Exhibit 99.2
Q1 2016 Supplemental
Table of Contents
Page | |
Consolidated Operating Results | S-1 – S-2 |
Consolidated Funds From Operations | S-3 |
Consolidated Balance Sheets | S-4 |
Debt Summary – March 31, 2016 | S-5 |
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios – March 31, 2016 | S-6 |
Portfolio Summary by County – March 31, 2016 | S-7 |
Operating Income by Quarter – March 31, 2016 | S-8 |
Same-Property Revenue Results by County – Quarters ended March 31, 2016 and 2015, and December 31, 2015 | S-9 |
Same-Property Operating Expenses | S-10 |
Development Pipeline – March 31, 2016 | S-11 |
Redevelopment Pipeline – March 31, 2016 | S-12 |
Capital Expenditures – March 31, 2016 | S-12.1 |
Co-Investments – March 31, 2016 | S-13 |
Assumptions for 2016 FFO Guidance Range | S-14 |
Summary of Apartment Community Acquisitions and Dispositions Activity | S-15 |
2016 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions | S-16 |
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 | |||||||||||
(Dollars in thousands, except share and per share amounts) | March 31, | |||||||||||
2016 | 2015 | |||||||||||
Revenues: | ||||||||||||
Rental and other property | $ | 312,178 | $ | 280,229 | ||||||||
Management and other fees | 2,024 | 2,644 | ||||||||||
314,202 | 282,873 | |||||||||||
Expenses: | ||||||||||||
Property operating | 94,490 | 87,171 | ||||||||||
Depreciation and amortization | 109,707 | 106,907 | ||||||||||
General and administrative | 9,182 | 10,545 | ||||||||||
Merger and integration expenses | — | 2,388 | ||||||||||
Acquisition and investment related costs | 828 | 547 | ||||||||||
214,207 | 207,558 | |||||||||||
Earnings from operations | 99,995 | 75,315 | ||||||||||
Interest expense, net(1) | (49,343 | ) | (47,546 | ) | ||||||||
Interest and other income | 5,208 | 4,199 | ||||||||||
Equity income from co-investments | 15,068 | 4,311 | ||||||||||
Gain on sale of real estate and land | 20,258 | 7,112 | ||||||||||
Deferred tax expense on gain on sale of real estate and land | (4,279 | ) | — | |||||||||
Gain on remeasurement of co-investment | — | 21,362 | ||||||||||
Net income | 86,907 | 64,753 | ||||||||||
Net income attributable to noncontrolling interest | (5,071 | ) | (4,076 | ) | ||||||||
Net income attributable to controlling interest | 81,836 | 60,677 | ||||||||||
Dividends to preferred stockholders | (1,314 | ) | (1,314 | ) | ||||||||
Excess of redemption value of preferred stock | ||||||||||||
over the carrying value | (2,541 | ) | — | |||||||||
Net income available to common stockholders | $ | 77,981 | $ | 59,363 | ||||||||
Net income per share - basic | $ | 1.19 | $ | 0.92 | ||||||||
Shares used in income per share - basic | 65,405,654 | 64,185,455 | ||||||||||
Net income per share - diluted | $ | 1.19 | $ | 0.92 | ||||||||
Shares used in income per share - diluted | 65,557,639 | 64,394,680 |
(1) | Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges. |
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 | ||||||
Selected Line Item Detail | March 31, | ||||||
(Dollars in thousands) | 2016 | 2015 | |||||
Rental and other property | |||||||
Rental | $ | 292,519 | $ | 262,365 | |||
Other property | 19,659 | 17,864 | |||||
Rental and other property | $ | 312,178 | $ | 280,229 | |||
Property operating expenses | |||||||
Real estate taxes | $ | 34,419 | $ | 31,553 | |||
Administrative and insurance | 19,034 | 18,240 | |||||
Maintenance and repairs | 18,018 | 16,467 | |||||
Utilities | 15,466 | 14,829 | |||||
Property management | 7,553 | 6,082 | |||||
Property operating expenses | $ | 94,490 | $ | 87,171 | |||
Interest and other income | |||||||
Marketable securities and other interest income | $ | 4,468 | $ | 3,199 | |||
Gain from sale of marketable securities | 740 | — | |||||
Insurance reimbursements | — | 1,000 | |||||
Interest and other income | $ | 5,208 | $ | 4,199 | |||
Equity income from co-investments | |||||||
Equity income from co-investments | $ | 4,952 | $ | 1,227 | |||
Income from preferred equity investments | 2,681 | 2,615 | |||||
Gain on sale of co-investment communities | 7,435 | — | |||||
Income from early redemption of preferred equity investments | — | 469 | |||||
Equity income from co-investments | $ | 15,068 | $ | 4,311 | |||
Noncontrolling interest | |||||||
Limited partners of Essex Portfolio, L.P. | $ | 2,784 | $ | 2,063 | |||
DownREIT limited partners' distributions | 1,434 | 1,300 | |||||
Third-party ownership interest | 853 | 713 | |||||
Noncontrolling interest | $ | 5,071 | $ | 4,076 |
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 | Three Months Ended | ||||||||
(Dollars in thousands, except share and per share amounts and in footnotes) | March 31, | % Change | |||||||
2016 | 2015 | ||||||||
Funds from operations attributable to common stockholders and unitholders (FFO) | |||||||||
Net income available to common stockholders | $ | 77,981 | $ | 59,363 | |||||
Adjustments: | |||||||||
Depreciation and amortization | 109,707 | 106,907 | |||||||
Gains not included in FFO | (27,693) | (28,474) | |||||||
Deferred tax expense on gain on sale of real estate and land - Taxable REIT Subsidiary activity | 4,279 | — | |||||||
Depreciation add back from unconsolidated co-investments | 12,023 | 11,917 | |||||||
Noncontrolling interest related to Operating Partnership units | 2,784 | 2,063 | |||||||
Depreciation attributable to third party ownership and other(1) | 6 | (249) | |||||||
Funds from operations attributable to common stockholders and unitholders | $ | 179,087 | $ | 151,527 | |||||
FFO per share-diluted | $ | 2.64 | $ | 2.27 | 16.3% | ||||
Components of the change in FFO | |||||||||
Non-core items: | |||||||||
Merger and integration expenses | $ | — | 2,388 | ||||||
Acquisition and investment related costs | 828 | 547 | |||||||
Gain on sale of marketable securities | (740) | — | |||||||
Income from early redemption of preferred equity investments | — | (469) | |||||||
Excess of redemption value of preferred stock over the carrying value | 2,541 | — | |||||||
Other non-core adjustments | — | (1,375) | |||||||
Core funds from operations attributable to common stockholders and unitholders | 181,716 | 152,618 | |||||||
Core FFO per share-diluted | $ | 2.68 | $ | 2.29 | 17.0% | ||||
Changes in core items: | |||||||||
Same-property NOI | $ | 15,780 | |||||||
Non-same property NOI | 8,850 | ||||||||
Management and other fees, net | (245) | ||||||||
FFO from co-investments | 3,897 | ||||||||
Interest and other income | 1,269 | ||||||||
Interest expense | (1,797) | ||||||||
General and administrative | 1,363 | ||||||||
Other items, net | (19) | ||||||||
$ | 29,098 | ||||||||
Weighted average number of shares outstanding diluted(2) | 67,866,703 | 66,641,225 |
(1) | The Company consolidates Hidden Valley and Hillsdale Garden Apartments. Noncontrolling interest's share of net operating income in these investments for the three ended March 31, 2016 was $1.0 million. |
(2) | Assumes conversion of all outstanding operating partnership interests in the Operating Partnership and excludes 740,146 DownREIT units for which the Operating Partnership has the ability and intention to redeem the DownREIT limited partnership units for cash and does not consider them to be common stock equivalents. |
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) | ||||||||
March 31, 2016 | December 31, 2015 | |||||||
Real Estate: | ||||||||
Land and land improvements | $ | 2,573,923 | $ | 2,522,842 | ||||
Buildings and improvements | 10,052,754 | 9,808,627 | ||||||
12,626,677 | 12,331,469 | |||||||
Less: accumulated depreciation | (2,051,802) | (1,949,892) | ||||||
10,574,875 | 10,381,577 | |||||||
Real estate under development | 145,711 | 242,326 | ||||||
Co-investments | 1,069,684 | 1,036,047 | ||||||
Real estate held for sale, net | 26,879 | |||||||
11,790,270 | 11,686,829 | |||||||
Cash and cash equivalents | 80,483 | 123,055 | ||||||
Marketable securities and other investments | 138,597 | 137,485 | ||||||
Notes and other receivables | 18,198 | 19,285 | ||||||
Prepaid expenses and other assets | 39,936 | 38,437 | ||||||
Total assets | $ | 12,067,484 | $ | 12,005,091 | ||||
Unsecured debt, net | $ | 2,936,463 | $ | 3,088,680 | ||||
Mortgage notes payable, net | 2,252,057 | 2,215,077 | ||||||
Lines of credit, net | 164,282 | 11,707 | ||||||
Other liabilities | 353,489 | 307,152 | ||||||
Cumulative redeemable preferred stock at liquidation value | 73,750 | — | ||||||
Total liabilities | 5,780,041 | 5,622,616 | ||||||
Redeemable noncontrolling interest | 46,203 | 45,452 | ||||||
Equity: | ||||||||
Common stock | 6 | 6 | ||||||
Cumulative redeemable preferred stock, liquidation value | 73,750 | |||||||
Additional paid-in capital | 7,010,181 | 7,003,317 | ||||||
Distributions in excess of accumulated earnings | (824,046) | (797,329) | ||||||
Accumulated other comprehensive loss, net | (44,149) | (42,011) | ||||||
Total stockholders' equity | 6,141,992 | 6,237,733 | ||||||
Noncontrolling interest | 99,248 | 99,290 | ||||||
Total equity | 6,241,240 | 6,337,023 | ||||||
Total liabilities and equity | $ | 12,067,484 | $ | 12,005,091 |
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 - March 31, 2016 | ||||||||||||||||||||||||||||
(Dollars in thousands, except in footnotes) | ||||||||||||||||||||||||||||
Scheduled principal payments, unamortized premiums (discounts) and (debt issuance costs) are as follows - excludes lines of credit: | ||||||||||||||||||||||||||||
Unamortized premiums (discounts) and (debt issuance costs) | ||||||||||||||||||||||||||||
Weighted Average Interest Rate | Percentage of Total Debt | |||||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||||
Balance Outstanding | Interest Rate | Maturity In Years | Unsecured | Secured | Total | |||||||||||||||||||||||
Unsecured Debt, net | ||||||||||||||||||||||||||||
Bonds private - fixed rate | $ | 315,000 | 4.5% | 4.4 | 2016 | $ | 200,000 | $ | 22,803 | $ | 18,993 | $ | 241,796 | 2.6% | 4.7% | |||||||||||||
Bonds public - fixed rate | 2,400,000 | 3.5% | 6.5 | 2017 | 365,000 | 199,851 | 16,825 | 581,676 | 3.2% | 11.2% | ||||||||||||||||||
Term loan(1) | 225,000 | 2.4% | 0.7 | 2018 | — | 321,328 | 13,732 | 335,060 | 5.3% | 6.6% | ||||||||||||||||||
Unamortized net premiums and debt issuance costs | (3,537) | — | — | 2019 | 75,000 | 586,954 | 9,120 | 671,074 | 3.4% | 12.9% | ||||||||||||||||||
2,936,463 | 3.5% | 5.8 | 2020 | — | 693,868 | 3,791 | 697,659 | 4.9% | 13.4% | |||||||||||||||||||
Mortgage Notes Payable, net | 2021 | 500,000 | 51,584 | (2,943) | 548,641 | 4.3% | 10.6% | |||||||||||||||||||||
Fixed rate - secured | 1,903,947 | 4.9% | 3.5 | 2022 | 300,000 | 41,355 | (3,400) | 337,955 | 3.7% | 6.5% | ||||||||||||||||||
Variable rate - secured(2) | 291,709 | 1.0% | 19.6 | 2023 | 600,000 | 846 | (1,615) | 599,231 | 3.6% | 11.5% | ||||||||||||||||||
Unamortized premiums and debt issuance costs | 56,401 | — | — | 2024 | 400,000 | 925 | (912) | 400,013 | 4.0% | 7.7% | ||||||||||||||||||
Total mortgage notes payable | 2,252,057 | 4.4% | 5.6 | 2025 | 500,000 | 14,611 | (236) | 514,375 | 3.5% | 9.9% | ||||||||||||||||||
2026 | — | 1,106 | (137) | 969 | 1.0% | 0.0% | ||||||||||||||||||||||
Unsecured Lines of Credit, net | Thereafter | — | 260,425 | (354) | 260,071 | 0.9% | 5.0% | |||||||||||||||||||||
Line of credit(3) | 165,000 | 1.8% | ||||||||||||||||||||||||||
Line of credit(4) | 3,386 | 1.8% | Total | $ | 2,940,000 | $ | 2,195,656 | $ | 52,864 | $ | 5,188,520 | 3.9% | 100.0% | |||||||||||||||
Unamortized debt issuance costs | (4,104) | — | ||||||||||||||||||||||||||
Total lines of credit(5) | 164,282 | 1.8% | ||||||||||||||||||||||||||
Total debt, net | $ | 5,352,802 | 3.8% |
Capitalized interest for the three months ended March 31, 2016 was approximately $3.1 million. |
(1) | The unsecured term loan has a variable interest rate of LIBOR plus 1.05%. The Company has entered into interest rate swap contracts with a notional amount totaling $225 million, which effectively converts the interest rate on of the term loan to a fixed rate of 2.4%. |
(2) | $281.7 million of $291.7 million of variable rate debt is tax exempt to the note holders. $20.7 million is subject to interest rate cap protection agreements. |
(3) | The unsecured line of credit facility aggregates to $1 billion. In January 2016, the line maturity was extended to December 2019 with one 18-month extension, 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 0.90%. |
(4) | The unsecured line of credit facility is $25 million. In January 2016, the maturity was extended to January 2018. 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 0.90%. |
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, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - March 31, 2016 | ||||||||||||||
(Dollars and shares in thousands, except per share amounts) | ||||||||||||||
Capitalization Data | Public Bond Covenants | Actual | Requirement | |||||||||||
Total debt, net | $ | 5,352,802 | ||||||||||||
Debt to Total Assets: | 38% | < 65% | ||||||||||||
Common stock and potentially dilutive securities | ||||||||||||||
Common stock outstanding | 65,427 | |||||||||||||
Limited partnership units(1) | 2,306 | |||||||||||||
Options-treasury method | 206 | Secured Debt to Total Assets: | 16% | < 40% | ||||||||||
Total shares of common stock and potentially dilutive securities | 67,939 | |||||||||||||
Common stock price per share as of March 31, 2016 | $ | 233.86 | ||||||||||||
Interest Coverage: | 372% | > 150% | ||||||||||||
Market value of common stock and potentially dilutive securities | $ | 15,888,215 | ||||||||||||
Preferred stock(2) | $ | 73,750 | Unsecured Debt Ratio(1): | 293% | > 150% | |||||||||
Total equity capitalization | $ | 15,961,965 | ||||||||||||
Selected Credit Ratios | Actual | |||||||||||||
Total market capitalization | $ | 21,314,767 | ||||||||||||
Ratio of debt to total market capitalization | 25.1% | Net IndebtednessDivided by Adjusted EBITDA(2) (3): | 5.7 | |||||||||||
Unencumbered NOI to Total NOI: | 67% | |||||||||||||
(1) | Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock. | (1) | Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness. | |||||||||||
(2) | For financial statement purposes, the preferred stock was reclassified to cumulative redeemable preferred stock at liquidation value in total liabilities on the Consolidated Balance Sheet and is no longer part of total equity. | (2) | Net Indebtedness is total debt less unamortized premiums, discounts, debt issuance costs, unrestricted cash and cash equivalents, and marketable securities. | |||||||||||
Credit Ratings | (3) | Adjusted EBITDA annualizes the proforma NOI for current quarter acquisitions and excludes non-routine items in earnings. | ||||||||||||
Rating Agency | Rating Outlook | |||||||||||||
Fitch | BBB+ Stable | |||||||||||||
Moody's | Baa2 Positive | |||||||||||||
Standard & Poor's | BBB Positive |
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. | ||||||||||||||||||||||||||||||||||||||||||
Portfolio Summary as of March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||
Apartment Homes | Average Monthly Rental Rate(1) | Percent of NOI(2) | ||||||||||||||||||||||||||||||||||||||||
Region - County | Consolidated(3) | Unconsolidated Co-investments | Apartment Homes in Development (4) | Total | Consolidated | Unconsolidated Co-investments (5) | Total(6) | Consolidated | Unconsolidated Co-investments(5) | Total(6) | ||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||||||
Los Angeles County | 9,438 | 1,618 | — | 11,056 | $ | 2,237 | $ | 1,901 | $ | 2,211 | 20.2 | % | 13.9 | % | 19.6 | % | ||||||||||||||||||||||||||
Orange County | 5,788 | 1,144 | — | 6,932 | 1,968 | 1,674 | 1,942 | 11.2 | % | 8.6 | % | 10.9 | % | |||||||||||||||||||||||||||||
San Diego County | 5,203 | 616 | — | 5,819 | 1,727 | 1,574 | 1,718 | 8.2 | % | 5.5 | % | 8.0 | % | |||||||||||||||||||||||||||||
Ventura County | 2,897 | 373 | — | 3,270 | 1,625 | 2,033 | 1,650 | 4.8 | % | 3.3 | % | 4.7 | % | |||||||||||||||||||||||||||||
Other Southern CA | 623 | 249 | — | 872 | 1,525 | 1,461 | 1,514 | 0.9 | % | 1.7 | % | 1.0 | % | |||||||||||||||||||||||||||||
Total Southern California | 23,949 | 4,000 | — | 27,949 | 1,971 | 1,771 | 1,956 | 45.3 | % | 33.0 | % | 44.2 | % | |||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||||||
Santa Clara County | 6,160 | 2,477 | 852 | 9,489 | 2,601 | 2,626 | 2,605 | 16.6 | % | 27.5 | % | 17.6 | % | |||||||||||||||||||||||||||||
Alameda County | 3,138 | 1,293 | 506 | 4,937 | 2,363 | 2,252 | 2,343 | 7.4 | % | 14.9 | % | 8.1 | % | |||||||||||||||||||||||||||||
San Mateo County | 1,830 | 197 | 599 | 2,626 | 2,714 | 2,729 | 2,714 | 5.1 | % | 2.6 | % | 4.9 | % | |||||||||||||||||||||||||||||
Contra Costa County | 2,270 | — | 49 | 2,319 | 2,163 | — | 2,163 | 5.0 | % | — | 4.5 | % | ||||||||||||||||||||||||||||||
San Francisco MSA | 1,341 | 463 | 545 | 2,349 | 3,024 | 3,467 | 3,095 | 3.5 | % | 7.9 | % | 3.9 | % | |||||||||||||||||||||||||||||
Other Northern CA | 126 | — | — | 126 | 2,200 | — | 2,200 | 0.3 | % | — | 0.3 | % | ||||||||||||||||||||||||||||||
Total Northern California | 14,865 | 4,430 | 2,551 | 21,846 | 2,532 | 2,615 | 2,544 | 37.9 | % | 52.9 | % | 39.3 | % | |||||||||||||||||||||||||||||
Seattle Metro | 10,239 | 1,958 | — | 12,197 | 1,619 | 1,499 | 1,609 | 16.8 | % | 14.1 | % | 16.5 | % | |||||||||||||||||||||||||||||
Total | 49,053 | 10,388 | 2,551 | 61,992 | $ | 2,068 | $ | 2,091 | $ | 2,071 | 100.0 | % | 100.0 | % | 100.0 | % |
(1) | Average monthly rental rate is defined as the total potential monthly rental revenue (actual rent for occupied apartment homes plus market rent for vacant apartment homes) divided by the number of apartment homes. |
(2) | Actual NOI for the quarter ended March 31, 2016. |
(3) | Includes all apartment communities with rents. |
(4) | Includes development communities with no rental income. |
(5) | Co-investment amounts weighted for Company's pro rata share. |
(6) | At Company's pro rata share. |
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. | ||||||||||||||||||||||||||
Operating Income by Quarter(1) | ||||||||||||||||||||||||||
(Dollars in thousands, except in footnotes) | ||||||||||||||||||||||||||
Apartment Homes | Q1 '16 | Q4 '15 | Q3 '15 | Q2 '15 | Q1 '15 | |||||||||||||||||||||
Rental and other property revenues: | ||||||||||||||||||||||||||
Same-property | 45,517 | $ | 279,745 | $ | 276,664 | $ | 272,899 | $ | 266,450 | $ | 260,697 | |||||||||||||||
Acquisitions (2) | 2,232 | 15,856 | 12,941 | 11,594 | 9,035 | 3,150 | ||||||||||||||||||||
Development(3) | 624 | 6,292 | 5,146 | 4,801 | 4,330 | 2,934 | ||||||||||||||||||||
Redevelopment | 680 | 4,406 | 4,293 | 4,214 | 4,078 | 3,979 | ||||||||||||||||||||
Non-Residential/Other, net (4) | — | 5,879 | 9,602 | 9,014 | 10,208 | 9,469 | ||||||||||||||||||||
Total rental and other property revenues | 49,053 | 312,178 | 308,646 | 302,522 | 294,101 | 280,229 | ||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||
Same-property | 84,256 | 85,109 | 85,225 | 82,206 | 80,988 | |||||||||||||||||||||
Acquisitions (2) | 5,575 | 4,312 | 4,032 | 3,519 | 1,084 | |||||||||||||||||||||
Development(3) | 2,108 | 1,383 | 1,452 | 1,468 | 1,033 | |||||||||||||||||||||
Redevelopment | 1,507 | 1,653 | 1,611 | 1,534 | 1,539 | |||||||||||||||||||||
Non-Residential/Other, net (4) (5) | 1,044 | (316 | ) | 1,799 | 1,350 | 2,527 | ||||||||||||||||||||
Total property operating expenses | 94,490 | 92,141 | 94,119 | 90,077 | 87,171 | |||||||||||||||||||||
Net operating income (NOI): | ||||||||||||||||||||||||||
Same-property | 195,489 | 191,555 | 187,674 | 184,244 | 179,709 | |||||||||||||||||||||
Acquisitions (2) | 10,281 | 8,629 | 7,562 | 5,516 | 2,066 | |||||||||||||||||||||
Development(3) | 4,184 | 3,763 | 3,349 | 2,862 | 1,901 | |||||||||||||||||||||
Redevelopment | 2,899 | 2,640 | 2,603 | 2,544 | 2,440 | |||||||||||||||||||||
Non-Residential/Other, net (4) | 4,835 | 9,918 | 7,215 | 8,858 | 6,942 | |||||||||||||||||||||
Total NOI | $ | 217,688 | $ | 216,505 | $ | 208,403 | $ | 204,024 | $ | 193,058 | ||||||||||||||||
Same-property metrics | ||||||||||||||||||||||||||
Operating margin | 70 | % | 69 | % | 69 | % | 69 | % | 69 | % | ||||||||||||||||
Annualized turnover(6) | 45 | % | 45 | % | 61 | % | 56 | % | 45 | % | ||||||||||||||||
Financial occupancy(7) | 96.0 | % | 96.0 | % | 96.0 | % | 96.0 | % | 96.1 | % |
(1) | Includes consolidated communities only. |
(2) | Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2015. |
(3) | Development includes properties developed which did not have comparable stabilized results as of January 1, 2015. |
(4) | Other real estate assets consists mainly of retail space, commercial properties, boat slips, held for sale properties, and disposition properties. |
(5) | Includes other expenses and intercompany eliminations pertaining to self-insurance. In Q4'15 there were $1.9 million in reductions to operating expenses related to changes in prior period property tax estimates. |
(6) | Annualized turnover is defined as the number of apartment homes turned over during the quarter, annualized, divided by the total number of apartment homes. |
(7) | Financial occupancy is defined as the percentage resulting from dividing actual rental revenue by total potential rental revenue (actual rent for occupied apartment homes plus market rent for vacant apartment homes). |
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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-Property Results by County - First Quarter 2016 vs. First Quarter 2015 and Fourth Quarter 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except average monthly rental rates) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Monthly Rental Rate | Financial Occupancy | Gross Revenues | Sequential Gross Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||
Region - County | Apartment Homes | Q1 '16 % of Actual NOI | Q1 '16 | Q1 '15 | % Change | Q1 '16 | Q1 '15 | % Change | Q1 '16 | Q1 '15 | % Change | Q4 '15 | % Change | |||||||||||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles County | 7,443 | 17.3 | % | $ | 2,199 | $ | 2,076 | 5.9 | % | 96.0 | % | 95.7 | % | 0.3 | % | $ | 49,257 | $ | 46,024 | 7.0 | % | $ | 48,514 | 1.5 | % | |||||||||||||||||||||||||||||
Orange County | 5,788 | 12.1 | % | 1,968 | 1,868 | 5.4 | % | 96.1 | % | 96.3 | % | -0.2 | % | 34,437 | 32,951 | 4.5 | % | 34,103 | 1.0 | % | ||||||||||||||||||||||||||||||||||
San Diego County | 4,961 | 8.9 | % | 1,727 | 1,621 | 6.5 | % | 95.7 | % | 95.6 | % | 0.1 | % | 25,982 | 24,398 | 6.5 | % | 25,786 | 0.8 | % | ||||||||||||||||||||||||||||||||||
Ventura County | 2,897 | 5.3 | % | 1,625 | 1,529 | 6.3 | % | 96.2 | % | 96.3 | % | -0.1 | % | 14,472 | 13,694 | 5.7 | % | 14,288 | 1.3 | % | ||||||||||||||||||||||||||||||||||
Other Southern CA | 623 | 1.0 | % | 1,525 | 1,417 | 7.6 | % | 98.4 | % | 98.7 | % | -0.3 | % | 2,953 | 2,756 | 7.1 | % | 2,959 | -0.2 | % | ||||||||||||||||||||||||||||||||||
Total Southern California | 21,712 | 44.6 | % | 1,934 | 1,825 | 6.0 | % | 96.0 | % | 96.0 | % | 0.0 | % | 127,101 | 119,823 | 6.1 | % | 125,650 | 1.2 | % | ||||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Clara County | 5,874 | 17.4 | % | 2,590 | 2,387 | 8.5 | % | 96.4 | % | 96.4 | % | 0.0 | % | 45,957 | 42,249 | 8.8 | % | 45,234 | 1.6 | % | ||||||||||||||||||||||||||||||||||
Alameda County | 2,914 | 7.4 | % | 2,337 | 2,111 | 10.7 | % | 95.7 | % | 96.2 | % | -0.5 | % | 20,614 | 18,754 | 9.9 | % | 20,242 | 1.8 | % | ||||||||||||||||||||||||||||||||||
San Mateo County | 1,566 | 4.6 | % | 2,596 | 2,387 | 8.8 | % | 96.2 | % | 96.1 | % | 0.1 | % | 12,438 | 11,393 | 9.2 | % | 12,242 | 1.6 | % | ||||||||||||||||||||||||||||||||||
Contra Costa County | 2,270 | 5.4 | % | 2,163 | 1,981 | 9.2 | % | 96.6 | % | 96.2 | % | 0.4 | % | 14,970 | 13,695 | 9.3 | % | 14,799 | 1.2 | % | ||||||||||||||||||||||||||||||||||
San Francisco MSA | 816 | 2.0 | % | 2,405 | 2,248 | 7.0 | % | 93.4 | % | 94.1 | % | -0.7 | % | 5,753 | 5,403 | 6.5 | % | 5,884 | -2.2 | % | ||||||||||||||||||||||||||||||||||
Other Northern CA | 126 | 0.3 | % | 2,200 | 1,916 | 14.8 | % | 98.6 | % | 96.7 | % | 2.0 | % | 839 | 725 | 15.7 | % | 857 | -2.1 | % | ||||||||||||||||||||||||||||||||||
Total Northern California | 13,566 | 37.1 | % | 2,450 | 2,247 | 9.0 | % | 96.1 | % | 96.2 | % | -0.1 | % | 100,571 | 92,219 | 9.1 | % | 99,258 | 1.3 | % | ||||||||||||||||||||||||||||||||||
Seattle Metro | 10,239 | 18.3 | % | 1,619 | 1,503 | 7.7 | % | 95.8 | % | 96.2 | % | -0.4 | % | 52,073 | 48,655 | 7.0 | % | 51,756 | 0.6 | % | ||||||||||||||||||||||||||||||||||
Total Same-Property | 45,517 | 100.0 | % | $ | 2,017 | $ | 1,878 | 7.4 | % | 96.0 | % | 96.1 | % | -0.1 | % | $ | 279,745 | $ | 260,697 | 7.3 | % | $ | 276,664 | 1.1 | % |
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. | ||||||||
Same-Property Operating Expenses - Quarter to Date as of March 31, 2016 and 2015 | ||||||||
(Dollars in thousands) | ||||||||
Based on 45,517 apartment homes | ||||||||
Q1 '16 | Q1 '15 | % Change | % of Op. Ex. | |||||
Same-property operating expenses: | ||||||||
Real estate taxes | $ 29,335 | $ 28,743 | 2.1% | 34.8% | ||||
Maintenance and repairs | 16,309 | 15,380 | 6.0% | 19.4% | ||||
Administrative | 15,072 | 14,695 | 2.6% | 17.9% | ||||
Utilities | 13,852 | 13,663 | 1.4% | 16.4% | ||||
Management fees(1) | 6,854 | 5,654 | 21.2% | 8.1% | ||||
Insurance | 2,834 | 2,853 | -0.7% | 3.4% | ||||
Total same-property operating expenses | $ 84,256 | $ 80,988 | 4.0% | 100.0% |
(1) | Reflects the Company's change to property management fee allocation. |
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. | |||||||||||||||||||||||||||||
Development Pipeline - March 31, 2016 | |||||||||||||||||||||||||||||
(Dollars in millions, except per apartment home amounts in thousands and except in footnotes) | |||||||||||||||||||||||||||||
Project Name | Location | Ownership % | Estimated Apartment Homes | Estimated Commercial sq. feet | Incurred to Date | Remaining Costs | Estimated Total Cost | Essex Est. Total Cost(1) | Cost per Apartment Home(2) | Average % Occupied | % Leased | Construction Start | Initial Occupancy | Stabilized Operations | |||||||||||||||
Development Projects - Consolidated(3) | |||||||||||||||||||||||||||||
Station Park Green | San Mateo, CA | 100% | 599 | 35,000 | $ 91 | $ 263 | $ 354 | $ 354 | $ 567 | 0.0% | 0.0% | Q3 2015 | Q3 2017 | Q4 2018 | |||||||||||||||
Gateway Village(4) | Santa Clara, CA | 100% | 476 | — | 29 | 197 | 226 | 226 | 475 | 0.0% | 0.0% | Q2 2016 | Q2 2018 | Q3 2019 | |||||||||||||||
Total Development Projects - Consolidated | 1,075 | 35,000 | 120 | 460 | 580 | 580 | 540 | ||||||||||||||||||||||
Land Held for Future Development - Consolidated | |||||||||||||||||||||||||||||
Other Projects | Various | 100% | 30 | — | 30 | 30 | |||||||||||||||||||||||
Total Development Pipeline - Consolidated | 1,075 | 35,000 | 150 | 460 | 610 | 610 | |||||||||||||||||||||||
Development Projects/Land Held for Future Development - Joint Venture(3) | |||||||||||||||||||||||||||||
Agora(5) | Walnut Creek, CA | 51% | 49 | 32,188 | 90 | 5 | 95 | 48 | 1,140 | 0.0% | 0.0% | Q3 2013 | Q2 2016 | Q3 2016 | |||||||||||||||
Owens | Pleasanton, CA | 55% | 255 | 5,729 | 69 | 20 | 89 | 49 | 341 | 0.0% | 0.0% | Q3 2014 | Q2 2016 | Q2 2017 | |||||||||||||||
Hacienda | Pleasanton, CA | 55% | 251 | — | 44 | 42 | 86 | 47 | 343 | 0.0% | 0.0% | Q1 2015 | Q3 2016 | Q3 2017 | |||||||||||||||
Century Towers | San Jose, CA | 50% | 376 | 2,006 | 105 | 67 | 172 | 86 | 456 | 0.0% | 0.0% | Q3 2014 | Q1 2017 | Q1 2018 | |||||||||||||||
500 Folsom(6) | San Francisco, CA | 50% | 545 | 6,000 | 76 | 305 | 381 | 191 | 691 | 0.0% | 0.0% | Q4 2015 | Q4 2018 | Q2 2020 | |||||||||||||||
Total Development Projects - Joint Venture | 1,476 | 45,923 | 384 | 439 | 823 | 421 | $ 526 | ||||||||||||||||||||||
Grand Total - Development Pipeline | 2,551 | 80,923 | $ 534 | $ 899 | $ 1,433 | 1,031 | |||||||||||||||||||||||
Essex Cost Incurred to Date | (349) | ||||||||||||||||||||||||||||
Essex Remaining Commitment | $ 682 |
(1) | The Company's share of the estimated total costs of the project. |
(2) | Net of the estimated allocation to the retail component of the project. |
(3) | For the first quarter of 2016, the Company's cost includes $2.8 million of capitalized interest, $0.8 million of capitalized overhead and $1.2 million of development fees (such development fees reduced G&A expenses). |
(4) | Cost incurred to date does not include a deduction of $4.7 million for accumulated depreciation recorded during the period when the property was held as a retail operating asset. |
(5) | Apartment homes are built to condominium standards and average approximately 1,600 square feet. |
(6) | Estimated total cost is net of a projected value for low income housing tax credit proceeds and tax exempt bonds. |
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. | |||||||||||||||
Redevelopment Pipeline - March 31, 2016 | |||||||||||||||
(Dollars in thousands, except in footnotes) | |||||||||||||||
Total | Estimated | Estimated | NOI | ||||||||||||
Apartment | Incurred | Remaining | Total | Project | For the year ended | ||||||||||
Region/Project Name | Homes | To Date | Cost | Cost | Start Date | 2016 | 2015 | ||||||||
Same-property - Redevelopment Projects(1) | |||||||||||||||
Southern California | |||||||||||||||
Hamptons | 215 | $ 8,800 | $ 14,800 | $ 23,600 | Q1 2014 | ||||||||||
The Hallie (formerly Monterras) | 292 | 21,300 | 5,100 | 26,400 | Q1 2014 | ||||||||||
Northern California | |||||||||||||||
Summerhill Park | 100 | 7,800 | 2,100 | 9,900 | Q4 2014 | ||||||||||
Seattle Metro | |||||||||||||||
Park Highland | 250 | 8,300 | 4,200 | 12,500 | Q4 2014 | ||||||||||
Total Same-Property - Redevelopment Projects | 857 | $ 46,200 | $ 26,200 | $ 72,400 | $ 3,714 | $ 3,197 | |||||||||
Non-same property - Redevelopment Projects | |||||||||||||||
Southern California | |||||||||||||||
Bunker Hill Towers | 456 | $ 41,600 | $ 45,800 | $ 87,400 | Q3 2013 | ||||||||||
Total Non-Same Property - Redevelopment Projects | 456 | $ 41,600 | $ 45,800 | $ 87,400 | $ 1,656 | $ 1,296 |
(1) | Redevelopment activities are ongoing at these communities, but the communities have stabilized operations, therefore results are classified in same-property results. |
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. | |||||||||||||
Capital Expenditures - March 31, 2016 | |||||||||||||
(Dollars in thousands, except in footnotes) | |||||||||||||
Revenue Generating Capital Expenditures (1) (2) | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 | Trailing 4 Quarter | ||||||||
Same-property portfolio | $ 15,460 | $ 23,132 | $ 19,027 | $ 18,281 | $ 75,900 | ||||||||
Non-same property portfolio | 8,221 | 8,999 | 5,453 | 4,579 | 27,252 | ||||||||
Total revenue generating capital expenditures | $ 23,681 | $ 32,131 | $ 24,480 | $ 22,860 | $ 103,152 | ||||||||
Number of same-property interior renovations completed | 813 | 618 | 859 | 700 | 2,990 | ||||||||
Number of total consolidated interior renovations completed | 917 | 704 | 1,051 | 848 | 3,520 | ||||||||
Non-Revenue Generating Capital Expenditures (3) | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 | Trailing 4 Quarter | ||||||||
Non-revenue generating capital expenditures | $ 5,312 | $ 14,533 | $ 17,994 | $ 14,696 | $ 52,535 | ||||||||
Average apartment units in quarter | 48,933 | 48,686 | 48,560 | 48,197 | 48,594 | ||||||||
Capital expenditures per apartment unit in the quarter | $ 109 | $ 299 | $ 371 | $ 305 | $ 1,081 |
(1) | The Company incurred $0.3 million of capitalized interest, $2.4 million of capitalized overhead and $0.1 million of co-investment redevelopment fees related to redevelopment in Q1 2016. |
(2) | Represents revenue generating or expense saving expenditures such as full-scale redevelopments shown on page S-12, interior unit turn renovations, enhanced amenities and certain resource management initiatives. |
(3) | Represents roof replacements, paving, building and mechanical systems, exterior painting, siding, etc. |
See Company's 10-K and 10-Q for additional disclosures S-12.1 |
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, 2016 (Dollars in thousands) | Essex Ownership Percentage | Apartment Homes | Total Undepreciated Book Value | Debt Amount | Essex Book Value | Weighted Average Borrowing Rate | Remaining Term of Debt (in Years) | For the Three Months Ended March 31, 2016 | ||||||||||||||||||||||||
Operating Non-Consolidated Joint Ventures | NOI | |||||||||||||||||||||||||||||||
Wesco I, LLC | 50.0 | % | 2,275 | $ | 559,905 | $ | 295,443 | $ | 102,726 | 3.9 | % | 9.1 | $ | 8,984 | ||||||||||||||||||
Wesco III, LLC | 50.0 | % | 993 | 239,288 | 129,323 | 52,268 | 3.4 | % | 4.5 | 3,580 | ||||||||||||||||||||||
Wesco IV, LLC | 50.0 | % | 1,116 | 300,379 | 155,000 | 61,491 | 3.7 | % | 4.9 | 4,803 | ||||||||||||||||||||||
BEXAEW, LLC | 50.0 | % | 2,391 | 445,024 | 269,664 | 74,069 | 3.2 | % | 4.9 | 7,556 | ||||||||||||||||||||||
CPPIB | 55.0 | % | 1,928 | 690,417 | — | 380,399 | — | — | 10,275 | |||||||||||||||||||||||
Palm Valley | 50.0 | % | 1,098 | 370,832 | 225,254 | 68,340 | 2.5 | % | 0.8 | 5,120 | ||||||||||||||||||||||
Other | 50.0% - 55.0% | 587 | 200,250 | 137,717 | 32,000 | 2.7 | % | 2.3 | 2,621 | |||||||||||||||||||||||
Total Operating Non-Consolidated Joint Ventures | 10,388 | $ | 2,806,095 | $ | 1,212,401 | $ | 771,293 | 3.3 | % | 4.8 | $ | 42,939 | ||||||||||||||||||||
Development Non-Consolidated Joint Ventures(1) | 50.0% - 55.0% | 1,476 | 384,270 | 39,151 | 158,408 | 3.3 | % | 1.4 | — | |||||||||||||||||||||||
Total Non-Consolidated Joint Ventures | 11,864 | $ | 3,190,365 | $ | 1,251,552 | $ | 929,701 | $ | 42,939 | |||||||||||||||||||||||
Essex Portion of NOI and Expenses | ||||||||||||||||||||||||||||||||
NOI | $ | 22,084 | ||||||||||||||||||||||||||||||
Depreciation | (12,023 | ) | ||||||||||||||||||||||||||||||
Interest expense and other | (5,109 | ) | ||||||||||||||||||||||||||||||
Gain on sale of co-investments | 7,435 | |||||||||||||||||||||||||||||||
Net income from operating co-investments | $ | 12,387 | ||||||||||||||||||||||||||||||
Income from Preferred Equity Investments | ||||||||||||||||||||||||||||||||
Weighted Average Preferred Return | Weighted Average Expected Term | For the Three Months Ended March 31, 2016 | ||||||||||||||||||||||||||||||
Income from preferred equity investments | $ | 2,681 | ||||||||||||||||||||||||||||||
Preferred Equity Investments (2) | $ | 139,983 | 10.3 | % | 3.2 | $ | 2,681 | |||||||||||||||||||||||||
Total Co-investments | $ | 1,069,684 | $ | 15,068 |
(1) | The Company has interests in five development co-investments, which are detailed on S-11. |
(2) | As of March 31, 2016 the Company has invested in nine preferred equity investments. |
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 2016 FFO Guidance Range | ||||||||
Q1 2016 Earnings Results Supplement | ||||||||
($'s in thousands, except share and per share data) (1) | YTD | 2016 Guidance Range | ||||||
Actuals | Low End | High End | Changes from Guidance Provided on Q4 '15 Earnings Release | |||||
Net Operating Income ("NOI") | ||||||||
Total NOI from consolidated communities | $ 217,688 | $ 889,900 | $ 908,100 | Range of same-property NOI growth of 7.5% to 9.5%. | ||||
Management Fees | 2,024 | 7,900 | 8,900 | |||||
Interest Expense | ||||||||
Interest expense, before capitalized interest | (52,398) | (222,900) | (219,500) | Updated to reflect April unsecured bond offering. | ||||
Forecasted interest capitalized | 3,055 | 12,800 | 14,800 | |||||
Net interest expense | (49,343) | (210,100) | (204,700) | |||||
Recurring Income and Expenses | ||||||||
Interest and other income | 4,468 | 16,600 | 17,600 | |||||
FFO from co-investments | 19,656 | 81,400 | 84,600 | Updated to reflect investment activity through April. | ||||
General and administrative expense | (9,182) | (41,500) | (43,500) | |||||
Preferred dividends and non-controlling interest | (3,595) | (13,300) | (12,900) | |||||
Total recurring income and expenses | 11,347 | 43,200 | 45,800 | |||||
Non-Core Income and Expenses | ||||||||
Gain on sale of marketable securities | 740 | 740 | 740 | |||||
Loss on early retirement of debt and redemption costs | (2,541) | (2,541) | (2,541) | |||||
Acquisition and investment related costs | (828) | (2,000) | (3,000) | |||||
Other non-core adjustments | - | - | - | |||||
Total non-core income and expenses | (2,629) | (3,801) | (4,801) | |||||
Funds from Operations attributable to common stockholders and unitholders | $ 179,087 | $ 727,099 | $ 753,299 | |||||
Funds from Operations per diluted share | $ 2.64 | $ 10.66 | $ 11.05 | |||||
% Change - Funds from Operations | 16.3% | 9.7% | 13.6% | |||||
Core Funds from Operations attributable to common stockholders and unitholders | $ 181,716 | $ 730,900 | $ 758,100 | |||||
Core Funds from Operations per diluted share | $ 2.68 | $ 10.72 | $ 11.12 | |||||
% Change - Core Funds from Operations | 17.0% | 9.2% | 13.3% | |||||
Weighted average shares outstanding | 67,867 | 68,200 | 68,200 |
(1) | All non-core items are excluded from the YTD actuals and included in the non-core income and expense section of the FFO reconciliation. |
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. | ||||||||||||
Summary of Apartment Community Acquisitions and Dispositions Activity | ||||||||||||
Year to date as of March 31, 2016 | ||||||||||||
(Dollars in thousands, except average rent amounts) | ||||||||||||
Acquisitions | Essex | |||||||||||
Apartment | Ownership | Contract | Price per | Average | ||||||||
Property Name | Location | Homes | Percentage | Entity | Date | Price | Apartment Home | Rent | ||||
Mio | San Jose, CA | 103 | 100.0% | EPLP | Jan-16 | $ 51,300 | $ 498 | $ 2,888 | ||||
Form 15 | San Diego, CA | 242 | 100.0% | EPLP | Mar-16 | 97,400 | 402 | 2,221 | ||||
Q1 2016 | 345 | $ 148,700 | $ 431 | |||||||||
Dispositions(1) | Essex | |||||||||||
Apartment | Ownership | Sales | Price per | |||||||||
Property Name | Location | Homes | Percentage | Entity | Date | Price | Apartment Home | |||||
The Heights | Chino Hills, CA | 332 | 50.0% | JV | Jan-16 | $ 93,800 | (2) | $ 283 | ||||
Harvest Park | Santa Rosa, CA | 104 | 100.0% | EPLP | Feb-16 | 30,500 | 293 | |||||
Q1 2016 | 436 | $ 124,300 | $ 285 |
(1) | In January 2016, the Company sold its former headquarters office building, located in Palo Alto, CA for gross proceeds of $18.0 million. |
(2) | The Heights sales price represents the total sales price at 100%. |
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. | |||||||||||
2016 MSA Level Forecast: Supply, Jobs, and Apartment Market Conditions | |||||||||||
Residential Supply (1) | Job Forecast (2) | Market Forecast (3) | |||||||||
Market | New MF Supply | New SF Supply | Total Supply | % of MF Supply to MF Stock | % of Total Supply to Total Stock | Est. New Jobs | % Growth | Economic Rent Growth | |||
Los Angeles | 11,000 | 5,700 | 16,700 | 0.7% | 0.5% | 94,600 | 2.2% | 5.5% | |||
Orange | 3,800 | 3,800 | 7,600 | 0.9% | 0.7% | 39,500 | 2.5% | 5.6% | |||
San Diego | 3,300 | 3,500 | 6,800 | 0.7% | 0.6% | 36,700 | 2.6% | 5.3% | |||
Ventura | 150 | 700 | 850 | 0.2% | 0.3% | 5,350 | 1.8% | 5.4% | |||
So. Cal. | 18,250 | 13,700 | 31,950 | 0.7% | 0.5% | 176,150 | 2.3% | 5.5% | |||
San Francisco | 5,400 | 650 | 6,050 | 1.3% | 0.8% | 34,700 | 3.0% | 6.3% | |||
Oakland | 1,600 | 4,300 | 5,900 | 0.5% | 0.6% | 27,900 | 2.5% | 6.7% | |||
San Jose | 5,850 | 2,100 | 7,950 | 2.3% | 1.2% | 31,300 | 3.0% | 6.3% | |||
No. Cal. | 12,850 | 7,050 | 19,900 | 1.5% | 0.9% | 93,900 | 2.8% | 6.5% | |||
Seattle | 8,450 | 7,100 | 15,550 | 1.7% | 1.3% | 48,600 | 3.0% | 6.1% | |||
Weighted Average (4) | 39,550 | 27,850 | 67,400 | 1.2% | 0.8% | 318,650 | 2.6% | 6.0% |
All data are based on Essex Property Trust, Inc. forecasts. |
U.S. Economic Assumptions: 2016 G.D.P. Growth: 2.3%, 2016 Job Growth: 2.0% |
(1) | New Residential Supply: MF reflects Company's internal estimate of actual multifamily deliveries; SF is based on 12 month single family trailing permits reported by the US Census Bureau. |
(2) | Job Forecast: refers to the difference between total non-farm industry employment (not seasonally adjusted) projected 4Q over 4Q, expressed as total new jobs and growth rates. |
(3) | Market Forecast: the estimated rent growth represents the forecasted change in effective market rents for full year 2016 vs 2015 (excludes submarkets not targeted by Essex). |
(4) | Weighted Average: markets weighted by scheduled rent in the Company's Portfolio. |
See Company's 10-K and 10-Q for additional disclosures S-16 |