||||||||||||||||
Orange County
|
365 | 2,174 | 8,820 | 645 | ||||||||||||||||||||||||||||||||
Non-same property
|
1,030 | 1,815 | 18,556 | 1,193 | ||||||||||||||||||||||||||||||||
Northern California
|
||||||||||||||||||||||||||||||||||||
Santa Clara County
|
2,260 | 1,625 | 1,495 | 8.7 | % | 44,745 | 97.0 | % | 41,254 | 97.4 | % | 8.5 | % | |||||||||||||||||||||||
Contra Costa County
|
1,720 | 1,500 | 1,430 | 4.9 | % | 31,367 | 96.4 | % | 30,147 | 97.4 | % | 4.0 | % | |||||||||||||||||||||||
Alameda County
|
1,371 | 1,387 | 1,322 | 4.9 | % | 23,691 | 96.1 | % | 22,826 | 96.8 | % | 3.8 | % | |||||||||||||||||||||||
San Mateo County
|
768 | 1,639 | 1,550 | 5.7 | % | 15,547 | 97.1 | % | 14,739 | 97.6 | % | 5.5 | % | |||||||||||||||||||||||
San Francisco MSA
|
175 | 1,899 | 1,821 | 4.3 | % | 3,962 | 95.6 | % | 3,812 | 96.3 | % | 3.9 | % | |||||||||||||||||||||||
Other
|
230 | 1,511 | 1,475 | 2.4 | % | 4,139 | 95.2 | % | 4,018 | 96.4 | % | 3.0 | % | |||||||||||||||||||||||
Total same-property
|
6,524 | 1,547 | 1,456 | 6.3 | % | 123,451 | 96.6 | % | 116,796 | 97.2 | % | 5.7 | % | |||||||||||||||||||||||
Alameda County
|
171 | 1,675 | 3,485 | 1,561 | ||||||||||||||||||||||||||||||||
Santa Clara County
|
1,411 | 1,713 | 22,521 | 8,945 | ||||||||||||||||||||||||||||||||
Non-same property
|
1,582 | 1,709 | 26,006 | 10,506 | ||||||||||||||||||||||||||||||||
Seattle Metro
|
||||||||||||||||||||||||||||||||||||
Total same-property
|
4,625 | 1,052 | 1,003 | 4.9 | % | 61,827 | 96.4 | % | 59,101 | 96.9 | % | 4.6 | % | |||||||||||||||||||||||
Non-same property
|
1,483 | 1,085 | 20,140 | 11,247 | ||||||||||||||||||||||||||||||||
Other real estate assets
|
10,984 | 7,537 | ||||||||||||||||||||||||||||||||||
Total same-property revenue
|
23,324 | $ | 1,367 | $ | 1,313 | 4.1 | % | $ | 393,091 | 96.4 | % | $ | 378,251 | 96.9 | % | 3.9 | % | |||||||||||||||||||
Total non-same property revenue
|
4,095 | $ | 1,418 | $ | 75,686 | $ | 30,483 |
See Company's 10-K and 10-Q for additional disclosures
S-8.1
E S S E X P R O P E R T Y T R U S T, I N C.
Development Pipeline - Year ended December 31, 2011
(Dollars in millions)
Ownership %
|
Estimated Units
|
Estimated retail Sq. Feet
|
Incurred to Date
|
Remaining Costs
|
Estimated Total Cost
|
Construction Start
|
Initial Occupancy
|
Stabilized Operations
|
|||||||||||||||||||||
Development Projects - Joint Venture
|
|||||||||||||||||||||||||||||
Project Name
|
Location
|
||||||||||||||||||||||||||||
Queen Anne
|
Seattle, WA
|
50 | % | 275 | 17,000 | $ | 33.5 | $ | 45.6 | $ | 79.1 |
May-11
|
Mar-13
|
Nov-13
|
|||||||||||||||
Epic (formerly Cadence) Phase I
|
San Jose, CA
|
55 | % | 280 | - | 79.5 | 19.1 | 98.6 |
Aug-11
|
May-13
|
Jan-14
|
||||||||||||||||||
West Dublin
|
Dublin, CA
|
55 | % | 309 | - | 23.1 | 71.4 | 94.5 |
Aug-11
|
Jun-13
|
Mar-14
|
||||||||||||||||||
Fountain at La Brea
|
West Hollywood, CA
|
50 | % | 187 | 18,200 | 27.0 | 48.0 | 75.0 |
Oct-11
|
Feb-14
|
Oct-14
|
||||||||||||||||||
Santa Monica
|
West Hollywood, CA
|
50 | % | 184 | 12,750 | 19.7 | 55.7 | 75.4 |
Dec-11
|
Jul-14
|
Mar-15
|
||||||||||||||||||
Total - Joint Venture Development Projects | 1,235 | 47,950 | 182.8 | 239.8 | 422.6 | ||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
Predevelopment Projects - Joint Venture
|
|||||||||||||||||||||||||||||
Project Name
|
Location
|
||||||||||||||||||||||||||||
Epic (formerly Cadence) Phases II & III
|
San Jose, CA
|
55 | % | 481 | - | 42.8 | - | 42.8 | |||||||||||||||||||||
Total - Joint Venture Predevelopment Projects | 481 | - | 42.8 | 0.0 | 42.8 | ||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
Land Held for Future Development or Sale
|
|||||||||||||||||||||||||||||
Project Name
|
Location
|
||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
City Centre
|
Moorpark, CA
|
200 | - | - | - | - | |||||||||||||||||||||||
Main Street
|
Walnut Creek, CA
|
48 | 37,000 | - | - | - | |||||||||||||||||||||||
Park Boulevard
|
Palo Alto, CA
|
50 | - | - | - | - | |||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
Total - Land Held for Future Development or Sale
|
298 | 37,000 | 44.3 | - | 44.3 | ||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
Grand Total - Development Pipeline
|
2,014 | 84,950 | $ | 269.9 | $ | 239.8 | $ | 509.7 |
See Company's 10-K and 10-Q for additional disclosures
S-9
E S S E X P R O P E R T Y T R U S T, I N C.
Redevelopment Pipeline and Capital Expenditures - Year ended December 31, 2011
(Dollars in thousands, except per unit amounts)
Total
|
Estimated
|
Estimated
|
NOI
|
||||||||||||||||||||||
Incurred
|
Remaining
|
Total
|
Project
|
For the quarter ended
|
|||||||||||||||||||||
Region/Project Name
|
Units
|
To Date
|
Cost
|
Cost
|
Start Date
|
Q4 2011 | Q4 2010 | ||||||||||||||||||
Approved - Redevelopment Projects (1) (2)
|
|||||||||||||||||||||||||
Northern California
|
|||||||||||||||||||||||||
Marina Cove, Santa Clara, CA
|
292 | $ | 4,854 | $ | 5,004 | $ | 9,858 |
Jun-07
|
|||||||||||||||||
Pointe at Cupertino, Cupertino, CA
|
116 | 6,338 | 2,232 | 8,570 |
Jan-10
|
||||||||||||||||||||
Southern California
|
|||||||||||||||||||||||||
The Bluffs II, San Diego, CA
|
224 | 3,206 | 6,491 | 9,697 |
Oct-11
|
||||||||||||||||||||
Total Approved - Redevelopment Projects
|
632 | $ | 14,398 | $ | 13,727 | $ | 28,125 | ||||||||||||||||||
Active - Redevelopment Projects
|
|||||||||||||||||||||||||
Northern California
|
|||||||||||||||||||||||||
Magnolia Square, Sunnyvale, CA
|
188 | $ | 5,703 | $ | 4,658 | $ | 10,361 |
Sep-10
|
$ | 620 | $ | 566 | |||||||||||||
Seattle Metro
|
|||||||||||||||||||||||||
Foothill Commons, Bellevue, WA (3)
|
388 | 25,349 | 10,989 | 36,338 |
Jun-07
|
828 | 750 | ||||||||||||||||||
Woodland Commons, Bellevue, WA (4)
|
236 | 7,863 | 13,693 | 21,556 |
Jun-07
|
484 | 398 | ||||||||||||||||||
Total Active - Redevelopment Projects
|
812 | $ | 38,915 | $ | 29,340 | $ | 68,255 | $ | 1,932 | $ | 1,714 |
(1) |
These projects are approved and redevelopment activities have commenced, but as of Q4 2011 the communities have stabilized operations, and therefore results are classified in same-property operations.
|
(2) |
The Company incurred $0.2 milllion in vacancy loss during the quarter related to redevelopment of unit interiors which totaled 119 units during the quarter.
|
(3) |
During the third quarter 2009, the Company completed the construction of 28 additional apartment homes.
|
(4) |
The Company is building 66 additional apartment homes expected to be available for lease in the third quarter of 2012.
|
Non-revenue Generating Capital Expenditures
|
Q4 2011 | Q3 2011 | Q2 2011 | Q1 2011 | Q4 2010 | |||||||||||||||
Non-revenue generating capital expenditures
|
$ | 12,144 | $ | 6,235 | $ | 4,778 | $ | 2,933 | $ | 10,109 | ||||||||||
Average apartment units in quarter
|
27,241 | 26,964 | 26,944 | 26,888 | 26,242 | |||||||||||||||
Capital expenditures per apartment unit in the quarter
|
$ | 446 | $ | 231 | $ | 177 | $ | 109 | $ | 385 | ||||||||||
Capital expenditures per apartment unit-trailing four quarters
|
$ | 958 | $ | 892 | $ | 966 | $ | 1,054 | $ | 1,116 |
See Company's 10-K and 10-Q for additional disclosures
S-10
E S S E X P R O P E R T Y T R U S T, I N C.
Co-investments - December 31, 2011 |
Essex
|
Total
|
Essex
|
Weighted
|
Remaining
|
For the Quarter
|
For the
|
|||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Ownership
|
Undepreciated
|
Debt
|
Book
|
Average
|
Term of
|
Ended December 31,
|
year ended
|
||||||||||||||||||||||||||||||||||||
Percentage
|
Units
|
Book Value
|
Amount
|
Value
|
Borrowing Rate
|
Debt
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||||||||||||||||||||
Operating Joint Ventures
|
Net Operating Income
|
|||||||||||||||||||||||||||||||||||||||||||
Essex Apartment Value Fund II, L.P. (Fund II) (1)
|
28.2 | % | 2,971 | $ | 600,612 | $ | 296,142 | $ | 64,294 | 3.4 | % | 6.6 | $ | 8,500 | $ | 7,320 | $ | 31,958 | $ | 29,742 | ||||||||||||||||||||||||
Wesco I, LLC (2)
|
50 | % | 2,013 | 425,464 | 280,449 | 75,589 | 3.8 | % | 6.7 | 3,824 | - | 6,718 | - | |||||||||||||||||||||||||||||||
Essex Skyline at MacArthur Place (3)
|
50 | % | 349 | 134,600 | 80,000 | 24,063 | 3.1 | % | 2.5 | 1,685 | (63 | ) | 5,274 | 1,122 | ||||||||||||||||||||||||||||||
Total operating joint venture investments
|
5,333 | $ | 1,160,676 | $ | 656,591 | $ | 163,946 | 3.5 | % | 5.5 | $ | 14,009 | $ | 7,257 | $ | 43,950 | $ | 30,864 | ||||||||||||||||||||||||||
Essex Portion of NOI and Expenses
|
||||||||||||||||||||||||||||||||||||||||||||
Essex portion of NOI
|
$ | 5,152 | $ | 2,033 | $ | 15,008 | $ | 8,948 | ||||||||||||||||||||||||||||||||||||
Essex portion of depreciation
|
(4,145 | ) | (1,840 | ) | (12,642 | ) | (6,128 | ) | ||||||||||||||||||||||||||||||||||||
Essex portion of interest expense and other
|
(2,518 | ) | (1,115 | ) | (7,240 | ) | (4,769 | ) | ||||||||||||||||||||||||||||||||||||
Essex portion of net loss from operating joint ventures
|
$ | (1,512 | ) | $ | (922 | ) | $ | (4,874 | ) | $ | (1,949 | ) | ||||||||||||||||||||||||||||||||
Development Joint Ventures (4)
|
50/55 | % | 1,716 | $ | 225,552 | $ | 28,500 | 96,072 | 1.6 | % | 35.0 | $ | (43 | ) | $ | - | $ | (43 | ) | $ | - | |||||||||||||||||||||||
Essex portion of net loss from joint ventures
|
$ | (1,555 | ) | $ | (922 | ) | $ | (4,917 | ) | $ | (1,949 | ) |
Weighted
|
Weighted
|
|||||||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||||||
Preferred
|
Expected
|
|||||||||||||||||||||||||||
Return
|
Term
|
|||||||||||||||||||||||||||
Income from Preferred Equity Investments
|
||||||||||||||||||||||||||||
Preferred Equity Investments
|
123,394 | 10.2 | % | 6.5 | $ | 1,418 | $ | 234 | $ | 3,531 | $ | 234 | ||||||||||||||||
Total Co-investments | $ | 383,412 |
(1)
|
The Company has a 28.2% interest as a general partner and limited partner in Fund II, and may earn promote income if Fund II exceeds certain financial return benchmarks.
|
(2)
|
The Company has a 50% interest in Wesco I and the Company may earn promote income if the co-investment exceeds certain financial benchmarks.
|
(3)
|
The Company has a 47% effective interest and a 50% voting interest in Skyline, and the Company may earn promote income if the co-investment exceeds certain financial return benchmarks.
|
(4)
|
The Company has interests in four development co-investments, which are developing projects located in Seattle, Washington, and Dublin, San Jose, and West Hollywood, California.
|
See Company's 10-K and 10-Q for additional disclosures
S-11
E S S E X P R O P E R T Y T R U S T, I N C.
Summary of Consolidated Co-Investments and Noncontrolling Interest - December 31, 2011
(Dollars in thousands)
The Company enters into co-investment transactions with third party developers, owners and investors of apartment communities. In accordance with GAAP, the Company consolidates certain of these co-investment transactions, resulting in noncontrolling interests corresponding to the ownership interest of the third-party developer, owner or investor.
The following table summarizes the consolidated co-investments and noncontrolling interest:
Balance as of December 31, 2011
|
Operations for the year ended
December 31, 2011 |
|||||||||||||||||||||||||||
Investment in
|
Related
|
Noncontrolling
|
DownREIT
|
Operating
|
||||||||||||||||||||||||
Real Estate
|
Debt
|
Interest
|
Units Outstanding (1)
|
Revenue
|
Expenses
|
NOI
|
||||||||||||||||||||||
Noncontrolling Interest - DownREIT:
|
||||||||||||||||||||||||||||
Anchor Village
|
$ | 15,563 | $ | 10,750 | $ | 1,515 | 102,713 | $ | 2,901 | $ | 1,307 | $ | 1,594 | |||||||||||||||
Barkley Apartments
|
8,773 | 17,015 | 1,992 | 76,205 | 2,425 | 908 | 1,517 | |||||||||||||||||||||
Brentwood
|
14,369 | 19,603 | 2,568 | 58,884 | 2,415 | 691 | 1,724 | |||||||||||||||||||||
Brookside Oaks
|
33,105 | 20,277 | 2,469 | 85,095 | 3,192 | 853 | 2,339 | |||||||||||||||||||||
Capri at Sunny Hills
|
16,269 | 18,132 | 3,108 | 160,890 | 2,345 | 662 | 1,683 | |||||||||||||||||||||
Hidden Valley (2)
|
37,014 | 31,180 | 6,089 | 62,647 | 5,214 | 1,638 | 3,576 | |||||||||||||||||||||
Highridge Apartments
|
29,383 | 44,807 | 3,752 | 276,158 | 5,828 | 1,394 | 4,434 | |||||||||||||||||||||
Montejo Apartments
|
8,289 | 13,538 | 1,216 | 29,319 | 1,816 | 501 | 1,315 | |||||||||||||||||||||
Thomas Jefferson
|
30,923 | 18,776 | 6,426 | 57,714 | 2,844 | 940 | 1,904 | |||||||||||||||||||||
Treehouse Apartments
|
12,603 | 17,568 | 2,951 | 67,728 | 2,415 | 690 | 1,725 | |||||||||||||||||||||
Valley Park Apartments
|
14,423 | 22,983 | 304 | 34,564 | 2,794 | 613 | 2,181 | |||||||||||||||||||||
Villa Angelina Apartments
|
18,651 | 28,020 | 2,421 | 51,931 | 3,721 | 977 | 2,744 | |||||||||||||||||||||
$ | 239,365 | $ | 262,649 | 34,811 | 1,063,848 | $ | 37,910 | $ | 11,174 | $ | 26,736 | |||||||||||||||||
Other Components of Noncontrolling Interest:
|
||||||||||||||||||||||||||||
Hillsdale Garden Apartments (3)
|
$ | 112,405 | - | 21,526 | $ | 13,980 | $ | 5,257 | $ | 8,723 | ||||||||||||||||||
Joint Venture - Development (4)
|
$ | 26,800 | $ | 5,648 | 4,000 | |||||||||||||||||||||||
Operating Limited Partnership Units and Other
|
55,864 | |||||||||||||||||||||||||||
Total Noncontrolling Interest
|
$ | 116,201 |
(1)
|
Generally, DownREIT units are redeemed for cash at a value equal to Essex's common stock price.
|
(2)
|
TheDownREIT has a 75% interest in this community and a joint venture partner has a 25% interest.
|
(3)
|
TheCompany has an 81.5% interest in this community and the joint venture partner has an 18.5% interest.
|
(4)
|
TheCompany consolidates one joint venture development located in Walnut Creek, California, in which the Company has a 50% interest.
|
See Company's 10-K and 10-Q for additional disclosures
S-12
E S S E X P R O P E R T Y T R U S T, I N C.
Income From Discontinued Operations and Selected Financial Data - December 31, 2011
(Dollars in thousands)
Income from Discontinued Operations
During the quarter ended December 31, 2011, the Company sold the Clarendon office building and earlier in the year the Company sold Woodlawn Colonial. No communities were sold or held for sale for the quarter and year ended December 31, 2010.
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 30,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Rental revenues
|
$ | 64 | $ | 572 | $ | 1,016 | $ | 2,447 | ||||||||
Property operating expenses
|
(46 | ) | (267 | ) | (510 | ) | (1,042 | ) | ||||||||
Depreciation and amortization
|
(23 | ) | (171 | ) | (315 | ) | (700 | ) | ||||||||
(Loss) income from real estate sold
|
(5 | ) | 134 | 191 | 705 | |||||||||||
Gain on sale, net of internal disposition costs and taxes
|
3,159 | - | 7,543 | - | ||||||||||||
Income from discontinued operations
|
$ | 3,154 | $ | 134 | $ | 7,734 | $ | 705 |
Shares Outstanding and Potentially Dilutive Securities
|
||||||||||||
Q4 2011 |
Actual
|
YTD 2011
|
||||||||||
Weighted Avg.
|
As of 12/31/11
|
Weighted Avg.
|
||||||||||
Common Shares
|
33,509,885 | 33,888,082 | 32,541,792 | |||||||||
Stock Options
|
80,740 | 114,569 | 86,922 | |||||||||
Weighted Avg. Shares Diluted - EPS
|
33,590,625 | 34,002,651 | 32,628,714 | |||||||||
Operating Limited Partnership Units
|
2,228,006 | 2,229,230 | 2,231,807 | |||||||||
Weighted Avg. Shares Diluted - FFO
|
35,818,631 | 36,231,881 | 34,860,521 |
See Company's 10-K and 10-Q for additional disclosures
S-13
E S S E X P R O P E R T Y T R U S T, I N C.
Assumptions for Midpoint of 2012 FFO Guidance
Q4 2011 Earnings Results Supplement
($'s in thousands, except share and per share data) | ||||||||||||||||||||||
Midpoint
|
||||||||||||||||||||||
Actual
|
Per
|
Guidance
|
Per
|
%
|
||||||||||||||||||
2011
|
Share
|
2012
|
Share
|
Change
|
||||||||||||||||||
Net Operating Income ("NOI")
|
||||||||||||||||||||||
Same-Property NOI for 2011
|
(1 | ) | $ | 259,015 |
|
|
||||||||||||||||
External growth communities stabilized as of January 1, 2010
|
||||||||||||||||||||||
Newly acquired communities - 2010
|
(2 | ) | 20,247 | |||||||||||||||||||
Stabilized development communities
|
(3 | ) | 8,516 | |||||||||||||||||||
Stabilized redevelopment community
|
(4 | ) | 3,213 | |||||||||||||||||||
Same-property apartment communities
|
$ | 290,991 | $ | 313,300 |
|
7.7 | % | |||||||||||||||
Development communities
|
(5 | ) | 2,918 | (5 | ) | 11,400 | ||||||||||||||||
Newly acquired communities - 2011
|
(6 | ) | 1,451 | (6 | ) | 4,400 | ||||||||||||||||
Newly acquired communities - 2012
|
- | (7 | ) | 900 | ||||||||||||||||||
Redevelopment communities
|
(1 | ) | 4,093 | (1 | ) | 4,500 | ||||||||||||||||
Commercial leasing and other operating activity
|
8,739 | 9,500 | ||||||||||||||||||||
Discontinued operations
|
(1 | ) | 506 | - | ||||||||||||||||||
Total NOI from consolidated communities
|
$ | 308,698 | $ | 344,000 | ||||||||||||||||||
Accretion from external growth, net of dispositions
|
$ | - | $ | 1,000 | ||||||||||||||||||
Management Fees
|
||||||||||||||||||||||
Asset and property management fees
|
$ | 5,428 | $ | 7,900 | ||||||||||||||||||
Development and redevelopment fees
|
1,352 | 3,000 | ||||||||||||||||||||
Development/redevelopment overhead related to joint ventures
|
(800 | ) | (1,500 | ) | ||||||||||||||||||
Net management fees
|
5,980 | 9,400 | ||||||||||||||||||||
Capital Markets Activities
|
||||||||||||||||||||||
Interest and amortization expense, before capitalized interest
|
$ | (111,368 | ) | $ | (118,400 | ) | ||||||||||||||||
Projected interest capitalized
|
8,200 | 8,000 | ||||||||||||||||||||
Net interest expense
|
(103,168 | ) | (110,400 | ) | ||||||||||||||||||
Recurring Income and Expenses
|
||||||||||||||||||||||
Interest and other income
|
$ | 10,321 | $ | 10,100 | ||||||||||||||||||
Income from co-investments
|
11,256 | 27,100 | ||||||||||||||||||||
Preferred dividends and non-controlling interest
|
(13,036 | ) | (12,700 | ) | ||||||||||||||||||
8,541 | 24,500 | |||||||||||||||||||||
General and administrative expenses
|
$ | (24,073 | ) | $ | (27,300 | ) | ||||||||||||||||
Development overhead related to development joint ventures
|
800 | 1,500 | ||||||||||||||||||||
Net general and administrative expenses
|
(23,273 | ) | (25,800 | ) | ||||||||||||||||||
Non-Core Income and Expenses
|
||||||||||||||||||||||
Gains on sales of marketable securities
|
$ | 4,956 | $ | - | ||||||||||||||||||
Gain on sale of co-investment and land
|
1,099 | - | ||||||||||||||||||||
Acquisition costs
|
(1,231 | ) | (1,200 | ) | ||||||||||||||||||
Other non-core items, net
|
(1,430 | ) | - | |||||||||||||||||||
3,394 | (1,200 | ) | ||||||||||||||||||||
Funds from Operations
|
$ | 200,172 |
$ 5.74
|
$ | 241,500 |
$ 6.62
|
15.2 | % | ||||||||||||||
Funds from Operations excluding non-core items
|
$ | 196,778 |
$ 5.64
|
$ | 242,700 |
$ 6.65
|
17.8 | % | ||||||||||||||
Weighted average shares outstanding
|
34,860,521 | 36,500,000 |
(1) NOI related to the sale of Woodlawn Colonial and the Clarendon office building have been reclassed to discontinued operations for 2011. NOI related to Magnolia Square and Woodland Commons is included redevelopment communities.
(2) The amount includes the NOI for 2010 acquisitions including 101 San Fernando, Bella Villagio, The Commons, 416 on Broadway, Santee Court, Corbella at Juanita Bay, Courtyard off Main, and Elevation.
(3) The amount includes the NOI for stabilized development communities including Joule, Fourth & U, and Axis 2300.
(4) The amount includes the NOI for the stabilized redevelopment community Foothill Commons.
(5) The amount includes NOI from development communities including Allegro, Bellerive, Muse, Santee Village, and Via.
(6) The amount includes NOI from 2011 acquisitions of stabilized communities including Bernard, Delano/Bon Terra, and 1000 Kiely (formerly Family Tree).
(7) The amount includes NOI from the 2012 acquisition of Reed Square.
See Company's 10-K and 10-Q for additional disclosures
S-14
E S S E X P R O P E R T Y T R U S T, I N C
MSA Level Forecasts 2012: Supply Jobs and Apartment Market Conditions
Residential Supply*
|
Job Forecast**
|
Forecast Market Conditions***
|
||||||||||
Market
|
New MF Supply
|
% of MF Stock
|
New SF Supply
|
% of SF Stock
|
Est.New Jobs Dec-Dec
|
% Growth
|
Estimated Y-o-Y Rent Growth
|
Estimated Year End Occupancy
|
||||
Seattle
|
1,800
|
0.5%
|
3,400
|
0.5%
|
25,000
|
1.8%
|
9.00%
|
95.50%
|
||||
San Francisco
|
1,000
|
0.3%
|
300
|
0.1%
|
16,000
|
1.7%
|
8.25%
|
97.00%
|
||||
Oakland
|
900
|
0.3%
|
1,200
|
0.2%
|
12,000
|
1.3%
|
6.75%
|
96.50%
|
||||
San Jose
|
1,100
|
0.5%
|
700
|
0.2%
|
20,000
|
2.3%
|
9.25%
|
97.00%
|
||||
No. Cal.
|
3,000
|
0.3%
|
2,200
|
0.2%
|
48,000
|
1.7%
|
8.0%
|
96.8%
|
||||
Ventura
|
200
|
0.4%
|
200
|
0.1%
|
2,800
|
1.0%
|
4.50%
|
95.50%
|
||||
Los Angeles
|
1,700
|
0.1%
|
1,800
|
0.1%
|
37,000
|
1.0%
|
6.50%
|
95.50%
|
||||
Orange
|
1,700
|
0.5%
|
1,400
|
0.2%
|
20,000
|
1.4%
|
7.50%
|
95.50%
|
||||
San Diego
|
1,800
|
0.4%
|
1,700
|
0.2%
|
19,000
|
1.5%
|
5.00%
|
95.75%
|
||||
So. Cal.
|
5,400
|
0.2%
|
5,100
|
0.1%
|
78,800
|
1.2%
|
6.2%
|
95.55%
|
||||
Weighted Average****
|
10,200
|
0.3%
|
10,700
|
0.2%
|
151,800
|
1.4%
|
7.4%
|
96.0%
|
All data are Essex Forecasts
U.S. Economic Assumptions: G.D.P.: Q4 '12 vs Q4 '11: 2.6% , Jobs: Q4 '12 vs Q4 '11 1.3%
* New Residential Supply: represents Essex's internal estimate of actual deliveries during the year, which are related to, but can differ from the 12 month trailing Permit Levels reported on New Residential Supply schedule.
** Job Forecast/Performance refers to the difference between Total Non-Farm Industry Employment (not seasonally adjusted) projected through Q4 2012 over the comparable actual figures for Q4 2011, expressed as expected new jobs and growth rates.
***The Forecast Market Conditions represents Essex's estimates of the change in Market rents/occupancy rates for Q4 2012. The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for Q4 2012 vs.Q4 2011 (where Market refers to the entire MSA apartment market, NOT the Essex portfolio). The estimated Year End Occupancy represents Essex's forecast of Market occupancy rates for Q4 2012.
****Weighted Average: Markets weighted by units in Essex portfolio.
See Company's 10-K and 10-Q for additional disclosures
S-15
E S S E X P R O P E R T Y T R U S T, I N C
New Residential Supply: Permits as a % of Current Stock (12 Month Permit Period: Trailing 12 Months December 2011)
Single Family Data
|
Multi-Family Data
|
All Residential Data
|
||||||||||||||||||||||||||||||||||||||
Market
|
Median SF Price (Q2 2011 est**)
|
Q2 2011 SF Affordability*
|
SF Stock 2010
|
SF Permits Last 12 Months
|
% of Stock
|
MF Stock 2010
|
MF Permits Last 12 months
|
% of Stock
|
Total Residential Permits Last 12 Months
|
% of Stock
|
||||||||||||||||||||||||||||||
Chicago
|
$ | 187,700 | 176 | % | 1,951,000 | 4,157 | 0.2 | % | 1,493,900 | 3,354 | 0.2 | % | 7,511 | 0.2 | % | |||||||||||||||||||||||||
New York PMSA
|
$ | 389,600 | 74 | % | 796,000 | 592 | 0.1 | % | 3,084,000 | 7,922 | 0.3 | % | 8,514 | 0.2 | % | |||||||||||||||||||||||||
Nassau-Suffolk
|
$ | 376,500 | 123 | % | 773,000 | 1,073 | 0.2 | % | 246,000 | 631 | 0.3 | % | 1,704 | 0.3 | % | |||||||||||||||||||||||||
Philadelphia
|
$ | 219,600 | 142 | % | 1,652,000 | 4,586 | 0.3 | % | 546,100 | 2,141 | 0.4 | % | 6,727 | 0.3 | % | |||||||||||||||||||||||||
Boston
|
$ | 367,700 | 105 | % | 1,551,000 | 3,280 | 0.2 | % | 708,800 | 2,318 | 0.3 | % | 5,598 | 0.3 | % | |||||||||||||||||||||||||
Minneapolis
|
$ | 160,300 | 220 | % | 948,000 | 3,750 | 0.4 | % | 386,800 | 1,368 | 0.4 | % | 5,118 | 0.4 | % | |||||||||||||||||||||||||
Miami/Ft. Lauderdale
|
$ | 187,600 | 136 | % | 873,000 | 4,295 | 0.5 | % | 987,000 | 3,151 | 0.3 | % | 7,446 | 0.4 | % | |||||||||||||||||||||||||
Atlanta
|
$ | 101,900 | 333 | % | 1,527,000 | 6,239 | 0.4 | % | 571,800 | 2,390 | 0.4 | % | 8,629 | 0.4 | % | |||||||||||||||||||||||||
Baltimore
|
$ | 238,800 | 147 | % | 863,000 | 3,269 | 0.4 | % | 286,000 | 2,031 | 0.7 | % | 5,300 | 0.5 | % | |||||||||||||||||||||||||
Phoenix
|
$ | 113,700 | 245 | % | 1,318,000 | 7,389 | 0.6 | % | 418,500 | 1,569 | 0.4 | % | 8,958 | 0.5 | % | |||||||||||||||||||||||||
Las Vegas
|
$ | 122,700 | 217 | % | 629,000 | 3,858 | 0.6 | % | 272,700 | 1,153 | 0.4 | % | 5,011 | 0.6 | % | |||||||||||||||||||||||||
Portland
|
$ | 223,200 | 141 | % | 648,000 | 3,133 | 0.5 | % | 254,335 | 1,970 | 0.8 | % | 5,103 | 0.6 | % | |||||||||||||||||||||||||
Denver
|
$ | 235,600 | 146 | % | 671,000 | 3,595 | 0.5 | % | 302,900 | 2,653 | 0.9 | % | 6,248 | 0.6 | % | |||||||||||||||||||||||||
Orlando
|
$ | 127,800 | 216 | % | 644,000 | 4,554 | 0.7 | % | 255,500 | 1,623 | 0.6 | % | 6,177 | 0.7 | % | |||||||||||||||||||||||||
Wash. D.C. PMSA
|
$ | 340,900 | 130 | % | 1,504,000 | 9,277 | 0.6 | % | 714,300 | 9,385 | 1.3 | % | 18,662 | 0.8 | % | |||||||||||||||||||||||||
Dallas-Ft. Worth
|
$ | 151,800 | 202 | % | 1,722,000 | 14,000 | 0.8 | % | 744,000 | 10,352 | 1.4 | % | 24,352 | 1.0 | % | |||||||||||||||||||||||||
Houston
|
$ | 159,500 | 186 | % | 1,388,000 | 22,738 | 1.6 | % | 647,700 | 8,008 | 1.2 | % | 30,746 | 1.5 | % | |||||||||||||||||||||||||
Austin
|
$ | 195,200 | 166 | % | 441,000 | 6,242 | 1.4 | % | 214,900 | 2,390 | 1.1 | % | 8,632 | 1.3 | % | |||||||||||||||||||||||||
Totals
|
$ | 237,993 | 196 | % | 17,948,000 | 106,027 | 0.6 | % | 10,641,335 | 64,409 | 0.6 | % | 170,436 | 0.6 | % | |||||||||||||||||||||||||
Seattle
|
$ | 309,300 | 112 | % | 778,000 | 4,573 | 0.6 | % | 411,500 | 3,810 | 0.9 | % | 8,383 | 0.7 | % | |||||||||||||||||||||||||
San Francisco
|
$ | 632,000 | 65 | % | 378,000 | 365 | 0.1 | % | 364,000 | 2,298 | 0.6 | % | 2,663 | 0.4 | % | |||||||||||||||||||||||||
Oakland
|
$ | 470,400 | 88 | % | 677,000 | 1,542 | 0.2 | % | 294,000 | 1,425 | 0.5 | % | 2,967 | 0.3 | % | |||||||||||||||||||||||||
San Jose
|
$ | 587,500 | 79 | % | 407,000 | 993 | 0.2 | % | 216,000 | 2,044 | 0.9 | % | 3,037 | 0.5 | % | |||||||||||||||||||||||||
Los Angeles
|
$ | 331,000 | 85 | % | 1,956,000 | 2,317 | 0.1 | % | 1,472,000 | 7,278 | 0.5 | % | 9,595 | 0.3 | % | |||||||||||||||||||||||||
Ventura
|
$ | 414,200 | 98 | % | 216,000 | 271 | 0.1 | % | 59,300 | 126 | 0.2 | % | 397 | 0.1 | % | |||||||||||||||||||||||||
Orange
|
$ | 489,600 | 81 | % | 669,000 | 1,837 | 0.3 | % | 368,800 | 2,388 | 0.6 | % | 4,225 | 0.4 | % | |||||||||||||||||||||||||
San Diego
|
$ | 369,800 | 84 | % | 727,000 | 2,245 | 0.3 | % | 413,700 | 2,366 | 0.6 | % | 4,611 | 0.4 | % | |||||||||||||||||||||||||
No Cal
|
$ | 544,781 | 80 | % | 1,462,000 | 2,900 | 0.2 | % | 874,000 | 5,767 | 0.7 | % | 8,667 | 0.4 | % | |||||||||||||||||||||||||
So Cal
|
$ | 373,680 | 85 | % | 3,568,000 | 6,670 | 0.2 | % | 2,313,800 | 12,158 | 0.5 | % | 18,828 | 0.3 | % | |||||||||||||||||||||||||
ESSEX
|
$ | 408,126 | 87 | % | 5,808,000 | 14,143 | 0.2 | % | 3,599,300 | 21,735 | 0.6 | % | 35,878 | 0.4 | % |
Permits: Single Family equals 1 unit, Multi-Family equals 5 or more units.
Sources: SF Prices - Economy.com: Permits, Total Residential Stock - U.S. Census, Axiometrics, Mortgage Rates: Freddie Mac.
Single Family/Multi-Family Breakdown of Total Residences, Rosen Consulting Group, US Census, EASI, Essex.
*Single Family Affordability - Equals the ratio of the actual Median Household Income to the Income required to purchase the Median Priced Home.
**Median Home Prices - Q3 2011 National Association of Realtors, DataQuick, Essex.
The required Income is defined such that the mortgage payment is 35% of said income, assuming a 10% down payment and a 30-year fixed mortgage rate (4.84%).
Median Household Income is estimated from US Census 2004 data and Income Growth from BEA and Population Growth from the US Census.
See Company's 10-K and 10-Q for additional disclosures
S-16
ESSEX PROPERTY TRUST, INC.
Real Estate Information as of February 1, 2012
Square
|
Year
|
Year
|
Property
|
Age of
|
|||||||
Property Name
|
Address
|
City
|
State
|
Units
|
Footage
|
Acquired
|
Built
|
Ownership
|
Property
|
||
APARTMENT COMMUNITIES
|
|||||||||||
NORTHERN CALIFORNIA
|
|||||||||||
Santa Clara County
|
|||||||||||
1
|
The Commons
|
275 Union Avenue
|
Campbell
|
CA
|
264
|
153,168
|
2010
|
1973
|
EPLP
|
38
|
|
1
|
Pointe at Cupertino
|
19920 Olivewood Street
|
Cupertino
|
CA
|
116
|
135,200
|
1998
|
1963
|
EPLP
|
48
|
|
1
|
Bella Villagio
|
383 Vista Roma Way
|
San Jose
|
CA
|
231
|
227,511
|
2010
|
2004
|
EPLP
|
7
|
|
Epic - Phase 1
|
545 River Oaks Parkway
|
San Jose
|
CA
|
280
|
249,080
|
JV-55%
|
|||||
1
|
Carlyle, The
|
2909 Nieman Boulevard
|
San Jose
|
CA
|
132
|
129,200
|
2000
|
2000
|
EPLP
|
11
|
|
1
|
Enclave, The
|
4355 Renaissance Drive
|
San Jose
|
CA
|
637
|
525,463
|
2005
|
1998
|
Fund II
|
13
|
|
1
|
Esplanade
|
350 East Taylor St.
|
San Jose
|
CA
|
278
|
279,000
|
2004
|
2002
|
EPLP
|
9
|
|
1
|
Waterford, The
|
1700 N. First Street
|
San Jose
|
CA
|
238
|
219,600
|
2000
|
2000
|
EPLP
|
11
|
|
1
|
101 San Fernando
|
99 S. Fourth Street
|
San Jose
|
CA
|
323
|
296,078
|
2010
|
2001
|
EPLP
|
10
|
|
1
|
1000 Kiely (Family Tree)
|
1000 Kiely Blvd.
|
Santa Clara
|
CA
|
121
|
128,486
|
2011
|
1971
|
EPLP
|
40
|
|
1
|
Le Parc
|
440 N. Winchester Avenue
|
Santa Clara
|
CA
|
140
|
113,200
|
1994
|
1975
|
EPLP
|
36
|
|
1
|
Marina Cove
|
3480 Granada Avenue
|
Santa Clara
|
CA
|
292
|
250,200
|
1994
|
1974
|
EPLP
|
37
|
|
1
|
Bristol Commons
|
732 E. Evelyn Avenue
|
Sunnyvale
|
CA
|
188
|
142,600
|
1995
|
1989
|
EPLP
|
22
|
|
1
|
Brookside Oaks
|
1651 Belleville Way
|
Sunnyvale
|
CA
|
170
|
119,900
|
2000
|
1973
|
DownREIT
|
38
|
|
1
|
Magnolia Lane
|
113 South Mary Avenue
|
Sunnyvale
|
CA
|
32
|
31,541
|
2007
|
2001
|
EPLP
|
10
|
|
1
|
Montclaire
|
450 N. Mathilda Avenue
|
Sunnyvale
|
CA
|
390
|
294,100
|
1988
|
1973
|
EPLP
|
38
|
|
1
|
Reed Square
|
1070 Reed Avenue
|
Sunnyvale
|
CA
|
100
|
95,440
|
2011
|
1970
|
EPLP
|
41
|
|
1
|
Summerhill Park
|
972 Corte Madera Avenue
|
Sunnyvale
|
CA
|
100
|
78,500
|
1988
|
1988
|
EPLP
|
23
|
|
1
|
Magnolia Square (Thomas Jefferson)
|
107 South Mary Avenue
|
Sunnyvale
|
CA
|
156
|
110,824
|
2007
|
1969
|
DownREIT
|
42
|
|
1
|
Via
|
315 Tasman Drive
|
Sunnyvale
|
CA
|
284
|
309,421
|
2011
|
2011
|
EPLP
|
-
|
|
1
|
Windsor Ridge
|
825 E. Evelyn Avenue
|
Sunnyvale
|
CA
|
216
|
161,800
|
1989
|
1989
|
EPLP
|
22
|
|
13%
|
4,408
|
3,801,232
|
|||||||||
Alameda County
|
|||||||||||
1
|
Fourth & U
|
700 University Avenue
|
Berkeley
|
CA
|
171
|
146,255
|
2010
|
2010
|
EPLP
|
1
|
|
1
|
Briarwood
|
4200 Bay Street
|
Fremont
|
CA
|
160
|
111,160
|
2011
|
1978
|
Wesco I
|
33
|
|
1
|
Stevenson Place
|
4141 Stevenson Blvd.
|
Fremont
|
CA
|
200
|
146,200
|
2000
|
1975
|
EPLP
|
36
|
|
1
|
The Woods
|
40640 High Street
|
Fremont
|
CA
|
160
|
105,280
|
2011
|
1978
|
Wesco I
|
33
|
|
1
|
Boulevard
|
40001 Fremont Blvd.
|
Fremont
|
CA
|
172
|
131,200
|
1996
|
1978
|
EPLP
|
33
|
|
1
|
City View
|
25200 Carlos Bee Blvd.
|
Hayward
|
CA
|
572
|
462,400
|
1998
|
1975
|
EPLP
|
36
|
|
1
|
Regency Tower
|
1130 Third Ave.
|
Oakland
|
CA
|
178
|
140,900
|
2005
|
1975
|
Fund II
|
36
|
|
1
|
The Grand
|
100 Grand Avenue
|
Oakland
|
CA
|
243
|
205,026
|
2009
|
2009
|
EPLP
|
2
|
|
1
|
Bridgeport
|
36826 Cherry Street
|
Newark
|
CA
|
184
|
139,000
|
1987
|
1987
|
EPLP
|
24
|
|
1
|
Alderwood Park Apartments
|
37057 Magnolia Street
|
Newark
|
CA
|
96
|
74,624
|
2006
|
1987
|
Fund II
|
24
|
|
5%
|
2,136
|
1,662,045
|
|||||||||
Contra Costa County
|
|||||||||||
West Dublin
|
6600 Golden Gate Drive
|
Dublin
|
CA
|
309
|
286,348
|
JV-55%
|
|||||
1
|
San Marcos
|
2601 Hilltop Drive
|
Richmond
|
CA
|
432
|
407,600
|
2003
|
2003
|
EPLP
|
8
|
|
1
|
Bel Air
|
2000 Shoreline Drive
|
San Ramon
|
CA
|
462
|
391,000
|
1995
|
1988
|
EPLP
|
23
|
|
1
|
Foothill Gardens
|
1110 Harness Drive
|
San Ramon
|
CA
|
132
|
155,100
|
1997
|
1985
|
EPLP
|
26
|
|
1
|
Twin Creeks
|
2711-2731 Morgan Drive
|
San Ramon
|
CA
|
44
|
51,700
|
1997
|
1985
|
EPLP
|
26
|
|
1
|
Canyon Oaks
|
1 Amberstone Lane
|
San Ramon
|
CA
|
250
|
237,894
|
2007
|
2005
|
EPLP
|
6
|
|
1
|
Mill Creek at Windermere
|
2100 Waterstone Place
|
San Ramon
|
CA
|
400
|
381,060
|
2007
|
2005
|
EPLP
|
6
|
|
5%
|
1,720
|
1,624,354
|
|||||||||
San Mateo County
|
|||||||||||
1
|
Carlmont Woods
|
2515 Carlmont Drive
|
Belmont
|
CA
|
195
|
107,200
|
2004
|
1971
|
Fund II
|
40
|
|
1
|
Harbor Cove
|
900 E. Hillsdale Blvd.
|
Foster City
|
CA
|
400
|
306,600
|
2004
|
1971
|
Fund II
|
40
|
|
1
|
Davey Glen
|
200 Davey Glen Road
|
Belmont
|
CA
|
69
|
65,974
|
2006
|
1962
|
Fund II
|
49
|
|
1
|
Hillsdale Garden
|
3421 Edison Avenue
|
San Mateo
|
CA
|
697
|
611,505
|
2006
|
1948
|
JV - 81.5%
|
63
|
|
1
|
Belmont Terrace
|
1606 Continetals Way
|
Belmont
|
CA
|
71
|
72,951
|
2006
|
1974
|
EPLP
|
37
|
|
6%
|
1,432
|
1,164,230
|
|||||||||
San Francisco and Marin Counties | |||||||||||
1
|
Mt. Sutro Terrace Apartments
|
480 Warren Drive
|
San Francisco
|
CA
|
99
|
64,000
|
1999
|
1973
|
EPLP
|
38
|
|
1
|
Vista Belvedere
|
15 Red Hill Circle
|
Tiburon
|
CA
|
76
|
78,300
|
2004
|
1963
|
EPLP
|
48
|
|
1%
|
175
|
142,300
|
|||||||||
Other
|
|||||||||||
1
|
Tuscana
|
315 Mt. Oso
|
Tracy
|
CA
|
30
|
29,088
|
2007
|
2007
|
EPLP
|
4
|
|
1
|
Harvest Park
|
2327 Summercreek Drive
|
Santa Rosa
|
CA
|
104
|
116,628
|
2007
|
2004
|
EPLP
|
7
|
|
1
|
Chestnut Street Apartments
|
143 Chestnut Avenue
|
Santa Cruz
|
CA
|
96
|
87,640
|
2008
|
2002
|
EPLP
|
9
|
|
1%
|
230
|
233,356
|
|||||||||
46
|
Total Northern California
|
31%
|
10,101
|
8,627,517
|
26
|
||||||
SOUTHERN CALIFORNIA
|
|||||||||||
Los Angeles County
|
|||||||||||
1
|
Cielo
|
9733 Topanga Canyon Blvd
|
Chatsworth
|
CA
|
119
|
125,400
|
2009
|
2009
|
Fund II
|
2
|
|
1
|
Regency at Encino
|
15506 Moorpark Street
|
Encino
|
CA
|
75
|
78,487
|
2009
|
1989
|
EPLP
|
22
|
|
1
|
416 on Broadway
|
412 East Broadway
|
Glendale
|
CA
|
115
|
126,782
|
2010
|
2009
|
EPLP
|
2
|
|
1
|
Hampton Court
|
1136 N. Columbus Avenue
|
Glendale
|
CA
|
83
|
71,500
|
1999
|
1974
|
EPLP
|
37
|
|
1
|
Hampton Place
|
245 W. Loraine Street
|
Glendale
|
CA
|
132
|
141,500
|
1999
|
1970
|
EPLP
|
41
|
|
1
|
Marbrisa
|
1809 Termino Ave.
|
Long Beach
|
CA
|
202
|
122,800
|
2002
|
1987
|
EPLP
|
24
|
|
1
|
Pathways
|
5945 E. Pacific Coast Hwy.
|
Long Beach
|
CA
|
296
|
197,700
|
1991
|
1975
|
EPLP
|
36
|
|
1
|
Bellerive
|
1921 Beloit Avenue
|
Los Angeles
|
CA
|
63
|
79,296
|
2011
|
2011
|
EPLP
|
-
|
|
1
|
Bunker Hill
|
222 and 234 S. Figueroa St.
|
Los Angeles
|
CA
|
456
|
346,600
|
1998
|
1968
|
EPLP
|
43
|
|
1
|
Cochran Apartments
|
612 South Cochran
|
Los Angeles
|
CA
|
58
|
51,400
|
1998
|
1989
|
EPLP
|
22
|
|
1
|
Kings Road
|
733 North Kings Road
|
Los Angeles
|
CA
|
196
|
132,100
|
1997
|
1979
|
EPLP
|
32
|
|
1
|
Marbella
|
600 South Detroit Street
|
Los Angeles
|
CA
|
60
|
50,108
|
2005
|
1991
|
EPLP
|
20
|
|
1
|
Belmont Station
|
1302 West 2nd St.
|
Los Angeles
|
CA
|
275
|
225,000
|
2009
|
2009
|
EPLP
|
2
|
|
1
|
Park Place
|
400 S. Detroit Street
|
Los Angeles
|
CA
|
60
|
48,000
|
1997
|
1988
|
EPLP
|
23
|
|
1
|
Windsor Court
|
401 S. Detroit Street
|
Los Angeles
|
CA
|
58
|
46,600
|
1997
|
1988
|
EPLP
|
23
|
|
1
|
Renaissance
|
630 South Masselin Avenue
|
Los Angeles
|
CA
|
169
|
154,268
|
2006
|
1990
|
Fund II
|
21
|
|
1
|
Santee Court
|
716 S. Los Angeles Street
|
Los Angeles
|
CA
|
165
|
132,040
|
2010
|
2004
|
EPLP
|
7
|
|
1
|
Santee Village
|
743 South Santee Street
|
Los Angeles
|
CA
|
73
|
69,817
|
2010
|
2011
|
EPLP
|
-
|
|
1
|
Marina City Club
|
4333 Admiralty Way
|
Marina Del Rey
|
CA
|
101
|
127,200
|
2004
|
1971
|
EPLP
|
40
|
|
1
|
Mirabella
|
13701 Marina Point Drive
|
Marina Del Rey
|
CA
|
188
|
176,800
|
2000
|
2000
|
EPLP
|
11
|
|
1
|
Muse
|
5451 Vineland Avenue
|
North Hollywood
|
CA
|
152
|
135,292
|
2011
|
2011
|
EPLP
|
-
|
|
1
|
Monterra del Mar
|
280 E. Del Mar Boulevard
|
Pasadena
|
CA
|
123
|
74,400
|
1997
|
1972
|
EPLP
|
39
|
|
1
|
Monterra del Rey
|
350 Madison
|
Pasadena
|
CA
|
84
|
73,100
|
1999
|
1972
|
EPLP
|
39
|
|
1
|
Monterra del Sol
|
280 South Euclid
|
Pasadena
|
CA
|
85
|
69,200
|
1999
|
1972
|
EPLP
|
39
|
|
1
|
Fountain Park
|
13141 Fountain Park Drive
|
Playa Vista
|
CA
|
705
|
608,900
|
2004
|
2002
|
EPLP
|
9
|
|
1
|
Highridge
|
28125 Peacock Ridge Drive
|
Rancho Palos Verde
|
CA
|
255
|
290,200
|
1997
|
1972
|
DownREIT
|
39
|
|
1
|
Studio 40-41
|
4043 Radford Avenue
|
Studio City
|
CA
|
149
|
127,238
|
2009
|
2009
|
Fund II
|
2
|
|
1
|
Coldwater Canyon
|
4250 Codlwater Canyon
|
Studio City
|
CA
|
39
|
34,125
|
2007
|
1979
|
EPLP
|
32
|
|
1
|
Allegro
|
11945 Magnolia Blvd.
|
Valley Village
|
CA
|
97
|
127,812
|
2010
|
2010
|
EPLP
|
1
|
|
1
|
Walnut Heights
|
20700 San Jose Hills Road
|
Walnut
|
CA
|
163
|
146,700
|
2003
|
1964
|
EPLP
|
47
|
|
Fountain at La Brea
|
1216-1234 North La Brea Avenue
|
West Hollywood
|
CA
|
187
|
154,776
|
JV - 50%
|
|||||
Santa Monica at La Brea
|
1111 North La Brea Avenue
|
West Hollywood
|
CA
|
184
|
150,678
|
JV - 50%
|
|||||
1
|
Avondale at Warner Center
|
22222 Victory Blvd.
|
Woodland Hills
|
CA
|
446
|
331,000
|
1999
|
1970
|
EPLP
|
41
|
|
1
|
Reveal
|
21201 Kittridge Street
|
Woodland Hills
|
CA
|
438
|
414,892
|
2011
|
2010
|
Wesco I
|
1
|
|
17%
|
5,680
|
4,937,822
|
|||||||||
Ventura County
|
|||||||||||
1
|
Camarillo Oaks
|
921 Paseo Camarillo
|
Camarillo
|
CA
|
564
|
459,000
|
1996
|
1985
|
EPLP
|
26
|
|
1
|
Camino Ruiz Square
|
105 Camino Ruiz
|
Camarillo
|
CA
|
160
|
105,448
|
2006
|
1990
|
EPLP
|
21
|
|
1
|
Arbors at Parc Rose
|
1500 Tulipan Circle
|
Oxnard
|
CA
|
373
|
503,196
|
2011
|
2001
|
Wesco I
|
10
|
|
1
|
Mariner's Place
|
711 South B Street
|
Oxnard
|
CA
|
105
|
77,200
|
2000
|
1987
|
EPLP
|
24
|
|
1
|
Tierra Vista
|
1750 Montevina Circle
|
Oxnard
|
CA
|
404
|
387,100
|
2001
|
2001
|
EPLP
|
10
|
|
1
|
Monterey Villas
|
1040 Kelp Lane
|
Oxnard
|
CA
|
122
|
122,100
|
1997
|
1974
|
EPLP
|
37
|
|
1
|
Meadowood
|
1733 Cochran Street
|
Simi Valley
|
CA
|
320
|
264,500
|
1996
|
1986
|
EPLP
|
25
|
|
1
|
Hidden Valley
|
5065 Hidden Park Court
|
Simi Valley
|
CA
|
324
|
310,900
|
2004
|
2004
|
DownREIT
|
7
|
|
1
|
Lofts at Pinehurst,The
|
1021 Scandia Avenue
|
Ventura
|
CA
|
118
|
71,100
|
1997
|
1971
|
EPLP
|
40
|
|
1
|
Hillcrest Park
|
1800 West Hillcrest Drive
|
Newbury Park
|
CA
|
608
|
521,900
|
1998
|
1973
|
EPLP
|
38
|
|
1
|
Pinehurst
|
3980 Telegraph Road
|
Ventura
|
CA
|
28
|
21,200
|
2004
|
1973
|
EPLP
|
38
|
|
1
|
Woodside Village
|
675 Providence Ave.
|
Ventura
|
CA
|
145
|
136,500
|
2004
|
1987
|
EPLP
|
24
|
1
10%
|
3,271
|
2,980,144
|
|||||||||
SOUTHERN CALIFORNIA (cont'd)
|
|||||||||||
Santa Barbara County
|
|||||||||||
1
|
Chimney Sweep
|
775 Camino Del Sur Drive
|
Goleta
|
CA
|
91
|
2006
|
1967
|
EPLP
|
44
|
||
1
|
CBC
|
6721 El Colegio Drive
|
Goleta
|
CA
|
148
|
2006
|
1962
|
EPLP
|
49
|
||
1
|
Hope Ranch (Continental Apartments)
|
3968-3974 & 3999 Via Lucero
|
Santa Barbara
|
CA
|
108
|
2007
|
1965
|
EPLP
|
46
|
||
Hope Ranch (Lucero Village)
|
3968-3974 & 3999 Via Lucero
|
Santa Barbara
|
CA
|
2007
|
1973
|
EPLP
|
38
|
||||
1%
|
347
|
306,608
|
|||||||||
Orange County
|
|||||||||||
1
|
Anavia
|
2045 South State College Blvd.
|
Anaheim
|
CA
|
250
|
312,343
|
2010
|
2009
|
EPLP
|
2
|
|
1
|
Barkley Apartments
|
2400 E. Lincoln Ave.
|
Anahiem
|
CA
|
161
|
139,800
|
2000
|
1984
|
DownREIT
|
27
|
|
1
|
Valley Park Apartments
|
17300 Euclid Ave.
|
Fountain Valley
|
CA
|
160
|
169,700
|
2001
|
1969
|
DownREIT
|
42
|
|
1
|
Capri at Sunny Hills
|
2341 Daphne Place
|
Fullerton
|
CA
|
100
|
128,100
|
2001
|
1961
|
DownREIT
|
50
|
|
1
|
Wilshire Promenade
|
141 West Wilshire Avenue
|
Fullerton
|
CA
|
149
|
128,000
|
1997
|
1992
|
EPLP
|
19
|
|
1
|
Montejo Apartments
|
12911 Dale St.
|
Garden Grove
|
CA
|
124
|
103,200
|
2001
|
1974
|
DownREIT
|
37
|
|
1
|
Huntington Breakers
|
21270 Beach Boulevard
|
Huntington Beach
|
CA
|
342
|
241,700
|
1997
|
1984
|
EPLP
|
27
|
|
1
|
Axis 2300
|
2300 DuPont Drive
|
Irvine
|
CA
|
115
|
170,714
|
2010
|
2010
|
EPLP
|
1
|
|
1
|
Hillsborough Park
|
1501 South Beach Boulevard
|
La Habra
|
CA
|
235
|
215,500
|
1999
|
1999
|
EPLP
|
12
|
|
1
|
Trabuco Villas
|
25362 Mosswood Way
|
Lake Forest
|
CA
|
132
|
131,000
|
1997
|
1985
|
EPLP
|
26
|
|
1
|
Fairways Apartments
|
2 Pine Valley Lane
|
Newport Beach
|
CA
|
74
|
107,100
|
1999
|
1972
|
EPLP
|
39
|
|
1
|
Villa Angelina
|
201 E. Chapman Ave.
|
Placentia
|
CA
|
256
|
217,600
|
2001
|
1970
|
DownREIT
|
41
|
|
1
|
Brentwood Apartment Homes
|
2301 E. Santa Clara Ave.
|
Santa Ana
|
CA
|
140
|
154,800
|
2001
|
1970
|
DownREIT
|
41
|
|
1
|
Treehouse Apartments
|
2601 N. Grand Ave.
|
Santa Ana
|
CA
|
164
|
135,700
|
2001
|
1970
|
DownREIT
|
41
|
|
1
|
Essex Skyline at MacArthur Place
|
9 & 15 MacArthur Place
|
Santa Ana
|
CA
|
349
|
512,791
|
2010
|
2008
|
JV- 47%
|
3
|
|
8%
|
2,751
|
2,868,048
|
|||||||||
San Diego County
|
|||||||||||
1
|
Alpine Country
|
2660 Alpine Blvd.
|
Alpine
|
CA
|
108
|
81,900
|
2002
|
1986
|
EPLP
|
25
|
|
1
|
Alpine Village
|
2055 Arnold Way
|
Alpine
|
CA
|
301
|
254,400
|
2002
|
1971
|
EPLP
|
40
|
|
1
|
Bonita Cedars
|
5155 Cedarwood Rd.
|
Bonita
|
CA
|
120
|
120,800
|
2002
|
1983
|
EPLP
|
28
|
|
1
|
Cambridge
|
660 F. St.
|
Chula Vista
|
CA
|
40
|
22,100
|
2002
|
1965
|
EPLP
|
46
|
|
1
|
Mesa Village
|
5265 Clairemont Mesa Blvd.
|
Clairemont
|
CA
|
133
|
43,600
|
2002
|
1963
|
EPLP
|
48
|
|
1
|
Tierra del Sol/Norte
|
989 Peach Ave.
|
El Cajon
|
CA
|
156
|
117,000
|
2002
|
1969
|
EPLP
|
42
|
|
1
|
Mira Monte
|
10360 Maya Linda Rd.
|
Mira Mesa
|
CA
|
355
|
262,600
|
2002
|
1982
|
EPLP
|
29
|
|
1
|
Country Villas
|
283 Douglas Drive
|
Oceanside
|
CA
|
180
|
179,700
|
2002
|
1976
|
EPLP
|
35
|
|
1
|
Mission Hills
|
218 Rancho Del Oro
|
Oceanside
|
CA
|
282
|
244,000
|
2005
|
1984
|
EPLP
|
27
|
|
1
|
Bluffs II, The
|
6466 Friars Road
|
San Diego
|
CA
|
224
|
126,700
|
1997
|
1974
|
EPLP
|
37
|
|
1
|
Summit Park
|
8563 Lake Murray Blvd.
|
San Diego
|
CA
|
300
|
229,400
|
2002
|
1972
|
EPLP
|
39
|
|
1
|
Vista Capri - North
|
3277 Berger Ave.
|
San Diego
|
CA
|
106
|
51,800
|
2002
|
1975
|
EPLP
|
36
|
|
1
|
Shadow Point
|
9830 Dale Ave.
|
Spring Valley
|
CA
|
172
|
131,200
|
2002
|
1983
|
EPLP
|
28
|
|
8%
|
2,477
|
1,865,200
|
|||||||||
Riverside County
|
|||||||||||
1
|
Parcwood
|
1700 Via Pacifica
|
Corona
|
CA
|
312
|
270,000
|
2004
|
1989
|
Fund II
|
22
|
|
1
|
Devonshire Apartments
|
2770 West Devonshire Ave.
|
Hemet
|
CA
|
276
|
207,200
|
2002
|
1988
|
EPLP
|
23
|
|
2%
|
588
|
477,200
|
|||||||||
77
|
Total Southern California
|
46%
|
15,114
|
13,435,022
|
27
|
||||||
SEATTLE METROPOLITAN AREA
|
|||||||||||
1
|
Cedar Terrace
|
3205 115th Ave. NE
|
Bellevue
|
WA
|
180
|
174,200
|
2005
|
1984
|
EPLP
|
27
|
|
1
|
Courtyard Off Main
|
136 102nd Avenue SE
|
Bellevue
|
WA
|
109
|
108,388
|
2010
|
2000
|
EPLP
|
11
|
|
1
|
Emerald Ridge
|
3010 118th Avenue SE
|
Bellevue
|
WA
|
180
|
144,000
|
1994
|
1987
|
EPLP
|
24
|
|
1
|
Foothill Commons
|
13800 NE 9th Place
|
Bellevue
|
WA
|
388
|
288,300
|
1990
|
1978
|
EPLP
|
33
|
|
1
|
Palisades, The
|
13808 NE 12th
|
Bellevue
|
WA
|
192
|
159,700
|
1990
|
1977
|
EPLP
|
34
|
|
1
|
Sammamish View
|
16160 SE Eastgate Way
|
Bellevue
|
WA
|
153
|
133,500
|
1994
|
1986
|
EPLP
|
25
|
|
1
|
Woodland Commons
|
13700 NE 10th Place
|
Bellevue
|
WA
|
236
|
172,300
|
1990
|
1978
|
EPLP
|
33
|
|
1
|
Canyon Pointe
|
1630 228th St. SE
|
Bothell
|
WA
|
250
|
210,400
|
2003
|
1990
|
EPLP
|
21
|
|
1
|
Inglenook Court
|
14220 Juanita Drive, NE
|
Bothell
|
WA
|
224
|
183,600
|
1994
|
1985
|
EPLP
|
26
|
|
1
|
Salmon Run at Perry Creek
|
2109 228th Street SE
|
Bothell
|
WA
|
132
|
117,100
|
2000
|
2000
|
EPLP
|
11
|
|
1
|
Stonehedge Village
|
14690 143rd Blvd., NE
|
Bothell
|
WA
|
196
|
214,800
|
1997
|
1986
|
EPLP
|
25
|
|
1
|
Highlands at Wynhaven
|
1460 NE Hawthorne Street
|
Issaquah
|
WA
|
333
|
424,674
|
2008
|
2000
|
EPLP
|
11
|
|
1
|
Park Hill at Issaquah
|
22516 SE 56th Street
|
Issaquah
|
WA
|
245
|
277,700
|
1999
|
1999
|
EPLP
|
12
|
|
1
|
Wandering Creek
|
12910 SE 240th
|
Kent
|
WA
|
156
|
124,300
|
1995
|
1986
|
EPLP
|
25
|
|
1
|
Bridle Trails
|
6600 130th Avenue, NE
|
Kirkland
|
WA
|
108
|
99,700
|
1997
|
1986
|
EPLP
|
25
|
|
1
|
Evergreen Heights
|
12233 NE 131st Way
|
Kirkland
|
WA
|
200
|
188,300
|
1997
|
1990
|
EPLP
|
21
|
|
1
|
Corbella at Juanita Bay
|
9520 NE 120th Street
|
Kirkland
|
WA
|
169
|
103,339
|
2010
|
1978
|
EPLP
|
33
|
|
1
|
Laurels at Mill Creek
|
1110 164th Street SE
|
Mill Creek
|
WA
|
164
|
134,300
|
1996
|
1981
|
EPLP
|
30
|
|
1
|
Morning Run
|
18463 Blueberry Lane
|
Monroe
|
WA
|
222
|
221,786
|
2005
|
1991
|
Fund II
|
20
|
|
1
|
Anchor Village
|
9507 49th Avenue West
|
Mukilteo
|
WA
|
301
|
245,900
|
1997
|
1981
|
DownREIT
|
30
|
|
1
|
Castle Creek
|
7000 132nd Place, SE
|
Newcastle
|
WA
|
216
|
191,900
|
1998
|
1998
|
EPLP
|
13
|
|
1
|
Delano/Bon Terra
|
7805, 7903 and 7935 170th Place NE
|
Redmond
|
WA
|
126
|
116,340
|
2011
|
2011/2005
|
EPLP
|
0/6
|
|
1
|
Elevation
|
17202-17325 NE 85th Place
|
Redmond
|
WA
|
157
|
138,916
|
2010
|
1986
|
EPLP
|
25
|
|
1
|
Redmond Hill East
|
18666 Redmond Way
|
Redmond
|
WA
|
440
|
381,675
|
2011
|
1998
|
Wesco I
|
13
|
|
1
|
Redmond Hill West
|
6110 186th Place NE
|
Redmond
|
WA
|
442
|
350,275
|
2011
|
1985
|
Wesco I
|
26
|
|
1
|
Brighton Ridge
|
2307 NE 4th Street
|
Renton
|
WA
|
264
|
201,300
|
1996
|
1986
|
EPLP
|
25
|
|
1
|
Fairwood Pond
|
14700 SE Petrovitsky Rd.
|
Renton
|
WA
|
194
|
189,200
|
2004
|
1997
|
EPLP
|
14
|
|
1
|
Forest View
|
650 Duvall Ave. NE
|
Renton
|
WA
|
192
|
182,500
|
2003
|
1998
|
EPLP
|
13
|
|
1
|
The Bernard
|
115 Warren Ave North.
|
Seattle
|
WA
|
63
|
43,151
|
2011
|
2008
|
EPLP
|
3
|
|
1
|
Eastlake 2851
|
2833 - 2851 Eastlake Avenue
|
Seattle
|
WA
|
133
|
234,086
|
2008
|
2008
|
Fund II
|
3
|
|
1
|
Fountain Court
|
2400 4th Street
|
Seattle
|
WA
|
320
|
207,000
|
2000
|
2000
|
EPLP
|
11
|
|
1
|
Joule
|
523 Broadway Avenue, East
|
Seattle
|
WA
|
295
|
191,109
|
2010
|
2010
|
JV - 99%
|
1
|
|
1
|
Linden Square
|
13530 Linden Avenue North
|
Seattle
|
WA
|
183
|
142,200
|
2000
|
1994
|
EPLP
|
17
|
|
Queen Anne
|
100 Republican
|
Seattle
|
WA
|
275
|
191,290
|
JV - 50%
|
|||||
1
|
The Cairns
|
420 Yale Avenue
|
Seattle
|
WA
|
100
|
70,806
|
2007
|
2006
|
EPLP
|
5
|
|
1
|
Tower @ 801
|
801 Pine Street
|
Seattle
|
WA
|
173
|
118,500
|
2005
|
1970
|
Fund II
|
41
|
|
1
|
Wharfside Pointe
|
3811 14th Avenue West
|
Seattle
|
WA
|
142
|
119,200
|
1994
|
1990
|
EPLP
|
21
|
|
1
|
Echo Ridge
|
34907 SE Kinsey Street
|
Snoqualmie
|
WA
|
120
|
124,359
|
2005
|
2000
|
Fund II
|
11
|
|
37
|
Total Seattle Metropolitan Area
|
22%
|
7,698
|
6,728,804
|
19
|
||||||
160
|
Apartment Communities
|
100%
|
32,913
|
28,791,343
|
(1)
|
||||||
Apartment Communities Under Construction
|
1,235
|
1,032,172
|
(2)
|
||||||||
Avg. square footage
|
875
|
Definitions for Property Ownership
|
|||||||||
Avg. units per property
|
206
|
EPLP
|
The Company has a 100% ownership in the community.
|
||||||||
Fund II
|
The community is owned by Fund II. The Company has a 28.2% interest in Fund II which is accounted for using the equity method of accounting.
|
||||||||||
Avg. age of property
|
25
|
Wesco I
|
The community is owned by Wesco I, LLC. The Company has a 50% interest in Wesco I, LLC, which is accounted for using the equity method of accounting.
|
||||||||
(1) Includes 243,436 square feet of retail or commercial space
|
|||||||||||
(2) Includes 47,950 square feet of estimated retail or commercial space
|
DownREIT
|
The Company holds a 1% special limited partner interest in the partnerships which owns the community. In accordance with GAAP, the Company consolidates this community.
|
|||||||||
JV - 99%
|
The Company has a 99% ownership in this development and is consolidated.
|
||||||||||
JV - 81.5%
|
The Company has a 81.5% ownership in this community and is consolidated.
|
||||||||||
JV-55%
|
The Company has a 55.0% ownership in this community and is consolidated.
|
||||||||||
JV - 50%
|
The Company has a 50% ownership in this community and is not consolidated.
|
||||||||||
OTHER REAL ESTATE ASSETS
|
JV- 47%
|
The Company has a 47% ownership in this community, which is accounted for using the equity method of accounting
|
|||||||||
Office Buildings
|
|||||||||||
Essex Corporate Headquarter Bldg.
|
925 / 935 E. Meadow Dr.
|
Palo Alto
|
CA
|
31,900
|
1997 / 2007
|
1988 / 1962
|
EPLP
|
||||
Derian Office Building
|
17461 Derian Av.
|
Irvine
|
CA
|
110,000
|
2000
|
1983
|
EPLP
|
||||
Hollywood
|
6230 Sunset Blvd.
|
Los Angeles
|
CA
|
35,000
|
2006
|
1938
|
EPLP
|
||||
Santa Clara Retail
|
3700 El Camino Real
|
Santa Clara
|
CA
|
139,000
|
2011
|
1970
|
EPLP
|
||||
315,900 |
2