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 | Nine Months Ended | |||||||||||
(Dollars in thousands, except per share amounts) | September 30, | September 30, | |||||||||||
2004 | 2003 (1) | 2004 | 2003 (1) | ||||||||||
Revenues: | |||||||||||||
Rental | $ | 69,823 | $ | 60,850 | $ | 201,960 | $ | 182,833 | |||||
Other property | 2,609 | 2,095 | 7,111 | 6,095 | |||||||||
Total property revenues | 72,432 | 62,945 | 209,071 | 188,928 | |||||||||
Expenses: | |||||||||||||
Property operating | 25,195 | 20,549 | 71,083 | 60,975 | |||||||||
Depreciation and amortization | 18,273 | 14,506 | 54,416 | 40,995 | |||||||||
Interest | 16,394 | 12,949 | 45,785 | 39,070 | |||||||||
Amortization of deferred financing costs | 449 | 380 | 1,179 | 962 | |||||||||
General and administrative | 7,761 | 2,288 | 14,193 | 6,962 | |||||||||
Total expenses | 68,072 | 50,672 | 186,656 | 148,964 | |||||||||
44,710 | |||||||||||||
Gain on sale of real estate | 7,909 | - | 7,909 | - | |||||||||
Interest and other income | 2,410 | 1,571 | 7,023 | 4,746 | |||||||||
Equity income in co-investments | 29,860 | 1,083 | 30,955 | 2,544 | |||||||||
Minority interests | (9,565) | (6,173) | (20,719) | (19,517) | |||||||||
Income from continuing operations | 34,974 | 8,754 | 47,583 | 27,737 | |||||||||
Income (loss) from discontinued operations, net of minority interests | 56 | (19) | (403) | 437 | |||||||||
Net income | 35,030 | 8,735 | 47,180 | 28,174 | |||||||||
Dividends to preferred stockholders - Series F | (488) | - | (1,464) | - | |||||||||
Net income available to common stockholders | $ | 34,542 | $ | 8,735 | $ | 45,716 | $ | 28,174 | |||||
Net income per share - basic | $ | 1.51 | $ | 0.41 | $ | 2.00 | $ | 1.34 | |||||
Net income per share - diluted | $ | 1.49 | $ | 0.41 | $ | 1.97 | $ | 1.33 |
(1) | The results for the three and nine months ended September 30, 2003 have been restated to reflect the retroactive adoption of | ||||||||||||
FIN 46 Revised and SFAS 123. Certain prior period balances have been reclassified to conform to the current year presentation. |
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 | Nine Months Ended | |||||||||||
Selected Line Item Detail | September 30, | September 30, | |||||||||||
(Dollars in thousands) | 2004 | 2003 | 2004 | 2003 | |||||||||
Property operating expenses | |||||||||||||
Maintenance and repairs | $ | 6,210 | $ | 5,040 | $ | 15,418 | $ | 13,869 | |||||
Real estate taxes | 6,340 | 4,809 | 18,080 | 14,431 | |||||||||
Utilities | 3,188 | 3,440 | 9,703 | 9,431 | |||||||||
Administrative | 6,839 | 5,116 | 21,268 | 17,230 | |||||||||
Advertising | 1,444 | 1,115 | 3,250 | 3,115 | |||||||||
Insurance | 1,174 | 1,029 | 3,364 | 2,899 | |||||||||
Property operating expenses | $ | 25,195 | $ | 20,549 | $ | 71,083 | $ | 60,975 | |||||
General and administrative | |||||||||||||
Total general and administrative | $ | 5,181 | $ | 3,392 | $ | 14,237 | $ | 10,251 | |||||
Incentive compensation attributable to Fund I sale | 4,000 | - | 4,000 | - | |||||||||
Allocated to property operating expenses - administrative | (1,167) | (960) | (3,319) | (2,839) | |||||||||
Capitalized and incremental to real estate under development | (253) | (144) | (725) | (450) | |||||||||
Net general and administrative | $ | 7,761 | $ | 2,288 | $ | 14,193 | $ | 6,962 | |||||
Interest and other | |||||||||||||
Interest income | $ | 183 | $ | 160 | $ | 594 | $ | 427 | |||||
Lease income | 785 | - | 2,354 | - | |||||||||
Fee income | 1,206 | 1,394 | 3,823 | 3,846 | |||||||||
Miscellaneous - non-recurring | 236 | 17 | 252 | 473 | |||||||||
Interest and other | $ | 2,410 | $ | 1,571 | $ | 7,023 | $ | 4,746 | |||||
Equity income in co-investments | |||||||||||||
Equity income in co-investments | $ | 1,466 | $ | 1,083 | $ | 2,561 | $ | 2,544 | |||||
Gain on sale of co-investment activities, net | 14,069 | - | 14,069 | - | |||||||||
Promote distribution from Fund I - non-recurring | 14,495 | - | 14,495 | - | |||||||||
Early extinguishment of debt - non-recurring | (170) | - | (170) | - | |||||||||
Equity income in co-investments | $ | 29,860 | $ | 1,083 | $ | 30,955 | $ | 2,544 | |||||
Minority interests | |||||||||||||
Limited partners of Essex Portfolio, L.P. | $ | 3,535 | $ | 946 | $ | 4,796 | $ | 3,049 | |||||
Perpetual preferred distributions | 3,502 | 4,580 | 11,615 | 13,740 | |||||||||
Series Z and Z-1 incentive units | 75 | 43 | 206 | 131 | |||||||||
Third party ownership interests | (242) | (541) | (854) | (730) | |||||||||
Down REIT limited partners' distributions | 1,120 | 1,145 | 3,381 | 3,327 | |||||||||
Write off of Series E preferred unit offering costs | 1,575 | - | 1,575 | - | |||||||||
Minority interests | $ | 9,565 | $ | 6,173 | $ | 20,719 | $ | 19,517 | |||||
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 | Nine Months Ended | |||||||||||
(Dollars in thousands, except share and per share amounts) | September 30, | September 30, | |||||||||||
2004 | 2003 (1) | 2004 | 2003 (1) | ||||||||||
Funds from operations | |||||||||||||
Net income | $ | 35,030 | $ | 8,735 | $ | 47,180 | $ | 28,174 | |||||
Adjustments: | |||||||||||||
Depreciation and amortization | 18,273 | 14,506 | 54,416 | 40,995 | |||||||||
Depr. and amort. - unconsolidated co-investments | 12 | 535 | 1,816 | 1,764 | |||||||||
Gain on sale of real estate | (7,909) | - | (7,909) | - | |||||||||
Gain on sale of co-investment activities, net | (14,069) | - | (14,069) | - | |||||||||
Minority interests | 3,615 | 987 | 4,961 | 3,227 | |||||||||
Depreciation - discontinued operations | 6 | 33 | 68 | 105 | |||||||||
Dividends to preferred stockholders - Series F | (488) | - | (1,464) | - | |||||||||
Funds from operations | $ | 34,470 | $ | 24,796 | $ | 84,999 | $ | 74,265 | |||||
Components of the change in FFO | |||||||||||||
Same property NOI | $ | 712 | $ | (4,121) | |||||||||
Non-same property NOI | 4,129 | 14,156 | |||||||||||
Other - corporate and unconsolidated co-investments | 15,024 | 16,671 | |||||||||||
Interest expense and amortization of deferred financing costs | (3,514) | (6,932) | |||||||||||
General and administrative | (5,473) | (7,231) | |||||||||||
Minority interests | (764) | 532 | |||||||||||
Income from discontinued operations | 75 | (840) | |||||||||||
Depreciation - discontinued operations | (27) | (37) | |||||||||||
Dividends to preferred stockholders - Series F | (488) | (1,464) | |||||||||||
Changes in Funds from operations | $ | 9,674 | $ | 10,734 | |||||||||
Funds from operations per share - diluted | $ | 1.35 | $ | 1.05 | $ | 3.34 | $ | 3.16 | |||||
Percentage increase | 28.6% | 5.7% | |||||||||||
Weighted average number of shares outstanding diluted (2) | 25,567,451 | 23,647,225 | 25,445,165 | 23,535,160 |
(1) | The results for the three and nine months ended September 30, 2003 have been restated to reflect the retroactive adoption of | ||||||||||||
FIN 46 Revised and SFAS 123. | |||||||||||||
(2) | Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into | ||||||||||||
shares of the Company's common stock. |
See Company's 10-K and 10-Q for additional disclosures
S-3 | ||
E S S E X P R O P E R T Y T R U S T, I N C. | |||||||
Consolidated Balance Sheet | |||||||
(Dollars in thousands) | |||||||
September 30,2004 | December 31,2003 (1) | ||||||
Real Estate: | |||||||
Land and land improvements | $ | 500,589 | $ | 469,347 | |||
Buildings and improvements | 1,720,517 | 1,514,775 | |||||
2,221,106 | 1,984,122 | ||||||
Less: accumulated depreciation | (317,299) | (265,763) | |||||
1,903,807 | 1,718,359 | ||||||
Investments | 88,357 | 79,567 | |||||
Real estate under development | 69,790 | 55,183 | |||||
2,061,954 | 1,853,109 | ||||||
Cash and cash equivalents | 36,087 | 25,943 | |||||
Other assets | 39,906 | 29,185 | |||||
Deferred charges, net | 11,178 | 8,574 | |||||
Total assets | $ | 2,149,125 | $ | 1,916,811 | |||
Mortgage notes payable | $ | 1,094,209 | $ | 891,798 | |||
Lines of credit | 169,235 | 93,100 | |||||
Other liabilities | 66,415 | 57,371 | |||||
Deferred gain | 5,000 | - | |||||
Total liabilities | 1,334,859 | 1,042,269 | |||||
Minority interests | 235,807 | 293,143 | |||||
Common distributions declared | |||||||
Stockholders' Equity: | |||||||
Common stock | 2 | 2 | |||||
Series F cumulative redeemable preferred stock, liquidation value | 25,000 | 25,000 | |||||
Additional paid-in-capital | 648,328 | 642,643 | |||||
Distributions in excess of accumulated earnings | (94,871) | (86,246) | |||||
Total liabilities and stockholders' equity | $ | 2,149,125 | $ | 1,916,811 |
(1) | The December 31, 2003 consolidated balance sheet has been restated for the retroactive adoption of the | ||||||
provisions of FIN 46 Revised and SFAS 123. |
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 - September 30, 2004 | |||||||||||
(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 | 72% | $ | 907,379 | 6.7% | 5.9 | ||||||
Tax exempt variable (2) | 15% | 186,830 | 2.6% | 25.0 | |||||||
Total mortgage notes payable | 87% | 1,094,209 | 6.0% | 9.0 | |||||||
Line of credit - secured (3) | 8% | 95,235 | 1.7% | ||||||||
Line of credit - unsecured (4) | 6% | 74,000 | 2.4% | ||||||||
13% | 169,235 | 2.0% | |||||||||
Total debt | 100% | $ | 1,263,444 | 5.4% | |||||||
Scheduled principal payments (excludes lines of credit) | |||||||||||
2004 | $ | 2,852 | |||||||||
2005 | 44,311 | ||||||||||
2006 | 24,683 | ||||||||||
2007 | 124,846 | ||||||||||
2008 | 154,484 | ||||||||||
Thereafter | 743,033 | ||||||||||
Total | $ | 1,094,209 |
Capitalized interest for the quarter ended September 30, 2004 was $419. | |||||||||||
(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 $100 million and matures in January 2009. | ||||||||||
This line is secured by five 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 2007. | ||||||||||
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 1.00%. |
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 - September 30, 2004 | |||||||
(Dollars and shares in thousands, except per share amounts) | |||||||
Total debt | $ | 1,263,444 | |||||
Common stock and potentially dilutive securities | |||||||
Common stock outstanding | 22,944 | ||||||
Limited partnership units (1) | 2,481 | ||||||
Options-treasury method | 155 | ||||||
Total common stock and potentially dilutive securities | 25,580 | shares | |||||
Common stock price per share as of September 30, 2004 | $ | 71.850 | |||||
Market value of common stock and potentially dilutive securities | $ | 1,837,923 | |||||
Perpetual preferred units/stock | $ | 155,000 | 7.865% weighted average pay rate | ||||
Total equity capitalization | $ | 1,992,923 | |||||
Total market capitalization | $ | 3,256,367 | |||||
Ratio of debt to total market capitalization | 38.8% | ||||||
(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 and 10-Q for additional disclosures
S-6 | ||
E S S E X P R O P E R T Y T R U S T, I N C. | |||||||||||||||||||||||||||||||||||||||||
Property Operating Results - Quarter ended September 30, 2004 and 2003 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Southern California | Northern California | Pacific Northwest | Other real estate assets(1) | Total | |||||||||||||||||||||||||||||||||||||
2004 | 2003 | % Change | 2004 | 2003 | % Change | 2004 | 2003 | % Change | 2004 | 2003 | % Change | 2004 | 2003 | % Change | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Same property revenues | $ | 25,221 | $ | 24,209 | 4.2% | $ | 12,704 | $ | 12,682 | 0.2% | $ | 10,377 | $ | 10,032 | 3.4% | $ | - | $ | - | n/a | $ | 48,302 | $ | 46,923 | 2.9% | ||||||||||||||||
Non same property revenues(2) | 17,759 | 9,755 | 3,098 | 2,952 | 1,934 | 759 | 1,339 | 2,556 | 24,130 | 16,022 | |||||||||||||||||||||||||||||||
Total Revenues | $ | 42,980 | $ | 33,964 | $ | 15,802 | $ | 15,634 | $ | 12,311 | $ | 10,791 | $ | 1,339 | $ | 2,556 | $ | 72,432 | $ | 62,945 | |||||||||||||||||||||
Property operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Same property operating expenses | $ | 7,941 | $ | 7,820 | 1.5% | $ | 4,075 | $ | 3,981 | 2.4% | $ | 3,710 | $ | 3,258 | 13.9% | $ | - | $ | - | n/a | $ | 15,726 | $ | 15,059 | 4.4% | ||||||||||||||||
Non same property operating expenses(2) | 6,376 | 2,760 | 1,365 | 1,077 | 789 | 245 | 939 | 1,408 | 9,469 | 5,490 | |||||||||||||||||||||||||||||||
Total property operating expenses | $ | 14,317 | $ | 10,580 | $ | 5,440 | $ | 5,058 | $ | 4,499 | $ | 3,503 | $ | 939 | $ | 1,408 | $ | 25,195 | $ | 20,549 | |||||||||||||||||||||
Common distributions declared | |||||||||||||||||||||||||||||||||||||||||
Net operating income: | |||||||||||||||||||||||||||||||||||||||||
Same property net operating income | $ | 17,280 | $ | 16,389 | 5.4% | $ | 8,629 | $ | 8,701 | -0.8% | $ | 6,667 | $ | 6,774 | -1.6% | $ | - | $ | - | n/a | $ | 32,576 | $ | 31,864 | 2.2% | ||||||||||||||||
Non same property operating income(2) | 11,383 | 6,995 | 1,733 | 1,875 | 1,145 | 514 | 400 | 1,148 | 14,661 | 10,532 | |||||||||||||||||||||||||||||||
Total net operating income | $ | 28,663 | $ | 23,384 | $ | 10,362 | $ | 10,576 | $ | 7,812 | $ | 7,288 | $ | 400 | $ | 1,148 | $ | 47,237 | $ | 42,396 | |||||||||||||||||||||
Same property operating margin | 69% | 68% | 68% | 69% | 64% | 68% | n/a | n/a | 67% | 68% | |||||||||||||||||||||||||||||||
Same property turnover percentage | 63% | 65% | 60% | 69% | 71% | 70% | n/a | n/a | 64% | 68% | |||||||||||||||||||||||||||||||
Same property concessions | $ | 152 | $ | 267 | $ | 47 | $ | 519 | $ | 111 | $ | 508 | $ | - | $ | - | $ | 310 | $ | 1,294 | |||||||||||||||||||||
Average same property concessions per turn | $ | 131 | $ | 224 | $ | 84 | $ | 806 | $ | 142 | $ | 660 | $ | - | $ | - | $ | 124 | $ | 496 | |||||||||||||||||||||
(In dollars) | |||||||||||||||||||||||||||||||||||||||||
Net operating income percentage of total | 60% | 55% | 22% | 25% | 17% | 17% | 1% | 3% | 100% | 100% | |||||||||||||||||||||||||||||||
Loss to lease(3) | $ | 9,798 | $ | 383 | $ | (23) | $ | n/a | $ | 10,158 | |||||||||||||||||||||||||||||||
Loss to lease as a percentage | |||||||||||||||||||||||||||||||||||||||||
of rental income | 5.4% | 0.6% | -0.1% | n/a | 3.5% | ||||||||||||||||||||||||||||||||||||
Reconciliation of apartment units at end of period | |||||||||||||||||||||||||||||||||||||||||
Same property consolidated apartment units | 7,339 | 7,339 | 3,737 | 3,737 | 4,402 | 4,402 | - | - | 15,478 | 15,478 | |||||||||||||||||||||||||||||||
Consolidated Apartment Units | 11,669 | 9,503 | 4,411 | 4,177 | 5,457 | 4,703 | 578 | 578 | 22,115 | 18,961 | |||||||||||||||||||||||||||||||
Joint Venture | 2,905 | 5,277 | - | 116 | - | 741 | - | - | 2,905 | 6,134 | |||||||||||||||||||||||||||||||
Under Development | 456 | 686 | 370 | 682 | - | - | - | - | 826 | 1,368 | |||||||||||||||||||||||||||||||
Total apartment units at end of period | 15,030 | 15,466 | 4,781 | 4,975 | 5,457 | 5,444 | 578 | 578 | 25,846 | 26,463 | |||||||||||||||||||||||||||||||
Percentage of total | 58% | 58% | 19% | 19% | 21% | 21% | 2% | 2% | 100% | 100% | |||||||||||||||||||||||||||||||
Average same property financial occupancy | 96.4% | 96.7% | 96.3% | 95.8% | 95.6% | 94.8% | n/a | n/a | 96.2% | 96.0% |
(1) | Includes apartment communities located in other geographic areas, other rental properties and commercial properties. | ||||||||||||||||||||||||||||||||||||
(2) | Includes properties which subsequent to June 30, 2003 were not consolidated, or either acquired or 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. |
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. | |||||||||||||||||
Same Property Revenue by County - Quarters ended September 30, 2004, September 30, 2003 and June 30, 2004 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
September 30, | September 30, | June 30, | |||||||||||||||
Units | 2004 | 2003 | % Change | 2004 | % Change | ||||||||||||
Southern California | |||||||||||||||||
Ventura County | 1,229 | $ | 4,217 | $ | 4,156 | 1.5% | $ | 4,168 | 1.2% | ||||||||
Los Angeles County | 2,271 | 8,884 | 8,393 | 5.9% | 8,638 | 2.8% | |||||||||||
Orange County | 932 | 4,082 | 3,810 | 7.1% | 3,915 | 4.3% | |||||||||||
San Diego County | 2,907 | 8,039 | 7,850 | 2.4% | 7,862 | 2.3% | |||||||||||
Total Southern California | 7,339 | $ | 25,222 | $ | 24,209 | 4.2% | $ | 24,583 | 2.6% | ||||||||
Northern California | |||||||||||||||||
San Francisco County | 99 | $ | 342 | $ | 348 | -1.7% | $ | 329 | 4.0% | ||||||||
Santa Clara County | 1,696 | 5,921 | 6,009 | -1.5% | 5,923 | 0.0% | |||||||||||
Alameda County | 1,116 | 3,405 | 3,317 | 2.7% | 3,415 | -0.3% | |||||||||||
Contra Costa County | 826 | 3,035 | 3,008 | 0.9% | 3,003 | 1.1% | |||||||||||
Total Northern California | 3,737 | $ | 12,703 | $ | 12,682 | 0.2% | $ | 12,670 | 0.3% | ||||||||
Pacific Northwest | |||||||||||||||||
Seattle | 3,527 | $ | 8,549 | $ | 8,331 | 2.6% | $ | 8,489 | 0.7% | ||||||||
Portland | 875 | 1,828 | 1,701 | 7.5% | 1,775 | 3.0% | |||||||||||
Total Pacific Northwest | 4,402 | $ | 10,377 | $ | 10,032 | 3.4% | $ | 10,264 | 1.1% | ||||||||
Total same property revenues | 15,478 | $ | 48,302 | $ | 46,923 | 2.9% | $ | 47,517 | 1.7% |
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. | |||||||||||||||||||||||
Development Communities - September 30, 2004 | |||||||||||||||||||||||
(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 | $ | 48.3 | $ | 46.8 | $ | 1.5 | Dec-03 | Nov-04 | 84% | 81% | |||||||||||
The San Marcos Phase II | Richmond, CA | 120 | 23.9 | 20.0 | 3.9 | Sep-04 | Jan-05 | 31% | 22% | ||||||||||||||
Pre-development | 3.0 | 3.0 | - | - | - | n/a | n/a | ||||||||||||||||
Subtotal - direct development | 444 | 75.2 | �� | 69.8 | 5.4 | ||||||||||||||||||
Joint Venture Transactions - Unconsolidated(2) | |||||||||||||||||||||||
River Terrace | Santa Clara, CA | 250 | 57.9 | 50.1 | 7.8 | Sep-04 | Jun-05 | 39% | 16% | ||||||||||||||
Kelvin Avenue | Irvine, CA | 132 | 6.0 | 6.0 | - | - | - | n/a | n/a | ||||||||||||||
Total - development | 826 | $ | 139.1 | $ | 125.9 | $ | 13.2 | ||||||||||||||||
Stabilized Communities - Third Quarter 2004 | |||||||||||||||||||||||
None |
(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 Fund I. |
See Company's 10-K and 10-Q for additional disclosures
S-9 | ||
E S S E X P R O P E R T Y T R U S T, I N C. | |||||||||||||||
Redevelopment Communities - September 30, 2004 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
Total | Estimated | ||||||||||||||
Estimated | Incurred | Remaining | Redevelopment | ||||||||||||
Project Name | Units | Cost | to date | Cost | Start | ||||||||||
Hillcrest Park - Phase II | 608 | $ | 3,429 | $ | 2,609 | $ | 820 | Apr-03 | |||||||
Kings Road | 196 | 6,039 | 1,565 | 4,474 | Jan-04 | ||||||||||
Coronado at Newport - South (2) | 715 | 13,257 | 1,928 | 11,329 | Jan-04 | ||||||||||
Mira Woods | 355 | 4,642 | 17 | 4,625 | Sep-04 | ||||||||||
Palisades | 192 | 1,637 | 12 | 1,625 | Sep-04 | ||||||||||
Total | 2,066 | $ | 29,004 | $ | 6,131 | $ | 22,873 | ||||||||
Re-stabilized Communities - Third Quarter 2004 | |||||||||||||||
None |
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. | ||||||||||||||
(1) | The Company has an approximate 49.9% direct ownership interest in this asset. The Fund has an approximate | |||||||||||||
49.9% direct ownership interest in this asset, of which the Company owns 21.4%. This asset is part of the announced UDR | ||||||||||||||
transaction anticipated to be sold in 2005. |
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. | ||||||||||||||||||||||
Investments - September 30, 2004 | Debt | Essex | ||||||||||||||||||||
(Dollars in thousands) | Book | Estimated | Interest | Maturity | Value of | Company | Equity | |||||||||||||||
Value | Value(1) | Amount | Type | Rate | Date | Equity | Ownership | Value(2) | ||||||||||||||
Joint Ventures | ||||||||||||||||||||||
Essex Apartment Value Fund, L.P. (Fund I) | ||||||||||||||||||||||
The Arboretum at Lake Forest, Lake Forest, CA | $ | 22,731 | Fixed | 5.16% | Feb-10 | |||||||||||||||||
Ocean Villas, Oxnard, CA | 9,830 | Fixed | 5.42% | Apr-13 | ||||||||||||||||||
Villas at Carlsbad, Carlsbad, CA | 9,456 | Fixed | 5.03% | Aug-11 | ||||||||||||||||||
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 | 52,976 | 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) | - | |||||||||||||||||||||
Rivermark, Santa Clara, CA (development) | 22,914 | Var. | LIBOR+ 2% | Jan-07 | ||||||||||||||||||
$ | 30,488 | $ | 318,426 | 139,189 | $ | 179,237 | 21.4% | $ | 38,357 | |||||||||||||
Fund I distribution (4) | 34,407 | 34,407 | ||||||||||||||||||||
Lend Lease | ||||||||||||||||||||||
Coronado at Newport - North, Newport Beach, CA | 55,508 | Fixed | 5.30% | Dec-12 | ||||||||||||||||||
Coronado at Newport - South, Newport Beach, CA | 48,877 | Fixed | 5.30% | Dec-12 | ||||||||||||||||||
16,656 | 206,560 | 104,385 | 102,175 | 49.9% | 50,985 | |||||||||||||||||
Other | 6,806 | 6,806 | ||||||||||||||||||||
$ | 88,357 | $ | 130,555 |
(1) | Estimated value for properties in contract to sell are based on the anticipated sales price less the anticipated cost of sales. | |||||||||||||||||||||
(2) | Although the Company generally intends to hold these properties for use, the Company equity value assumes liquidation at September 30, 2004. | |||||||||||||||||||||
(3) | The Fund accounts for its investment in this property under the equity method of accounting. | |||||||||||||||||||||
(4) | Fund I distribution received in October 2004. |
See Company's 10-K and 10-Q for additional disclosures
S-11 | ||
ESSEX PROPERTY TRUST, INC. | ||||||||||
REAL ESTATE INFORMATION | ||||||||||
30-Sep-04 | ||||||||||
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 | 135,200 | 1998 | 1963 | ||
1 | Carlyle, The | 2909 Nieman Boulevard | San Jose | CA | 132 | 129,200 | 2000 | 2000 | ||
1 | Waterford, The | 1700 N. First Street | San Jose | CA | 238 | 219,600 | 2000 | 2000 | ||
1 | Le Parc (Plumtree) | 440 N. Winchester Avenue | Santa Clara | CA | 140 | 113,200 | 1994 | 1975 | ||
1 | Marina Cove | 3480 Granada Avenue | Santa Clara | CA | 292 | 250,200 | 1994 | 1974 | ||
River Terrace | N.E. corner Montague/Agnew | Santa Clara | CA | 250 | 223,800 | |||||
1 | Bristol Commons | 732 E. Evelyn Avenue | Sunnyvale | CA | 188 | 142,600 | 1995 | 1989 | ||
1 | Brookside Oaks | 1651 Belleville Way | Sunnyvale | CA | 170 | 119,900 | 2000 | 1973 | ||
1 | Oak Pointe | 450 N. Mathilda Avenue | Sunnyvale | CA | 390 | 294,100 | 1988 | 1973 | ||
1 | Summerhill Park | 972 Corte Madera Avenue | Sunnyvale | CA | 100 | 78,500 | 1988 | 1988 | ||
1 | Windsor Ridge | 825 E. Evelyn Avenue | Sunnyvale | CA | 216 | 161,800 | 1989 | 1989 | ||
8% | 1,982 | 1,644,300 | ||||||||
Alameda County | ||||||||||
1 | Stevenson Place (The Apple) | 4141 Stevenson Blvd. | Fremont | CA | 200 | 146,200 | 1983 | 1971 | ||
1 | Treetops | 40001 Fremont Blvd. | Fremont | CA | 172 | 131,200 | 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 | 139,000 | 1987 | 1987 | ||
4% | 1,116 | 878,800 | ||||||||
Contra Costa County | ||||||||||
1 | San Marcos (Vista del Mar) | Hilltop Drive at Richmond Pkwy | Richmond | CA | 312 | 292,700 | 2003 | 2003 | ||
San Marcos (Vista del Mar) - Phase II | Hilltop Drive at Richmond Pkwy | Richmond | CA | 120 | 114,900 | |||||
1 | Bel Air (The Shores) | 2000 Shoreline Drive | San Ramon | CA | 462 | 391,000 | 1995 | 1988 | 114 units 2000 | |
1 | Eastridge Apartments | 235 East Ridge Drive | San Ramon | CA | 188 | 174,100 | 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 | ||
5% | 1,138 | 1,064,600 | ||||||||
San Francisco and Marin County | ||||||||||
1 | Mt. Sutro Terrace Apartments | 480 Warren Drive | San Francisco,CA | CA | 99 | 64,000 | 1999 | 1973 | ||
1 | Vista Belvedere | 15 Red Hill Circle | Tiburon | CA | 76 | 78,300 | 2004 | 1963 | ||
1% | 175 | 142,300 | ||||||||
21 | Total San Francisco Bay Area | 18% | 4,411 | 3,730,000 | ||||||
SOUTHERN CALIFORNIA | ||||||||||
Los Angeles County | ||||||||||
1 | Hampton Court (Columbus) | 1136 N. Columbus Avenue | Glendale | CA | 83 | 71,500 | 1999 | 1974 | ||
1 | Hampton Place (Loraine) | 245 W. Loraine Street | Glendale | CA | 132 | 141,500 | 1999 | 1970 | ||
1 | Marbrisa | 1809 Termino Ave. | Long Beach | CA | 202 | 122,800 | 2002 | 1987 | ||
1 | Pathways | 5945 E. Pacific Coast Hwy. | Long Beach | CA | 296 | 197,700 | 1991 | 1975 | ||
1 | Bunker Hill | 222 and 234 S. Figueroa St. | Los Angeles | CA | 456 | 346,600 | 1998 | 1968 | ||
1 | City Heights | 209 S. Westmoreland | Los Angeles | CA | 687 | 424,100 | 2000 | 1968 | ||
1 | Cochran Apartments | 612 South Cochran | Los Angeles | CA | 58 | 51,400 | 1998 | 1989 | ||
1 | Kings Road | 733 North Kings Road | Los Angeles | CA | 196 | 132,100 | 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 | Marina City Club | 4333 Admiralty Way | Marina Del Rey | CA | 101 | 127,200 | 2004 | 1971 | ||
1 | Mirabella (Marina View) | 13701 Marina Point Drive | Marina Del Rey | CA | 188 | 176,800 | 2000 | 2000 | ||
1 | Hillcrest Park (Mirabella) | 1800 West Hillcrest Drive | Newbury Park | CA | 608 | 521,900 | 1998 | 1973 | ||
1 | Monterra del Mar (Windsor Terrace) | 280 E. Del Mar Boulevard | Pasadena | CA | 123 | 74,400 | 1997 | 1972 | ||
1 | Monterra del Rey (Glenbrook) | 350 Madison | Pasadena | CA | 84 | 73,100 | 1999 | 1972 | ||
1 | Monterra del Sol (Euclid) | 280 South Euclid | Pasadena | CA | 85 | 69,200 | 1999 | 1972 | ||
1 | Fountain Park | 13141 Fountain Park Drive | Playa Vista | CA | 705 | 608,900 | 2004 | 2002 | ||
1 | Highridge | 28125 Peacock Ridge Drive | Rancho Palos Verde | CA | 255 | 290,200 | 1997 | 1972 | ||
1 | Villas at Bonita | 477 E. Bonita Ave. | San Dimas | CA | 102 | 94,200 | 2003 | 1981 | ||
1 | Villas at San Dimas Canyon | 325 S. San Dimas Canyon Rd. | San Dimas | CA | 156 | 144,600 | 2003 | 1981 | ||
1 | Walnut Heights | 20700 San Jose Hills Road | Walnut | CA | 163 | 146,700 | 2003 | 1964 | ||
1 | Avondale at Warner Center | 22222 Victory Blvd. | Woodland Hills | CA | 446 | 331,000 | 1999 | 1970 | ||
21% | 5,244 | 4,240,500 | ||||||||
Ventura County | ||||||||||
1 | Camarillo Oaks | 921 Paseo Camarillo | Camarillo | CA | 564 | 459,000 | 1996 | 1985 | ||
1 | Mountain View | 649 E. Las Posas Road | Camarillo | CA | 106 | 83,900 | 2004 | 1980 | ||
1 | Mariner's Place | 711 South B Street | Oxnard | CA | 105 | 77,200 | 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 | 387,100 | 2001 | 2001 | ||
1 | Monterey Villas (Village Apartments) | 1040 Kelp Lane | Oxnard | CA | 122 | 122,100 | 1997 | 1974 | ||
1 | Meadowood | 1733 Cochran Street | Simi Valley | CA | 320 | 264,500 | 1996 | 1986 | ||
Parker Ranch | Los Angeles and Stearns | Simi Valley | CA | 324 | 310,900 | |||||
1 | The Lofts at Pinehurst (Villa Scandia) | 1021 Scandia Avenue | Ventura | CA | 118 | 71,100 | 1997 | 1971 | ||
7% | 1,858 | 1,573,800 | ||||||||
Orange County | ||||||||||
1 | Barkley Apartments | 2400 E. Lincoln Ave. | Anahiem | CA | 161 | 139,800 | 2000 | 1984 | ||
1 | Vista Pointe | 175-225 S. Rio Vista | Anahiem | CA | 286 | 242,400 | 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 | 169,700 | 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 | 128,000 | (1) | 1997 | 1992 | |
1 | Montejo Apartments | 12911 Dale St. | Garden Grove | CA | 124 | 103,200 | 2001 | 1974 | ||
1 | Huntington Breakers | 21270 Beach Boulevard | Huntington Beach | CA | 342 | 241,700 | 1997 | 1984 | ||
Irvine development | 2552 Kelvin Ave. | Irvine | CA | 132 | 122,400 | |||||
1 | Hillsborough Park | 1501 South Beach Boulevard | La Habra | CA | 235 | 215,500 | 1999 | 1999 | ||
1 | Arboretum at Lake Forest | 22700 Lake Forest Drive | Lake Forest | CA | 225 | 215,300 | 2002 | 1970 | ||
1 | Trabuco Villas | 25362 Mosswood Way | Lake Forest | CA | 132 | 131,000 | 1997 | 1985 | ||
1 | Coronado At Newport-North | 880 Irvine Avenue | Newport Beach | CA | 732 | 459,600 | 1999 | 1968 | ||
1 | Coronado At Newport-South | 1700 16th Street | Newport Beach | CA | 715 | 498,700 | 1999 | 1969 | ||
1 | Fairways Apartments | 2 Pine Valley Lane | Newport Beach | CA | 74 | 107,100 | 1999 | 1972 | ||
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 | 154,800 | 2001 | 1970 | ||
1 | Treehouse Apartments | 2601 N. Grand Ave. | Santa Ana | CA | 164 | 135,700 | 2001 | 1970 | ||
18% | 4,463 | 3,694,000 |
S-12 | ||
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 | 254,400 | 2002 | 1971 | ||
1 | Bonita Cedars | 5155 Cedarwood Rd. | Bonita | CA | 120 | 120,800 | 2002 | 1983 | ||
1 | Villas at Carlsbad | 2600 Kremeyer Circle | Carlsbad | CA | 102 | 72,900 | 2002 | 1965 | ||
1 | Cambridge | 660 F. St. | Chula Vista | CA | 40 | 22,100 | 2002 | 1965 | ||
1 | Woodlawn Colonial | 245-255 Woodlawn Ave. | Chula Vista | CA | 159 | 104,500 | 2002 | 1974 | ||
1 | Mesa Village | 5265 Clairemont Mesa Blvd. | Clairemont | CA | 133 | 43,600 | 2002 | 1963 | ||
1 | Casa Tierra | 355 Orlando St. | El Cajon | CA | 40 | 28,700 | 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 | 42,400 | 2002 | 1967 | ||
1 | Mira Woods Villa | 10360 Maya Linda Rd. | Mira Mesa | CA | 355 | 262,600 | 2002 | 1982 | ||
1 | Country Villas | 283 Douglas Drive | Oceanside | CA | 180 | 179,700 | 2002 | 1976 | ||
1 | Bluffs II, The | 6466 Friars Road | San Diego | CA | 224 | 126,700 | 1997 | 1974 | ||
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 | 16,800 | 2002 | 1967 | ||
1 | Vista Capri - North | 3277 Berger Ave. | San Diego | CA | 106 | 51,800 | 2002 | 1975 | ||
1 | Carlton Heights | 9705 Carlton Hills Blvd. | Santee | CA | 70 | 48,400 | 2002 | 1979 | ||
1 | Shadow Point | 9830 Dale Ave. | Spring Valley | CA | 172 | 131,200 | 2002 | 1983 | ||
12% | 3,009 | 2,249,900 | ||||||||
67 | Total Southern California | 58% | 14,574 | 11,758,200 | ||||||
SEATTLE METROPOLITAN AREA | ||||||||||
1 | Emerald Ridge | 3010 118th Avenue SE | Bellevue | WA | 180 | 144,000 | 1994 | 1987 | ||
1 | Foothill Commons | 13800 NE 9th Place | Bellevue | WA | 360 | 288,300 | 1990 | 1978 | ||
1 | Palisades, The | 13808 NE 12th | Bellevue | WA | 192 | 159,700 | 1990 | 1977 | ||
1 | Sammamish View | 16160 SE Eastgate Way | Bellevue | WA | 153 | 133,500 | 1994 | 1986 | ||
1 | Woodland Commons | 13700 NE 10th Place | Bellevue | WA | 236 | 172,300 | 1990 | 1978 | ||
1 | Canyon Pointe | 1630 228th St. SE | Bothell | WA | 250 | 210,400 | 2003 | 1990 | ||
1 | Inglenook Court | 14220 Juanita Drive, NE | Bothell | WA | 224 | 183,600 | 1994 | 1985 | ||
1 | Salmon Run at Perry Creek | 2109 228th Street SE | Bothell | WA | 132 | 117,100 | 2000 | 2000 | ||
1 | Stonehedge Village | 14690 143rd Blvd., NE | Bothell | WA | 196 | 214,800 | 1997 | 1986 | ||
1 | Park Hill at Issaquah | 22516 SE 56th Street | Issaquah | WA | 245 | 277,700 | 1999 | 1999 | ||
1 | Peregrine Point | 21209 SE 42nd Street | Issaquah | WA | 67 | 85,900 | 2003 | 2003 | ||
1 | Wandering Creek | 12910 SE 240th | Kent | WA | 156 | 124,300 | 1995 | 1986 | ||
1 | Bridle Trails | 6600 130th Avenue, NE | Kirkland | WA | 92 | 73,400 | 1997 | 1986 | ||
1 | Evergreen Heights | 12233 NE 131st Way | Kirkland | WA | 200 | 188,300 | 1997 | 1990 | ||
1 | Laurels at Mill Creek | 1110 164th Street SE | Mill Creek | WA | 164 | 134,300 | 1996 | 1981 | ||
1 | Anchor Village | 9507 49th Avenue West | Mukilteo | WA | 301 | 245,900 | 1997 | 1981 | ||
1 | Castle Creek | 7000 132nd Place, SE | Newcastle | WA | 216 | 191,900 | 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 | 182,500 | 2003 | 1998 | ||
1 | Fountain Court | 2400 4th Street | Seattle | WA | 320 | 207,000 | 2000 | 2000 | ||
1 | Linden Square | 13530 Linden Avenue North | Seattle | WA | 183 | 142,200 | 2000 | 1994 | ||
1 | Maple Leaf | 7415 5th Avenue, NE | Seattle | WA | 48 | 35,500 | 1997 | 1986 | ||
1 | Spring Lake | 12528 35th Avenue, NE | Seattle | WA | 69 | 42,300 | 1997 | 1986 | ||
1 | Wharfside Pointe | 3811 14th Avenue West | Seattle | WA | 142 | 119,200 | (2) | 1994 | 1990 | |
24 | Total Seattle Metropolitan Area | 18% | 4,582 | 3,875,400 | ||||||
PORTLAND METROPOLITAN AREA | ||||||||||
1 | Jackson School Village | 300 NE Autumn Rose Way | Hillsboro | OR | 200 | 196,800 | 1996 | 1996 | ||
1 | Landmark Apartments | 3120 NW John Olsen Ave. | Hillsboro | OR | 285 | 282,900 | 1996 | 1990 | ||
1 | Meadows @ Cascade Park | 314 SE 19th Street | Vancouver | WA | 198 | 199,300 | 1997 | 1989 | ||
1 | Village @ Cascade Park | 501 SE 123rd Avenue | Vancouver | WA | 192 | 178,100 | 1997 | 1989 | ||
4 | Total Portland Metropolitan Area | 3% | 875 | 857,100 | ||||||
OTHER AREAS | ||||||||||
1 | Devonshire Apartments | 2770 West Devonshire Ave. | Hemet | CA | 276 | 207,200 | 2002 | 1988 | ||
1 | St. Cloud Apartments | 6525 Hilcroft | Houston | TX | 302 | 306,800 | 2002 | 1968 | ||
2 | 2% | 578 | 514,000 | |||||||
118 | Multifamily Properties | 25,020 | 20,734,700 | 1998 | 1981 | |||||
4 | Multifamily Properties Under Construction | 826 | 772,000 | |||||||
Avg. square footage | 829 | |||||||||
Avg. units per property | 212 | |||||||||
Avg. age of property | 23 | |||||||||
(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 | |||
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 |
S-13 | ||
Essex Markets Forecast 2004: 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 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% | 2,500 | 0.3% | Flat | 94.0% | ||||
Ventura | 600 | 1.2% | 2,400 | 1.2% | 3,500 | 1.3% | 2% | 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% | 16,000 | 1.1% | 2% to 3% | 95.5% | ||||
San Diego | 4,200 | 1.1% | 9,100 | 1.4% | 25,000 | 2.0% | 3% | 95.5% | ||||
So. Cal. | 15,500 | 0.7% | 26,300 | 0.8% | 80,500 | 1.1% | 2% to 3% | 95.5% |
All data is an Essex Forecast | ||||||||||||
*New Residential Supply: represents Essex's internal estimate ofactual deliveries during the year, which are | ||||||||||||
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 first | ||||||||||||
column represents thecurrentEssex forecast of the increase in Total Non-Farm Industry Employment. The second column | ||||||||||||
represents these forecasted new jobs as a percent of the December 2003 base. | ||||||||||||
�� | ||||||||||||
***TheForecast Market Conditions represents Essex's estimates of the Change in Rents/Vacancy Rates at the | ||||||||||||
end of 2004. The Estimated Year-over-Year Rent Growth represents the forecast change in EffectiveMarket Rents for | ||||||||||||
December 2004 vs.December 2003 (whereMarket refers to the entire MSA apartment market, NOT the Essex portfolio). | ||||||||||||
The estimated Year End Vacancy represents Essex's forecast ofMarket Vacancy Rates for December 2004. |
S-14 | ||
New Residential Supply: Permits as % of Current Stock | ||||||||||||
12 Month Permit Period: September 2003 through September 2004 (inclusive) | ||||||||||||
Single Family Data | Multi-Family Data | All Residential Data | ||||||||||
Market | Median SF Price (2003) | 2003 SF Affordability* | SF Stock 2000 | SF Permits Last 12 Months | % of Stock | MF Stock 2000 | MF Permits Last 12 months | % of Stock | Total Residential Permits Last 12 Months | % of Stock | ||
Nassau-Suffolk | $364,500 | 101% | 740,000 | 3,639 | 0.5% | 240,000 | 529 | 0.2% | 4,168 | 0.4% | ||
New York PMSA | $352,600 | 63% | 760,000 | 2,566 | 0.3% | 2,920,000 | 12,848 | 0.4% | 15,414 | 0.4% | ||
Boston | $412,800 | 70% | 1,530,000 | 7,097 | 0.5% | 670,800 | 5,024 | 0.7% | 12,121 | 0.6% | ||
Baltimore | $208,100 | 135% | 797,000 | 7,845 | 1.0% | 268,000 | 2,526 | 0.9% | 10,371 | 1.0% | ||
Philadelphia | $168,000 | 163% | 1,532,000 | 15,135 | 1.0% | 515,100 | 6,479 | 1.3% | 21,614 | 1.1% | ||
Chicago | $238,900 | 118% | 1,700,000 | 35,414 | 2.1% | 1,404,900 | 9,281 | 0.7% | 44,695 | 1.4% | ||
Wash. D.C. PMSA | $286,200 | 109% | 1,299,000 | 27,278 | 2.1% | 644,300 | 9,612 | 1.5% | 36,890 | 1.9% | ||
Denver | $238,200 | 112% | 582,000 | 16,124 | 2.8% | 274,900 | 4,273 | 1.6% | 20,397 | 2.4% | ||
Miami/Ft. Lauderdale | $227,000 | 94% | 717,000 | 22,496 | 3.1% | 876,000 | 16,493 | 1.9% | 38,989 | 2.4% | ||
Minneapolis | $199,600 | 147% | 818,000 | 22,496 | 2.8% | 351,800 | 6,413 | 1.8% | 28,909 | 2.5% | ||
Dallas-Ft. Worth | $138,400 | 179% | 1,381,000 | 43,909 | 3.2% | 650,000 | 9,090 | 1.4% | 52,999 | 2.6% | ||
Austin | $156,700 | 161% | 326,000 | 12,925 | 4.0% | 169,900 | 3,200 | 1.9% | 16,125 | 3.3% | ||
Houston | $136,400 | 174% | 1,027,000 | 40,909 | 4.0% | 547,700 | 11,989 | 2.2% | 52,898 | 3.4% | ||
Atlanta | $152,400 | 181% | 1,122,000 | 58,214 | 5.2% | 467,800 | 11,747 | 2.5% | 69,961 | 4.4% | ||
Phoenix | $152,500 | 155% | 970,000 | 54,786 | 5.6% | 360,500 | 6,886 | 1.9% | 61,672 | 4.6% | ||
Orlando | $145,100 | 152% | 482,000 | 27,387 | 5.7% | 201,500 | 6,740 | 3.3% | 34,127 | 5.0% | ||
Las Vegas | $179,200 | 124% | 440,000 | 33,639 | 7.6% | 215,700 | 4,726 | 2.2% | 38,365 | 5.9% | ||
Totals | $227,152 | 132% | 16,223,000 | 431,859 | 2.7% | 10,778,900 | 127,856 | 1.2% | 559,715 | 2.1% | ||
Seattle | $268,800 | 106% | 656,000 | 11,815 | 1.8% | 354,487 | 3,926 | 1.1% | 15,741 | 1.6% | ||
Portland | $192,000 | 125% | 561,000 | 10,739 | 1.9% | 225,335 | 4,394 | 1.9% | 15,133 | 1.9% | ||
San Francisco | $566,400 | 59% | 368,000 | 1,444 | 0.4% | 344,000 | 2,466 | 0.7% | 3,910 | 0.5% | ||
Oakland | $399,000 | 83% | 625,000 | 7,026 | 1.1% | 270,000 | 3,818 | 1.4% | 10,844 | 1.2% | ||
San Jose | $473,900 | 76% | 388,000 | 2,486 | 0.6% | 192,000 | 2,223 | 1.2% | 4,709 | 0.8% | ||
Los Angeles | $318,900 | 84% | 1,877,000 | 11,515 | 0.6% | 1,392,963 | 12,226 | 0.9% | 23,741 | 0.7% | ||
Ventura | $388,500 | 80% | 199,000 | 1,649 | 0.8% | 53,295 | 852 | 1.6% | 2,501 | 1.0% | ||
Orange | $418,600 | 78% | 628,000 | 5,622 | 0.9% | 340,800 | 3,283 | 1.0% | 8,905 | 0.9% | ||
San Diego | $379,300 | 73% | 664,000 | 9,935 | 1.5% | 375,664 | 4,953 | 1.3% | 14,888 | 1.4% | ||
PNW | $233,398 | 115% | 1,217,000 | 22,554 | 1.9% | 579,822 | 8,320 | 1.4% | 30,874 | 1.7% | ||
No Cal | $464,651 | 74% | 1,381,000 | 10,956 | 0.8% | 806,000 | 8,507 | 1.1% | 19,463 | 0.9% | ||
So Cal | $353,510 | 81% | 3,368,000 | 28,721 | 0.9% | 2,162,722 | 21,314 | 1.0% | 50,035 | 0.9% | ||
ESSEX | $354,735 | 86% | 5,966,000 | 62,231 | 1.0% | 3,548,543 | 38,141 | 1.1% | 100,372 | 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, Axiometrics | ||||||||||||
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 theactual Median Household Income to the Incomerequired to purchase the Median Priced Home. | ||||||||||||
Therequired 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 (5.75%). | ||||||||||||
Median Household Income is estimated from US Census 2000 data and Income Growth from BEA and Popultation Growth from the US Census. |
S-15 | ||