Exhibit 99.2
Q1 2015 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 – March 31, 2015 | S-5 |
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios – March 31, 2015 | S-6 |
Property Operating Results – Quarters ended March 31, 2015 and 2014 | S-7 |
Revenue by County – Quarters ended March 31, 2015, March 31, 2014, and December 31, 2014 | S-8 |
Development Pipeline – March 31, 2015 | S-9 |
Redevelopment Pipeline and Capital Expenditures – March 31, 2015 | S-10 |
Co-Investments – March 31, 2015 | S-11 |
Assumptions for 2015 FFO Guidance Range | S-12 |
Summary of Apartment Community Acquisitions and Dispositions Activity | S-13 |
2015 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions | S-14 |
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 | ||||||
(Dollars in thousands, except share and per share amounts) | March 31, | ||||||
2015 | 2014 | ||||||
Revenues: | |||||||
Rental and other property | $ | 280,229 | $ | 159,349 | |||
Management and other fees | 2,644 | 1,660 | |||||
282,873 | 161,009 | ||||||
Expenses: | |||||||
Property operating | 87,171 | 52,306 | |||||
Depreciation and amortization | 106,907 | 50,312 | |||||
General and administrative | 10,545 | 7,583 | |||||
Merger and integration expenses | 2,388 | 16,059 | |||||
Acquisition costs | 547 | 188 | |||||
207,558 | 126,448 | ||||||
Earnings from operations | 75,315 | 34,561 | |||||
Interest expense | (47,546) | (29,041) | |||||
Interest and other income | 4,199 | 2,879 | |||||
Equity income from co-investments | 4,311 | 10,526 | |||||
Gain on sale of real estate and land | 7,112 | 7,481 | |||||
Gain on remeasurement of co-investment | 21,362 | — | |||||
Net income | 64,753 | 26,406 | |||||
Net income attributable to noncontrolling interest | (4,076) | (3,126) | |||||
Net income attributable to controlling interest | 60,677 | 23,280 | |||||
Dividends to preferred stockholders | (1,314) | (1,368) | |||||
Net income available to common stockholders | $ | 59,363 | $ | 21,912 | |||
Net income per share - basic | $ | 0.92 | $ | 0.58 | |||
Shares used in income per share - basic | 64,185,455 | 37,685,073 | |||||
Net income per share - diluted | $ | 0.92 | $ | 0.58 | |||
Shares used in income per share - diluted | 64,394,680 | 37,931,454 |
See Company's 10-K 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 | ||||||
Selected Line Item Detail | March 31, | ||||||
(Dollars in thousands) | 2015 | 2014 | |||||
Rental and other property | |||||||
Rental | $ | 262,365 | $ | 148,326 | |||
Other property | 17,864 | 11,023 | |||||
Rental and other property | $ | 280,229 | $ | 159,349 | |||
Property operating expenses | |||||||
Real estate taxes | $ | 31,553 | $ | 15,339 | |||
Administrative and insurance | 18,240 | 13,174 | |||||
Maintenance and repairs | 16,467 | 10,436 | |||||
Utilities | 14,829 | 9,469 | |||||
Property management | 6,082 | 3,888 | |||||
Property operating expenses | $ | 87,171 | $ | 52,306 | |||
Interest and other income | |||||||
Marketable securities and other interest income | $ | 3,199 | $ | 2,411 | |||
Notes receivable | — | 41 | |||||
Gain from sale of marketable securities and note prepayment | — | 427 | |||||
Insurance reimbursement for cyber expenses | 1,000 | — | |||||
Interest and other income | $ | 4,199 | $ | 2,879 | |||
Equity income from co-investments | |||||||
Equity income (loss) from co-investments | $ | 1,227 | $ | (18) | |||
Income from preferred equity investments | 2,615 | 3,485 | |||||
Gain on sale of co-investments | — | 3,211 | |||||
Co-investment promote income | — | 3,848 | |||||
Income from early redemption of preferred equity investments | 469 | — | |||||
Equity income from co-investments | $ | 4,311 | $ | 10,526 | |||
Noncontrolling interest | |||||||
Limited partners of Essex Portfolio, L.P. | $ | 2,063 | $ | 1,417 | |||
DownREIT limited partners' distributions | 1,300 | 1,144 | |||||
Third-party ownership interest | 713 | 565 | |||||
Noncontrolling interest | $ | 4,076 | $ | 3,126 |
See Company's 10-K 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 | ||||||||
(Dollars in thousands, except share and per share amounts) | March 31, | ||||||||
2015 | 2014 | % Change | |||||||
Funds from operations | |||||||||
Net income available to common stockholders | $ | 59,363 | $ | 21,912 | |||||
Adjustments: | |||||||||
Depreciation and amortization | 106,907 | 50,312 | |||||||
Gains not included in FFO | (28,474) | (10,292) | |||||||
Depreciation add back from unconsolidated co-investments | 11,917 | 4,760 | |||||||
Noncontrolling interest related to Operating Partnership units | 2,063 | 1,417 | |||||||
Depreciation attributable to third party ownership and other | (249) | (329) | |||||||
Funds from operations | $ | 151,527 | $ | 67,780 | |||||
FFO per share-diluted | $ | 2.27 | $ | 1.68 | 35.0% | ||||
Components of the change in FFO | |||||||||
Non-core items: | |||||||||
Merger and integration expenses | $ | 2,388 | 16,059 | ||||||
Acquisition costs | 547 | 188 | |||||||
Gain on sale of marketable securities and note prepayment | — | (427) | |||||||
Gain on sale of land | — | (400) | |||||||
Co-investment promote income | — | (3,848) | |||||||
Income from early redemption of preferred equity investments | (469) | — | |||||||
Other non-core adjustments | (1,375) | 1,768 | |||||||
Core funds from operations | 152,618 | 81,120 | |||||||
Core FFO per share-diluted | $ | 2.29 | $ | 2.02 | 13.6% | ||||
Changes in core items: | |||||||||
Same-property NOI | $ | 10,940 | |||||||
Non-same property NOI | 73,504 | ||||||||
Management and other fees, net | 609 | ||||||||
Equity income from co-investments | 7,335 | ||||||||
Interest and other income | 747 | ||||||||
Interest expense | (18,505) | ||||||||
General and administrative | (2,962) | ||||||||
Other items, net | (170) | ||||||||
$ | 71,498 | ||||||||
Weighted average number of shares outstanding diluted (1) | 66,641,225 | 40,238,064 | |||||||
(1) | Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock and excludes DownREIT units of 904,785. |
See Company's 10-K 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) | |||||||
March 31, 2015 | December 31, 2014 | ||||||
Real Estate: | |||||||
Land and land improvements | $ | 2,505,257 | $ | 2,424,930 | |||
Buildings and improvements | 9,332,472 | 8,819,751 | |||||
11,837,729 | 11,244,681 | ||||||
Less: accumulated depreciation | (1,658,692) | (1,564,806) | |||||
10,179,037 | 9,679,875 | ||||||
Real estate under development | 339,386 | 429,096 | |||||
Co-investments | 1,057,298 | 1,042,423 | |||||
Real estate held for sale, net | — | 56,300 | |||||
11,575,721 | 11,207,694 | ||||||
Cash and cash equivalents | 255,230 | 95,749 | |||||
Marketable securities and other investments | 128,502 | 117,240 | |||||
Notes and other receivables | 28,954 | 24,923 | |||||
Acquired in-place lease value and other assets | 96,752 | 110,565 | |||||
Total assets | $ | 12,085,159 | $ | 11,556,171 | |||
Mortgage notes payable | $ | 2,322,837 | $ | 2,246,255 | |||
Unsecured debt | 3,113,216 | 2,617,482 | |||||
Lines of credit | — | 246,391 | |||||
Other liabilities | 323,334 | 286,719 | |||||
Total liabilities | 5,759,387 | 5,396,847 | |||||
Redeemable noncontrolling interest | 24,916 | 23,256 | |||||
Equity: | |||||||
Common stock | 6 | 6 | |||||
Cumulative redeemable preferred stock, liquidation value | 73,750 | 73,750 | |||||
Additional paid-in capital | 6,848,255 | 6,651,165 | |||||
Distributions in excess of accumulated earnings | (684,436) | (650,797) | |||||
Accumulated other comprehensive loss, net | (50,868) | (51,452) | |||||
Total stockholders' equity | 6,186,707 | 6,022,672 | |||||
Noncontrolling interest | 114,149 | 113,396 | |||||
Total equity | 6,300,856 | 6,136,068 | |||||
Total liabilities and equity | $ | 12,085,159 | $ | 11,556,171 |
See Company's 10-K for additional disclosures S-4 |
E S S E X P R O P E R T Y T R U S T, I N C. | |||||||||||||||||||||||||||||
Debt Summary - March 31, 2015 | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Scheduled principal payments and unamortized premiums (discounts) are as follows - excludes lines of credit: | |||||||||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||||||||
Balance Outstanding | Interest Rate | Maturity In Years | Secured | Unsecured | Unamortized premiums (discounts) | Total | Weighted Average Interest Rate | Percentage of Total Debt | |||||||||||||||||||||
Mortgage Notes Payable | |||||||||||||||||||||||||||||
Fixed rate - secured | $ | 1,952,547 | 4.9% | 4.4 | 2015 | $ | 74,177 | $ | — | 22,775 | $ | 96,952 | 4.6% | 1.8% | |||||||||||||||
Variable rate - secured (1) | 292,069 | 1.7% | 23.1 | 2016 | 41,519 | 350,000 | 30,011 | 421,530 | 3.3% | 7.7% | |||||||||||||||||||
Unamortized premiums | 78,221 | — | — | 2017 | 199,178 | 365,000 | 20,307 | 584,485 | 3.2% | 10.8% | |||||||||||||||||||
Total mortgage notes payable | 2,322,837 | 4.5% | 6.6 | 2018 | 320,621 | — | 16,654 | 337,275 | 5.4% | 6.2% | |||||||||||||||||||
2019 | 566,393 | 75,000 | 11,571 | 652,964 | 4.2% | 12.0% | |||||||||||||||||||||||
Unsecured Debt | 2020 | 693,447 | — | 5,698 | 699,145 | 5.0% | 12.8% | ||||||||||||||||||||||
Bonds private - fixed rate | 465,000 | 4.5% | 4.0 | 2021 | 51,152 | 500,000 | (1,681) | 549,471 | 4.3% | 10.1% | |||||||||||||||||||
Bonds public - fixed rate | 2,400,000 | 3.5% | 7.5 | 2022 | 1,186 | 300,000 | (2,325) | 298,861 | 3.7% | 5.5% | |||||||||||||||||||
Term loan (2) | 225,000 | 2.4% | 1.6 | 2023 | 1,282 | 600,000 | (598) | 600,684 | 3.6% | 11.1% | |||||||||||||||||||
Unamortized premiums | 23,216 | — | — | 2024 | 19,158 | 400,000 | (247) | 418,911 | 4.0% | 7.7% | |||||||||||||||||||
3,113,216 | 3.5% | 6.5 | 2025 | 14,611 | 500,000 | (68) | 514,543 | 3.5% | 9.5% | ||||||||||||||||||||
Unsecured Lines of Credit | Thereafter | 261,892 | — | (660) | 261,232 | 1.8% | 4.8% | ||||||||||||||||||||||
Line of credit (3) | — | — | |||||||||||||||||||||||||||
Line of credit (4) | — | — | Total | $ | 2,244,616 | $ | 3,090,000 | $ | 101,437 | $ | 5,436,053 | 3.9% | 100.0% | ||||||||||||||||
Total lines of credit | — | — | |||||||||||||||||||||||||||
Total debt | $ | 5,436,053 | 3.9% | ||||||||||||||||||||||||||
Capitalized interest for the three months ended March 31, 2015 was approximately $4.3 million. | |||||||||||||||||||||||||||||
(1) | Variable rate debt of $282.1 million is tax exempt to the note holders and $263.9 million is subject to interest rate protection agreements and total return swap contracts. | ||||||||||||||||||||||||||||
(2) | The unsecured term loan has a variable interest rate of LIBOR plus 1.05%. The Company has entered into interest rate swap contracts with a notional amount totaling $225 million, which effectively converts the interest rate on $225 million of the term loan to a fixed rate of 2.4%. | ||||||||||||||||||||||||||||
(3) | The unsecured line of credit facility aggregates to $1 billion and the line matures in December 2018 with one 18-month 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 0.95%. | ||||||||||||||||||||||||||||
(4) | The unsecured line of credit facility is $25 million and matures in January 2016. 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 0.95%. |
See Company's 10-K for additional disclosures S-5 |
E S S E X P R O P E R T Y T R U S T, I N C. | |||||||||||||||
Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - March 31, 2015 | |||||||||||||||
(Dollars and shares in thousands, except per share amounts) | |||||||||||||||
Capitalization Data | Public Bond Covenants | Actual | Requirement | ||||||||||||
Total debt | $ | 5,436,053 | |||||||||||||
Debt to Total Assets: | 40% | < 65% | |||||||||||||
Common stock and potentially dilutive securities | |||||||||||||||
Common stock outstanding | 64,620 | ||||||||||||||
Limited partnership units (1) | 2,243 | ||||||||||||||
Options-treasury method | 223 | Secured Debt to Total Assets: | 17% | < 40% | |||||||||||
Total shares of common stock and potentially dilutive securities | 67,086 | ||||||||||||||
Common stock price per share as of March 31, 2015 | $ | 229.90 | |||||||||||||
Interest Coverage: | 326% | > 150% | |||||||||||||
Market value of common stock and potentially dilutive securities | $ | 15,423,071 | |||||||||||||
Preferred stock | $ | 73,750 | Unsecured Debt Ratio (1) : | 279% | > 150% | ||||||||||
Total equity capitalization | $ | 15,496,821 | |||||||||||||
Selected Credit Ratios | Actual | ||||||||||||||
Total market capitalization | $ | 20,932,874 | |||||||||||||
Ratio of debt to total market capitalization | 26.0% | Net IndebtednessDivided by Adjusted EBITDA (2) (3): | 6.4 | ||||||||||||
Unencumbered NOI to Total NOI: | 64% | ||||||||||||||
(1) Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock. | (1) Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness. | ||||||||||||||
(2) Net Indebtedness is total debt less unamortized premiums, unrestricted cash and cash equivalents, and marketable securities. | |||||||||||||||
Credit Ratings | (3) Adjusted EBITDA annualizes the proforma NOI for current quarter acquisitions and excludes non-routine items in earnings. | ||||||||||||||
Rating Agency | Rating Outlook | ||||||||||||||
Fitch | BBB+ Stable | ||||||||||||||
Moody's | Baa2 Positive | ||||||||||||||
Standard & Poors | BBB Stable | ||||||||||||||
See Company's 10-K 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 March 31, 2015 and 2014 | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||||||||||||||||||||||||||||||
Southern California | Northern California | Seattle Metro | Other real estate assets (1) | Total | ||||||||||||||||||||||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | 2015 | 2014 | % Change | 2015 | 2014 | 2015 | 2014 | % Change | |||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Same-property revenue | $ | 69,356 | $ | 65,390 | 6.1% | $ | 60,449 | $ | 55,038 | 9.8% | $ | 29,961 | $ | 27,960 | 7.2% | $ | — | $ | — | $ | 159,766 | $ | 148,388 | 7.7% | ||||||||||||||||||
Non-same property revenue (2) | 6,467 | 4,221 | 6,560 | 1,450 | 4,310 | 745 | 5,693 | 4,545 | 23,030 | 10,961 | ||||||||||||||||||||||||||||||||
Legacy BRE portfolio property revenue (3) | 47,632 | — | 35,418 | — | 14,383 | — | — | — | 97,433 | — | ||||||||||||||||||||||||||||||||
Total Revenues | $ | 123,455 | $ | 69,611 | $ | 102,427 | $ | 56,488 | $ | 48,654 | $ | 28,705 | $ | 5,693 | $ | 4,545 | $ | 280,229 | $ | 159,349 | ||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||
Same-property operating expenses | ||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | $ | 5,818 | $ | 5,697 | $ | 5,392 | $ | 5,272 | $ | 2,919 | $ | 2,909 | $ | — | $ | — | $ | 14,129 | $ | 13,878 | 1.8% | |||||||||||||||||||||
Administrative and insurance | 5,769 | 5,798 | 3,367 | 3,241 | 1,930 | 1,882 | — | — | 11,066 | 10,921 | 1.3% | |||||||||||||||||||||||||||||||
Maintenance and repairs | 4,377 | 4,375 | 3,486 | 3,416 | 1,779 | 1,855 | — | — | 9,642 | 9,646 | 0.0% | |||||||||||||||||||||||||||||||
Utilities | 3,476 | 3,620 | 3,208 | 3,070 | 1,987 | 2,019 | — | — | 8,671 | 8,709 | -0.4% | |||||||||||||||||||||||||||||||
Management fees | 1,435 | 1,406 | 1,074 | 1,042 | 773 | 750 | — | — | 3,282 | 3,198 | 2.6% | |||||||||||||||||||||||||||||||
Total same-property operating expenses | 20,875 | 20,896 | -0.1% | 16,527 | 16,041 | 3.0% | 9,388 | 9,415 | -0.3% | — | — | 46,790 | 46,352 | 0.9% | ||||||||||||||||||||||||||||
Non-same property operating expenses (2) | 2,703 | 1,776 | 2,083 | 524 | 1,322 | 244 | 1,368 | 3,410 | 7,476 | 5,954 | ||||||||||||||||||||||||||||||||
Legacy BRE portfolio property operating expenses (3) | 16,789 | — | 11,301 | — | 4,815 | — | — | — | 32,905 | — | ||||||||||||||||||||||||||||||||
Total property operating expenses | $ | 40,367 | $ | 22,672 | $ | 29,911 | $ | 16,565 | $ | 15,525 | $ | 9,659 | $ | 1,368 | $ | 3,410 | $ | 87,171 | $ | 52,306 | ||||||||||||||||||||||
Net operating income (NOI): | ||||||||||||||||||||||||||||||||||||||||||
Same-property NOI | $ | 48,481 | $ | 44,494 | 9.0% | $ | 43,922 | $ | 38,997 | 12.6% | $ | 20,573 | $ | 18,545 | 10.9% | $ | — | $ | — | $ | 112,976 | $ | 102,036 | 10.7% | ||||||||||||||||||
Non-same property NOI (2) | ||||||||||||||||||||||||||||||||||||||||||
Legacy BRE portfolio (3) | 30,843 | — | 24,117 | — | 9,568 | — | — | — | 64,528 | — | ||||||||||||||||||||||||||||||||
Redevelopment communities | 1,309 | 1,454 | — | — | — | — | — | — | 1,309 | 1,454 | ||||||||||||||||||||||||||||||||
Acquired communities - Other (4) | 1,743 | 991 | 4,477 | 926 | 2,988 | 501 | — | — | 9,208 | 2,418 | ||||||||||||||||||||||||||||||||
Acquired communities - 2015 (5) | 712 | — | — | — | — | — | — | — | 712 | — | ||||||||||||||||||||||||||||||||
Other real estate assets (1) | — | — | — | — | — | — | 4,325 | 1,135 | 4,325 | 1,135 | ||||||||||||||||||||||||||||||||
Total non-same property NOI | 34,607 | 2,445 | 28,594 | 926 | 12,556 | 501 | 4,325 | 1,135 | 80,082 | 5,007 | ||||||||||||||||||||||||||||||||
Total NOI | $ | 83,088 | $ | 46,939 | $ | 72,516 | $ | 39,923 | $ | 33,129 | $ | 19,046 | $ | 4,325 | $ | 1,135 | $ | 193,058 | $ | 107,043 | ||||||||||||||||||||||
Same-property operating margin | 70% | 68% | 73% | 71% | 69% | 66% | 71% | 69% | ||||||||||||||||||||||||||||||||||
Annualized same-property turnover percentage | 43% | 45% | 42% | 45% | 37% | 39% | 41% | 44% | ||||||||||||||||||||||||||||||||||
Average same-property concessions per turn (6) | $ | 38 | $ | 38 | $ | 60 | $ | 39 | $ | 33 | $ | 29 | $ | 44 | $ | 37 | ||||||||||||||||||||||||||
Reconciliation of apartment units at end of period | ||||||||||||||||||||||||||||||||||||||||||
Same-property apartment units | 12,875 | 9,184 | 6,537 | — | 28,596 | |||||||||||||||||||||||||||||||||||||
Consolidated apartment units | 14,492 | 13,870 | 9,998 | 9,430 | 7,395 | 6,703 | — | — | 31,885 | 30,003 | ||||||||||||||||||||||||||||||||
Legacy BRE portfolio (3) | 8,337 | — | 4,791 | — | 2,821 | — | — | — | 15,949 | — | ||||||||||||||||||||||||||||||||
Co-investments (7) | 4,770 | 1,870 | 3,049 | 1,592 | 1,958 | 1,157 | — | — | 9,777 | 4,619 | ||||||||||||||||||||||||||||||||
Under development | — | 571 | 2,657 | 1,780 | — | — | — | — | 2,657 | 2,351 | ||||||||||||||||||||||||||||||||
Total apartment units at end of period | 27,599 | 16,311 | 20,495 | 12,802 | 12,174 | 7,860 | — | — | 60,268 | 36,973 | ||||||||||||||||||||||||||||||||
Percentage of total | 46% | 44% | 34% | 35% | 20% | 21% | — | — | 100% | 100% | ||||||||||||||||||||||||||||||||
Average same-property financial occupancy | 96.4% | 96.4% | 96.2% | 96.5% | 96.2% | 96.5% | 96.3% | 96.5% | ||||||||||||||||||||||||||||||||||
(1) | Other real estate assets consists mainly of retail space, commercial properties, boat slips, and properties sold. | |||||||||||||||||||||||||||||||||||||||||
(2) | Includes properties which subsequent to January 1, 2014 were either acquired or in a stage of development or redevelopment without stabilized operations. | |||||||||||||||||||||||||||||||||||||||||
(3) | Properties acquired as part of the BRE Properties merger on April 1, 2014, excluding 17 properties contributed to joint ventures. | |||||||||||||||||||||||||||||||||||||||||
(4) | Acquired communities during 2014 includes Apex, The Avery, Collins on Pine, Ellington at Bellevue, Paragon, and Piedmont. Acquired communities during 2013 which stabilized during 2014 includes Slater 116, Vox, and Domain. Also, included is Bennett Lofts which was acquired during 2012. | |||||||||||||||||||||||||||||||||||||||||
(5) | Acquired communities during 2015 includes 8th & Hope, The Dylan, and The Huxley. | |||||||||||||||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||||||||||
(7) | Includes BRE properties contributed to joint ventures. |
See Company's 10-K 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. | |||||||||||||||||||||||||||||
Revenue by County - Quarters ended March 31, 2015, March 31, 2014 and December 31, 2014 | |||||||||||||||||||||||||||||
(Dollars in thousands, except average property rental rates) | |||||||||||||||||||||||||||||
Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||||||
Average Property Rental Rates | March 31, 2015 | March 31, 2014 | December 31, 2014 | ||||||||||||||||||||||||||
Region | Units | QTD 2015 | QTD 2014 | % Change | Property Revenue | Financial Occupancy | Property Revenue | Financial Occupancy | Property Revenue % Change | Property Revenue | Sequential % Change | ||||||||||||||||||
Southern California | |||||||||||||||||||||||||||||
Los Angeles County | 4,400 | $ | 1,978 | $ | 1,867 | 5.9% | $ | 26,394 | 96.2% | $ | 25,079 | 96.5% | 5.2% | $ | 26,205 | 0.7% | |||||||||||||
Ventura County | 2,898 | 1,526 | 1,442 | 5.8% | 13,694 | 96.3% | 13,027 | 96.9% | 5.1% | 13,484 | 1.6% | ||||||||||||||||||
Orange County | 2,887 | 2,007 | 1,889 | 6.2% | 17,758 | 96.6% | 16,504 | 95.8% | 7.6% | 17,346 | 2.4% | ||||||||||||||||||
San Diego County | 2,067 | 1,352 | 1,273 | 6.2% | 8,754 | 96.4% | 8,205 | 96.2% | 6.7% | 8,630 | 1.4% | ||||||||||||||||||
Santa Barbara County | 347 | 1,876 | 1,750 | 7.2% | 2,030 | 99.1% | 1,897 | 99.6% | 7.0% | 2,052 | -1.1% | ||||||||||||||||||
Riverside County | 276 | 828 | 791 | 4.7% | 726 | 97.3% | 678 | 95.7% | 7.1% | 713 | 1.8% | ||||||||||||||||||
Total same-property | 12,875 | 1,755 | 1,655 | 6.0% | 69,356 | 96.4% | 65,390 | 96.4% | 6.1% | 68,430 | 1.4% | ||||||||||||||||||
Los Angeles County | 4,160 | 2,296 | 23,263 | 2,389 | |||||||||||||||||||||||||
Orange County | 2,899 | 1,725 | 15,192 | — | |||||||||||||||||||||||||
San Diego County | 2,895 | 1,812 | 15,644 | 1,832 | |||||||||||||||||||||||||
Non-same property | 9,954 | 1,989 | 54,099 | 4,221 | |||||||||||||||||||||||||
. | |||||||||||||||||||||||||||||
Northern California | |||||||||||||||||||||||||||||
Santa Clara County | 4,279 | 2,297 | 2,075 | 10.7% | 29,890 | 96.4% | 27,063 | 96.6% | 10.4% | 29,117 | 2.7% | ||||||||||||||||||
Contra Costa County | 1,720 | 1,937 | 1,771 | 9.4% | 10,172 | 96.3% | 9,325 | 96.3% | 9.1% | 9,997 | 1.8% | ||||||||||||||||||
Alameda County | 1,542 | 1,977 | 1,757 | 12.5% | 9,398 | 96.5% | 8,522 | 97.3% | 10.3% | 9,239 | 1.7% | ||||||||||||||||||
San Mateo County | 768 | 2,373 | 2,146 | 10.6% | 5,612 | 96.5% | 5,117 | 96.7% | 9.7% | 5,508 | 1.9% | ||||||||||||||||||
San Francisco MSA | 645 | 2,200 | 2,043 | 7.7% | 4,105 | 93.0% | 3,826 | 94.0% | 7.3% | 4,117 | -0.3% | ||||||||||||||||||
Other | 230 | 1,804 | 1,683 | 7.2% | 1,272 | 96.8% | 1,185 | 96.3% | 7.3% | 1,265 | 0.6% | ||||||||||||||||||
Total same-property | 9,184 | 2,163 | 1,959 | 10.4% | 60,449 | 96.2% | 55,038 | 96.5% | 9.8% | 59,243 | 2.0% | ||||||||||||||||||
Santa Clara County | 1,595 | 2,612 | 12,359 | — | |||||||||||||||||||||||||
Contra Costa County | 550 | 2,103 | 3,523 | — | |||||||||||||||||||||||||
Alameda County | 1,596 | 2,309 | 11,065 | — | |||||||||||||||||||||||||
San Mateo County | 1,358 | 2,827 | 11,099 | — | |||||||||||||||||||||||||
San Francisco MSA | 335 | 3,795 | 2,634 | 1,450 | |||||||||||||||||||||||||
Other | 171 | 2,419 | 1,298 | — | |||||||||||||||||||||||||
Non-same property | 5,605 | 2,500 | 41,978 | 1,450 | |||||||||||||||||||||||||
Seattle Metro | |||||||||||||||||||||||||||||
King County | 6,072 | 1,472 | 1,369 | 7.5% | 28,365 | 96.3% | 26,468 | 96.5% | 7.2% | 27,949 | 1.5% | ||||||||||||||||||
Snohomish County | 465 | 1,089 | 990 | 10.0% | 1,596 | 95.4% | 1,492 | 97.6% | 7.0% | 1,593 | 0.2% | ||||||||||||||||||
Total same-property | 6,537 | 1,445 | 1,342 | 7.7% | 29,961 | 96.2% | 27,960 | 96.5% | 7.2% | 29,542 | 1.4% | ||||||||||||||||||
King County | 3,171 | 1,611 | 16,162 | 745 | |||||||||||||||||||||||||
Snohomish County | 508 | 1,621 | 2,531 | — | |||||||||||||||||||||||||
Non-same property | 3,679 | 1,612 | 18,693 | 745 | |||||||||||||||||||||||||
Other real estate assets (1) | — | 5,693 | 4,545 | ||||||||||||||||||||||||||
Total same-property revenue | 28,596 | $ | 1,815 | $ | 1,681 | 8.0% | $ | 159,766 | 96.3% | $ | 148,388 | 96.5% | 7.7% | $ | 157,215 | 1.6% | |||||||||||||
Total non-same property revenue | 19,238 | $ | 2,093 | $ | 120,463 | $ | 10,961 | ||||||||||||||||||||||
(1) | Other real estate assets consists mainly of retail space, commercial properties, boat slips, and properties sold. | ||||||||||||||||||||||||||||
See Company's 10-K for additional disclosures S-8 |
E S S E X P R O P E R T Y T R U S T, I N C. | |||||||||||||||||||||||||
Development Pipeline - March 31, 2015 | |||||||||||||||||||||||||
(Dollars in millions, except per unit amounts in thousands) | |||||||||||||||||||||||||
Ownership % | Estimated Units | Estimated Retail sq. feet | Incurred to Date | Remaining Costs | Estimated Total Cost | Essex Share of Estimated Total Cost | Apartment Cost per Unit (1) | Construction Start | Initial Occupancy | Stabilized Operations | |||||||||||||||
Development Projects - Consolidated (2) (3) | |||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||
MB 360 Phase I | San Francisco, CA | 100% | 188 | $ 137 | $ 3 | $ 140 | $ 140 | $ 745 | Q2 2012 | Q4 2014 | Q2 2015 | ||||||||||||||
MB 360 Phase II (4) | San Francisco, CA | 100% | 172 | 11,500 | 97 | 38 | 135 | 135 | 744 | Q3 2014 | Q4 2015 | Q2 2016 | |||||||||||||
Station Park Green | San Mateo, CA | 100% | 599 | 35,000 | (5) | 73 | 281 | 354 | 354 | 531 | Q3 2015 | Q3 2017 | Q4 2018 | ||||||||||||
Total Development Projects - Consolidated | 959 | 46,500 | 307 | 322 | 629 | 629 | 656 | ||||||||||||||||||
Land Held for Future Development - Consolidated | |||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||
Other Projects | Various | 100% | 32 | — | 32 | 32 | |||||||||||||||||||
Total Development Pipeline - Consolidated | 959 | 46,500 | 339 | 322 | 661 | 661 | |||||||||||||||||||
Development Projects/Land Held for Future Development - Joint Venture (2) | |||||||||||||||||||||||||
Project Name | Location | ||||||||||||||||||||||||
Epic - Phase III | San Jose, CA | 55% | 200 | — | 72 | 25 | 97 | 53 | 483 | Q3 2013 | Q3 2015 | Q1 2016 | |||||||||||||
Mosso II | San Francisco, CA | 55% | 282 | 4,270 | 146 | 4 | 150 | 83 | 525 | Q2 2012 | Q3 2014 | Q2 2015 | |||||||||||||
Park 20 | San Mateo, CA | 55% | 197 | — | 77 | — | 77 | 42 | 391 | Q3 2012 | Q1 2015 | Q3 2015 | |||||||||||||
One South Market | San Jose, CA | 55% | 312 | 6,000 | 129 | 16 | 145 | 80 | 458 | Q2 2013 | Q2 2015 | Q2 2016 | |||||||||||||
Agora | Walnut Creek, CA | 50% | 49 | 35,000 | 68 | 21 | 89 | 45 | 834 | Q3 2013 | Q4 2015 | Q1 2016 | |||||||||||||
Emme | Emeryville, CA | 55% | 190 | — | 63 | — | 63 | 35 | 336 | Q3 2012 | Q1 2015 | Q3 2015 | |||||||||||||
Owens | Pleasanton, CA | 55% | 255 | 5,729 | 30 | 59 | 89 | 49 | 341 | Q3 2014 | Q2 2016 | Q2 2017 | |||||||||||||
Hacienda | Pleasanton, CA | 55% | 251 | — | 25 | 61 | 86 | 47 | 343 | Q1 2015 | Q3 2016 | Q3 2017 | |||||||||||||
Century Towers | San Jose, CA | 50% | 376 | 2,006 | 51 | 121 | 172 | 86 | 455 | Q3 2014 | Q1 2017 | Q1 2018 | |||||||||||||
500 Folsom | San Francisco, CA | 50% | 545 | 6,000 | 52 | 329 | 381 | 191 | 688 | Q4 2015 | Q4 2018 | Q2 2020 | |||||||||||||
Total Development Projects - Joint Venture | 2,657 | 59,005 | 713 | 636 | 1,349 | 711 | $ 486 | ||||||||||||||||||
Grand Total - Development Pipeline | 3,616 | 105,505 | $ 1,052 | $ 958 | $ 2,010 | 1,372 | |||||||||||||||||||
Essex Cost Incurred to Date | (722) | ||||||||||||||||||||||||
Essex Remaining Commitment | $ 650 | ||||||||||||||||||||||||
(1) | Excludes the estimated allocation to retail square feet. | ||||||||||||||||||||||||
(2) | The company share of cost totaled $4.0M of capitalized interest, $1.1M of capitalized overhead and $2.9M of co-investment development fees related to development in Q1 2015. | ||||||||||||||||||||||||
(3) | NOI for the three months ended March 31, 2015 was $0.5 million. | ||||||||||||||||||||||||
(4) | To date the Company has received $40 million of the $45 million of expected insurance proceeds related to the fire. | ||||||||||||||||||||||||
(5) | Includes 25,000 square feet of retail and 10,000 square feet of office space. |
See Company's 10-K 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 - March 31, 2015 | ||||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||||
Total | Estimated | Estimated | NOI | |||||||||||||
Incurred | Remaining | Total | Project | For the three months ended | ||||||||||||
Region/Project Name (1) | Units | To Date | Cost | Cost | Start Date | 2015 | 2014 | |||||||||
Same-property - Redevelopment Projects (2) (3) | ||||||||||||||||
Northern California | ||||||||||||||||
Summerhill Park | 100 | $ 1,043 | $ 8,834 | 9,877 | Q4 2014 | |||||||||||
Southern California | ||||||||||||||||
Hamptons | 215 | 3,711 | 15,770 | 19,481 | Q1 2014 | |||||||||||
Monterras | 292 | 12,394 | 13,989 | 26,383 | Q1 2014 | |||||||||||
Total Same-property - Redevelopment Projects | 607 | $ 17,148 | $ 38,593 | $ 55,741 | $ 2,472 | $ 2,294 | ||||||||||
Non-same property - Redevelopment Projects | ||||||||||||||||
Southern California | ||||||||||||||||
Bunker Hill Towers | 456 | $ 18,729 | $ 57,415 | $ 76,144 | Q3 2013 | |||||||||||
Total Non-same property - Redevelopment Projects | 456 | $ 18,729 | $ 57,415 | $ 76,144 | $ 1,296 | $ 1,454 | ||||||||||
(1) | The Company incurred $0.3 million of capitalized interest, $0.9 million of capitalized overhead and $0.1 million of co-investment redevelopment fees related to redevelopment in Q1 2015. | |||||||||||||||
(2) | Redevelopment activities are ongoing at these communities, but the communities have stabilized operations, therefore results are classified in same-property operations. | |||||||||||||||
(3) | The Company incurred $0.4 million of vacancy loss for the same-property portfolio, and $0.8 million of vacancy loss for the total portfolio during the three months ended March 31, 2015. The Company completed the redevelopment of interiors totaling 247 units for the redevelopment-related same-property portfolio and 484 units for the total portfolio, during the three months ended March 31, 2015. | |||||||||||||||
Non-revenue Generating Capital Expenditures | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | ||||||||||||
Non-revenue generating capital expenditures | $ 7,164 | $ 14,632 | $ 14,022 | $ 10,623 | ||||||||||||
Average apartment units in quarter | 47,780 | 47,806 | 47,381 | 46,638 | ||||||||||||
Capital expenditures per apartment unit in the quarter | $ 150 | $ 306 | $ 296 | $ 228 | ||||||||||||
Capital expenditures per apartment unit-trailing four quarters | $ 980 | $ 978 | $ 845 | $ 871 | ||||||||||||
See Company's 10-K 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 - March 31, 2015 | Essex | Total | Essex | Weighted | Remaining | For the Quarter | |||||||||||||||
(Dollars in thousands) | Ownership | Undepreciated | �� | Debt | Book | Average | Term of | Ended March 31, | |||||||||||||
Percentage | Units | Book Value | Amount | Value | Borrowing Rate | Debt/(in Years) | 2015 | 2014 | |||||||||||||
Operating Non-Consolidated Joint Ventures | Net Operating Income | ||||||||||||||||||||
Essex Apartment Value Fund II, L.P. (Fund II) (1) | 28.2% | — | $ | — | $ | — | $ | 232 | — | — | $ | 139 | $ | 305 | |||||||
Wesco I, LLC | 50.0% | 2,713 | 684,281 | 362,245 | 136,257 | 3.6% | 8.5 | 9,882 | 8,939 | ||||||||||||
Wesco III, LLC | 50.0% | 993 | 231,564 | 120,079 | 50,410 | 3.6% | 5.5 | 3,165 | 1,956 | ||||||||||||
Wesco IV, LLC | 50.0% | 1,116 | 298,060 | 155,000 | 67,904 | 3.9% | 5.9 | 4,180 | — | ||||||||||||
BEXAEW, LLC | 50.0% | 2,723 | 519,673 | 321,894 | 93,842 | 3.0% | 5.9 | 7,756 | — | ||||||||||||
CPPIB | 55.0% | 878 | 254,570 | — | 170,501 | — | — | 4,077 | — | ||||||||||||
Palm Valley | 50.0% | 1,098 | 370,832 | 232,269 | 69,817 | 2.5% | 1.8 | 4,843 | — | ||||||||||||
Other | 50.0% | 275 | 65,647 | 51,000 | 6,877 | 3.6% | 5.4 | 1,613 | 1,157 | ||||||||||||
Total Operating Non-Consolidated Joint Ventures | 9,796 | $ | 2,424,627 | $ | 1,242,487 | $ | 595,840 | 3.3% | 6.0 | $ | 35,655 | $ | 12,357 | ||||||||
Development Non-Consolidated Joint Ventures (2) | 50/55% | 2,657 | 713,000 | 57,659 | 354,384 | 1.9% | 1.9 | 2,012 | 1,262 | ||||||||||||
Total Non-Consolidated Joint Ventures | 12,453 | $ | 3,137,627 | $ | 1,300,146 | $ | 950,224 | $ | 37,667 | $ | 13,619 | ||||||||||
Essex Portion of NOI and Expenses | |||||||||||||||||||||
NOI | $ | 19,095 | $ | 6,860 | |||||||||||||||||
Depreciation | (11,917) | (4,760) | |||||||||||||||||||
Interest expense and other | (5,951) | (2,118) | |||||||||||||||||||
Gain on sale of co-investments | — | 3,211 | |||||||||||||||||||
Promote income | — | 3,848 | |||||||||||||||||||
Net income from operating co-investments | $ | 1,227 | $ | 7,041 | |||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Preferred | Expected | ||||||||||||||||||||
Return | Term | Income from Preferred Equity Investments | |||||||||||||||||||
Income from preferred equity investments | $ | 2,615 | $ | 3,485 | |||||||||||||||||
Income from early redemption of preferred equity investments | 469 | — | |||||||||||||||||||
Preferred Equity Investments (3) | 107,074 | 9.8% | 3.2 | $ | 3,084 | $ | 3,485 | ||||||||||||||
Total Co-investments (4) | $ | 1,057,298 | $ | 4,311 | $ | 10,526 |
(1) | The Company has a 28.2% interest as a general partner and limited partner in Fund II. There are no properties remaining in the Fund at quarter end. | ||||||||||||||||||||
(2) | The Company has interests in 10 development co-investments, which are detailed on S-9. | ||||||||||||||||||||
(3) | As of March 31, 2015 the Company has invested in seven preferred equity investments. | ||||||||||||||||||||
(4) | The Company consolidates Hidden Valley and Hillsdale Garden Apartments. Noncontrolling interests' share of net operating income in these investments for the three months ended March 31, 2015 was $0.9 million. |
See Company's 10-K for additional disclosures S-11 |
E S S E X P R O P E R T Y T R U S T, I N C. | ||||||||
Assumptions for 2015 FFO Guidance Range | ||||||||
Q1 2015 Earnings Results Supplement | ||||||||
($'s in thousands, except share and per share data) (1) | YTD | 2015 Guidance Range | ||||||
Actuals | Low End | High End | Changes from Guidance Provided in February 2015 | |||||
Net Operating Income ("NOI") | ||||||||
Total NOI from consolidated communities | $ | 193,058 | $ 803,500 | 812,500 | Reflects Q1 '15 results, revised same-property revenue growth for the full year to a midpoint of 7.25% and investment activity through April 2015. | |||
Management Fees | 2,269 | 8,200 | 8,800 | |||||
Interest Expense | ||||||||
Interest expense, before capitalized interest | (51,836) | (216,400) | (214,300) | Updated for $500 million unsecured bond offering in mid-March. | ||||
Forecasted interest capitalized | 4,290 | 15,200 | 17,200 | Capitalized interest updated for timing of development spend. | ||||
Net interest expense | (47,546) | (201,200) | (197,100) | |||||
Recurring Income and Expenses | ||||||||
Interest and other income | 3,199 | 13,000 | 14,100 | |||||
FFO from co-investments | 15,759 | 63,900 | 66,900 | Reflects three co-investments properties transferred to consolidated operations and the redemption of a preferred equity investment. | ||||
General and administrative expense | (10,545) | (43,000) | (45,000) | |||||
Preferred dividends and non-controlling interest | (3,576) | (14,400) | (14,200) | |||||
Total recurring income and expenses | 4,837 | 19,500 | 21,800 | |||||
Non-Core Income and Expenses | ||||||||
Income from early redemption of preferred equity investment | 469 | 469 | 469 | |||||
Loss on early retirement of debt | — | (1,000) | (1,000) | |||||
Merger and integration expenses | (2,388) | (7,500) | (5,500) | |||||
Acquisition costs | (547) | (1,000) | (1,500) | |||||
Other non-core adjustments | 1,375 | 1,375 | 1,375 | |||||
Total non-core income and expenses | (1,091) | (7,656) | (6,156) | |||||
Funds from Operations | $ | 151,527 | 622,344 | 639,844 | ||||
Funds from Operations per diluted Share | $ | 2.27 | 9.25 | 9.51 | ||||
% Change - Funds from Operations | 35.0% | 17.2% | 20.5% | |||||
Funds from Operations excluding non-core items | $ | 152,618 | 630,000 | 646,000 | ||||
Core Funds from Operations per diluted Share | $ | 2.29 | 9.36 | 9.60 | ||||
% Change - Core Funds from Operations | 13.6% | 9.7% | 12.4% | |||||
Weighted average shares outstanding | 66,641 | 67,275 | 67,275 | |||||
(1) All non-core items are excluded from the YTD actuals and included in the non-core income and expense section of the FFO reconciliation. |
See Company's 10-K 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. |
Summary of Apartment Community Acquisitions and Dispositions Activity |
Quarter ended March 31, 2015 |
(Dollars in thousands) |
Acquisitions | Essex | |||||||||||||||||||||||||||
Ownership | Purchase | Price per | Average | |||||||||||||||||||||||||
Property Name | Location | Units | Percentage | Entity | Date | Price | Unit | Rent | ||||||||||||||||||||
8th & Hope | Los Angeles, CA | 290 | 100 | % | EPLP | Feb-15 | $ | 200,000 | $ | 690 | $ | 3,708 | ||||||||||||||||
The Huxley (1) | Los Angeles, CA | 187 | 100 | % | EPLP | Mar-15 | 48,784 | 522 | 2,439 | |||||||||||||||||||
The Dylan (1) | Los Angeles, CA | 184 | 100 | % | EPLP | Mar-15 | 51,266 | 557 | 2,646 | |||||||||||||||||||
Q1 2015 | 661 | $ | 300,050 | $ | 605 | |||||||||||||||||||||||
Reveal (2) | Woodland Hills, CA | 438 | 100 | % | EPLP | Apr-15 | $ | 73,013 | $ | 337 | $ | 1,936 | ||||||||||||||||
Q2 2015 to date | 438 | $ | 73,013 | $ | 337 | |||||||||||||||||||||||
Dispositions (3) | Essex | |||||||||||||||||||||||||||
Ownership | Sales | Price per | ||||||||||||||||||||||||||
Property Name | Location | Units | Percentage | Entity | Date | Price | Unit | |||||||||||||||||||||
Pinnacle South Mountain | Phoenix, AZ | 552 | 100 | % | EPLP | Jan-15 | $ | 63,750 | $ | 115 | ||||||||||||||||||
Q1 2015 | 552 | $ | 63,750 | 115 |
(1) | In March 2015, the Company purchased the joint venture partner's remaining membership interest in the co-investments The Huxley and The Dylan for a purchase price of $100.1 million. The properties are now consolidated. |
(2) | In April 2015, the Company purchased the joint venture partner's 49.5% membership interest in the co-investment at Reveal for a purchase price of $73.0 million. |
(3) | In March 2015, the Company sold two commercial buildings aggregating 120,000 square feet located in Emeryville, CA for $13.0 million. |
See Company's 10-K 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. | ||||||||||||||||||||||||||||||||
2015 MSA Level Forecast: 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 | Economic Rent Growth | ||||||||||||||||||||||||
Los Angeles | 10,000 | 6,000 | 16,000 | 0.6 | % | 0.5 | % | 84,000 | 2.0 | % | 5.4 | % | ||||||||||||||||||||
Ventura | 550 | 700 | 1,250 | 0.8 | % | 0.4 | % | 5,500 | 1.9 | % | 4.4 | % | ||||||||||||||||||||
Orange | 3,500 | 3,900 | 7,400 | 0.9 | % | 0.7 | % | 29,700 | 2.0 | % | 4.6 | % | ||||||||||||||||||||
San Diego | 3,900 | 3,700 | 7,600 | 0.9 | % | 0.6 | % | 30,800 | 2.3 | % | 4.5 | % | ||||||||||||||||||||
So. Cal. | 17,950 | 14,300 | 32,250 | 0.8 | % | 0.6 | % | 150,000 | 2.1 | % | 4.8 | % | ||||||||||||||||||||
San Francisco | 5,000 | 900 | 5,900 | 1.3 | % | 0.8 | % | 33,100 | 3.0 | % | 6.9 | % | ||||||||||||||||||||
Oakland | 2,000 | 3,900 | 5,900 | 0.6 | % | 0.6 | % | 25,300 | 2.4 | % | 7.2 | % | ||||||||||||||||||||
San Jose | 4,400 | 2,200 | 6,600 | 1.8 | % | 1.0 | % | 31,800 | 3.2 | % | 7.5 | % | ||||||||||||||||||||
No. Cal. | 11,400 | 7,000 | 18,400 | 1.3 | % | 0.8 | % | 90,200 | 2.9 | % | 7.3 | % | ||||||||||||||||||||
Seattle | 9,000 | 7,500 | 16,500 | 1.9 | % | 1.4 | % | 43,300 | 2.8 | % | 4.5 | % | ||||||||||||||||||||
Weighted Average(4) | 38,350 | 28,800 | 67,150 | 1.2 | % | 0.8 | % | 283,500 | 2.5 | % | 5.6 | % |
All data are based on Essex Property Trust, Inc. forecasts.
U.S. Economic Assumptions:2015 G.D.P. Growth: 2.8% , 2015 Job Growth: 2.0%
(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 2015 over estimated Dec 2014, 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 2015 vs Q4 2014 (excludes submarkets not targeted by Essex). |
(4) Weighted Average:markets weighted by scheduled rent in the Company's Portfolio |
See Company's 10-K for additional disclosures S-14 |