Exhibit 99.1
ESSEX PROPERTY TRUST
Millennium- Los Angeles, CA (438 units)
Acquired 2011
CREATING OPPORTUNITIES for GROWTH
101 San Fernando - San Jose, CA
416 on Broadway - Glendale, CA
Santee Court - Los Angeles, CA
Via - Sunnyvale, CA
Bellerive, Los Angeles, CA
The Bernard - Seattle, WA
EXTERNAL GROWTH
Since January 2010, Essex has acquired or developed over $1.2 billion in new investments
1 | Corbella (169 units) |
2 | Elevation (157 units) |
3 | Courtyard off Main (109 units) |
4 | Joule (295 units) |
5 | The Bernard (63 units) |
6 | Fourth & U (171 units) |
7 | Via (284 units) |
8 | Family Tree (121 units) |
9 | 101 San Fernando (323 units) |
10 | The Commons (264 units) |
11 | Bella Villagio (231 units) |
12 | Arbors at Parc Rose (373 units) |
13 | Millennium (438 units) |
14 | Bellerive (63 units) |
15 | Allegro (96 units) |
16 | Muse (152 units) |
17 | 416 on Broadway (115 units) |
18 | Orsini I & II (862 units) |
19 | Piero (225 units) |
20 | Reserve Lofts (79 units) |
21 | Santee Court (165 units) |
21 | Santee Village (73 units) |
22 | Anavia (250 units) |
23 | Madison Anaheim (768 units) |
24 | Skyline (349 units) |
Seattle Area
Northern California
Southern California
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6
7
1
2
3
8
9
10
11
12
13
14
16
15
17
24
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19
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Acquisitions ($884 mn)
Completed Development ($265 mn)
Preferred Equity Investments ($52 mn)
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1971 George Marcus forms Essex Property Corporation
1988 Essex delivers 8 development communities under the name Summerhill Development
1994 Prices IPO at $19.50 per share (6.3 million shares). Essex has ownership in 16 apartment
communities in the West Coast
communities in the West Coast
1997 Increases portfolio by 60%, acquiring 27 communities. Reaches $1 billion market
capitalization
capitalization
2001 Creates Essex Apartment Value Fund L.P. with approximately $700 million in investment
capability
capability
2002 Acquires John M. Sachs, Inc. through a merger and adds 18 communities to portfolio
2004 Sells remaining Essex Fund I assets for $756 million, generating a 41% gross partnership IRR
and forms Essex Apartment Value Fund II with $750 million investment capacity
and forms Essex Apartment Value Fund II with $750 million investment capacity
2010 Michael Schall appointed new CEO. Company acquires 12 communities for $584 million
and achieves 42% one-year total shareholder return
and achieves 42% one-year total shareholder return
CELEBRATING 40 YEARS of EXCELLENCE
ACCOMPLISHMENTS
§ Highest total return of any REIT since IPO - 1,899% (Source: SNL Financial)
§ Cumulative Dividend paid in excess of $50 per share since IPO
§ At IPO, Essex owned 16 multifamily properties (4,410 units); currently, Essex has ownership in
151 apartment communities (31,058 units)
§ Total capitalization at IPO was $250 million; as of June 30, 2011, total capitalization was $7.1
billion
§ IPO stock price was $19.50 a share, today the stock trades around $140 per share
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2011 Guidance (updated August 5, 2011)
FFO Per Share Guidance | ||||||
$5.58- $5.73 | ||||||
Same Property NOI Growth (Midpoint) | ||||||
6.0% | ||||||
Market Expectations | 2011 | 2011 | 2011 | |||
Market | Market | Market | ||||
Job Growth | Rent Growth | Occupancy | ||||
Southern California | 0.9% | 5.0% | 95.2% | |||
Northern California | 1.3% | 8.7% | 96.3% | |||
Seattle Metro | 2.0% | 9.0% | 95.5% | |||
Weighted Average | 1.1% | 7.5% | 95.7% | |||
US Economic Assumptions | ||||||
GDP Growth of 2.0% | ||||||
Job Growth of 1.1% | ||||||
Targeted Acquisitions | ||||||
$300 million - $500 million | ||||||
Targeted Development Investment | ||||||
$150 million related to finishing Via, starting Queen Anne and the Cadence Campus |
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ESSEX MARKET DYNAMICS
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Source - National Association of Realtors, DataQuick, Essex
Anavia - Anaheim, CA
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DEVELOPMENT TRACK RECORD
Over the past 25-years, we have delivered over 8,500 units through our development program
RECENT DEVELOPMENT AWARDS | ||
2011 | Fourth and U, Berkeley, CA | Gold Nugget, Award of Merit - Best Mixed-Use Project |
2010 | Eastlake 2851, Seattle, WA | Pillars of the Industry, Finalist - Best Garden Apartment Community |
2010 | The Grand, Oakland, CA | Pillars of the Industry, Finalist - Best High Rise Apartments (9+) stories |
2010 | Eastlake 2851, Seattle, WA | Gold Nugget, Award of Merit - Rental Apartments |
2010 | Joule, Seattle, WA | Gold Nugget, Award of Merit - Best Multifamily Project (4-6 stories) |
2010 | Belmont Station, Los Angeles, CA | Gold Nugget, Award of Merit - Best Multifamily Project over 6 stories |
2010 | Via, Sunnyvale, CA | Gold Nugget, Award of Merit - Best on the Boards Multifamily Projects (Best Plan) |
2010 | Belmont Station, Los Angeles, CA | Gold Nugget, Award of Merit - Best Affordable Project |
ACTIVE DEVELOPMENT COMMUNITIES (Starting in 2011)
Fourth & U - Berkeley, CA
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Northern California
Seattle
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3
1) West Dublin - 309 units ($94.5 million)
2) Cadence Phase 1 - 280 units ($98.6 million)
3) Queen Anne - 275 units ($79.1 million)
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REDEVELOPMENT
28 units added at Foothill Commons - Bellevue, WA
Before/After at Highridge - Rancho Palos Verdes, CA
Before/After at The Pointe - Cupertino, CA
SAN JOSE
Via - Sunnyvale, CA
Family Tree - Santa Clara, CA
The Commons, Campbell, CA
Cadence Campus - San Jose, CA
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Bella Villagio - San Jose, CA
SJ MSA | U.S. | |||
Average Wage | % of Total Jobs | Average Wage | % of Total Jobs | |
$73,144 | 4% | $50,268 | 4% | |
$145,811 | 17%* | $68,393 | 9% | |
$68,868 | 15% | $45,227 | 19% | |
$183,894 | 5% | $86,949 | 2% | |
$37,193 | 4% | $48,585 | 6% | |
$92,283 | 19% | $57,552 | 13% | |
$52,873 | 25% | $36,955 | 29% | |
$84,500 | 11% | $62,914 | 18% | |
$89,752 | $50,784 | |||
Gap = 3% of
current rents
current rents
SEATTLE
Joule - Seattle, WA
Queen Anne - Seattle, WA
Courtyard off Main - Bellevue, WA
% of Total Jobs | ||||
4% | ||||
9% | ||||
19% | ||||
2% | ||||
6% | ||||
13% | ||||
29% | ||||
18% | ||||
Gap = 6% of
current rents
current rents
LOS ANGELES
416 on Broadway - Glendale, CA
Millennium, Los Angeles, CA
Bellerive, Los Angeles, CA
LA MSA | U.S. | |||
Average Wage | % of Total Jobs | Average Wage | % of Total Jobs | |
$58,565 | 3% | $50,268 | 4% | |
$73,593 | 10% | $68,393 | 9% | |
$50,381 | 20% | $45,227 | 19% | |
$111,157 | 5% | $86,949 | 2% | |
$42,135 | 5% | $48,585 | 6% | |
$64,705 | 14% | $57,552 | 13% | |
$44,148 | 28% | $36,955 | 29% | |
$75,353 | 15% | $62,914 | 18% | |
$59,645 | $50,784 | |||
Gap = 10% of
current rents
current rents
ORANGE COUNTY
Axis 2300 - Irvine, CA
Essex Skyline - Santa Ana, CA
Anavia - Anaheim, CA
ORG MSA | U.S. | |||
Average Wage | % of Total Jobs | Average Wage | % of Total Jobs | |
$81,817 | 5% | $50,268 | 4% | |
$80,612 | 11% | $68,393 | 9% | |
$59,061 | 18% | $45,227 | 19% | |
$81,716 | 2% | $86,949 | 2% | |
$50,573 | 8% | $48,585 | 6% | |
$64,251 | 18% | $57,552 | 13% | |
$40,692 | 27% | $36,955 | 29% | |
$74,187 | 11% | $62,914 | 18% | |
$60,005 | $50,784 | |||
Gap = 6% of
current rents
current rents
NOTES
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