EXHIBIT 99.2
Third Quarter 2011
Supplemental Financial Information
In September, the Company acquired Redmond Hill, a group of four communities built between 1985 and 2003 consisting of 882 units. The properties, which will be operated as two separate communities, were acquired for $151.3 million through the Company’s previously announced programmatic joint venture, Wesco I, LLC (“Wesco”). The Company intends to renovate portions of each property, beginning with building exteriors and community amenities, to be followed by apartment interior upgrades. The strength of local technology companies near Redmond, including Microsoft and Nintendo coupled with the quality and superior location of the community and the Company’s renovation plan support the expectation of strong rent growth and attractive returns. |
Table of Contents
Page | |
Consolidated Operating Results | S-1 – S-2 |
Consolidated Funds From Operations | S-3 |
Consolidated Balance Sheets | S-4 |
Debt Summary – September 30, 2011 | S-5 |
Capitalization Data and Selected Debt Ratios – September 30, 2011 | S-6 |
Property Operating Results – Quarters ended September 30, 2011 and 2010 | S-7 |
Property Operating Results – Nine months ended September 30, 2011 and 2010 | S-7.1 |
Revenue by County – Quarters ended September 30, 2011, September 30, 2010 and June 30, 2011 | S-8 |
Revenue by County – Nine months ended September 30, 2011 and 2010 | S-8.1 |
Development Pipeline – September 30, 2011 | S-9 |
Redevelopment Pipeline and Capital Expenditures – September 30, 2011 | S-10 |
Co-Investments – September 30, 2011 | S-11 |
Summary of Consolidated Co-Investments and Noncontrolling Interest – September 30, 2011 | S-12 |
Income From Discontinued Operations and Selected Financial Data - September 30, 2011 | S-13 |
Assumptions for Midpoint of 2011 FFO Guidance | S-14 |
Market Forecast (Supply, Jobs and Apartment Market Conditions) | S-15 |
New Residential Supply Data | S-16 |
Exhibit A - Property List by Region | 1 - 2 |
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Operating Results | Three Months Ended | Nine Months Ended | ||||||||||||||
(Dollars in thousands, except per share amounts) | September 30, | September 30, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues: | ||||||||||||||||
Rental and other property | $ | 118,118 | $ | 103,368 | $ | 345,984 | $ | 301,804 | ||||||||
Management and other fees from affiliates | 1,940 | 959 | 4,585 | 3,458 | ||||||||||||
120,058 | 104,327 | 350,569 | 305,262 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating | 41,349 | 37,706 | 120,512 | 106,565 | ||||||||||||
Depreciation | 38,137 | 31,531 | 112,563 | 93,068 | ||||||||||||
General and administrative | 6,066 | 6,175 | 18,551 | 17,988 | ||||||||||||
Impairment and other charges | - | 1,615 | - | 1,615 | ||||||||||||
85,552 | 77,027 | 251,626 | 219,236 | |||||||||||||
Earnings from operations | 34,506 | 27,300 | 98,943 | 86,026 | ||||||||||||
Interest expense before amortization | (22,096 | ) | (21,025 | ) | (66,612 | ) | (61,085 | ) | ||||||||
Amortization expense | (2,936 | ) | (1,177 | ) | (8,527 | ) | (2,958 | ) | ||||||||
Interest and other income | 2,741 | 5,788 | 12,357 | 20,730 | ||||||||||||
Equity income (loss) in co-investments | 317 | (626 | ) | (330 | ) | (1,027 | ) | |||||||||
Loss on early retirement of debt | (567 | ) | - | (820 | ) | (10 | ) | |||||||||
Income before discontinued operations | 11,965 | 10,260 | 35,011 | 41,676 | ||||||||||||
(Loss) Income from discontinued operations | (880 | ) | 166 | 4,637 | 478 | |||||||||||
Net income | 11,085 | 10,426 | 39,648 | 42,154 | ||||||||||||
Net income attributable to noncontrolling interest | (2,031 | ) | (3,506 | ) | (7,882 | ) | (11,540 | ) | ||||||||
Net income attributable to controlling interest | 9,054 | 6,920 | 31,766 | 30,614 | ||||||||||||
Dividends to preferred stockholders | (1,367 | ) | (543 | ) | (3,385 | ) | (1,628 | ) | ||||||||
Excess of cash paid to redeem preferred stock and units over the carrying value | - | - | (1,949 | ) | - | |||||||||||
Net income available to common stockholders | $ | 7,687 | $ | 6,377 | $ | 26,432 | $ | 28,986 | ||||||||
Net income per share - basic | $ | 0.23 | $ | 0.21 | $ | 0.82 | $ | 0.99 | ||||||||
Net income per share - diluted | $ | 0.23 | $ | 0.21 | $ | 0.82 | $ | 0.99 |
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) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Rental and other property | ||||||||||||||||
Rental | $ | 110,004 | $ | 96,324 | $ | 322,388 | $ | 281,407 | ||||||||
Other property | 8,114 | 7,044 | 23,596 | 20,397 | ||||||||||||
Rental and other property | $ | 118,118 | $ | 103,368 | $ | 345,984 | $ | 301,804 | ||||||||
Management and other fees from affiliates | ||||||||||||||||
Management | $ | 1,309 | $ | 915 | $ | 3,650 | $ | 2,777 | ||||||||
Development and redevelopment | 631 | 44 | 935 | 681 | ||||||||||||
Management and other fees from affiliates | $ | 1,940 | $ | 959 | $ | 4,585 | $ | 3,458 | ||||||||
Property operating expenses | ||||||||||||||||
Real estate taxes | $ | 11,301 | $ | 10,106 | $ | 32,896 | $ | 29,306 | ||||||||
Administrative | 8,988 | 8,629 | 26,698 | 24,347 | ||||||||||||
Maintenance and repairs | 9,120 | 7,895 | 25,754 | 21,595 | ||||||||||||
Utilities | 8,412 | 7,829 | 24,389 | 21,689 | ||||||||||||
Property management fees and insurance | 3,528 | 3,247 | 10,775 | 9,628 | ||||||||||||
Property operating expenses | $ | 41,349 | $ | 37,706 | $ | 120,512 | $ | 106,565 | ||||||||
General and administrative | ||||||||||||||||
General and administrative | $ | 9,997 | $ | 9,676 | $ | 30,595 | $ | 28,726 | ||||||||
Allocated to property operating expenses - administrative | (3,020 | ) | (2,573 | ) | (8,876 | ) | (7,861 | ) | ||||||||
Capitalized to real estate | (911 | ) | (928 | ) | (3,168 | ) | (2,877 | ) | ||||||||
Net general and administrative | $ | 6,066 | $ | 6,175 | $ | 18,551 | $ | 17,988 | ||||||||
Interest and other income | ||||||||||||||||
Marketable securities and other interest income | $ | 1,475 | $ | 1,815 | $ | 4,380 | $ | 5,901 | ||||||||
Notes receivable | 1,086 | 3,973 | 3,254 | 5,788 | ||||||||||||
Gain on sale of land | 180 | - | 180 | - | ||||||||||||
Gain from sale of marketable securities | - | - | 4,543 | 9,041 | ||||||||||||
Interest and other income | $ | 2,741 | $ | 5,788 | $ | 12,357 | $ | 20,730 | ||||||||
Equity income (loss) in co-investments | ||||||||||||||||
Equity income (loss) from joint ventures | $ | (1,536 | ) | $ | (626 | ) | $ | (3,364 | ) | $ | (1,027 | ) | ||||
Gain on sale of co-investment | 919 | - | 919 | - | ||||||||||||
Income from preferred equity investments | 934 | - | 2,115 | - | ||||||||||||
Equity income (loss) from joint ventures | $ | 317 | $ | (626 | ) | $ | (330 | ) | $ | (1,027 | ) | |||||
Noncontrolling interest | ||||||||||||||||
Limited partners of Essex Portfolio, L.P. | $ | 583 | $ | 484 | $ | 2,201 | $ | 2,424 | ||||||||
DownREIT limited partners' distributions | 1,016 | 1,072 | 3,136 | 3,267 | ||||||||||||
Perpetual preferred distributions | - | 1,575 | 1,650 | 4,725 | ||||||||||||
Third-party ownership interest | 432 | 375 | 895 | 1,124 | ||||||||||||
Noncontrolling interest | $ | 2,031 | $ | 3,506 | $ | 7,882 | $ | 11,540 |
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, | ||||||||||||||||||||||
2011 | 2010 | % Change | 2011 | 2010 | % Change | |||||||||||||||||||
Funds from operations | ||||||||||||||||||||||||
Net income available to common stockholders | $ | 7,687 | $ | 6,377 | $ | 26,432 | $ | 28,986 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||
Depreciation | 38,137 | 31,638 | 112,678 | 93,385 | ||||||||||||||||||||
Loss (Gains) not included in FFO, net of internal disposition costs (1) | 880 | - | (4,384 | ) | - | |||||||||||||||||||
Noncontrolling interest and co-investments (2) | 3,819 | 1,914 | 9,909 | 5,954 | ||||||||||||||||||||
Funds from operations | $ | 50,523 | $ | 39,929 | $ | 144,635 | $ | 128,325 | ||||||||||||||||
FFO per share-diluted | $ | 1.43 | $ | 1.25 | 14.1 | % | $ | 4.19 | $ | 4.05 | 3.5 | % | ||||||||||||
Components of the change in FFO | ||||||||||||||||||||||||
Non-core items: | ||||||||||||||||||||||||
Gain on sale of co-investment | (919 | ) | - | (919 | ) | - | ||||||||||||||||||
Loss on early retirement of debt | 567 | - | 820 | - | ||||||||||||||||||||
Acquisition costs | 210 | 600 | 1,050 | 912 | ||||||||||||||||||||
Gain on sale of land | (180 | ) | - | (180 | ) | - | ||||||||||||||||||
Excess of cash paid to redeem preferred stock and units over the carrying value | - | - | 1,949 | - | ||||||||||||||||||||
Ineffectiveness of forward starting swap hedges | - | 1,615 | - | 1,615 | ||||||||||||||||||||
Gain on sales of marketable securities | - | - | (4,543 | ) | (9,041 | ) | ||||||||||||||||||
Co-Investment - acquisition fee income | - | - | - | (500 | ) | |||||||||||||||||||
Other items, net | - | (2,517 | ) | - | (2,517 | ) | ||||||||||||||||||
Funds from operations excluding non-core items | 50,201 | 39,627 | 142,812 | 118,794 | ||||||||||||||||||||
FFO excluding non-core items per share-diluted | $ | 1.42 | $ | 1.24 | 14.3 | % | $ | 4.13 | $ | 3.74 | 10.4 | % | ||||||||||||
Changes in core items: | ||||||||||||||||||||||||
Same-property NOI | $ | 3,377 | $ | 6,727 | ||||||||||||||||||||
Non-same property NOI | 7,730 | 23,506 | ||||||||||||||||||||||
Management and other fees from affiliates | 981 | 1,627 | ||||||||||||||||||||||
Equity income (loss) from joint ventures | 1,999 | 4,147 | ||||||||||||||||||||||
Interest and other income | (710 | ) | (1,538 | ) | ||||||||||||||||||||
Interest and amortization expense | (2,830 | ) | (11,096 | ) | ||||||||||||||||||||
General and administrative | (281 | ) | (425 | ) | ||||||||||||||||||||
Perpetual preferred distributions | 1,575 | 3,075 | ||||||||||||||||||||||
Dividends to preferred stockholders | (824 | ) | (1,757 | ) | ||||||||||||||||||||
Other items, net | (443 | ) | (248 | ) | ||||||||||||||||||||
$ | 10,574 | $ | 24,018 | |||||||||||||||||||||
Weighted average number of shares outstanding diluted (3) | 35,437,693 | 31,963,327 | 34,537,774 | 31,723,857 |
(1) | Internal disposition costs relate to a disposition incentive program established to pay incremental bonuses for the sale of certain of the Company's communities that are part of the program. |
(2) | Amount includes the following adjustments for the three and nine months ended September 30, 2011: (i) noncontrolling interest related to Operating Partnership units totaling $0.6 million and $2.2 million, respectively (ii) add back depreciation from unconsolidated co-investments and less depreciation attributable to third party ownership of consolidated co-investments totaling $3.2 million and $7.7 million, respectively. |
(3) | 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, 2011 | December 31, 2010 | |||||||
Real Estate: | ||||||||
Land and land improvements | $ | 836,134 | $ | 802,325 | ||||
Buildings and improvements | 3,331,463 | 3,265,014 | ||||||
4,167,597 | 4,067,339 | |||||||
Less: accumulated depreciation | (883,024 | ) | (878,331 | ) | ||||
3,284,573 | 3,189,008 | |||||||
Real estate under development | 145,226 | 217,531 | ||||||
Co-investments | 275,410 | 107,840 | ||||||
3,705,209 | 3,514,379 | |||||||
Cash and cash equivalents | 33,017 | 35,694 | ||||||
Marketable securities | 75,624 | 92,310 | ||||||
Notes and other receivables | 51,599 | 49,444 | ||||||
Other assets | 39,716 | 41,060 | ||||||
Total assets | $ | 3,905,165 | $ | 3,732,887 | ||||
Mortgage notes payable | $ | 1,750,439 | $ | 1,832,745 | ||||
Lines of credit | 244,775 | 426,000 | ||||||
Unsecured bonds | 265,000 | - | ||||||
Other liabilities | 132,745 | 109,146 | ||||||
Derivative liabilities | 1,634 | 5,633 | ||||||
Total liabilities | 2,394,593 | 2,373,524 | ||||||
Series G cumulative convertible preferred stock, carrying value | 4,349 | 4,349 | ||||||
Stockholders' equity and noncontrolling interest: | ||||||||
Common stock | 3 | 3 | ||||||
Cumulative redeemable preferred stock, liquidation value | 73,750 | 25,000 | ||||||
Additional paid-in-capital | 1,776,546 | 1,515,468 | ||||||
Distributions in excess of accumulated earnings | (386,752 | ) | (313,308 | ) | ||||
Accumulated other comprehensive (loss) income | (75,237 | ) | (77,217 | ) | ||||
Total stockholders' equity | 1,388,310 | 1,149,946 | ||||||
Noncontrolling interest | 117,913 | 205,068 | ||||||
Total stockholders' equity and noncontrolling interest | 1,506,223 | 1,355,014 | ||||||
Total liabilities and equity | $ | 3,905,165 | $ | 3,732,887 |
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, 2011
(Dollars in thousands)
Percentage of Total | Balance Outstanding | Weighted Average | Weighted Average Maturity | |||||||||||||
Mortgage notes payable | ||||||||||||||||
Fixed rate - secured | 66 | % | $ | 1,508,289 | 6.0 | % | 6.3 | |||||||||
Variable rate - secured (1) | 11 | % | 242,150 | 1.6 | % | 18.1 | ||||||||||
Total mortgage notes payable | 77 | % | 1,750,439 | 5.4 | % | 7.9 | ||||||||||
Unsecured bonds | 12 | % | 265,000 | 4.5 | % | 5.8 | ||||||||||
Line of credit - secured (2) | 7 | % | 174,000 | 1.1 | % | |||||||||||
Line of credit - unsecured (3) | 3 | % | 59,000 | 2.2 | % | |||||||||||
Line of credit - unsecured (4) | 1 | % | 11,775 | 2.8 | % | |||||||||||
Total lines of credit | 11 | % | 244,775 | 1.4 | % | |||||||||||
Total debt | 100 | % | $ | 2,260,214 | 4.6 | % | ||||||||||
Scheduled principal payments (excludes lines of credit) | Weighted Average | |||||||||||||||
Interest Rate | ||||||||||||||||
2011 | $ | - | - | |||||||||||||
2012 | 36,085 | 5.5 | % | |||||||||||||
2013 | 215,051 | 5.0 | % | |||||||||||||
2014 | 77,572 | 5.3 | % | |||||||||||||
2015 | 70,643 | 5.2 | % | |||||||||||||
Thereafter | 1,616,088 | 4.9 | % | |||||||||||||
Total | $ | 2,015,439 | 5.0 | % |
Capitalized interest for the three months and nine months ended September 30, 2011 was approximately $2.4 million and $6.9 million, respectively.
(1) | $202.9 million of the variable rate debt is tax exempt to the note holders, and $191.9 million of the tax exempt debt is subject to interest rate protection agreements. | ||||||||||
(2) | Secured line of credit facility is $250 million and matures in December 2013. This line is secured by eleven of the Company's apartment communities and the underlying interest rate is currently the Freddie Mac Reference Rate plus .99% to 1.50%. The Company has elected to terminate the line of credit in the fourth quarter and accordingly accelerated the amortization of finance charges totaling $0.3 million for the third quarter. | ||||||||||
(3) | The unsecured line of credit facility is $425 million with an accordion to $500 million. The line matures in December 2014 with two one-year extensions, exercisable at the Company's option. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 1.25%. | ||||||||||
(4) | The unsecured line of credit facility is $15 million and matures in January 2012 with a one-year extension, exercisable at the Company's option. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 1.25%. |
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 Data and Selected Debt Ratios - September 30, 2011
(Dollars and shares in thousands, except per share amounts)
Capitalization Data | Selected Debt Ratios | ||||||||||||||||||||
Total debt | $ | 2,260,214 | Debt to Gross Asset Value | Total | |||||||||||||||||
Indebtedness | Assets (1) | Ratio | |||||||||||||||||||
Common stock and potentially dilutive securities | 12/31/2008 | 1,754,388 | 3,804,849 | 46 | % | ||||||||||||||||
Common stock outstanding | 33,382 | 12/31/2009 | 1,847,442 | 4,004,101 | 46 | % | |||||||||||||||
Limited partnership units (1) | 2,228 | 12/31/2010 | 2,258,745 | 4,611,218 | 49 | % | |||||||||||||||
Options-treasury method | 92 | 9/30/2011 | 2,260,214 | 4,788,189 | 47 | % | |||||||||||||||
Total share of common stock and potentially dilutive securities | 35,702 | ||||||||||||||||||||
Secured Debt to Gross Asset Value | |||||||||||||||||||||
Common stock price per share as of September 30, 2011 | $ | 120.04 | Secured | Total | |||||||||||||||||
Indebtedness | Assets (1) | Ratio | |||||||||||||||||||
Market value of common stock and potentially dilutive securities | $ | 4,285,641 | 12/31/2008 | 1,588,931 | 3,804,849 | 42 | % | ||||||||||||||
12/31/2009 | 1,832,549 | 4,004,101 | 46 | % | |||||||||||||||||
Preferred stock | $ | 78,206 | 12/31/2010 | 2,082,745 | 4,611,218 | 45 | % | ||||||||||||||
9/30/2011 | 1,924,438 | 4,788,189 | 40 | % | |||||||||||||||||
Total equity capitalization | $ | 4,363,847 | |||||||||||||||||||
Total market capitalization | $ | 6,624,061 | Total Interest Coverage | Adjusted | Total | ||||||||||||||||
EBITDA (2) | Interest (3) | Ratio | |||||||||||||||||||
Ratio of debt to total market capitalization | 34.1 | % | 12/31/2008 | 271,410 | 93,051 | 292 | % | ||||||||||||||
12/31/2009 | 257,551 | 91,651 | 281 | % | |||||||||||||||||
12/31/2010 | 257,899 | 92,232 | 280 | % | |||||||||||||||||
9/30/2011 (4) | 284,910 | 97,283 | 293 | % | |||||||||||||||||
Indebtedness Divided by Adjusted EBITDA | |||||||||||||||||||||
Indebtedness | Adjusted EBITDA (2) | Ratio | |||||||||||||||||||
12/31/2008 | 1,754,388 | 271,410 | 6.5 | ||||||||||||||||||
12/31/2009 | 1,847,442 | 257,551 | 7.2 | ||||||||||||||||||
12/31/2010 | 2,258,745 | 257,899 | 8.8 | ||||||||||||||||||
9/30/2011 (4) | 2,260,214 | 284,910 | 7.9 | ||||||||||||||||||
(1) | Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock. | (1) | Total Assets is defined by the Company as GAAP total assets plus the add back of accumulated depreciation. | ||||||||||||||||||
(2) | Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, excluding gain/loss on sale of real estate, gain/loss on early retirement of debt, gain/loss from sale of marketable securities and impairment charges. | ||||||||||||||||||||
(3) | Total Interest is comprised of interest expense paid plus interest capitalized, less amortization. | ||||||||||||||||||||
(4) | 9/30/11 values reflect trailing 4 quarter results. | ||||||||||||||||||||
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, 2011 and 2010
(Dollars in thousands, except per unit amounts)
Southern California | Northern California | Seattle Metro | Other real estate assets (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | % Change | 2011 | 2010 | % Change | 2011 | 2010 | % Change | 2011 | 2010 | 2011 | 2010 | % Change | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property revenue | $ | 51,955 | $ | 50,619 | 2.6 | % | $ | 31,026 | $ | 29,209 | 6.2 | % | $ | 15,507 | $ | 14,757 | 5.1 | % | $ | - | $ | - | $ | 98,488 | $ | 94,585 | 4.1 | % | ||||||||||||||||||||||||||||
Non-same property revenue (2) | 4,990 | 47 | 6,731 | 3,561 | 5,023 | 3,175 | 2,886 | 2,000 | 19,630 | 8,783 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 56,945 | $ | 50,666 | $ | 37,757 | $ | 32,770 | $ | 20,530 | $ | 17,932 | $ | 2,886 | $ | 2,000 | $ | 118,118 | $ | 103,368 | ||||||||||||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | $ | 4,373 | $ | 4,371 | $ | 3,059 | $ | 3,203 | $ | 1,432 | $ | 1,437 | $ | - | $ | - | $ | 8,864 | $ | 9,011 | ||||||||||||||||||||||||||||||||||||
Administrative | 4,189 | 4,225 | 1,835 | 1,752 | 1,132 | 1,156 | - | - | 7,156 | 7,133 | ||||||||||||||||||||||||||||||||||||||||||||||
Maintenance and repairs | 4,138 | 3,794 | 2,333 | 2,121 | 1,291 | 1,305 | - | - | 7,762 | 7,220 | ||||||||||||||||||||||||||||||||||||||||||||||
Utilities | 3,538 | 3,481 | 2,253 | 2,223 | 1,402 | 1,362 | - | - | 7,193 | 7,066 | ||||||||||||||||||||||||||||||||||||||||||||||
Management fees and insurance | 1,977 | 1,977 | 1,082 | 1,100 | 709 | 710 | - | - | 3,768 | 3,787 | ||||||||||||||||||||||||||||||||||||||||||||||
Total same-property operating expenses | 18,215 | 17,848 | 2.1 | % | 10,562 | 10,399 | 1.6 | % | 5,966 | 5,970 | -0.1 | % | - | - | $ | 34,743 | $ | 34,217 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
Non-same property operating expenses (2) | 1,950 | 76 | 2,405 | 1,449 | 1,600 | 1,080 | 651 | 884 | 6,606 | 3,489 | ||||||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses | $ | 20,165 | $ | 17,924 | $ | 12,967 | $ | 11,848 | $ | 7,566 | $ | 7,050 | $ | 651 | $ | 884 | $ | 41,349 | $ | 37,706 | ||||||||||||||||||||||||||||||||||||
Net operating income (NOI): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property NOI | $ | 33,740 | $ | 32,771 | 3.0 | % | $ | 20,464 | $ | 18,810 | 8.8 | % | $ | 9,541 | $ | 8,787 | 8.6 | % | $ | - | $ | - | $ | 63,745 | $ | 60,368 | 5.5 | % | ||||||||||||||||||||||||||||
Non-same property NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redevelopment communities | - | - | 545 | 566 | 1,272 | 1,142 | - | - | 1,817 | 1,708 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2011 | - | - | 446 | - | 26 | - | - | - | 472 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2010 | 1,665 | 2,789 | 1,310 | 974 | 249 | 5,428 | 1,559 | |||||||||||||||||||||||||||||||||||||||||||||||||
Development communities (4) | 1,375 | (29 | ) | 546 | 236 | 1,151 | 704 | - | - | 3,072 | 911 | |||||||||||||||||||||||||||||||||||||||||||||
Other real estate assets (1) | - | - | - | - | - | - | 2,235 | 1,116 | 2,235 | 1,116 | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-same property NOI | 3,040 | (29 | ) | 4,326 | 2,112 | 3,423 | 2,095 | 2,235 | 1,116 | 13,024 | 5,294 | |||||||||||||||||||||||||||||||||||||||||||||
Total NOI | $ | 36,780 | $ | 32,742 | $ | 24,790 | $ | 20,922 | $ | 12,964 | $ | 10,882 | $ | 2,235 | $ | 1,116 | $ | 76,769 | $ | 65,662 | ||||||||||||||||||||||||||||||||||||
Same-property operating margin | 65 | % | 65 | % | 66 | % | 64 | % | 62 | % | 60 | % | 65 | % | 64 | % | ||||||||||||||||||||||||||||||||||||||||
Annualized same-property turnover percentage | 63 | % | 58 | % | 66 | % | 57 | % | 67 | % | 56 | % | 64 | % | 58 | % | ||||||||||||||||||||||||||||||||||||||||
Same-property concessions | $ | 191 | $ | 219 | $ | 126 | $ | 117 | $ | 64 | $ | 56 | $ | 381 | $ | 392 | ||||||||||||||||||||||||||||||||||||||||
Average same-property concessions per turn (3) | $ | 100 | $ | 125 | $ | 117 | $ | 127 | $ | 83 | $ | 86 | $ | 101 | $ | 118 | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of apartment units at end of period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property apartment units | 12,065 | 6,519 | 4,625 | 23,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated apartment units | 13,204 | 12,334 | 7,817 | 7,696 | 6,042 | 5,701 | 27,063 | 25,731 | ||||||||||||||||||||||||||||||||||||||||||||||||
Joint venture | 1,908 | 748 | 1,575 | 1,575 | 1,530 | 648 | 5,013 | 2,971 | ||||||||||||||||||||||||||||||||||||||||||||||||
Under development | 187 | 616 | 873 | 284 | 275 | - | 1,335 | 900 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total apartment units at end of period | 15,299 | 13,698 | 10,265 | 9,555 | 7,847 | 6,349 | 33,411 | 29,602 | ||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | 46 | % | 47 | % | 31 | % | 32 | % | 23 | % | 21 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property financial occupancy | 95.4 | % | 96.5 | % | 95.6 | % | 97.1 | % | 95.1 | % | 96.7 | % | 95.4 | % | 96.7 | % |
(1) | Other real estate assets consists mainly of retail space, commercial properties, and boat slips and their operating results are classified in non-same property results. |
(2) | Includes properties which subsequent to July 1, 2010 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 for the quarter times the same-property apartment units. |
(4) | Development communities include assets with substantial lease up activity needed when acquired, including Allegro, Axis 2300, Bellerive, Muse, and Santee Village. |
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.
Property Operating Results - Nine Months ended September 30, 2011 and 2010
(Dollars in thousands, except per unit amounts)
Southern California | Northern California | Seattle Metro | Other real estate assets (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | % Change | 2011 | 2010 | % Change | 2011 | 2010 | % Change | 2011 | 2010 | 2011 | 2010 | % Change | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property revenue | $ | 154,982 | $ | 151,615 | 2.2 | % | $ | 91,298 | $ | 87,456 | 4.4 | % | $ | 45,817 | $ | 44,393 | 3.2 | % | $ | - | $ | 292,097 | $ | 283,464 | 3.1 | % | ||||||||||||||||||||||||||||||
Non-same property revenue (2) | 12,667 | 47 | 18,326 | 5,275 | 14,678 | 6,984 | 8,216 | 6,034 | 53,887 | 18,340 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 167,649 | $ | 151,662 | $ | 109,624 | $ | 92,731 | $ | 60,495 | $ | 51,377 | $ | 8,216 | $ | 6,034 | $ | 345,984 | $ | 301,804 | ||||||||||||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | $ | 12,907 | $ | 12,910 | $ | 9,008 | $ | 9,518 | $ | 4,319 | $ | 4,361 | $ | - | $ | - | $ | 26,234 | $ | 26,789 | ||||||||||||||||||||||||||||||||||||
Administrative | 12,225 | 12,181 | 5,226 | 5,136 | 3,285 | 3,330 | - | - | 20,736 | 20,647 | ||||||||||||||||||||||||||||||||||||||||||||||
Maintenance and repairs | 11,491 | 10,449 | 6,593 | 6,080 | 3,711 | 3,447 | - | - | 21,795 | 19,976 | ||||||||||||||||||||||||||||||||||||||||||||||
Utilities | 10,314 | 9,858 | 6,383 | 6,504 | 4,015 | 3,750 | - | - | 20,712 | 20,112 | ||||||||||||||||||||||||||||||||||||||||||||||
Management fees and insurance | 5,935 | 5,947 | 3,245 | 3,282 | 2,135 | 2,133 | - | - | 11,315 | 11,362 | ||||||||||||||||||||||||||||||||||||||||||||||
Total same-property operating expenses | 52,872 | 51,345 | 3.0 | % | 30,455 | 30,520 | -0.2 | % | 17,465 | 17,021 | 2.6 | % | - | - | 100,792 | 98,886 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||
Non-same property operating expenses (2) | 5,672 | 126 | 7,040 | 2,245 | 4,736 | 2,775 | 2,272 | 2,533 | 19,720 | 7,679 | ||||||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses | $ | 58,544 | $ | 51,471 | $ | 37,495 | $ | 32,765 | $ | 22,201 | $ | 19,796 | $ | 2,272 | $ | 2,533 | $ | 120,512 | $ | 106,565 | ||||||||||||||||||||||||||||||||||||
Net operating income (NOI): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property NOI | $ | 102,110 | $ | 100,270 | 1.8 | % | $ | 60,843 | $ | 56,936 | 6.9 | % | $ | 28,352 | $ | 27,372 | 3.6 | % | $ | - | $ | - | $ | 191,305 | $ | 184,578 | 3.7 | % | ||||||||||||||||||||||||||||
Non-same property NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redevelopment communities | - | - | 1,673 | 1,691 | 3,700 | 3,469 | - | - | 5,373 | 5,160 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2011 | - | - | 790 | - | 27 | - | - | - | 817 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2010 | 4,563 | - | 7,365 | 1,310 | 2,854 | 249 | - | - | 14,782 | 1,559 | ||||||||||||||||||||||||||||||||||||||||||||||
Development communities (4) | 2,432 | (79 | ) | 1,458 | 29 | 3,361 | 491 | - | - | 7,251 | 441 | |||||||||||||||||||||||||||||||||||||||||||||
Other real estate assets (1) | - | - | - | - | - | - | 5,944 | 3,501 | 5,944 | 3,501 | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-same property NOI | 6,995 | (79 | ) | 11,286 | 3,030 | 9,942 | 4,209 | 5,944 | 3,501 | 34,508 | 10,661 | |||||||||||||||||||||||||||||||||||||||||||||
Total NOI | $ | 109,105 | $ | 100,101 | $ | 72,129 | $ | 59,966 | $ | 38,294 | $ | 31,581 | $ | 5,944 | $ | 3,501 | $ | 225,472 | $ | 195,239 | ||||||||||||||||||||||||||||||||||||
Same-property operating margin | 66 | % | 66 | % | 67 | % | 65 | % | 62 | % | 62 | % | 65 | % | 65 | % | ||||||||||||||||||||||||||||||||||||||||
Annualized Same-property turnover percentage | 52 | % | 52 | % | 51 | % | 51 | % | 50 | % | 49 | % | 51 | % | 51 | % | ||||||||||||||||||||||||||||||||||||||||
Same-property concessions | $ | 662 | $ | 704 | $ | 371 | $ | 371 | $ | 167 | $ | 169 | $ | 1,200 | $ | 1,244 | ||||||||||||||||||||||||||||||||||||||||
Average same-property concessions per turn (3) | $ | 139 | $ | 149 | $ | 148 | $ | 151 | $ | 96 | $ | 100 | $ | 133 | $ | 140 | ||||||||||||||||||||||||||||||||||||||||
Average same-property financial occupancy | 96.2 | % | 96.9 | % | 96.6 | % | 97.5 | % | 96.3 | % | 97.3 | % | 96.4 | % | 97.1 | % |
(1) | Other real estate assets consists mainly of retail space, commercial properties, and boat slips and their operating results are classified in non-same property results. |
(2) | Includes properties which subsequent to January 1, 2010 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) | Development communities include assets with substantial lease up activity needed when acquired, including Allegro, Axis 2300, Bellerive, Muse, and Santee Village. |
See Company's 10-Q for additional disclosures
S-7.1
E S S E X P R O P E R T Y T R U S T, I N C.
Revenue by County - Quarters ended September 30, 2011, September 30, 2010 and June 30, 2011
(Dollars in thousands)
Average Property Rental Rates | September 30, 2011 | September 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||
Region | Units | QTD 2011 | QTD 2010 | % Change | Property Revenue | Financial Occupancy | Property Revenue | Financial Occupancy | Property Revenue % Change | Property Revenue June 30, 2011 | Sequential % Change | |||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||||||||
Los Angeles County | 4,030 | $ | 1,647 | $ | 1,591 | 3.5 | % | $ | 20,329 | 96.3 | % | $ | 19,706 | 96.6 | % | 3.2 | % | $ | 19,995 | 1.7 | % | |||||||||||||||||||||||
Ventura County | 2,898 | 1,326 | 1,278 | 3.8 | % | 11,707 | 95.1 | % | 11,440 | 96.9 | % | 2.3 | % | 11,720 | -0.1 | % | ||||||||||||||||||||||||||||
San Diego County | 2,477 | 1,148 | 1,107 | 3.7 | % | 8,799 | 95.9 | % | 8,455 | 96.6 | % | 4.1 | % | 8,655 | 1.7 | % | ||||||||||||||||||||||||||||
Orange County | 2,037 | 1,446 | 1,411 | 2.5 | % | 9,010 | 96.5 | % | 8,679 | 96.5 | % | 3.8 | % | 8,898 | 1.3 | % | ||||||||||||||||||||||||||||
Santa Barbara County | 347 | 1,675 | 1,646 | 1.8 | % | 1,506 | 80.7 | % | 1,719 | 93.3 | % | -12.4 | % | 1,753 | -14.1 | % | ||||||||||||||||||||||||||||
Riverside County | 276 | 763 | 731 | 4.4 | % | 604 | 91.6 | % | 620 | 95.0 | % | -2.6 | % | 644 | -6.2 | % | ||||||||||||||||||||||||||||
Total same-property | 12,065 | 1,414 | 1,368 | 3.4 | % | 51,955 | 95.4 | % | 50,619 | 96.5 | % | 2.6 | % | 51,665 | 0.6 | % | ||||||||||||||||||||||||||||
Los Angeles County | 664 | 1,828 | 2,697 | - | ||||||||||||||||||||||||||||||||||||||||
Orange County | 365 | 2,179 | 2,293 | 47 | ||||||||||||||||||||||||||||||||||||||||
Non-same property | 1,029 | 1,953 | 4,990 | 47 | ||||||||||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||||||||
Santa Clara County | 2,260 | 1,664 | 1,500 | 10.9 | % | 11,376 | 96.5 | % | 10,317 | 97.2 | % | 10.3 | % | 10,904 | 4.3 | % | ||||||||||||||||||||||||||||
Contra Costa County | 1,720 | 1,523 | 1,432 | 6.4 | % | 7,862 | 95.3 | % | 7,543 | 97.0 | % | 4.2 | % | 7,746 | 1.5 | % | ||||||||||||||||||||||||||||
Alameda County | 1,366 | 1,408 | 1,330 | 5.9 | % | 5,918 | 95.1 | % | 5,707 | 96.6 | % | 3.7 | % | 5,901 | 0.3 | % | ||||||||||||||||||||||||||||
San Mateo County | 768 | 1,658 | 1,551 | 6.9 | % | 3,879 | 96.0 | % | 3,701 | 97.9 | % | 4.8 | % | 3,837 | 1.1 | % | ||||||||||||||||||||||||||||
San Francisco MSA | 175 | 1,911 | 1,812 | 5.5 | % | 993 | 95.9 | % | 964 | 97.9 | % | 3.0 | % | 969 | 2.5 | % | ||||||||||||||||||||||||||||
Other | 230 | 1,525 | 1,482 | 2.9 | % | 998 | 89.7 | % | 977 | 95.2 | % | 2.1 | % | 1,056 | -5.5 | % | ||||||||||||||||||||||||||||
Total same-property | 6,519 | 1,574 | 1,460 | 7.8 | % | 31,026 | 95.6 | % | 29,209 | 97.1 | % | 6.2 | % | 30,413 | 2.0 | % | ||||||||||||||||||||||||||||
Alameda County | 171 | 1,676 | 865 | 627 | ||||||||||||||||||||||||||||||||||||||||
Santa Clara County | 1,411 | 1,729 | 5,866 | 2,934 | ||||||||||||||||||||||||||||||||||||||||
Non-same property | 1,582 | 1,723 | 6,731 | 3,561 | ||||||||||||||||||||||||||||||||||||||||
Seattle Metro | ||||||||||||||||||||||||||||||||||||||||||||
Total same-property | 4,625 | 1,071 | 1,002 | 6.9 | % | 15,507 | 95.1 | % | 14,757 | 96.7 | % | 5.1 | % | 15,314 | 1.3 | % | ||||||||||||||||||||||||||||
Non-same property | 1,417 | 1,152 | 5,023 | 3,175 | ||||||||||||||||||||||||||||||||||||||||
Other real estate assets | 2,886 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||
Total same-property revenue | 23,209 | $ | 1,391 | $ | 1,321 | 5.3 | % | $ | 98,488 | 95.4 | % | $ | 94,585 | 96.7 | % | 4.1 | % | $ | 97,392 | 1.1 | % | |||||||||||||||||||||||
Total non-same property revenue | 4,028 | $ | 1,581 | $ | 19,630 | $ | 8,783 | |||||||||||||||||||||||||||||||||||||
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.
Revenue by County - Nine Months ended September 30, 2011 and 2010
(Dollars in thousands)
(Dollars in thousands)
Average Property Rental Rates | Year to Date 2011 | Year to Date 2010 | ||||||||||||||||||||||||||||||||||
Region | Units | YTD 2011 | YTD 2010 | % Change | Property Revenue | Financial Occupancy | Property Revenue | Financial Occupancy | Property Revenue % Change | |||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||
Los Angeles County | 4,030 | $ | 1,583 | $ | 1,543 | 2.6 | % | $ | 60,271 | 96.4 | % | $ | 58,847 | 96.7 | % | 2.4 | % | |||||||||||||||||||
Ventura County | 2,898 | 1,312 | 1,274 | 3.0 | % | 35,014 | 96.1 | % | 34,278 | 97.2 | % | 2.1 | % | |||||||||||||||||||||||
San Diego County | 2,477 | 1,134 | 1,104 | 2.7 | % | 26,077 | 96.3 | % | 25,236 | 96.8 | % | 3.3 | % | |||||||||||||||||||||||
Orange County | 2,037 | 1,429 | 1,412 | 1.2 | % | 26,710 | 96.7 | % | 26,267 | 97.1 | % | 1.7 | % | |||||||||||||||||||||||
Santa Barbara County | 347 | 1,667 | 1,629 | 2.3 | % | 5,039 | 92.6 | % | 5,137 | 96.8 | % | -1.9 | % | |||||||||||||||||||||||
Riverside County | 276 | 749 | 729 | 2.7 | % | 1,871 | 94.1 | % | 1,850 | 94.3 | % | 1.1 | % | |||||||||||||||||||||||
Total same-property | 12,065 | 1,385 | 1,352 | 2.4 | % | 154,982 | 96.2 | % | 151,615 | 96.9 | % | 2.2 | % | |||||||||||||||||||||||
Los Angeles County | 664 | 1,527 | 6,162 | - | ||||||||||||||||||||||||||||||||
Orange County | 365 | 2,172 | 6,505 | 47 | ||||||||||||||||||||||||||||||||
Non-same property | 1,029 | 1,756 | 12,667 | 47 | ||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||
Santa Clara County | 2,260 | 1,595 | 1,487 | 7.3 | % | 32,969 | 97.1 | % | 30,819 | 97.7 | % | 7.0 | % | |||||||||||||||||||||||
Contra Costa County | 1,720 | 1,484 | 1,425 | 4.1 | % | 23,191 | 96.1 | % | 22,592 | 97.7 | % | 2.7 | % | |||||||||||||||||||||||
Alameda County | 1,366 | 1,377 | 1,323 | 4.1 | % | 17,620 | 96.2 | % | 17,101 | 97.0 | % | 3.0 | % | |||||||||||||||||||||||
San Mateo County | 768 | 1,616 | 1,546 | 4.5 | % | 11,472 | 97.1 | % | 11,085 | 98.2 | % | 3.5 | % | |||||||||||||||||||||||
San Francisco MSA | 175 | 1,883 | 1,816 | 3.7 | % | 2,958 | 96.0 | % | 2,833 | 95.8 | % | 4.4 | % | |||||||||||||||||||||||
Other | 230 | 1,507 | 1,470 | 2.5 | % | 3,088 | 94.8 | % | 3,026 | 96.9 | % | 2.0 | % | |||||||||||||||||||||||
Total same-property | 6,519 | 1,527 | 1,451 | 5.2 | % | 91,298 | 96.6 | % | 87,456 | 97.5 | % | 4.4 | % | |||||||||||||||||||||||
Alameda County | 171 | 1,669 | 2,582 | 704 | ||||||||||||||||||||||||||||||||
Santa Clara County | 1,411 | 1,342 | 15,744 | 4,571 | ||||||||||||||||||||||||||||||||
Non-same property | 1,582 | 1,377 | 18,326 | 5,275 | ||||||||||||||||||||||||||||||||
Seattle Metro | ||||||||||||||||||||||||||||||||||||
Total same-property | 4,625 | 1,040 | 1,001 | 3.9 | % | 45,817 | 96.3 | % | 44,393 | 97.3 | % | 3.2 | % | |||||||||||||||||||||||
Non-same property | 1,417 | 1,105 | 14,678 | 6,984 | ||||||||||||||||||||||||||||||||
Other real estate assets | 8,216 | 6,034 | ||||||||||||||||||||||||||||||||||
Total same-property revenue | 23,209 | $ | 1,356 | $ | 1,310 | 3.5 | % | $ | 292,097 | 96.4 | % | $ | 283,464 | 97.1 | % | 3.0 | % | |||||||||||||||||||
Total non-same property revenue | 4,028 | $ | 1,269 | $ | 53,887 | $ | 18,340 | |||||||||||||||||||||||||||||
See Company's 10-Q for additional disclosures
S-8.1
E S S E X P R O P E R T Y T R U S T, I N C.
Development Pipeline - September 30, 2011
(Dollars in millions)
Estimated Units | Estimated retail sq. feet (1) | Incurred to Date | Remaining Costs | Estimated Total Cost | Construction Start | Construction Complete | Initial Occupancy | Stabilized Operations | |||||||||||||||||||||
Development Projects - Consolidated | |||||||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||||||
Via | Sunnyvale, CA | 284 | 40,000 | 101.2 | 10.8 | 112.0 | Jul-09 | Oct-11 | Jul-11 | Mar-12 | |||||||||||||||||||
Total - Consolidated Development Projects | 284 | 40,000 | 101.2 | 10.8 | 112.0 | ||||||||||||||||||||||||
Development Projects - Joint Venture | |||||||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||||||
Queen Anne (2) | Seattle, WA | 275 | 17,000 | 28.5 | 50.7 | 79.1 | May-11 | Apr-13 | Mar-13 | Nov-13 | |||||||||||||||||||
Cadence (3)(4) | San Jose, CA | 280 | - | 65.2 | 70.8 | 98.6 | Aug-11 | Jul-13 | May-13 | Jan-14 | |||||||||||||||||||
West Dublin (4) | Dublin, CA | 309 | - | 17.9 | 76.6 | 94.5 | Aug-11 | Jun-13 | Jun-13 | Mar-14 | |||||||||||||||||||
Fountain at La Brea (2) | West Hollywood, CA | 187 | 18,200 | 21.0 | 53.7 | 74.7 | Oct-11 | Jan-14 | Feb-14 | Oct-14 | |||||||||||||||||||
Total - Joint Venture Development Projects | 1,051 | 35,200 | 132.6 | 251.8 | 346.9 | ||||||||||||||||||||||||
Land Held for Future Development or Sale (5) | |||||||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||||||
City Centre | Moorpark, CA | 200 | - | - | - | - | |||||||||||||||||||||||
Main Street (2) | Walnut Creek, CA | 48 | - | - | - | - | |||||||||||||||||||||||
Park Boulevard | Palo Alto, CA | 50 | - | - | - | - | |||||||||||||||||||||||
Total - Land Held for Future Development or Sale | 298 | 37,000 | 44.0 | - | 44.0 | ||||||||||||||||||||||||
Grand Total - Development Pipeline | 1,633 | 112,200 | $ | 277.8 | $ | 262.6 | $ | 502.9 |
(1) | Certain apartment community developments include retail space, and the Company has included the total estimated retail square footage for each development project. |
(2) | The Company has entered into a joint venture development agreement with a third-party to develop this property. The Company has a 50% interest in this project. |
(3) | This development has three phases, with phase I currently under development. $37.4 million has been incurred to date related to land allocated to phases II and III. |
(4) | The Company has a 55% interest in this development project. |
(5) | The Company owns land in various stages of entitlement that is being held for future development or sale. |
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 Pipeline and Capital Expenditures - September 30, 2011
(Dollars in thousands, except per unit amounts)
Total | Estimated | Estimated | NOI | ||||||||||||||||||||||
Incurred | Remaining | Total | Project | For the quarter ended | |||||||||||||||||||||
Region/Project Name | Units | To Date | Cost | Cost | Start Date | Q3 2011 | Q3 2010 | ||||||||||||||||||
Approved - Redevelopment Projects (1) (2) | |||||||||||||||||||||||||
Marina Cove, Santa Clara, CA | 292 | $ | 4,764 | $ | 5,094 | $ | 9,858 | Jun-07 | |||||||||||||||||
Pointe at Cupertino, Cupertino, CA | 116 | 3,760 | 4,220 | 7,980 | Jan-10 | ||||||||||||||||||||
Total Approved - Redevelopment Projects | 408 | $ | 8,524 | $ | 9,314 | $ | 17,838 | ||||||||||||||||||
�� | |||||||||||||||||||||||||
Active - Redevelopment Projects | |||||||||||||||||||||||||
Northern California | |||||||||||||||||||||||||
Thomas Jefferson/Magnolia Square, Sunnyvale, CA | 188 | $ | 4,172 | $ | 5,193 | $ | 9,365 | Sep-10 | $ | 545 | $ | 567 | |||||||||||||
Seattle Metro | |||||||||||||||||||||||||
Foothill Commons, Bellevue, WA (3) | 388 | 24,045 | 12,293 | 36,338 | Jun-07 | 819 | 725 | ||||||||||||||||||
Woodland Commons, Bellevue, WA | 236 | 6,142 | 5,637 | 11,779 | Jun-07 | 453 | 417 | ||||||||||||||||||
Total Active - Redevelopment Projects | 812 | $ | 34,359 | $ | 23,123 | $ | 57,482 | $ | 1,817 | $ | 1,709 |
(1) | These projects are approved and redevelopment activities have commenced, but as of Q2 2011 the communities have stabilized operations, and therefore results are classified in same-property operations. |
(2) | The Company incurred $0.3 milllion in vacancy loss during the quarter related to redevelopment of unit interiors which totaled 199 units during the quarter. |
(3) | During the third quarter 2009, the Company completed the construction of 28 additional apartment homes. |
Non-revenue Generating Capital Expenditures | Q3 2011 | Q2 2011 | Q1 2011 | Q4 2010 | Q3 2010 | |||||||||||||||
Non-revenue generating capital expenditures | $ | 6,235 | $ | 4,778 | $ | 2,933 | $ | 10,109 | $ | 8,207 | ||||||||||
Average apartment units in quarter | 26,964 | 26,944 | 26,888 | 26,242 | 25,005 | |||||||||||||||
Capital expenditures per apartment unit in the quarter | $ | 231 | $ | 177 | $ | 109 | $ | 385 | $ | 328 | ||||||||||
Capital expenditures per apartment unit-trailing four quarters | $ | 892 | $ | 966 | $ | 1,054 | $ | 1,116 | $ | 1,196 |
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.
Co-investments - September 30, 2011
(Dollars in thousands)
Essex Book | Total Undepreciated | Debt | Maturity | Property Revenue for the nine months ended | NOI for the nine months ended | |||||||||||||||||||||||||||||||||||||
Value | Book Value | Units | Amount | Date | 2011 | 2010 | % Change | 2011 | 2010 | % Change | ||||||||||||||||||||||||||||||||
Joint Ventures | ||||||||||||||||||||||||||||||||||||||||||
Essex Apartment Value Fund II, L.P. (Fund II) (1) | ||||||||||||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||||||
Parcwood, Corona, CA | 312 | $ | 23,580 | Dec-2013 | ||||||||||||||||||||||||||||||||||||||
Studio 40-41, Studio City, CA | 149 | 28,189 | Apr-2012 | |||||||||||||||||||||||||||||||||||||||
Cielo, Chatsworth, CA | 119 | 16,425 | Jun-2012 | |||||||||||||||||||||||||||||||||||||||
Renaissance, Los Angeles, CA | 168 | 25,000 | Jun-2013 | |||||||||||||||||||||||||||||||||||||||
Total Southern California | 748 | 93,194 | $ | 10,254 | $ | 9,953 | 3.0 | % | $ | 6,023 | $ | 5,767 | 4.4 | % | ||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||||||
Alderwood Park, Newark, CA | 96 | 6,636 | Jun-2015 | |||||||||||||||||||||||||||||||||||||||
Carlmont Woods, Belmont, CA | 195 | 12,010 | Dec-2013 | |||||||||||||||||||||||||||||||||||||||
Davey Glen, Belmont, CA | 69 | 6,574 | Aug-2016 | |||||||||||||||||||||||||||||||||||||||
Enclave, San Jose, CA | 637 | 74,696 | Jan-2018, Dec-2029 | |||||||||||||||||||||||||||||||||||||||
Harbor Cove, Foster City, CA | 400 | 32,385 | Dec-2013 | |||||||||||||||||||||||||||||||||||||||
Regency Tower, Oakland, CA | 178 | 10,326 | Mar-2014 | |||||||||||||||||||||||||||||||||||||||
Total Northern California | 1,575 | 142,627 | 20,864 | 19,958 | 4.5 | % | 12,978 | 12,487 | 3.9 | % | ||||||||||||||||||||||||||||||||
Seattle Metro | ||||||||||||||||||||||||||||||||||||||||||
Eastlake 2851, Seattle, WA | 133 | 17,084 | Jan-2012 | |||||||||||||||||||||||||||||||||||||||
Echo Ridge, Snoqualmie, WA | 120 | 12,389 | Sep-2014 | |||||||||||||||||||||||||||||||||||||||
Morning Run, Monroe, WA | 222 | 12,828 | Oct-2014 | |||||||||||||||||||||||||||||||||||||||
Tower @ 801, Seattle, WA | 173 | 18,022 | Aug-2014 | |||||||||||||||||||||||||||||||||||||||
Total Seattle Metro | 648 | 60,323 | 7,491 | 7,071 | 5.9 | % | 4,457 | 4,168 | 6.9 | % | ||||||||||||||||||||||||||||||||
Total Fund II | $ | 64,505 | $ | 597,430 | 2,971 | $ | 296,144 | $ | 38,609 | $ | 36,982 | 4.4 | % | $ | 23,458 | $ | 22,422 | 4.6 | % | |||||||||||||||||||||||
Wesco I, LLC (Wesco) (2) | ||||||||||||||||||||||||||||||||||||||||||
Arbors at Parc Rose, Oxnard, CA | 373 | 59,903 | Jul-2021 | |||||||||||||||||||||||||||||||||||||||
Reveal, Woodland Hills, CA | 438 | 67,500 | Jul-2013 | |||||||||||||||||||||||||||||||||||||||
Redmond Hill East, Redmond, WA | 440 | 52,000 | Oct-2021 | |||||||||||||||||||||||||||||||||||||||
Redmond Hill West, Redmond, WA | 442 | 45,094 | Oct-2021 | |||||||||||||||||||||||||||||||||||||||
Line of Credit | - | 43,200 | (3 | ) | Apr-2012 | |||||||||||||||||||||||||||||||||||||
Total Wesco | $ | 55,444 | $ | 370,640 | 1,693 | $ | 267,697 | $ | 4,697 | $ | - | $ | 2,894 | $ | - | |||||||||||||||||||||||||||
Essex Skyline at MacArthur Place (4) | $ | 25,781 | $ | 134,340 | 349 | $ | 79,786 | Jul-2014 | $ | 7,621 | $ | 793 | $ | 3,589 | $ | (1,049 | ) | |||||||||||||||||||||||||
Preferred Equity Interests (5) | $ | 35,126 | $ | 331,924 | 1,851 | $ | 229,505 | various | ||||||||||||||||||||||||||||||||||
Development Joint Ventures (6) | $ | 94,554 | $ | 132,560 | 1,051 | $ | 13,500 | (7 | ) | Oct-2046 | ||||||||||||||||||||||||||||||||
$ | 275,410 | $ | 1,566,894 | 7,915 | $ | 886,632 |
(1) | The Company has a 28.2% interest as a general partner and limited partner in Fund II, and may earn promote income if Fund II exceeds certain financial return benchmarks. |
(2) | The Company has a 50% interest in Wesco and the Company may earn promote income if the co-investment exceeds certain financial benchmarks. |
(3) | Wesco debt includes a $100 million line of credit at a rate of LIBOR + 2.3%. As of September 30, 2011 $43.2 million was outstanding on the line of credit which is secured by capital commitments. |
(4) | The Company has a 47% effective interest and a 50% voting interest in this co-investment located in Santa Ana, California, and the Company may earn promote income if the co-investment exceeds certain financial return benchmarks. |
(5) | The Company has preferred equity interest investments that earn preferred returns including: 1) a $11.6 million investment secured by one community located in Anaheim, CA, earning 13% per annum for the first five years and the preferred return increases to 15% thereafter, 2) a $9.6 million aggregate investment in two communities located in Los Angeles, CA, earning 9% per annum for the first five years and the preferred returns increase to a minimum of 10% and a maximum of 12.5% for years six through ten, and 3) a $13.0 million investment secured by one community located in Los Angeles, CA, earning 10% per annum for five years. The loan to value for these investments range from 60% to 80%. |
(6) | The Company has interests in four development co-investments , which are developing projects located in Seattle, Washington, and Dublin, San Jose, and West Hollywood, California. |
(7) | Development Joint Venture debt includes a $45 million construction loan for the development in Seattle, Washington at a rate of LIBOR + 1.95%. As of September 30, 2011 there was no outstanding balance on the loan. Also included are bonds related to the development project in West Hollywood, California in the amount of $54.5 million and for five years the joint venture entered into a total return swap at a rate of SIFMA + 1.50. As of September 30, 2011 $13.5 million was outstanding on the bonds. |
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.
Summary of Consolidated Co-Investments and Noncontrolling Interest - September 30, 2011
(Dollars in thousands)
The following table summarizes the consolidated co-investments and noncontrolling interest: |
Operations for the nine months ended | ||||||||||||||||||||||||||||
Balance as of September 30, 2011 | September 30, 2011 | |||||||||||||||||||||||||||
Investment in | Related | Noncontrolling | DownREIT | Operating | ||||||||||||||||||||||||
Real Estate | Debt | Interest | Units (1) | Revenue | Expenses | NOI | ||||||||||||||||||||||
Noncontrolling Interest - DownREIT: | ||||||||||||||||||||||||||||
Anchor Village | $ | 14,782 | $ | 10,750 | $ | 1,583 | 103,213 | $ | 2,141 | $ | 954 | $ | 1,187 | |||||||||||||||
Barkley Apartments | 8,839 | 17,072 | 1,992 | 76,205 | 1,811 | 681 | 1,130 | |||||||||||||||||||||
Brentwood | 14,521 | 19,682 | 2,568 | 58,884 | 1,803 | 521 | 1,282 | |||||||||||||||||||||
Brookside Oaks | 33,418 | 20,351 | 2,469 | 85,095 | 2,335 | 639 | 1,696 | |||||||||||||||||||||
Capri at Sunny Hills | 16,456 | 18,204 | 3,394 | 162,890 | 1,750 | 501 | 1,249 | |||||||||||||||||||||
Hidden Valley (2) | 37,271 | 31,275 | 6,089 | �� | 62,647 | 3,849 | 1,231 | 2,618 | ||||||||||||||||||||
Highridge Apartments | 29,435 | 44,807 | 4,038 | 278,158 | 4,330 | 1,049 | 3,281 | |||||||||||||||||||||
Montejo Apartments | 8,369 | 13,594 | 1,216 | 29,319 | 1,350 | 369 | 981 | |||||||||||||||||||||
Thomas Jefferson | 29,906 | 18,852 | 6,503 | 58,059 | 2,092 | 704 | 1,388 | |||||||||||||||||||||
Treehouse Apartments | 12,403 | 17,642 | 2,951 | 67,728 | 1,788 | 512 | 1,276 | |||||||||||||||||||||
Valley Park Apartments | 14,572 | 23,080 | 304 | 34,564 | 2,091 | 465 | 1,626 | |||||||||||||||||||||
Villa Angelina Apartments | 18,826 | 28,137 | 2,421 | 51,931 | 2,760 | 745 | 2,015 | |||||||||||||||||||||
$ | 238,798 | $ | 263,446 | 35,528 | 1,068,693 | $ | 28,100 | $ | 8,371 | $ | 19,729 | |||||||||||||||||
Other Components of Noncontrolling Interest: | ||||||||||||||||||||||||||||
Hillsdale Garden Apartments (3) | $ | 110,815 | - | 21,296 | $ | 10,319 | $ | 3,890 | $ | 6,429 | ||||||||||||||||||
Joint Ventures - Development (4) | $ | 26,800 | $ | 5,648 | 5,735 | |||||||||||||||||||||||
Joint Ventures - Retail (5) | $ | 19,113 | $ | 10,427 | 800 | $ | 768 | $ | 188 | $ | 580 | |||||||||||||||||
Operating Limited Partnership Units | 54,554 | |||||||||||||||||||||||||||
Total Noncontrolling Interest | $ | 117,913 |
(1) | Represents the number of DownREIT units that are currently outstanding. Generally, DownREIT units are redeemed for cash equal to the current price of Essex's common stock. |
(2) | The Company has a 75% interest in this community and a joint venture partner has a 25% interest. |
(3) | The Company has an 81.5% interest in this community and the joint venture partner has an 18.5% interest. |
(4) | The Company consolidates one joint venture development in which the Company has a 50% interest. |
(5) | The Company owns a development site currently operated as a retail center located in Santa Clara, CA with a joint venture partner who had a 15% interest as of September 30, 2011. The Company purchased the remaining interest in October 2011. |
See Company's 10-Q for additional disclosures
S-12
E S S E X P R O P E R T Y T R U S T, I N C.
Income From Discontinued Operations and Selected Financial Data - September 30, 2011
(Dollars in thousands)
(Loss) Income from Discontinued Operations | ||||||||||||||||
During the nine months ended September 30, 2011, the Company sold Woodlawn Colonial, and during the quarter the Company accrued state taxes related to the sale of the community. No communities were sold or held for sale for the quarter and nine months ended September 30, 2010. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Rental revenues | $ | - | $ | 453 | $ | 595 | $ | 1,337 | ||||||||
Property operating expenses | - | (180 | ) | (228 | ) | (542 | ) | |||||||||
Depreciation and amortization | - | (107 | ) | (115 | ) | (317 | ) | |||||||||
Income from real estate sold | - | 166 | 252 | 478 | ||||||||||||
Gain on sale | - | - | 5,854 | - | ||||||||||||
Internal disposition costs and taxes | (880 | ) | - | (1,469 | ) | - | ||||||||||
(Loss) income from discontinued operations | $ | (880 | ) | $ | 166 | $ | 4,637 | $ | 478 | |||||||
Shares Outstanding and Potentially Dilutive Securities | ||||||||||||||||
Q3 2011 Weighted Avg. | Actual As of 9/30/11 | YTD 2011 Weighted Avg. | ||||||||||||||
Common Shares | 33,121,728 | 33,381,506 | 32,215,549 | |||||||||||||
Stock Options | 87,561 | 91,774 | 89,137 | |||||||||||||
Weighted Avg. Shares Diluted - EPS | 33,209,289 | 33,473,280 | 32,304,686 | |||||||||||||
Operating Limited Partnership Units | 2,228,404 | 2,227,730 | 2,233,088 | |||||||||||||
Weighted Avg. Shares Diluted - FFO | 35,437,693 | 35,701,010 | 34,537,774 |
See Company's 10-Q for additional disclosures
S-13
E S S E X P R O P E R T Y T R U S T, I N C.
Assumptions for Midpoint of 2011 FFO Guidance
Q3 2011 Earnings Results Supplement
($'s in thousands, except share and per share data) | ||||||||||||||||||||||
Actual | Per | Guidance | Per | % | ||||||||||||||||||
2010 | Share | 2011 | Share | Change | ||||||||||||||||||
Net Operating Income ("NOI") | ||||||||||||||||||||||
Same-Property NOI for 2010 | (1) | $ | 238,086 | |||||||||||||||||||
External growth communities stabilized as of January 1, 2010 | ||||||||||||||||||||||
2009 Acquisitions | 1,116 | |||||||||||||||||||||
2009 Stabilized development communities | 6,515 | |||||||||||||||||||||
Same-property apartment communities | $ | 245,717 | (1) | $ | 259,733 | 5.4 | % | |||||||||||||||
Development communities | 2,111 | (2) | 11,000 | |||||||||||||||||||
Redevelopment communities | (1) | 6,874 | (1) | 7,400 | ||||||||||||||||||
Newly acquired communities - 2010 | 4,601 | (2) | 20,700 | |||||||||||||||||||
Newly acquired communities - 2011 | - | (3) | 1,700 | |||||||||||||||||||
Commercial leasing and other operating activity | 5,312 | (4) | 7,100 | |||||||||||||||||||
Discontinued operations | (1) | 1,060 | (1) | 367 | ||||||||||||||||||
Total NOI from consolidated communities | $ | 265,675 | $ | 307,500 | ||||||||||||||||||
Management Fees | $ | 4,051 | $ | 6,450 | ||||||||||||||||||
Capital Markets Activities | ||||||||||||||||||||||
Interest and amortization expense, before capitalized interest | $ | (97,085 | ) | $ | (110,700 | ) | ||||||||||||||||
Projected interest capitalized | 9,500 | 8,600 | ||||||||||||||||||||
Net interest expense | (87,585 | ) | (102,100 | ) | ||||||||||||||||||
Recurring Income and Expenses | ||||||||||||||||||||||
Interest and other income | $ | 12,089 | $ | 10,400 | ||||||||||||||||||
Income from co-investments | 3,397 | (5) | 10,200 | |||||||||||||||||||
General and administrative expenses | (22,585 | ) | (23,500 | ) | ||||||||||||||||||
Preferred dividends and non-controlling interests | (14,247 | ) | (12,300 | ) | ||||||||||||||||||
(21,346 | ) | (15,200 | ) | |||||||||||||||||||
Non-Core Income and Expenses | ||||||||||||||||||||||
Gains on sales of marketable securities | $ | 12,491 | $ | 4,543 | ||||||||||||||||||
Gain on sale of co-investment and land | - | 1,099 | ||||||||||||||||||||
Acquisition costs | (1,250 | ) | (1,200 | ) | ||||||||||||||||||
Other non-core items, net | (668 | ) | (2,769 | ) | ||||||||||||||||||
10,573 | 1,673 | |||||||||||||||||||||
Funds from Operations | $ | 171,368 | $ | 5.35 | $ | 198,323 | $ | 5.70 | 6.5 | % | ||||||||||||
Funds from Operations excluding non-core items | $ | 160,795 | $ | 5.02 | $ | 196,650 | $ | 5.65 | 12.5 | % | ||||||||||||
Weighted average shares outstanding | 32,028,269 | 34,820,000 |
(1) NOI related to the sale of Woodlawn Colonial has been reclassed from same-property communities to discontinued operations for 2010 and 2011. NOI related to Thomas Jefferson/Magnolia Lane has been reclassed from same-property communities to redevelopment communities for 2010 and 2011. |
(2) During 2011, the lease-up activity at Allegro, Anavia, 416 on Broadway, Muse, Essex Skyline at MacArthur Place, Santee Village, Via, and Bellerive has or will negatively impact NOI and equity income from co-investments by approximately $.05 in Q1, $.03 in Q2 and Q3, and $.02 in Q4 per diluted share. |
(3) The amount includes the NOI for 2011 acquisitions of stabilized communities including Family Tree and Bernard. NOI results related to 2011 acquisitions of condominium developments including Santee Village and Bellerive are classified with development communities. |
(4) The amount includes NOI from the retail center located in Santa Clara, California acquired in April 2011 as a future development site. |
(5) The amount includes the income for the 2011 preferred equity investments. |
See Company's 10-Q for additional disclosures
S-14
E S S E X P R O P E R T Y T R U S T, I N C
MSA Level Forecasts 2011: 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 Occupancy | ||||||||||||||||||||||||
Seattle | 1,650 | 0.4 | % | 3,700 | 0.5 | % | 28,000 | 2.0 | % | 9.00 | % | 95.50 | % | |||||||||||||||||||
San Francisco | 400 | 0.1 | % | 300 | 0.1 | % | 13,000 | 1.4 | % | 10.00 | % | 96.50 | % | |||||||||||||||||||
Oakland | 1,100 | 0.4 | % | 1,500 | 0.2 | % | 8,000 | 0.8 | % | 7.50 | % | 96.00 | % | |||||||||||||||||||
San Jose | 1,200 | 0.6 | % | 700 | 0.2 | % | 23,000 | 2.7 | % | 12.00 | % | 97.00 | % | |||||||||||||||||||
No. Cal. | 2,700 | 0.3 | % | 2,500 | 0.2 | % | 44,000 | 1.6 | % | 9.7 | % | 96.5 | % | |||||||||||||||||||
Ventura | 100 | 0.2 | % | 200 | 0.1 | % | 2,000 | 0.7 | % | 2.50 | % | 95.50 | % | |||||||||||||||||||
Los Angeles | 2,600 | 0.2 | % | 2,000 | 0.1 | % | 20,000 | 0.5 | % | 5.25 | % | 95.00 | % | |||||||||||||||||||
Orange | 800 | 0.2 | % | 1,400 | 0.2 | % | 16,000 | 1.2 | % | 5.75 | % | 95.25 | % | |||||||||||||||||||
San Diego | 600 | 0.1 | % | 1,900 | 0.3 | % | 20,000 | 1.6 | % | 4.00 | % | 95.25 | % | |||||||||||||||||||
So. Cal. | 4,100 | 0.2 | % | 5,500 | 0.2 | % | 58,000 | 0.9 | % | 4.8 | % | 95.2 | % | |||||||||||||||||||
Weighted Average**** | 8,450 | 0.2 | % | 11,700 | 0.2 | % | 130,000 | 1.2 | % | 7.5 | % | 95.8 | % |
All data is an Essex Forecast | |
U.S. Economic Assumptions: G.D.P.: Q4 '11 vs Q4 '10: 1.75% , Jobs: Q4 '11 vs Q4 '10 1.1% | |
* 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 New Residential Supply schedule. | |
** Job Forecast/Performance refers to the difference between Total Non-Farm Industry Employment (not seasonally adjusted) projected through Q4 2011 over the comparable actual figures for Q4 2010. 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 Q4 2010 base. | |
***The Forecast Market Conditions represents Essex's estimates of the change in rents/occupancy rates for Q4 2011. The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for Q4 2011 vs.Q4 2010 (where Market refers to the entire MSA apartment market, NOT the Essex portfolio). The estimated Year End Occupancy represents Essex's forecast of market occupancy rates for Q4 2011. | |
****Weighted Average: Markets weighted by units in Essex portfolio. |
See Company's 10-Q for additional disclosures
S-15
E S S E X P R O P E R T Y T R U S T, I N C | ||||||||||||||||||||||||||||||||||||||||
New Residential Supply: Permits as a % of Current Stock (12 Month Permit Period: Trailing 12 Months September 2011) | ||||||||||||||||||||||||||||||||||||||||
Single Family Data | Multi-Family Data | All Residential Data | ||||||||||||||||||||||||||||||||||||||
Market | Median SF Price (Q2 2011 est**) | Q2 2011 SF Affordability* | SF Stock 2010 | SF Permits Last 12 Months | % of Stock | MF Stock 2010 | MF Permits Last 12 months | % of Stock | Total Residential Permits Last 12 Months | % of Stock | ||||||||||||||||||||||||||||||
Chicago | $ | 185,000 | 175 | % | 1,951,000 | 4,014 | 0.2 | % | 1,493,900 | 2,566 | 0.2 | % | 6,580 | 0.2 | % | |||||||||||||||||||||||||
New York PMSA | $ | 384,800 | 73 | % | 796,000 | 615 | 0.1 | % | 3,084,000 | 7,988 | 0.3 | % | 8,603 | 0.2 | % | |||||||||||||||||||||||||
Nassau-Suffolk | $ | 383,500 | 118 | % | 773,000 | 1,145 | 0.2 | % | 246,000 | 476 | 0.2 | % | 1,621 | 0.3 | % | |||||||||||||||||||||||||
Philadelphia | $ | 215,100 | 142 | % | 1,652,000 | 4,702 | 0.3 | % | 546,100 | 1,290 | 0.2 | % | 5,992 | 0.3 | % | |||||||||||||||||||||||||
Miami/Ft. Lauderdale | $ | 186,300 | 134 | % | 873,000 | 3,692 | 0.4 | % | 987,000 | 2,086 | 0.2 | % | 5,778 | 0.3 | % | |||||||||||||||||||||||||
Boston | $ | 355,700 | 106 | % | 1,551,000 | 3,323 | 0.2 | % | 708,800 | 1,672 | 0.2 | % | 4,995 | 0.3 | % | |||||||||||||||||||||||||
Minneapolis | $ | 14,500 | 239 | % | 948,000 | 3,570 | 0.4 | % | 386,800 | 1,513 | 0.4 | % | 5,083 | 0.4 | % | |||||||||||||||||||||||||
Atlanta | $ | 102,100 | 326 | % | 1,527,000 | 6,029 | 0.4 | % | 571,800 | 1,991 | 0.3 | % | 8,020 | 0.4 | % | |||||||||||||||||||||||||
Baltimore | $ | 234,700 | 147 | % | 863,000 | 3,314 | 0.4 | % | 286,000 | 1,672 | 0.6 | % | 4,986 | 0.4 | % | |||||||||||||||||||||||||
Phoenix | $ | 126,000 | 216 | % | 1,318,000 | 7,038 | 0.5 | % | 418,500 | 1,642 | 0.4 | % | 8,680 | 0.5 | % | |||||||||||||||||||||||||
Portland | $ | 220,600 | 140 | % | 648,000 | 3,039 | 0.5 | % | 254,335 | 1,551 | 0.6 | % | 4,590 | 0.5 | % | |||||||||||||||||||||||||
Denver | $ | 232,700 | 145 | % | 671,000 | 3,552 | 0.5 | % | 302,900 | 1,934 | 0.6 | % | 5,486 | 0.6 | % | |||||||||||||||||||||||||
Las Vegas | $ | 126,200 | 207 | % | 629,000 | 3,763 | 0.6 | % | 272,700 | 1,381 | 0.5 | % | 5,144 | 0.6 | % | |||||||||||||||||||||||||
Orlando | $ | 125,600 | 216 | % | 644,000 | 4,260 | 0.7 | % | 255,500 | 1,179 | 0.5 | % | 5,439 | 0.6 | % | |||||||||||||||||||||||||
Wash. D.C. PMSA | $ | 340,900 | 128 | % | 1,504,000 | 9,098 | 0.6 | % | 714,300 | 7,558 | 1.1 | % | 16,656 | 0.8 | % | |||||||||||||||||||||||||
Dallas-Ft. Worth | $ | 151,500 | 198 | % | 1,722,000 | 13,905 | 0.8 | % | 744,000 | 9,428 | 1.3 | % | 23,333 | 0.9 | % | |||||||||||||||||||||||||
Houston | $ | 156,500 | 186 | % | 1,388,000 | 21,589 | 1.6 | % | 647,700 | 6,586 | 1.0 | % | 28,175 | 1.4 | % | |||||||||||||||||||||||||
Austin | $ | 199,300 | 160 | % | 441,000 | 6,014 | 1.4 | % | 214,900 | 3,145 | 1.5 | % | 9,159 | 1.4 | % | |||||||||||||||||||||||||
Totals | $ | 228,978 | 193 | % | 17,948,000 | 102,662 | 0.6 | % | 10,641,335 | 55,658 | 0.5 | % | 158,320 | 0.6 | % | |||||||||||||||||||||||||
Seattle | $ | 310,400 | 110 | % | 778,000 | 4,526 | 0.6 | % | 411,500 | 4,150 | 1.0 | % | 8,676 | 0.7 | % | |||||||||||||||||||||||||
San Francisco | $ | 661,800 | 61 | % | 378,000 | 358 | 0.1 | % | 364,000 | 1,500 | 0.4 | % | 1,858 | 0.3 | % | |||||||||||||||||||||||||
Oakland | $ | 540,300 | 75 | % | 677,000 | 1,506 | 0.2 | % | 294,000 | 1,547 | 0.5 | % | 3,053 | 0.3 | % | |||||||||||||||||||||||||
San Jose | $ | 610,000 | 74 | % | 407,000 | 892 | 0.2 | % | 216,000 | 2,620 | 1.2 | % | 3,512 | 0.6 | % | |||||||||||||||||||||||||
Los Angeles | $ | 298,300 | 93 | % | 1,956,000 | 2,346 | 0.1 | % | 1,472,000 | 5,932 | 0.4 | % | 8,278 | 0.2 | % | |||||||||||||||||||||||||
Ventura | $ | 372,000 | 107 | % | 216,000 | 255 | 0.1 | % | 59,300 | 291 | 0.5 | % | 546 | 0.2 | % | |||||||||||||||||||||||||
Orange | $ | 439,800 | 89 | % | 669,000 | 1,980 | 0.3 | % | 368,800 | 2,899 | 0.8 | % | 4,879 | 0.5 | % | |||||||||||||||||||||||||
San Diego | $ | 379,300 | 81 | % | 727,000 | 2,251 | 0.3 | % | 413,700 | 1,834 | 0.4 | % | 4,085 | 0.4 | % | |||||||||||||||||||||||||
No Cal | $ | 591,117 | 71 | % | 1,462,000 | 2,756 | 0.2 | % | 874,000 | 5,667 | 0.6 | % | 8,423 | 0.4 | % | |||||||||||||||||||||||||
So Cal | $ | 345,797 | 91 | % | 3,568,000 | 6,832 | 0.2 | % | 2,313,800 | 10,956 | 0.5 | % | 17,788 | 0.3 | % | |||||||||||||||||||||||||
ESSEX | $ | 402,808 | 88 | % | 5,808,000 | 14,114 | 0.2 | % | 3,599,300 | 20,773 | 0.6 | % | 34,887 | 0.4 | % |
Permits: Single Family equals 1 unit, Multi-Family equals 5 or more units. |
Sources: SF Prices - Economy.com: Permits, Total Residential Stock - U.S. Census, Axiometrics, Mortgage Rates: Freddie Mac. |
Single Family/Multi-Family Breakdown of Total Residences, 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. |
**Median Home Prices - Q2 2011 National Association of Realtors, DataQuick, Essex. |
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 (4.84%). |
Median Household Income is estimated from US Census 2004 data and Income Growth from BEA and Population Growth from the US Census. |
See Company's 10-Q for additional disclosures
S-16
ESSEX PROPERTY TRUST, INC.
Real Estate Information as of November 2, 2011
Square | Year | Year | Property | Age of | ||||||||
Property Name | Address | City | State | Units | Footage | Acquired | Built | Ownership | Property | |||
APARTMENT COMMUNITIES | ||||||||||||
NORTHERN CALIFORNIA | ||||||||||||
Santa Clara County | ||||||||||||
1 | The Commons | 275 Union Avenue | Campbell | CA | 264 | 153,168 | 2010 | 1973 | EPLP | 38 | ||
1 | Pointe at Cupertino | 19920 Olivewood Street | Cupertino | CA | 116 | 135,200 | 1998 | 1963 | EPLP | 48 | ||
1 | Bella Villagio | 383 Vista Roma Way | San Jose | CA | 231 | 227,511 | 2010 | 2004 | EPLP | 7 | ||
1 | Cadence - Phase 1 | 545 River Oaks Parkway | San Jose | CA | 280 | 249,080 | JV-55% | |||||
1 | Carlyle, The | 2909 Nieman Boulevard | San Jose | CA | 132 | 129,200 | 2000 | 2000 | EPLP | 11 | ||
1 | Enclave, The | 4355 Renaissance Drive | San Jose | CA | 637 | 525,463 | 2005 | 1998 | Fund II | 13 | ||
1 | Esplanade | 350 East Taylor St. | San Jose | CA | 278 | 279,000 | 2004 | 2002 | EPLP | 9 | ||
1 | Waterford, The | 1700 N. First Street | San Jose | CA | 238 | 219,600 | 2000 | 2000 | EPLP | 11 | ||
1 | 101 San Fernando | 99 S. Fourth Street | San Jose | CA | 323 | 296,078 | 2010 | 2001 | EPLP | 10 | ||
1 | Family Tree Apartments | 1000 Kiely Blvd. | Santa Clara | CA | 121 | 128,486 | 2011 | 1971 | EPLP | 40 | ||
1 | Le Parc | 440 N. Winchester Avenue | Santa Clara | CA | 140 | 113,200 | 1994 | 1975 | EPLP | 36 | ||
1 | Marina Cove | 3480 Granada Avenue | Santa Clara | CA | 292 | 250,200 | 1994 | 1974 | EPLP | 37 | ||
1 | Bristol Commons | 732 E. Evelyn Avenue | Sunnyvale | CA | 188 | 142,600 | 1995 | 1989 | EPLP | 22 | ||
1 | Brookside Oaks | 1651 Belleville Way | Sunnyvale | CA | 170 | 119,900 | 2000 | 1973 | DownREIT | 38 | ||
1 | Magnolia Lane | 113 South Mary Avenue | Sunnyvale | CA | 32 | 31,541 | 2007 | 2001 | EPLP | 10 | ||
1 | Montclaire | 450 N. Mathilda Avenue | Sunnyvale | CA | 390 | 294,100 | 1988 | 1973 | EPLP | 38 | ||
1 | Summerhill Park | 972 Corte Madera Avenue | Sunnyvale | CA | 100 | 78,500 | 1988 | 1988 | EPLP | 23 | ||
1 | Via | 315 Tasman Drive | Sunnyvale | CA | 284 | 309,421 | EPLP | |||||
1 | Thomas Jefferson | 107 South Mary Avenue | Sunnyvale | CA | 156 | 110,824 | 2007 | 1969 | DownREIT | 42 | ||
1 | Windsor Ridge | 825 E. Evelyn Avenue | Sunnyvale | CA | 216 | 161,800 | 1989 | 1989 | EPLP | 22 | ||
1 | 13% | 4,024 | 3,396,371 | |||||||||
Alameda County | ||||||||||||
1 | Fourth & U | 700 University Avenue | Berkeley | CA | 171 | 146,255 | 2010 | 2010 | EPLP | 1 | ||
1 | Stevenson Place | 4141 Stevenson Blvd. | Fremont | CA | 200 | 146,200 | 2000 | 1975 | EPLP | 36 | ||
1 | Boulevard | 40001 Fremont Blvd. | Fremont | CA | 172 | 131,200 | 1996 | 1978 | EPLP | 33 | ||
1 | City View | 25200 Carlos Bee Blvd. | Hayward | CA | 572 | 462,400 | 1998 | 1975 | EPLP | 36 | ||
1 | Regency Tower | 1130 Third Ave. | Oakland | CA | 178 | 140,900 | 2005 | 1975 | Fund II | 36 | ||
1 | The Grand | 100 Grand Avenue | Oakland | CA | 238 | 205,026 | 2009 | 2009 | EPLP | 2 | ||
1 | Bridgeport | 36826 Cherry Street | Newark | CA | 184 | 139,000 | 1987 | 1987 | EPLP | 24 | ||
1 | Alderwood Park Apartments | 37057 Magnolia Street | Newark | CA | 96 | 74,624 | 2006 | 1987 | Fund II | 24 | ||
1 | 5% | 1,811 | 1,445,605 | |||||||||
Contra Costa County | ||||||||||||
1 | West Dublin | 6600 Golden Gate Drive | Dublin | CA | 309 | 286,348 | JV-55% | |||||
1 | San Marcos | 2601 Hilltop Drive | Richmond | CA | 432 | 407,600 | 2003 | 2003 | EPLP | 8 | ||
1 | Bel Air | 2000 Shoreline Drive | San Ramon | CA | 462 | 391,000 | 1995 | 1988 | EPLP | 23 | ||
1 | Foothill Gardens | 1110 Harness Drive | San Ramon | CA | 132 | 155,100 | 1997 | 1985 | EPLP | 26 | ||
1 | Twin Creeks | 2711-2731 Morgan Drive | San Ramon | CA | 44 | 51,700 | 1997 | 1985 | EPLP | 26 | ||
1 | Canyon Oaks | 1 Amberstone Lane | San Ramon | CA | 250 | 237,894 | 2007 | 2005 | EPLP | 6 | ||
1 | Mill Creek at Windermere | 2100 Waterstone Place | San Ramon | CA | 400 | 381,060 | 2007 | 2005 | EPLP | 6 | ||
5% | 1,720 | 1,624,354 | ||||||||||
San Mateo County | ||||||||||||
1 | Carlmont Woods | 2515 Carlmont Drive | Belmont | CA | 195 | 107,200 | 2004 | 1971 | Fund II | 40 | ||
1 | Harbor Cove | 900 E. Hillsdale Blvd. | Foster City | CA | 400 | 306,600 | 2004 | 1971 | Fund II | 40 | ||
1 | Davey Glen | 200 Davey Glen Road | Belmont | CA | 69 | 65,974 | 2006 | 1962 | Fund II | 49 | ||
1 | Hillsdale Garden | 3421 Edison Avenue | San Mateo | CA | 697 | 611,505 | 2006 | 1948 | JV - 81.5% | 63 | ||
1 | Belmont Terrace | 1606 Continetals Way | Belmont | CA | 71 | 72,951 | 2006 | 1974 | EPLP | 37 | ||
6% | 1,432 | 1,164,230 | ||||||||||
San Francisco and Marin Counties | ||||||||||||
1 | Mt. Sutro Terrace Apartments | 480 Warren Drive | San Francisco | CA | 99 | 64,000 | 1999 | 1973 | EPLP | 38 | ||
1 | Vista Belvedere | 15 Red Hill Circle | Tiburon | CA | 76 | 78,300 | 2004 | 1963 | EPLP | 48 | ||
1 | 1% | 175 | 142,300 | |||||||||
1 | ||||||||||||
Other | ||||||||||||
1 | Tuscana | 315 Mt. Oso | Tracy | CA | 30 | 29,088 | 2007 | 2007 | EPLP | 4 | ||
1 | Harvest Park | 2327 Summercreek Drive | Santa Rosa | CA | 104 | 116,628 | 2007 | 2004 | EPLP | 7 | ||
1 | Chestnut Street Apartments | 143 Chestnut Avenue | Santa Cruz | CA | 96 | 87,640 | 2008 | 2002 | EPLP | 9 | ||
1 | 1% | 230 | 233,356 | |||||||||
42 | Total Northern California | 29% | 9,392 | 8,006,216 | 26 | |||||||
SOUTHERN CALIFORNIA | ||||||||||||
Los Angeles County | ||||||||||||
1 | Cielo | 9733 Topanga Canyon Blvd | Chatsworth | CA | 119 | 125,400 | 2009 | 2009 | Fund II | 2 | ||
1 | Regency at Encino | 15506 Moorpark Street | Encino | CA | 75 | 78,487 | 2009 | 1989 | EPLP | 22 | ||
1 | 416 on Broadway | 412 East Broadway | Glendale | CA | 115 | 126,782 | 2010 | 2009 | EPLP | 2 | ||
1 | Hampton Court | 1136 N. Columbus Avenue | Glendale | CA | 83 | 71,500 | 1999 | 1974 | EPLP | 37 | ||
1 | Hampton Place | 245 W. Loraine Street | Glendale | CA | 132 | 141,500 | 1999 | 1970 | EPLP | 41 | ||
1 | Marbrisa | 1809 Termino Ave. | Long Beach | CA | 202 | 122,800 | 2002 | 1987 | EPLP | 24 | ||
1 | Pathways | 5945 E. Pacific Coast Hwy. | Long Beach | CA | 296 | 197,700 | 1991 | 1975 | EPLP | 36 | ||
1 | Bellerive | 1921 Beloit Avenue | Los Angeles | CA | 63 | 79,296 | 2011 | 2011 | EPLP | 0 | ||
1 | Bunker Hill | 222 and 234 S. Figueroa St. | Los Angeles | CA | 456 | 346,600 | 1998 | 1968 | EPLP | 43 | ||
1 | Cochran Apartments | 612 South Cochran | Los Angeles | CA | 58 | 51,400 | 1998 | 1989 | EPLP | 22 | ||
1 | Kings Road | 733 North Kings Road | Los Angeles | CA | 196 | 132,100 | 1997 | 1979 | EPLP | 32 | ||
1 | Marbella | 600 South Detroit Street | Los Angeles | CA | 60 | 50,108 | 2005 | 1991 | EPLP | 20 | ||
1 | Belmont Station | 1302 West 2nd St. | Los Angeles | CA | 275 | 225,000 | 2009 | 2009 | EPLP | 2 | ||
1 | Park Place | 400 S. Detroit Street | Los Angeles | CA | 60 | 48,000 | 1997 | 1988 | EPLP | 23 | ||
1 | Windsor Court | 401 S. Detroit Street | Los Angeles | CA | 58 | 46,600 | 1997 | 1988 | EPLP | 23 | ||
1 | Renaissance | 630 South Masselin Avenue | Los Angeles | CA | 168 | 154,268 | 2006 | 1990 | Fund II | 21 | ||
1 | Santee Court | 716 S. Los Angeles Street | Los Angeles | CA | 165 | 132,040 | 2010 | 2004 | EPLP | 7 | ||
1 | Santee Village | 743 South Santee Street | Los Angeles | CA | 73 | 69,817 | 2010 | 2011 | EPLP | 0 | ||
1 | Marina City Club | 4333 Admiralty Way | Marina Del Rey | CA | 101 | 127,200 | 2004 | 1971 | EPLP | 40 | ||
1 | Mirabella | 13701 Marina Point Drive | Marina Del Rey | CA | 188 | 176,800 | 2000 | 2000 | EPLP | 11 | ||
1 | Muse | 5451 Vineland Avenue | North Hollywood | CA | 152 | 135,292 | 2011 | 2011 | EPLP | 0 | ||
1 | Monterra del Mar | 280 E. Del Mar Boulevard | Pasadena | CA | 123 | 74,400 | 1997 | 1972 | EPLP | 39 | ||
1 | Monterra del Rey | 350 Madison | Pasadena | CA | 84 | 73,100 | 1999 | 1972 | EPLP | 39 | ||
1 | Monterra del Sol | 280 South Euclid | Pasadena | CA | 85 | 69,200 | 1999 | 1972 | EPLP | 39 | ||
1 | Fountain Park | 13141 Fountain Park Drive | Playa Vista | CA | 705 | 608,900 | 2004 | 2002 | EPLP | 9 | ||
1 | Highridge | 28125 Peacock Ridge Drive | Rancho Palos Verde | CA | 255 | 290,200 | 1997 | 1972 | DownREIT | 39 | ||
1 | Studio 40-41 | 4043 Radford Avenue | Studio City | CA | 149 | 127,238 | 2009 | 2009 | Fund II | 2 | ||
1 | Coldwater Canyon | 4250 Codlwater Canyon | Studio City | CA | 39 | 34,125 | 2007 | 1979 | EPLP | 32 | ||
1 | Allegro | 11945 Magnolia Blvd. | Valley Village | CA | 96 | 127,812 | 2010 | 2010 | EPLP | 1 | ||
1 | Walnut Heights | 20700 San Jose Hills Road | Walnut | CA | 163 | 146,700 | 2003 | 1964 | EPLP | 47 | ||
1 | Fountain at La Brea | 1216-1234 North La Brea Avenue | West Hollywood | CA | 187 | 154,776 | JV - 50% | |||||
1 | Avondale at Warner Center | 22222 Victory Blvd. | Woodland Hills | CA | 446 | 331,000 | 1999 | 1970 | EPLP | 41 | ||
1 | Reveal | 21201 Kittridge Street | Woodland Hills | CA | 438 | 414,892 | 2011 | 2010 | Wesco | 1 | ||
18% | 5,678 | 4,787,144 | ||||||||||
Ventura County | ||||||||||||
1 | Camarillo Oaks | 921 Paseo Camarillo | Camarillo | CA | 564 | 459,000 | 1996 | 1985 | EPLP | 26 | ||
1 | Camino Ruiz Square | 105 Camino Ruiz | Camarillo | CA | 160 | 105,448 | 2006 | 1990 | EPLP | 21 | ||
1 | Arbors at Parc Rose | 1500 Tulipan Circle | Oxnard | CA | 373 | 503,196 | 2011 | 2001 | Wesco | 10 | ||
1 | Mariner's Place | 711 South B Street | Oxnard | CA | 105 | 77,200 | 2000 | 1987 | EPLP | 24 | ||
1 | Tierra Vista | 1750 Montevina Circle | Oxnard | CA | 404 | 387,100 | 2001 | 2001 | EPLP | 10 | ||
1 | Monterey Villas | 1040 Kelp Lane | Oxnard | CA | 122 | 122,100 | 1997 | 1974 | EPLP | 37 | ||
1 | Meadowood | 1733 Cochran Street | Simi Valley | CA | 320 | 264,500 | 1996 | 1986 | EPLP | 25 | ||
1 | Hidden Valley | 5065 Hidden Park Court | Simi Valley | CA | 324 | 310,900 | 2004 | 2004 | DownREIT | 7 | ||
1 | Lofts at Pinehurst,The | 1021 Scandia Avenue | Ventura | CA | 118 | 71,100 | 1997 | 1971 | EPLP | 40 | ||
1 | Hillcrest Park | 1800 West Hillcrest Drive | Newbury Park | CA | 608 | 521,900 | 1998 | 1973 | EPLP | 38 | ||
1 | Pinehurst | 3980 Telegraph Road | Ventura | CA | 28 | 21,200 | 2004 | 1973 | EPLP | 38 | ||
1 | Woodside Village | 675 Providence Ave. | Ventura | CA | 145 | 136,500 | 2004 | 1987 | EPLP | 24 | ||
10% | 3,271 | 2,980,144 |
1
SOUTHERN CALIFORNIA (cont'd) | ||||||||||||
Santa Barbara County | ||||||||||||
1 | Chimney Sweep | 775 Camino Del Sur Drive | Goleta | CA | 91 | 2006 | 1967 | EPLP | 44 | |||
1 | CBC | 6721 El Colegio Drive | Goleta | CA | 148 | 2006 | 1962 | EPLP | 49 | |||
1 | Hope Ranch (Continental Apartments) | 3968-3974 & 3999 Via Lucero | Santa Barbara | CA | 108 | 2007 | 1965 | EPLP | 46 | |||
1 | Hope Ranch (Lucero Village) | 3968-3974 & 3999 Via Lucero | Santa Barbara | CA | 2007 | 1973 | EPLP | 38 | ||||
1% | 347 | 306,608 | ||||||||||
Orange County | ||||||||||||
1 | Anavia | 2045 South State College Blvd. | Anaheim | CA | 250 | 312,343 | 2010 | 2009 | EPLP | 2 | ||
1 | Barkley Apartments | 2400 E. Lincoln Ave. | Anahiem | CA | 161 | 139,800 | 2000 | 1984 | DownREIT | 27 | ||
1 | Valley Park Apartments | 17300 Euclid Ave. | Fountain Valley | CA | 160 | 169,700 | 2001 | 1969 | DownREIT | 42 | ||
1 | Capri at Sunny Hills | 2341 Daphne Place | Fullerton | CA | 100 | 128,100 | 2001 | 1961 | DownREIT | 50 | ||
1 | Wilshire Promenade | 141 West Wilshire Avenue | Fullerton | CA | 149 | 128,000 | 1997 | 1992 | EPLP | 19 | ||
1 | Montejo Apartments | 12911 Dale St. | Garden Grove | CA | 124 | 103,200 | 2001 | 1974 | DownREIT | 37 | ||
1 | Huntington Breakers | 21270 Beach Boulevard | Huntington Beach | CA | 342 | 241,700 | 1997 | 1984 | EPLP | 27 | ||
1 | Axis 2300 | 2300 DuPont Drive | Irvine | CA | 115 | 170,714 | 2010 | 2010 | EPLP | 1 | ||
1 | Hillsborough Park | 1501 South Beach Boulevard | La Habra | CA | 235 | 215,500 | 1999 | 1999 | EPLP | 12 | ||
1 | Trabuco Villas | 25362 Mosswood Way | Lake Forest | CA | 132 | 131,000 | 1997 | 1985 | EPLP | 26 | ||
1 | Fairways Apartments | 2 Pine Valley Lane | Newport Beach | CA | 74 | 107,100 | 1999 | 1972 | EPLP | 39 | ||
1 | Villa Angelina | 201 E. Chapman Ave. | Placentia | CA | 256 | 217,600 | 2001 | 1970 | DownREIT | 41 | ||
1 | Brentwood Apartment Homes | 2301 E. Santa Clara Ave. | Santa Ana | CA | 140 | 154,800 | 2001 | 1970 | DownREIT | 41 | ||
1 | Treehouse Apartments | 2601 N. Grand Ave. | Santa Ana | CA | 164 | 135,700 | 2001 | 1970 | DownREIT | 41 | ||
1 | Essex Skyline at MacArthur Place | 9 & 15 MacArthur Place | Santa Ana | CA | 349 | 512,791 | 2010 | 2008 | JV- 47% | 3 | ||
9% | 2,751 | 2,868,048 | ||||||||||
San Diego County | ||||||||||||
1 | Alpine Country | 2660 Alpine Blvd. | Alpine | CA | 108 | 81,900 | 2002 | 1986 | EPLP | 25 | ||
1 | Alpine Village | 2055 Arnold Way | Alpine | CA | 301 | 254,400 | 2002 | 1971 | EPLP | 40 | ||
1 | Bonita Cedars | 5155 Cedarwood Rd. | Bonita | CA | 120 | 120,800 | 2002 | 1983 | EPLP | 28 | ||
1 | Cambridge | 660 F. St. | Chula Vista | CA | 40 | 22,100 | 2002 | 1965 | EPLP | 46 | ||
1 | Mesa Village | 5265 Clairemont Mesa Blvd. | Clairemont | CA | 133 | 43,600 | 2002 | 1963 | EPLP | 48 | ||
1 | Tierra del Sol/Norte | 989 Peach Ave. | El Cajon | CA | 156 | 117,000 | 2002 | 1969 | EPLP | 42 | ||
1 | Mira Monte | 10360 Maya Linda Rd. | Mira Mesa | CA | 355 | 262,600 | 2002 | 1982 | EPLP | 29 | ||
1 | Country Villas | 283 Douglas Drive | Oceanside | CA | 180 | 179,700 | 2002 | 1976 | EPLP | 35 | ||
1 | Mission Hills | 218 Rancho Del Oro | Oceanside | CA | 282 | 244,000 | 2005 | 1984 | EPLP | 27 | ||
1 | Bluffs II, The | 6466 Friars Road | San Diego | CA | 224 | 126,700 | 1997 | 1974 | EPLP | 37 | ||
1 | Summit Park | 8563 Lake Murray Blvd. | San Diego | CA | 300 | 229,400 | 2002 | 1972 | EPLP | 39 | ||
1 | Vista Capri - North | 3277 Berger Ave. | San Diego | CA | 106 | 51,800 | 2002 | 1975 | EPLP | 36 | ||
1 | Shadow Point | 9830 Dale Ave. | Spring Valley | CA | 172 | 131,200 | 2002 | 1983 | EPLP | 28 | ||
8% | 2,477 | 1,865,200 | ||||||||||
Riverside County | ||||||||||||
1 | Parcwood | 1700 Via Pacifica | Corona | CA | 312 | 270,000 | 2004 | 1989 | Fund II | 22 | ||
1 | Devonshire Apartments | 2770 West Devonshire Ave. | Hemet | CA | 276 | 207,200 | 2002 | 1988 | EPLP | 23 | ||
2% | 588 | 477,200 | ||||||||||
77 | Total Southern California | 47% | 15,112 | 13,284,344 | 27 | |||||||
SEATTLE METROPOLITAN AREA | ||||||||||||
1 | Cedar Terrace | 3205 115th Ave. NE | Bellevue | WA | 180 | 174,200 | 2005 | 1984 | EPLP | 27 | ||
1 | Courtyard Off Main | 136 102nd Avenue SE | Bellevue | WA | 109 | 108,388 | 2010 | 2000 | EPLP | 11 | ||
1 | Emerald Ridge | 3010 118th Avenue SE | Bellevue | WA | 180 | 144,000 | 1994 | 1987 | EPLP | 24 | ||
1 | Foothill Commons | 13800 NE 9th Place | Bellevue | WA | 388 | 288,300 | 1990 | 1978 | EPLP | 33 | ||
1 | Palisades, The | 13808 NE 12th | Bellevue | WA | 192 | 159,700 | 1990 | 1977 | EPLP | 34 | ||
1 | Sammamish View | 16160 SE Eastgate Way | Bellevue | WA | 153 | 133,500 | 1994 | 1986 | EPLP | 25 | ||
1 | Woodland Commons | 13700 NE 10th Place | Bellevue | WA | 236 | 172,300 | 1990 | 1978 | EPLP | 33 | ||
1 | Canyon Pointe | 1630 228th St. SE | Bothell | WA | 250 | 210,400 | 2003 | 1990 | EPLP | 21 | ||
1 | Inglenook Court | 14220 Juanita Drive, NE | Bothell | WA | 224 | 183,600 | 1994 | 1985 | EPLP | 26 | ||
1 | Salmon Run at Perry Creek | 2109 228th Street SE | Bothell | WA | 132 | 117,100 | 2000 | 2000 | EPLP | 11 | ||
1 | Stonehedge Village | 14690 143rd Blvd., NE | Bothell | WA | 196 | 214,800 | 1997 | 1986 | EPLP | 25 | ||
1 | Highlands at Wynhaven | 1460 NE Hawthorne Street | Issaquah | WA | 333 | 424,674 | 2008 | 2000 | EPLP | 11 | ||
1 | Park Hill at Issaquah | 22516 SE 56th Street | Issaquah | WA | 245 | 277,700 | 1999 | 1999 | EPLP | 12 | ||
1 | Wandering Creek | 12910 SE 240th | Kent | WA | 156 | 124,300 | 1995 | 1986 | EPLP | 25 | ||
1 | Bridle Trails | 6600 130th Avenue, NE | Kirkland | WA | 108 | 99,700 | 1997 | 1986 | EPLP | 25 | ||
1 | Evergreen Heights | 12233 NE 131st Way | Kirkland | WA | 200 | 188,300 | 1997 | 1990 | EPLP | 21 | ||
1 | Corbella at Juanita Bay | 9520 NE 120th Street | Kirkland | WA | 169 | 103,339 | 2010 | 1978 | EPLP | 33 | ||
1 | Laurels at Mill Creek | 1110 164th Street SE | Mill Creek | WA | 164 | 134,300 | 1996 | 1981 | EPLP | 30 | ||
1 | Morning Run | 18463 Blueberry Lane | Monroe | WA | 222 | 221,786 | 2005 | 1991 | Fund II | 20 | ||
1 | Anchor Village | 9507 49th Avenue West | Mukilteo | WA | 301 | 245,900 | 1997 | 1981 | DownREIT | 30 | ||
1 | Castle Creek | 7000 132nd Place, SE | Newcastle | WA | 216 | 191,900 | 1998 | 1998 | EPLP | 13 | ||
1 | Elevation | 17202-17325 NE 85th Place | Redmond | WA | 157 | 138,916 | 2010 | 1986 | EPLP | 25 | ||
1 | Redmond Hill East | 18666 Redmond Way | Redmond | WA | 440 | 381,675 | 2011 | 1988 | Wesco | 23 | ||
1 | Redmond Hill West | 6110 186th Place NE | Redmond | WA | 442 | 350,275 | 2011 | 1985 | Wesco | 26 | ||
1 | Brighton Ridge | 2307 NE 4th Street | Renton | WA | 264 | 201,300 | 1996 | 1986 | EPLP | 25 | ||
1 | Fairwood Pond | 14700 SE Petrovitsky Rd. | Renton | WA | 194 | 189,200 | 2004 | 1997 | EPLP | 14 | ||
1 | Forest View | 650 Duvall Ave. NE | Renton | WA | 192 | 182,500 | 2003 | 1998 | EPLP | 13 | ||
1 | The Bernard | 115 Warren Ave North. | Seattle | WA | 63 | 43,151 | 2011 | 2008 | EPLP | 3 | ||
1 | Eastlake 2851 | 2833 - 2851 Eastlake Avenue | Seattle | WA | 133 | 234,086 | 2008 | 2008 | Fund II | 3 | ||
1 | Fountain Court | 2400 4th Street | Seattle | WA | 320 | 207,000 | 2000 | 2000 | EPLP | 11 | ||
1 | Joule | 523 Broadway Avenue, East | Seattle | WA | 295 | 191,109 | 2010 | 2010 | JV - 99% | 1 | ||
1 | Linden Square | 13530 Linden Avenue North | Seattle | WA | 183 | 142,200 | 2000 | 1994 | EPLP | 17 | ||
1 | Queen Anne | 100 Republican | Seattle | WA | 275 | 191,290 | JV - 50% | |||||
1 | The Cairns | 420 Yale Avenue | Seattle | WA | 100 | 70,806 | 2007 | 2006 | EPLP | 5 | ||
1 | Tower @ 801 | 801 Pine Street | Seattle | WA | 173 | 118,500 | 2005 | 1970 | Fund II | 41 | ||
1 | Wharfside Pointe | 3811 14th Avenue West | Seattle | WA | 142 | 119,200 | 1994 | 1990 | EPLP | 21 | ||
1 | Echo Ridge | 34907 SE Kinsey Street | Snoqualmie | WA | 120 | 124,359 | 2005 | 2000 | Fund II | 11 | ||
36 | Total Seattle Metropolitan Area | 22% | 7,572 | 6,612,464 | 20 | |||||||
155 | Apartment Communities | 100% | 32,076 | 27,903,024 | (1) | |||||||
Apartment Communities Under Construction | 1,335 | 1,105,956 | (2) | |||||||||
Avg. square footage | 870 | Definitions for Property Ownership | ||||||||||
Avg. units per property | 207 | EPLP | The Company has a 100% ownership in the community. | |||||||||
Fund II | The community is owned by Fund II. The Company has a 28.2% interest in Fund II which is accounted for using the equity method of accounting. | |||||||||||
Avg. age of property | 25 | Wesco | The community is owned by Wesco I, LLC. The Company has a 50% interest in Wesco I, LLC, which is accounted for using the equity method of accounting. | |||||||||
(1) Includes 203,836 square feet of retail or commercial space | ||||||||||||
(2) Includes 66,675 square feet of estimated retail or commercial space | DownREIT | The Company holds a 1% special limited partner interest in the partnerships which owns the community. In accordance with GAAP, the Company consolidates this community. | ||||||||||
JV - 99% | The Company has a 99% ownership in this development and is consolidated. | |||||||||||
JV - 85% | The Company has a 85% ownership in this retail center and is consolidated. | |||||||||||
JV - 81.5% | The Company has a 81.5% ownership in this community and is consolidated. | |||||||||||
JV-55% | The Company has a 55% ownership in this community and is not consolidated. | |||||||||||
JV - 50% | The Company has a 50% ownership in this community and is not consolidated. | |||||||||||
OTHER REAL ESTATE ASSETS | JV- 47% | The Company has a 47% ownership in this community, which is not consolidated | ||||||||||
Office Buildings | ||||||||||||
Essex Corporate Headquarter Bldg. | 925 / 935 E. Meadow Dr. | Palo Alto | CA | 31,900 | 1997 / 2007 | 1988 / 1962 | EPLP | |||||
Derian Office Building | 17461 Derian Av. | Irvine | CA | 110,000 | 2000 | 1983 | EPLP | |||||
Essex Southern Cal. Office Building | 22110-22120 Clarendon St. | Woodland Hills | CA | 38,940 | 2001 | 1982 | EPLP | |||||
Hollywood | 6230 Sunset Blvd. | Los Angeles | CA | 35,000 | 2006 | 1938 | EPLP | |||||
Santa Clara Retail | 3700 El Camino Real | Santa Clara | CA | 139,000 | 2011 | 1970 | JV - 85% | |||||
354,840 |
2