Exhibit 99.2
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Operating Results Three Months Ended Twelve Months Ended
(Dollars in thousands, except per share amounts) December 31, December 31,
- ------------------------------------------------------------------------------ ---------------- ---------------- ----------------
2003 2002 2003 2002
---------------- ---------------- ---------------- ----------------
Revenues:
Rental $ 54,568 $ 45,686 $ 215,699 $ 171,909
Other property 1,868 1,352 7,169 5,356
---------------- ---------------- ---------------- ----------------
Total property revenues 56,436 47,038 222,868 177,265
Interest and other 2,335 3,896 11,582 22,857
---------------- ---------------- ---------------- ----------------
58,771 50,934 234,450 200,122
---------------- ---------------- ---------------- ----------------
Expenses:
Property operating 19,110 15,042 74,037 52,454
Depreciation and amortization 13,936 9,813 49,409 37,042
Interest 10,893 8,950 42,751 35,012
Amortization of deferred financing costs 183 163 1,008 605
General and administrative 1,898 1,544 7,106 6,291
---------------- ---------------- ---------------- ----------------
Total expenses 46,020 35,512 174,311 131,404
---------------- ---------------- ---------------- ----------------
Income from continuing operations before minority interests
and discontinued operations 12,751 15,422 60,139 68,718
Minority interests (4,945) (5,817) (22,192) (24,130)
---------------- ---------------- ---------------- ----------------
Income from continuing operations 7,806 9,605 37,947 44,588
Discontinued operations (net of minority interests):
Operating income from real estate sold -- -- -- 225
Gain on sale of real estate -- -- -- 8,061
---------------- ---------------- ---------------- ----------------
Net income 7,806 9,605 37,947 52,874
Write off of Series C preferred units offering costs (625) -- (625) --
Amortization of discount on Series F preferred stock (336) -- (336) --
Dividends to preferred stockholders - Series F (195) -- (195) --
--------------- --------------- --------------- ---------------
Net income available to common stockholders $ 6,650 $ 9,605 $ 36,791 $ 52,874
=============== =============== =============== ===============
Net income per share - basic $ 0.29 $ 0.51 $ 1.71 $ 2.85
================ ================ ================ ================
Net income per share - diluted $ 0.29 $ 0.51 $ 1.70 $ 2.82
================ ================ ================ ================
See Company's 10-K for additional disclosures
F-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
Selected Line Item Detail Three Months Ended Twelve Months Ended
(Dollars in thousands) December 31, December 31,
- ---------------------------------------------------------------------------------- ---------------- ---------------- ----------------
2003 2002 2003 2002
---------------- ---------------- ---------------- ----------------
Interest and other
Interest income $ 159 $ 364 $ 811 $ 5,026
Equity income in co-investments and lease income 868 1,115 6,326 8,250
Fee income 878 969 3,458 3,232
Gain on sale of co-investment activities, net -- -- -- 1,408
Miscellaneous - non-recurring 430 1,448 987 4,941
---------------- ---------------- ---------------- ----------------
Interest and other $ 2,335 $ 3,896 $ 11,582 $ 22,857
================ ================ ================ ================
Property operating expenses
Maintenance and repairs $ 4,354 $ 2,840 $ 16,830 $ 10,971
Real estate taxes 4,608 3,281 17,752 12,707
Utilities 3,297 2,493 12,312 8,826
Administrative 5,007 4,888 19,957 14,963
Advertising 964 921 3,842 2,932
Insurance 880 619 3,344 2,055
---------------- ---------------- ---------------- ----------------
Property operating expenses $ 19,110 $ 15,042 $ 74,037 $ 52,454
================ ================ ================ ================
General and administrative
Total general and administrative $ 3,482 $ 3,090 $ 13,098 $ 12,538
Allocated to property operating expenses - administrative (728) (612) (2,779) (2,395)
Allocated to Essex Management Corporation (646) (707) (2,553) (2,717)
Capitalized and incremental to real estate under development (210) (227) (660) (1,135)
---------------- ---------------- ---------------- ----------------
Net general and administrative $ 1,898 $ 1,544 $ 7,106 $ 6,291
================ ================ ================ ================
Minority interests
Limited partners of Essex Portfolio, L.P. $ 657 $ 1,170 $ 3,899 $ 5,481
Perpetual preferred distributions 4,257 4,580 17,997 18,319
Series Z incentive units -- 39 175 197
Third party ownership interests 31 28 121 133
---------------- ---------------- ---------------- ----------------
Minority interests $ 4,945 $ 5,817 $ 22,192 $ 24,130
================ ================ ================ ================
See Company's 10-K for additional disclosures
F-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 Twelve Months Ended
(Dollars in thousands, except share and per share amounts) December 31, December 31,
- --------------------------------------------------------------------------- ---------------- ---------------- ----------------
2003 2002 2003 2002
---------------- ---------------- ---------------- ----------------
Funds from operations
Income from continuing operations before
minority interests and discontinued operations $ 12,751 $ 15,422 $ 60,139 $ 68,718
Adjustments:
Gain on sale of co-investment activities, net -- -- -- (1,408)
Depreciation and amortization 13,936 9,813 49,409 37,042
Depr. and amort. - unconsolidated co-investments 3,119 2,354 10,190 8,246
Minority interests (4,288) (4,609) (18,117) (18,426)
Income from discontinued operations -- -- -- 225
Depreciation - discontinued operations -- -- -- 191
Dividends to preferred stockholders - Series F (195) -- (195) --
Write off of Series C preferred units offering costs (625) -- (625) --
Amortization of discount on Series F preferred stock (336) -- (336) --
---------------- ---------------- ---------------- ----------------
Funds from operations $ 24,362 $ 22,980 $ 100,465 $ 94,588
================ ================ ================ ================
Components of the change in FFO
Same property NOI $ (623) $ (4,833)
Non-same property NOI 5,953 28,853
Income and depreciation from discontinued operations -- (416)
Other - corporate and unconsolidated co-investments (796) (7,923)
Interest expense and amortization of deferred financing (1,963) (8,142)
General and administrative (354) (815)
Minority interests 321 309
Dividends to preferred stockholders - Series F (195) (195)
Write off of Series C preferred units offering costs (625) (625)
Amortization of discount on Series F preferred stock (336) (336)
---------------- ----------------
Funds from operations $ 1,382 $ 5,877
================ ================
Funds from operations per share - diluted $ 0.97 $ 1.09 $ 4.20 $ 4.50
================ ================ ================ ================
Percentage decrease -11.0% -6.7%
================ ================
Weighted average number of shares outstanding diluted (1) 25,211,207 21,142,452 23,947,931 21,007,502
================ ================ ================ ================
(1) Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into
shares of the Company's common stock.
See Company's 10-K for additional disclosures
F-3
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Balance Sheet
(Dollars in thousands)
December 31,2003 December 31, 2002
- ----------------------------------------------------------------------------- -------------------
Real Estate:
Land and land improvements $ 422,549 $ 368,712
Buildings and improvements 1,310,371 1,147,244
------------------- -------------------
1,732,920 1,515,956
Less: accumulated depreciation (241,235) (191,821)
------------------- -------------------
1,491,685 1,324,135
Investments 93,395 61,212
Real estate under development 52,439 143,756
------------------- -------------------
1,637,519 1,529,103
Cash and cash equivalents 15,314 17,827
Other assets 69,034 66,532
Deferred charges, net 6,697 6,272
------------------- -------------------
Total assets $ 1,728,564 $ 1,619,734
=================== ===================
Mortgage notes payable $ 739,129 $ 677,563
Lines of credit 93,100 126,500
Other liabilities 62,835 61,827
------------------- -------------------
Total liabilities 895,064 865,890
Minority interests 243,799 262,530
Stockholders' Equity:
Common stock 2 2
Series F cumulative redeemable preferred stock,
liquidation value 25,000 --
Additional paid-in-capital 638,859 535,125
Distributions in excess of accumulated earnings (74,160) (43,813)
------------------- -------------------
Total liabilities and stockholders' equity $ 1,728,564 $ 1,619,734
=================== ===================
See Company's 10-K for additional disclosures
F-4
E S S E X P R O P E R T Y T R U S T, I N C.
Debt Summary - December 31, 2003
(Dollars in thousands)
Percentage of Weighted Weighted
Total Balance Average Average Maturity
Debt Outstanding Interest Rate (1) In Years
---------- ------------- ---------------- --------------
Mortgage notes payable
Fixed rate - secured 80% $ 663,833 6.8% 6.9
Tax exempt variable (2) 9% 75,296 2.6% 22.5
---------- -------------- ---------------- --------------
Total mortgage notes payable 89% 739,129 6.4% 8.5
---------- -------------- ---------------- ==============
Line of credit - secured (3) 10% 80,600 1.7%
Line of credit - unsecured (4) 1% 12,500 2.3%
---------- -------------- ----------------
11% 93,100 1.8%
---------- -------------- ----------------
Total debt 100% $ 832,229 5.8%
========== ============== ================
Scheduled principal payments (excludes lines of credit)
2004 $ 8,223
2005 41,300
2006 20,703
2007 63,448
2008 108,947
Thereafter 496,508
--------------
Total $ 739,129
==============
Interest expense coverage is 3.5 times earnings before gain, interest, taxes, depreciation and amortization.
Capitalized interest for the quarter ended December 31, 2003 was $976.
(1) Weighted average interest rate for variable rate debt are approximate current values.
(2) Subject to interest rate protection agreements.
(3) Secured line of credit commitment is $90 million, increasing to $100 million in July 2004 and matures in January 2009.
This line is secured by four of Essex's multifamily communities. The underlying interest rate is currently the
Freddie Mac Reference Rate plus .55% to .60%.
(4) Unsecured line of credit commitment is $185 million and matures in May 2004.
The underlying interest rate on this line is based on a tiered rate structure tied to the Company's
corporate ratings and is currently at LIBOR plus 1.10%.
See Company's 10-K for additional disclosures
F-5
E S S E X P R O P E R T Y T R U S T, I N C.
Capitalization - December 31 2003
(Dollars and shares in thousands, except per share amounts)
Total debt $ 832,229
==============
Common stock and potentially dilutive securities
Common stock outstanding 22,826
Limited partnership units (1) 2,322
Options-treasury method 155
--------------
Total common stock and potentially dilutive securities 25,303 shares
Common stock price per share as of December 31, 2003 $ 64.220
--------------
Market value of common stock and potentially dilutive securities $ 1,624,959
Perpetual preferred units/stock $ 210,000 8.567% weighted average pay rate
--------------
Total equity capitalization $ 1,834,959
--------------
Total market capitalization $ 2,667,188
==============
Ratio of debt to total market capitalization 31.2%
==============
(1)Assumes conversion of all outstanding operating partnership interests in the
Operating Partnership into shares of the Company's common stock.
See Company's 10-K for additional disclosures
F-6
E S S E X P R O P E R T Y T R U S T, I N C.
Property Operating Results - Quarter ended December 31, 2003 and 2002
(Dollars in thousands)
Southern California Northern California Pacific Northwest Other real estate assets(1) Total
------------------------- -------------------------- ------------------------- ------------------------- -------------------------
2003 2002 % Change 2003 2002 % Change 2003 2002 % Change 2003 2002 % Change 2003 2002 % Change
-------- -------- ------- -------- -------- -------- -------- -------- ------- -------- -------- ------- -------- -------- -------
Revenues:
Same property revenues $18,270 $17,493 4.4% $12,164 $13,391 -9.2% $10,159 $10,242 -0.8% $ -- $ -- n/a $40,593 $41,126 -1.3%
Non same property revenues(2) 9,855 3,046 3,116 2,285 994 -- 1,878 581 15,843 5,912
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total Revenues $28,125 $20,539 $15,280 $15,676 $11,153 $10,242 $ 1,878 $ 581 $56,436 $47,038
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Property operating expenses:
Same property operating expenses $ 5,150 $ 5,341 -3.6% $ 4,083 $ 3,892 4.9% $ 3,731 $ 3,641 2.5% $ -- $ -- n/a $12,964 $12,874 0.7%
Non same property operating expenses(2) 3,460 900 1,225 967 267 -- 1,194 301 6,146 2,168
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total property operating expenses $ 8,610 $ 6,241 $ 5,308 $ 4,859 $ 3,998 $ 3,641 $ 1,194 $ 301 $19,110 $15,042
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net operating income:
Same property net operating income $13,120 $12,152 8.0% $ 8,081 $ 9,499 -14.9% $ 6,428 $ 6,601 -2.6% $ -- $ -- n/a $27,629 $28,252 -2.2%
Non same property operating income(2) 6,395 2,146 1,891 1,318 727 -- 684 280 9,697 3,744
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total net operating income $19,515 $14,298 $ 9,972 $10,817 $ 7,155 $ 6,601 $ 684 $ 280 $37,326 $31,996
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Same property operating margin 72% 69% 66% 71% 63% 64% n/a n/a 68% 69%
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Same property turnover percentage 53% 47% 56% 57% 51% 60% n/a n/a 53% 55%
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Same property concessions $ 82 $ 146 $ 341 $ 198 $ 318 $ 323 $ -- $ -- $ 741 $ 667
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Average same property average concessions $ 128 $ 253 $ 682 $ 385 $ 564 $ 488 $ -- $ -- $ 435 $ 380
per turn (In dollars) ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Net operating income percentage of total 52% 44% 27% 34% 19% 21% 2% 1% 100% 100%
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Loss to lease(3) $ 6,562 $(1,337) $ 114 $ n/a $ 5,339
======== ======== ======== ======== ========
Loss to lease as a percentage 5.3% -2.4% 0.3% n/a 2.5%
of rental income ======== ======== ======== ======== ========
(1) Includes apartment communities located in other geographic areas, other rental properties and commercial properties.
(2) Includes properties which subsequent to September 30, 2002, were either acquired, in a stage of development or redevelopment without stabilized operations.
(3) Loss to lease represents the annualized difference between market rents (without considering the impact of rental concessions)
and contractual rents. These numbers include the Company's pro-rata interest in unconsolidated properties.
Reconciliation of apartment units at end of period
Same property consolidated apartment units 4,869 4,869 3,597 3,597 4,402 4,402 -- -- 12,868 12,868
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Consolidated Apartment Units 8,306 8,143 4,319 3,737 4,844 4,402 578 578 18,047 16,860
Down REIT 1,360 1,360 170 170 301 301 -- -- 1,831 1,831
Joint Venture 5,277 4,151 116 116 741 741 -- -- 6,134 5,008
Under Development 686 689 370 832 -- -- -- -- 1,056 1,521
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total apartment units at end of period 15,629 14,343 4,975 4,855 5,886 5,444 578 578 27,068 25,220
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Percentage of total 58% 57% 18% 19% 22% 22% 2% 2% 100% 100%
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Average same property financial occupancy 97.2% 96.0% 96.3% 96.5% 96.0% 93.8% n/a n/a 96.6% 95.6%
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
See Company's 10-K for additional disclosures
F-7
E S S E X P R O P E R T Y T R U S T, I N C.
Same Property Revenue by County - Quarters ended December 31, 2003, December 31, 2002 and September 30, 2003
(Dollars in thousands)
December 31, December 31, September 30,
Units 2003 2002 % Change 2003 % Change
------- ----------- ------------- -------- ----------- --------
Southern California
Ventura County 989 $ 3,407 $ 3,239 5.2% $ 3,296 3.4%
Los Angeles County 2,873 10,917 10,435 4.6% 10,754 1.5%
Orange County 783 3,322 3,191 4.1% 3,216 3.3%
San Diego County 224 624 628 -0.6% 648 -3.7%
------- ----------- ------------- -----------
Total Southern California 4,869 $ 18,270 $ 17,493 4.4% $ 17,914 2.0%
------- ----------- ------------- -----------
Northern California
San Francisco County 99 $ 332 $ 372 -10.8% $ 347 -4.3%
Santa Clara County 1,556 5,497 6,029 -8.8% 5,517 -0.4%
Alameda County 1,116 3,383 3,778 -10.5% 3,317 2.0%
Contra Costa County 826 2,952 3,212 -8.1% 3,008 -1.9%
------- ----------- ------------- -----------
Total Northern California 3,597 $ 12,164 $ 13,391 -9.2% $ 12,189 -0.2%
------- ----------- ------------- -----------
Pacific Northwest
Seattle 3,527 $ 8,451 $ 8,473 -0.3% $ 8,331 1.4%
Portland 875 1,708 1,769 -3.4% 1,701 0.4%
------- ----------- ------------- -----------
Total Pacific Northwest 4,402 $ 10,159 $ 10,242 -0.8% $ 10,032 1.3%
------- ----------- ------------- -----------
Total same property revenues 12,868 $ 40,593 $ 41,126 -1.3% $ 40,135 1.1%
======= =========== ============= ======== =========== ========
See Company's 10-K for additional disclosures
F-8
E S S E X P R O P E R T Y T R U S T, I N C.
Development Communities - December 31, 2003
(Dollars in millions)
Total Estimated
Estimated Incurred Remaining Initial Stabilized % %
Project Name Location Units Cost to Date Cost Occupancy Operations Leased Occupied
- ------------------------------------------- ------------------- ------- ------------ ---------- ---------- ----------- ----------- -------- ----------
Development Communities
- -------------------------------------------
Direct Development - Consolidated
Hidden Valley-Parker Ranch(1) Simi Valley, CA 324 $ 46.4 $ 41.2 $ 5.2 Dec-03 Oct-04 10% 5%
The San Marcos Phase II Richmond, CA 120 23.9 11.2 12.7 Jun-04 Oct-04 n/a n/a
------- ------------- ----------- -----------
Subtotal - direct development 444 $ 70.3 $ 52.4 $ 17.9
Joint Venture Transactions - Unconsolidated(2)
River Terrace Santa Clara, CA 250 56.8 32.3 24.5 Aug-04 Jun-05 n/a n/a
Chesapeake San Diego, CA 230 44.9 32.0 12.9 Apr-04 Dec-04 n/a n/a
Kelvin Avenue Irvine, CA 132 5.9 5.9 0.0 -- -- n/a n/a
------- ------------- ----------- -----------
Total - development 1,056 $ 177.9 $ 122.6 $ 55.3
======= ============= =========== ===========
Stabilized Communities - Fourth Quarter 2003
- -------------------------------------------
The San Marcos (formerly Vista del Mar) Richmond, CA 312 $ 52.3 $ 52.0 $ 0.3 Jul-02 Nov-03 91% 94%
(1)The Company acquired bond financing which closed in December 2002. The Company has a 75% interest in this development project.
(2)The Company has a 21.4% interest in development projects owned by the Fund.
See Company's 10-K for additional disclosures
F-9
E S S E X P R O P E R T Y T R U S T, I N C.
Redevelopment Communities - December 31, 2003
(Dollars in thousands)
Total Estimated
Estimated Incurred Remaining Redevelopment Restabilized
Project Name Units Cost to date Cost Start Operations
- ------------------------------------------ ------- ---------- ---------- ---------- ------------- ---------------
Hillcrest Park - Phase II 608 $ 3,429 $ 1,499 $ 1,930 Apr-03 (1)
Rosebeach (2) 174 3,537 1,963 1,574 Mar-03 (1)
------- ---------- ---------- ----------
Total 782 $ 6,966 $ 3,462 $ 3,504
======= ========== ========== ==========
Re-stabilized Communities - Fourth Quarter 2003
- ------------------------------------------
None
(1)Restabilized operations is defined as the month that the property reaches at least 95% occupancy after
completion of the redevelopment project. A component of these redevelopments are upgrades to unit interiors.
These will be completed in the normal course of unit turnover.
(2)The Company has a 21.4% interest in the asset owned by the Fund.
See Company's 10-K for additional disclosures
F-10
E S S E X P R O P E R T Y T R U S T, I N C.
Investments - December 31, 2003 Debt $64.220
------------------------------------- Down Value of Essex
(Dollars in thousands) Book Estimated Interest Maturity REIT Down REIT Equity
Value Value(1) Amount Type Rate Date Units Unit Value(2)
- --------------------------------------------------------------- --------- ------------------------------------- -------- --------- ---------
Down REIT's
Highridge, Rancho Palos Verde, CA $ 19,706 Fixed 6.26% Jun-07
Anchor Village, Mukilteo, WA 10,750 Var/bonds 5.50% Dec-27
Barkley Apartments, Anaheim, CA 5,254 Fixed 6.63% Feb-09
Brookside Oaks, Sunnyvale, CA 14,888 Fixed 7.90% Oct-10
Capri at Sunny Hills, Fullerton, CA 12,253 Fixed 5.37% Aug-07
Hearthstone, Santa Ana, CA 9,927 Fixed 7.01% Jun-08
Montejo, Garden Grove, CA 6,127 Fixed 6.98% Feb-11
Treehouse, Santa Ana, CA 8,250 Fixed 6.98% Feb-11
Valley Park, Fountain Valley, CA 10,451 Fixed 6.98% Feb-11
Villa Angelina, Placentia, CA 14,132 Fixed 6.98% Feb-11
--------
$ 13,367 $ 246,457 111,738 1,450 $ 93,118 $ 41,601
Value of Company
Joint Ventures Equity Ownership
Essex Apartment Value Fund, L.P. -------- ---------
Andover Park, Beaverton, OR 12,246 Fixed 6.60% Oct-11
Vista Del Rey (El Encanto), Tustin, CA 7,882 Fixed 6.95% Feb-11
Rosebeach, La Mirada, CA 8,321 Fixed 7.09% Feb-11
Hunt Club, Lake Oswego, CA 11,533 Fixed 7.05% Feb-11
The Crest, Pomona, CA 35,416 Fixed 7.99% Jul-05
Foxborough (Woodland), Orange, CA 4,838 Fixed 7.84% Jul-09
The Arboretum at Lake Forest, Lake Forest, CA 22,974 Fixed 5.16% Feb-10
Ocean Villas, Oxnard, CA 9,927 Fixed 5.42% Apr-13
Villas at Carlsbad, Carlsbad, CA 9,557 Fixed 5.03% Aug-11
Huntington Villas, Huntington Beach, CA 38,184 Fixed 4.64% May-10
The Villas at San Dimas, San Dimas, CA 13,007 Fixed 4.67% May-10
The Villas at Bonita, San Dimas, CA 8,275 Fixed 4.67% May-10
Villa Venetia, Costa Mesa, CA 53,596 Fixed 4.58% May-13
Coronado at Newport - North, Newport Beach, CA - 49.9% (3) --
Coronado at Newport - South, Newport Beach, CA - 49.9% (3) --
Kelvin Avenue, Irvine, CA (development) --
Chesapeake, San Diego, CA (development) 20,811 Var. LIBOR+ 2% Jan-07
Rivermark, Santa Clara, CA (development) 7,263 Var. LIBOR+ 2% Jan-07
Line of credit -- Var. LIBOR+.875 Jun-04
--------
51,110 482,464 263,830 $218,634 21.4% 46,788
AEW
The Pointe at Cupertino, Cupertino, CA 14,185 Fixed 4.86% Nov-12
Tierra Vista, Oxnard, CA 37,374 Fixed 5.93% Jun-07
--------
4,406 81,743 51,559 30,184 20.0% 6,037
Lend Lease
Coronado at Newport - North, Newport Beach, CA 56,088 Fixed 5.30% Dec-12
Coronado at Newport - South, Newport Beach, CA 49,388 Fixed 5.30% Dec-12
--------
13,020 170,143 105,476 64,667 49.9% 32,269
Other Joint Ventures
Park Hill Apartments, Issaquah, WA 5,731 28,743 21,364 Fixed 6.90% Aug-29 7,379 45.0%(4) 5,731
Other 5,761 5,761
--------- ----------
$ 93,395 $ 138,187
========= ==========
(1)Estimated value based on estimated 2004 net operating income applying capitalization rates ranging from 7.00% to 7.25% on stabilized
multifamily properties. Other properties, either in development, redevelopment or acquired less than 12 months ago are valued at cost.
(2)Although the Company generally intends to hold these properties for use, the Company equity value assumes liquidation at December 31, 2003.
(3)The Fund accounts for its investment in this property under the equity method of accounting. Estimated value is equal to the Fund's book
value of its equity investment.
(4)The Company's 45% ownership interest receives a cumulative preferred return.
See Company's 10-K for additional disclosures
F-11
ESSEX PROPERTY TRUST, INC.
REAL ESTATE INFORMATION
31-Dec-03
Square Year Year
Property Name Address City State Units Footage Acquired Built
---------------------------------------------------------------------------------------------------------------------------------------
MULTIFAMILY COMMUNITIES
---------------------------------------------------------------------------------------------------------------------------------------
SAN FRANCISCO BAY AREA
---------------------------------------------------------------------
Santa Clara County
---------------------------------------
1 Pointe at Cupertino, The (Westwood) 19920 Olivewood Street Cupertino CA 116 135,288 1998 1963
1 Carlyle, The 2909 Nieman Boulevard San Jose CA 132 129,216 2000 2000
1 Waterford, The 1700 N. First Street San Jose CA 238 219,642 2000 2000
1 Le Parc (Plumtree) 440 N. Winchester Avenue Santa Clara CA 140 113,260 1994 1975
1 Marina Cove 3480 Granada Avenue Santa Clara CA 292 250,294 1994 1974
River Terrace N.E. corner Montague/Agnew Santa Clara CA 250 223,880
1 Bristol Commons 732 E. Evelyn Avenue Sunnyvale CA 188 142,668 1995 1989
1 Brookside Oaks 1651 Belleville Way Sunnyvale CA 170 119,980 2000 1973
1 Oak Pointe 450 N. Mathilda Avenue Sunnyvale CA 390 294,180 1988 1973
1 Summerhill Park 972 Corte Madera Avenue Sunnyvale CA 100 78,584 1988 1988
1 Windsor Ridge 825 E. Evelyn Avenue Sunnyvale CA 216 161,892 1989 1989
----------------------------
8% 1,982 1,645,004
Alameda County
---------------------------------------
1 Stevenson Place (The Apple) 4141 Stevenson Blvd. Fremont CA 200 146,296 1983 1971
1 Treetops 40001 Fremont Blvd. Fremont CA 172 131,270 1996 1978
1 Wimbeldon Woods 25200 Carlos Bee Blvd. Hayward CA 560 462,400 1998 1975
1 Summerhill Commons 36826 Cherry Street Newark CA 184 139,012 1987 1987
1 Essex at Lake Merritt, The 108-116 17th Street Oakland CA 270 258,967 2003 2003
----------------------------
5% 1,386 1,137,945
Contra Costa County
---------------------------------------
1 San Marcos (Vista del Mar) Hilltop Drive at Richmond PkwyRichmond CA 312 292,716 2003 2003
San Marcos (Vista del Mar) - Phase II Hilltop Drive at Richmond PkwyRichmond CA 120 114,930
1 Bel Air (The Shores) 2000 Shoreline Drive San Ramon CA 462 391,136 1995 1988 114 units 2000
1 Eastridge Apartments 235 East Ridge Drive San Ramon CA 188 174,104 1996 1988
1 Foothill Gardens 1110 Harness Drive San Ramon CA 132 155,100 1997 1985
1 Twin Creeks 2711-2731 Morgan Drive San Ramon CA 44 51,700 1997 1985
----------------------------
4% 1,138 1,064,756
San Francisco County
---------------------------------------
1 Mt. Sutro Terrace Apartments 480 Warren Drive San Francisco,CA 0% 99 64,095 1999 1973
--------------------------------------- ----------------------------
21 Total San Francisco Bay Area 18% 4,605 3,911,800
SOUTHERN CALIFORNIA
---------------------------------------------------------------------
Los Angeles County
---------------------------------------
1 Hampton Court (Columbus) 1136 N. Columbus Avenue Glendale CA 83 71,573 1999 1974
1 Hampton Place (Loraine) 245 W. Loraine Street Glendale CA 132 141,591 1999 1970
1 Rosebeach 16124 E. Rosecrans Ave. La Mirada CA 174 172,202 2000 1970
1 Marbrisa 1809 Termino Ave. Long Beach CA 202 122,870 2002 1987
1 Pathways 5945 E. Pacific Coast Hwy. Long Beach CA 296 197,720 1991 1975
1 Bunker Hill 222 and 234 S. Figueroa St. Los Angeles CA 456 346,672 1998 1968
1 City Heights 209 S. Westmoreland Los Angeles CA 687 424,170 2000 1968
1 Cochran Apartments 612 South Cochran Los Angeles CA 58 51,468 1998 1989
1 Kings Road 733 North Kings Road Los Angeles CA 196 132,112 1997 1979
1 Park Place 400 S. Detroit Street Los Angeles CA 60 48,000 1997 1988
1 Windsor Court 401 S. Detroit Street Los Angeles CA 58 46,600 1997 1988
1 Mirabella (Marina View) 13701 Marina Point Drive Marina Del Rey CA 188 176,860 2000 2000
1 Hillcrest Park (Mirabella) 1800 West Hillcrest Drive Newbury Park CA 608 521,968 1998 1973
1 Monterra del Mar (Windsor Terrace) 280 E. Del Mar Boulevard Pasadena CA 123 74,475 1997 1972
1 Monterra del Rey (Glenbrook) 350 Madison Pasadena CA 84 73,101 1999 1972
1 Monterra del Sol (Euclid) 280 South Euclid Pasadena CA 85 69,295 1999 1972
1 Crest, The 400 Appian Way Pomona CA 501 498,036 2000 1986
1 Highridge 28125 Peacock Ridge Drive Rancho Palos Verde CA 255 290,250 1997 1972
1 Villas at San Dimas Canyon 325 S. San Dimas Canyon Rd.San Dimas CA 156 144,669 2003 1981
1 Villas at Bonita 477 E. Bonita Ave. San Dimas CA 102 94,200 2003 1981
1 Walnut Heights 20700 San Jose Road Walnut CA 163 146,750 2003 1964
1 Avondale at Warner Center 22222 Victory Blvd. Woodland Hills CA 446 331,072 1999 1970
----------------------------
20% 5,113 4,175,654
Ventura County
---------------------------------------
1 Camarillo Oaks 921 Paseo Camarillo Camarillo CA 564 459,072 1996 1985
1 Mariner's Place 711 South B Street Oxnard CA 105 77,254 2000 1987
1 Ocean Villa 4202-4601 Dallas Drive Oxnard CA 119 108,900 2002 1974
1 Tierra Vista Rice and Gonzales Oxnard CA 404 387,144 2001 2001
1 Village Apartments 1040 Kelp Lane Oxnard CA 122 122,120 1997 1974
1 Meadowood 1733 Cochran Street Simi Valley CA 320 264,568 1996 1986
Parker Ranch Los Angeles and Stearns Simi Valley CA 324 310,938
1 Villa Scandia 1021 Scandia Avenue Ventura CA 118 71,160 1997 1971
----------------------------
7% 1,752 1,490,218
Orange County
---------------------------------------
1 Barkley Apartments 2400 E. Lincoln Ave. Anahiem CA 161 139,835 2000 1984
1 Vista Pointe 175-225 S. Rio Vista Anahiem CA 286 242,410 1985 1968
1 Villa Venetia 2775 Mesa Verde Drive East Costa Mesa CA 468 405,800 2003 1972
1 Valley Park Apartments 17300 Euclid Ave. Fountain Valley CA 160 169,788 2001 1969
1 Capri at Sunny Hills 2341 Daphne Place Fullerton CA 100 128,100 2001 1961
1 Wilshire Promenade 141 West Wilshire Avenue Fullerton CA 149 128,130 (1) 1997 1992
1 Montejo Apartments 12911 Dale St. Garden Grove CA 124 103,280 2001 1974
1 Huntington Breakers 21270 Beach Boulevard Huntington Beach CA 342 241,763 1997 1984
1 Huntington Villas 16761 Viewpoint Lane Huntington Beach CA 400 352,872 2003 1972
Irvine development 2552 Kelvin Ave. Irvine CA 132 122,456
1 Hillsborough Park 1501 South Beach Boulevard La Habra CA 235 215,510 1999 1999
1 Arboretum at Lake Forest 22700 Lake Forest Drive Lake Forest CA 225 215,319 2002 1970
1 Trabuco Villas 25362 Mosswood Way Lake Forest CA 132 131,032 1997 1985
1 Coronado At Newport-North 880 Irvine Avenue Newport Beach CA 732 459,677 1999 1968
1 Coronado At Newport-South 1700 16th Street Newport Beach CA 715 498,716 1999 1969
1 Fairways Apartments 48 1/2 Pine Valley Lane Newport Beach CA 74 107,160 1999 1972
1 Woodland Apartments 501 East Katella Ave. Orange CA 90 108,000 2000 1969
1 Villa Angelina 201 E. Chapman Ave. Placentia CA 256 217,600 2001 1970
1 Hearthstone Apartments 2301 E. Santa Clara Ave. Santa Ana CA 140 154,820 2001 1970
1 Treehouse Apartments 2601 N. Grand Ave. Santa Ana CA 164 135,762 2001 1970
1 El Encanto 1151 Walnut Ave. Tustin CA 116 92,760 2000 1969
----------------------------
19% 5,069 4,248,334
San Diego County
---------------------------------------
1 Alpine Country 2660 Alpine Blvd. Alpine CA 108 81,900 2002 1986
1 Alpine Village 2055 Arnold Way Alpine CA 306 254,424 2002 1971
1 Bonita Cedars 5155 Cedarwood Rd. Bonita CA 120 120,824 2002 1983
1 Villas at Carlsbad 2600 Kremeyer Circle Carlsbad CA 102 72,960 2002 1965
1 Cambridge 660 F. St. Chula Vista CA 40 22,140 2002 1965
1 Woodlawn Colonial 245-255 Woodlawn Ave. Chula Vista CA 159 104,583 2002 1974
1 Mesa Village 5265 Clairemont Mesa Blvd. Clairemont CA 133 43,696 2002 1963
1 Casa Tierra 355 Orlando St. El Cajon CA 40 28,730 2002 1972
1 Coral Gardens 425 East Bradley El Cajon CA 200 182,000 2002 1976
1 Tierra del Sol/Norte 989 Peach Ave. El Cajon CA 156 117,000 2002 1969
1 Grand Regacy 2050 E. Grand Ave. Escondido CA 60 42,432 2002 1967
1 Mira Woods Villa 10360 Maya Linda Rd. Mira Mesa CA 355 262,630 2002 1982
1 Country Villas 283 Douglas Drive Oceanside CA 180 179,764 2002 1976
1 Bluffs II, The 6466 Friars Road San Diego CA 224 126,744 1997 1974
Chesapeake Front at Beech St. San Diego CA 230 147,480
1 Emerald Palms 2271 Palm Ave. San Diego CA 152 133,000 2002 1986
1 Summit Park 8563 Lake Murray Blvd. San Diego CA 300 229,400 2002 1972
1 Vista Capri - East 4666 63rd St. San Diego CA 26 16,890 2002 1967
1 Vista Capri - North 3277 Berger Ave. San Diego CA 106 51,840 2002 1975
1 Carlton Heights 9705 Carlton Hills Blvd. Santee CA 70 48,440 2002 1979
1 Shadow Point 9830 Dale Ave. Spring Valley CA 172 131,260 2002 1983
----------------------------
12% 3,009 2,250,657
--------------------------------------- ----------------------------
69 Total Southern California 57% 14,943 12,164,863
SEATTLE METROPOLITAN AREA
---------------------------------------------------------------------
1 Emerald Ridge 3010 118th Avenue SE Bellevue WA 180 144,036 1994 1987
1 Foothill Commons 13800 NE 9th Place Bellevue WA 360 288,317 1990 1978
1 Palisades, The 13808 NE 12th Bellevue WA 192 159,792 1990 1977
1 Sammamish View 16160 SE Eastgate Way Bellevue WA 153 133,590 1994 1986
1 Woodland Commons 13700 NE 10th Place Bellevue WA 236 172,316 1990 1978
1 Canyon Pointe 1630 228th St. SE Bothell WA 250 210,452 2003 1990
1 Inglenook Court 14220 Juanita Drive, NE Bothell WA 224 183,624 1994 1985
1 Salmon Run at Perry Creek 2109 228th Street SE Bothell WA 132 117,125 2000 2000
1 Stonehedge Village 14690 143rd Blvd., NE Bothell WA 196 214,872 1997 1986
1 Park Hill at Issaquah 22516 SE 56th Street Issaquah WA 245 277,778 1999 1999
1 Wandering Creek 12910 SE 240th Kent WA 156 124,366 1995 1986
1 Bridle Trails 6600 130th Avenue, NE Kirkland WA 92 73,448 1997 1986
1 Evergreen Heights 12233 NE 131st Way Kirkland WA 200 188,340 1997 1990
1 Laurels at Mill Creek 1110 164th Street SE Mill Creek WA 164 134,360 1996 1981
1 Anchor Village 9507 49th Avenue West Mukilteo WA 301 245,928 1997 1981
1 Castle Creek 7000 132nd Place, SE Newcastle WA 216 191,935 1998 1998
1 Brighton Ridge 2307 NE 4th Street Renton WA 264 201,300 1996 1986
1 Forest View 650 Duvall Ave. NE Renton WA 192 182,538 2003 1998
1 Fountain Court 2400 4th Street Seattle WA 320 207,037 2000 2000
1 Linden Square 13530 Linden Avenue North Seattle WA 183 142,271 2000 1994
1 Maple Leaf 7415 5th Avenue, NE Seattle WA 48 35,584 1997 1986
1 Spring Lake 12528 35th Avenue, NE Seattle WA 69 42,325 1997 1986
1 Wharfside Pointe 3811 14th Avenue West Seattle WA 142 119,290 (2) 1994 1990
--------------------------------------- ----------------------------
23 Total Seattle Metropolitan Area 17% 4,515 3,790,624
PORTLAND METROPOLITAN AREA
---------------------------------------------------------------------
1 Andover Park 15282 SW Teal Blvd. Beaverton OR 240 227,804 2001 1992
1 Jackson School Village 300 NE Autumn Rose Way Hillsboro OR 200 196,896 1996 1996
1 Landmark Apartments 3120 NW John Olsen Ave. Hillsboro OR 285 282,934 1996 1990
1 Hunt Club 6001 SW Bonita Road Lake Oswego OR 256 198,056 2000 1985
1 Meadows @ Cascade Park 314 SE 19th Street Vancouver WA 198 199,377 1997 1989
1 Village @ Cascade Park 501 SE 123rd Avenue Vancouver WA 192 178,144 1997 1989
--------------------------------------- ----------------------------
6 Total Portland Metropolitan Area 5% 1,371 1,283,211
OTHER AREAS
---------------------------------------------------------------------
1 Devonshire Apartments 2770 West Devonshire Ave. Hemet CA 276 207,220 2002 1988
1 St. Cloud Apartments 6525 Hilcroft Houston TX 302 306,869 2002 1968
----------------------------
2 2% 578 514,089
----------------------
121 Multifamily Properties 26,012 21,664,587 1998 1980
5 Multifamily Properties Under Construction 1,056 919,684
======================
Avg. square footage 833
Avg. units per property 215
Avg. age of property 22
(1) Also has 11,836 square feet of commercial/retail space.
(2) Also has 9,512 square feet of commercial space.
OTHER REAL ESTATE ASSETS
---------------------------------------------------------------------
Manufactured Housing Communities
---------------------------------------
Green Valley 2130 Sunset Dr. Vista CA 157 pads 2002 1973
Riviera 2038 Palm St. Las Vegas NV 450 pads 2002 1969
Recreational Vehicle Parks
---------------------------------------
Circle RV 1835 E. Main St. El Cajon CA 179 spaces 2002 1977
Vacationer 1581 E. Main St. El Cajon CA 159 spaces 2002 1973
Diamond Valley 344 N. State St. Hemet CA 224 spaces 2002 1974
Golden Village 3600 W. Florida Ave. Hemet CA 1,019 spaces 2002 1972
Riviera RV 2200 Palm St. Las Vegas NV 136 spaces 2002 1969
Office Buildings
---------------------------------------
Essex Corporate Headquarter Bldg. 925 E. Meadow Dr. Palo Alto CA 17,400 1997 1988
Valley Financial Office Building 2399 Camino Del Rio South San Diego CA 5,200 2002 1978
Moore Street Office Building 3205 Moore St. San Diego CA 2,000 2002 1957
Essex Southern Cal. Office Building 22110-22120 Clarendon St. Woodland Hills CA 38,940 2001 1982
F-12
New Residential Supply: Permits as % of Current Stock
12 Month Permit Period: December 2002 through December 2003 (inclusive)
Single Family Data Multi-Family Data All Residential Data
- ----------------------------------------------------------------------------- ----------------------------------- ---------------------------------
Median SF 2002 SF SF Stock SF Permits % of MF Stock MF Permits % of Total Residential % of
Market Price (2002) Affordability 2000 Last 12 Months Stock 2000 Last 12 months Stock Permits Last 12 months Stock
============================================================================= =================================== =================================
Boston $395,900 69% 1,530,000 4,421 0.3% 670,800 3,793 0.6% 8,214 0.4%
Nassau-Suffolk $312,900 112% 740,000 3,300 0.4% 240,000 549 0.2% 3,849 0.4%
New York PMSA $310,001 170% 760,000 2,813 0.4% 2,920,000 12,531 0.4% 15,344 0.4%
Philadelphia $146,100 175% 1,532,000 12,406 0.8% 515,100 4,562 0.9% 16,968 0.8%
Chicago $220,900 121% 1,700,000 30,733 1.8% 1,404,900 11,184 0.8% 41,917 1.4%
Miami/Ft. Lauderda $192,700 98% 717,000 12,626 1.8% 876,000 10,716 1.2% 23,342 1.5%
Denver $228,100 113% 582,000 13,005 2.2% 274,900 2,929 1.1% 15,934 1.9%
Austin $156,500 153% 326,000 7,989 2.5% 169,900 1,669 1.0% 9,658 1.9%
Wash. D.C. PMSA $250,200 117% 1,299,000 30,755 2.4% 644,300 7,798 1.2% 38,553 2.0%
Minneapolis $185,000 103% 818,000 20,327 2.5% 351,800 6,123 1.7% 26,450 2.3%
Dallas-Ft. Worth $135,700 174% 1,381,000 40,809 3.0% 650,000 11,359 1.7% 52,168 2.6%
Houston $132,800 170% 1,027,000 33,965 3.3% 547,700 15,844 2.9% 49,809 3.2%
Phoenix $143,300 157% 970,000 46,591 4.8% 360,500 6,837 1.9% 53,428 4.0%
Orlando $136,000 152% 482,000 22,385 4.6% 201,500 5,706 2.8% 28,091 4.1%
Atlanta $146,500 178% 1,122,000 53,573 4.8% 467,800 10,821 2.3% 64,394 4.1%
Las Vegas $159,800 132% 440,000 30,278 6.9% 215,700 8,439 3.9% 38,717 5.9%
----------------------------------------------------------- ----------------------------------- ---------------------------------
Totals $209,616 132% 15,426,000 365,976 2.4% 10,510,900 120,860 1.1% 486,836 1.9%
=========================================================== =================================== =================================
Seattle $254,000 100% 656,000 11,226 1.7% 354,487 3,818 1.1% 15,044 1.5%
Portland $180,400 134% 561,000 10,519 1.9% 225,335 4,798 2.1% 15,317 1.9%
San Francisco $511,100 68% 368,000 1,539 0.4% 344,000 1,778 0.5% 3,317 0.5%
Oakland $412,100 73% 625,000 7,159 1.1% 270,000 3,842 1.4% 11,001 1.2%
San Jose $504,400 78% 388,000 2,515 0.6% 192,000 4,356 2.3% 6,871 1.2%
Los Angeles $280,900 89% 1,877,000 10,234 0.5% 1,392,963 9,599 0.7% 19,833 0.6%
Ventura $341,700 89% 199,000 2,273 1.1% 53,295 1,264 2.4% 3,537 1.4%
Orange $415,300 72% 628,000 6,115 1.0% 340,800 2,751 0.8% 8,866 0.9%
San Diego $356,300 71% 664,000 9,885 1.5% 375,664 6,900 1.8% 16,785 1.6%
PNW $220,073 116% 1,217,000 21,745 1.8% 579,822 8,616 1.5% 30,361 1.7%
No Cal $464,413 73% 1,381,000 11,213 0.8% 806,000 9,976 1.2% 21,189 1.0%
So Cal $324,418 82% 3,368,000 28,507 0.8% 2,162,722 20,514 0.9% 49,021 0.9%
----------------------------------------------------------- ----------------------------------- ---------------------------------
ESSEX $335,538 87% 5,966,000 61,465 1.0% 3,548,543 39,106 1.1% 100,571 1.1%
=========================================================== =================================== =================================
Permits: Single Family equals 1 Unit, Multi-Family equals 5 or More Units
Sources: SF Prices - National Association of Realtors,Rosen Consulting Group : Permits, Total Residential Stock - U.S. Census
Median Home Prices - National Association of Realtors; DataQuick, Mortgage Rates - Freddie Mac, Median Household Incomes - US Census; BEA; Essex
Single Family - Multi-Family Breakdown of Total Resdiences, 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.
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.
Median Household Income is estimated from US Census 2000 data and Income Growth from BEA and Popultation Growth from the US Census.
F-13
===================================================================================================================
Essex Markets Forecast 2004: Supply, Jobs and Apartment Market Conditions
===================================================================================================================
Residential Supply* Job Forecast** Forecast Market Conditions***
---------------------------------------------- ---------------------- ------------------------------
Market New MF % of New SF % of Est.New Job % Estimated Y-o-Y Estimated Year
Supply Total Stock Supply Total Stock Dec-Dec Growth Rent Growth End Vacancy
============================================== ====================== ==============================
Seattle 2,100 0.6% 9,000 1.4% 16,000 1.2% 0% to 1.5% 94.5%
Portland 2,400 1.1% 9,900 1.8% 9,600 1.0% Flat 93.0%
San Francisco 1,600 0.5% 1,200 0.3% 8,200 0.9% Flat 95.0%
Oakland 1,800 0.7% 6,100 1.0% 10,700 1.0% Flat 95.0%
San Jose 2,000 1.0% 2,100 0.5% 6,000 0.7% Flat 94.0%
Ventura 600 1.2% 2,400 1.2% 3,500 1.3% 2.0% 95.5%
Los Angeles 7,500 0.5% 8,600 0.5% 36,000 0.9% 2% to 4% 95.5%
Orange 3,200 0.9% 6,200 1.0% 26,500 1.9% 2% to 3% 95.5%
San Diego 4,200 1.1% 9,100 1.4% 25,000 2.0% 3.0% 95.5%
===================================================================================================================
SO.Cal 15,500 0.7% 26,300 0.8% 91,000 1.3% 2% to 3% 95.5%
===================================================================================================================
All data is an Essex Forecast
* New Residential Supply: represents Essex's internal estimate ofactual deliveries during the yea related to but can differ from the 12 Month trailingPermit Levels reported on Appendix A.
** Job Forecast/Performance refers to the difference between Total Non-Farm Industry Employment (not Seasonally Adjusted) projected through December 2004 over the comparable actual figures for December 2003. The fir column represents thecurrent Essex forecast of the increase in Total Non-Farm Industry Employment. The seco represents these forecasted new jobs as a percent of the December 2003 base.
*** The Forecast Market Conditions represents Essex's estimates of the Change in Rents/Vacancy Rates at t end of 2004. The Estimated Year-over-Year Rent Growth represents the forecast change in EffectiveMarket Re December 2004 vs. December 2003 (whereMarket refers to the entire MSA apartment market, NOT the Essex portf The estimated Year End Vacancy represents Essex's forecast ofMarket Vacancy Rates for December 2004.
F-14
=============================================================================================================================
Essex Markets 2003: Labor Market Conditions
=============================================================================================================================
Non-Farm Industry Jobs* Unemployment Rate** Size of the Labor Force***
------------------------------------------ --------------------------- ------------------------------
Market Sep-02 Dec-02 Sep-03 Dec-03 Dec-02 Sep-03 Dec-03 Dec-02 Sep-03 Dec-03
========================================== =========================== ==============================
Seattle 1,358,600 1,358,600 1,351,000 1,355,500 6.2% 7.1% 6.2% 1,415,598 1,369,426 1,407,300
Portland 936,800 939,400 919,300 927,600 7.1% 8.0% 7.0% 1,086,023 1,063,655 1,065,431
San Francisco 986,100 982,500 971,300 972,000 5.5% 5.2% 4.5% 925,600 937,500 931,700
Oakland 1,043,000 1,053,900 1,040,900 1,047,700 5.9% 5.9% 5.1% 1,302,600 1,302,400 1,311,700
San Jose 898,200 891,700 858,500 860,800 8.3% 7.6% 6.4% 937,700 907,500 904,900
Ventura 279,900 281,600 273,300 274,300 5.8% 5.6% 5.3% 424,500 423,600 422,200
Los Angeles 4,033,900 4,056,600 3,990,600 4,035,300 6.1% 6.9% 6.1% 4,716,600 4,780,400 4,756,700
Orange 1,403,900 1,418,500 1,399,300 1,419,400 3.9% 3.7% 3.2% 1,573,000 1,570,000 1,598,600
San Diego 1,222,300 1,237,400 1,226,000 1,238,100 4.2% 4.2% 3.6% 1,478,600 1,484,400 1,502,200
=============================================================================================================================
So. Cal. 6,940,000 6,994,100 6,889,200 6,967,100 5.3% 5.8% 5.1% 8,192,700 8,258,400 8,279,700
=============================================================================================================================
* Non-Farm Industry Jobs: represents the Non-Seasonally adjusted value of jobs taken from the Non-Farm Industry Sur as reported by the BLS.
** Unemployment Rate: refers to Non- Seasonally Adjusted value of the Unemployment Rate taken from the Employment S as reported by the BLS.
***Size of the Labor Force: represents the Non-Seasonally Adjusted value of the Labor Force taken from the Employme as reported by the BLS.
F-15
