Exhibit 99.2
Second Quarter 2012
Supplemental Financial Information
During the quarter, the Company began construction on two new development projects in the SoMa district of San Francisco. The two projects will contain 463-units and are expected to begin leasing in Spring 2014. The communities are being developed with an institutional joint venture partner of which the Company’s share is 55%.
Table of Contents
Page | |
Consolidated Operating Results | S-1 – S-2 |
Consolidated Funds From Operations | S-3 |
Consolidated Balance Sheets | S-4 |
Debt Summary – June 30, 2012 | S-5 |
Capitalization Data, Debt Ratings and Selected Debt Ratios – June 30, 2012 | S-6 |
Property Operating Results – Quarters ended June 30, 2012 and 2011 | S-7 |
Property Operating Results – Six months ended June 30, 2012 and 2011 | S-7.1 |
Revenue by County – Quarters ended June 30, 2012, June 30, 2011 and March 31, 2012 | S-8 |
Revenue by County – Six months ended June 30, 2012 and 2011 | S-8.1 |
Development Pipeline – June 30, 2012 | S-9 |
Redevelopment Pipeline and Capital Expenditures – June 30, 2012 | S-10 |
Co-Investments – June 30, 2012 | S-11 |
Summary of Consolidated Co-Investments and Noncontrolling Interest – June 30, 2012 | S-12 |
Income From Discontinued Operations and Selected Financial Data – June 30, 2012 | S-13 |
Assumptions for 2012 FFO Guidance Range | S-14 |
Summary of Apartment Community Acquisitions and Dispositions Activity | S-15 |
MSA Level Forecasts 2012: Supply, Jobs and Apartment Market Conditions | S-16 |
New Residential Supply Data | S-17 |
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 | Six Months Ended | ||||||||||||||
(Dollars in thousands, except per share amounts) | June 30, | June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Revenues: | ||||||||||||||||
Rental and other property | $ | 129,765 | $ | 114,906 | $ | 255,238 | $ | 226,114 | ||||||||
Management and other fees | 2,796 | 1,420 | 5,240 | 2,645 | ||||||||||||
132,561 | 116,326 | 260,478 | 228,759 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating | 42,417 | 39,771 | 82,582 | 78,195 | ||||||||||||
Depreciation | 41,801 | 37,250 | 82,535 | 73,908 | ||||||||||||
General and administrative | 5,764 | 5,385 | 11,164 | 10,659 | ||||||||||||
Cost of management and other fees | 1,611 | 1,073 | 3,251 | 1,997 | ||||||||||||
91,593 | 83,479 | 179,532 | 164,759 | |||||||||||||
Earnings from operations | 40,968 | 32,847 | 80,946 | 64,000 | ||||||||||||
Interest expense before amortization | (24,659 | ) | (22,710 | ) | (49,316 | ) | (44,518 | ) | ||||||||
Amortization expense | (2,882 | ) | (2,736 | ) | (5,754 | ) | (5,590 | ) | ||||||||
Interest and other income | 5,455 | 2,628 | 7,868 | 9,616 | ||||||||||||
Equity income (loss) from co-investments | 3,111 | 726 | 5,451 | (647 | ) | |||||||||||
Gain on remeasurement of co-investment | 21,947 | - | 21,947 | - | ||||||||||||
Loss on early retirement of debt | (1,450 | ) | (253 | ) | (1,450 | ) | (253 | ) | ||||||||
Income before discontinued operations | 42,490 | 10,502 | 59,692 | 22,608 | ||||||||||||
Income from discontinued operations | - | 5,551 | 10,037 | 5,952 | ||||||||||||
Net income | 42,490 | 16,053 | 69,729 | 28,560 | ||||||||||||
Net income attributable to noncontrolling interest | (4,044 | ) | (2,304 | ) | (7,193 | ) | (5,851 | ) | ||||||||
Net income attributable to controlling interest | 38,446 | 13,749 | 62,536 | 22,709 | ||||||||||||
Dividends to preferred stockholders | (1,368 | ) | (1,475 | ) | (2,736 | ) | (2,017 | ) | ||||||||
Excess of cash paid to redeem preferred stock and units over the carrying value | - | (1,949 | ) | - | (1,949 | ) | ||||||||||
Net income available to common stockholders | $ | 37,078 | $ | 10,325 | $ | 59,800 | $ | 18,743 | ||||||||
Net income per share - basic | $ | 1.07 | $ | 0.32 | $ | 1.74 | $ | 0.59 | ||||||||
Net income per share - diluted | $ | 1.07 | $ | 0.32 | $ | 1.74 | $ | 0.59 |
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 | Six Months Ended | ||||||||||||||
Selected Line Item Detail | June 30, | June 30, | ||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other property | ||||||||||||||||
Rental | $ | 120,861 | $ | 107,126 | $ | 237,655 | $ | 210,766 | ||||||||
Other property | 8,904 | 7,780 | 17,583 | 15,348 | ||||||||||||
Rental and other property | $ | 129,765 | $ | 114,906 | $ | 255,238 | $ | 226,114 | ||||||||
Management and other fees | ||||||||||||||||
Management | $ | 2,048 | $ | 1,222 | $ | 4,039 | $ | 2,341 | ||||||||
Development and redevelopment | 748 | 198 | 1,201 | 304 | ||||||||||||
Management and other fees | $ | 2,796 | $ | 1,420 | $ | 5,240 | $ | 2,645 | ||||||||
Property operating expenses | ||||||||||||||||
Real estate taxes | $ | 11,699 | $ | 10,825 | $ | 23,112 | $ | 21,412 | ||||||||
Administrative and insurance | 10,489 | 9,615 | 20,039 | 18,845 | ||||||||||||
Maintenance and repairs | 8,958 | 8,560 | 16,923 | 16,276 | ||||||||||||
Utilities | 8,141 | 7,835 | 16,218 | 15,806 | ||||||||||||
Property management | 3,130 | 2,936 | 6,290 | 5,856 | ||||||||||||
Property operating expenses | $ | 42,417 | $ | 39,771 | $ | 82,582 | $ | 78,195 | ||||||||
General and administrative | ||||||||||||||||
General and administrative | $ | 12,053 | $ | 11,121 | $ | 23,648 | $ | 21,634 | ||||||||
Allocated to cost of management and other fees | (1,611 | ) | (1,073 | ) | (3,251 | ) | (1,997 | ) | ||||||||
Allocated to property operating expenses - administrative | (3,130 | ) | (2,936 | ) | (6,290 | ) | (5,856 | ) | ||||||||
Capitalized to real estate | (1,548 | ) | (1,727 | ) | (2,943 | ) | (3,122 | ) | ||||||||
Net general and administrative | $ | 5,764 | $ | 5,385 | $ | 11,164 | $ | 10,659 | ||||||||
Interest and other income | ||||||||||||||||
Marketable securities and other interest income | $ | 1,652 | $ | 1,443 | $ | 3,152 | $ | 2,906 | ||||||||
Notes receivable | 983 | 1,185 | 1,896 | 2,167 | ||||||||||||
Co-investment promote fee | 2,299 | - | 2,299 | - | ||||||||||||
Gain from sale of marketable securities | 521 | - | 521 | 4,543 | ||||||||||||
Interest and other income | $ | 5,455 | $ | 2,628 | $ | 7,868 | $ | 9,616 | ||||||||
Equity inome (loss) from co-investments | ||||||||||||||||
Equity loss from co-investments | $ | (113 | ) | $ | (688 | ) | $ | (1,029 | ) | $ | (1,827 | ) | ||||
Income from preferred equity investments | 3,224 | 1,414 | 6,480 | 1,180 | ||||||||||||
Equity income (loss) from co-investments | $ | 3,111 | $ | 726 | $ | 5,451 | $ | (647 | ) | |||||||
Noncontrolling interest | ||||||||||||||||
Limited partners of Essex Portfolio, L.P. | $ | 2,502 | $ | 987 | $ | 4,092 | $ | 1,619 | ||||||||
DownREIT limited partners' distributions | 1,099 | 1,050 | 2,198 | 2,119 | ||||||||||||
Perpetual preferred distributions | - | 75 | - | 1,650 | ||||||||||||
Third-party ownership interest | 443 | 192 | 903 | 463 | ||||||||||||
Noncontrolling interest | $ | 4,044 | $ | 2,304 | $ | 7,193 | $ | 5,851 |
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 | Six Months Ended | ||||||||||||||||||||||
(Dollars in thousands, except share and per share amounts) | June 30, | June 30, | ||||||||||||||||||||||
2012 | 2011 | % Change | 2012 | 2011 | % Change | |||||||||||||||||||
Funds from operations | ||||||||||||||||||||||||
Net income available to common stockholders | $ | 37,078 | $ | 10,325 | $ | 59,800 | $ | 18,743 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||
Depreciation | 41,801 | 37,511 | 82,629 | 74,544 | ||||||||||||||||||||
Gains not included in FFO, net of internal disposition costs (1) | (21,947 | ) | (5,265 | ) | (31,730 | ) | (5,265 | ) | ||||||||||||||||
Depreciation add back from unconsolidated co-investments | 3,312 | 1,957 | 7,643 | 4,838 | ||||||||||||||||||||
Noncontrolling interest related to Operating Partnership units | 2,502 | 987 | 4,092 | 1,619 | ||||||||||||||||||||
Depreciation attributable to noncontrolling interest | (303 | ) | (261 | ) | (592 | ) | (523 | ) | ||||||||||||||||
Funds from operations | $ | 62,443 | $ | 45,254 | $ | 121,842 | $ | 93,956 | ||||||||||||||||
FFO per share-diluted | $ | 1.69 | $ | 1.32 | 28.3 | % | $ | 3.32 | $ | 2.76 | 20.5 | % | ||||||||||||
Components of the change in FFO | ||||||||||||||||||||||||
Non-core items: | ||||||||||||||||||||||||
Co-investment promote income | (2,299 | ) | - | (2,299 | ) | - | ||||||||||||||||||
Loss on early retirement of debt | 1,450 | 253 | 1,450 | 253 | ||||||||||||||||||||
Gain on sales of marketable securities | (521 | ) | - | (521 | ) | (4,543 | ) | |||||||||||||||||
Acquisition costs | 312 | 510 | 498 | 840 | ||||||||||||||||||||
Excess of cash paid to redeem preferred stock and units over the carrying value | - | 1,949 | - | 1,949 | ||||||||||||||||||||
Funds from operations excluding non-core items | 61,385 | 47,966 | 120,970 | 92,455 | ||||||||||||||||||||
FFO excluding non-core items per share-diluted | $ | 1.66 | $ | 1.40 | 19.0 | % | $ | 3.30 | $ | 2.71 | 21.6 | % | ||||||||||||
Changes in core items: | ||||||||||||||||||||||||
Same-property NOI | $ | 6,612 | $ | 14,581 | ||||||||||||||||||||
Non-same property NOI | 5,601 | 10,156 | ||||||||||||||||||||||
Management and other fees | 1,376 | 2,595 | ||||||||||||||||||||||
Equity income from co-investments | 3,740 | 8,903 | ||||||||||||||||||||||
Interest and other income | 7 | (25 | ) | |||||||||||||||||||||
Interest and amortization expense | (2,095 | ) | (4,962 | ) | ||||||||||||||||||||
General and administrative | (379 | ) | (505 | ) | ||||||||||||||||||||
Cost of management and other fees | (538 | ) | (1,254 | ) | ||||||||||||||||||||
Perpetual preferred distributions | 75 | 1,650 | ||||||||||||||||||||||
Dividends to preferred stockholders | 107 | (719 | ) | |||||||||||||||||||||
Discontinued operations | (547 | ) | (975 | ) | ||||||||||||||||||||
Other items, net | (540 | ) | (930 | ) | ||||||||||||||||||||
$ | 13,419 | $ | 28,515 | |||||||||||||||||||||
Weighted average number of shares outstanding diluted (2) | 36,947,477 | 34,365,418 | 36,672,683 | 34,079,471 |
(1) | In Q1 2012 the gain from the sale of two communities is net of costs related to a disposition incentive program attributable to the sale of certain communties and selling expenses. No internal disposition cost were recorded in Q2 2012 |
(2) | Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock. |
See Company's 10-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) | ||||||||
June 30, 2012 | December 31, 2011 | |||||||
Real Estate: | ||||||||
Land and land improvements | $ | 901,942 | $ | 860,661 | ||||
Buildings and improvements | 3,702,631 | 3,452,403 | ||||||
4,604,573 | 4,313,064 | |||||||
Less: accumulated depreciation | (995,311 | ) | (920,026 | ) | ||||
3,609,262 | 3,393,038 | |||||||
Real estate for development | 55,343 | 44,280 | ||||||
Co-investments | 436,230 | 383,412 | ||||||
4,100,835 | 3,820,730 | |||||||
Cash and cash equivalents | 27,810 | 35,463 | ||||||
Marketable securities | 114,166 | 74,275 | ||||||
Notes and other receivables | 50,895 | 66,369 | ||||||
Other assets | 45,410 | 40,127 | ||||||
Total assets | $ | 4,339,116 | $ | 4,036,964 | ||||
Mortgage notes payable | $ | 1,615,645 | $ | 1,745,858 | ||||
Unsecured debt | 615,000 | 465,000 | ||||||
Lines of credit | 257,102 | 150,000 | ||||||
Other liabilities | 130,643 | 114,968 | ||||||
Derivative liabilities | 6,022 | 3,061 | ||||||
Total liabilities | 2,624,412 | 2,478,887 | ||||||
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 | 73,750 | ||||||
Additional paid-in-capital | 2,017,445 | 1,844,611 | ||||||
Distributions in excess of accumulated earnings | (425,058 | ) | (408,066 | ) | ||||
Accumulated other comprehensive loss | (72,915 | ) | (72,771 | ) | ||||
Total stockholders' equity | 1,593,225 | 1,437,527 | ||||||
Noncontrolling interest | 117,130 | 116,201 | ||||||
Total stockholders' equity and noncontrolling interest | 1,710,355 | 1,553,728 | ||||||
Total liabilities and equity | $ | 4,339,116 | $ | 4,036,964 |
See Company's 10-Q for additional disclosures
S-4
Debt Summary - June 30, 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Percentage of Total | Balance Outstanding | Weighted Average | Weighted Average Maturity | |||||||||||||
Mortgage notes payable | ||||||||||||||||
Fixed rate - secured | 55 | % | $ | 1,376,690 | 6.0 | % | 6.1 | |||||||||
Variable rate - secured (1) | 9 | % | 238,955 | 1.8 | % | 17.6 | ||||||||||
Total mortgage notes payable | 64 | % | 1,615,645 | 5.4 | % | 7.8 | ||||||||||
Unsecured bonds fixed rate | 17 | % | 415,000 | 4.5 | % | 6.4 | ||||||||||
Unsecured term loan (2) | 8 | % | 200,000 | 2.6 | % | 4.3 | ||||||||||
Line of credit - unsecured (3) | 10 | % | 240,000 | 2.1 | % | |||||||||||
Line of credit - unsecured (4) | 1 | % | 17,102 | 2.1 | % | |||||||||||
Total lines of credit | 11 | % | 257,102 | 2.1 | % | |||||||||||
Total debt | 100 | % | $ | 2,487,747 | 4.6 | % | ||||||||||
Scheduled principal payments (excludes lines of credit) | Weighted Average | |||||||||||||||
2012 | $ | 12,051 | 4.9 | % | ||||||||||||
2013 | 95,060 | 4.1 | % | |||||||||||||
2014 | 66,076 | 5.4 | % | |||||||||||||
2015 | 69,624 | 5.2 | % | |||||||||||||
2016 | 362,783 | 3.4 | % | |||||||||||||
Thereafter | 1,625,051 | 5.3 | % | |||||||||||||
Total | $ | 2,230,645 | 4.9 | % |
Capitalized interest for the three months and six months ended June 30, 2012 was approximately $2.3 million and $3.9 million, respectively.
(1) | $202.3 million of the variable rate debt is tax exempt to the note holders, and $187.8 million of the tax exempt debt is subject to interest rate protection agreements. |
(2) | The unsecured term loan effective August 1, 2012 has a variable interest rate of 130 basis points over LIBOR. The Company has entered into interest rate swap contracts for a term of five years with a notional amount totaling $200 million, which effectively converts the interest rate on $200 million of the term loan to a fixed rate of 2.45%. |
(3) | The unsecured line of credit facility is $500 million with an accordion to $600 million. The line matures in December 2015 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 1.20%. |
(4) | The unsecured line of credit facility is $25 million and matures in January 2014 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 1.20%. |
See Company's 10-Q for additional disclosures
S-5
Capitalization Data, Debt Ratings, and Selected Debt Ratios - June 30, 2012
(Dollars and shares in thousands, except per share amounts)
Capitalization Data | Selected Debt Ratios | ||||||||||||||||||||
Total debt | $ | 2,487,747 | Debt to Total Assets | Total | |||||||||||||||||
Indebtedness | Assets (1) | Ratio | |||||||||||||||||||
Common stock and potentially dilutive securities | 12/31/2009 | 1,847,442 | 4,004,101 | 46 | % | ||||||||||||||||
Common stock outstanding | 35,071 | 12/31/2010 | 2,258,745 | 4,611,218 | 49 | % | |||||||||||||||
Limited partnership units (1) | 2,239 | 12/31/2011 | 2,360,858 | 4,956,990 | 48 | % | |||||||||||||||
Options-treasury method | 164 | 6/30/2012 | 2,487,747 | 5,334,427 | 47 | % | |||||||||||||||
Total share of common stock and potentially dilutive securities | 37,474 | ||||||||||||||||||||
Secured Debt to Total Assets | |||||||||||||||||||||
Common stock price per share as of June 30, 2012 | $ | 153.92 | Secured | Total | |||||||||||||||||
Indebtedness | Assets (1) | Ratio | |||||||||||||||||||
Market value of common stock and potentially dilutive securities | $ | 5,767,998 | 12/31/2009 | 1,832,549 | 4,004,101 | 46 | % | ||||||||||||||
12/31/2010 | 2,082,745 | 4,611,218 | 45 | % | |||||||||||||||||
Preferred stock | $ | 73,079 | 12/31/2011 | 1,745,858 | 4,956,990 | 35 | % | ||||||||||||||
6/30/2012 | 1,615,645 | 5,334,427 | 30 | % | |||||||||||||||||
Total equity capitalization | $ | 5,841,077 | |||||||||||||||||||
Total Interest Coverage | Adjusted | Total | |||||||||||||||||||
Total market capitalization | $ | 8,328,824 | EBITDA (2) | Interest (3) | Ratio | ||||||||||||||||
12/31/2009 | 257,551 | 91,651 | 281 | % | |||||||||||||||||
Ratio of debt to total market capitalization | 29.9 | % | 12/31/2010 | 257,899 | 92,232 | 280 | % | ||||||||||||||
12/31/2011 | 300,790 | 99,934 | 301 | % | |||||||||||||||||
6/30/2012 | 353,258 | 104,125 | 339 | % | |||||||||||||||||
(1) Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock. | Indebtedness Divided by Adjusted EBITDA | ||||||||||||||||||||
Indebtedness | Adjusted EBITDA (2) | Ratio | |||||||||||||||||||
12/31/2009 | 1,847,442 | 257,551 | 7.2 | ||||||||||||||||||
12/31/2010 | 2,258,745 | 257,899 | 8.8 | ||||||||||||||||||
12/31/2011 | 2,360,858 | 300,790 | 7.8 | ||||||||||||||||||
Rating Agency | Rating | Outlook | 6/30/2012 | 2,487,747 | 353,258 | 7.0 | |||||||||||||||
Fitch | BBB | Positive | |||||||||||||||||||
Moody's | Baa2 | Stable | (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, gain/loss of co-investment and impairment charges. 6/30/12 values reflect YTD results annualized. (3) Total Interest is comprised of total interest expense, less amortization expense, plus capitalized interest. | ||||||||||||||||||
Standard & Poors | BBB | Stable | |||||||||||||||||||
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 June 30, 2012 and 2011
(Dollars in thousands, except per unit amounts)
Southern California | Northern California | Seattle Metro | Other real estate assets (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | % Change | 2012 | 2011 | % Change | 2012 | 2011 | % Change | 2012 | 2011 | 2012 | 2011 | % Change | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property revenue | $ | 56,437 | $ | 54,542 | 3.5 | % | $ | 39,420 | $ | 35,956 | 9.6 | % | $ | 21,060 | $ | 19,510 | 7.9 | % | $ | - | $ | - | $ | 116,917 | $ | 110,008 | 6.3 | % | ||||||||||||||||||||||||||||
Non-same property revenue (2) | 4,919 | 788 | 3,150 | 594 | 1,608 | 700 | 3,171 | 2,816 | 12,848 | 4,898 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 61,356 | $ | 55,330 | $ | 42,570 | $ | 36,550 | $ | 22,668 | $ | 20,210 | $ | 3,171 | $ | 2,816 | $ | 129,765 | $ | 114,906 | ||||||||||||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | $ | 4,734 | $ | 4,703 | $ | 3,750 | $ | 3,692 | $ | 1,779 | $ | 1,687 | $ | - | $ | - | $ | 10,263 | $ | 10,082 | ||||||||||||||||||||||||||||||||||||
Administrative and insurance | 5,071 | 5,080 | 2,746 | 2,627 | 1,740 | 1,701 | - | - | 9,557 | 9,408 | ||||||||||||||||||||||||||||||||||||||||||||||
Maintenance and repairs | 3,989 | 3,992 | 2,646 | 2,563 | 1,515 | 1,594 | - | - | 8,150 | 8,149 | ||||||||||||||||||||||||||||||||||||||||||||||
Utilities | 3,319 | 3,480 | 2,533 | 2,485 | 1,646 | 1,587 | - | - | 7,498 | 7,552 | ||||||||||||||||||||||||||||||||||||||||||||||
Management fees | 1,352 | 1,348 | 838 | 822 | 604 | 604 | - | - | 2,794 | 2,774 | ||||||||||||||||||||||||||||||||||||||||||||||
Total same-property operating expenses | 18,465 | 18,603 | -0.7 | % | 12,513 | 12,189 | 2.7 | % | 7,284 | 7,173 | 1.5 | % | - | - | $ | 38,262 | $ | 37,965 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Non-same property operating expenses (2) | 1,784 | 554 | 832 | 262 | 543 | 263 | 996 | 727 | 4,155 | 1,806 | ||||||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses | $ | 20,249 | $ | 19,157 | $ | 13,345 | $ | 12,451 | $ | 7,827 | $ | 7,436 | $ | 996 | $ | 727 | $ | 42,417 | $ | 39,771 | ||||||||||||||||||||||||||||||||||||
Net operating income (NOI): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property NOI | $ | 37,972 | $ | 35,939 | 5.7 | % | $ | 26,907 | $ | 23,767 | 13.2 | % | $ | 13,776 | $ | 12,337 | 11.7 | % | $ | - | $ | - | $ | 78,655 | $ | 72,043 | 9.2 | % | ||||||||||||||||||||||||||||
Non-same property NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redevelopment communities | - | - | - | - | 471 | 437 | - | - | 471 | 437 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2012 (3) | 1,584 | - | 264 | - | - | - | - | - | 1,848 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2011 (4) | - | - | 519 | 330 | 594 | - | 1,113 | 330 | ||||||||||||||||||||||||||||||||||||||||||||||||
Development communities (5) | 1,551 | 234 | 1,535 | 2 | - | - | - | - | 3,086 | 236 | ||||||||||||||||||||||||||||||||||||||||||||||
Other real estate assets (1) | - | - | - | - | - | - | 2,175 | 2,089 | 2,175 | 2,089 | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-same property NOI | 3,135 | 234 | 2,318 | 332 | 1,065 | 437 | 2,175 | 2,089 | 8,693 | 3,092 | ||||||||||||||||||||||||||||||||||||||||||||||
Total NOI | $ | 41,107 | $ | 36,173 | $ | 29,225 | $ | 24,099 | $ | 14,841 | $ | 12,774 | $ | 2,175 | $ | 2,089 | $ | 87,348 | $ | 75,135 | ||||||||||||||||||||||||||||||||||||
Same-property operating margin | 67 | % | 66 | % | 68 | % | 66 | % | 65 | % | 63 | % | 67 | % | 65 | % | ||||||||||||||||||||||||||||||||||||||||
Annualized same-property turnover percentage | 57 | % | 53 | % | 55 | % | 49 | % | 50 | % | 49 | % | 54 | % | 51 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property concessions per turn (6) | $ | 125 | $ | 141 | $ | 120 | $ | 127 | $ | 106 | $ | 82 | $ | 119 | $ | 126 | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of apartment units at end of period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property apartment units | 12,556 | 7,701 | 5,743 | 26,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated apartment units | 13,656 | 13,068 | 8,206 | 7,817 | 6,168 | 5,979 | 28,030 | 26,864 | ||||||||||||||||||||||||||||||||||||||||||||||||
Joint venture | 1,560 | 1,470 | 1,895 | 1,575 | 1,530 | 648 | 4,985 | 3,693 | ||||||||||||||||||||||||||||||||||||||||||||||||
Under development | 492 | 136 | 1,728 | 873 | 275 | 275 | 2,495 | 1,284 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total apartment units at end of period | 15,708 | 14,674 | 11,829 | 10,265 | 7,973 | 6,902 | 35,510 | 31,841 | ||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | 45 | % | 46 | % | 33 | % | 32 | % | 22 | % | 22 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property financial occupancy | 95.9 | % | 96.6 | % | 96.6 | % | 97.2 | % | 96.1 | % | 96.7 | % | 96.2 | % | 96.8 | % |
(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, 2011 were either acquired or in a stage of development or redevelopment without stabilized operations. |
(3) | Acquired communities during 2012 includes Reed Square, Park Catalina, The Huntington, and Essex Skyline at MacArthur Place. |
(4) | Acquired communities during 2011 includes 1000 Kiely, Bernard and Delano (which includes Bon Terra acquired in Janaury 2012, but results are included as part of Delano). |
(5) | Development communities include Allegro, Bellerive, Muse, Santee Village and Via. |
(6) | 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. |
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 - Six Months ended June 30, 2012 and 2011
(Dollars in thousands, except per unit amounts)
Southern California | Northern California | Seattle Metro | Other real estate assets (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | % Change | 2012 | 2011 | % Change | 2012 | 2011 | % Change | 2012 | 2011 | 2012 | 2011 | % Change | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property revenue | $ | 112,627 | $ | 108,238 | 4.1 | % | $ | 78,227 | $ | 71,259 | 9.8 | % | $ | 41,853 | $ | 38,592 | 8.4 | % | $ | - | $ | 232,707 | $ | 218,089 | 6.7 | % | ||||||||||||||||||||||||||||||
Non-same property revenue (2) | 7,289 | 955 | 5,965 | 608 | 3,124 | 1,374 | 6,153 | 5,088 | 22,531 | 8,025 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 119,916 | $ | 109,193 | $ | 84,192 | $ | 71,867 | $ | 44,977 | $ | 39,966 | $ | 6,153 | $ | 5,088 | $ | 255,238 | $ | 226,114 | ||||||||||||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | $ | 9,468 | $ | 9,387 | $ | 7,500 | $ | 7,432 | $ | 3,559 | $ | 3,433 | $ | - | $ | - | $ | 20,527 | $ | 20,252 | ||||||||||||||||||||||||||||||||||||
Administrative and insurance | 9,959 | 9,990 | 5,169 | 5,130 | 3,195 | 3,227 | - | - | 18,323 | 18,347 | ||||||||||||||||||||||||||||||||||||||||||||||
Maintenance and repairs | 7,494 | 7,646 | 5,083 | 4,925 | 2,969 | 3,008 | - | - | 15,546 | 15,579 | ||||||||||||||||||||||||||||||||||||||||||||||
Utilities | 6,770 | 7,013 | 5,012 | 5,037 | 3,296 | 3,246 | - | - | 15,078 | 15,296 | ||||||||||||||||||||||||||||||||||||||||||||||
Management fees | 2,705 | 2,698 | 1,673 | 1,643 | 1,208 | 1,208 | - | - | 5,586 | 5,549 | ||||||||||||||||||||||||||||||||||||||||||||||
Total same-property operating expenses | 36,396 | 36,734 | -0.9 | % | 24,437 | 24,167 | 1.1 | % | 14,227 | 14,122 | 0.7 | % | - | - | 75,060 | 75,023 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
Non-same property operating expenses (2) | 2,583 | 900 | 1,587 | 262 | 1,077 | 513 | 2,275 | 1,497 | 7,522 | 3,172 | ||||||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses | $ | 38,979 | $ | 37,634 | $ | 26,024 | $ | 24,429 | $ | 15,304 | $ | 14,635 | $ | 2,275 | $ | 1,497 | $ | 82,582 | $ | 78,195 | ||||||||||||||||||||||||||||||||||||
Net operating income (NOI): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property NOI | $ | 76,231 | $ | 71,504 | 6.6 | % | $ | 53,790 | $ | 47,092 | 14.2 | % | $ | 27,626 | $ | 24,470 | 12.9 | % | $ | - | $ | - | $ | 157,647 | $ | 143,066 | 10.2 | % | ||||||||||||||||||||||||||||
Non-same property NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redevelopment communities | - | - | - | - | 957 | 861 | - | - | 957 | 861 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2012 (3) | 1,583 | - | 432 | - | - | - | - | - | 2,015 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2011 (4) | - | - | 1,030 | 344 | 1,090 | - | - | - | 2,120 | 344 | ||||||||||||||||||||||||||||||||||||||||||||||
Development communities (5) | 3,123 | 55 | 2,916 | 2 | - | - | - | - | 6,039 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||
Other real estate assets (1) | - | - | - | - | - | - | 3,878 | 3,591 | 3,878 | 3,591 | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-same property NOI | 4,706 | 55 | 4,378 | 346 | 2,047 | 861 | 3,878 | 3,591 | 15,009 | 4,853 | ||||||||||||||||||||||||||||||||||||||||||||||
Total NOI | $ | 80,937 | $ | 71,559 | $ | 58,168 | $ | 47,438 | $ | 29,673 | $ | 25,331 | $ | 3,878 | $ | 3,591 | $ | 172,656 | $ | 147,919 | ||||||||||||||||||||||||||||||||||||
Same-property operating margin | 68 | % | 66 | % | 69 | % | 66 | % | 66 | % | 63 | % | 68 | % | 66 | % | ||||||||||||||||||||||||||||||||||||||||
Annualized same-property turnover percentage | 52 | % | 47 | % | 49 | % | 43 | % | 45 | % | 42 | % | 50 | % | 45 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property concessions per turn (6) | $ | 148 | $ | 165 | $ | 119 | $ | 169 | $ | 123 | $ | 107 | $ | 134 | $ | 156 | ||||||||||||||||||||||||||||||||||||||||
Average same-property financial occupancy | 96.3 | % | 96.4 | % | 97.0 | % | 97.1 | % | 96.4 | % | 96.7 | % | 96.5 | % | 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 January 1, 2011 were either acquired or in a stage of development or redevelopment without stabilized operations. |
(3) | Acquired communities during 2012 includes Reed Square, Park Catalina, The Huntington, and Essex Skyline at MacArthur Place. |
(4) | Acquired communities during 2011 includes 1000 Kiely, Bernard and Delano (which includes Bon Terra acquired in Janaury 2012, but results are included as part of Delano). |
(5) | Development communities include Allegro, Bellerive, Muse, Santee Village and Via. |
(6) | 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. |
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 June 30, 2012, June 30, 2011 and March 31, 2012
(Dollars in thousands)
Average Property Rental Rates | Three months ended June 30, 2012 | Three months ended June 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||
Region | Units | QTD 2012 | QTD 2011 | % Change | Property Revenue | Financial Occupancy | Property Revenue | Financial Occupancy | Property Revenue % Change | Property Revenue March 31, 2012 | Sequential % Change | |||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||||||||
Los Angeles County | 4,420 | $ | 1,663 | $ | 1,582 | 5.1 | % | $ | 22,443 | 96.1 | % | $ | 21,396 | 96.6 | % | 4.9 | % | $ | 22,329 | 0.5 | % | |||||||||||||||||||||||
Ventura County | 2,898 | 1,352 | 1,312 | 3.0 | % | 12,040 | 96.0 | % | 11,720 | 96.9 | % | 2.7 | % | 12,018 | 0.2 | % | ||||||||||||||||||||||||||||
San Diego County | 2,213 | 1,188 | 1,156 | 2.8 | % | 8,108 | 96.3 | % | 7,904 | 96.5 | % | 2.6 | % | 8,090 | 0.2 | % | ||||||||||||||||||||||||||||
Orange County | 2,402 | 1,592 | 1,539 | 3.4 | % | 11,536 | 95.9 | % | 11,124 | 96.4 | % | 3.7 | % | 11,466 | 0.6 | % | ||||||||||||||||||||||||||||
Santa Barbara County | 347 | 1,673 | 1,666 | 0.4 | % | 1,678 | 92.8 | % | 1,753 | 97.9 | % | -4.3 | % | 1,671 | 0.4 | % | ||||||||||||||||||||||||||||
Riverside County | 276 | 785 | 748 | 4.9 | % | 632 | 91.6 | % | 645 | 96.8 | % | -2.0 | % | 617 | 2.4 | % | ||||||||||||||||||||||||||||
Total same-property | 12,556 | 1,475 | 1,420 | 3.9 | % | 56,437 | 95.9 | % | 54,542 | 96.6 | % | 3.5 | % | 56,191 | 0.4 | % | ||||||||||||||||||||||||||||
Los Angeles County | 475 | 1,984 | 2,427 | 788 | ||||||||||||||||||||||||||||||||||||||||
Orange County | 625 | 2,252 | 2,492 | - | ||||||||||||||||||||||||||||||||||||||||
Non-same property | 1,100 | 2,137 | 4,919 | 788 | ||||||||||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||||||||
Santa Clara County | 3,266 | 1,761 | 1,562 | 12.7 | % | 17,499 | 97.0 | % | 15,598 | 97.5 | % | 12.2 | % | 17,107 | 2.3 | % | ||||||||||||||||||||||||||||
Contra Costa County | 1,720 | 1,592 | 1,474 | 8.0 | % | 8,304 | 95.9 | % | 7,746 | 97.2 | % | 7.2 | % | 8,249 | 0.7 | % | ||||||||||||||||||||||||||||
Alameda County | 1,542 | 1,498 | 1,397 | 7.2 | % | 7,209 | 96.6 | % | 6,750 | 96.6 | % | 6.8 | % | 7,157 | 0.7 | % | ||||||||||||||||||||||||||||
San Mateo County | 768 | 1,800 | 1,611 | 11.7 | % | 4,290 | 97.4 | % | 3,837 | 97.8 | % | 11.8 | % | 4,165 | 3.0 | % | ||||||||||||||||||||||||||||
San Francisco MSA | 175 | 2,013 | 1,885 | 6.8 | % | 1,042 | 94.4 | % | 969 | 94.1 | % | 7.5 | % | 1,045 | -0.3 | % | ||||||||||||||||||||||||||||
Other | 230 | 1,535 | 1,504 | 2.1 | % | 1,076 | 96.6 | % | 1,056 | 98.1 | % | 1.9 | % | 1,084 | -0.7 | % | ||||||||||||||||||||||||||||
Total same-property | 7,701 | 1,674 | 1,520 | 10.1 | % | 39,420 | 96.6 | % | 35,956 | 97.2 | % | 9.6 | % | 38,807 | 1.6 | % | ||||||||||||||||||||||||||||
Santa Clara County | 505 | 2,023 | 3,150 | 594 | ||||||||||||||||||||||||||||||||||||||||
Non-same property | 505 | 2,023 | 3,150 | 594 | ||||||||||||||||||||||||||||||||||||||||
Seattle Metro | ||||||||||||||||||||||||||||||||||||||||||||
King County | 5,278 | 1,185 | 1,090 | 8.7 | % | 19,821 | 96.4 | % | 18,335 | 96.7 | % | 8.1 | % | 19,552 | 1.4 | % | ||||||||||||||||||||||||||||
Snohomish County | 465 | 868 | 789 | 10.0 | % | 1,239 | 93.4 | % | 1,175 | 96.6 | % | 5.4 | % | 1,242 | -0.2 | % | ||||||||||||||||||||||||||||
Total same-property | 5,743 | 1,160 | 1,066 | 8.9 | % | 21,060 | 96.1 | % | 19,510 | 96.7 | % | 7.9 | % | 20,794 | 1.3 | % | ||||||||||||||||||||||||||||
King County | 425 | 1,180 | 1,608 | 700 | ||||||||||||||||||||||||||||||||||||||||
Non-same property | 425 | 1,180 | 1,608 | 700 | ||||||||||||||||||||||||||||||||||||||||
Other real estate assets | 3,171 | 2,816 | ||||||||||||||||||||||||||||||||||||||||||
Total same-property revenue | 26,000 | $ | 1,464 | $ | 1,371 | 6.8 | % | $ | 116,917 | 96.2 | % | $ | 110,008 | 96.8 | % | 6.3 | % | $ | 115,792 | 1.0 | % | |||||||||||||||||||||||
Total non-same property revenue | 2,030 | $ | 2,143 | $ | 12,848 | $ | 4,898 |
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 - Six Months ended June 30, 2012 and 2011
(Dollars in thousands)
Average Property Rental Rates | Six months ended June 30, 2012 | Six months ended June 30, 2011 | ||||||||||||||||||||||||||||||||||
Region | Units | YTD 2012 | YTD 2011 | % Change | Property Revenue | Financial Occupancy | Property Revenue | Financial Occupancy | Property Revenue % Change | |||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||
Los Angeles County | 4,420 | $ | 1,651 | $ | 1,576 | 4.8 | % | $ | 44,771 | 96.7 | % | $ | 42,452 | 96.3 | % | 5.5 | % | |||||||||||||||||||
Ventura County | 2,898 | 1,345 | 1,305 | 3.1 | % | 24,058 | 96.4 | % | 23,307 | 96.7 | % | 3.2 | % | |||||||||||||||||||||||
San Diego County | 2,213 | 1,186 | 1,149 | 3.2 | % | 16,198 | 96.2 | % | 15,768 | 96.6 | % | 2.7 | % | |||||||||||||||||||||||
Orange County | 2,402 | 1,583 | 1,534 | 3.2 | % | 23,002 | 96.1 | % | 21,911 | 95.8 | % | 5.0 | % | |||||||||||||||||||||||
Santa Barbara County | 347 | 1,668 | 1,663 | 0.3 | % | 3,350 | 94.0 | % | 3,533 | 98.5 | % | -5.2 | % | |||||||||||||||||||||||
Riverside County | 276 | 781 | 743 | 5.1 | % | 1,248 | 91.1 | % | 1,267 | 95.3 | % | -1.5 | % | |||||||||||||||||||||||
Total same-property | 12,556 | 1,467 | 1,414 | 3.7 | % | 112,627 | 96.3 | % | 108,238 | 96.4 | % | 4.1 | % | |||||||||||||||||||||||
Los Angeles County | 475 | 1,981 | 4,797 | 955 | ||||||||||||||||||||||||||||||||
Orange County | 625 | 2,252 | 2,492 | - | ||||||||||||||||||||||||||||||||
Non-same property | 1,100 | 2,135 | 7,289 | 955 | ||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||
Santa Clara County | 3,266 | 1,735 | 1,543 | 12.4 | % | 34,606 | 97.3 | % | 30,863 | 97.6 | % | 12.1 | % | |||||||||||||||||||||||
Contra Costa County | 1,720 | 1,579 | 1,464 | 7.9 | % | 16,553 | 96.3 | % | 15,329 | 96.6 | % | 8.0 | % | |||||||||||||||||||||||
Alameda County | 1,542 | 1,487 | 1,390 | 7.0 | % | 14,365 | 96.6 | % | 13,420 | 96.7 | % | 7.0 | % | |||||||||||||||||||||||
San Mateo County | 768 | 1,774 | 1,595 | 11.2 | % | 8,455 | 97.5 | % | 7,593 | 97.6 | % | 11.4 | % | |||||||||||||||||||||||
San Francisco MSA | 175 | 1,981 | 1,869 | 6.0 | % | 2,087 | 96.2 | % | 1,964 | 96.1 | % | 6.3 | % | |||||||||||||||||||||||
Other | 230 | 1,530 | 1,498 | 2.1 | % | 2,161 | 97.3 | % | 2,090 | 97.4 | % | 3.4 | % | |||||||||||||||||||||||
Total same-property | 7,701 | 1,654 | 1,506 | 9.8 | % | 78,227 | 97.0 | % | 71,259 | 97.1 | % | 9.8 | % | |||||||||||||||||||||||
Santa Clara County | 505 | 1,962 | 5,965 | 608 | ||||||||||||||||||||||||||||||||
Non-same property | 505 | 1,962 | 5,965 | 608 | ||||||||||||||||||||||||||||||||
Seattle Metro | ||||||||||||||||||||||||||||||||||||
King County | 5,278 | 1,171 | 1,079 | 8.5 | % | 39,372 | 96.7 | % | 36,284 | 96.7 | % | 8.5 | % | |||||||||||||||||||||||
Snohomish County | 465 | 855 | 783 | 9.2 | % | 2,481 | 94.1 | % | 2,308 | 95.9 | % | 7.5 | % | |||||||||||||||||||||||
Total same-property | 5,743 | 1,146 | 1,055 | 8.6 | % | 41,853 | 96.4 | % | 38,592 | 96.7 | % | 8.4 | % | |||||||||||||||||||||||
King County | 425 | 1,154 | 3,124 | 1,374 | ||||||||||||||||||||||||||||||||
Non-same property | 425 | 1,154 | 3,124 | 1,374 | ||||||||||||||||||||||||||||||||
Other real estate assets | 6,153 | 5,088 | ||||||||||||||||||||||||||||||||||
Total same-property revenue | 26,000 | $ | 1,451 | $ | 1,362 | 6.5 | % | $ | 232,707 | 96.5 | % | $ | 218,089 | 96.7 | % | 6.7 | % | |||||||||||||||||||
Total non-same property revenue | 2,030 | $ | 2,122 | $ | 22,531 | $ | 8,025 |
See Company's 10-Q for additional disclosures
S-8.1
Development Pipeline - June 30, 2012
(Dollars in millions)
Ownership % | Estimated Units | Estimated retail sq. feet | Incurred to Date | Remaining Costs | Estimated Total Cost | Construction Start | Initial Occupancy | Stabilized Operations | |||||||||||||||||||||||
Development Projects - Consolidated | |||||||||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||||||||
64th & Christie | Emeryville, CA | 100 | % | 190 | - | $ | 9.5 | $ | 48.7 | $ | 58.2 | Jul-12 | Aug-14 | Feb-15 | |||||||||||||||||
Valley Village | Valley Village, CA | (1 | ) | 121 | - | 1.3 | 36.3 | 37.6 | Jul-12 | Mar-14 | Aug-14 | ||||||||||||||||||||
Total - Consolidated Development Projects | 311 | - | 10.8 | 85.0 | 95.8 | ||||||||||||||||||||||||||
Development Projects - Joint Venture | |||||||||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||||||||
Expo | Seattle, WA | 50 | % | 275 | 17,000 | 52.2 | 23.8 | 76.0 | May-11 | Oct-12 | Jun-13 | ||||||||||||||||||||
Epic - Phase I and II | San Jose, CA | 55 | % | 569 | - | 95.3 | 96.3 | 191.6 | Aug-11 | May-13 | Dec-14 | ||||||||||||||||||||
Lync (formerly West Dublin) | Dublin, CA | 55 | % | 309 | - | 35.8 | 58.7 | 94.5 | Aug-11 | Jun-13 | Mar-14 | ||||||||||||||||||||
Fountain at La Brea | West Hollywood, CA | 50 | % | 187 | 18,200 | 36.0 | 39.0 | 75.0 | Oct-11 | Jan-14 | Jul-14 | ||||||||||||||||||||
Santa Monica at La Brea | West Hollywood, CA | 50 | % | 184 | 12,750 | 30.7 | 44.7 | 75.4 | Dec-11 | Jun-14 | Dec-14 | ||||||||||||||||||||
Folsom and Fifth | San Francisco, CA | 55 | % | 463 | 9,300 | 64.4 | 185.6 | 250.0 | Jun-12 | Apr-14 | Mar-15 | ||||||||||||||||||||
Elkhorn (2) | San Mateo, CA | 55 | % | 197 | - | 13.7 | 62.4 | 76.1 | Aug-12 | Jun-14 | Dec-14 | ||||||||||||||||||||
Total - Joint Venture Development Projects | 2,184 | 57,250 | 328.1 | 510.5 | 838.6 | ||||||||||||||||||||||||||
Predevelopment Projects - Joint Venture | |||||||||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||||||||
Epic - Phase III | San Jose, CA | 55 | % | 192 | - | 19.8 | - | 19.8 | |||||||||||||||||||||||
Total - Joint Venture Predevelopment Projects | 192 | - | 19.8 | - | 19.8 | ||||||||||||||||||||||||||
Land Held for Future Development or Sale | |||||||||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||||||||
City Centre | Moorpark, CA | 200 | - | - | - | - | |||||||||||||||||||||||||
Park Boulevard | Palo Alto, CA | 50 | - | - | - | - | |||||||||||||||||||||||||
Main Street | Walnut Creek, CA | 48 | 37,000 | - | - | - | |||||||||||||||||||||||||
Total - Land Held for Future Development or Sale | 298 | 37,000 | 44.5 | - | 44.5 | ||||||||||||||||||||||||||
Grand Total - Development Pipeline | 2,985 | 94,250 | $ | 403.2 | $ | 595.5 | $ | 998.7 |
(1) | The Company invested $1.3 million as part of an agreement to purchase the property upon receipt of temporary certificate of occupancy for total estimated costs of $37.6 million,which is expected in the first quarter of 2014. |
(2) | In August, the Company and its joint venture partner expect to acquire the property which is held as a note receivable secured by land. |
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 - June 30, 2012
(Dollars in thousands, except per unit amounts)
Total | Estimated | Estimated | NOI | ||||||||||||||||||||||
Incurred | Remaining | Total | Project | For the six months ended | |||||||||||||||||||||
Region/Project Name | Units | To Date | Cost | Cost | Start Date | Q2 2012 | Q2 2011 | ||||||||||||||||||
Same-property - Redevelopment Projects (1) (2) | |||||||||||||||||||||||||
Northern California | |||||||||||||||||||||||||
Marina Cove, Santa Clara, CA | 292 | $ | 5,653 | $ | 4,205 | $ | 9,858 | Jun-07 | |||||||||||||||||
Pointe at Cupertino, Cupertino, CA | 116 | 6,691 | 2,373 | 9,064 | Jan-10 | ||||||||||||||||||||
Magnolia Square, Sunnyvale, CA | 188 | 6,580 | 6,701 | 13,281 | Sep-10 | ||||||||||||||||||||
Southern California | |||||||||||||||||||||||||
The Bluffs II, San Diego, CA | 224 | 5,465 | 4,250 | 9,715 | Oct-11 | ||||||||||||||||||||
Total Same-property - Redevelopment Projects | 820 | $ | 24,389 | $ | 17,529 | $ | 41,918 | $ | 5,849 | $ | 5,006 | ||||||||||||||
Non-same property - Redevelopment Projects | |||||||||||||||||||||||||
Seattle Metro | |||||||||||||||||||||||||
Woodland Commons, Bellevue, WA (3) | 236 | 10,980 | 10,592 | 21,572 | Jun-07 | ||||||||||||||||||||
Total None-same property - Redevelopment Projects | 236 | $ | 10,980 | $ | 10,592 | $ | 21,572 | $ | 957 | $ | 861 |
(1) | Redevelopment activities are ongoing at these communities, but the communities have stabilized operations, therefore results are classified in same-property operations. |
(2) | The Company's consolidated communities incurred $0.4 million and $0.6 milllion respectively, during the three and six months ended June 30, 2012 related to redevelopment of unit interiors which totaled 209 and 310 units during the three and six months ended June 30, 2012, respectively. The Company's co-investments incurred $0.1 million during the six months ended June 30, 2012 related to the redevelopment of unit turns which totaled 63 units. |
(3) | The Company is building 66 additional apartment homes expected to be available for lease in the third quarter of 2012, and the total estimated cost includes the completion of a new leasing office, pool area, fitness center, other common area amenties, and interior unit turns. |
Non-revenue Generating Capital Expenditures | Q2 2012 | Q1 2012 | Q4 2011 | Q3 2011 | Q2 2011 | |||||||||||||||
Non-revenue generating capital expenditures | $ | 5,840 | $ | 1,200 | $ | 12,144 | $ | 6,235 | $ | 4,778 | ||||||||||
Average apartment units in quarter | 27,457 | 27,221 | 27,241 | 26,964 | 26,944 | |||||||||||||||
Capital expenditures per apartment unit in the quarter | $ | 213 | $ | 44 | $ | 446 | $ | 231 | $ | 177 | ||||||||||
Capital expenditures per apartment unit-trailing four quarters | $ | 926 | $ | 895 | $ | 958 | $ | 892 | $ | 966 |
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 - June 30, 2012 | Essex | Total | Essex | Weighted | Remaining | For the Quarter | For the Six Months | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Ownership | Undepreciated | Debt | Book | Average | Term of | Ended June 30, | Ended June 30, | ||||||||||||||||||||||||||||||||||||
Percentage | Units | Book Value | Amount | Value | Borrowing Rate | Debt | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Operating Joint Ventures | Net Operating Income | |||||||||||||||||||||||||||||||||||||||||||
Essex Apartment Value Fund II, L.P. (Fund II) (1) | 28.2 | % | 2,972 | $ | 602,745 | $ | 294,308 | $ | 61,560 | 3.4 | % | 5.4 | $ | 8,735 | $ | 7,947 | $ | 17,630 | $ | 15,541 | ||||||||||||||||||||||||
Wesco I, LLC (2) | 50 | % | 2,013 | 431,557 | 264,535 | 83,919 | 3.8 | % | 6.6 | 5,398 | 750 | 10,701 | 749 | |||||||||||||||||||||||||||||||
Total operating joint venture investments (3) | 4,985 | $ | 1,034,302 | $ | 558,843 | $ | 145,479 | 3.6 | % | 6.0 | $ | 14,133 | $ | 8,697 | $ | 28,331 | $ | 16,290 | ||||||||||||||||||||||||||
Essex Portion of NOI and Expenses | ||||||||||||||||||||||||||||||||||||||||||||
Essex portion of NOI | $ | 5,345 | $ | 3,318 | $ | 11,341 | $ | 6,113 | ||||||||||||||||||||||||||||||||||||
Essex portion of depreciation | (3,312 | ) | (1,957 | ) | (7,643 | ) | (4,838 | ) | ||||||||||||||||||||||||||||||||||||
Essex portion of interest expense and other | (2,250 | ) | (2,049 | ) | (4,935 | ) | (3,102 | ) | ||||||||||||||||||||||||||||||||||||
Essex portion of net loss from operating joint ventures | $ | (217 | ) | $ | (688 | ) | $ | (1,237 | ) | $ | (1,827 | ) | ||||||||||||||||||||||||||||||||
Development Joint Ventures (4) | 50/55 | % | 2,376 | $ | 347,900 | $ | 51,376 | 165,218 | 1.9 | % | 34.4 | $ | 104 | $ | - | $ | 208 | $ | - | |||||||||||||||||||||||||
Essex portion of net loss from joint ventures | $ | (113 | ) | $ | (688 | ) | $ | (1,029 | ) | $ | (1,827 | ) | ||||||||||||||||||||||||||||||||
Weighted Average | Weighted AverageExpected Term | |||||||||||||||||||||||||||||||||||||||||||
Income from Preferred Equity Investments | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity Investments | 125,533 | 10.2 | % | 6.5 | $ | 3,224 | $ | 1,414 | $ | 6,480 | $ | 1,180 | ||||||||||||||||||||||||||||||||
Total Co-investments | $ | 436,230 |
(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 I and the Company may earn promote income if the co-investment exceeds certain financial benchmarks. |
(3) | The Company had a 47% effective interest + promoted intrest, and a 50% voting interest in Essex Skyline at MacArthur Place, until April 2012 when the Company acquired the joint venture partner's membership interest and for Q2 2012 the Company consolidated the community. |
(4) | The Company has interests in seven development co-investments, which are developing projects located in Seattle, Washington, and San Francisco, San Mateo, Dublin, San Jose, and West Hollywood, California. |
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 - June 30, 2012
(Dollars in thousands)
The Company enters into co-investment transactions with third party developers, owners and investors of apartment communities. In accordance with GAAP, the Company consolidates certain of these co-investment transactions, resulting in noncontrolling interests corresponding to the ownership interest of the third-party developer, owner or investor.
The following table summarizes the consolidated co-investments and noncontrolling interest:
Operations for the six months ended | ||||||||||||||||||||||||||||
Balance as of June 30, 2012 | June 30, 2012 | |||||||||||||||||||||||||||
Investment in Real Estate | Related Debt | Noncontrolling Interest | DownREIT Units Outstanding (1) | Revenue | Operating Expenses | NOI | ||||||||||||||||||||||
Noncontrolling Interest - DownREIT: | ||||||||||||||||||||||||||||
Barkley Apartments | $ | 8,719 | $ | 16,901 | $ | 1,992 | 76,205 | $ | 1,236 | $ | 449 | $ | 787 | |||||||||||||||
Brentwood | 14,074 | 19,445 | 2,568 | 58,884 | 1,236 | 352 | 884 | |||||||||||||||||||||
Brookside Oaks | 32,639 | 20,127 | 2,327 | 84,095 | 1,760 | 412 | 1,348 | |||||||||||||||||||||
Capri at Sunny Hills | 16,204 | - | 2,968 | 159,890 | 1,194 | 330 | 864 | |||||||||||||||||||||
Hidden Valley (2) | 38,824 | 30,986 | 6,089 | 62,647 | 2,701 | 817 | 1,884 | |||||||||||||||||||||
Highridge Apartments | 28,998 | 44,807 | 3,752 | 276,158 | 3,094 | 701 | 2,393 | |||||||||||||||||||||
Montejo Apartments | 8,109 | 13,423 | 1,216 | 29,319 | 944 | 239 | 705 | |||||||||||||||||||||
The Elliot at Mukilteo | 15,541 | 10,750 | 1,515 | 102,713 | 1,547 | 690 | 857 | |||||||||||||||||||||
Thomas Jefferson | 31,063 | 18,623 | 6,426 | 57,714 | 1,551 | 473 | 1,078 | |||||||||||||||||||||
Treehouse Apartments | 12,437 | 17,420 | 2,951 | 67,728 | 1,270 | 326 | 944 | |||||||||||||||||||||
Valley Park Apartments | 14,112 | 22,790 | 304 | 34,564 | 1,441 | 302 | 1,139 | |||||||||||||||||||||
Villa Angelina Apartments | 18,329 | 27,783 | 2,421 | 51,931 | 1,938 | 462 | 1,476 | |||||||||||||||||||||
$ | 239,049 | $ | 243,055 | 34,529 | 1,061,848 | $ | 19,912 | $ | 5,553 | $ | 14,359 | |||||||||||||||||
Other Components of Noncontrolling Interest: | ||||||||||||||||||||||||||||
Hillsdale Garden Apartments (3) | $ | 112,294 | - | 20,557 | $ | 7,625 | $ | 2,637 | $ | 4,988 | ||||||||||||||||||
Joint Venture - Development (4) | $ | 26,800 | $ | - | 4,000 | �� | ||||||||||||||||||||||
Operating Limited Partnership Units and Other | 58,044 | |||||||||||||||||||||||||||
Total Noncontrolling Interest | $ | 117,130 |
(1) | Generally, DownREIT units are redeemed for cash at a value equal to Essex's common stock price. |
(2) | The DownREIT 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 located in Walnut Creek, California, in which the Company has a 50% interest. |
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 - June 30, 2012
(Dollars in thousands)
Income from Discontinued Operations
During the six months ended June 30, 2012, the Company sold properties located in San Diego, California including Tierra del Sol/Norte, 156-units, and Alpine Country, 108-units, for gross proceeds of $28.3 million resulting in a gain of $9.8 million.
Three Months Ended | Six months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Rental revenues | $ | - | $ | 1,006 | $ | 608 | $ | 2,347 | ||||||||
Property operating expenses | - | (459 | ) | (260 | ) | (1,024 | ) | |||||||||
Depreciation and amortization | - | (261 | ) | (94 | ) | (636 | ) | |||||||||
Income from real estate sold | - | 286 | 254 | 687 | ||||||||||||
Gain on sale, net of internal disposition costs and taxes | - | 5,265 | 9,783 | 5,265 | ||||||||||||
Income from discontinued operations | $ | - | $ | 5,551 | $ | 10,037 | $ | 5,952 | ||||||||
Shares Outstanding and Potentially Dilutive Securities | ||||||||||||||||
Q2 2012 Weighted Avg. | Actual As of 6/30/12 | YTD 2012 Weighted Avg. | ||||||||||||||
Common Shares | 34,570,772 | 35,070,620 | 34,299,331 | |||||||||||||
Stock Options and Series G Preferred Stock | 137,648 | 164,598 | 131,240 | |||||||||||||
Weighted Avg. Shares Diluted - EPS | 34,708,420 | 35,235,218 | 34,430,571 | |||||||||||||
Operating Limited Partnership Units | 2,239,057 | 2,238,571 | 2,242,112 | |||||||||||||
Weighted Avg. Shares Diluted - FFO | 36,947,477 | 37,473,789 | 36,672,683 |
See Company's 10-Q for additional disclosures
S-13
Assumptions for 2012 FFO Guidance Range
Q2 2012 Earnings Results Supplement
($'s in thousands, except share and per share data)
Low - end of | High - end of | ||||||||||||
Actual | Guidance range | Guidance range | |||||||||||
YTD 2012 | 2012 | 2012 | Key Assumptions for Low and High End of FFO Range | ||||||||||
Net Operating Income ("NOI") | |||||||||||||
Total NOI from consolidated communities | $ | 173,004 | $ | 352,500 | $ | 356,500 | 9% mid-point same-property NOI growth, and includes Q2 2012 and July acquisitions. | ||||||
Management Fees | $ | 5,240 | $ | 10,000 | $ | 11,000 | Fees dependent on velocity of development expenditures, and timing of sale of Fund II portfolio. | ||||||
Interest Expense | |||||||||||||
Interest and amortization expense, before capitalized interest | $ | (57,389 | ) | $ | (119,700 | ) | $ | (118,300 | ) | Interest dependent on timing of capital market activities. | |||
Projected interest capitalized | 2,319 | 8,500 | 9,500 | Capitalized interest based on velocity of expenditures. | |||||||||
Net interest expense | (55,070 | ) | (111,200 | ) | (108,800 | ) | |||||||
Recurring Income and Expenses | |||||||||||||
Interest and other income | $ | 5,048 | $ | 10,500 | $ | 10,500 | |||||||
Income from co-investments | 13,094 | 25,500 | 26,500 | Income dependent on timing of sale of Fund II portfolio. | |||||||||
General and administrative expense | (10,666 | ) | (21,000 | ) | (22,000 | ) | Performance based bonuses - see 2012 proxy. | ||||||
Cost of management and other fees | (3,251 | ) | (7,000 | ) | (7,000 | ) | |||||||
Preferred dividends and non-controlling interest | (6,429 | ) | (12,800 | ) | (12,800 | ) | |||||||
(2,204 | ) | (4,800 | ) | (4,800 | ) | ||||||||
Non-Core Income and Expenses | |||||||||||||
Promote income from co-investment | $ | 2,299 | $ | 2,299 | $ | 2,299 | |||||||
Gains on sales of marketable securities | 521 | 521 | 521 | ||||||||||
Loss on early retirement of debt | (1,450 | ) | (2,500 | ) | (2,500 | ) | |||||||
Acquisition costs | (498 | ) | (1,200 | ) | (1,200 | ) | |||||||
872 | (880 | ) | (880 | ) | |||||||||
Funds from Operations | $ | 121,842 | $ | 245,620 | $ | 253,020 | |||||||
Funds from Operations per diluted Share | $ | 3.32 | $ | 6.60 | $ | 6.80 | |||||||
% Change - Funds from Operations | 20.5 | % | 15.0 | % | 18.5 | % | |||||||
Funds from Operations excluding non-core items | $ | 120,970 | $ | 246,500 | $ | 253,900 | |||||||
Core Funds from Operations per diluted Share | $ | 3.30 | $ | 6.63 | $ | 6.83 | |||||||
% Change - Core Funds from Operations | 21.6 | % | 17.5 | % | 21.0 | % | |||||||
Weighted average shares outstanding | 36,672,683 | 37,200,000 | 37,200,000 |
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.
Summary of Apartment Community Acquistions and Dispositions Activity
Six months ended June 30, 2012 and Q3 2012 to date
(Dollars in thousands)
Acquistions | Essex | |||||||||||||||||||||||||||
Ownership | Assumed | Price per | Average | |||||||||||||||||||||||||
Property Name | Location | Units | Percentage | Ownership | Date | Price | Debt | Unit | Rent | |||||||||||||||||||
Bon Terra | Redmond, WA | 60 | 100 | % | EPLP | Jan-12 | $ | 16,000 | $ | - | $ | 267 | $ | 1,403 | ||||||||||||||
Reed Square | Sunnyvale, CA | 100 | 100 | % | EPLP | Jan-12 | 23,000 | - | 230 | 1,503 | ||||||||||||||||||
Q1 2012 Total | 160 | 39,000 | - | 244 | ||||||||||||||||||||||||
Skyline (1) | Santa Ana, CA | 349 | 100 | % | EPLP | Apr-12 | 85,000 | - | 487 | 3,042 | ||||||||||||||||||
Park Catalina | Los Angeles, CA | 90 | 100 | % | EPLP | Jun-12 | 23,650 | - | 263 | 1,592 | ||||||||||||||||||
The Huntington | Huntington Beach, CA | 276 | 100 | % | EPLP | Jun-12 | 48,250 | 30,300 | 175 | 1,254 | ||||||||||||||||||
Q2 2012 Total | 715 | 156,900 | 30,300 | 219 | ||||||||||||||||||||||||
Montebello | Kirkland, WA | 248 | 100 | % | EPLP | Jul-12 | 52,000 | 26,515 | 210 | 1,341 | ||||||||||||||||||
Q3 2012 to date | 248 | 52,000 | 26,515 | 210 | ||||||||||||||||||||||||
Total | 1,123 | $ | 247,900 | $ | 56,815 | $ | 221 | |||||||||||||||||||||
Dispositions | Essex | |||||||||||||||||||||||||||
Ownership | Assumed | Price per | Average | |||||||||||||||||||||||||
Property Name | Location | Units | Percentage | Ownership | Date | Price | Debt | Unit | Rent | |||||||||||||||||||
Tierra Del Sol/Norte | San Diego, CA | 156 | 100 | % | EPLP | Mar-12 | $ | 17,200 | $ | - | $ | 110 | $ | 951 | ||||||||||||||
Alpine Country | San Diego, CA | 108 | 100 | % | EPLP | Mar-12 | 11,100 | - | 103 | 947 | ||||||||||||||||||
Total | 264 | $ | 28,300 | $ | - | $ | 107 |
(1) | In April 2012, the Company purchased the joint venture partner's remaining membership interest in the co-investment Essex Skyline at MacArthur Place for a purchase price of $85 million. The property is now consolidated. |
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.
MSA Level Forecasts 2012: Supply Jobs and Apartment Market Conditions
Residential Supply (1) | Job Forecast (2) | Forecast Market Conditions (3) | ||||||||||
Market | New MF Supply | % of MF Stock | New SF Supply | % of SF Stock | Est.New Jobs Dec-Dec | % Growth | Estimated Y-o-Y Rent Growth | Estimated Year End Occupancy | ||||
Seattle | 2,300 | 0.6% | 3,400 | 0.5% | 34,000 | 2.4% | 9.0% | 95.5% | ||||
San Francisco | 1,000 | 0.3% | 300 | 0.1% | 25,000 | 2.6% | 9.0% | 97.0% | ||||
Oakland | 900 | 0.3% | 1,200 | 0.2% | 16,000 | 1.7% | 7.7% | 96.5% | ||||
San Jose | 1,100 | 0.5% | 700 | 0.2% | 27,000 | 3.0% | 10.0% | 97.0% | ||||
No. Cal. | 3,000 | 0.3% | 2,200 | 0.2% | 68,000 | 2.4% | 9.0% | 96.8% | ||||
Ventura | - | 0.0% | 200 | 0.1% | 2,800 | 1.0% | 4.5% | 95.5% | ||||
Los Angeles | 1,700 | 0.1% | 1,800 | 0.1% | 40,000 | 1.0% | 7.0% | 95.5% | ||||
Orange | 2,000 | 0.5% | 1,400 | 0.2% | 20,000 | 1.4% | 6.0% | 95.5% | ||||
San Diego | 1,800 | 0.4% | 1,700 | 0.2% | 15,000 | 1.2% | 2.5% | 95.5% | ||||
So. Cal. | 5,500 | 0.2% | 5,100 | 0.1% | 77,800 | 1.1% | 5.7% | 95.5% | ||||
Weighted Average (4) | 10,800 | 0.3% | 10,700 | 0.2% | 179,800 | 1.6% | 7.4% | 96.0% |
All data are based on Essex Property Trust, Inc. forecasts.
U.S. Economic Assumptions: G.D.P.: Q4 '12 vs Q4 '11: 2.2% , Jobs: Q4 '12 vs Q4 '11 1.3%
(1) New Residential Supply: represents the Companys' internal estimate of actual deliveries during the year, which are related to, but can differ from the 12 month trailing permit levels reported on page S-17 New Residential Supply supplemental schedule.
(2) Job Forecast/Performance: refers to the difference between total non-farm industry employment (not seasonally adjusted) projected through Q4 2012 over the comparable actual figures for Q4 2011, expressed as expected new jobs and growth rates.
(3) The Forecast Market Conditions: represents the Company's estimates of the change in market rents/occupancy rates for Q4 2012. The Estimated Year-over-Year Rent Growth represents the forecasted change in effective market rents for Q4 2012 vs.Q4 2011 (where market refers to
the entire MSA apartment market, not the Company's portfolio). The Estimated Year End Occupancy represents the Company's forecast of market physical
occupancy rates for Q4 2012.
(4) Weighted Average: Markets weighted by economic rent in the Company's portfolio.
See Company's 10-Q for additional disclosures
S-16
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 June 2012)
Single Family Data | Multi-Family Data | All Residential Data | ||||||||||||||||||||||||||||||||||||||
Market | Median SF Price Q1 2012 est(1) | Q1 2012 SF Affordability(2) | 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 | ||||||||||||||||||||||||||||||
New York PMSA | $ | 363,800 | 85 | % | 796,000 | 571 | 0.1 | % | 3,084,000 | 7,239 | 0.2 | % | 7,810 | 0.2 | % | |||||||||||||||||||||||||
Chicago | $ | 157,200 | 227 | % | 1,951,000 | 4,741 | 0.2 | % | 1,493,900 | 3,567 | 0.2 | % | 8,308 | 0.2 | % | |||||||||||||||||||||||||
Nassau-Suffolk | $ | 374,000 | 134 | % | 773,000 | 1,160 | 0.2 | % | 246,000 | 659 | 0.3 | % | 1,819 | 0.3 | % | |||||||||||||||||||||||||
Boston | $ | 311,500 | 134 | % | 1,551,000 | 3,624 | 0.2 | % | 708,800 | 3,438 | 0.5 | % | 7,062 | 0.3 | % | |||||||||||||||||||||||||
Philadelphia | $ | 193,500 | 175 | % | 1,652,000 | 4,939 | 0.3 | % | 546,100 | 2,889 | 0.5 | % | 7,828 | 0.4 | % | |||||||||||||||||||||||||
Minneapolis | $ | 147,300 | 259 | % | 948,000 | 4,499 | 0.5 | % | 386,800 | 2,222 | 0.6 | % | 6,721 | 0.5 | % | |||||||||||||||||||||||||
Atlanta | $ | 87,800 | 418 | % | 1,527,000 | 7,436 | 0.5 | % | 571,800 | 4,043 | 0.7 | % | 11,479 | 0.5 | % | |||||||||||||||||||||||||
Baltimore | $ | 218,100 | 175 | % | 863,000 | 3,737 | 0.4 | % | 286,000 | 3,040 | 1.1 | % | 6,777 | 0.6 | % | |||||||||||||||||||||||||
Miami/Ft. Lauderdale | $ | 182,000 | 151 | % | 873,000 | 4,904 | 0.6 | % | 987,000 | 6,370 | 0.6 | % | 11,274 | 0.6 | % | |||||||||||||||||||||||||
Las Vegas | $ | 122,100 | 236 | % | 629,000 | 4,840 | 0.8 | % | 272,700 | 914 | 0.3 | % | 5,754 | 0.6 | % | |||||||||||||||||||||||||
Phoenix | $ | 129,900 | 232 | % | 1,318,000 | 9,950 | 0.8 | % | 418,500 | 2,240 | 0.5 | % | 12,190 | 0.7 | % | |||||||||||||||||||||||||
Portland | $ | 208,600 | 164 | % | 648,000 | 3,853 | 0.6 | % | 254,335 | 2,517 | 1.0 | % | 6,370 | 0.7 | % | |||||||||||||||||||||||||
Wash. D.C. PMSA | $ | 311,600 | 154 | % | 1,504,000 | 10,014 | 0.7 | % | 714,300 | 8,893 | 1.2 | % | 18,907 | 0.9 | % | |||||||||||||||||||||||||
Orlando | $ | 124,600 | 240 | % | 644,000 | 5,689 | 0.9 | % | 255,500 | 2,068 | 0.8 | % | 7,757 | 0.9 | % | |||||||||||||||||||||||||
Denver | $ | 226,400 | 164 | % | 671,000 | 4,445 | 0.7 | % | 302,900 | 4,906 | 1.6 | % | 9,351 | 1.0 | % | |||||||||||||||||||||||||
Dallas-Ft. Worth | $ | 148,200 | 223 | % | 1,722,000 | 15,383 | 0.9 | % | 744,000 | 13,740 | 1.8 | % | 29,123 | 1.2 | % | |||||||||||||||||||||||||
Houston | $ | 152,100 | 211 | % | 1,388,000 | 25,704 | 1.9 | % | 647,700 | 9,589 | 1.5 | % | 35,293 | 1.7 | % | |||||||||||||||||||||||||
Austin | $ | 193,200 | 182 | % | 441,000 | 6,923 | 1.6 | % | 214,900 | 7,694 | 3.6 | % | 14,617 | 2.2 | % | |||||||||||||||||||||||||
Totals/Averages | $ | 198,226 | 206 | % | 19,899,000 | 122,412 | 0.6 | % | 12,135,235 | 86,028 | 0.7 | % | 208,440 | 0.7 | % | |||||||||||||||||||||||||
Seattle | $ | 286,800 | 131 | % | 778,000 | 5,108 | 0.7 | % | 411,500 | 5,798 | 1.4 | % | 10,906 | 0.9 | % | |||||||||||||||||||||||||
San Francisco | $ | 586,000 | 76 | % | 378,000 | 357 | 0.1 | % | 364,000 | 2,503 | 0.7 | % | 2,860 | 0.4 | % | |||||||||||||||||||||||||
Oakland | $ | 437,900 | 102 | % | 677,000 | 1,986 | 0.3 | % | 294,000 | 1,243 | 0.4 | % | 3,229 | 0.3 | % | |||||||||||||||||||||||||
San Jose | $ | 535,500 | 93 | % | 407,000 | 1,258 | 0.3 | % | 216,000 | 4,121 | 1.9 | % | 5,379 | 0.9 | % | |||||||||||||||||||||||||
Los Angeles | $ | 286,000 | 107 | % | 1,956,000 | 2,432 | 0.1 | % | 1,472,000 | 7,948 | 0.5 | % | 10,380 | 0.3 | % | |||||||||||||||||||||||||
Ventura | $ | 358,700 | 123 | % | 216,000 | 188 | 0.1 | % | 59,300 | 170 | 0.3 | % | 358 | 0.1 | % | |||||||||||||||||||||||||
Orange | $ | 414,800 | 104 | % | 669,000 | 1,521 | 0.2 | % | 368,800 | 2,596 | 0.7 | % | 4,117 | 0.4 | % | |||||||||||||||||||||||||
San Diego | $ | 359,500 | 94 | % | 727,000 | 1,934 | 0.3 | % | 413,700 | 2,683 | 0.6 | % | 4,617 | 0.4 | % | |||||||||||||||||||||||||
No Cal | $ | 503,362 | 93 | % | 1,462,000 | 3,601 | 0.2 | % | 874,000 | 7,867 | 0.9 | % | 11,468 | 0.5 | % | |||||||||||||||||||||||||
So Cal | $ | 329,527 | 105 | % | 3,568,000 | 6,075 | 0.2 | % | 2,313,800 | 13,397 | 0.6 | % | 19,472 | 0.3 | % | |||||||||||||||||||||||||
ESSEX | $ | 367,562 | 105 | % | 5,808,000 | 14,784 | 0.3 | % | 3,599,300 | 27,062 | 0.8 | % | 41,846 | 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.
(1) Median Home Prices - National Association of Realtors, DataQuick, Essex.
(2) Single Family Affordability - Equals the ratio of the actual Median Household Income to the Income required to purchase the Median Priced Home.
The required Income is defined such that the mortgage payment is 35% of said income, assuming a 10% down payment and a 30-year fixed mortgage rate (3.92%).
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-17
ESSEX PROPERTY TRUST, INC.
Real Estate Information as of August 1, 2012
Property Name | Address | City | State | Units | Square Footage | Year Acquired | Year Built | Property Ownership | Age of Property | |||
APARTMENT COMMUNITIES | ||||||||||||
NORTHERN CALIFORNIA | ||||||||||||
Santa Clara County | ||||||||||||
1 | The Commons | 275 Union Avenue | Campbell | CA | 264 | 153,168 | 2010 | 1973 | EPLP | 39 | ||
1 | Pointe at Cupertino | 19920 Olivewood Street | Cupertino | CA | 116 | 135,200 | 1998 | 1963 | EPLP | 49 | ||
1 | Bella Villagio | 383 Vista Roma Way | San Jose | CA | 231 | 227,511 | 2010 | 2004 | EPLP | 8 | ||
Epic - Phase I and II | 545 River Oaks Parkway | San Jose | CA | 569 | 472,236 | JV - 55% | ||||||
1 | Carlyle, The | 2909 Nieman Boulevard | San Jose | CA | 132 | 129,200 | 2000 | 2000 | EPLP | 12 | ||
1 | Enclave, The | 4355 Renaissance Drive | San Jose | CA | 637 | 525,463 | 2005 | 1998 | Fund II | 14 | ||
1 | Esplanade | 350 East Taylor St. | San Jose | CA | 278 | 279,000 | 2004 | 2002 | EPLP | 10 | ||
1 | Waterford, The | 1700 N. First Street | San Jose | CA | 238 | 219,600 | 2000 | 2000 | EPLP | 12 | ||
1 | 101 San Fernando | 99 S. Fourth Street | San Jose | CA | 323 | 296,078 | 2010 | 2001 | EPLP | 11 | ||
1 | 1000 Kiely | 1000 Kiely Blvd. | Santa Clara | CA | 121 | 128,486 | 2011 | 1971 | EPLP | 41 | ||
1 | Le Parc | 440 N. Winchester Avenue | Santa Clara | CA | 140 | 113,200 | 1994 | 1975 | EPLP | 37 | ||
1 | Marina Cove | 3480 Granada Avenue | Santa Clara | CA | 292 | 250,200 | 1994 | 1974 | EPLP | 38 | ||
1 | Bristol Commons | 732 E. Evelyn Avenue | Sunnyvale | CA | 188 | 142,600 | 1995 | 1989 | EPLP | 23 | ||
1 | Brookside Oaks | 1651 Belleville Way | Sunnyvale | CA | 170 | 119,900 | 2000 | 1973 | DownREIT | 39 | ||
1 | Magnolia Lane | 113 South Mary Avenue | Sunnyvale | CA | 32 | 31,541 | 2007 | 2001 | EPLP | 11 | ||
1 | Montclaire | 450 N. Mathilda Avenue | Sunnyvale | CA | 390 | 294,100 | 1988 | 1973 | EPLP | 39 | ||
1 | Reed Square | 1070 Reed Avenue | Sunnyvale | CA | 100 | 95,440 | 2011 | 1970 | EPLP | 42 | ||
1 | Summerhill Park | 972 Corte Madera Avenue | Sunnyvale | CA | 100 | 78,500 | 1988 | 1988 | EPLP | 24 | ||
1 | Magnolia Square | 107 South Mary Avenue | Sunnyvale | CA | 156 | 110,824 | 2007 | 1969 | DownREIT | 43 | ||
1 | Via | 315 Tasman Drive | Sunnyvale | CA | 284 | 309,421 | 2011 | 2011 | EPLP | 1 | ||
1 | Windsor Ridge | 825 E. Evelyn Avenue | Sunnyvale | CA | 216 | 161,800 | 1989 | 1989 | EPLP | 23 | ||
13% | 4,408 | 3,801,232 | ||||||||||
Alameda County | ||||||||||||
1 | Fourth & U | 700 University Avenue | Berkeley | CA | 171 | 146,255 | 2010 | 2010 | EPLP | 2 | ||
1 | Briarwood | 4200 Bay Street | Fremont | CA | 160 | 111,160 | 2011 | 1978 | Wesco I | 34 | ||
1 | Stevenson Place | 4141 Stevenson Blvd. | Fremont | CA | 200 | 146,200 | 2000 | 1975 | EPLP | 37 | ||
1 | The Woods | 40640 High Street | Fremont | CA | 160 | 105,280 | 2011 | 1978 | Wesco I | 34 | ||
1 | Boulevard | 40001 Fremont Blvd. | Fremont | CA | 172 | 131,200 | 1996 | 1978 | EPLP | 34 | ||
1 | City View | 25200 Carlos Bee Blvd. | Hayward | CA | 572 | 462,400 | 1998 | 1975 | EPLP | 37 | ||
1 | Regency Tower | 1130 Third Ave. | Oakland | CA | 178 | 140,900 | 2005 | 1975 | Fund II | 37 | ||
1 | The Grand | 100 Grand Avenue | Oakland | CA | 243 | 205,026 | 2009 | 2009 | EPLP | 3 | ||
1 | Bridgeport | 36826 Cherry Street | Newark | CA | 184 | 139,000 | 1987 | 1987 | EPLP | 25 | ||
1 | Alderwood Park Apartments | 37057 Magnolia Street | Newark | CA | 96 | 74,624 | 2006 | 1987 | Fund II | 25 | ||
6% | 2,136 | 1,662,045 | ||||||||||
Contra Costa County | ||||||||||||
Lync (West Dublin) | 6600 Golden Gate Drive | Dublin | CA | 309 | 286,348 | JV - 55% | ||||||
64th and Christie | 64th Street and Christie Avenue | Emeryville | CA | 190 | 148,935 | EPLP | ||||||
1 | San Marcos | 2601 Hilltop Drive | Richmond | CA | 432 | 407,600 | 2003 | 2003 | EPLP | 9 | ||
1 | Bel Air | 2000 Shoreline Drive | San Ramon | CA | 462 | 391,000 | 1995 | 1988 | EPLP | 24 | ||
1 | Foothill Gardens | 1110 Harness Drive | San Ramon | CA | 132 | 155,100 | 1997 | 1985 | EPLP | 27 | ||
1 | Twin Creeks | 2711-2731 Morgan Drive | San Ramon | CA | 44 | 51,700 | 1997 | 1985 | EPLP | 27 | ||
1 | Canyon Oaks | 1 Amberstone Lane | San Ramon | CA | 250 | 237,894 | 2007 | 2005 | EPLP | 7 | ||
1 | Mill Creek at Windermere | 2100 Waterstone Place | San Ramon | CA | 400 | 381,060 | 2007 | 2005 | EPLP | 7 | ||
5% | 1,720 | 1,624,354 | ||||||||||
San Mateo County | ||||||||||||
1 | Carlmont Woods | 2515 Carlmont Drive | Belmont | CA | 195 | 107,200 | 2004 | 1971 | Fund II | 41 | ||
1 | Belmont Terrace | 1606 Continetals Way | Belmont | CA | 71 | 72,951 | 2006 | 1974 | EPLP | 38 | ||
1 | Harbor Cove | 900 E. Hillsdale Blvd. | Foster City | CA | 400 | 306,600 | 2004 | 1971 | Fund II | 41 | ||
1 | Davey Glen | 200 Davey Glen Road | Belmont | CA | 69 | 65,974 | 2006 | 1962 | Fund II | 50 | ||
1 | Hillsdale Garden | 3421 Edison Avenue | San Mateo | CA | 697 | 611,505 | 2006 | 1948 | JV - 81.5% | 64 | ||
Elkhorn | 1950 Elkhorn Court | San Mateo | CA | 197 | 140,547 | JV - 55% | ||||||
4% | 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 | 39 | ||
Folsom and Fifth | 250 Fifth Street and 900 Folsom Street | San Francisco | CA | 463 | 371,072 | JV - 55% | ||||||
1 | Vista Belvedere | 15 Red Hill Circle | Tiburon | CA | 76 | 78,300 | 2004 | 1963 | EPLP | 49 | ||
1% | 175 | 142,300 | ||||||||||
Other | ||||||||||||
1 | Tuscana | 315 Mt. Oso | Tracy | CA | 30 | 29,088 | 2007 | 2007 | EPLP | 5 | ||
1 | Harvest Park | 2327 Summercreek Drive | Santa Rosa | CA | 104 | 116,628 | 2007 | 2004 | EPLP | 8 | ||
1 | Chestnut Street Apartments | 143 Chestnut Avenue | Santa Cruz | CA | 96 | 87,640 | 2008 | 2002 | EPLP | 10 | ||
1% | 230 | 233,356 | ||||||||||
46 | Total Northern California | 30% | 10,101 | 8,627,517 | 27 | |||||||
Apartment Communities Under Construction | 1,728 | 1,419,138 | ||||||||||
SOUTHERN CALIFORNIA | ||||||||||||
Los Angeles County | ||||||||||||
1 | Cielo | 9733 Topanga Canyon Blvd | Chatsworth | CA | 119 | 125,400 | 2009 | 2009 | Fund II | 3 | ||
1 | Regency at Encino | 15506 Moorpark Street | Encino | CA | 75 | 78,487 | 2009 | 1989 | EPLP | 23 | ||
1 | 416 on Broadway | 412 East Broadway | Glendale | CA | 115 | 126,782 | 2010 | 2009 | EPLP | 3 | ||
1 | Hampton Court | 1136 N. Columbus Avenue | Glendale | CA | 83 | 71,500 | 1999 | 1974 | EPLP | 38 | ||
1 | Hampton Place | 245 W. Loraine Street | Glendale | CA | 132 | 141,500 | 1999 | 1970 | EPLP | 42 | ||
1 | Marbrisa | 1809 Termino Ave. | Long Beach | CA | 202 | 122,800 | 2002 | 1987 | EPLP | 25 | ||
1 | Pathways | 5945 E. Pacific Coast Hwy. | Long Beach | CA | 296 | 197,700 | 1991 | 1975 | EPLP | 37 | ||
1 | Bellerive | 1921 Beloit Avenue | Los Angeles | CA | 63 | 79,296 | 2011 | 2011 | EPLP | 1 | ||
1 | Bunker Hill | 222 and 234 S. Figueroa St. | Los Angeles | CA | 456 | 346,600 | 1998 | 1968 | EPLP | 44 | ||
1 | Cochran Apartments | 612 South Cochran | Los Angeles | CA | 58 | 51,400 | 1998 | 1989 | EPLP | 23 | ||
1 | Kings Road | 733 North Kings Road | Los Angeles | CA | 196 | 132,100 | 1997 | 1979 | EPLP | 33 | ||
1 | Marbella | 600 South Detroit Street | Los Angeles | CA | 60 | 50,108 | 2005 | 1991 | EPLP | 21 | ||
1 | Belmont Station | 1302 West 2nd St. | Los Angeles | CA | 275 | 225,000 | 2009 | 2009 | EPLP | 3 | ||
1 | Park Catalina | 690 South Catalina Street | Los Angeles | CA | 90 | 72,864 | 2012 | 2002 | EPLP | 10 | ||
1 | Park Place | 400 S. Detroit Street | Los Angeles | CA | 60 | 48,000 | 1997 | 1988 | EPLP | 24 | ||
1 | Windsor Court | 401 S. Detroit Street | Los Angeles | CA | 58 | 46,600 | 1997 | 1988 | EPLP | 24 | ||
1 | Renaissance | 630 South Masselin Avenue | Los Angeles | CA | 169 | 154,268 | 2006 | 1990 | Fund II | 22 | ||
1 | Santee Court | 716 S. Los Angeles Street | Los Angeles | CA | 165 | 132,040 | 2010 | 2004 | EPLP | 8 | ||
1 | Santee Village | 743 South Santee Street | Los Angeles | CA | 73 | 69,817 | 2010 | 2011 | EPLP | 1 | ||
1 | Marina City Club | 4333 Admiralty Way | Marina Del Rey | CA | 101 | 127,200 | 2004 | 1971 | EPLP | 41 | ||
1 | Mirabella | 13701 Marina Point Drive | Marina Del Rey | CA | 188 | 176,800 | 2000 | 2000 | EPLP | 12 | ||
1 | Muse | 5451 Vineland Avenue | North Hollywood | CA | 152 | 135,292 | 2011 | 2011 | EPLP | 1 | ||
1 | Monterra del Mar | 280 E. Del Mar Boulevard | Pasadena | CA | 123 | 74,400 | 1997 | 1972 | EPLP | 40 | ||
1 | Monterra del Rey | 350 Madison | Pasadena | CA | 84 | 73,100 | 1999 | 1972 | EPLP | 40 | ||
1 | Monterra del Sol | 280 South Euclid | Pasadena | CA | 85 | 69,200 | 1999 | 1972 | EPLP | 40 | ||
1 | Fountain Park | 13141 Fountain Park Drive | Playa Vista | CA | 705 | 608,900 | 2004 | 2002 | EPLP | 10 | ||
1 | Highridge | 28125 Peacock Ridge Drive | Rancho Palos Verde | CA | 255 | 290,200 | 1997 | 1972 | DownREIT | 40 | ||
1 | Studio 40-41 | 4043 Radford Avenue | Studio City | CA | 149 | 127,238 | 2009 | 2009 | Fund II | 3 | ||
1 | Coldwater Canyon | 4250 Codlwater Canyon | Studio City | CA | 39 | 34,125 | 2007 | 1979 | EPLP | 33 | ||
1 | Allegro | 11945 Magnolia Blvd. | Valley Village | CA | 97 | 127,812 | 2010 | 2010 | EPLP | 2 | ||
Valley Village | 12005 Albers Street | Valley Village | CA | 121 | 129,393 | EPLP | ||||||
1 | Walnut Heights | 20700 San Jose Hills Road | Walnut | CA | 163 | 146,700 | 2003 | 1964 | EPLP | 48 | ||
Fountain at La Brea | 1216-1234 North La Brea Avenue | West Hollywood | CA | 187 | 154,776 | JV - 50% | ||||||
Santa Monica at La Brea | 1111 North La Brea Avenue | West Hollywood | CA | 184 | 150,678 | JV - 50% | ||||||
1 | Avondale at Warner Center | 22222 Victory Blvd. | Woodland Hills | CA | 446 | 331,000 | 1999 | 1970 | EPLP | 42 | ||
1 | Reveal | 21201 Kittridge Street | Woodland Hills | CA | 438 | 414,892 | 2011 | 2010 | Wesco I | 2 | ||
17% | 5,770 | 5,009,121 | ||||||||||
Ventura County | ||||||||||||
1 | Camarillo Oaks | 921 Paseo Camarillo | Camarillo | CA | 564 | 459,000 | 1996 | 1985 | EPLP | 27 | ||
1 | Camino Ruiz Square | 105 Camino Ruiz | Camarillo | CA | 160 | 105,448 | 2006 | 1990 | EPLP | 22 | ||
1 | Arbors at Parc Rose | 1500 Tulipan Circle | Oxnard | CA | 373 | 503,196 | 2011 | 2001 | Wesco I | 11 | ||
1 | Mariner's Place | 711 South B Street | Oxnard | CA | 105 | 77,200 | 2000 | 1987 | EPLP | 25 | ||
1 | Tierra Vista | 1750 Montevina Circle | Oxnard | CA | 404 | 387,100 | 2001 | 2001 | EPLP | 11 | ||
1 | Monterey Villas | 1040 Kelp Lane | Oxnard | CA | 122 | 122,100 | 1997 | 1974 | EPLP | 38 | ||
1 | Meadowood | 1733 Cochran Street | Simi Valley | CA | 320 | 264,500 | 1996 | 1986 | EPLP | 26 | ||
1 | Hidden Valley | 5065 Hidden Park Court | Simi Valley | CA | 324 | 310,900 | 2004 | 2004 | DownREIT | 8 | ||
1 | Lofts at Pinehurst,The | 1021 Scandia Avenue | Ventura | CA | 118 | 71,100 | 1997 | 1971 | EPLP | 41 | ||
1 | Hillcrest Park | 1800 West Hillcrest Drive | Newbury Park | CA | 608 | 521,900 | 1998 | 1973 | EPLP | 39 | ||
1 | Pinehurst | 3980 Telegraph Road | Ventura | CA | 28 | 21,200 | 2004 | 1973 | EPLP | 39 | ||
1 | Woodside Village | 675 Providence Ave. | Ventura | CA | 145 | 136,500 | 2004 | 1987 | EPLP | 25 | ||
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 | 45 | |||
1 | CBC | 6721 El Colegio Drive | Goleta | CA | 148 | 2006 | 1962 | EPLP | 50 | |||
1 | Hope Ranch (Continental Apartments) | 3968-3974 & 3999 Via Lucero | Santa Barbara | CA | 108 | 2007 | 1965 | EPLP | 47 | |||
Hope Ranch (Lucero Village) | 3968-3974 & 3999 Via Lucero | Santa Barbara | CA | 2007 | 1973 | EPLP | 39 | |||||
1% | 347 | 306,608 | ||||||||||
Orange County | ||||||||||||
1 | Anavia | 2045 South State College Blvd. | Anaheim | CA | 250 | 312,343 | 2010 | 2009 | EPLP | 3 | ||
1 | Barkley Apartments | 2400 E. Lincoln Ave. | Anahiem | CA | 161 | 139,800 | 2000 | 1984 | DownREIT | 28 | ||
1 | Valley Park Apartments | 17300 Euclid Ave. | Fountain Valley | CA | 160 | 169,700 | 2001 | 1969 | DownREIT | 43 | ||
1 | Capri at Sunny Hills | 2341 Daphne Place | Fullerton | CA | 100 | 128,100 | 2001 | 1961 | DownREIT | 51 | ||
1 | Wilshire Promenade | 141 West Wilshire Avenue | Fullerton | CA | 149 | 128,000 | 1997 | 1992 | EPLP | 20 | ||
1 | Montejo Apartments | 12911 Dale St. | Garden Grove | CA | 124 | 103,200 | 2001 | 1974 | DownREIT | 38 | ||
1 | Huntington Breakers | 21270 Beach Boulevard | Huntington Beach | CA | 342 | 241,700 | 1997 | 1984 | EPLP | 28 | ||
1 | The Huntington | 8400 Edinger Avenue | Huntington Beach | CA | 276 | 202,256 | 2012 | 1975 | EPLP | 37 | ||
1 | Axis 2300 | 2300 DuPont Drive | Irvine | CA | 115 | 170,714 | 2010 | 2010 | EPLP | 2 | ||
1 | Hillsborough Park | 1501 South Beach Boulevard | La Habra | CA | 235 | 215,500 | 1999 | 1999 | EPLP | 13 | ||
1 | Trabuco Villas | 25362 Mosswood Way | Lake Forest | CA | 132 | 131,000 | 1997 | 1985 | EPLP | 27 | ||
1 | Fairways Apartments | 2 Pine Valley Lane | Newport Beach | CA | 74 | 107,100 | 1999 | 1972 | EPLP | 40 | ||
1 | Villa Angelina | 201 E. Chapman Ave. | Placentia | CA | 256 | 217,600 | 2001 | 1970 | DownREIT | 42 | ||
1 | Brentwood Apartment Homes | 2301 E. Santa Clara Ave. | Santa Ana | CA | 140 | 154,800 | 2001 | 1970 | DownREIT | 42 | ||
1 | Treehouse Apartments | 2601 N. Grand Ave. | Santa Ana | CA | 164 | 135,700 | 2001 | 1970 | DownREIT | 42 | ||
1 | Essex Skyline at MacArthur Place | 9 & 15 MacArthur Place | Santa Ana | CA | 349 | 512,791 | 2010 | 2008 | EPLP | 4 | ||
9% | 3,027 | 3,070,304 | ||||||||||
San Diego County | ||||||||||||
1 | Alpine Village | 2055 Arnold Way | Alpine | CA | 301 | 254,400 | 2002 | 1971 | EPLP | 41 | ||
1 | Bonita Cedars | 5155 Cedarwood Rd. | Bonita | CA | 120 | 120,800 | 2002 | 1983 | EPLP | 29 | ||
1 | Cambridge | 660 F. St. | Chula Vista | CA | 40 | 22,100 | 2002 | 1965 | EPLP | 47 | ||
1 | Mesa Village | 5265 Clairemont Mesa Blvd. | Clairemont | CA | 133 | 43,600 | 2002 | 1963 | EPLP | 49 | ||
1 | Mira Monte | 10360 Maya Linda Rd. | Mira Mesa | CA | 355 | 262,600 | 2002 | 1982 | EPLP | 30 | ||
1 | Country Villas | 283 Douglas Drive | Oceanside | CA | 180 | 179,700 | 2002 | 1976 | EPLP | 36 | ||
1 | Mission Hills | 218 Rancho Del Oro | Oceanside | CA | 282 | 244,000 | 2005 | 1984 | EPLP | 28 | ||
1 | Bluffs II, The | 6466 Friars Road | San Diego | CA | 224 | 126,700 | 1997 | 1974 | EPLP | 38 | ||
1 | Summit Park | 8563 Lake Murray Blvd. | San Diego | CA | 300 | 229,400 | 2002 | 1972 | EPLP | 40 | ||
1 | Vista Capri - North | 3277 Berger Ave. | San Diego | CA | 106 | 51,800 | 2002 | 1975 | EPLP | 37 | ||
1 | Shadow Point | 9830 Dale Ave. | Spring Valley | CA | 172 | 131,200 | 2002 | 1983 | EPLP | 29 | ||
7% | 2,213 | 1,666,300 | ||||||||||
Riverside County | ||||||||||||
1 | Parcwood | 1700 Via Pacifica | Corona | CA | 312 | 270,000 | 2004 | 1989 | Fund II | 23 | ||
1 | Devonshire Apartments | 2770 West Devonshire Ave. | Hemet | CA | 276 | 207,200 | 2002 | 1988 | EPLP | 24 | ||
2% | 588 | 477,200 | ||||||||||
77 | Total Southern California | 46% | 15,216 | 13,509,677 | 28 | |||||||
Apartment Communities Under Construction | 492 | 434,847 | ||||||||||
SEATTLE METROPOLITAN AREA | ||||||||||||
1 | Cedar Terrace | 3205 115th Ave. NE | Bellevue | WA | 180 | 174,200 | 2005 | 1984 | EPLP | 28 | ||
1 | Courtyard Off Main | 136 102nd Avenue SE | Bellevue | WA | 109 | 108,388 | 2010 | 2000 | EPLP | 12 | ||
1 | Emerald Ridge | 3010 118th Avenue SE | Bellevue | WA | 180 | 144,000 | 1994 | 1987 | EPLP | 25 | ||
1 | Foothill Commons | 13800 NE 9th Place | Bellevue | WA | 388 | 288,300 | 1990 | 1978 | EPLP | 34 | ||
1 | Palisades, The | 13808 NE 12th | Bellevue | WA | 192 | 159,700 | 1990 | 1977 | EPLP | 35 | ||
1 | Sammamish View | 16160 SE Eastgate Way | Bellevue | WA | 153 | 133,500 | 1994 | 1986 | EPLP | 26 | ||
1 | Woodland Commons | 13700 NE 10th Place | Bellevue | WA | 236 | 172,300 | 1990 | 1978 | EPLP | 34 | ||
1 | Canyon Pointe | 1630 228th St. SE | Bothell | WA | 250 | 210,400 | 2003 | 1990 | EPLP | 22 | ||
1 | Inglenook Court | 14220 Juanita Drive, NE | Bothell | WA | 224 | 183,600 | 1994 | 1985 | EPLP | 27 | ||
1 | Salmon Run at Perry Creek | 2109 228th Street SE | Bothell | WA | 132 | 117,100 | 2000 | 2000 | EPLP | 12 | ||
1 | Stonehedge Village | 14690 143rd Blvd., NE | Bothell | WA | 196 | 214,800 | 1997 | 1986 | EPLP | 26 | ||
1 | Highlands at Wynhaven | 1460 NE Hawthorne Street | Issaquah | WA | 333 | 424,674 | 2008 | 2000 | EPLP | 12 | ||
1 | Park Hill at Issaquah | 22516 SE 56th Street | Issaquah | WA | 245 | 277,700 | 1999 | 1999 | EPLP | 13 | ||
1 | Wandering Creek | 12910 SE 240th | Kent | WA | 156 | 124,300 | 1995 | 1986 | EPLP | 26 | ||
1 | Bridle Trails | 6600 130th Avenue, NE | Kirkland | WA | 108 | 99,700 | 1997 | 1986 | EPLP | 26 | ||
1 | Evergreen Heights | 12233 NE 131st Way | Kirkland | WA | 200 | 188,300 | 1997 | 1990 | EPLP | 22 | ||
1 | Corbella at Juanita Bay | 9520 NE 120th Street | Kirkland | WA | 169 | 103,339 | 2010 | 1978 | EPLP | 34 | ||
1 | Montebello | 1200 131st Lane | Kirkland | WA | 248 | 272,734 | 2012 | 1996 | EPLP | 16 | ||
1 | Laurels at Mill Creek | 1110 164th Street SE | Mill Creek | WA | 164 | 134,300 | 1996 | 1981 | EPLP | 31 | ||
1 | Morning Run | 18463 Blueberry Lane | Monroe | WA | 222 | 221,786 | 2005 | 1991 | Fund II | 21 | ||
1 | Anchor Village | 9507 49th Avenue West | Mukilteo | WA | 301 | 245,900 | 1997 | 1981 | DownREIT | 31 | ||
1 | Castle Creek | 7000 132nd Place, SE | Newcastle | WA | 216 | 191,900 | 1998 | 1998 | EPLP | 14 | ||
1 | Delano/Bon Terra | 7805, 7903 and 7935 170th Place NE | Redmond | WA | 126 | 116,340 | 2011 | 2011/2005 | EPLP | 1/7 | ||
1 | Elevation | 17202-17325 NE 85th Place | Redmond | WA | 157 | 138,916 | 2010 | 1986 | EPLP | 26 | ||
1 | Redmond Hill East | 18666 Redmond Way | Redmond | WA | 440 | 381,675 | 2011 | 1998 | Wesco I | 14 | ||
1 | Redmond Hill West | 6110 186th Place NE | Redmond | WA | 442 | 350,275 | 2011 | 1985 | Wesco I | 27 | ||
1 | Brighton Ridge | 2307 NE 4th Street | Renton | WA | 264 | 201,300 | 1996 | 1986 | EPLP | 26 | ||
1 | Fairwood Pond | 14700 SE Petrovitsky Rd. | Renton | WA | 194 | 189,200 | 2004 | 1997 | EPLP | 15 | ||
1 | Forest View | 650 Duvall Ave. NE | Renton | WA | 192 | 182,500 | 2003 | 1998 | EPLP | 14 | ||
1 | Eastlake 2851 | 2833 - 2851 Eastlake Avenue | Seattle | WA | 133 | 234,086 | 2008 | 2008 | Fund II | 4 | ||
1 | Fountain Court | 2400 4th Street | Seattle | WA | 320 | 207,000 | 2000 | 2000 | EPLP | 12 | ||
1 | Joule | 523 Broadway Avenue, East | Seattle | WA | 295 | 191,109 | 2010 | 2010 | JV - 99% | 2 | ||
1 | Linden Square | 13530 Linden Avenue North | Seattle | WA | 183 | 142,200 | 2000 | 1994 | EPLP | 18 | ||
Expo (Queen Anne) | 100 Republican | Seattle | WA | 275 | 191,290 | JV - 50% | ||||||
1 | The Bernard | 115 Warren Avenue North | Seattle | WA | 63 | 43,151 | 2011 | 2008 | EPLP | 4 | ||
1 | The Cairns | 420 Yale Avenue | Seattle | WA | 100 | 70,806 | 2007 | 2006 | EPLP | 6 | ||
1 | Tower @ 801 | 801 Pine Street | Seattle | WA | 173 | 118,500 | 2005 | 1970 | Fund II | 42 | ||
1 | Wharfside Pointe | 3811 14th Avenue West | Seattle | WA | 142 | 119,200 | 1994 | 1990 | EPLP | 22 | ||
1 | Echo Ridge | 34907 SE Kinsey Street | Snoqualmie | WA | 120 | 124,359 | 2005 | 2000 | Fund II | 12 | ||
38 | Total Seattle Metropolitan Area | 24% | 7,946 | 7,001,538 | 20 | |||||||
Apartment Communities Under Construction | 275 | 191,290 | ||||||||||
161 | Apartment Communities | 100% | 33,263 | 29,138,732 | (1) | |||||||
Apartment Communities Under Construction | 2,495 | 2,045,275 | (2) | |||||||||
Avg. square footage | 876 | 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 | 26 | Wesco I | 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 548,459 square feet of retail or commercial space (2) Includes 57,250 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 - 81.5% | The Company has a 81.5% ownership in this community and is consolidated. | |||||||||||
JV - 55% | The Company has a 55.0% 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 | ||||||||||||
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 | |||||
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 | EPLP | |||||
315,900 |
2