Attached files
| file | filename |
|---|---|
| 8-K - ESSEX PROPERTY TRUST, INC 8-K 3-31-2011 - ESSEX PROPERTY TRUST, INC. | form8k.htm |
| EX-99.1 - EXHIBIT 99.1 - ESSEX PROPERTY TRUST, INC. | ex99_1.htm |
Exhibit 99.2
First Quarter 2011 Supplemental Financial Information The Company acquired Family Tree Apartments, a 121-unit community located in Santa Clara, California. The property consists of 10 two story garden-style buildings and features a pool, clubhouse, preschool, two laundry rooms and two playgrounds. Family Tree provides residents with easy access to major freeways and is within walking distance to local shopping and dining.
Table of Contents
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Page
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Consolidated Operating Results
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S-1 – S-2
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Consolidated Funds From Operations
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S-3
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Consolidated Balance Sheets
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S-4
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Debt Summary – March 31, 2011
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S-5
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Capitalization Data – March 31, 2011
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S-6
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Property Operating Results – Quarters ended March 31, 2011 and 2010
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S-7
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Revenue by County – Quarters ended March 31, 2011, March 31, 2010 and December 31, 2010
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S-8
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Development Pipeline – March 31, 2011
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S-9
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Redevelopment Pipeline – March 31, 2011
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S-10
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Co-Investments – March 31, 2011
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S-11
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Summary of Consolidated Co-Investments and Noncontrolling Interest – March 31, 2011
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S-12
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Assumptions for Midpoint of 2011 FFO Guidance and Common Stock Equivalents
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S-13
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Market Forecast (Supply, Jobs and Apartment Market Conditions)
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S-14
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New Residential Supply Data
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S-15
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Exhibit A - Property List by Region
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1 - 2
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E S S E X P R O P E R T Y T R U S T, I N C.
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Consolidated Operating Results
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Three Months Ended
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|||||||
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(Dollars in thousands, except per share amounts)
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March 31,
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|||||||
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2011
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2010
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||||||
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|
||||||||
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Revenues:
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||||||||
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Rental and other property
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$ | 112,549 | $ | 99,706 | ||||
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Management and other fees from affiliates
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1,224 | 1,478 | ||||||
| 113,773 | 101,184 | |||||||
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Expenses:
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||||||||
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Property operating
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39,072 | 34,199 | ||||||
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Depreciation and amortization
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37,031 | 30,487 | ||||||
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General and administrative
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6,115 | 5,618 | ||||||
| 82,218 | 70,304 | |||||||
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Earnings from operations
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31,555 | 30,880 | ||||||
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Interest expense
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(24,662 | ) | (20,836 | ) | ||||
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Interest and other income
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6,987 | 7,855 | ||||||
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Equity (loss) income in co-investments
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(1,373 | ) | (41 | ) | ||||
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Net income
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12,507 | 17,858 | ||||||
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Net income attributable to noncontrolling interest
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(3,546 | ) | (4,189 | ) | ||||
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Net income attributable to controlling interest
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8,961 | 13,669 | ||||||
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Dividends to preferred stockholders
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(543 | ) | (542 | ) | ||||
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Net income available to common stockholders
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$ | 8,418 | $ | 13,127 | ||||
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Net income per share - basic
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$ | 0.27 | $ | 0.45 | ||||
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Net income per share - diluted
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$ | 0.27 | $ | 0.45 | ||||
See Company’s 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.
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Consolidated Operating Results
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Three Months Ended
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|||||||
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Selected Line Item Detail
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March 31,
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|||||||
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(Dollars in thousands)
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2011
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2010
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||||||
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Rental and other property
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||||||||
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Rental
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$ | 104,884 | $ | 92,969 | ||||
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Other property
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7,665 | 6,737 | ||||||
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Rental and other property
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$ | 112,549 | $ | 99,706 | ||||
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Management and other fees from affiliates
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||||||||
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Management
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$ | 1,119 | $ | 890 | ||||
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Development and redevelopment
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105 | 588 | ||||||
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Management and other fees from affiliates
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$ | 1,224 | $ | 1,478 | ||||
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Property operating expenses
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||||||||
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Real estate taxes
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$ | 10,712 | $ | 9,528 | ||||
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Administrative
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8,888 | 8,036 | ||||||
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Maintenance and repairs
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7,929 | 6,659 | ||||||
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Utilities
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8,096 | 6,880 | ||||||
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Property management fees and insurance
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3,447 | 3,096 | ||||||
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Property operating expenses
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$ | 39,072 | $ | 34,199 | ||||
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General and administrative
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||||||||
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General and administrative
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$ | 10,000 | $ | 9,125 | ||||
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Allocated to property operating expenses - administrative
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(2,920 | ) | (2,550 | ) | ||||
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Capitalized to real estate
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(965 | ) | (957 | ) | ||||
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Net general and administrative
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$ | 6,115 | $ | 5,618 | ||||
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Interest and other income
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||||||||
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Interest income
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$ | 2,444 | $ | 2,811 | ||||
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Gain from sale of marketable securities
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4,543 | 5,044 | ||||||
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Interest and other income
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$ | 6,987 | $ | 7,855 | ||||
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Noncontrolling interest
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||||||||
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Limited partners of Essex Portfolio, L.P.
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$ | 631 | $ | 1,141 | ||||
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DownREIT limited partners' distributions
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1,070 | 1,098 | ||||||
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Perpetual preferred distributions
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1,575 | 1,575 | ||||||
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Third-party ownership interest
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270 | 375 | ||||||
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Noncontrolling interest
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$ | 3,546 | $ | 4,189 | ||||
See Company’s 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.
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Consolidated Funds From Operations
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Three Months Ended
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(Dollars in thousands, except share and per share amounts)
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March 31,
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2011
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2010
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Funds from operations
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||||||||
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Net income available to common stockholders
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$ | 8,418 | $ | 13,127 | ||||
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Adjustments:
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||||||||
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Depreciation and amortization
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37,031 | 30,487 | ||||||
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Noncontrolling interest and co-investments (1)
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3,070 | 2,129 | ||||||
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Funds from operations
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$ | 48,519 | $ | 45,743 | ||||
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FFO per share-diluted
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$ | 1.44 | $ | 1.46 | ||||
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Components of the change in FFO
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||||||||
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Non-core items:
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||||||||
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(Gain) on sales of marketable securities
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(4,543 | ) | (5,044 | ) | ||||
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Acquisition costs
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301 | - | ||||||
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Co-Investment - acquisition fee income
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- | (500 | ) | |||||
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Funds from operations excluding non-core items
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44,277 | 40,199 | ||||||
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FFO excluding non-core items per share-diluted
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$ | 1.31 | $ | 1.28 | ||||
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Changes in core items:
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||||||||
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Same-property NOI
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$ | 1,168 | ||||||
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Non-same property NOI
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6,802 | |||||||
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Management and other fees from affiliates
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246 | |||||||
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Equity (loss) income in co-investments
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(1,332 | ) | ||||||
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Interest and other income
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(367 | ) | ||||||
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Interest expense
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(3,826 | ) | ||||||
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General and administrative
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(196 | ) | ||||||
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Other items, net
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1,583 | |||||||
| $ | 4,078 | |||||||
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Weighted average number of shares outstanding diluted (2)
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33,787,232 | 31,438,408 | ||||||
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(1)
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Amount includes the following adjustments for the three months ended March 31, 2011: (i) noncontrolling interest related to Operating Partnership units totaling $0.6 million, (ii) add back depreciation from unconsolidated co-investments and less depreciation attributable to third party ownership of consolidated co-investments totaling $2.5 million.
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(2)
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Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock.
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See Company’s 10-Q for additional disclosures
S-3
E S S E X P R O P E R T Y T R U S T, I N C.
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Consolidated Balance Sheets
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||||||||
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(Dollars in thousands)
|
||||||||
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March 31, 2011
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December 31, 2010
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Real Estate:
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Land and land improvements
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$ | 819,507 | $ | 802,325 | ||||
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Buildings and improvements
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3,340,600 | 3,265,014 | ||||||
| 4,160,107 | 4,067,339 | |||||||
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Less: accumulated depreciation
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(914,707 | ) | (878,331 | ) | ||||
| 3,245,400 | 3,189,008 | |||||||
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Real estate under development
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204,927 | 217,531 | ||||||
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Co-investments
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133,161 | 107,840 | ||||||
| 3,583,488 | 3,514,379 | |||||||
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Cash and cash equivalents
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120,786 | 35,694 | ||||||
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Marketable securities
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74,779 | 92,310 | ||||||
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Notes and other receivables
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49,075 | 49,444 | ||||||
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Other assets
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38,558 | 41,060 | ||||||
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Total assets
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$ | 3,866,686 | $ | 3,732,887 | ||||
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Mortgage notes payable
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$ | 1,811,220 | $ | 1,832,745 | ||||
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Lines of credit
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409,000 | 426,000 | ||||||
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Unsecured bonds
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150,000 | - | ||||||
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Derivative liabilities
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3,351 | 5,633 | ||||||
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Other liabilities
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121,325 | 109,146 | ||||||
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Total liabilities
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2,494,896 | 2,373,524 | ||||||
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Series G cumulative convertible preferred stock, carrying value
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4,349 | 4,349 | ||||||
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Stockholders' equity and noncontrolling interest:
|
||||||||
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Common stock
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3 | 3 | ||||||
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Series F cumulative redeemable preferred stock, liquidation value
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25,000 | 25,000 | ||||||
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Additional paid-in-capital
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1,555,416 | 1,515,468 | ||||||
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Distributions in excess of accumulated earnings
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(338,273 | ) | (313,308 | ) | ||||
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Accumulated other comprehensive (loss) income
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(77,785 | ) | (77,217 | ) | ||||
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Total stockholders' equity
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1,164,361 | 1,149,946 | ||||||
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Noncontrolling interest
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203,080 | 205,068 | ||||||
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Total stockholders' equity and noncontrolling interest
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1,367,441 | 1,355,014 | ||||||
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Total liabilities and equity
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$ | 3,866,686 | $ | 3,732,887 | ||||
See Company’s 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.
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Debt Summary - March 31, 2011
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(Dollars in thousands)
|
||||||||||||||||
| Percentage of |
Weighted
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Weighted
|
||||||||||||||
| Total |
Balance
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Average
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Average Maturity
|
|||||||||||||
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Debt
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Outstanding
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Interest Rate
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In Years
|
|||||||||||||
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Mortgage notes payable
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||||||||||||||||
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Fixed rate - secured
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66 | % | $ | 1,556,392 | 5.9 | % | 6.5 | |||||||||
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Variable rate - secured (1)
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11 | % | 254,828 | 2.1 | % | 18.3 | ||||||||||
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Total mortgage notes payable
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77 | % | 1,811,220 | 5.4 | % | 8.2 | ||||||||||
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Line of credit - secured (2)
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10 | % | 250,000 | 1.3 | % | |||||||||||
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Line of credit - unsecured (3)
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7 | % | 159,000 | 3.1 | % | |||||||||||
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Total lines of credit
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17 | % | 409,000 | 2.0 | % | |||||||||||
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Unsecured bonds
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6 | % | 150,000 | 4.4 | % | |||||||||||
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Total debt
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100 | % | $ | 2,370,220 | 4.7 | % | ||||||||||
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Weighted
|
||||||||||||||||
| Scheduled principal payments (excludes lines of credit) |
Average
|
|||||||||||||||
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Interest Rate
|
||||||||||||||||
| 2011 | $ | 46,508 | 5.3 | % | ||||||||||||
| 2012 | 40,463 | 5.1 | % | |||||||||||||
| 2013 | 215,538 | 5.0 | % | |||||||||||||
| 2014 | 78,934 | 5.1 | % | |||||||||||||
| 2015 | 71,286 | 5.2 | % | |||||||||||||
| Thereafter | 1,508,491 | 5.3 | % | |||||||||||||
| Total | $ | 1,961,220 | 5.2 | % | ||||||||||||
Capitalized interest for the three months ended March 31, 2011 was approximately $2.2 million.
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(1)
|
$213.1 million of the variable rate debt is tax exempt to the note holders, and $191.9 million of the tax exempt debt is subject to interest rate protection agreements.
|
|
(2)
|
Secured line of credit facility is $250 million and matures in December 2013. This line is secured by eleven of the Company's apartment communities and the underlying interest rate is currently the Freddie Mac Reference Rate plus .99% to 1.50%.
|
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(3)
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The unsecured line of credit facility is $275 million with an accordian to $350 million. The line matures in December 2011 with two one-year extensions, exercisable at the Company's option. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 2.1%.
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See Company’s 10-Q for additional disclosures
S-5
E S S E X P R O P E R T Y T R U S T, I N C.
|
Capitalization Data - March 31, 2011
|
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(Dollars and shares in thousands, except per share amounts)
|
|||||
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Capitalization Data
|
|||||
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Total debt
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$ | 2,370,220 | |||
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Common stock and potentially dilutive securities
|
|||||
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Common stock outstanding
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31,680 | ||||
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Limited partnership units (1)
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2,235 | ||||
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Options-treasury method
|
123 | ||||
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Total common stock and potentially dilutive securities
|
34,038
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shares | |||
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Common stock price per share as of March 31, 2011
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$ | 124.00 | |||
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Market value of common stock and potentially dilutive securities
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$ | 4,220,707 | |||
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Preferred units/stock
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$ | 111,514 | |||
|
Total equity capitalization
|
$ | 4,332,221 | |||
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Total market capitalization
|
$ | 6,702,441 | |||
|
Ratio of debt to total market capitalization
|
35.4 | % | |||
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(1)
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Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock.
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See Company’s 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.
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Property Operating Results - Quarter ended March 31, 2011 and 2010
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(Dollars in thousands)
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Southern California
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Northern California
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Seattle Metro
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Other real estate assets (1)
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Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2011
|
2010
|
% Change
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2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
2011
|
2010
|
2011
|
2010
|
% Change
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|||||||||||||||||||||||||||||||||||||||||||
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Revenues:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Same-property revenue
|
$ | 51,595 | $ | 50,811 | 1.5 | % | $ | 30,694 | $ | 29,987 | 2.4 | % | $ | 14,996 | $ | 14,912 | 0.6 | % | $ | - | $ | - | $ | 97,285 | $ | 95,710 | 1.6 | % | ||||||||||||||||||||||||||||
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Non-same property revenue (2)
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3,489 | 115 | 4,623 | - | 4,760 | 1,815 | 2,392 | 2,066 | 15,264 | 3,996 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Total Revenues
|
$ | 55,084 | $ | 50,926 | $ | 35,317 | $ | 29,987 | $ | 19,756 | $ | 16,727 | $ | 2,392 | $ | 2,066 | $ | 112,549 | $ | 99,706 | ||||||||||||||||||||||||||||||||||||
|
Property operating expenses:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Same-property operating expenses
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Real estate taxes
|
$ | 4,311 | $ | 4,304 | $ | 3,055 | $ | 3,211 | $ | 1,479 | $ | 1,437 | $ | - | $ | - | $ | 8,845 | $ | 8,952 | ||||||||||||||||||||||||||||||||||||
|
Administrative
|
3,955 | 4,075 | 1,737 | 1,783 | 1,002 | 1,090 | - | - | 6,694 | 6,948 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Maintenance and repairs
|
3,550 | 3,332 | 2,075 | 1,906 | 1,104 | 1,034 | - | - | 6,729 | 6,272 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Utilities
|
3,452 | 3,191 | 2,091 | 2,169 | 1,329 | 1,195 | - | - | 6,872 | 6,555 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Management fees and insurance
|
2,007 | 2,011 | 1,113 | 1,119 | 714 | 710 | - | - | 3,834 | 3,840 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Total same-property operating expenses
|
17,275 | 16,913 | 2.1 | % | 10,071 | 10,188 | -1.1 | % | 5,628 | 5,466 | 3.0 | % | - | - | $ | 32,974 | $ | 32,567 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
|
Non-same property operating expenses (2)
|
1,693 | - | 1,907 | - | 1,571 | 688 | 927 | 944 | 6,098 | 1,632 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Total property operating expenses
|
$ | 18,968 | $ | 16,913 | $ | 11,978 | $ | 10,188 | $ | 7,199 | $ | 6,154 | $ | 927 | $ | 944 | $ | 39,072 | $ | 34,199 | ||||||||||||||||||||||||||||||||||||
|
Net operating income (NOI):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Same-property NOI
|
$ | 34,320 | $ | 33,898 | 1.2 | % | $ | 20,623 | $ | 19,799 | 4.2 | % | $ | 9,368 | $ | 9,446 | -0.8 | % | $ | - | $ | - | $ | 64,311 | $ | 63,143 | 1.9 | % | ||||||||||||||||||||||||||||
|
Non-same property NOI (2)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Redevelopment communities
|
- | - | - | - | 1,183 | 1,154 | - | - | 1,183 | 1,154 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Acquired communities
|
1,448 | - | 2,247 | - | 909 | - | - | - | 4,604 | - | ||||||||||||||||||||||||||||||||||||||||||||||
|
Development communities - 2011
|
(62 | ) | - | - | - | - | - | - | - | (62 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
|
Development communities - 2010
|
410 | 115 | 469 | - | 1,097 | (27 | ) | - | - | 1,976 | 88 | |||||||||||||||||||||||||||||||||||||||||||||
|
Other real estate assets (1)
|
- | - | - | - | - | - | 1,465 | 1,122 | 1,465 | 1,122 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Total non-same property NOI
|
1,796 | 115 | 2,716 | - | 3,189 | 1,127 | 1,465 | 1,122 | 9,166 | 2,364 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Total NOI
|
$ | 36,116 | $ | 34,013 | $ | 23,339 | $ | 19,799 | $ | 12,557 | $ | 10,573 | $ | 1,465 | $ | 1,122 | $ | 73,477 | $ | 65,507 | ||||||||||||||||||||||||||||||||||||
|
Same-property operating margin
|
67 | % | 67 | % | 67 | % | 66 | % | 62 | % | 63 | % | 66 | % | 66 | % | ||||||||||||||||||||||||||||||||||||||||
|
Same-property turnover percentage
|
41 | % | 44 | % | 38 | % | 42 | % | 34 | % | 38 | % | 40 | % | 44 | % | ||||||||||||||||||||||||||||||||||||||||
|
Same-property concessions
|
$ | 249 | $ | 320 | $ | 143 | $ | 147 | $ | 56 | $ | 58 | $ | 448 | $ | 525 | ||||||||||||||||||||||||||||||||||||||||
|
Average same-property concessions per turn (3)
|
$ | 197 | $ | 241 | $ | 222 | $ | 219 | $ | 143 | $ | 132 | $ | 195 | $ | 215 | ||||||||||||||||||||||||||||||||||||||||
|
Reconciliation of apartment units at end of period
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Same-property apartment units
|
12,334 | 6,707 | 4,625 | 23,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Consolidated apartment units
|
13,227 | 12,334 | 7,817 | 6,695 | 5,979 | 5,249 | 27,023 | 24,278 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Joint venture
|
1,097 | 748 | 1,575 | 1,575 | 648 | 648 | 3,320 | 2,971 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Under development
|
73 | 464 | 564 | 455 | 275 | 295 | 912 | 1,214 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Total apartment units at end of period
|
14,397 | 13,546 | 9,956 | 8,725 | 6,902 | 6,192 | 31,255 | 28,463 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Percentage of total
|
46 | % | 48 | % | 32 | % | 30 | % | 22 | % | 22 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||
|
Average same-property financial occupancy
|
96.5 | % | 97.0 | % | 97.1 | % | 98.1 | % | 97.1 | % | 97.9 | % | 96.8 | % | 97.5 | % | ||||||||||||||||||||||||||||||||||||||||
|
(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.
|
See Company’s 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.
|
Revenue by County - Quarters ended March 31, 2011, March 31, 2010 and December 31, 2010
|
||||||||||||||||||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
|
Average Property Rental Rates
|
March 31, 2011
|
March 31, 2010
|
||||||||||||||||||||||||||||||||||||||||||
|
Region
|
Units
|
QTD
2011
|
QTD
2010
|
% Change
|
Property Revenue
|
Financial Occupancy
|
Property Revenue
|
Financial Occupancy
|
Property Revenue
% Change
|
Property Revenue
Q4 2010
|
Sequential % Change
|
|||||||||||||||||||||||||||||||||
|
Southern California
|
||||||||||||||||||||||||||||||||||||||||||||
|
Los Angeles County
|
4,140 | $ | 1,559 | $ | 1,534 | 1.6 | % | $ | 19,719 | 96.2 | % | $ | 19,453 | 96.8 | % | 1.4 | % | $ | 19,581 | 0.7 | % | |||||||||||||||||||||||
|
Ventura County
|
2,898 | 1,298 | 1,274 | 1.9 | % | 11,586 | 96.5 | % | 11,416 | 97.3 | % | 1.5 | % | 11,435 | 1.3 | % | ||||||||||||||||||||||||||||
|
San Diego County
|
2,636 | 1,111 | 1,093 | 1.6 | % | 9,084 | 96.7 | % | 8,846 | 96.7 | % | 2.7 | % | 9,004 | 0.9 | % | ||||||||||||||||||||||||||||
|
Orange County
|
2,037 | 1,415 | 1,414 | 0.1 | % | 8,803 | 96.8 | % | 8,769 | 97.3 | % | 0.4 | % | 8,701 | 1.2 | % | ||||||||||||||||||||||||||||
|
Santa Barbara County
|
347 | 1,660 | 1,620 | 2.5 | % | 1,780 | 99.1 | % | 1,709 | 99.0 | % | 4.2 | % | 1,766 | 0.8 | % | ||||||||||||||||||||||||||||
|
Riverside County
|
276 | 738 | 723 | 2.1 | % | 623 | 93.8 | % | 618 | 95.3 | % | 0.8 | % | 602 | 3.5 | % | ||||||||||||||||||||||||||||
|
Total same-property
|
12,334 | 1,361 | 1,342 | 1.4 | % | 51,595 | 96.5 | % | 50,811 | 97.0 | % | 1.5 | % | 51,089 | 1.0 | % | ||||||||||||||||||||||||||||
|
Los Angeles County
|
528 | 1,688 | 1,504 | 115 | ||||||||||||||||||||||||||||||||||||||||
|
Orange County
|
365 | 2,170 | 1,985 | - | ||||||||||||||||||||||||||||||||||||||||
|
Non-same property
|
893 | 1,870 | 3,489 | 115 | ||||||||||||||||||||||||||||||||||||||||
|
Northern California
|
||||||||||||||||||||||||||||||||||||||||||||
|
Santa Clara County
|
2,448 | 1,529 | 1,472 | 3.9 | % | 11,524 | 97.8 | % | 11,061 | 98.1 | % | 4.2 | % | 11,266 | 2.3 | % | ||||||||||||||||||||||||||||
|
Contra Costa County
|
1,720 | 1,455 | 1,423 | 2.2 | % | 7,583 | 96.0 | % | 7,535 | 98.0 | % | 0.6 | % | 7,555 | 0.4 | % | ||||||||||||||||||||||||||||
|
Alameda County
|
1,366 | 1,352 | 1,316 | 2.7 | % | 5,802 | 96.7 | % | 5,736 | 98.3 | % | 1.2 | % | 5,724 | 1.4 | % | ||||||||||||||||||||||||||||
|
San Mateo County
|
768 | 1,579 | 1,546 | 2.1 | % | 3,756 | 97.4 | % | 3,696 | 98.3 | % | 1.6 | % | 3,654 | 2.8 | % | ||||||||||||||||||||||||||||
|
San Francisco MSA
|
175 | 1,853 | 1,830 | 1.3 | % | 995 | 98.1 | % | 933 | 94.6 | % | 6.6 | % | 980 | 1.5 | % | ||||||||||||||||||||||||||||
|
Other
|
230 | 1,491 | 1,464 | 1.8 | % | 1,034 | 96.6 | % | 1,026 | 98.6 | % | 0.8 | % | 992 | 4.2 | % | ||||||||||||||||||||||||||||
|
Total same-property
|
6,707 | 1,489 | 1,445 | 3.0 | % | 30,694 | 97.1 | % | 29,987 | 98.1 | % | 2.4 | % | 30,171 | 1.7 | % | ||||||||||||||||||||||||||||
|
Alameda County
|
171 | 1,674 | 868 | - | ||||||||||||||||||||||||||||||||||||||||
|
Santa Clara County
|
939 | 1,517 | 3,755 | - | ||||||||||||||||||||||||||||||||||||||||
|
Non-same property
|
1,110 | 1,541 | 4,623 | - | ||||||||||||||||||||||||||||||||||||||||
|
Seattle Metro
|
||||||||||||||||||||||||||||||||||||||||||||
|
Total same-property
|
4,625 | 1,014 | 1,005 | 0.9 | % | 14,996 | 97.1 | % | 14,912 | 97.9 | % | 0.6 | % | 14,708 | 2.0 | % | ||||||||||||||||||||||||||||
|
Non-same property
|
1,354 | 1,118 | 4,760 | 1,815 | ||||||||||||||||||||||||||||||||||||||||
|
Other real estate assets
|
2,392 | 2,066 | ||||||||||||||||||||||||||||||||||||||||||
|
Total same-property revenue
|
23,666 | $ | 1,329 | $ | 1,305 | 1.8 | % | $ | 97,285 | 96.8 | % | $ | 95,710 | 97.5 | % | 1.6 | % | $ | 95,968 | 1.4 | % | |||||||||||||||||||||||
|
Total non-same property revenue
|
3,357 | $ | 1,467 | $ | 15,264 | $ | 3,996 | |||||||||||||||||||||||||||||||||||||
See Company’s 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.
|
Development Pipeline - March 31, 2011
|
||||||||||||||||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||||||||||||||||
|
Estimated Units
|
Estimated retail sq. feet (1)
|
Incurred to Date
|
Remaining Costs
|
Estimated Total Cost
|
Construction Start
|
Construction Complete
|
Initial Occupancy
|
Stabilized Operations
|
||||||||||||||||||||||
|
Development Projects - Consolidated
|
||||||||||||||||||||||||||||||
|
Project Name
|
Location
|
|||||||||||||||||||||||||||||
|
Santee Village
|
Los Angeles, CA
|
73 | 3,675 | $ | 17.2 | $ | 4.5 | $ | 21.7 |
Apr-11
|
Aug-11
|
Jul-11
|
Nov-11
|
|||||||||||||||||
|
Via
|
Sunnyvale, CA
|
284 | 46,000 | 86.8 | 33.1 | 119.9 |
Jul-09
|
Oct-11
|
Jul-11
|
Mar-12
|
||||||||||||||||||||
|
Cadence - Phase I
|
San Jose, CA
|
280 | - | 15.7 | 82.9 | 98.6 |
Aug-11
|
Jul-13
|
May-13
|
Jan-14
|
||||||||||||||||||||
| Total - Development Projects | 637 | 49,675 | 119.7 | 120.5 | 240.2 | |||||||||||||||||||||||||
|
Development Projects - Joint Venture
|
||||||||||||||||||||||||||||||
|
Project Name
|
Location
|
|||||||||||||||||||||||||||||
|
Queen Anne (2)
|
Seattle, WA
|
275 | 17,000 | 19.3 | 59.8 | 79.1 |
May-11
|
Apr-13
|
Mar-13
|
Nov-13
|
||||||||||||||||||||
| Total - Development Projects | 912 | 66,675 | 139.0 | 180.3 | 319.3 | |||||||||||||||||||||||||
|
Predevelopment Projects
|
||||||||||||||||||||||||||||||
|
Project Name
|
Location
|
|||||||||||||||||||||||||||||
|
Cadence - Phases II and III
|
San Jose, CA
|
- | - | - | - | - | ||||||||||||||||||||||||
|
Santa Clara (3)
|
Santa Clara, CA
|
- | - | - | - | - | ||||||||||||||||||||||||
|
West Dublin
|
Dublin, CA
|
- | - | - | - | - | ||||||||||||||||||||||||
|
Total - Predevelopment Projects
|
1,076 | - | 40.8 | - | 40.8 | |||||||||||||||||||||||||
|
Land Held for Future Development or Sale (4)
|
||||||||||||||||||||||||||||||
|
Project Name
|
Location
|
|||||||||||||||||||||||||||||
|
City Centre
|
Moorpark, CA
|
200 | - | - | - | - | ||||||||||||||||||||||||
|
Main Street (2)
|
Walnut Creek, CA
|
48 | - | - | - | - | ||||||||||||||||||||||||
|
Park Boulevard
|
Palo Alto, CA
|
27 | - | - | - | - | ||||||||||||||||||||||||
|
View Pointe
|
Newcastle, WA
|
24 | - | - | - | - | ||||||||||||||||||||||||
| Total - Land Held for Future Development or Sale | 299 | 37,000 | 44.5 | - | 44.5 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Grand Total - Development Pipeline | 2,287 | 103,675 | $ | 224.3 | $ | 180.3 | $ | 404.6 | ||||||||||||||||||||||
|
(1)
|
Certain apartment community developments include retail space, and the Company has included the total estimated retail square footage for each development project.
|
|
(2)
|
The Company has entered into joint venture development agreements with third-parties to develop these properties. The Company has a 50% interest in these two projects.
|
|
(3)
|
In April 2011, the Company purchased an 85% interest in this property through a plan of reorganization pursuant to Chapter 11 of the U.S. Bankruptcy Code with the property owner, and the Company has an option to purchase the remaining 15% interest in the property during 2011.
|
|
(4)
|
The Company owns land in various stages of entitlement that is being held for future development or sale.
|
See Company’s 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 - March 31, 2011
|
|||||||||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||
|
Total
|
Estimated
|
Estimated
|
NOI
|
||||||||||||||||||||||
|
Incurred
|
Remaining
|
Total
|
Redevelopment
|
For the Quarter ended
|
|||||||||||||||||||||
|
Region/Project Name
|
Units
|
To Date
|
Cost
|
Cost
|
Start Date
|
Q1 2011 | Q1 2010 | ||||||||||||||||||
|
Approved - Redevelopment Projects (1)
|
|||||||||||||||||||||||||
|
Marina Cove, Santa Clara, CA
|
292 | $ | 4,607 | $ | 5,251 | $ | 9,858 |
Jun-07
|
|||||||||||||||||
|
Pointe at Cupertino, Cupertino, CA
|
116 | 935 | 6,950 | 7,885 |
Jan-10
|
||||||||||||||||||||
|
Thomas Jefferson, Sunnyvale, CA
|
156 | 1,145 | 7,990 | 9,135 |
Sep-10
|
||||||||||||||||||||
|
Total Approved - Redevelopment Projects
|
564 | $ | 6,687 | $ | 20,191 | $ | 26,878 | ||||||||||||||||||
|
Active - Redevelopment Projects
|
|||||||||||||||||||||||||
|
Seattle Metro
|
|||||||||||||||||||||||||
|
Foothill Commons, Bellevue, WA (2)
|
388 | $ | 22,833 | $ | 13,505 | $ | 36,338 |
Jun-07
|
$ | 759 | $ | 743 | |||||||||||||
|
Woodland Commons, Bellevue, WA
|
236 | 5,191 | 6,588 | 11,779 |
Jun-07
|
424 | 411 | ||||||||||||||||||
|
Total Active - Redevelopment Projects
|
624 | $ | 28,024 | $ | 20,093 | $ | 48,117 | $ | 1,183 | $ | 1,154 | ||||||||||||||
|
(1)
|
These projects are approved and redevelopment activities have commenced, but as of Q1 2011 the communities have stabilized operations, and therefore are classified in same-property operations.
|
|
(2)
|
During the third quarter 2009, the Company completed the construction of 28 additional apartment homes.
|
See Company’s 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 - March 31, 2011
(Dollars in thousands)
|
Essex
Book |
Total
Undepreciated |
Debt
|
Maturity
|
Property Revenue for
the three months ended |
% |
NOI for the three
months ended |
% | ||||||||||||||||||||||||||||||||||
|
Value
|
Book Value
|
Units
|
Amount
|
Date
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||||||||||||||||||||||
|
Joint Ventures
|
||||||||||||||||||||||||||||||||||||||||||
|
Essex Apartment Value Fund II, L.P. (Fund II) (1)
|
||||||||||||||||||||||||||||||||||||||||||
|
Southern California
|
||||||||||||||||||||||||||||||||||||||||||
|
Parcwood, Corona, CA
|
312 | $ | 23,831 |
Dec-2013
|
||||||||||||||||||||||||||||||||||||||
|
Studio 40-41, Studio City, CA
|
149 | 28,410 |
Apr-2012
|
|||||||||||||||||||||||||||||||||||||||
|
Cielo, Chatsworth, CA
|
119 | 16,557 |
Jun-2011
|
(2) | ||||||||||||||||||||||||||||||||||||||
|
Renaissance, Los Angeles, CA
|
168 | 22,169 |
May-2011
|
|||||||||||||||||||||||||||||||||||||||
|
Total Southern California
|
748 | 90,967 | $ | 3,363 | $ | 3,284 | 2.4 | % | $ | 2,004 | $ | 1,858 | 7.9 | % | ||||||||||||||||||||||||||||
|
Northern California
|
||||||||||||||||||||||||||||||||||||||||||
|
Alderwood Park, Newark, CA
|
96 | 6,697 |
Jun-2015
|
|||||||||||||||||||||||||||||||||||||||
|
Carlmont Woods, Belmont, CA
|
195 | 12,138 |
Dec-2013
|
|||||||||||||||||||||||||||||||||||||||
|
Davey Glen, Belmont, CA
|
69 | 6,610 |
Aug-2016
|
|||||||||||||||||||||||||||||||||||||||
|
Enclave, San Jose, CA
|
637 | 15,580 |
Jan-2018
|
|||||||||||||||||||||||||||||||||||||||
|
Enclave, San Jose, CA
|
- | 60,000 |
Dec-2029
|
|||||||||||||||||||||||||||||||||||||||
|
Harbor Cove, Foster City, CA
|
400 | 32,731 |
Dec-2013
|
|||||||||||||||||||||||||||||||||||||||
|
Regency Tower, Oakland, CA
|
178 | 10,429 |
Mar-2014
|
|||||||||||||||||||||||||||||||||||||||
|
Total Northern California
|
1,575 | 144,185 | 6,803 | 6,674 | 1.9 | % | 4,176 | 4,211 | -0.8 | % | ||||||||||||||||||||||||||||||||
|
Seattle Metro
|
||||||||||||||||||||||||||||||||||||||||||
|
Eastlake 2851, Seattle, WA
|
133 | 17,217 |
Jan-2011
|
(2) | ||||||||||||||||||||||||||||||||||||||
|
Echo Ridge, Snoqualmie, WA
|
120 | 12,512 |
Sep-2014
|
|||||||||||||||||||||||||||||||||||||||
|
Morning Run, Monroe, WA
|
222 | 12,952 |
Oct-2014
|
|||||||||||||||||||||||||||||||||||||||
|
Tower @ 801, Seattle, WA
|
173 | 18,204 |
Aug-2014
|
|||||||||||||||||||||||||||||||||||||||
|
Total Seattle Metro
|
648 | 60,885 | 2,415 | 2,361 | 2.3 | % | 1,413 | 1,420 | -0.5 | % | ||||||||||||||||||||||||||||||||
|
Total - Operating Communities
|
2,971 | 296,037 | $ | 12,581 | $ | 12,319 | 2.1 | % | $ | 7,593 | $ | 7,489 | 1.4 | % | ||||||||||||||||||||||||||||
|
Total Fund II
|
$ | 594,915 | 2,971 | $ | 296,037 | $ | 12,581 | $ | 12,319 | $ | 7,593 | $ | 7,489 | |||||||||||||||||||||||||||||
|
Essex Skyline at MacArthur Place (3)
|
$ | 134,193 | 349 | $ | 78,572 |
Jul-2014
|
$ | 1,972 | $ | - | $ | 645 | $ | (57 | ) | |||||||||||||||||||||||||||
|
Preferred Equity Interests (4)
|
$ | 183,813 | 1,285 | $ | 151,075 |
various
|
||||||||||||||||||||||||||||||||||||
|
Queen Anne (5)
|
$ | 34,326 | 275 | $ | - | |||||||||||||||||||||||||||||||||||||
| $ | 131,802 | $ | 947,247 | 4,880 | $ | 525,684 | ||||||||||||||||||||||||||||||||||||
|
Capitalized costs
|
720
|
|||||||||||||||||||||||||||||||||||||||||
|
132,522
|
||||||||||||||||||||||||||||||||||||||||||
|
Other (6)
|
639
|
|||||||||||||||||||||||||||||||||||||||||
|
Total - Co-investments
|
$133,161 | |||||||||||||||||||||||||||||||||||||||||
|
(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 construction loans have one-year extensions, exercisable at Fund II's option.
|
|
(3)
|
The Company has a 47% effective interest and a 50% voting interest in this co-investment and the Company may earn promote income if the co-investment exceeds certain financial return benchmarks.
|
|
(4)
|
The Company has preferred equity interest investments that earn preferred returns including: 1) a $11.6 million investment secured by one community earning 13% per annum for the first five years and the preferred return increases to 15% thereafter, and 2) a $9.6 million aggregate investment in two communities earning 9% per annum for the first five years and the preferred returns increase to a minimum of 10% and a maximum of 12.5% for years six through ten. The loan to value for these investments range from 60% to 80%.
|
|
(5)
|
The Company has a 50% interest in this co-investment, which is a development project located in Seattle, Washington.
|
|
(6)
|
The other co-investment relates to a real estate technology investment.
|
See Company’s 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 - March 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:
|
||||||||||||||||||||||||||||
|
Operations for the three months ended
|
||||||||||||||||||||||||||||
|
Balance as of March 31, 2011
|
March 31, 2011
|
|||||||||||||||||||||||||||
|
Investment in
|
Related
|
Noncontrolling
|
DownREIT
|
Operating
|
||||||||||||||||||||||||
|
Real Estate
|
Debt
|
Interest
|
Units (1)
|
Revenue
|
Expenses
|
NOI
|
||||||||||||||||||||||
|
Noncontrolling Interest - DownREIT:
|
||||||||||||||||||||||||||||
|
Anchor Village
|
$ | 12,586 | $ | 10,750 | $ | 1,859 | 105,133 | $ | 700 | $ | 290 | $ | 410 | |||||||||||||||
|
Barkley Apartments
|
8,921 | 17,178 | 1,992 | 76,205 | 607 | 222 | 385 | |||||||||||||||||||||
|
Brentwood
|
14,457 | 19,830 | 2,568 | 58,884 | 593 | 171 | 422 | |||||||||||||||||||||
|
Brookside Oaks
|
33,591 | 20,492 | 3,021 | 89,212 | 752 | 192 | 560 | |||||||||||||||||||||
|
Capri at Sunny Hills
|
16,834 | 18,339 | 3,664 | 164,890 | 574 | 161 | 413 | |||||||||||||||||||||
|
Hidden Valley (2)
|
37,782 | 31,565 | 6,089 | 62,647 | 1,278 | 388 | 890 | |||||||||||||||||||||
|
Highridge Apartments
|
29,419 | 44,807 | 4,473 | 281,384 | 1,404 | 332 | 1,072 | |||||||||||||||||||||
|
Montejo Apartments
|
8,561 | 13,703 | 1,216 | 29,319 | 446 | 126 | 320 | |||||||||||||||||||||
|
Thomas Jefferson
|
27,176 | 18,996 | 6,788 | 60,429 | 693 | 229 | 464 | |||||||||||||||||||||
|
Treehouse Apartments
|
11,835 | 17,783 | 2,951 | 67,728 | 578 | 162 | 416 | |||||||||||||||||||||
|
Valley Park Apartments
|
14,879 | 23,265 | 306 | 43,354 | 697 | 147 | 550 | |||||||||||||||||||||
|
Villa Angelina Apartments
|
19,125 | 28,363 | 2,421 | 51,931 | 907 | 229 | 678 | |||||||||||||||||||||
| $ | 235,166 | $ | 265,071 | 37,348 | 1,091,116 | $ | 9,229 | $ | 2,649 | $ | 6,580 | |||||||||||||||||
|
Other Components of Noncontrolling Interest:
|
||||||||||||||||||||||||||||
|
Hillsdale Garden Apartments (3)
|
$ | 110,019 | - | 21,955 | $ | 3,385 | $ | 1,286 | $ | 2,099 | ||||||||||||||||||
|
Joint Ventures - Development (4)
|
$ | 26,700 | $ | 9,775 | 5,923 | |||||||||||||||||||||||
|
Operating Limited Partnership Units
|
||||||||||||||||||||||||||||
|
Perpetual Preferred Units (5)
|
80,000 | |||||||||||||||||||||||||||
|
Total Noncontrolling Interest
|
$ | 203,080 | ||||||||||||||||||||||||||
|
(1)
|
Represents the number of DownREIT units that are currently outstanding. Generally, DownREIT units are redeemed for cash equal to the current price of Essex's common stock.
|
|
(2)
|
The Company has a 75% interest in this community and a joint venture partner has a 25% interest.
|
|
(3)
|
The Company has an 81.5% interest in this community and the joint venture partner has an 18.5% interest.
|
|
(4)
|
The Company consolidates one joint venture development in which the Company has a 50% interest.
|
|
(5)
|
Comprised of 7.875% Series B Cumulative Redeemable Preferred Units; the Company redeemed all of these units during April 2011.
|
See Company’s 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.
Assumptions for Midpoint of 2011 FFO Guidance and Common Stock Equivalents
Q1 2011 Earnings Results Supplement
|
Actual
|
Per
|
Guidance
|
Per
|
%
|
||||||||||||||||
|
2010
|
Share
|
2011
|
Share
|
Change
|
||||||||||||||||
|
Net Operating Income ("NOI")
|
||||||||||||||||||||
|
Same-Property NOI for 2010
|
$ | 241,403 |
|
|
||||||||||||||||
|
External growth communities stabilized as of January 1, 2010
|
||||||||||||||||||||
|
2009 Acquisitions
|
1,116 | |||||||||||||||||||
|
2009 Stabilized development communities
|
6,515 | |||||||||||||||||||
|
Same-property apartment communities
|
$ | 249,034 | $ | 262,400 | 5.5 | % | ||||||||||||||
|
Development communities
|
2,111 | (1) | 10,200 | |||||||||||||||||
|
Redevelopment communities
|
4,617 | 5,100 | ||||||||||||||||||
|
Newly acquired communites - 2010
|
4,601 | (1) | 20,400 | |||||||||||||||||
|
Newly acquired communites - 2011
|
- | (2) | 1,800 | |||||||||||||||||
|
Commercial leasing and other operating activity
|
5,312 | 6,500 | ||||||||||||||||||
|
Total NOI from consolidated communities
|
$ | 265,675 | $ | 306,400 | ||||||||||||||||
|
Accretion (Dilution) from External Growth, net of Dispostions
|
$(3) | - | ||||||||||||||||||
|
Management Fees
|
$ | 4,051 | $ | 4,600 | ||||||||||||||||
|
Capital Markets Activities
|
||||||||||||||||||||
|
Interest and amortization expense, before capitalized interest
|
$ | (97,085 | ) | $ | (114,800 | ) | ||||||||||||||
|
Projected interest capitalized
|
9,500 | 9,800 | ||||||||||||||||||
|
Net interest expense
|
(87,585 | ) | (105,000 | ) | ||||||||||||||||
|
Recurring Income and Expenses
|
||||||||||||||||||||
|
Interest and other income
|
$ | 12,089 | $ | 10,300 | ||||||||||||||||
|
Income from co-investments
|
3,397 | (4) | 8,000 | |||||||||||||||||
|
General and administrative expenses
|
(22,585 | ) | (23,500 | ) | ||||||||||||||||
|
Preferred dividends and non-controlling interests
|
(14,247 | ) | (13,500 | ) | ||||||||||||||||
| (21,346 | ) | (18,700 | ) | |||||||||||||||||
|
Non-Core Income and Expenses
|
||||||||||||||||||||
|
Gains on sales of marketable securities
|
$ | 12,491 | $ | 4,500 | ||||||||||||||||
|
Acquisition costs
|
(5) | (1,250 | ) | (5) | (1,250 | ) | ||||||||||||||
|
Other non-core items, net
|
(668 | ) | - | |||||||||||||||||
| 10,573 | 3,250 | |||||||||||||||||||
|
Funds from Operations
|
$ | 171,368 | $ | 5.35 | $ | 190,550 | $ | 5.60 | 4.7 | % | ||||||||||
|
Funds from Operations excluding non-core items
|
$ | 160,795 | $ | 5.02 | $ | 187,300 | $ | 5.51 | 9.7 | % | ||||||||||
|
Weighted average shares outstanding
|
32,028,269 | 34,005,000 | ||||||||||||||||||
|
(1)
|
During 2011, the lease-up activity at Allegro, Anavia, 416 on Broadway, Muse, Essex Skyline at MacArthur Place, Santee Village and Via has or will negatively impact NOI and equity income from co-investments by approximately $.05 in Q1, $.03 in Q2, and $.02 in Q3 and Q4 2011 per diluted share.
|
|
(2)
|
The amount includes the net operating income for Family Tree and Santee Vilage.
|
|
(3)
|
The Company achieved its 2011 FFO original guidance goal of accretion from external growth of $0.8 million from the Q1 2011 acquisitions and preferred equity investments.
|
|
(4)
|
The amount includes the net income for the 2011 preferred equity investments.
|
|
(5)
|
These items are considered non-core items to calculate Core FFO.
|
|
Shares Outstanding and Potentially Dilutive Securities
|
||||||||
| Q1 2011 |
Actual
|
|||||||
|
Weighted Avg.
|
as of 3/31/11
|
|||||||
|
Common Shares
|
31,465,817 | 31,679,993 | ||||||
|
Stock Options
|
80,776 | 123,456 | ||||||
|
Weighted Avg. Shares Diluted - EPS
|
31,546,593 | 31,803,449 | ||||||
|
Operating Limited Partnership Units
|
2,240,639 | 2,234,510 | ||||||
|
Weighted Avg. Shares Diluted - FFO
|
33,787,232 | 34,037,959 | ||||||
See Company’s 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
|
MSA Level Forecasts 2011: Supply Jobs and Apartment Market Conditions
|
||||||||||||||||||||||||||||||||
|
Residential Supply*
|
Job Forecast**
|
Forecast Market Conditions***
|
||||||||||||||||||||||||||||||
|
Market
|
New MF Supply
|
% of Total Stock
|
New SF Supply
|
% of Total Stock
|
Est.New Jobs Dec-Dec
|
% Growth
|
Estimated Y-o-Y Rent Growth
|
Estimated Year End Occupancy
|
||||||||||||||||||||||||
|
Seattle
|
1,400 | 0.4 | % | 3,700 | 0.5 | % | 23,000 | 1.7 | % | 5.25 | % | 95.25 | % | |||||||||||||||||||
|
San Francisco
|
700 | 0.2 | % | 300 | 0.1 | % | 8,500 | 0.9 | % | 5.00 | % | 95.75 | % | |||||||||||||||||||
|
Oakland
|
1,100 | 0.4 | % | 1,500 | 0.2 | % | 9,500 | 1.0 | % | 4.00 | % | 95.25 | % | |||||||||||||||||||
|
San Jose
|
1,000 | 0.5 | % | 700 | 0.2 | % | 15,000 | 1.8 | % | 6.00 | % | 96.50 | % | |||||||||||||||||||
|
No. Cal.
|
2,800 | 0.3 | % | 2,500 | 0.2 | % | 33,000 | 1.2 | % | 4.9 | % | 95.8 | % | |||||||||||||||||||
|
Ventura
|
150 | 0.3 | % | 200 | 0.1 | % | 2,500 | 0.9 | % | 4.00 | % | 95.50 | % | |||||||||||||||||||
|
Los Angeles
|
1,800 | 0.1 | % | 2,000 | 0.1 | % | 36,000 | 1.0 | % | 5.25 | % | 95.00 | % | |||||||||||||||||||
|
Orange
|
500 | 0.1 | % | 1,400 | 0.2 | % | 24,000 | 1.8 | % | 5.75 | % | 95.25 | % | |||||||||||||||||||
|
San Diego
|
1,500 | 0.4 | % | 1,900 | 0.3 | % | 20,000 | 1.6 | % | 3.50 | % | 95.25 | % | |||||||||||||||||||
|
So. Cal.
|
3,950 | 0.2 | % | 5,500 | 0.2 | % | 82,500 | 1.2 | % | 4.9 | % | 95.2 | % | |||||||||||||||||||
|
Weighted Average****
|
8,150 | 0.2 | % | 11,700 | 0.2 | % | 138,500 | 1.3 | % | 5.0 | % | 95.5 | % | |||||||||||||||||||
All data is an Essex Forecast
U.S. Economic Assumptions: G.D.P.: Q4 '11 vs Q4 '10: 2.5% to 3.0%, Jobs: Q4 '11 vs Q4 '10 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 2011 over the comparable actual figures for Q4 2010. The first column represents the current Essex forecast of the increase in Total Non-Farm Industry Employment. The second column represents these forecasted new jobs as a percent of the Q4 2010 base.
***The Forecast Market Conditions represents Essex's estimates of the change in rents/occupancy rates for Q4 2011. The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for Q4 2011 vs.Q4 2010 (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 2011.
****Weighted Average: Markets weighted by units in Essex portfolio.
See Company’s 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
|
New Residential Supply: Permits as a % of Current Stock (12 Month Permit Period: Trailing 12 Months March 2011)
|
||||||||||||||||||||||||||||||||||||||||
|
Single Family Data
|
Multi-Family Data
|
All Residential Data
|
||||||||||||||||||||||||||||||||||||||
|
Market
|
Median SF Price (Q4 2010 est**)
|
Q4 2010 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
|
||||||||||||||||||||||||||||||
|
New York PMSA
|
$ | 450,700 | 62 | % | 796,000 | 596 | 0.1 | % | 3,084,000 | 5,743 | 0.2 | % | 6,339 | 0.2 | % | |||||||||||||||||||||||||
|
Chicago
|
$ | 183,400 | 175 | % | 1,951,000 | 4,008 | 0.2 | % | 1,493,900 | 2,658 | 0.2 | % | 6,666 | 0.2 | % | |||||||||||||||||||||||||
|
Nassau-Suffolk
|
$ | 384,600 | 117 | % | 773,000 | 1,274 | 0.2 | % | 246,000 | 134 | 0.1 | % | 1,408 | 0.3 | % | |||||||||||||||||||||||||
|
Philadelphia
|
$ | 215,500 | 141 | % | 1,652,000 | 4,928 | 0.3 | % | 546,100 | 1,423 | 0.3 | % | 6,351 | 0.3 | % | |||||||||||||||||||||||||
|
Boston
|
$ | 346,300 | 109 | % | 1,551,000 | 3,557 | 0.2 | % | 708,800 | 2,281 | 0.3 | % | 5,838 | 0.3 | % | |||||||||||||||||||||||||
|
Miami/Ft. Lauderdale
|
$ | 187,300 | 132 | % | 873,000 | 3,063 | 0.4 | % | 987,000 | 2,811 | 0.3 | % | 5,874 | 0.3 | % | |||||||||||||||||||||||||
|
Atlanta
|
$ | 109,200 | 302 | % | 1,527,000 | 6,043 | 0.4 | % | 571,800 | 1,288 | 0.2 | % | 7,331 | 0.3 | % | |||||||||||||||||||||||||
|
Minneapolis
|
$ | 165,300 | 208 | % | 948,000 | 3,557 | 0.4 | % | 386,800 | 1,512 | 0.4 | % | 5,069 | 0.4 | % | |||||||||||||||||||||||||
|
Phoenix
|
$ | 132,300 | 205 | % | 1,318,000 | 6,405 | 0.5 | % | 418,500 | 687 | 0.2 | % | 7,092 | 0.4 | % | |||||||||||||||||||||||||
|
Baltimore
|
$ | 237,400 | 144 | % | 863,000 | 3,593 | 0.4 | % | 286,000 | 1,609 | 0.6 | % | 5,202 | 0.5 | % | |||||||||||||||||||||||||
|
Portland
|
$ | 230,200 | 133 | % | 648,000 | 3,101 | 0.5 | % | 254,335 | 1,198 | 0.5 | % | 4,299 | 0.5 | % | |||||||||||||||||||||||||
|
Denver
|
$ | 229,800 | 145 | % | 671,000 | 3,363 | 0.5 | % | 302,900 | 1,304 | 0.4 | % | 4,667 | 0.5 | % | |||||||||||||||||||||||||
|
Las Vegas
|
$ | 134,200 | 193 | % | 629,000 | 3,931 | 0.6 | % | 272,700 | 911 | 0.3 | % | 4,842 | 0.5 | % | |||||||||||||||||||||||||
|
Orlando
|
$ | 128,400 | 210 | % | 644,000 | 3,734 | 0.6 | % | 255,500 | 1,403 | 0.5 | % | 5,137 | 0.6 | % | |||||||||||||||||||||||||
|
Wash. D.C. PMSA
|
$ | 331,100 | 131 | % | 1,504,000 | 9,246 | 0.6 | % | 714,300 | 4,720 | 0.7 | % | 13,966 | 0.6 | % | |||||||||||||||||||||||||
|
Dallas-Ft. Worth
|
$ | 138,300 | 215 | % | 1,722,000 | 13,407 | 0.8 | % | 744,000 | 6,521 | 0.9 | % | 19,928 | 0.8 | % | |||||||||||||||||||||||||
|
Austin
|
$ | 190,300 | 166 | % | 441,000 | 5,845 | 1.3 | % | 214,900 | 1,521 | 0.7 | % | 7,366 | 1.1 | % | |||||||||||||||||||||||||
|
Houston
|
$ | 154,100 | 187 | % | 1,388,000 | 20,743 | 1.5 | % | 647,700 | 4,682 | 0.7 | % | 25,425 | 1.2 | % | |||||||||||||||||||||||||
|
Totals
|
$ | 223,923 | 178 | % | 19,103,000 | 99,798 | 0.5 | % | 9,051,235 | 36,663 | 0.4 | % | 136,461 | 0.5 | % | |||||||||||||||||||||||||
|
Seattle
|
$ | 317,200 | 106 | % | 778,000 | 4,224 | 0.5 | % | 411,500 | 2,609 | 0.6 | % | 6,833 | 0.6 | % | |||||||||||||||||||||||||
|
San Francisco
|
$ | 666,600 | 60 | % | 378,000 | 379 | 0.1 | % | 364,000 | 1,053 | 0.3 | % | 1,432 | 0.2 | % | |||||||||||||||||||||||||
|
Oakland
|
$ | 498,300 | 81 | % | 677,000 | 1,613 | 0.2 | % | 294,000 | 1,287 | 0.4 | % | 2,900 | 0.3 | % | |||||||||||||||||||||||||
|
San Jose
|
$ | 591,000 | 76 | % | 407,000 | 829 | 0.2 | % | 216,000 | 3,285 | 1.5 | % | 4,114 | 0.7 | % | |||||||||||||||||||||||||
|
Los Angeles
|
$ | 323,000 | 85 | % | 1,956,000 | 2,358 | 0.1 | % | 1,472,000 | 5,051 | 0.3 | % | 7,409 | 0.2 | % | |||||||||||||||||||||||||
|
Ventura
|
$ | 403,000 | 98 | % | 216,000 | 162 | 0.1 | % | 59,300 | 354 | 0.6 | % | 516 | 0.2 | % | |||||||||||||||||||||||||
|
Orange
|
$ | 476,400 | 81 | % | 669,000 | 1,767 | 0.3 | % | 368,800 | 1,534 | 0.4 | % | 3,301 | 0.3 | % | |||||||||||||||||||||||||
|
San Diego
|
$ | 381,400 | 80 | % | 727,000 | 2,183 | 0.3 | % | 413,700 | 1,647 | 0.4 | % | 3,830 | 0.3 | % | |||||||||||||||||||||||||
|
No Cal
|
$ | 567,620 | 74 | % | 1,462,000 | 2,821 | 0.2 | % | 874,000 | 5,625 | 0.6 | % | 8,446 | 0.4 | % | |||||||||||||||||||||||||
|
So Cal
|
$ | 368,505 | 84 | % | 3,568,000 | 6,470 | 0.2 | % | 2,313,800 | 8,586 | 0.4 | % | 15,056 | 0.3 | % | |||||||||||||||||||||||||
|
ESSEX
|
$ | 411,754 | 84 | % | 5,808,000 | 13,515 | 0.2 | % | 3,599,300 | 16,820 | 0.5 | % | 30,335 | 0.3 | % | |||||||||||||||||||||||||
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 - Q4 2010 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 (4.41%).
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-Q for additional disclosures
S-15
ESSEX PROPERTY TRUST, INC.
Real Estate Information as of March 31, 2011
|
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
|
||||
|
Cadence - Phase I
|
545 River Oaks Parkway
|
San Jose
|
CA
|
280
|
249,080
|
EPLP
|
||||||||
|
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
|
Family Tree Apartments
|
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
|
Summerhill Park
|
972 Corte Madera Avenue
|
Sunnyvale
|
CA
|
100
|
78,500
|
1988
|
1988
|
EPLP
|
23
|
||||
|
Via
|
315 Tasman Drive
|
Sunnyvale
|
CA
|
284
|
309,421
|
EPLP
|
||||||||
|
1
|
Thomas Jefferson
|
107 South Mary Avenue
|
Sunnyvale
|
CA
|
156
|
110,824
|
2007
|
1969
|
DownREIT
|
42
|
||||
|
1
|
Windsor Ridge
|
825 E. Evelyn Avenue
|
Sunnyvale
|
CA
|
216
|
161,800
|
1989
|
1989
|
EPLP
|
22
|
||||
|
13%
|
4,024
|
3,396,371
|
||||||||||||
|
Alameda County
|
||||||||||||||
|
1
|
Fourth & U
|
700 University Avenue
|
Berkeley
|
CA
|
171
|
146,255
|
2010
|
2010
|
EPLP
|
1
|
||||
|
1
|
Stevenson Place
|
4141 Stevenson Blvd.
|
Fremont
|
CA
|
200
|
146,200
|
2000
|
1975
|
EPLP
|
36
|
||||
|
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
|
238
|
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%
|
1,811
|
1,445,605
|
||||||||||||
|
Contra Costa County
|
||||||||||||||
|
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
|
||||
|
6%
|
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
|
||||||||||||
|
42
|
Total Northern California
|
31%
|
9,392
|
8,006,216
|
25
|
|||||||||
|
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
|
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
|
168
|
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
|
||||
|
Santee Village
|
743 South Santee Street
|
Los Angeles
|
CA
|
73
|
69,817
|
|
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
|
0
|
||||
|
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
|
96
|
127,812
|
2010
|
2010
|
EPLP
|
1
|
||||
|
1
|
Walnut Heights
|
20700 San Jose Hills Road
|
Walnut
|
CA
|
163
|
146,700
|
2003
|
1964
|
EPLP
|
47
|
||||
|
1
|
Avondale at Warner Center
|
22222 Victory Blvd.
|
Woodland Hills
|
CA
|
446
|
331,000
|
1999
|
1970
|
EPLP
|
41
|
||||
|
17%
|
5,104
|
4,372,252
|
||||||||||||
|
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
|
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
|
||||
|
10%
|
2,898
|
2,476,948
|
||||||||||||
See Company’s 10-Q for additional disclosures
|
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
|
||||
|
9%
|
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
|
Woodlawn Colonial
|
245-255 Woodlawn Ave.
|
Chula Vista
|
CA
|
159
|
104,500
|
2002
|
1974
|
EPLP
|
37
|
||||
|
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
|
||||
|
9%
|
2,636
|
1,969,700
|
||||||||||||
|
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
|
||||||||||||
|
74
|
Total Southern California
|
47%
|
14,324
|
12,470,756
|
28
|
|||||||||
|
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
|
Elevation
|
17202-17325 NE 85th Place
|
Redmond
|
WA
|
157
|
138,916
|
2010
|
1986
|
EPLP
|
25
|
||||
|
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
|
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
|
||||
|
33
|
Total Seattle Metropolitan Area
|
22%
|
6,627
|
5,837,363
|
21
|
|||||||||
|
149
|
Apartment Communities
|
100%
|
30,343
|
26,314,335
|
(1)
|
|||||||||
|
Apartment Communities Under Construction
|
912
|
437,233
|
(2)
|
|||||||||||
|
Avg. square footage
|
867
|
Definitions for Property Ownership
|
||||||||||||
|
Avg. units per property
|
204
|
Fund II
|
The Company has a 100% ownership in the community.
|
|||||||||||
|
Avg. age of property
|
26
|
EPLP
|
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.
|
|||||||||||
|
(1) Includes 203,836 square feet of 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.
|
||||||||||||
|
(2) Includes 66,675 square feet of estimated retail or commercial space
|
||||||||||||||
|
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 - 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
|
|||||||
|
Essex Southern Cal. Office Building
|
22110-22120 Clarendon St.
|
Woodland Hills
|
CA
|
38,940
|
2001
|
1982
|
EPLP
|
|||||||
|
Hollywood
|
6230 Sunset Blvd.
|
Los Angeles
|
CA
|
35,000
|
2006
|
1938
|
EPLP
|
|||||||
|
215,840
|
||||||||||||||