EXHIBIT 99.2
Q4 2012 Supplemental
Table of Contents
Page | |
Consolidated Operating Results | S-1 – S-2 |
Consolidated Funds From Operations | S-3 |
Consolidated Balance Sheets | S-4 |
Debt Summary – December 31, 2012 | S-5 |
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios – December 31, 2012 | S-6 |
Property Operating Results – Quarters ended December 31, 2012 and 2011 | S-7 |
Property Operating Results – Year ended December 31, 2012 and 2011 | S-7.1 |
Revenue by County – Quarters ended December 31, 2012, December 31, 2011 and September 30, 2012 | S-8 |
Revenue by County – Year ended December 31, 2012 and 2011 | S-8.1 |
Development Pipeline – December 31, 2012 | S-9 |
Redevelopment Pipeline and Capital Expenditures – December 31, 2012 | S-10 |
Co-Investments – December 31, 2012 | S-11 |
Summary of Consolidated Co-Investments and Noncontrolling Interest – December 31, 2012 | S-12 |
Income From Discontinued Operations and Selected Financial Data – December 31, 2012 | S-13 |
Assumptions for 2013 FFO Guidance Range | S-14 |
Summary of Apartment Community Acquisitions and Dispositions Activity | S-15 |
2013 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions | S-16 |
New Residential Supply Data | S-17 |
Exhibit A - Property List by Region | 1 - 3 |
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 | Year Ended | ||||||||||||||
(Dollars in thousands, except per share amounts) | December 31, | December 31, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Revenues: | ||||||||||||||||
Rental and other property | $ | 141,628 | $ | 122,373 | $ | 531,936 | $ | 465,713 | ||||||||
Management and other fees | 3,177 | 2,196 | 11,489 | 6,780 | ||||||||||||
144,805 | 124,569 | 543,425 | 472,493 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating | 46,197 | 39,951 | 174,088 | 159,234 | ||||||||||||
Depreciation | 45,017 | 39,640 | 170,592 | 151,428 | ||||||||||||
General and administrative | 6,866 | 5,305 | 23,307 | 20,694 | ||||||||||||
Cost of management and other fees | 1,620 | 1,449 | 6,513 | 4,610 | ||||||||||||
99,700 | 86,345 | 374,500 | 335,966 | |||||||||||||
Earnings from operations | 45,105 | 38,224 | 168,925 | 136,527 | ||||||||||||
Interest expense before amortization | (25,864 | ) | (25,082 | ) | (100,244 | ) | (91,694 | ) | ||||||||
Amortization expense | (2,963 | ) | (2,951 | ) | (11,644 | ) | (11,474 | ) | ||||||||
Interest and other income | 2,963 | 4,782 | 13,833 | 17,139 | ||||||||||||
Equity income (loss) from co-investments | 32,747 | (137 | ) | 41,745 | (467 | ) | ||||||||||
Gain on remeasurement of co-investment | - | - | 21,947 | - | ||||||||||||
Loss on early retirement of debt | (2,348 | ) | (343 | ) | (5,009 | ) | (1,163 | ) | ||||||||
Income before discontinued operations | 49,640 | 14,493 | 129,553 | 48,868 | ||||||||||||
Income from discontinued operations | - | 3,375 | 10,037 | 8,648 | ||||||||||||
Net income | 49,640 | 17,868 | 139,590 | 57,516 | ||||||||||||
Net income attributable to noncontrolling interest | (4,479 | ) | (2,564 | ) | (14,306 | ) | (10,446 | ) | ||||||||
Net income attributable to controlling interest | 45,161 | 15,304 | 125,284 | 47,070 | ||||||||||||
Dividends to preferred stockholders | (1,368 | ) | (1,367 | ) | (5,472 | ) | (4,753 | ) | ||||||||
Excess of cash paid to redeem preferred stock and units over the carrying value | - | - | - | (1,949 | ) | |||||||||||
Net income available to common stockholders | $ | 43,793 | $ | 13,937 | $ | 119,812 | $ | 40,368 | ||||||||
Net income per share - basic | $ | 1.22 | $ | 0.42 | $ | 3.42 | $ | 1.24 | ||||||||
Net income per share - diluted | $ | 1.22 | $ | 0.42 | $ | 3.41 | $ | 1.24 |
See Company's 10-K and 10-Q for additional disclosures
S-1
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Operating Results | Three Months Ended | Year Ended | ||||||||||||||
Selected Line Item Detail | December 31, | December 31, | ||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other property | ||||||||||||||||
Rental | $ | 131,589 | $ | 113,825 | $ | 495,320 | $ | 433,776 | ||||||||
Other property | 10,039 | 8,548 | 36,616 | 31,937 | ||||||||||||
Rental and other property | $ | 141,628 | $ | 122,373 | $ | 531,936 | $ | 465,713 | ||||||||
Management and other fees | ||||||||||||||||
Management | $ | 2,264 | $ | 1,778 | $ | 8,457 | $ | 5,428 | ||||||||
Development and redevelopment | 913 | 418 | 3,032 | 1,352 | ||||||||||||
Management and other fees | $ | 3,177 | $ | 2,196 | $ | 11,489 | $ | 6,780 | ||||||||
Property operating expenses | ||||||||||||||||
Real estate taxes | $ | 13,181 | $ | 11,086 | $ | 48,651 | $ | 43,706 | ||||||||
Administrative and insurance | 10,820 | 8,598 | 41,581 | 37,043 | ||||||||||||
Maintenance and repairs | 10,053 | 8,998 | 36,827 | 34,221 | ||||||||||||
Utilities | 8,984 | 8,179 | 34,386 | 32,298 | ||||||||||||
Property management | 3,159 | 3,090 | 12,643 | 11,966 | ||||||||||||
Property operating expenses | $ | 46,197 | $ | 39,951 | $ | 174,088 | $ | 159,234 | ||||||||
General and administrative | ||||||||||||||||
General and administrative | $ | 13,367 | $ | 11,007 | $ | 48,651 | $ | 41,601 | ||||||||
Allocated to cost of management and other fees | (1,620 | ) | (1,449 | ) | (6,513 | ) | (4,610 | ) | ||||||||
Allocated to property operating expenses - administrative | (3,159 | ) | (3,090 | ) | (12,643 | ) | (11,966 | ) | ||||||||
Capitalized to real estate | (1,722 | ) | (1,163 | ) | (6,188 | ) | (4,331 | ) | ||||||||
Net general and administrative | $ | 6,866 | $ | 5,305 | $ | 23,307 | $ | 20,694 | ||||||||
Interest and other income | ||||||||||||||||
Marketable securities and other interest income | $ | 1,826 | $ | 1,497 | $ | 7,087 | $ | 5,878 | ||||||||
Notes receivable | 839 | 1,189 | 3,628 | 4,443 | ||||||||||||
Gain from sale of marketable securities | 298 | 414 | 819 | 4,956 | ||||||||||||
Co-investment promote fee | - | - | 2,299 | - | ||||||||||||
Tax benefit - taxable REIT subsidiary | - | 1,682 | - | 1,682 | ||||||||||||
Gain on sale of land | - | - | - | 180 | ||||||||||||
Interest and other income | $ | 2,963 | $ | 4,782 | $ | 13,833 | $ | 17,139 | ||||||||
Equity income (loss) from co-investments | ||||||||||||||||
Equity income (loss) from co-investments | $ | 230 | $ | (1,555 | ) | $ | (814 | ) | $ | (4,917 | ) | |||||
Income from preferred equity investments | 3,405 | 1,418 | 13,447 | 3,531 | ||||||||||||
Gain on sale of co-investment | 29,112 | - | 29,112 | 919 | ||||||||||||
Equity income (loss) from co-investments | $ | 32,747 | $ | (137 | ) | $ | 41,745 | $ | (467 | ) | ||||||
Noncontrolling interest | ||||||||||||||||
Limited partners of Essex Portfolio, L.P. | $ | 2,781 | $ | 1,027 | $ | 7,950 | $ | 3,229 | ||||||||
DownREIT limited partners' distributions | 1,074 | 1,071 | 4,367 | 4,207 | ||||||||||||
Perpetual preferred distributions | - | - | - | 1,650 | ||||||||||||
Third-party ownership interest | 624 | 466 | 1,989 | 1,360 | ||||||||||||
Noncontrolling interest | $ | 4,479 | $ | 2,564 | $ | 14,306 | $ | 10,446 |
See Company's 10-K and 10-Q for additional disclosures
S-2
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Funds From Operations | Three Months Ended | Year Ended | ||||||||||||||||||||||
(Dollars in thousands, except share and per share amounts) | December 31, | December 31, | ||||||||||||||||||||||
2012 | 2011 | % Change | 2012 | 2011 | % Change | |||||||||||||||||||
Funds from operations | ||||||||||||||||||||||||
Net income available to common stockholders | $ | 43,793 | $ | 13,937 | $ | 119,812 | $ | 40,368 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||
Depreciation | 45,017 | 39,863 | 170,686 | 152,544 | ||||||||||||||||||||
Gains not included in FFO, net of internal disposition costs (1) | (29,112 | ) | (3,159 | ) | (60,842 | ) | (7,543 | ) | ||||||||||||||||
Depreciation add back from unconsolidated co-investments, and add back convertible preferred dividend - Series G | 3,365 | 4,145 | 14,467 | 12,642 | ||||||||||||||||||||
Noncontrolling interest related to Operating Partnership units | 2,781 | 1,027 | 7,950 | 3,228 | ||||||||||||||||||||
Depreciation attributable to noncontrolling interest | (319 | ) | (277 | ) | (1,223 | ) | (1,066 | ) | ||||||||||||||||
Funds from operations | $ | 65,525 | $ | 55,536 | $ | 250,850 | $ | 200,173 | ||||||||||||||||
FFO per share-diluted | $ | 1.72 | $ | 1.55 | 10.7 | % | $ | 6.71 | $ | 5.74 | 16.9 | % | ||||||||||||
Components of the change in FFO | ||||||||||||||||||||||||
Non-core items: | ||||||||||||||||||||||||
Loss on early retirement of debt | 2,348 | 343 | 5,009 | 1,163 | ||||||||||||||||||||
Acquisition costs | 1,480 | 181 | 2,255 | 1,231 | ||||||||||||||||||||
Gain on sales of marketable securities | (298 | ) | (414 | ) | (819 | ) | (4,956 | ) | ||||||||||||||||
Co-investment promote income | - | - | (2,299 | ) | - | |||||||||||||||||||
Tax benefit - TRS activity | - | (1,682 | ) | - | (1,682 | ) | ||||||||||||||||||
Gain on sale of co-investment | - | - | - | (919 | ) | |||||||||||||||||||
Gain on sale of land | - | - | - | (180 | ) | |||||||||||||||||||
Excess of cash paid to redeem preferred stock and units over the carrying value | - | - | - | 1,949 | ||||||||||||||||||||
Core funds from operations | 69,055 | 53,964 | 254,996 | 196,779 | ||||||||||||||||||||
Core FFO per share-diluted | $ | 1.81 | $ | 1.51 | 20.0 | % | $ | 6.82 | $ | 5.64 | 20.9 | % | ||||||||||||
Changes in core items: | ||||||||||||||||||||||||
Same-property NOI | $ | 5,301 | $ | 26,707 | ||||||||||||||||||||
Non-same property NOI | 7,708 | 24,662 | ||||||||||||||||||||||
Management and other fees, net | 810 | 2,806 | ||||||||||||||||||||||
Equity income (loss) from co-investments | 2,992 | 15,844 | ||||||||||||||||||||||
Interest and other income | (21 | ) | 394 | |||||||||||||||||||||
Interest and amortization expense | (794 | ) | (8,720 | ) | ||||||||||||||||||||
General and administrative | (262 | ) | (1,589 | ) | ||||||||||||||||||||
Perpetual preferred distributions | - | 1,650 | ||||||||||||||||||||||
Dividends to preferred stockholders | (1 | ) | (719 | ) | ||||||||||||||||||||
Discontinued operations | (439 | ) | (1,872 | ) | ||||||||||||||||||||
Other items, net | (203 | ) | (946 | ) | ||||||||||||||||||||
$ | 15,091 | $ | 58,217 | |||||||||||||||||||||
Weighted average number of shares outstanding diluted (2) | 38,182,569 | 35,818,631 | 37,377,986 | 34,860,521 |
(1) | In Q4 2012, the Company's pro-rata share of its gain from the sale of seven communities is net of costs related to a disposition incentive program attributable to the sale of certain communities and selling expenses. 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 communities and selling expenses. |
(2) | Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock. |
See Company's 10-K and 10-Q for additional disclosures
S-3
E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Balance Sheets | ||||||||
(Dollars in thousands) | ||||||||
December 31, 2012 | December 31, 2011 | |||||||
Real Estate: | ||||||||
Land and land improvements | $ | 1,003,171 | $ | 860,661 | ||||
Buildings and improvements | 4,030,501 | 3,452,403 | ||||||
5,033,672 | 4,313,064 | |||||||
Less: accumulated depreciation | (1,081,517 | ) | (920,026 | ) | ||||
3,952,155 | 3,393,038 | |||||||
Real estate for development | 66,851 | 44,280 | ||||||
Co-investments | 571,345 | 383,412 | ||||||
4,590,351 | 3,820,730 | |||||||
Cash and cash equivalents | 42,126 | 35,463 | ||||||
Marketable securities | 92,713 | 74,275 | ||||||
Notes and other receivables | 66,163 | 66,369 | ||||||
Other assets | 55,870 | 40,127 | ||||||
Total assets | $ | 4,847,223 | $ | 4,036,964 | ||||
Mortgage notes payable | $ | 1,565,599 | $ | 1,745,858 | ||||
Unsecured debt | 1,112,084 | 465,000 | ||||||
Lines of credit | 141,000 | 150,000 | ||||||
Other liabilities | 137,469 | 114,968 | ||||||
Derivative liabilities | 6,606 | 3,061 | ||||||
Total liabilities | 2,962,758 | 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 | 2,204,778 | 1,844,611 | ||||||
Distributions in excess of accumulated earnings | (444,466 | ) | (408,066 | ) | ||||
Accumulated other comprehensive loss | (69,261 | ) | (72,771 | ) | ||||
Total stockholders' equity | 1,764,804 | 1,437,527 | ||||||
Noncontrolling interest | 115,312 | 116,201 | ||||||
Total stockholders' equity and noncontrolling interest | 1,880,116 | 1,553,728 | ||||||
Total liabilities and equity | $ | 4,847,223 | $ | 4,036,964 |
See Company's 10-K and 10-Q for additional disclosures
S-4
Debt Summary - December 31 2012 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Scheduled principal payments (excludes lines of credit) | ||||||||||||||||||||||||||||||||||||||||
Percentage | Weighted Average | Weighted | Percentage | |||||||||||||||||||||||||||||||||||||
of Total | Balance | Interest | Maturity | Balance Outstanding | Average Interest | of Total | ||||||||||||||||||||||||||||||||||
Debt | Outstanding | Rate | In Years | Secured | Unsecured | Total | Rate | Debt | ||||||||||||||||||||||||||||||||
Mortgage Notes Payable | ||||||||||||||||||||||||||||||||||||||||
Fixed rate - secured | 48 | % | $ | 1,363,731 | 6.0 | % | 5.8 | 2013 | $ | 57,621 | $ | - | $ | 57,621 | 4.2 | % | 2.2 | % | ||||||||||||||||||||||
Variable rate - secured (1) | 7 | % | 201,868 | 1.9 | % | 18.8 | 2014 | 65,342 | - | 65,342 | 5.4 | % | 2.4 | % | ||||||||||||||||||||||||||
Total mortgage notes payable | 55 | % | 1,565,599 | 5.4 | % | 7.5 | 2015 | 68,926 | - | 68,926 | 5.2 | % | 2.6 | % | ||||||||||||||||||||||||||
2016 | 12,656 | 350,000 | 362,656 | 3.5 | % | 13.5 | % | |||||||||||||||||||||||||||||||||
Unsecured Debt | 2017 | 185,301 | 190,000 | 375,301 | 4.4 | % | 14.0 | % | ||||||||||||||||||||||||||||||||
Bonds private placement - fixed rate | 17 | % | 465,000 | 4.5 | % | 6.2 | 2018 | 294,924 | - | 294,924 | 5.8 | % | 11.0 | % | ||||||||||||||||||||||||||
Bonds public offering - fixed rate | 11 | % | 297,084 | 3.7 | % | 9.6 | 2019 | 260,946 | 75,000 | 335,946 | 5.6 | % | 12.5 | % | ||||||||||||||||||||||||||
Term loan (2) | 12 | % | 350,000 | 2.7 | % | 4.2 | 2020 | 406,547 | - | 406,547 | 6.4 | % | 15.2 | % | ||||||||||||||||||||||||||
40 | % | 1,112,084 | 3.7 | % | 6.5 | 2021 | 48,236 | 200,000 | 248,236 | 5.0 | % | 9.3 | % | |||||||||||||||||||||||||||
Unsecured Lines of Credit | 2022 | - | 297,084 | 297,084 | 3.7 | % | 11.1 | % | ||||||||||||||||||||||||||||||||
Line of credit (3) | 5 | % | 141,000 | 2.3 | % | 2023 | - | - | - | - | - | |||||||||||||||||||||||||||||
Line of credit (4) | - | - | 2.3 | % | Thereafter | 165,100 | - | 165,100 | 1.5 | % | 6.2 | % | ||||||||||||||||||||||||||||
Total lines of credit | 5 | % | 141,000 | 2.3 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 1,565,599 | $ | 1,112,084 | $ | 2,677,683 | 4.7 | % | 100.0 | % | ||||||||||||||||||||||||||||||
Total debt | 100 | % | $ | 2,818,683 | 4.6 | % | ||||||||||||||||||||||||||||||||||
Capitalized interest for the three months and twelve months ended December 31, 2012 was approximately $3.6 million and $10.3 million, respectively.
(1) | $201.9 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 has a variable interest rate of LIBOR plus 1.20%. The Company has entered into interest rate swap contracts for a term of five years with a notional amount totaling $300 million, which effectively converts the interest rate on $300 million of the term loan to a fixed rate. |
(3) | The unsecured line of credit facility was $500 million and the facility was increased to $600 million in January 2013. 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 1.075%. |
(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 1.075%. |
See Company's 10-K and 10-Q for additional disclosures
S-5
Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - December 31, 2012
(Dollars and shares in thousands, except per share amounts)
Capitalization Data | Public Bond Covenants | Actual | Requirement | ||||||||
Total debt | $ | 2,818,683 | |||||||||
Debt to Total Assets: | 48% | < 65% | |||||||||
Common stock and potentially dilutive securities | |||||||||||
Common stock outstanding | 36,443 | ||||||||||
Limited partnership units (1) | 2,122 | ||||||||||
Options-treasury method | 148 | Secured Debt to Total Assets: | 27% | < 40% | |||||||
Total share of common stock and potentially dilutive securities | 38,713 | ||||||||||
Common stock price per share as of December 31, 2012 | $ | 146.65 | |||||||||
Interest Coverage: | 331% | > 150% | |||||||||
Market value of common stock and potentially dilutive securities | $ | 5,677,261 | |||||||||
Preferred stock | $ | 73,079 | Unsecured Debt Ratio (1) : | 260% | > 150% | ||||||
Total equity capitalization | $ | 5,750,340 | |||||||||
Selected Credit Ratios | Actual | ||||||||||
Total market capitalization | $ | 8,569,023 | |||||||||
Ratio of debt to total market capitalization | 32.9 | % | Indebtedness Divided by Adjusted EBITDA (2): | 7.2x | |||||||
(1) Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock. | Unencumbered NOI to Total NOI: | 55% | |||||||||
(1) Unsecured Debt Ratio is unsecured assets excluding investments in joint ventures divided by unsecured indebtedness. | ||||||||
Credit Ratings | ||||||||
Rating Agency | Rating | Outlook | (2) Adjusted EBITDA is annualized current quarter NOI adjusted for non-recurring items and proforma NOI for current quarter acquisitions. | |||||
Fitch | BBB+ | Stable | ||||||
Moody's | Baa2 | Stable | ||||||
Standard & Poors | BBB | Stable | ||||||
See Company's 10-K and 10-Q for additional disclosures
S-6
E S S E X P R O P E R T Y T R U S T, I N C.
Property Operating Results - Quarters ended December 31, 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 | $ | 57,918 | $ | 55,698 | 4.0 | % | $ | 41,338 | $ | 38,024 | 8.7 | % | $ | 21,977 | $ | 20,431 | 7.6 | % | $ | - | $ | - | $ | 121,233 | $ | 114,153 | 6.2 | % | ||||||||||||||||||||||||||||
Non-same property revenue (2) | 7,350 | 2,244 | 6,190 | 1,809 | 3,651 | 1,040 | 3,204 | 3,127 | 20,395 | 8,220 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 65,268 | $ | 57,942 | $ | 47,528 | $ | 39,833 | $ | 25,628 | $ | 21,471 | $ | 3,204 | $ | 3,127 | $ | 141,628 | $ | 122,373 | ||||||||||||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | $ | 4,903 | $ | 4,799 | $ | 3,738 | $ | 3,511 | $ | 1,892 | $ | 1,705 | $ | - | $ | - | $ | 10,533 | $ | 10,015 | 5.2 | % | ||||||||||||||||||||||||||||||||||
Administrative and insurance | 5,267 | 4,755 | 2,763 | 2,439 | 1,677 | 1,514 | - | - | 9,707 | 8,708 | 11.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Maintenance and repairs | 4,228 | 4,027 | 2,566 | 2,726 | 1,682 | 1,731 | - | - | 8,476 | 8,484 | -0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Utilities | 3,578 | 3,402 | 2,603 | 2,611 | 1,769 | 1,684 | - | - | 7,950 | 7,697 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Management fees | 1,353 | 1,353 | 848 | 831 | 604 | 604 | - | - | 2,805 | 2,788 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total same-property operating expenses | 19,329 | 18,336 | 5.4 | % | 12,518 | 12,118 | 3.3 | % | 7,624 | 7,238 | 5.3 | % | - | - | $ | 39,471 | $ | 37,692 | 4.7 | % | ||||||||||||||||||||||||||||||||||||
Non-same property operating expenses (2) | 2,646 | 883 | 2,210 | 795 | 1,319 | 355 | 551 | 226 | 6,726 | 2,259 | ||||||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses | $ | 21,975 | $ | 19,219 | $ | 14,728 | $ | 12,913 | $ | 8,943 | $ | 7,593 | $ | 551 | $ | 226 | $ | 46,197 | $ | 39,951 | ||||||||||||||||||||||||||||||||||||
Net operating income (NOI): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property NOI | $ | 38,589 | $ | 37,362 | 3.3 | % | $ | 28,820 | $ | 25,906 | 11.2 | % | $ | 14,353 | $ | 13,193 | 8.8 | % | $ | - | $ | - | $ | 81,762 | $ | 76,461 | 6.9 | % | ||||||||||||||||||||||||||||
Non-same property NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redevelopment communities | - | - | - | - | 566 | 484 | - | - | 566 | 484 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2012 (3) | 3,031 | - | 2,172 | - | 1,221 | - | - | - | 6,424 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2011 (4) | - | - | 550 | 434 | 545 | 201 | 1,095 | 635 | ||||||||||||||||||||||||||||||||||||||||||||||||
Development communities (5) | 1,673 | 1,361 | 1,258 | 580 | - | - | - | - | 2,931 | 1,941 | ||||||||||||||||||||||||||||||||||||||||||||||
Other real estate assets (1) | - | - | - | - | - | - | 2,653 | 2,901 | 2,653 | 2,901 | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-same property NOI | 4,704 | 1,361 | 3,980 | 1,014 | 2,332 | 685 | 2,653 | 2,901 | 13,669 | 5,961 | ||||||||||||||||||||||||||||||||||||||||||||||
Total NOI | $ | 43,293 | $ | 38,723 | $ | 32,800 | $ | 26,920 | $ | 16,685 | $ | 13,878 | $ | 2,653 | $ | 2,901 | $ | 95,431 | $ | 82,422 | ||||||||||||||||||||||||||||||||||||
Same-property operating margin | 67 | % | 67 | % | 70 | % | 68 | % | 65 | % | 65 | % | 67 | % | 67 | % | ||||||||||||||||||||||||||||||||||||||||
Annualized same-property turnover percentage | 48 | % | 45 | % | 45 | % | 41 | % | 41 | % | 34 | % | 46 | % | 42 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property concessions per turn (6) | $ | 142 | $ | 201 | $ | 171 | $ | 169 | $ | 147 | $ | 202 | $ | 152 | $ | 192 | ||||||||||||||||||||||||||||||||||||||||
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 | 13,205 | 8,987 | 8,106 | 6,598 | 6,108 | 29,241 | 27,419 | ||||||||||||||||||||||||||||||||||||||||||||||||
Joint venture | 1,788 | 1,909 | 1,236 | 1,895 | 1,237 | 1,530 | 4,261 | 5,334 | ||||||||||||||||||||||||||||||||||||||||||||||||
Under development | 492 | 371 | 1,728 | 589 | 275 | 275 | 2,495 | 1,235 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total apartment units at end of period | 15,936 | 15,485 | 11,951 | 10,590 | 8,110 | 7,913 | 35,997 | 33,988 | ||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | 44 | % | 46 | % | 33 | % | 31 | % | 23 | % | 23 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property financial occupancy | 95.9 | % | 96.4 | % | 96.4 | % | 96.8 | % | 96.0 | % | 96.3 | % | 96.1 | % | 96.6 | % |
(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, Essex Skyline at MacArthur Place, Park Catalina, The Huntington, Montebello, Park West, Domaine, Ascent, Willow Lake, and Bennett Lofts. |
(4) | Acquired communities during 2011 includes 1000 Kiely, Bernard and Delano (which includes Bon Terra acquired in January 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-K and 10-Q for additional disclosures
S-7
E S S E X P R O P E R T Y T R U S T, I N C.
Property Operating Results - Year ended December 31, 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 | $ | 227,768 | $ | 218,626 | 4.2 | % | $ | 159,993 | $ | 146,008 | 9.6 | % | $ | 85,373 | $ | 78,785 | 8.4 | % | $ | $ | - | $ | 473,134 | $ | 443,419 | 6.7 | % | |||||||||||||||||||||||||||||
Non-same property revenue (2) | 21,756 | 4,678 | 15,332 | 3,449 | 9,335 | 3,182 | 12,379 | 10,985 | 58,802 | 22,294 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 249,524 | $ | 223,304 | $ | 175,325 | $ | 149,457 | $ | 94,708 | $ | 81,967 | $ | 12,379 | $ | 10,985 | $ | 531,936 | $ | 465,713 | ||||||||||||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | $ | 19,202 | $ | 18,966 | $ | 15,105 | $ | 14,775 | $ | 7,230 | $ | 6,848 | $ | - | $ | - | $ | 41,537 | $ | 40,589 | 2.3 | % | ||||||||||||||||||||||||||||||||||
Administrative and insurance | 20,562 | 19,905 | 10,881 | 10,287 | 6,622 | 6,426 | - | - | 38,065 | 36,618 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Maintenance and repairs | 16,123 | 16,007 | 10,401 | 10,336 | 6,319 | 6,303 | - | - | 32,843 | 32,646 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Utilities | 14,059 | 14,060 | 10,323 | 10,173 | 6,837 | 6,645 | - | - | 31,219 | 30,878 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Management fees | 5,410 | 5,402 | 3,364 | 3,298 | 2,417 | 2,416 | - | - | 11,191 | 11,116 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total same-property operating expenses | 75,356 | 74,340 | 1.4 | % | 50,074 | 48,869 | 2.5 | % | 29,425 | 28,638 | 2.7 | % | - | - | 154,855 | 151,847 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||
Non-same property operating expenses (2) | 8,006 | 2,445 | 4,711 | 1,541 | 3,207 | 1,156 | 3,309 | 2,245 | 19,233 | 7,387 | ||||||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses | $ | 83,362 | $ | 76,785 | $ | 54,785 | $ | 50,410 | $ | 32,632 | $ | 29,794 | $ | 3,309 | $ | 2,245 | $ | 174,088 | $ | 159,234 | ||||||||||||||||||||||||||||||||||||
Net operating income (NOI): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-property NOI | $ | 152,412 | $ | 144,286 | 5.6 | % | $ | 109,919 | $ | 97,139 | 13.2 | % | $ | 55,948 | $ | 50,147 | 11.6 | % | $ | - | $ | - | $ | 318,279 | $ | 291,572 | 9.2 | % | ||||||||||||||||||||||||||||
Non-same property NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redevelopment communities | - | - | - | - | 2,040 | 1,798 | - | - | 2,040 | 1,798 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2012 (3) | 7,358 | - | 2,943 | - | 1,859 | - | - | - | 12,160 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Acquired communities - 2011 (4) | - | - | 2,064 | 1,223 | 2,229 | 228 | - | - | 4,293 | 1,451 | ||||||||||||||||||||||||||||||||||||||||||||||
Development communities (5) | 6,392 | 2,233 | 5,614 | 685 | - | - | - | - | 12,006 | 2,918 | ||||||||||||||||||||||||||||||||||||||||||||||
Other real estate assets (1) | - | - | - | - | - | - | 9,070 | 8,740 | 9,070 | 8,740 | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-same property NOI | 13,750 | 2,233 | 10,621 | 1,908 | 6,128 | 2,026 | 9,070 | 8,740 | 39,569 | 14,907 | ||||||||||||||||||||||||||||||||||||||||||||||
Total NOI | $ | 166,162 | $ | 146,519 | $ | 120,540 | $ | 99,047 | $ | 62,076 | $ | 52,173 | $ | 9,070 | $ | 8,740 | $ | 357,848 | $ | 306,479 | ||||||||||||||||||||||||||||||||||||
Same-property operating margin | 67 | % | 66 | % | 69 | % | 67 | % | 66 | % | 64 | % | 67 | % | 66 | % | ||||||||||||||||||||||||||||||||||||||||
Annualized same-property turnover percentage | 53 | % | 51 | % | 51 | % | 48 | % | 49 | % | 46 | % | 52 | % | 49 | % | ||||||||||||||||||||||||||||||||||||||||
Average same-property concessions per turn (6) | $ | 130 | $ | 153 | $ | 133 | $ | 153 | $ | 115 | $ | 116 | $ | 128 | $ | 146 | ||||||||||||||||||||||||||||||||||||||||
Average same-property financial occupancy | 96.1 | % | 96.1 | % | 96.7 | % | 96.7 | % | 96.1 | % | 96.1 | % | 96.3 | % | 96.3 | % |
(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, Essex Skyline at MacArthur Place, Park Catalina, The Huntington, Montebello, Park West, Domaine, Ascent, Willow Lake, and Bennett Lofts. |
(4) | Acquired communities during 2011 includes 1000 Kiely, Bernard and Delano (which includes Bon Terra acquired in January 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-K and 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 December 31, 2012, December 31, 2011 and September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Average Property Rental Rates | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
Region | Units | QTD 2012 | QTD 2011 | % Change | Property Revenue | Financial Occupancy | Property Revenue | Financial Occupancy | Property Revenue % Change | Property Revenue September 30, 2012 | Sequential % Change | |||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||||||||
Los Angeles County | 4,420 | $ | 1,712 | $ | 1,623 | 5.5 | % | $ | 23,196 | 96.1 | % | $ | 22,004 | 96.7 | % | 5.4 | % | $ | 22,839 | 1.6 | % | |||||||||||||||||||||||
Ventura County | 2,898 | 1,377 | 1,328 | 3.7 | % | 12,323 | 96.4 | % | 11,941 | 96.5 | % | 3.2 | % | 12,207 | 1.0 | % | ||||||||||||||||||||||||||||
San Diego County | 2,213 | 1,205 | 1,180 | 2.1 | % | 8,274 | 96.1 | % | 8,096 | 96.9 | % | 2.2 | % | 8,180 | 1.1 | % | ||||||||||||||||||||||||||||
Orange County | 2,402 | 1,629 | 1,566 | 4.0 | % | 11,802 | 95.8 | % | 11,486 | 96.9 | % | 2.8 | % | 11,718 | 0.7 | % | ||||||||||||||||||||||||||||
Santa Barbara County | 347 | 1,668 | 1,657 | 0.7 | % | 1,679 | 92.1 | % | 1,541 | 87.6 | % | 9.0 | % | 1,614 | 4.0 | % | ||||||||||||||||||||||||||||
Riverside County | 276 | 797 | 771 | 3.4 | % | 644 | 91.9 | % | 630 | 94.8 | % | 2.2 | % | 665 | -3.2 | % | ||||||||||||||||||||||||||||
Total same-property | 12,556 | 1,508 | 1,448 | 4.1 | % | 57,918 | 95.9 | % | 55,698 | 96.4 | % | 4.0 | % | 57,223 | 1.2 | % | ||||||||||||||||||||||||||||
Los Angeles County | 475 | 2,150 | 2,954 | 2,244 | ||||||||||||||||||||||||||||||||||||||||
Orange County | 625 | 2,401 | 4,396 | - | ||||||||||||||||||||||||||||||||||||||||
Non-same property | 1,100 | 2,596 | 7,350 | 2,244 | ||||||||||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||||||||
Santa Clara County | 3,266 | 1,857 | 1,682 | 10.4 | % | 18,361 | 96.1 | % | 16,744 | 97.1 | % | 9.7 | % | 18,015 | 1.9 | % | ||||||||||||||||||||||||||||
Contra Costa County | 1,720 | 1,640 | 1,549 | 5.9 | % | 8,652 | 96.7 | % | 8,176 | 97.1 | % | 5.8 | % | 8,470 | 2.1 | % | ||||||||||||||||||||||||||||
Alameda County | 1,542 | 1,559 | 1,462 | 6.6 | % | 7,535 | 96.9 | % | 6,974 | 96.2 | % | 8.0 | % | 7,370 | 2.2 | % | ||||||||||||||||||||||||||||
San Mateo County | 768 | 1,922 | 1,710 | 12.4 | % | 4,571 | 96.9 | % | 4,075 | 97.2 | % | 12.2 | % | 4,425 | 3.3 | % | ||||||||||||||||||||||||||||
San Francisco MSA | 175 | 2,140 | 1,947 | 9.9 | % | 1,121 | 95.7 | % | 1,005 | 94.3 | % | 11.5 | % | 1,083 | 3.5 | % | ||||||||||||||||||||||||||||
Other | 230 | 1,573 | 1,523 | 3.3 | % | 1,098 | 97.1 | % | 1,050 | 96.3 | % | 4.6 | % | 1,064 | 3.2 | % | ||||||||||||||||||||||||||||
Total same-property | 7,701 | 1,753 | 1,612 | 8.7 | % | 41,338 | 96.4 | % | 38,024 | 96.8 | % | 8.7 | % | 40,427 | 2.3 | % | ||||||||||||||||||||||||||||
San Francisco MSA | 273 | 2,412 | 879 | - | ||||||||||||||||||||||||||||||||||||||||
Santa Clara County | 1,013 | 1,862 | 5,311 | 1,809 | ||||||||||||||||||||||||||||||||||||||||
Non-same property | 1,286 | 2,045 | 6,190 | 1,809 | ||||||||||||||||||||||||||||||||||||||||
Seattle Metro | ||||||||||||||||||||||||||||||||||||||||||||
King County | 5,278 | 1,234 | 1,146 | 7.7 | % | 20,643 | 96.1 | % | 19,214 | 96.4 | % | 7.4 | % | 20,248 | 2.0 | % | ||||||||||||||||||||||||||||
Snohomish County | 465 | 906 | 826 | 9.7 | % | 1,334 | 95.8 | % | 1,217 | 95.8 | % | 9.6 | % | 1,294 | 3.1 | % | ||||||||||||||||||||||||||||
Total same-property | 5,743 | 1,207 | 1,120 | 7.8 | % | 21,977 | 96.0 | % | 20,431 | 96.3 | % | 7.6 | % | 21,542 | 2.0 | % | ||||||||||||||||||||||||||||
King County | 855 | 1,262 | 3,651 | 1,040 | ||||||||||||||||||||||||||||||||||||||||
Non-same property | 855 | 1,262 | 3,651 | 1,040 | ||||||||||||||||||||||||||||||||||||||||
Other real estate assets | 3,204 | 3,127 | ||||||||||||||||||||||||||||||||||||||||||
Total same-property revenue | 26,000 | $ | 1,514 | $ | 1,424 | 6.4 | % | $ | 121,233 | 96.1 | % | $ | 114,153 | 96.6 | % | 6.2 | % | $ | 119,192 | 1.7 | % | |||||||||||||||||||||||
Total non-same property revenue | 3,241 | $ | 1,968 | $ | 20,395 | $ | 8,220 |
See Company's 10-K and 10-Q for additional disclosures
S-8
E S S E X P R O P E R T Y T R U S T, I N C.
Revenue by County - Year ended December 31, 2012 and 2011 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Average Property Rental Rates | Year ended 2012 | Year ended 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 | $ | 1,677 | $ | 1,596 | 5.1 | % | $ | 90,805 | 96.4 | % | $ | 86,003 | 96.3 | % | 5.6 | % | |||||||||||||||||||
Ventura County | 2,898 | 1,357 | 1,316 | 3.1 | % | 48,589 | 96.4 | % | 46,955 | 96.2 | % | 3.5 | % | |||||||||||||||||||||||
San Diego County | 2,213 | 1,194 | 1,163 | 2.7 | % | 32,652 | 96.1 | % | 31,886 | 96.5 | % | 2.4 | % | |||||||||||||||||||||||
Orange County | 2,402 | 1,603 | 1,548 | 3.6 | % | 46,523 | 96.0 | % | 44,702 | 96.2 | % | 4.1 | % | |||||||||||||||||||||||
Santa Barbara County | 347 | 1,667 | 1,664 | 0.2 | % | 6,642 | 91.6 | % | 6,579 | 91.3 | % | 1.0 | % | |||||||||||||||||||||||
Riverside County | 276 | 788 | 755 | 4.4 | % | 2,557 | 92.5 | % | 2,501 | 94.3 | % | 2.2 | % | |||||||||||||||||||||||
Total same-property | 12,556 | 1,484 | 1,429 | 3.8 | % | 227,768 | 96.1 | % | 218,626 | 96.1 | % | 4.2 | % | |||||||||||||||||||||||
Los Angeles County | 475 | 2,149 | 10,617 | 4,678 | ||||||||||||||||||||||||||||||||
Orange County | 625 | 2,869 | 11,139 | - | ||||||||||||||||||||||||||||||||
Non-same property | 1,100 | 2,355 | 21,756 | 4,678 | ||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||
Santa Clara County | 3,266 | 1,788 | 1,600 | 11.8 | % | 70,981 | 96.8 | % | 63,816 | 97.2 | % | 11.2 | % | |||||||||||||||||||||||
Contra Costa County | 1,720 | 1,606 | 1,500 | 7.1 | % | 33,675 | 96.4 | % | 31,367 | 96.4 | % | 7.4 | % | |||||||||||||||||||||||
Alameda County | 1,542 | 1,515 | 1,419 | 6.8 | % | 29,270 | 96.8 | % | 27,176 | 96.1 | % | 7.7 | % | |||||||||||||||||||||||
San Mateo County | 768 | 1,837 | 1,639 | 12.1 | % | 17,451 | 97.2 | % | 15,547 | 97.1 | % | 12.2 | % | |||||||||||||||||||||||
San Francisco MSA | 175 | 2,046 | 1,899 | 7.7 | % | 4,292 | 95.9 | % | 3,962 | 95.6 | % | 8.3 | % | |||||||||||||||||||||||
Other | 230 | 1,548 | 1,511 | 2.4 | % | 4,324 | 96.0 | % | 4,140 | 95.2 | % | 4.4 | % | |||||||||||||||||||||||
Total same-property | 7,701 | 1,696 | 1,550 | 9.4 | % | 159,993 | 96.7 | % | 146,008 | 96.7 | % | 9.6 | % | |||||||||||||||||||||||
San Francisco MSA | 273 | 2,411 | 912 | - | ||||||||||||||||||||||||||||||||
Santa Clara County | 1,013 | 1,954 | 14,420 | 3,449 | ||||||||||||||||||||||||||||||||
Non-same property | 1,286 | 2,106 | 15,332 | 3,449 | ||||||||||||||||||||||||||||||||
Seattle Metro | ||||||||||||||||||||||||||||||||||||
King County | 5,278 | 1,199 | 1,109 | 8.1 | % | 80,264 | 96.3 | % | 74,102 | 96.2 | % | 8.3 | % | |||||||||||||||||||||||
Snohomish County | 465 | 876 | 801 | 9.4 | % | 5,109 | 95.1 | % | 4,683 | 95.3 | % | 9.1 | % | |||||||||||||||||||||||
Total same-property | 5,743 | 1,173 | 1,084 | 8.2 | % | 85,373 | 96.1 | % | 78,785 | 96.1 | % | 8.4 | % | |||||||||||||||||||||||
King County | 855 | 1,460 | 9,335 | 3,182 | ||||||||||||||||||||||||||||||||
Non-same property | 855 | 1,460 | 9,335 | 3,182 | ||||||||||||||||||||||||||||||||
Other real estate assets | 12,379 | 10,985 | ||||||||||||||||||||||||||||||||||
Total same-property revenue | 26,000 | $ | 1,478 | $ | 1,388 | 6.5 | % | $ | 473,134 | 96.3 | % | $ | 443,419 | 96.3 | % | 6.7 | % | |||||||||||||||||||
Total non-same property revenue | 3,241 | $ | 1,974 | $ | 58,802 | $ | 22,294 |
See Company's 10-K and 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 - December 31, 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 | - | $ | 18.1 | $ | 40.1 | $ | 58.2 | Jul-12 | Aug-14 | Feb-15 | ||||||||||||||||||
Valley Village | Valley Village, CA | (1 | ) | 121 | - | 1.5 | 36.1 | 37.6 | Jul-12 | Jan-14 | Jun-14 | |||||||||||||||||||||
Total - Consolidated Development Projects | 311 | - | 19.6 | 76.2 | 95.8 | |||||||||||||||||||||||||||
Development Projects - Joint Venture | ||||||||||||||||||||||||||||||||
Project Name | Location | |||||||||||||||||||||||||||||||
Expo | Seattle, WA | 50 | % | 275 | 17,000 | 64.5 | 5.5 | 70.0 | May-11 | Oct-12 | Apr-13 | |||||||||||||||||||||
Epic - Phase I and II | San Jose, CA | 55 | % | 569 | - | 128.2 | 63.4 | 191.6 | Aug-11 | May-13 | Dec-14 | |||||||||||||||||||||
Connolly Station (fka Linc) | Dublin, CA | 55 | % | 309 | - | 51.6 | 42.9 | 94.5 | Aug-11 | Aug-13 | May-14 | |||||||||||||||||||||
The Huxley (fka Fountain at La Brea) | West Hollywood, CA | 50 | % | 187 | 18,200 | 46.2 | 28.8 | 75.0 | Oct-11 | Jan-14 | Jul-14 | |||||||||||||||||||||
The Dylan (fka Santa Monica at La Brea) | West Hollywood, CA | 50 | % | 184 | 12,750 | 41.3 | 34.1 | 75.4 | Dec-11 | Apr-14 | Oct-14 | |||||||||||||||||||||
Folsom and Fifth | San Francisco, CA | 55 | % | 463 | 9,300 | 88.5 | 161.5 | 250.0 | Jun-12 | Apr-14 | Mar-15 | |||||||||||||||||||||
Elkhorn | San Mateo, CA | 55 | % | 197 | - | 24.6 | 51.5 | 76.1 | Aug-12 | Jun-14 | Dec-14 | |||||||||||||||||||||
Total - Joint Venture Development Projects | 2,184 | 57,250 | 444.9 | 387.7 | 832.6 | |||||||||||||||||||||||||||
Predevelopment Projects | ||||||||||||||||||||||||||||||||
Project Name | Location | |||||||||||||||||||||||||||||||
City Centre | Moorpark, CA | 100 | % | 200 | - | 9.7 | - | 9.7 | ||||||||||||||||||||||||
Epic - Phase III | San Jose, CA | 55 | % | 200 | - | 19.8 | - | 19.8 | ||||||||||||||||||||||||
Main Street | Walnut Creek, CA | 50 | % | 49 | 35,000 | 28.5 | - | 28.5 | ||||||||||||||||||||||||
Other Projects | - | - | 1.6 | - | 1.6 | |||||||||||||||||||||||||||
Total - Joint Venture Predevelopment Projects | 449 | 35,000 | 59.6 | - | 59.6 | |||||||||||||||||||||||||||
Land Held for Future Development or Sale | ||||||||||||||||||||||||||||||||
Project Name | Location | |||||||||||||||||||||||||||||||
Park Boulevard | Palo Alto, CA | (2 | ) | 50 | - | 7.5 | - | 7.5 | ||||||||||||||||||||||||
Grand Total - Development Pipeline | 2,994 | 92,250 | $ | 531.6 | $ | 463.9 | $ | 995.5 |
(1) | The Company invested $1.0 million and has incurred $0.5 million of additional internal costs as part of an agreement to purchase the property upon receipt of temporary certificate of occupancy for |
total estimated cost of $37.6 million, which is expected in the first quarter of 2014. |
(2) | This property was sold in January 2013 for approximately $9.1 million, representing a gain on sale of approximately $1.5 million. |
See Company's 10-K and 10-Q for additional disclosures
S-9
E S S E X P R O P E R T Y T R U S T, I N C.
Redevelopment Pipeline and Capital Expenditures - December 31, 2012 | |||||||||||||||||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||||||||||||||||
Total | Estimated | Estimated | NOI | ||||||||||||||||||||||||
Incurred | Remaining | Total | Project | For the year ended | |||||||||||||||||||||||
Region/Project Name | Units | To Date | Cost | Cost | Start Date | 2012 | 2011 | ||||||||||||||||||||
Same-property - Redevelopment Projects (1) (2) | |||||||||||||||||||||||||||
Northern California | |||||||||||||||||||||||||||
Marina Cove, Santa Clara, CA | 292 | $ | 6,356 | $ | 3,502 | $ | 9,858 | Jun-07 | |||||||||||||||||||
Pointe at Cupertino, Cupertino, CA | 116 | 7,221 | 2,732 | 9,953 | Jan-10 | ||||||||||||||||||||||
Magnolia Square, Sunnyvale, CA | 188 | 7,683 | 5,606 | 13,289 | Sep-10 | ||||||||||||||||||||||
Southern California | |||||||||||||||||||||||||||
CentrePointe, San Diego, CA | 224 | 8,662 | 1,582 | 10,244 | Oct-11 | ||||||||||||||||||||||
Total Same-property - Redevelopment Projects | 820 | $ | 29,922 | $ | 13,422 | $ | 43,344 | $ | 12,033 | $ | 10,261 | ||||||||||||||||
Non-same property - Redevelopment Projects | |||||||||||||||||||||||||||
Seattle Metro | |||||||||||||||||||||||||||
Woodland Commons, Bellevue, WA (3) | 236 | 14,268 | 7,306 | 21,574 | Jun-07 | ||||||||||||||||||||||
Total Non-same property - Redevelopment Projects | 236 | $ | 14,268 | $ | 7,306 | $ | 21,574 | $ | 2,040 | $ | 1,798 |
(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 incurred $0.5 million and $1.7 million of vacancy loss, respectively, during the three and twelve months ended December 31, 2012 caused by the redevelopment of unit interiors which totaled 265 and 942 units during the three and twelve months ended December 31, 2012, respectively. The Company's co-investments incurred $0.2 million of vacancy loss during the twelve months ended December 31, 2012 related to the redevelopment of 106 unit interiors. |
(3) | The Company finished construction of 66 additional apartment homes in September 2012, and the total estimated cost includes the completion of a new leasing office, pool area, fitness center, other common area amenities, and interior unit turns. All new homes are occupied or leased as of December 2012. |
Non-revenue Generating Capital Expenditures | Q4 2012 | Q3 2012 | Q2 2012 | Q1 2012 | Q4 2011 | Q3 2011 | Q2 2011 | |||||||||||||||||||||
Non-revenue generating capital expenditures | $ | 14,715 | $ | 8,736 | $ | 5,840 | $ | 1,200 | $ | 12,144 | $ | 6,235 | $ | 4,778 | ||||||||||||||
Average apartment units in quarter | 28,269 | 27,815 | 27,457 | 27,221 | 27,241 | 26,964 | 26,944 | |||||||||||||||||||||
Capital expenditures per apartment unit in the quarter | $ | 521 | $ | 314 | $ | 213 | $ | 44 | $ | 446 | $ | 231 | $ | 177 | ||||||||||||||
Capital expenditures per apartment unit-trailing four quarters | $ | 1,079 | $ | 1,004 | $ | 926 | $ | 895 | $ | 958 | $ | 892 | $ | 966 |
See Company's 10-K and 10-Q for additional disclosures
S-10
E S S E X P R O P E R T Y T R U S T, I N C.
Co-investments - December 31, 2012 | Essex | Total | Essex | Weighted | Remaining | For the Quarter | For the | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Ownership | Undepreciated | Debt | Book | Average | Term of | Ended December 31, | Year Ended | ||||||||||||||||||||||||||||||||||||
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 | % | 1,284 | $ | 246,218 | $ | 111,080 | $ | 53,601 | 4.5 | % | 1.5 | $ | 7,268 | $ | 8,500 | $ | 33,936 | $ | 31,958 | ||||||||||||||||||||||||
Wesco I, LLC (2) | 50.0 | % | 2,713 | 660,533 | 361,249 | 143,874 | 4.0 | % | 10.2 | 6,992 | 3,824 | 23,445 | 6,718 | |||||||||||||||||||||||||||||||
Wesco III, LLC (2) (3) | 50.0 | % | 264 | 44,954 | 26,000 | 9,941 | 2.4 | % | 0.2 | 252 | - | 252 | - | |||||||||||||||||||||||||||||||
Total Operating Joint Ventures (4) | 4,261 | $ | 951,705 | $ | 498,329 | $ | 207,416 | 4.0 | % | 7.7 | $ | 14,512 | $ | 12,324 | $ | 57,633 | $ | 38,676 | ||||||||||||||||||||||||||
Essex Portion of NOI and Expenses | ||||||||||||||||||||||||||||||||||||||||||||
Essex portion of NOI | $ | 5,672 | $ | 5,151 | $ | 24,143 | $ | 15,008 | ||||||||||||||||||||||||||||||||||||
Essex portion of depreciation | (3,213 | ) | (4,145 | ) | (14,152 | ) | (12,642 | ) | ||||||||||||||||||||||||||||||||||||
Essex portion of interest expense and other | (2,179 | ) | (2,561 | ) | (10,987 | ) | (7,283 | ) | ||||||||||||||||||||||||||||||||||||
Essex portion of gain | 29,112 | - | 29,112 | 919 | ||||||||||||||||||||||||||||||||||||||||
Essex portion of net (income) loss from operating joint ventures | $ | 29,392 | $ | (1,555 | ) | $ | 28,116 | $ | (3,998 | ) | ||||||||||||||||||||||||||||||||||
Development Joint Ventures (5) | 50/55 | % | 2,384 | $ | 464,700 | $ | 81,675 | 221,665 | 1.8 | % | 33.9 | $ | (50 | ) | $ | - | $ | 182 | $ | - | ||||||||||||||||||||||||
Essex portion of net income (loss) from joint ventures | $ | 29,342 | $ | (1,555 | ) | $ | 28,298 | $ | (3,998 | ) | ||||||||||||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||||||||||||||||
Preferred | Expected | |||||||||||||||||||||||||||||||||||||||||||
Return | Term | |||||||||||||||||||||||||||||||||||||||||||
Income from Preferred Equity Investments | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity Investments | 142,264 | 10.2 | % | 4.9 | $ | 3,405 | $ | 1,418 | $ | 13,447 | $ | 3,531 | ||||||||||||||||||||||||||||||||
Total Co-investments | $ | 571,345 | 32,747 | $ | (137 | ) | $ | 41,745 | $ | (467 | ) |
(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. During Q4 2012, 7 of the 14 properties in Fund II were sold, and the fourth quarter NOI for the 7 remaining assets was $4.3 million. |
(2) | The Company has a 50% interest in Wesco I and III and the Company may earn promote income if the co-investment exceeds certain financial benchmarks. |
(3) | The Company provided a $26.0 million short-term bridge loan to Wesco III at a rate of LIBOR + 250, permanent secured financing is expected to be placed on the property by the end of Q1 2013. |
(4) | The Company had a 47% effective interest + promoted interest, 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. |
(5) | 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. NOI generated from the lease-up of Expo is included in Development Joint Ventures, and operations from Expo will be reclassified to Operating Joint Ventures in Q1 2013. |
See Company's 10-K and 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 - December 31, 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 year ended | ||||||||||||||||||||||||||||
Balance as of December 31, 2012 | December 31, 2012 | |||||||||||||||||||||||||||
Investment in | Related | Noncontrolling | DownREIT | Operating | ||||||||||||||||||||||||
Real Estate | Debt | Interest | Units Outstanding (1) | Revenue | Expenses | NOI | ||||||||||||||||||||||
Noncontrolling Interest - DownREIT: | ||||||||||||||||||||||||||||
Barkley Apartments | $ | 8,569 | $ | 16,784 | $ | 1,992 | 76,205 | $ | 2,506 | $ | 921 | $ | 1,585 | |||||||||||||||
Brentwood | 13,832 | 19,283 | 2,568 | 58,884 | 2,500 | 710 | 1,790 | |||||||||||||||||||||
Brookside Oaks | 32,364 | 19,974 | 2,327 | 84,095 | 3,611 | 860 | 2,751 | |||||||||||||||||||||
Capri at Sunny Hills | 16,024 | - | 2,968 | 159,890 | 2,431 | 684 | 1,747 | |||||||||||||||||||||
Hidden Valley (2) | 38,276 | 30,602 | 6,089 | 62,647 | 5,423 | 1,678 | 3,745 | |||||||||||||||||||||
Highridge Apartments | 29,936 | 44,807 | 3,128 | 272,158 | 6,221 | 1,419 | 4,802 | |||||||||||||||||||||
Montejo Apartments | 8,115 | 13,307 | 1,216 | 29,319 | 1,890 | 486 | 1,404 | |||||||||||||||||||||
The Elliot at Mukilteo | 15,369 | 10,750 | 1,515 | 102,713 | 3,184 | 1,333 | 1,851 | |||||||||||||||||||||
Magnolia Square | 31,128 | 18,466 | 6,356 | 57,231 | 3,877 | 1,173 | 2,704 | |||||||||||||||||||||
Treehouse Apartments | 12,789 | 17,269 | 2,951 | 67,728 | 2,563 | 698 | 1,865 | |||||||||||||||||||||
Valley Park Apartments | 13,830 | 22,592 | 296 | 21,630 | 2,912 | 627 | 2,285 | |||||||||||||||||||||
Villa Angelina Apartments | 19,408 | 27,542 | 1,717 | 46,931 | 3,890 | 1,012 | 2,878 | |||||||||||||||||||||
$ | 239,640 | $ | 241,376 | 33,123 | 1,039,431 | $ | 41,008 | $ | 11,601 | $ | 29,407 | |||||||||||||||||
Other Components of Noncontrolling Interest: | ||||||||||||||||||||||||||||
Hillsdale Garden Apartments (3) | $ | 111,813 | 21,219 | $ | 15,742 | $ | 5,365 | $ | 10,377 | |||||||||||||||||||
Joint Venture - Development (4) | $ | 28,500 | 4,000 | |||||||||||||||||||||||||
Operating Limited Partnership Units and Other | 56,970 | |||||||||||||||||||||||||||
Total Noncontrolling Interest | $ | 115,312 |
(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-K and 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 - December 31, 2012
(Dollars in thousands)
Income from Discontinued Operations
During the twelve months ended December 31, 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 | Year Ended | |||||||||||||||
December 31, | Decemeber 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Rental revenues | $ | - | $ | 842 | $ | 608 | $ | 4,081 | ||||||||
Property operating expenses | - | (403 | ) | (260 | ) | (1,861 | ) | |||||||||
Depreciation and amortization | - | (223 | ) | (94 | ) | (1,115 | ) | |||||||||
Income from real estate sold | - | 216 | 254 | 1,105 | ||||||||||||
Gain on sale, net of internal disposition costs and taxes | - | 3,159 | 9,783 | 7,543 | ||||||||||||
Income from discontinued operations | $ | - | $ | 3,375 | $ | 10,037 | $ | 8,648 |
Shares Outstanding and Potentially Dilutive Securities
Q4 2012 | Actual | YTD 2012 | ||||||||||
Weighted Avg. | As of 12/31/12 | Weighted Avg. | ||||||||||
Common Shares | 35,914,593 | 36,442,994 | 35,032,491 | |||||||||
Stock Options and Series G Preferred Stock | 111,296 | 147,984 | 126,449 | |||||||||
Weighted Avg. Shares Diluted - EPS | 36,025,889 | 36,590,978 | 35,158,940 | |||||||||
Operating Limited Partnership Units | 2,156,680 | 2,122,381 | 2,219,046 | |||||||||
Weighted Avg. Shares Diluted - FFO | 38,182,569 | 38,713,359 | 37,377,986 |
See Company's 10-K and 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 2013 FFO Guidance Range
($'s in thousands, except share and per share data)
Low - end of | High - end of | |||||||||||
Actual | Guidance range | Guidance range | ||||||||||
YTD 2012 | 2013 | 2013 | ||||||||||
Net Operating Income ("NOI") | ||||||||||||
Total NOI from consolidated communities | $ | 358,196 | $ | 398,800 | $ | 404,300 | ||||||
Accretion from external growth, net of dispositions | $ | - | $ | 500 | $ | 500 | ||||||
Management Fees | $ | 11,489 | $ | 11,500 | $ | 12,000 | ||||||
Interest Expense | ||||||||||||
Interest and amortization expense, before capitalized interest | $ | (122,228 | ) | $ | (127,200 | ) | $ | (124,200 | ) | |||
Projected interest capitalized | 10,340 | 14,500 | 15,500 | |||||||||
Net interest expense | (111,888 | ) | (112,700 | ) | (108,700 | ) | ||||||
Recurring Income and Expenses | ||||||||||||
Interest and other income | $ | 10,715 | $ | 8,900 | $ | 9,900 | ||||||
FFO from co-investments | 26,883 | 27,900 | 28,700 | |||||||||
General and administrative expense | (21,052 | ) | (23,000 | ) | (24,000 | ) | ||||||
Cost of management and other fees | (6,513 | ) | (6,800 | ) | (6,800 | ) | ||||||
Preferred dividends and non-controlling interest | (12,834 | ) | (13,500 | ) | (13,500 | ) | ||||||
(2,801 | ) | (6,500 | ) | (5,700 | ) | |||||||
Non-Core Income and Expenses | ||||||||||||
Promote income from co-investment | $ | 2,299 | $ | 3,000 | $ | 6,000 | ||||||
Gains on sales of marketable securities and land | 819 | 3,300 | 3,300 | |||||||||
Loss on early retirement of debt | (5,009 | ) | (1,000 | ) | - | |||||||
Acquisition costs | (2,255 | ) | (1,400 | ) | (1,800 | ) | ||||||
(4,146 | ) | 3,900 | 7,500 | |||||||||
Funds from Operations | $ | 250,850 | $ | 295,500 | $ | 309,900 | ||||||
Funds from Operations per diluted Share | $ | 6.71 | $ | 7.50 | $ | 7.90 | ||||||
% Change - Funds from Operations | 16.9 | % | 11.8 | % | 17.6 | % | ||||||
Funds from Operations excluding non-core items | $ | 254,996 | $ | 291,600 | $ | 302,400 | ||||||
Core Funds from Operations per diluted Share | $ | 6.82 | $ | 7.40 | $ | 7.70 | ||||||
% Change - Core Funds from Operations | 20.9 | % | 8.5 | % | 12.9 | % | ||||||
Weighted average shares outstanding | 37,377,986 | 39,400,000 | 39,250,000 |
See Company's 10-K and 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 Acquisitions and Dispositions Activity
Twelve months ended December 31, 2012 and Q1 2013 to date
(Dollars in thousands)
Acquisitions | Essex | ||||||||||||||||||||||||||||||
Ownership | Assumed Debt | Assumed Debt | Assumed Debt | Price per | Average | ||||||||||||||||||||||||||
Property Name | Location | Units | Percentage | Ownership | Date | Price | Principal | Stated Rate | Effective Rate | 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 | 5.7% | 3.3% | 175 | 1,254 | ||||||||||||||||||||
Q2 2012 Total | 715 | 156,900 | 30,300 | 219 | |||||||||||||||||||||||||||
Montebello | Kirkland, WA | 248 | 100% | EPLP | Jul-12 | 52,000 | 26,515 | 5.6% | 3.1% | 210 | 1,341 | ||||||||||||||||||||
Riley Square | Santa Clara, CA | 156 | 50% | Wesco I, LLC | Aug-12 | 38,250 | 17,500 | 5.2% | 3.1% | 245 | 1,644 | ||||||||||||||||||||
Park West | San Francisco, CA | 126 | 100% | EPLP | Sep-12 | 31,600 | - | 251 | 1,561 | ||||||||||||||||||||||
Domaine | Seattle, WA | 92 | 100% | EPLP | Sep-12 | 34,000 | 14,600 | 5.7% | 3.0% | 370 | 1,910 | ||||||||||||||||||||
Q3 2012 Total | 622 | 155,850 | 58,615 | 251 | |||||||||||||||||||||||||||
Ascent | Kirkland, WA | 90 | 100% | EPLP | Oct-12 | 15,850 | - | 176 | 1,155 | ||||||||||||||||||||||
Willow Lake | San Jose, CA | 508 | 100% | EPLP | Oct-12 | 148,000 | - | 291 | 1,758 | ||||||||||||||||||||||
Madrid (2) | Mission Viejo, CA | 230 | 50% | Wesco I, LLC | Nov-12 | (2 | ) | 33,266 | 5.3% | 2.6% | - | 1,616 | |||||||||||||||||||
Haver Hill | Fullerton, CA | 264 | 50% | Wesco III, LLC | Nov-12 | 45,600 | - | 173 | 1,283 | ||||||||||||||||||||||
Bennett Lofts | San Francisco, CA | 113 | 100% | EPLP | Dec-12 | 73,730 | - | 652 | 3,028 | ||||||||||||||||||||||
Pacific Electric Lofts (2) | Los Angeles, CA | 314 | 50% | Wesco I, LLC | Dec-12 | (2 | ) | 46,939 | 4.0% | 2.5% | - | 1,722 | |||||||||||||||||||
Q4 2012 Total | 1,519 | 450,180 | 80,205 | 296 | |||||||||||||||||||||||||||
Total 2012 | 3,016 | $ | 801,930 | $ | 169,120 | $ | 266 | ||||||||||||||||||||||||
Annaliese | Seattle, WA | 56 | 100% | EPLP | Jan-13 | $ | 19,000 | $ | - | $ | 339 | $ | 1,734 | ||||||||||||||||||
Bennett Lofts | San Francisco, CA | 34 | 100% | EPLP | Jan-13 | 22,220 | - | 654 | 3,028 | ||||||||||||||||||||||
Q1 2013 to date | 90 | $ | 41,220 | $ | - | $ | 458 | ||||||||||||||||||||||||
Dispositions | Essex | ||||||||||||||||||||||||||||||
Ownership | Assumed | Assumed Debt | Assumed Debt | Price per | Average | ||||||||||||||||||||||||||
Property Name | Location | Units | Percentage | Ownership | Date | Price | Debt | Stated Interest | Effective Interest | 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 | ||||||||||||||||||||
Parcwood | Corona, CA | 312 | 28.2% | Fund II | Oct-12 | 42,200 | - | - | - | 135 | 1,018 | ||||||||||||||||||||
Regency Tower | Oakland, CA | 178 | 28.2% | Fund II | Oct-12 | 31,000 | - | - | - | 174 | 1,401 | ||||||||||||||||||||
Studio 40-41 | Studio City, CA | 149 | 28.2% | Fund II | Oct-12 | 56,300 | - | - | - | 378 | 1,977 | ||||||||||||||||||||
Tower @ 801 | Seattle, WA | 173 | 28.2% | Fund II | Oct-12 | 50,100 | - | - | - | 290 | 1,448 | ||||||||||||||||||||
Cielo | Chatsworth, CA | 119 | 28.2% | Fund II | Nov-12 | 33,100 | - | - | - | 278 | 1,668 | ||||||||||||||||||||
Echo Ridge | Snoqualmie, WA | 120 | 28.2% | Fund II | Dec-12 | 26,500 | - | - | - | 221 | 1,380 | ||||||||||||||||||||
The Enclave | San Jose, CA | 637 | 28.2% | Fund II | Dec-12 | 173,750 | - | - | - | 273 | 1,627 | ||||||||||||||||||||
2012 | 1,952 | $ | 441,250 | $ | - | - | - | $ | 226 |
(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. |
(2) | In accordance with terms of the purchase agreements, purchase price of the properties are not being disclosed by the Company. |
See Company's 10-K and 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
2013 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions
Residential Supply (1) | Job Forecast (2) | Market Forecast (3) | ||||||||||||||||||||||||||||||||||
Market | New MF Supply | New SF Supply | Total Supply | % of MF Supply to MF Stock | % of Total Supply to Total Stock | Est.New Jobs Dec-Dec | % Growth | Estimated Rent Growth | Estimated Year End Occupancy | |||||||||||||||||||||||||||
Seattle | 6,900 | 5,888 | 12,788 | 1.7% | 1.1% | 41,000 | 2.8% | 6.5% | 96.0% | |||||||||||||||||||||||||||
San Francisco | 4,000 | 441 | 4,441 | 1.1% | 0.6% | 25,500 | 2.5% | 7.0% | 96.7% | |||||||||||||||||||||||||||
Oakland | 1,800 | 2,563 | 4,363 | 0.6% | 0.4% | 18,000 | 1.8% | 6.5% | 96.5% | |||||||||||||||||||||||||||
San Jose | 4,100 | 1,475 | 5,575 | 1.9% | 0.9% | 25,000 | 2.7% | 7.5% | 96.7% | |||||||||||||||||||||||||||
No. Cal. | 9,900 | 4,479 | 14,379 | 1.1% | 0.6% | 68,500 | 2.4% | 7.1% | 96.6% | |||||||||||||||||||||||||||
Ventura | 500 | 224 | 724 | 0.8% | 0.3% | 3,500 | 1.2% | 4.0% | 95.5% | |||||||||||||||||||||||||||
Los Angeles | 5,000 | 2,667 | 7,667 | 0.3% | 0.2% | 70,000 | 1.8% | 6.5% | 96.0% | |||||||||||||||||||||||||||
Orange | 2,800 | 2,111 | 4,911 | 0.8% | 0.5% | 25,000 | 1.8% | 5.3% | 96.0% | |||||||||||||||||||||||||||
San Diego | 3,200 | 2,133 | 5,333 | 0.8% | 0.5% | 19,000 | 1.5% | 4.0% | 95.5% | |||||||||||||||||||||||||||
So. Cal. | 11,500 | 7,135 | 18,635 | 0.5% | 0.3% | 117,500 | 1.7% | 5.4% | 95.9% | |||||||||||||||||||||||||||
Weighted Average (4) | 28,300 | 17,502 | 45,802 | 0.8% | 0.5% | 227,000 | 2.0% | 6.1% | 96.0% |
All data are based on Essex Property Trust, Inc. forecasts.
U.S. Economic Assumptions: 2013 G.D.P. Growth: 2.3% , 2013 Job Growth: 1.6%
(1) New Residential Supply: MF reflects Company's internal estimate of actual multifamily deliveries; SF is based on 12 month single family trailing permits reported by the US Census Bureau
(2) Job Forecast: refers to the difference between total non-farm industry employment (not seasonally adjusted) projected through Dec 2013 over estimated Dec 2012, expressed as total new jobs and growth rates.
(3) Market Forecast: the estimated rent growth represents the forecasted change in effective market rents for Q4 2013 vs Q4 2012 (excludes submarkets not targeted by Essex). The estimated year end occupancy represents the Company's forecast of physical market occupancy rates at Q4 2013.
(4) Weighted Average: markets weighted by economic rent in the Company's portfolio.
See Company's 10-K and 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 November 2012)
Single Family Data | Multi-Family Data | All Residential Data | ||||||||||||||||||||||||||||||||||||||
Market | Q3 2012 Median SF Price (1) | Q3 2012 SF Affordability (2) | SF Stock 2012 | SF Permits Last 12 Months | % of Stock | MF Stock 2012 | MF Permits Last 12 months | % of Stock | Total Residential Permits Last 12 Months | % of Stock | ||||||||||||||||||||||||||||||
New York | $ | 467,800 | 61 | % | 1,163,000 | 1,404 | 0.1 | % | 3,536,000 | 13,664 | 0.4 | % | 15,068 | 0.3 | % | |||||||||||||||||||||||||
Nassau-Suffolk | $ | 387,500 | 115 | % | 859,000 | 1,156 | 0.1 | % | 184,000 | 488 | 0.3 | % | 1,644 | 0.2 | % | |||||||||||||||||||||||||
Chicago | $ | 184,400 | 169 | % | 2,299,000 | 5,596 | 0.2 | % | 1,506,000 | 3,794 | 0.3 | % | 9,390 | 0.2 | % | |||||||||||||||||||||||||
Boston | $ | 365,800 | 97 | % | 1,035,000 | 3,981 | 0.4 | % | 863,000 | 4,041 | 0.5 | % | 8,022 | 0.4 | % | |||||||||||||||||||||||||
Philadelphia | $ | 223,800 | 138 | % | 1,836,000 | 5,251 | 0.3 | % | 611,000 | 3,036 | 0.5 | % | 8,287 | 0.3 | % | |||||||||||||||||||||||||
Baltimore | $ | 254,200 | 132 | % | 864,000 | 3,822 | 0.4 | % | 280,000 | 2,557 | 0.9 | % | 6,379 | 0.6 | % | |||||||||||||||||||||||||
Atlanta | $ | 106,700 | 276 | % | 1,631,000 | 8,914 | 0.5 | % | 548,000 | 4,368 | 0.8 | % | 13,282 | 0.6 | % | |||||||||||||||||||||||||
Miami/Ft. Lauderdale | $ | 209,200 | 121 | % | 1,345,000 | 5,155 | 0.4 | % | 1,132,000 | 6,962 | 0.6 | % | 12,117 | 0.5 | % | |||||||||||||||||||||||||
Minneapolis | $ | 181,500 | 182 | % | 997,000 | 5,402 | 0.5 | % | 367,000 | 5,067 | 1.4 | % | 10,469 | 0.8 | % | |||||||||||||||||||||||||
Las Vegas | $ | 137,900 | 209 | % | 554,000 | 6,080 | 1.1 | % | 299,000 | 1,152 | 0.4 | % | 7,232 | 0.8 | % | |||||||||||||||||||||||||
Phoenix | $ | 153,400 | 187 | % | 1,393,000 | 11,781 | 0.8 | % | 430,000 | 2,502 | 0.6 | % | 14,283 | 0.8 | % | |||||||||||||||||||||||||
Portland | $ | 239,200 | 121 | % | 669,000 | 4,464 | 0.7 | % | 267,000 | 3,117 | 1.2 | % | 7,581 | 0.8 | % | |||||||||||||||||||||||||
Wash. D.C. | $ | 362,300 | 118 | % | 1,506,000 | 10,864 | 0.7 | % | 744,000 | 10,955 | 1.5 | % | 21,819 | 1.0 | % | |||||||||||||||||||||||||
Orlando | $ | 135,400 | 192 | % | 692,000 | 6,924 | 1.0 | % | 265,000 | 4,539 | 1.7 | % | 11,463 | 1.2 | % | |||||||||||||||||||||||||
Denver | $ | 260,300 | 119 | % | 742,000 | 5,499 | 0.7 | % | 349,000 | 6,799 | 1.9 | % | 12,298 | 1.1 | % | |||||||||||||||||||||||||
Dallas-Ft. Worth | $ | 165,200 | 178 | % | 1,804,000 | 17,712 | 1.0 | % | 753,000 | 15,523 | 2.1 | % | 33,235 | 1.3 | % | |||||||||||||||||||||||||
Houston | $ | 167,500 | 173 | % | 1,672,000 | 28,084 | 1.7 | % | 703,000 | 14,192 | 2.0 | % | 42,276 | 1.8 | % | |||||||||||||||||||||||||
Austin | $ | 207,900 | 145 | % | 496,000 | 7,983 | 1.6 | % | 237,000 | 10,242 | 4.3 | % | 18,225 | 2.5 | % | |||||||||||||||||||||||||
Totals/Averages | $ | 227,773 | 156 | % | 21,557,000 | 140,072 | 0.6 | % | 13,074,000 | 112,998 | 0.9 | % | 253,070 | 0.7 | % | |||||||||||||||||||||||||
Seattle | $ | 327,865 | 103 | % | 745,000 | 5,888 | 0.8 | % | 403,000 | 8,309 | 2.1 | % | 14,197 | 1.2 | % | |||||||||||||||||||||||||
San Francisco | $ | 725,500 | 53 | % | 384,000 | 441 | 0.1 | % | 380,000 | 3,690 | 1.0 | % | 4,131 | 0.5 | % | |||||||||||||||||||||||||
Oakland | $ | 375,000 | 96 | % | 673,000 | 2,563 | 0.4 | % | 316,000 | 1,984 | 0.6 | % | 4,547 | 0.5 | % | |||||||||||||||||||||||||
San Jose | $ | 627,000 | 66 | % | 437,000 | 1,475 | 0.3 | % | 217,000 | 3,842 | 1.8 | % | 5,317 | 0.8 | % | |||||||||||||||||||||||||
No. Cal. | $ | 538,799 | 76 | % | 1,494,000 | 4,479 | 0.3 | % | 913,000 | 9,516 | 1.0 | % | 13,995 | 0.6 | % | |||||||||||||||||||||||||
Los Angeles | $ | 350,000 | 81 | % | 1,991,000 | 2,667 | 0.1 | % | 1,469,000 | 8,582 | 0.6 | % | 11,249 | 0.3 | % | |||||||||||||||||||||||||
Ventura | $ | 418,000 | 92 | % | 223,000 | 224 | 0.1 | % | 60,000 | 337 | 0.6 | % | 561 | 0.2 | % | |||||||||||||||||||||||||
Orange | $ | 515,000 | 71 | % | 697,000 | 2,111 | 0.3 | % | 359,000 | 3,057 | 0.9 | % | 5,168 | 0.5 | % | |||||||||||||||||||||||||
San Diego | $ | 375,000 | 85 | % | 750,000 | 2,133 | 0.3 | % | 424,000 | 3,134 | 0.7 | % | 5,267 | 0.4 | % | |||||||||||||||||||||||||
So. Cal. | $ | 390,677 | 81 | % | 3,661,000 | 7,135 | 0.2 | % | 2,312,000 | 15,110 | 0.7 | % | 22,245 | 0.4 | % | |||||||||||||||||||||||||
Average of Essex Markets | $ | 420,253 | 82 | % | 5,900,000 | 17,502 | 0.3 | % | 3,628,000 | 32,935 | 0.9 | % | 50,437 | 0.5 | % |
Permits: Single Family equals 1 unit, Multi-Family equals 5 or more units.
Sources: Single Family/Multi-Family Stock - US Census, Essex, Permits - U.S. Census, Axiometrics, Mortgage Rates - Freddie Mac, Essex.
(1) Median Home Prices - Axiometrics, 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 30% of said income, assuming a 5% down payment and a 30-year fixed mortgage rate (3.5%).
Median household income: EASI.
See Company's 10-K and 10-Q for additional disclosures
S-17
ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES
Real Estate Information as of January 31, 2013
Square | Year | Year | Property | Age of | ||||||
Property Name | Address | City | State | Units | Footage | Acquired | Built | Ownership | Property | |
NORTHERN CALIFORNIA | ||||||||||
Santa Clara County | ||||||||||
The Commons | 275 Union Avenue | Campbell | CA | 264 | 153,168 | 2010 | 1973 | EPLP | 39 | |
Pointe at Cupertino | 19920 Olivewood Street | Cupertino | CA | 116 | 135,200 | 1998 | 1963 | EPLP | 49 | |
Bella Villagio | 383 Vista Roma Way | San Jose | CA | 231 | 227,511 | 2010 | 2004 | EPLP | 8 | |
Epic - Phases I & II | 545 River Oaks Parkway | San Jose | CA | 569 | 472,236 | JV-55% | ||||
Carlyle, The | 2909 Nieman Boulevard | San Jose | CA | 132 | 129,200 | 2000 | 2000 | EPLP | 12 | |
Esplanade | 350 East Taylor St. | San Jose | CA | 278 | 279,000 | 2004 | 2002 | EPLP | 10 | |
Waterford, The | 1700 N. First Street | San Jose | CA | 238 | 219,600 | 2000 | 2000 | EPLP | 12 | |
101 San Fernando | 99 S. Fourth Street | San Jose | CA | 323 | 296,078 | 2010 | 2001 | EPLP | 11 | |
Willow Lake | 1331 Lakeshore Circle | San Jose | CA | 508 | 471,744 | 2012 | 1989 | EPLP | 23 | |
1000 Kiely | 1000 Kiely Blvd. | Santa Clara | CA | 121 | 128,486 | 2011 | 1971 | EPLP | 41 | |
Le Parc | 440 N. Winchester Avenue | Santa Clara | CA | 140 | 113,200 | 1994 | 1975 | EPLP | 37 | |
Marina Cove | 3480 Granada Avenue | Santa Clara | CA | 292 | 250,200 | 1994 | 1974 | EPLP | 38 | |
Riley Square | 3707 Poinciana Drive | Santa Clara | CA | 156 | 126,900 | 2012 | 1972 | Wesco I | 40 | |
Bristol Commons | 732 E. Evelyn Avenue | Sunnyvale | CA | 188 | 142,600 | 1995 | 1989 | EPLP | 23 | |
Brookside Oaks | 1651 Belleville Way | Sunnyvale | CA | 170 | 119,900 | 2000 | 1973 | DownREIT | 39 | |
Magnolia Lane | 113 South Mary Avenue | Sunnyvale | CA | 32 | 31,541 | 2007 | 2001 | EPLP | 11 | |
Montclaire | 450 N. Mathilda Avenue | Sunnyvale | CA | 390 | 294,100 | 1988 | 1973 | EPLP | 39 | |
Reed Square | 1070 Reed Avenue | Sunnyvale | CA | 100 | 95,440 | 2011 | 1970 | EPLP | 42 | |
Summerhill Park | 972 Corte Madera Avenue | Sunnyvale | CA | 100 | 78,500 | 1988 | 1988 | EPLP | 24 | |
Magnolia Square | 107 South Mary Avenue | Sunnyvale | CA | 156 | 110,824 | 2007 | 1969 | DownREIT | 43 | |
Via | 315 Tasman Drive | Sunnyvale | CA | 284 | 309,421 | 2011 | 2011 | EPLP | 1 | |
Windsor Ridge | 825 E. Evelyn Avenue | Sunnyvale | CA | 216 | 161,800 | 1989 | 1989 | EPLP | 23 | |
13% | 4,435 | 3,874,413 | ||||||||
Alameda County | ||||||||||
Fourth & U | 700 University Avenue | Berkeley | CA | 171 | 146,255 | 2010 | 2010 | EPLP | 2 | |
Briarwood | 4200 Bay Street | Fremont | CA | 160 | 111,160 | 2011 | 1978 | Wesco I | 34 | |
Stevenson Place | 4141 Stevenson Blvd. | Fremont | CA | 200 | 146,200 | 2000 | 1975 | EPLP | 37 | |
The Woods | 40640 High Street | Fremont | CA | 160 | 105,280 | 2011 | 1978 | Wesco I | 34 | |
Boulevard | 40001 Fremont Blvd. | Fremont | CA | 172 | 131,200 | 1996 | 1978 | EPLP | 34 | |
City View | 25200 Carlos Bee Blvd. | Hayward | CA | 572 | 462,400 | 1998 | 1975 | EPLP | 37 | |
The Grand | 100 Grand Avenue | Oakland | CA | 243 | 205,026 | 2009 | 2009 | EPLP | 3 | |
Bridgeport | 36826 Cherry Street | Newark | CA | 184 | 139,000 | 1987 | 1987 | EPLP | 25 | |
Alderwood Park Apartments | 37057 Magnolia Street | Newark | CA | 96 | 74,624 | 2006 | 1987 | Fund II | 25 | |
6% | 1,958 | 1,521,145 | ||||||||
Contra Costa County | ||||||||||
Connolly Station (formerly Linc) | 6600 Golden Gate Drive | Dublin | CA | 309 | 286,348 | JV-55% | ||||
64th & Christie | 64th and Christie Avenue | Emeryville | CA | 190 | 148,935 | EPLP | ||||
San Marcos | 2601 Hilltop Drive | Richmond | CA | 432 | 407,600 | 2003 | 2003 | EPLP | 9 | |
Bel Air | 2000 Shoreline Drive | San Ramon | CA | 462 | 391,000 | 1995 | 1988 | EPLP | 24 | |
Foothill Gardens | 1110 Harness Drive | San Ramon | CA | 132 | 155,100 | 1997 | 1985 | EPLP | 27 | |
Twin Creeks | 2711-2731 Morgan Drive | San Ramon | CA | 44 | 51,700 | 1997 | 1985 | EPLP | 27 | |
Canyon Oaks | 1 Amberstone Lane | San Ramon | CA | 250 | 237,894 | 2007 | 2005 | EPLP | 7 | |
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 | ||||||||||
Carlmont Woods | 2515 Carlmont Drive | Belmont | CA | 195 | 107,200 | 2004 | 1971 | Fund II | 41 | |
Belmont Terrace | 1606 Continetals Way | Belmont | CA | 71 | 72,951 | 2006 | 1974 | EPLP | 38 | |
Harbor Cove | 900 E. Hillsdale Blvd. | Foster City | CA | 400 | 306,600 | 2004 | 1971 | Fund II | 41 | |
Davey Glen | 200 Davey Glen Road | Belmont | CA | 69 | 65,974 | 2006 | 1962 | Fund II | 50 | |
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 | ||||||||||
Mt. Sutro Terrace Apartments | 480 Warren Drive | San Francisco | CA | 99 | 64,000 | 1999 | 1973 | EPLP | 39 | |
Park West | 121 Funston | San Francisco | CA | 126 | 90,060 | 2012 | 1958 | EPLP | 54 | |
Bennett Lofts | 530, 542, 548 Brannan | San Francisco | CA | 147 | 184,713 | 2012 | 2004 | EPLP | 8 | |
208 Pennsylvania and 1001 Mariposa | ||||||||||
Folsom and Fifth | 900 Folsom Street and 250 Fifth Street | San Francisco | CA | 463 | 371,072 | JV-55% | ||||
Vista Belvedere | 15 Red Hill Circle | Tiburon | CA | 76 | 78,300 | 2004 | 1963 | EPLP | 49 | |
1% | 448 | 417,073 | ||||||||
Other | ||||||||||
Tuscana | 315 Mt. Oso | Tracy | CA | 30 | 29,088 | 2007 | 2007 | EPLP | 5 | |
Harvest Park | 2327 Summercreek Drive | Santa Rosa | CA | 104 | 116,628 | 2007 | 2004 | EPLP | 8 | |
Chestnut Street Apartments | 143 Chestnut Avenue | Santa Cruz | CA | 96 | 87,640 | 2008 | 2002 | EPLP | 10 | |
1% | 230 | 233,356 | ||||||||
Total Northern California | 30% | 10,223 | 8,834,571 | 27 | ||||||
SOUTHERN CALIFORNIA | ||||||||||
Los Angeles County | ||||||||||
Regency at Encino | 15506 Moorpark Street | Encino | CA | 75 | 78,487 | 2009 | 1989 | EPLP | 23 | |
416 on Broadway | 412 East Broadway | Glendale | CA | 115 | 126,782 | 2010 | 2009 | EPLP | 3 | |
Hampton Court | 1136 N. Columbus Avenue | Glendale | CA | 83 | 71,500 | 1999 | 1974 | EPLP | 38 | |
Hampton Place | 245 W. Loraine Street | Glendale | CA | 132 | 141,500 | 1999 | 1970 | EPLP | 42 | |
Marbrisa | 1809 Termino Ave. | Long Beach | CA | 202 | 122,800 | 2002 | 1987 | EPLP | 25 | |
Pathways | 5945 E. Pacific Coast Hwy. | Long Beach | CA | 296 | 197,700 | 1991 | 1975 | EPLP | 37 | |
Bellerive | 1921 Beloit Avenue | Los Angeles | CA | 63 | 79,296 | 2011 | 2011 | EPLP | 1 | |
Bunker Hill | 222 and 234 S. Figueroa St. | Los Angeles | CA | 456 | 346,600 | 1998 | 1968 | EPLP | 44 | |
Cochran Apartments | 612 South Cochran | Los Angeles | CA | 58 | 51,400 | 1998 | 1989 | EPLP | 23 | |
Kings Road | 733 North Kings Road | Los Angeles | CA | 196 | 132,100 | 1997 | 1979 | EPLP | 33 | |
Marbella | 600 South Detroit Street | Los Angeles | CA | 60 | 50,108 | 2005 | 1991 | EPLP | 21 | |
Belmont Station | 1302 West 2nd St. | Los Angeles | CA | 275 | 225,000 | 2009 | 2009 | EPLP | 3 | |
Pacific Electric Lofts | 610 South Main Street | Los Angeles | CA | 314 | 277,980 | 2012 | 2006 | Wesco I | 6 | |
Park Catalina | 690 South Catalina Street | Los Angeles | CA | 90 | 72,864 | 2012 | 2002 | EPLP | 10 | |
Park Place | 400 S. Detroit Street | Los Angeles | CA | 60 | 48,000 | 1997 | 1988 | EPLP | 24 | |
Windsor Court | 401 S. Detroit Street | Los Angeles | CA | 58 | 46,600 | 1997 | 1988 | EPLP | 24 | |
Renaissance | 630 South Masselin Avenue | Los Angeles | CA | 169 | 154,268 | 2006 | 1990 | Fund II | 22 | |
Santee Court | 716 S. Los Angeles Street | Los Angeles | CA | 165 | 132,040 | 2010 | 2004 | EPLP | 8 | |
Santee Village | 743 South Santee Street | Los Angeles | CA | 73 | 69,817 | 2011 | 2011 | EPLP | 1 | |
Marina City Club | 4333 Admiralty Way | Marina Del Rey | CA | 101 | 127,200 | 2004 | 1971 | EPLP | 41 | |
Mirabella | 13701 Marina Point Drive | Marina Del Rey | CA | 188 | 176,800 | 2000 | 2000 | EPLP | 12 | |
Muse | 5451 Vineland Avenue | North Hollywood | CA | 152 | 135,292 | 2011 | 2011 | EPLP | 1 | |
Monterra del Mar | 280 E. Del Mar Boulevard | Pasadena | CA | 123 | 74,400 | 1997 | 1972 | EPLP | 40 | |
Monterra del Rey | 350 Madison | Pasadena | CA | 84 | 73,100 | 1999 | 1972 | EPLP | 40 | |
Monterra del Sol | 280 South Euclid | Pasadena | CA | 85 | 69,200 | 1999 | 1972 | EPLP | 40 | |
Fountain Park | 13141 Fountain Park Drive | Playa Vista | CA | 705 | 608,900 | 2004 | 2002 | EPLP | 10 |
1
ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES
Real Estate Information as of January 31, 2013
Square | Year | Year | Property | Age of | ||||||
Property Name | Address | City | State | Units | Footage | Acquired | Built | Ownership | Property | |
Highridge | 28125 Peacock Ridge Drive | Rancho Palos Verde | CA | 255 | 290,200 | 1997 | 1972 | DownREIT | 40 | |
Coldwater Canyon | 4250 Codlwater Canyon | Studio City | CA | 39 | 34,125 | 2007 | 1979 | EPLP | 33 | |
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 | ||||
Walnut Heights | 20700 San Jose Hills Road | Walnut | CA | 163 | 146,700 | 2003 | 1964 | EPLP | 48 | |
The Huxley (formerly Fountain at La Brea) | 1216-1234 North La Brea Avenue | West Hollywood | CA | 187 | 154,776 | JV - 50% | ||||
The Dylan (formerly Santa Monica at La Brea) | 1111 North La Brea Avenue | West Hollywood | CA | 184 | 150,678 | JV - 50% | ||||
Avondale at Warner Center | 22222 Victory Blvd. | Woodland Hills | CA | 446 | 331,000 | 1999 | 1970 | EPLP | 42 | |
Reveal | 21201 Kittridge Street | Woodland Hills | CA | 438 | 414,892 | 2011 | 2010 | Wesco I | 2 | |
17% | 5,816 | 5,034,463 | ||||||||
Ventura County | ||||||||||
Camarillo Oaks | 921 Paseo Camarillo | Camarillo | CA | 564 | 459,000 | 1996 | 1985 | EPLP | 27 | |
Camino Ruiz Square | 105 Camino Ruiz | Camarillo | CA | 160 | 105,448 | 2006 | 1990 | EPLP | 22 | |
Arbors at Parc Rose | 1500 Tulipan Circle | Oxnard | CA | 373 | 503,196 | 2011 | 2001 | Wesco I | 11 | |
Mariner's Place | 711 South B Street | Oxnard | CA | 105 | 77,200 | 2000 | 1987 | EPLP | 25 | |
Tierra Vista | 1750 Montevina Circle | Oxnard | CA | 404 | 387,100 | 2001 | 2001 | EPLP | 11 | |
Monterey Villas | 1040 Kelp Lane | Oxnard | CA | 122 | 122,100 | 1997 | 1974 | EPLP | 38 | |
Meadowood | 1733 Cochran Street | Simi Valley | CA | 320 | 264,500 | 1996 | 1986 | EPLP | 26 | |
Hidden Valley | 5065 Hidden Park Court | Simi Valley | CA | 324 | 310,900 | 2004 | 2004 | DownREIT | 8 | |
Lofts at Pinehurst,The | 1021 Scandia Avenue | Ventura | CA | 118 | 71,100 | 1997 | 1971 | EPLP | 41 | |
Hillcrest Park | 1800 West Hillcrest Drive | Newbury Park | CA | 608 | 521,900 | 1998 | 1973 | EPLP | 39 | |
Pinehurst | 3980 Telegraph Road | Ventura | CA | 28 | 21,200 | 2004 | 1973 | EPLP | 39 | |
Woodside Village | 675 Providence Ave. | Ventura | CA | 145 | 136,500 | 2004 | 1987 | EPLP | 25 | |
10% | 3,271 | 2,980,144 | ||||||||
Santa Barbara County | ||||||||||
Chimney Sweep | 775 Camino Del Sur Drive | Goleta | CA | 91 | 2006 | 1967 | EPLP | 45 | ||
CBC | 6721 El Colegio Drive | Goleta | CA | 148 | 2006 | 1962 | EPLP | 50 | ||
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 | ||||||||||
Anavia | 2045 South State College Blvd. | Anaheim | CA | 250 | 312,343 | 2010 | 2009 | EPLP | 3 | |
Barkley Apartments | 2400 E. Lincoln Ave. | Anahiem | CA | 161 | 139,800 | 2000 | 1984 | DownREIT | 28 | |
Valley Park Apartments | 17300 Euclid Ave. | Fountain Valley | CA | 160 | 169,700 | 2001 | 1969 | DownREIT | 43 | |
Capri at Sunny Hills | 2341 Daphne Place | Fullerton | CA | 100 | 128,100 | 2001 | 1961 | DownREIT | 51 | |
Haver Hill | 3100 East Yorba Linda Boulevard | Fullerton | CA | 264 | 224,130 | 2012 | 1973 | Wesco III | 39 | |
Wilshire Promenade | 141 West Wilshire Avenue | Fullerton | CA | 149 | 128,000 | 1997 | 1992 | EPLP | 20 | |
Montejo Apartments | 12911 Dale St. | Garden Grove | CA | 124 | 103,200 | 2001 | 1974 | DownREIT | 38 | |
Huntington Breakers | 21270 Beach Boulevard | Huntington Beach | CA | 342 | 241,700 | 1997 | 1984 | EPLP | 28 | |
The Huntington | 8400 Edinger Avenue | Huntington Beach | CA | 276 | 202,256 | 2012 | 1975 | EPLP | 37 | |
Axis 2300 | 2300 DuPont Drive | Irvine | CA | 115 | 170,714 | 2010 | 2010 | EPLP | 2 | |
Hillsborough Park | 1501 South Beach Boulevard | La Habra | CA | 235 | 215,500 | 1999 | 1999 | EPLP | 13 | |
Trabuco Villas | 25362 Mosswood Way | Lake Forest | CA | 132 | 131,000 | 1997 | 1985 | EPLP | 27 | |
Madrid Apartments | 28401 Los Alisos Boulevard | Mission Viejo | CA | 230 | 228,099 | 2012 | 2000 | Wesco I | 12 | |
Fairways Apartments | 2 Pine Valley Lane | Newport Beach | CA | 74 | 107,100 | 1999 | 1972 | EPLP | 40 | |
Villa Angelina | 201 E. Chapman Ave. | Placentia | CA | 256 | 217,600 | 2001 | 1970 | DownREIT | 42 | |
Brentwood Apartment Homes | 2301 E. Santa Clara Ave. | Santa Ana | CA | 140 | 154,800 | 2001 | 1970 | DownREIT | 42 | |
Fairhaven Apartments | 1300 E. Fairhaven | Santa Ana | CA | 164 | 135,700 | 2001 | 1970 | DownREIT | 42 | |
Essex Skyline at MacArthur Place | 9 & 15 MacArthur Place | Santa Ana | CA | 349 | 512,791 | 2010 | 2008 | EPLP | 4 | |
10% | 3,521 | 3,522,533 | ||||||||
San Diego County | ||||||||||
Alpine Village | 2055 Arnold Way | Alpine | CA | 301 | 254,400 | 2002 | 1971 | EPLP | 41 | |
Bonita Cedars | 5155 Cedarwood Rd. | Bonita | CA | 120 | 120,800 | 2002 | 1983 | EPLP | 29 | |
Cambridge | 660 F. St. | Chula Vista | CA | 40 | 22,100 | 2002 | 1965 | EPLP | 47 | |
Mesa Village | 5265 Clairemont Mesa Blvd. | Clairemont | CA | 133 | 43,600 | 2002 | 1963 | EPLP | 49 | |
Mira Monte | 10360 Maya Linda Rd. | Mira Mesa | CA | 355 | 262,600 | 2002 | 1982 | EPLP | 30 | |
Country Villas | 283 Douglas Drive | Oceanside | CA | 180 | 179,700 | 2002 | 1976 | EPLP | 36 | |
Mission Hills | 218 Rancho Del Oro | Oceanside | CA | 282 | 244,000 | 2005 | 1984 | EPLP | 28 | |
CentrePointe | 6466 Friars Road | San Diego | CA | 224 | 126,700 | 1997 | 1974 | EPLP | 38 | |
Summit Park | 8563 Lake Murray Blvd. | San Diego | CA | 300 | 229,400 | 2002 | 1972 | EPLP | 40 | |
Vista Capri - North | 3277 Berger Ave. | San Diego | CA | 106 | 51,800 | 2002 | 1975 | EPLP | 37 | |
Shadow Point | 9830 Dale Ave. | Spring Valley | CA | 172 | 131,200 | 2002 | 1983 | EPLP | 29 | |
7% | 2,213 | 1,666,300 | ||||||||
Riverside County | ||||||||||
Devonshire Apartments | 2770 West Devonshire Ave. | Hemet | CA | 276 | 207,200 | 2002 | 1988 | EPLP | 24 | |
1% | 276 | 207,200 | ||||||||
Total Southern California | 46% | 15,444 | 13,717,248 | 28 | ||||||
SEATTLE METRO AREA | ||||||||||
Cedar Terrace | 3205 115th Ave. NE | Bellevue | WA | 180 | 174,200 | 2005 | 1984 | EPLP | 28 | |
Courtyard Off Main | 136 102nd Avenue SE | Bellevue | WA | 109 | 108,388 | 2010 | 2000 | EPLP | 12 | |
Emerald Ridge | 3010 118th Avenue SE | Bellevue | WA | 180 | 144,000 | 1994 | 1987 | EPLP | 25 | |
Foothill Commons | 13800 NE 9th Place | Bellevue | WA | 388 | 288,300 | 1990 | 1978 | EPLP | 34 | |
Palisades, The | 13808 NE 12th | Bellevue | WA | 192 | 159,700 | 1990 | 1977 | EPLP | 35 | |
Sammamish View | 16160 SE Eastgate Way | Bellevue | WA | 153 | 133,500 | 1994 | 1986 | EPLP | 26 | |
Woodland Commons | 13700 NE 10th Place | Bellevue | WA | 236 | 172,300 | 1990 | 1978 | EPLP | 34 | |
Canyon Pointe | 1630 228th St. SE | Bothell | WA | 250 | 210,400 | 2003 | 1990 | EPLP | 22 | |
Inglenook Court | 14220 Juanita Drive, NE | Bothell | WA | 224 | 183,600 | 1994 | 1985 | EPLP | 27 | |
Salmon Run at Perry Creek | 2109 228th Street SE | Bothell | WA | 132 | 117,100 | 2000 | 2000 | EPLP | 12 | |
Stonehedge Village | 14690 143rd Blvd., NE | Bothell | WA | 196 | 214,800 | 1997 | 1986 | EPLP | 26 | |
Highlands at Wynhaven | 1460 NE Hawthorne Street | Issaquah | WA | 333 | 424,674 | 2008 | 2000 | EPLP | 12 | |
Park Hill at Issaquah | 22516 SE 56th Street | Issaquah | WA | 245 | 277,700 | 1999 | 1999 | EPLP | 13 | |
Wandering Creek | 12910 SE 240th | Kent | WA | 156 | 124,300 | 1995 | 1986 | EPLP | 26 | |
Ascent | 12062 Slater Avenue NE | Kirkland | WA | 90 | 75,840 | 2012 | 1988 | EPLP | 24 | |
Bridle Trails | 6600 130th Avenue, NE | Kirkland | WA | 108 | 99,700 | 1997 | 1986 | EPLP | 26 | |
Evergreen Heights | 12233 NE 131st Way | Kirkland | WA | 200 | 188,300 | 1997 | 1990 | EPLP | 22 | |
Corbella at Juanita Bay | 9520 NE 120th Street | Kirkland | WA | 169 | 103,339 | 2010 | 1978 | EPLP | 34 | |
Montebello | 12000 131st Lane NE | Kirkland | WA | 248 | 272,734 | 2012 | 1996 | EPLP | 16 | |
Laurels at Mill Creek | 1110 164th Street SE | Mill Creek | WA | 164 | 134,300 | 1996 | 1981 | EPLP | 31 | |
Morning Run | 18463 Blueberry Lane | Monroe | WA | 222 | 221,786 | 2005 | 1991 | Fund II | 21 | |
Anchor Village | 9507 49th Avenue West | Mukilteo | WA | 301 | 245,900 | 1997 | 1981 | DownREIT | 31 | |
Castle Creek | 7000 132nd Place, SE | Newcastle | WA | 216 | 191,900 | 1998 | 1998 | EPLP | 14 | |
Delano/Bon Terra | 7805, 7903 and 7935 170th Place NE | Redmond | WA | 126 | 116,340 | 2011 | 2011/2005 | EPLP | 1/7 | |
Elevation | 17202-17325 NE 85th Place | Redmond | WA | 157 | 138,916 | 2010 | 1986 | EPLP | 26 | |
Vesta (Redmond Hill East) | 18666 Redmond Way | Redmond | WA | 440 | 381,675 | 2011 | 1998 | Wesco I | 14 | |
Redmond Hill West | 6110 186th Place NE | Redmond | WA | 442 | 350,275 | 2011 | 1985 | Wesco I | 27 | |
Brighton Ridge | 2307 NE 4th Street | Renton | WA | 264 | 201,300 | 1996 | 1986 | EPLP | 26 | |
Fairwood Pond | 14700 SE Petrovitsky Rd. | Renton | WA | 194 | 189,200 | 2004 | 1997 | EPLP | 15 |
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ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES
Real Estate Information as of January 31, 2013
Square | Year | Year | Property | Age of | ||||||
Property Name | Address | City | State | Units | Footage | Acquired | Built | Ownership | Property | |
Forest View | 650 Duvall Ave. NE | Renton | WA | 192 | 182,500 | 2003 | 1998 | EPLP | 14 | |
Annaliese | 118 6th Ave. N | Seattle | WA | 56 | 48,216 | 2013 | 2009 | EPLP | 4 | |
Eastlake 2851 | 2833 - 2851 Eastlake Avenue | Seattle | WA | 133 | 234,086 | 2008 | 2008 | Fund II | 4 | |
Fountain Court | 2400 4th Street | Seattle | WA | 320 | 207,000 | 2000 | 2000 | EPLP | 12 | |
Joule | 523 Broadway Avenue, East | Seattle | WA | 295 | 191,109 | 2010 | 2010 | JV - 99% | 2 | |
Linden Square | 13530 Linden Avenue North | Seattle | WA | 183 | 142,200 | 2000 | 1994 | EPLP | 18 | |
Domaine | 2483 Birch Avenue N | Seattle | WA | 92 | 79,421 | 2012 | 2009 | EPLP | 3 | |
Expo | 100 Republican | Seattle | WA | 275 | 191,290 | 2012 | 2012 | JV - 50% | ||
The Bernard | 115 Warren Avenue North | Seattle | WA | 63 | 43,151 | 2011 | 2008 | EPLP | 4 | |
The Cairns | 420 Yale Avenue | Seattle | WA | 100 | 70,806 | 2007 | 2006 | EPLP | 6 | |
Wharfside Pointe | 3811 14th Avenue West | Seattle | WA | 142 | 119,200 | 1994 | 1990 | EPLP | 22 | |
Total Seattle Metro Area | 24% | 7,891 | 6,962,156 | 19 | ||||||
164 | Apartment Communities | 100% | 33,558 | 29,513,975 | (1) | |||||
9 | Apartment Communities Under Construction | 2,495 | 2,045,275 | (2) | ||||||
Avg. square footage | 879 | Definitions for Property Ownership | ||||||||
Avg. units per property | 205 | EPLP | The Company has a 100% ownership in the community. | |||||||
Avg. age of property | 26 | 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. | |||||||
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 265,536 square feet of retail or commercial space | Wesco III | The community is owned by Wesco III, LLC. The Company has a 50% interest in Wesco III, LLC, which is accounted for using the equity method of accounting. | ||||||||
(2) Includes 47,950 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/Retail 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 |
3