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, | ||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Revenues: | ||||||||||||||||
Rental and other property | $ | 80,219 | $ | 71,733 | $ | 234,851 | $ | 206,991 | ||||||||
Management and other fees from affiliates | 1,601 | 15,701 | 9,108 | 18,318 | ||||||||||||
81,820 | 87,434 | 243,959 | 225,309 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating, excluding real estate taxes | 19,592 | 18,673 | 57,198 | 52,494 | ||||||||||||
Real estate taxes | 7,066 | 6,253 | 20,517 | 17,821 | ||||||||||||
Depreciation and amortization | 20,323 | 18,061 | 59,945 | 53,428 | ||||||||||||
Interest | 18,566 | 16,394 | 54,866 | 45,785 | ||||||||||||
Amortization of deferred financing costs | 451 | 449 | 1,490 | 1,179 | ||||||||||||
General and administrative | 4,560 | 7,639 | 13,574 | 13,985 | ||||||||||||
Legal settlement | - | - | 1,500 | - | ||||||||||||
70,558 | 67,469 | 209,090 | 184,692 | |||||||||||||
Gain on sale of real estate | - | 7,909 | 6,391 | 7,909 | ||||||||||||
Interest and other income, net | 3,578 | 836 | 6,532 | 2,095 | ||||||||||||
Equity income in co-investments | 21 | 15,365 | 17,575 | 16,460 | ||||||||||||
Minority interests | (4,929 | ) | (9,509 | ) | (16,752 | ) | (20,588 | ) | ||||||||
Income from continuing operations | 9,932 | 34,566 | 48,615 | 46,493 | ||||||||||||
Income and gain from discontinued operations, | ||||||||||||||||
net of minority interests | - | 586 | 28,274 | 895 | ||||||||||||
Net income before income tax provision | 9,932 | 35,152 | 76,889 | 47,388 | ||||||||||||
Income tax provision | (1,185 | ) | (122 | ) | (2,386 | ) | (208 | ) | ||||||||
Net income | 8,747 | 35,030 | 74,503 | 47,180 | ||||||||||||
Dividends to preferred stockholders - Series F | (488 | ) | (488 | ) | (1,465 | ) | (1,464 | ) | ||||||||
Net income available to common stockholders | $ | 8,259 | $ | 34,542 | $ | 73,038 | $ | 45,716 | ||||||||
Net income per share - basic | $ | 0.36 | $ | 1.51 | $ | 3.17 | $ | 2.00 | ||||||||
Net income per share - diluted | $ | 0.35 | $ | 1.49 | $ | 3.13 | $ | 1.97 | ||||||||
See Company's 10-Q for additional disclosures
S-1
E S S E X P R O P E R T Y T R U S T, I N C. | ||||||||||||||||
Consolidated Operating Results | Three Months Ended | Nine Months Ended | ||||||||||||||
Selected Line Item Detail | September 30, | September 30, | ||||||||||||||
(Dollars in thousands) | 2005 | 2004 | 2005 | 2004 | ||||||||||||
Rental and other property | ||||||||||||||||
Rental | $ | 77,294 | $ | 69,139 | $ | 226,437 | $ | 199,907 | ||||||||
Other property | 2,925 | 2,594 | 8,414 | 7,084 | ||||||||||||
Rental and other property | $ | 80,219 | $ | 71,733 | $ | 234,851 | $ | 206,991 | ||||||||
Management and other fees from affiliates | ||||||||||||||||
Management | $ | 665 | $ | 889 | $ | 2,915 | $ | 2,812 | ||||||||
Development and redevelopment | 40 | 317 | 183 | 986 | ||||||||||||
Promote distribution from Fund I - non-recurring | 896 | 14,495 | 6,010 | 14,495 | ||||||||||||
Miscellaneous - non-recurring | - | - | - | 25 | ||||||||||||
Management and other fees from affiliates | $ | 1,601 | $ | 15,701 | $ | 9,108 | $ | 18,318 | ||||||||
General and administrative | ||||||||||||||||
Total general and administrative | $ | 6,303 | $ | 9,059 | $ | 18,713 | $ | 18,029 | ||||||||
Allocated to property operating expenses - administrative | (1,293 | ) | (1,167 | ) | (3,799 | ) | (3,319 | ) | ||||||||
Capitalized and incremental to real estate under development | (450 | ) | (253 | ) | (1,340 | ) | (725 | ) | ||||||||
Net general and administrative | $ | 4,560 | $ | 7,639 | $ | 13,574 | $ | 13,985 | ||||||||
Interest and other income, net | ||||||||||||||||
Interest income | $ | 175 | $ | 183 | $ | 459 | $ | 594 | ||||||||
Lease income | 416 | 417 | 1,248 | 1,249 | ||||||||||||
Participating loan (condo conversion) | 2,908 | - | 4,721 | - | ||||||||||||
Miscellaneous - non-recurring | 79 | 236 | 104 | 252 | ||||||||||||
Interest and other income | $ | 3,578 | $ | 836 | $ | 6,532 | $ | 2,095 | ||||||||
Equity income in co-investments | ||||||||||||||||
Equity income in co-investments | $ | 28 | $ | 1,466 | $ | 619 | $ | 2,561 | ||||||||
Gain (loss) on sale of co-investment activities, net | (7 | ) | 14,069 | 17,077 | 14,069 | |||||||||||
Early extinguishment of debt - non-recurring | - | (170 | ) | (121 | ) | (170 | ) | |||||||||
Equity income in co-investments | $ | 21 | $ | 15,365 | $ | 17,575 | $ | 16,460 | ||||||||
Minority interests | ||||||||||||||||
Limited partners of Essex Portfolio, L.P. | $ | 837 | $ | 3,479 | $ | 4,601 | $ | 4,665 | ||||||||
Perpetual preferred distributions | 2,559 | 3,502 | 7,677 | 11,615 | ||||||||||||
Series Z and Z-1 incentive units | 100 | 75 | 300 | 206 | ||||||||||||
Third party ownership interests | 392 | (242 | ) | 969 | (854 | ) | ||||||||||
Down REIT limited partners' distributions | 1,041 | 1,120 | 3,205 | 3,381 | ||||||||||||
Write off of Series E preferred unit offering costs | - | 1,575 | - | 1,575 | ||||||||||||
Minority interests | $ | 4,929 | $ | 9,509 | $ | 16,752 | $ | 20,588 |
See Company's 10-Q for additional disclosures
S-2
E S S E X P R O P E R T Y T R U S T, I N C. | |||||||||||||||||||
Consolidated Funds From Operations | Three Months Ended | Nine Months Ended | |||||||||||||||||
(Dollars in thousands, except share and per share amounts) | September 30, | September 30, | |||||||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||||||||
Funds from operations | |||||||||||||||||||
Net income | $ | 8,747 | $ | 35,030 | $ | 74,503 | $ | 47,180 | |||||||||||
Adjustments: | |||||||||||||||||||
Depreciation and amortization | 20,323 | 18,061 | 59,945 | 53,428 | |||||||||||||||
Depr. and amort. - unconsolidated co-investments | 147 | 12 | 503 | 1,816 | |||||||||||||||
Gain on sale of real estate | - | (7,909 | ) | (5,000 | ) | (7,909 | ) | ||||||||||||
Gain on sale of real estate - discontinued operations | - | - | (29,219 | ) | - | ||||||||||||||
Gain on sale of co-investment activities, net | - | (14,069 | ) | (17,084 | ) | (14,069 | ) | ||||||||||||
Minority interests | 937 | 3,615 | 7,707 | 4,961 | |||||||||||||||
Depreciation - discontinued operations | - | 218 | 148 | 1,056 | |||||||||||||||
Dividends to preferred stockholders - Series F | (488 | ) | (488 | ) | (1,465 | ) | (1,464 | ) | |||||||||||
Funds from operations | $ | 29,666 | $ | 34,470 | $ | 90,038 | $ | 84,999 | |||||||||||
Components of the change in FFO | |||||||||||||||||||
Same property NOI | $ | 2,447 | $ | 8,162 | |||||||||||||||
Non-same property NOI | 4,308 | 12,299 | |||||||||||||||||
Other - corporate and unconsolidated co-investments | (1,807 | ) | (4,222 | ) | |||||||||||||||
Promote distribution from Fund I - non-recurring | (13,599 | ) | (8,485 | ) | |||||||||||||||
Interest expense and amortization of deferred financing costs | (2,174 | ) | (9,392 | ) | |||||||||||||||
General and administrative | 3,079 | 761 | |||||||||||||||||
Legal settlement | - | (1,500 | ) | ||||||||||||||||
Net gain on sale of real estate and participating loan proceeds - TRS | 1,845 | 3,584 | |||||||||||||||||
Minority interests | 1,901 | 3,803 | |||||||||||||||||
Income from discontinued operations | (586 | ) | 937 | ||||||||||||||||
Depreciation - discontinued operations | (218 | ) | (908 | ) | |||||||||||||||
Changes in Funds from operations | $ | (4,804 | ) | $ | 5,039 | ||||||||||||||
Funds from operations per share - diluted | $ | 1.15 | $ | 1.35 | $ | 3.51 | $ | 3.34 | |||||||||||
Percentage increase | -14.8 | % | 5.1 | % | |||||||||||||||
Weighted average number of shares outstanding diluted (1) | 25,711,320 | 25,567,451 | 25,671,923 | 25,445,165 | |||||||||||||||
(1) 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-Q for additional disclosures
S-3
E S S E X P R O P E R T Y T R U S T, I N C. | |||||||
Consolidated Balance Sheets | |||||||
(Dollars in thousands) | |||||||
September 30, 2005 | December 31, 2004 | ||||||
Real Estate: | |||||||
Land and land improvements | $ | 554,028 | $ | 536,600 | |||
Buildings and improvements | 1,935,543 | 1,834,594 | |||||
2,489,571 | 2,371,194 | ||||||
Less: accumulated depreciation | (380,772 | ) | (329,652 | ) | |||
2,108,799 | 2,041,542 | ||||||
Real estate investment held for sale, net of accumulated depreciation of | |||||||
$496 as of December 31, 2004 | - | 14,445 | |||||
Investments | 27,637 | 49,712 | |||||
Real estate under development | 34,834 | 38,320 | |||||
2,171,270 | 2,144,019 | ||||||
Cash and cash equivalents | 34,392 | 31,899 | |||||
Other assets | 30,239 | 30,561 | |||||
Deferred charges, net | 10,424 | 10,738 | |||||
Total assets | $ | 2,246,325 | $ | 2,217,217 | |||
Mortgage notes payable | $ | 1,164,504 | $ | 1,067,449 | |||
Lines of credit | 149,735 | 249,535 | |||||
Other liabilities | 80,246 | 63,826 | |||||
Deferred gain | 2,193 | 5,000 | |||||
Total liabilities | 1,396,678 | 1,385,810 | |||||
Minority interests | 231,177 | 240,130 | |||||
Stockholders' Equity: | |||||||
Common stock | 2 | 2 | |||||
Series F cumulative redeemable preferred stock, liquidation value | 25,000 | 25,000 | |||||
Additional paid-in-capital | 656,915 | 646,744 | |||||
Distributions in excess of accumulated earnings | (63,538 | ) | (80,469 | ) | |||
Accumulated other comprehensive income | 91 | - | |||||
Total liabilities and stockholders' equity | $ | 2,246,325 | $ | 2,217,217 | |||
See Company's 10-Q for additional disclosures
S-4
E S S E X P R O P E R T Y T R U S T, I N C. | ||||||||||||||||
Debt Summary - September 30, 2005 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Weighted | ||||||||||||||||
Percentage of Total | Balance | Weighted Average | Average Maturity | |||||||||||||
Debt | Outstanding | Interest Rate | In Years | |||||||||||||
Mortgage notes payable | ||||||||||||||||
Fixed rate - secured | 74 | % | $ | 969,602 | 6.5 | % | 5.5 | |||||||||
Tax exempt variable (1) | 15 | % | 194,902 | 3.8 | % | 25.0 | ||||||||||
Total mortgage notes payable | 89 | % | 1,164,504 | 6.1 | % | 9.0 | ||||||||||
Line of credit - secured (2) | 7 | % | 93,735 | 3.1 | % | |||||||||||
Line of credit - unsecured (3) | 4 | % | 56,000 | 4.4 | % | |||||||||||
11 | % | 149,735 | 3.6 | % | ||||||||||||
Total debt | 100 | % | $ | 1,314,239 | 5.8 | % | ||||||||||
Scheduled principal payments (excludes lines of credit) | ||||||||||||||||
2005 | $ | 6,480 | ||||||||||||||
2006 | 26,200 | |||||||||||||||
2007 | 126,443 | |||||||||||||||
2008 | 156,119 | |||||||||||||||
2009 | 53,925 | |||||||||||||||
Thereafter | 795,337 | |||||||||||||||
Total | $ | 1,164,504 | ||||||||||||||
Capitalized interest for the quarter ended September 30, 2005 was approximately $136. | ||||||||||||||||
(1) Subject to interest rate protection agreements. | ||||||||||||||||
(2) Secured line of credit commitment is $100 million and matures in January 2009. | ||||||||||||||||
This line is secured by six of Essex's multifamily communities. The underlying interest rate is currently the Freddie Mac Reference Rate plus .55% to .59%. | ||||||||||||||||
(3) 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-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, 2005 | ||||||||||
(Dollars and shares in thousands, except per share amounts) | ||||||||||
Total debt | $ | 1,314,239 | ||||||||
Common stock and potentially dilutive securities | ||||||||||
Common stock outstanding | 23,140 | |||||||||
Limited partnership units (1) | 2,419 | |||||||||
Options-treasury method | 171 | |||||||||
Total common stock and potentially dilutive securities | 25,730 | shares | ||||||||
Common stock price per share as of September 30, 2005 | $ | 90.00 | ||||||||
Market value of common stock and potentially dilutive securities | $ | 2,315,700 | ||||||||
Perpetual preferred units/stock | $ | 155,000 | 7.865% weighted average pay rate | |||||||
Total equity capitalization | $ | 2,470,700 | ||||||||
Total market capitalization | $ | 3,784,939 | ||||||||
Ratio of debt to total market capitalization | 34.7% | |||||||||
(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-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, 2005 and 2004 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Southern California | Northern California | Pacific Northwest | Other real estate assets(1) | Total | |||||||||||||||||||||||||||||||||||||
2005 | 2004 | % Change | 2005 | 2004 | % Change | 2005 | 2004 | % Change | 2005 | 2004 | % Change | 2005 | 2004 | % Change | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Same property revenue | $ | 36,203 | $ | 34,323 | 5.5% | $ | 13,351 | $ | 13,033 | 2.4% | $ | 12,084 | $ | 11,675 | 3.5% | $ | - | $ | - | n/a | $ | 61,638 | $ | 59,031 | 4.4% | ||||||||||||||||
Non same property revenue(2) | 11,968 | 9,284 | 3,154 | 2,090 | 2,407 | 635 | 1,052 | 693 | 18,581 | 12,702 | |||||||||||||||||||||||||||||||
Total Revenues | $ | 48,171 | $ | 43,607 | $ | 16,505 | $ | 15,123 | $ | 14,491 | $ | 12,310 | $ | 1,052 | $ | 693 | $ | 80,219 | $ | 71,733 | |||||||||||||||||||||
Property operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Same property operating expenses | $ | 11,130 | $ | 11,197 | -0.6% | $ | 4,217 | $ | 4,204 | 0.3% | $ | 4,428 | $ | 4,214 | 5.1% | $ | - | $ | - | n/a | $ | 19,775 | $ | 19,615 | 0.8% | ||||||||||||||||
Non same property operating expenses(2) | 3,848 | 3,273 | 1,256 | 928 | 820 | 241 | 959 | 869 | 6,883 | 5,311 | |||||||||||||||||||||||||||||||
Total property operating expenses | $ | 14,978 | $ | 14,470 | $ | 5,473 | $ | 5,132 | $ | 5,248 | $ | 4,455 | $ | 959 | $ | 869 | $ | 26,658 | $ | 24,926 | |||||||||||||||||||||
Net operating income: | |||||||||||||||||||||||||||||||||||||||||
Same property net operating income | $ | 25,073 | $ | 23,126 | 8.4% | $ | 9,134 | $ | 8,829 | 3.5% | $ | 7,656 | $ | 7,461 | 2.6% | $ | - | $ | - | n/a | $ | 41,863 | $ | 39,416 | 6.2% | ||||||||||||||||
Non same property operating income(2) | 8,120 | 6,011 | 1,898 | 1,162 | 1,587 | 394 | 93 | (176) | 11,698 | 7,391 | |||||||||||||||||||||||||||||||
Total net operating income | $ | 33,193 | $ | 29,137 | $ | 11,032 | $ | 9,991 | $ | 9,243 | $ | 7,855 | $ | 93 | $ | (176) | $ | 53,561 | $ | 46,807 | |||||||||||||||||||||
Same property operating margin | 69% | 67% | 68% | 68% | 63% | 64% | n/a | n/a | 68% | 67% | |||||||||||||||||||||||||||||||
Same property turnover percentage | 61% | 61% | 59% | 60% | 69% | 72% | n/a | n/a | 63% | 64% | |||||||||||||||||||||||||||||||
Same property concessions | $ | 121 | $ | 187 | $ | 77 | $ | 61 | $ | 97 | $ | 128 | $ | - | $ | - | $ | 295 | $ | 376 | |||||||||||||||||||||
Average same property concessions per turn(3) | $ | 83 | $ | 127 | $ | 135 | $ | 105 | $ | 114 | $ | 145 | $ | - | $ | - | $ | 102 | $ | 128 | |||||||||||||||||||||
Net operating income percentage of total | 62% | 62% | 21% | 21% | 17% | 17% | 0% | 0% | 100% | 100% | |||||||||||||||||||||||||||||||
Loss to lease(4) | $ | 9,417 | $ | 3,243 | $ | 2,076 | $ | n/a | $ | 14,736 | |||||||||||||||||||||||||||||||
Loss to lease as a percentage | |||||||||||||||||||||||||||||||||||||||||
of rental income | 5.1% | 5.4% | 3.3% | n/a | 4.8% | ||||||||||||||||||||||||||||||||||||
Reconciliation of apartment units at end of period | |||||||||||||||||||||||||||||||||||||||||
Same property apartment units | 9,635 | 9,635 | 3,835 | 3,835 | 4,928 | 4,928 | - | - | 18,398 | 18,398 | |||||||||||||||||||||||||||||||
Consolidated Apartment Units | 12,784 | 11,669 | 4,621 | 4,411 | 5,831 | 5,457 | 302 | 578 | 23,538 | 22,115 | |||||||||||||||||||||||||||||||
Joint Venture | 598 | 2,905 | 1,299 | - | 515 | - | - | - | 2,412 | 2,905 | |||||||||||||||||||||||||||||||
Under Development | 637 | 456 | - | 370 | - | - | - | - | 637 | 826 | |||||||||||||||||||||||||||||||
Total apartment units at end of period | 14,019 | 15,030 | 5,920 | 4,781 | 6,346 | 5,457 | 302 | 578 | 26,587 | 25,846 | |||||||||||||||||||||||||||||||
Percentage of total | 53% | 58% | 22% | 18% | 24% | 21% | 1% | 2% | 100% | 100% | |||||||||||||||||||||||||||||||
97.2% | 96.7% | 97.3% | 96.0% | 97.3% | 95.6% | n/a | n/a | 97.3% | 96.1% | ||||||||||||||||||||||||||||||||
(1) | Includes apartment communities located in other geographic areas, other rental properties and commercial properties. | ||||||||||||||||||||||||||||||||||||||||
(2) | Includes properties which subsequent to June 30, 2004 were either acquired or in a stage of development or redevelopment without stabilized operations. | ||||||||||||||||||||||||||||||||||||||||
(3) | Average same property concessions per turn is the dollar amount per unit resulting from the same property concessions divided by the product of the same property turnover percentage times the same property apartment units. | ||||||||||||||||||||||||||||||||||||||||
(4) | 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-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, 2005, September 30, 2004 and June 30, 2005 | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Units | September 30, 2005 | September 30, 2004 | % Change | June 30, 2005 | % Change | |||||||||||||||||
Southern California | ||||||||||||||||||||||
Ventura County | 1,739 | $ | 6,500 | $ | 6,281 | 3.5 | % | $ | 6,357 | 2.2 | % | |||||||||||
Los Angeles County | 3,031 | 13,399 | 12,531 | 6.9 | % | 13,050 | 2.7 | % | ||||||||||||||
Orange County | 2,037 | 8,332 | 7,921 | 5.2 | % | 8,157 | 2.1 | % | ||||||||||||||
San Diego County | 2,552 | 7,298 | 6,964 | 4.8 | % | 7,196 | 1.4 | % | ||||||||||||||
Riverside County | 276 | 674 | 626 | 7.7 | % | 635 | 6.1 | % | ||||||||||||||
Total Southern California | 9,635 | $ | 36,203 | $ | 34,323 | 5.5 | % | $ | 35,395 | 2.3 | % | |||||||||||
Northern California | ||||||||||||||||||||||
San Francisco County | 99 | $ | 366 | $ | 342 | 7.0 | % | $ | 354 | 3.4 | % | |||||||||||
Santa Clara County | 1,982 | 7,124 | 6,930 | 2.8 | % | 6,977 | 2.1 | % | ||||||||||||||
Alameda County | 1,116 | 3,450 | 3,405 | 1.3 | % | 3,428 | 0.6 | % | ||||||||||||||
Contra Costa County | 638 | 2,411 | 2,356 | 2.3 | % | 2,385 | 1.1 | % | ||||||||||||||
Total Northern California | 3,835 | $ | 13,351 | $ | 13,033 | 2.4 | % | $ | 13,144 | 1.6 | % | |||||||||||
Pacific Northwest | ||||||||||||||||||||||
Seattle | 4,053 | $ | 10,202 | $ | 9,847 | 3.6 | % | $ | 10,003 | 2.0 | % | |||||||||||
Portland | 875 | 1,882 | 1,828 | 3.0 | % | 1,835 | 2.6 | % | ||||||||||||||
Total Pacific Northwest | 4,928 | $ | 12,084 | $ | 11,675 | 3.5 | % | $ | 11,838 | 2.1 | % | |||||||||||
Total same property revenue | 18,398 | $ | 61,638 | $ | 59,031 | 4.4 | % | $ | 60,377 | 2.1 | % | |||||||||||
See Company's 10-Q for additional disclosures
S-8
E S S E X P R O P E R T Y T R U S T, I N C. | |||||||||||||
Development Communities - September 30, 2005 | |||||||||||||
(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 and Joint Venture Transactions- Consolidated | |||||||||||||
Northwest Gateway (1) | Los Angeles, CA | 275 | $ 71.1 | $ 15.7 | $ 55.4 | Sep-07 | Jun-08 | n/a | n/a | ||||
Moorpark | Moorpark, CA | 200 | 43.2 | 4.7 | 38.5 | Aug-07 | Apr-08 | n/a | n/a | ||||
Tracy | Tracy, CA | 30 | 8.5 | 3.6 | 4.9 | Jul-06 | Jan-07 | n/a | n/a | ||||
Pre-development | - | 10.8 | 10.8 | - | n/a | n/a | |||||||
Subtotal - direct development | 505 | 133.6 | 34.8 | 98.8 | |||||||||
Joint Venture Transactions - Unconsolidated (2) | |||||||||||||
Kelvin Avenue | Irvine, CA | 132 | 7.1 | 7.1 | - | n/a | n/a | ||||||
Total - development | 637 | $ 140.7 | $ 41.9 | $ 98.8 | |||||||||
Stabilized Communities - Third Quarter 2005 | |||||||||||||
None | |||||||||||||
(1) The Company will receive 75% of cash flow up to a 22.67% priority return, and 50% of cash flow thereafter. | |||||||||||||
(2) The Company has a 21.4% interest in development projects owned by the Fund I. This final property in Fund I | |||||||||||||
was sold in October 2005 for a net sales price of $10,500. | |||||||||||||
See Company's 10-Q for additional disclosures
S-9
E S S E X P R O P E R T Y T R U S T, I N C. | ||||||||||
Redevelopment Communities - September 30, 2005 | ||||||||||
(Dollars in thousands) | ||||||||||
Total | Estimated | |||||||||
Estimated | Incurred | Remaining | Redevelopment | |||||||
Project Name | Units | Cost | To Date | Cost | Start Date | |||||
Hillcrest Park - Phase II, Newbury Park, CA | 608 | $ 3,681 | $ 3,449 | $ 232 | Apr-03 | |||||
Kings Road, Los Angeles, CA | 196 | 6,116 | 3,454 | 2,662 | Jan-04 | |||||
Mira Woods, Mira Mesa, CA | 355 | 5,724 | 2,453 | 3,271 | Sep-04 | |||||
Palisades, Bellevue, WA | 192 | 2,430 | 1,618 | 812 | Sep-04 | |||||
Avondale at Warner Center, Woodland Hills, CA | 446 | 11,422 | 2,782 | 8,640 | Oct-04 | |||||
Bridle Trails, Kirkland, WA | 108 | 4,547 | 822 | 3,725 | May-05 | |||||
Total | 1,905 | $ 33,920 | $ 14,578 | $ 19,342 | ||||||
Re-stabilized Communities - Third Quarter 2005 | ||||||||||
None | ||||||||||
Restabilized operations is defined as the month that the property reaches at least 95% occupancy after completion of the redevelopment projects. | ||||||||||
A component of these redevelopments are upgrades to unit interiors. These will be completed in the normal course of unit turnover. |
See Company's 10-Q for additional disclosures
S-10
E S S E X P R O P E R T Y T R U S T, I N C. | ||||||||||||||||||||||||||||||||||
Investments - September 30, 2005 | Debt | |||||||||||||||||||||||||||||||||
(In thousands) | Book | Estimated | Interest | Maturity | Value of | Company | Equity | |||||||||||||||||||||||||||
Value | Value | Amount | Type | Rate | Date | Equity | Ownership | Value | ||||||||||||||||||||||||||
Joint Ventures | ||||||||||||||||||||||||||||||||||
Essex Apartment Value Fund, L.P. (Fund I) | ||||||||||||||||||||||||||||||||||
Kelvin Avenue, Irvine, CA (development) (1) | 10,500 | |||||||||||||||||||||||||||||||||
Additional net assets (2) | 4,300 | |||||||||||||||||||||||||||||||||
$ | 2,367 | $ | 14,800 | 14,800 | 21.4 | % | $ | 3,167 | ||||||||||||||||||||||||||
Capitalized costs | 203 | 203 | ||||||||||||||||||||||||||||||||
2,570 | 3,370 | |||||||||||||||||||||||||||||||||
Essex Apartment Value Fund II, L.P. (Fund II) | ||||||||||||||||||||||||||||||||||
Carlmont Woods, Belmont, CA | 13,381 | Fixed | 4.89 | % | Dec-13 | |||||||||||||||||||||||||||||
Echo Ridge, Snoqualmie, WA | 13,700 | Fixed | 5.01 | % | Sep-14 | |||||||||||||||||||||||||||||
Harbor Cove, Foster City, CA | 36,084 | Fixed | 4.89 | % | Dec-13 | |||||||||||||||||||||||||||||
Morning Run, Monroe, WA | 14,137 | Fixed | 5.10 | % | Oct-14 | |||||||||||||||||||||||||||||
Parcwood, Corona, CA | 26,273 | Fixed | 4.89 | % | Dec-13 | |||||||||||||||||||||||||||||
Regency Towers, Oakland, CA | 11,425 | Fixed | 5.16 | % | Mar-15 | |||||||||||||||||||||||||||||
Tower @ 801, Seattle, WA | 19,978 | Fixed | 4.91 | % | Aug-14 | |||||||||||||||||||||||||||||
Line of credit | 29,650 | Var. | LIBOR+0.875 | % | Jun-07 | |||||||||||||||||||||||||||||
17,275 | 225,924 | 164,628 | 61,296 | 28.2 | % | 17,285 | ||||||||||||||||||||||||||||
Capitalized costs | 486 | 486 | ||||||||||||||||||||||||||||||||
17,761 | 17,771 | |||||||||||||||||||||||||||||||||
Other | 7,306 | 7,306 | ||||||||||||||||||||||||||||||||
$ | 27,637 | $ | 28,447 | |||||||||||||||||||||||||||||||
(1) This property was sold by Fund I in October 2005 for a net sales price of $10,500. | ||||||||||||||||||||||||||||||||||
(2)Additional net assets primarily consist of cash proceeds from the sale of River Terrace not yet distributed by Fund I less liabilities. | ||||||||||||||||||||||||||||||||||
See Company's 10-Q for additional disclosures
S-11
E S S E X P R O P E R T Y T R U S T, I N C. | ||||||||||||||||||||||
Consolidated Co-Investments - September 30, 2005 | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
The Company enters into co-investment transactions with third party developers, owners and investors of apartment properties. In accordance with FIN 46R, the Company consolidates certain of these co-investment transactions, resulting in minority interests corresponding to the ownership interest of the third-party developer, owner or investor. | ||||||||||||||||||||||
The following table summarizes the consolidated co-investment transactions: | ||||||||||||||||||||||
Year-to-date Operations | ||||||||||||||||||||||
Balance as of September 30, 2005 | as of September 30, 2005 | |||||||||||||||||||||
Investment in | Related | Minority | Down-REIT | Operating | ||||||||||||||||||
Real Estate | Debt | Interest | Units (1) | Revenue | Expenses | NOI | ||||||||||||||||
Down-REITs: | ||||||||||||||||||||||
Anchor Village | 10,751 | 10,750 | 2,399 | 123,061 | 1,717 | 695 | 1,022 | |||||||||||||||
Barkley Apartments | 9,858 | 5,104 | 2,347 | 80,987 | 1,624 | 520 | 1,105 | |||||||||||||||
Brookside Oaks | 21,457 | 14,585 | 9,330 | 230,938 | 1,615 | 452 | 1,162 | |||||||||||||||
Capri at Sunny Hills | 16,639 | 11,943 | 4,692 | 193,828 | 1,581 | 386 | 1,195 | |||||||||||||||
Hearthstone Apartments | 13,815 | 9,689 | 3,951 | 90,591 | 1,624 | 427 | 1,197 | |||||||||||||||
Hidden Valley (Parker Ranch) | 46,877 | 34,073 | 6,089 | 62,647 | 3,773 | 943 | 2,830 | |||||||||||||||
Highridge Apartments | 21,185 | 19,131 | 6,579 | 322,249 | 3,685 | 1,165 | 2,520 | |||||||||||||||
Montejo Apartments | 9,205 | 6,001 | 1,644 | 39,118 | 1,210 | 337 | 873 | |||||||||||||||
Treehouse Apartments | 12,586 | 8,080 | 3,331 | 76,366 | 1,592 | 468 | 1,124 | |||||||||||||||
Valley Park Apartments | 15,938 | 10,236 | 2,737 | 71,235 | 1,905 | 420 | 1,485 | |||||||||||||||
Villa Angelina Apartments | 21,006 | 13,841 | 2,378 | 71,678 | 2,492 | 592 | 1,900 | |||||||||||||||
199,317 | 143,433 | 45,477 | 1,362,698 | 22,818 | 6,405 | 16,413 | ||||||||||||||||
Other Co-investments transactions: | ||||||||||||||||||||||
Derian Office Building | 17,916 | - | - | n/a (note 2 | ) | 1,211 | 329 | 882 | ||||||||||||||
City Heights | 32,401 | 32,850 | - | n/a (note 3 | ) | 6,309 | 2,252 | 4,057 | ||||||||||||||
The Bluffs | 9,180 | 12,619 | (300 | ) | n/a | 2,016 | 598 | 1,418 | ||||||||||||||
Northwest Gateway (Development) | 15,737 | - | 1,000 | n/a (note 4 | ) | - | - | - | ||||||||||||||
(1) Represents the number of Down-REIT units that are currently outstanding. Generally, Down-REIT units can be redeemed at the holder's election for cash equal to the current price of Essex's common stock. | ||||||||||||||||||||||
(2) Essex has mortgage loans to the owners of this property with an aggregate principal balance outstanding of $23.9 million as of September 30, 2005. This building was 91% leased and occupied as of September 30, 2005. | ||||||||||||||||||||||
(3) The Company owns the land and has leased the improvements to an unrelated third-party investor. The leashold interest entitles the Company to receive a monthly payment during the 34 year term of the lease. The Company may be required to sell its interest in the property anytime after 2009, in which case, the Company is entitled to receive 20% of the net sales price (without considering related debt), plus an incentive payment equal to $1.47 million per year since the formation of the venture in 2002. | ||||||||||||||||||||||
(4) The project is a joint venture between Essex and Meta Housing Corporation, which has obtained $47.0 million of tax-exempt bond financing, which will be drawn to fund future construction costs. The Company originated a $7.4 million mezzanine loan to the joint venture, which bears an interest rate of 14.0% - it is subject to various conditions and matures in December 2009. The Company has also contributed approximately $3.2 million for its limited partnership interest, which entitles the Company to 75% of the cash flow up to a 22.67% priority return, and 50% of the cash flow thereafter. |
See Company's 10-Q for additional disclosures
S-12
ESSEX PROPERTY TRUST, INC. | ||||||||
REAL ESTATE INFORMATION | ||||||||
30-Sep-05 | ||||||||
Square | Year | Year | ||||||
Property Name | Address | City | State | Units | Footage | Acquired | Built | |
MULTIFAMILY COMMUNITIES | ||||||||
SAN FRANCISCO BAY AREA | ||||||||
Santa Clara County | ||||||||
Pointe at Cupertino, The (Westwood) | 19920 Olivewood Street | Cupertino | CA | 116 | 135,200 | 1998 | 1963 | |
Carlyle, The | 2909 Nieman Boulevard | San Jose | CA | 132 | 129,200 | 2000 | 2000 | |
Esplanade | 350 East Taylor St. | San Jose | CA | 278 | 279,000 | 2004 | 2002 | |
Waterford, The | 1700 N. First Street | San Jose | CA | 238 | 219,600 | 2000 | 2000 | |
Le Parc (Plumtree) | 440 N. Winchester Avenue | Santa Clara | CA | 140 | 113,200 | 1994 | 1975 | |
Marina Cove | 3480 Granada Avenue | Santa Clara | CA | 292 | 250,200 | 1994 | 1974 | |
Bristol Commons | 732 E. Evelyn Avenue | Sunnyvale | CA | 188 | 142,600 | 1995 | 1989 | |
Brookside Oaks | 1651 Belleville Way | Sunnyvale | CA | 170 | 119,900 | 2000 | 1973 | |
Oak Pointe | 450 N. Mathilda Avenue | Sunnyvale | CA | 390 | 294,100 | 1988 | 1973 | |
Summerhill Park | 972 Corte Madera Avenue | Sunnyvale | CA | 100 | 78,500 | 1988 | 1988 | |
Windsor Ridge | 825 E. Evelyn Avenue | Sunnyvale | CA | 216 | 161,800 | 1989 | 1989 | |
9% | 2,260 | 1,923,300 | ||||||
Alameda County | ||||||||
Stevenson Place (The Apple) | 4141 Stevenson Blvd. | Fremont | CA | 200 | 146,200 | 1983 | 1971 | |
Waterstone at Fremont (Mountain Vista ) | 39600 Fremont Blvd | Fremont | CA | 526 | 433,100 | 2000 | 1975 | |
Treetops | 40001 Fremont Blvd. | Fremont | CA | 172 | 131,200 | 1996 | 1978 | |
Wimbeldon Woods | 25200 Carlos Bee Blvd. | Hayward | CA | 560 | 462,400 | 1998 | 1975 | |
Regency Towers | 1130 Third Ave. | Oakland | CA | 178 | 140,900 | 2005 | 1975 | |
Summerhill Commons | 36826 Cherry Street | Newark | CA | 184 | 139,000 | 1987 | 1987 | |
7% | 1,820 | 1,452,800 | ||||||
Contra Costa County | ||||||||
San Marcos (Vista del Mar) | Hilltop Drive at Richmond Pkwy | Richmond | CA | 432 | 407,600 | 2003 | 2003 | |
Bel Air (The Shores) | 2000 Shoreline Drive | San Ramon | CA | 462 | 391,000 | 1995 | 1988 | |
Foothill Gardens | 1110 Harness Drive | San Ramon | CA | 132 | 155,100 | 1997 | 1985 | |
Twin Creeks | 2711-2731 Morgan Drive | San Ramon | CA | 44 | 51,700 | 1997 | 1985 | |
4% | 1,070 | 1,005,400 | ||||||
San Mateo County | ||||||||
Carlmont Woods | 2515 Carlmont Drive | Belmont | CA | 195 | 107,200 | 2004 | 1971 | |
Harbor Cove | 900 E. Hillsdale Blvd. | Foster City | CA | 400 | 306,600 | 2004 | 1971 | |
2% | 595 | 413,800 | ||||||
San Francisco and Marin County | ||||||||
Mt. Sutro Terrace Apartments | 480 Warren Drive | San Francisco,CA | CA | 99 | 64,000 | 1999 | 1973 | |
Vista Belvedere | 15 Red Hill Circle | Tiburon | CA | 76 | 78,300 | 2004 | 1963 | |
1% | 175 | 142,300 | ||||||
Total San Francisco Bay Area | 23% | 5,920 | 4,937,600 | |||||
SOUTHERN CALIFORNIA | ||||||||
Los Angeles County | ||||||||
Hampton Court (Columbus) | 1136 N. Columbus Avenue | Glendale | CA | 83 | 71,500 | 1999 | 1974 | |
Hampton Place (Loraine) | 245 W. Loraine Street | Glendale | CA | 132 | 141,500 | 1999 | 1970 | |
Marbrisa | 1809 Termino Ave. | Long Beach | CA | 202 | 122,800 | 2002 | 1987 | |
Pathways | 5945 E. Pacific Coast Hwy. | Long Beach | CA | 296 | 197,700 | 1991 | 1975 | |
Bunker Hill | 222 and 234 S. Figueroa St. | Los Angeles | CA | 456 | 346,600 | 1998 | 1968 | |
City Heights | 209 S. Westmoreland | Los Angeles | CA | 687 | 424,100 | 2000 | 1968 | |
Cochran Apartments | 612 South Cochran | Los Angeles | CA | 58 | 51,400 | 1998 | 1989 | |
Kings Road | 733 North Kings Road | Los Angeles | CA | 196 | 132,100 | 1997 | 1979 | |
Marbella | 600 South Detroit Street | Los Angeles | CA | 60 | 50,108 | 2005 | 1991 | |
Northwest Gateway | 1302 West 2nd St. | Los Angeles | CA | 275 | 225,000 | |||
Park Place | 400 S. Detroit Street | Los Angeles | CA | 60 | 48,000 | 1997 | 1988 | |
Windsor Court | 401 S. Detroit Street | Los Angeles | CA | 58 | 46,600 | 1997 | 1988 | |
Marina City Club | 4333 Admiralty Way | Marina Del Rey | CA | 101 | 127,200 | 2004 | 1971 | |
Mirabella (Marina View) | 13701 Marina Point Drive | Marina Del Rey | CA | 188 | 176,800 | 2000 | 2000 | |
Hillcrest Park (Mirabella) | 1800 West Hillcrest Drive | Newbury Park | CA | 608 | 521,900 | 1998 | 1973 | |
Monterra del Mar (Windsor Terrace) | 280 E. Del Mar Boulevard | Pasadena | CA | 123 | 74,400 | 1997 | 1972 | |
Monterra del Rey (Glenbrook) | 350 Madison | Pasadena | CA | 84 | 73,100 | 1999 | 1972 | |
Monterra del Sol (Euclid) | 280 South Euclid | Pasadena | CA | 85 | 69,200 | 1999 | 1972 | |
Fountain Park | 13141 Fountain Park Drive | Playa Vista | CA | 705 | 608,900 | 2004 | 2002 | |
Highridge | 28125 Peacock Ridge Drive | Rancho Palos Verde | CA | 255 | 290,200 | 1997 | 1972 | |
Walnut Heights | 20700 San Jose Hills Road | Walnut | CA | 163 | 146,700 | 2003 | 1964 | |
Avondale at Warner Center | 22222 Victory Blvd. | Woodland Hills | CA | 446 | 331,000 | 1999 | 1970 | |
19% | 5,046 | 4,051,808 | ||||||
Ventura County | ||||||||
Camarillo Oaks | 921 Paseo Camarillo | Camarillo | CA | 564 | 459,000 | 1996 | 1985 | |
Mountain View | 649 E. Las Posas Road | Camarillo | CA | 106 | 83,900 | 2004 | 1980 | |
Moorpark development | Moorpark | CA | 200 | 172,230 | ||||
Mariner's Place | 711 South B Street | Oxnard | CA | 105 | 77,200 | 2000 | 1987 | |
Tierra Vista | Rice and Gonzales | Oxnard | CA | 404 | 387,100 | 2001 | 2001 | |
Monterey Villas (Village Apartments) | 1040 Kelp Lane | Oxnard | CA | 122 | 122,100 | 1997 | 1974 | |
Meadowood | 1733 Cochran Street | Simi Valley | CA | 320 | 264,500 | 1996 | 1986 | |
Hidden Valley (Parker Ranch) | 5065 Hidden Park Court | Simi Valley | CA | 324 | 310,900 | 2004 | 2004 | |
Lofts at Pinehurst,The (Villa Scandia) | 1021 Scandia Avenue | Ventura | CA | 118 | 71,100 | 1997 | 1971 | |
Pinehurst | 3980 Telegraph Road | Ventura | CA | 28 | 21,200 | 2004 | 1973 | |
Woodside Village | 675 Providence Ave. | Ventura | CA | 145 | 136,500 | 2004 | 1987 | |
9% | 2,236 | 1,933,500 | ||||||
Orange County | ||||||||
Barkley Apartments | 2400 E. Lincoln Ave. | Anahiem | CA | 161 | 139,800 | 2000 | 1984 | |
Vista Pointe | 175-225 S. Rio Vista | Anahiem | CA | 286 | 242,400 | 1985 | 1968 | |
Valley Park Apartments | 17300 Euclid Ave. | Fountain Valley | CA | 160 | 169,700 | 2001 | 1969 | |
Capri at Sunny Hills | 2341 Daphne Place | Fullerton | CA | 100 | 128,100 | 2001 | 1961 | |
Wilshire Promenade | 141 West Wilshire Avenue | Fullerton | CA | 149 | 128,000 | (1) | 1997 | 1992 |
Montejo Apartments | 12911 Dale St. | Garden Grove | CA | 124 | 103,200 | 2001 | 1974 | |
Huntington Breakers | 21270 Beach Boulevard | Huntington Beach | CA | 342 | 241,700 | 1997 | 1984 | |
Irvine development | 2552 Kelvin Ave. | Irvine | CA | 132 | 122,400 | |||
Hillsborough Park | 1501 South Beach Boulevard | La Habra | CA | 235 | 215,500 | 1999 | 1999 | |
Trabuco Villas | 25362 Mosswood Way | Lake Forest | CA | 132 | 131,000 | 1997 | 1985 | |
Fairways Apartments | 2 Pine Valley Lane | Newport Beach | CA | 74 | 107,100 | 1999 | 1972 | |
Villa Angelina | 201 E. Chapman Ave. | Placentia | CA | 256 | 217,600 | 2001 | 1970 | |
Hearthstone Apartments | 2301 E. Santa Clara Ave. | Santa Ana | CA | 140 | 154,800 | 2001 | 1970 | |
Treehouse Apartments | 2601 N. Grand Ave. | Santa Ana | CA | 164 | 135,700 | 2001 | 1970 | |
9% | 2,323 | 2,114,600 | ||||||
SOUTHERN CALIFORNIA (cont'd) | ||||||||
San Diego County | ||||||||
Alpine Country | 2660 Alpine Blvd. | Alpine | CA | 108 | 81,900 | 2002 | 1986 | |
Alpine Village | 2055 Arnold Way | Alpine | CA | 306 | 254,400 | 2002 | 1971 | |
Bonita Cedars | 5155 Cedarwood Rd. | Bonita | CA | 120 | 120,800 | 2002 | 1983 | |
Cambridge | 660 F. St. | Chula Vista | CA | 40 | 22,100 | 2002 | 1965 | |
Woodlawn Colonial | 245-255 Woodlawn Ave. | Chula Vista | CA | 159 | 104,500 | 2002 | 1974 | |
Mesa Village | 5265 Clairemont Mesa Blvd. | Clairemont | CA | 133 | 43,600 | 2002 | 1963 | |
Casa Tierra | 355 Orlando St. | El Cajon | CA | 40 | 28,700 | 2002 | 1972 | |
Coral Gardens | 425 East Bradley | El Cajon | CA | 200 | 182,000 | 2002 | 1976 | |
Tierra del Sol/Norte | 989 Peach Ave. | El Cajon | CA | 156 | 117,000 | 2002 | 1969 | |
Grand Regacy | 2050 E. Grand Ave. | Escondido | CA | 60 | 42,400 | 2002 | 1967 | |
Mira Woods Villa | 10360 Maya Linda Rd. | Mira Mesa | CA | 355 | 262,600 | 2002 | 1982 | |
Country Villas | 283 Douglas Drive | Oceanside | CA | 180 | 179,700 | 2002 | 1976 | |
Mission Hills | 218 Rancho Del Oro | Oceanside | CA | 282 | 244,000 | 1984 | 2005 | |
Bluffs II, The | 6466 Friars Road | San Diego | CA | 224 | 126,700 | 1997 | 1974 | |
Emerald Palms | 2271 Palm Ave. | San Diego | CA | 152 | 133,000 | 2002 | 1986 | |
Summit Park | 8563 Lake Murray Blvd. | San Diego | CA | 300 | 229,400 | 2002 | 1972 | |
Vista Capri - East | 4666 63rd St. | San Diego | CA | 26 | 16,800 | 2002 | 1967 | |
Vista Capri - North | 3277 Berger Ave. | San Diego | CA | 106 | 51,800 | 2002 | 1975 | |
Carlton Heights | 9705 Carlton Hills Blvd. | Santee | CA | 70 | 48,400 | 2002 | 1979 | |
Shadow Point | 9830 Dale Ave. | Spring Valley | CA | 172 | 131,200 | 2002 | 1983 | |
12% | 3,189 | 2,421,000 | ||||||
Riverside County | ||||||||
Parcwood | 1700 Via Pacifica | Corona | CA | 312 | 270,000 | 2004 | 1989 | |
Devonshire Apartments | 2770 West Devonshire Ave. | Hemet | CA | 276 | 207,200 | 2002 | 1988 | |
2% | 588 | 477,200 | ||||||
Total Southern California | 52% | 13,382 | 10,998,108 | |||||
SEATTLE METROPOLITAN AREA | ||||||||
Cedar Terrace | 3205 115th Ave. NE | Bellevue | WA | 180 | 174,200 | 2005 | 1984 | |
Emerald Ridge | 3010 118th Avenue SE | Bellevue | WA | 180 | 144,000 | 1994 | 1987 | |
Foothill Commons | 13800 NE 9th Place | Bellevue | WA | 360 | 288,300 | 1990 | 1978 | |
Palisades, The | 13808 NE 12th | Bellevue | WA | 192 | 159,700 | 1990 | 1977 | |
Sammamish View | 16160 SE Eastgate Way | Bellevue | WA | 153 | 133,500 | 1994 | 1986 | |
Woodland Commons | 13700 NE 10th Place | Bellevue | WA | 236 | 172,300 | 1990 | 1978 | |
Canyon Pointe | 1630 228th St. SE | Bothell | WA | 250 | 210,400 | 2003 | 1990 | |
Inglenook Court | 14220 Juanita Drive, NE | Bothell | WA | 224 | 183,600 | 1994 | 1985 | |
Salmon Run at Perry Creek | 2109 228th Street SE | Bothell | WA | 132 | 117,100 | 2000 | 2000 | |
Stonehedge Village | 14690 143rd Blvd., NE | Bothell | WA | 196 | 214,800 | 1997 | 1986 | |
Park Hill at Issaquah | 22516 SE 56th Street | Issaquah | WA | 245 | 277,700 | 1999 | 1999 | |
Peregrine Point | 21209 SE 42nd Street | Issaquah | WA | 67 | 85,900 | 2003 | 2003 | |
Wandering Creek | 12910 SE 240th | Kent | WA | 156 | 124,300 | 1995 | 1986 | |
Bridle Trails | 6600 130th Avenue, NE | Kirkland | WA | 92 | 73,400 | 1997 | 1986 | |
Evergreen Heights | 12233 NE 131st Way | Kirkland | WA | 200 | 188,300 | 1997 | 1990 | |
Morning Run | 18463 Blueberry Lane | Monroe | WA | 222 | 221,786 | 2005 | 1991 | |
Laurels at Mill Creek | 1110 164th Street SE | Mill Creek | WA | 164 | 134,300 | 1996 | 1981 | |
Anchor Village | 9507 49th Avenue West | Mukilteo | WA | 301 | 245,900 | 1997 | 1981 | |
Castle Creek | 7000 132nd Place, SE | Newcastle | WA | 216 | 191,900 | 1998 | 1998 | |
Brighton Ridge | 2307 NE 4th Street | Renton | WA | 264 | 201,300 | 1996 | 1986 | |
Fairwood Pond | 14700 SE Petrovitsky Rd. | Renton | WA | 194 | 189,200 | 2004 | 1997 | |
Forest View | 650 Duvall Ave. NE | Renton | WA | 192 | 182,500 | 2003 | 1998 | |
Fountain Court | 2400 4th Street | Seattle | WA | 320 | 207,000 | 2000 | 2000 | |
Linden Square | 13530 Linden Avenue North | Seattle | WA | 183 | 142,200 | 2000 | 1994 | |
Maple Leaf | 7415 5th Avenue, NE | Seattle | WA | 48 | 35,500 | 1997 | 1986 | |
Spring Lake | 12528 35th Avenue, NE | Seattle | WA | 69 | 42,300 | 1997 | 1986 | |
Wharfside Pointe | 3811 14th Avenue West | Seattle | WA | 142 | 119,200 | (2) | 1994 | 1990 |
Tower @ 801 | 801 Pine Street | Seattle | WA | 173 | 118,500 | 2005 | 1970 | |
Echo Ridge | 34907 SE Kinsey Street | Snoqualmie | WA | 120 | 124,359 | 2005 | 2000 | |
Total Seattle Metropolitan Area | 21% | 5,471 | 4,703,445 | |||||
PORTLAND METROPOLITAN AREA | ||||||||
Jackson School Village | 300 NE Autumn Rose Way | Hillsboro | OR | 200 | 196,800 | 1996 | 1996 | |
Landmark Apartments | 3120 NW John Olsen Ave. | Hillsboro | OR | 285 | 282,900 | 1996 | 1990 | |
Meadows @ Cascade Park | 314 SE 19th Street | Vancouver | WA | 198 | 199,300 | 1997 | 1989 | |
Village @ Cascade Park | 501 SE 123rd Avenue | Vancouver | WA | 192 | 178,100 | 1997 | 1989 | |
Total Portland Metropolitan Area | 3% | 875 | 857,100 | |||||
OTHER AREAS | ||||||||
St. Cloud Apartments | 6525 Hilcroft | Houston | TX | 302 | 306,800 | 2002 | 1968 | |
1% | 302 | 306,800 | ||||||
125 | Multifamily Properties | 25,950 | 21,803,053 | 1999 | 1983 | |||
4 | Multifamily Properties Under Construction | 637 | 376,488 | |||||
Avg. square footage | 840 | |||||||
Avg. units per property | 208 | |||||||
Avg. age of property | 21 | |||||||
(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 | |
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 | |
Office Buildings | ||||||||
Essex Corporate Headquarter Bldg. | 925 E. Meadow Dr. | Palo Alto | CA | 17,400 | 1997 | 1988 | ||
Derian Office Building | 17461 Derian Av. | Irvine | CA | 110,000 | 2000 | 1983 | ||
Essex Southern Cal. Office Building | 22110-22120 Clarendon St. | Woodland Hills | CA | 38,940 | 2001 | 1982 | ||
166,340 |
New Residential Supply: Permits as % of Current Stock | ||||||||||||
12 Month Permit Period: Trailing 12 Months September 2005 | ||||||||||||
Single Family Data | Multi-Family Data | All Residential Data | ||||||||||
Market | Median SF Price (2004**) | 2004 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 | $431,900 | 85% | 740,000 | 4,366 | 0.6% | 240,000 | 520 | 0.2% | 4,886 | 0.5% | ||
New York PMSA | $450,800 | 49% | 760,000 | 2,517 | 0.3% | 2,920,000 | 21,377 | 0.7% | 23,894 | 0.6% | ||
Boston | $390,500 | 73% | 1,530,000 | 8,190 | 0.5% | 670,800 | 7,454 | 1.1% | 15,644 | 0.7% | ||
Philadelphia | $189,100 | 144% | 1,532,000 | 15,042 | 1.0% | 515,100 | 4,107 | 0.8% | 19,149 | 0.9% | ||
Baltimore | $220,600 | 124% | 797,000 | 8,534 | 1.1% | 268,000 | 2,561 | 1.0% | 11,095 | 1.0% | ||
Chicago | $238,900 | 113% | 1,700,000 | 36,262 | 2.1% | 1,404,900 | 11,373 | 0.8% | 47,635 | 1.5% | ||
Wash. D.C. PMSA | $359,000 | 86% | 1,299,000 | 26,276 | 2.0% | 644,300 | 10,002 | 1.6% | 36,278 | 1.9% | ||
Minneapolis | $220,600 | 128% | 818,000 | 17,900 | 2.2% | 351,800 | 4,980 | 1.4% | 22,880 | 2.0% | ||
Denver | $237,100 | 112% | 582,000 | 17,107 | 2.9% | 274,900 | 3,025 | 1.1% | 20,132 | 2.3% | ||
Miami/Ft. Lauderdale | $315,700 | 68% | 717,000 | 23,152 | 3.2% | 876,000 | 20,386 | 2.3% | 43,538 | 2.7% | ||
Dallas-Ft. Worth | $137,300 | 178% | 1,381,000 | 46,064 | 3.3% | 650,000 | 9,692 | 1.5% | 55,756 | 2.7% | ||
Houston | $135,500 | 173% | 1,027,000 | 48,765 | 4.7% | 547,700 | 10,442 | 1.9% | 59,207 | 3.8% | ||
Austin | $151,300 | 165% | 326,000 | 15,359 | 4.7% | 169,900 | 3,390 | 2.0% | 18,749 | 3.8% | ||
Atlanta | $157,700 | 173% | 1,122,000 | 58,726 | 5.2% | 467,800 | 16,193 | 3.5% | 74,919 | 4.7% | ||
Phoenix | $180,200 | 130% | 970,000 | 55,595 | 5.7% | 360,500 | 7,675 | 2.1% | 63,270 | 4.8% | ||
Orlando | $184,400 | 118% | 482,000 | 26,725 | 5.5% | 201,500 | 8,603 | 4.3% | 35,328 | 5.2% | ||
Las Vegas | $281,400 | 78% | 440,000 | 28,893 | 6.6% | 215,700 | 5,233 | 2.4% | 34,126 | 5.2% | ||
Totals | $251,803 | 120% | 16,223,000 | 439,473 | 2.7% | 10,778,900 | 147,013 | 1.4% | 586,486 | 2.2% | ||
Seattle | $311,700 | 90% | 656,000 | 11,753 | 1.8% | 354,487 | 5,247 | 1.5% | 17,000 | 1.7% | ||
Portland | $214,500 | 112% | 561,000 | 12,508 | 2.2% | 225,335 | 3,628 | 1.6% | 16,136 | 2.1% | ||
San Francisco | $683,100 | 49% | 368,000 | 1,006 | 0.3% | 344,000 | 2,531 | 0.7% | 3,537 | 0.5% | ||
Oakland | $588,500 | 61% | 625,000 | 7,232 | 1.2% | 270,000 | 3,567 | 1.3% | 10,799 | 1.2% | ||
San Jose | $623,300 | 53% | 388,000 | 2,868 | 0.7% | 192,000 | 4,244 | 2.2% | 7,112 | 1.2% | ||
Los Angeles | $460,000 | 70% | 1,877,000 | 12,377 | 0.7% | 1,392,963 | 13,575 | 1.0% | 25,952 | 0.8% | ||
Ventura | $562,000 | 46% | 199,000 | 2,846 | 1.4% | 53,295 | 1,398 | 2.6% | 4,244 | 1.7% | ||
Orange | $655,000 | 51% | 628,000 | 3,927 | 0.6% | 340,800 | 3,756 | 1.1% | 7,683 | 0.8% | ||
San Diego | $569,900 | 49% | 664,000 | 7,629 | 1.1% | 375,664 | 6,761 | 1.8% | 14,390 | 1.4% | ||
PNW | $266,894 | 100% | 1,217,000 | 24,261 | 2.0% | 579,822 | 8,875 | 1.5% | 33,136 | 1.8% | ||
No Cal | $623,486 | 56% | 1,381,000 | 11,106 | 0.8% | 806,000 | 10,342 | 1.3% | 21,448 | 1.0% | ||
So Cal | $524,053 | 61% | 3,368,000 | 26,779 | 0.8% | 2,162,722 | 25,490 | 1.2% | 52,269 | 0.9% | ||
ESSEX | $494,612 | 68% | 5,966,000 | 62,146 | 1.0% | 3,548,543 | 44,707 | 1.3% | 106,853 | 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 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 (5.75%). | ||||||||||||
Median Household Income is estimated from US Census 2000 data and Income Growth from BEA and Popultation Growth from the US Census. | ||||||||||||
**2004 Median Home Prices - 4th Quarter Estimates: Nationall Realtors Association |
Essex Markets Forecast 2005: 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 | 1,400 | 0.4% | 10,000 | 1.5% | 27,000 | 2.0% | 2.5% to 3.5% | 94.75% | ||||
Portland | 3,000 | 1.3% | 10,000 | 1.8% | 21,000 | 2.2% | Flat | 94.25% | ||||
San Francisco | 1,800 | 0.5% | 1,100 | 0.3% | 12,000 | 1.3% | 3.0% to 4.0% | 95.00% | ||||
Oakland | 2,100 | 0.8% | 6,500 | 1.0% | 16,000 | 1.5% | 2.0% to 3.0% | 95.00% | ||||
San Jose | 1,200 | 0.6% | 2,200 | 0.6% | 10,000 | 1.2% | 2.5% to 3.5% | 95.00% | ||||
Ventura | 500 | 1.0% | 2,500 | 1.3% | 5,000 | 1.7% | 2.0% | 95.00% | ||||
Los Angeles | 9,000 | 0.6% | 8,500 | 0.5% | 50,000 | 1.2% | 3.0% to 4.0% | 96.00% | ||||
Orange | 3,000 | 0.8% | 6,000 | 1.0% | 32,000 | 2.3% | 3.5% to 4.5% | 96.00% | ||||
San Diego | 4,300 | 1.1% | 9,300 | 1.4% | 30,000 | 2.4% | 2.5% to 3.5% | 95.5% | ||||
So. Cal. | 16,800 | 0.8% | 26,300 | 0.8% | 117,000 | 1.7% | 2.75% to 3.75% | 95.75% | ||||
All data is an Essex Forecast | ||||||||||||
* New Residential Supply: represents Essex's internal estimate of actual deliveries during the year, which are | ||||||||||||
related to but can differ from the 12 Month trailing Permit Levels reported on Appendix A. | ||||||||||||
** Job Forecast/Performance refers to the difference between Total Non-Farm Industry Employment (not | ||||||||||||
Seasonally Adjusted) projected through December 2005 over the comparable actual figures for December 2004. The first | ||||||||||||
column represents the current Essex forecast of the increase in Total Non-Farm Industry Employment. The second column | ||||||||||||
represents these forecasted new jobs as a percent of the December 2004 base. | ||||||||||||
***The Forecast Market Conditions represents Essex's estimates of the Change in Rents/Vacancy Rates at the | ||||||||||||
end of 2005. The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for | ||||||||||||
December 2005 vs.December 2004 (where Market refers to the entire MSA apartment market, NOT the Essex portfolio). | ||||||||||||
The estimated Year End Vacancy represents Essex's forecast of Market Vacancy Rates for December 2005. |