EX-99.2 3 ex99_2.htm EXHIBIT 99.2 Exhibit 99.2

E S S E X  P R O P E R T Y  T R U S T,  I N C.
         
           
Consolidated Operating Results
  
Three Months Ended
  
(Dollars in thousands, except per share amounts)
  
March 31,
  
    2005   
2004
  
           
Revenues:
              
Rental  
  
$
74,538
  
$
64,209
  
Other property 
    
2,783
    
2,102
  
 Total property revenues
    
77,321
    
66,311
  
               
Expenses:
              
Property operating 
    
25,702
    
21,830
  
Depreciation and amortization 
    
19,727
    
18,346
  
Interest 
    
18,147
    
14,310
  
Amortization of deferred financing costs 
    
476
    
273
  
General and administrative 
    
4,542
    
2,930
  
 Total expenses
    
68,594
    
57,689
  
               
Gain on sale of real estate
    
1,115
    
-
 
Interest and other income
    
2,226
    
1,851
  
Equity income in co-investments
    
19,584
    
1,100
  
Minority interests
    
(6,476
)
  
(5,530
)
Income from continuing operations
    
25,176
    
6,043
  
               
Income from discontinued operations, net of minority interests
    
1,701
   
407
 
Net income
    
26,877
   
6,450
 
               
Dividends to preferred stockholders - Series F
    
(488
)
  
(488
)
Net income available to common stockholders
  
$
26,389
  
$
5,962
  
               
Net income per share - basic
  
$
1.15
  
$
0.26
  
               
Net income per share - diluted
  
$
1.13
  
$
0.26
  
 
 
See Company's 10-Q for additional disclosures
 
S-1
 
E S S E X  P R O P E R T Y  T R U S T,  I N C.
         
           
Consolidated Operating Results
  
Three Months Ended
  
Selected Line Item Detail
  
March 31,
  
(Dollars in thousands)
  
2005
  
2004
  
           
Property operating expenses
              
Maintenance and repairs 
  
$
5,658
  
$
4,381
  
Real estate taxes 
    
6,930
    
5,540
  
Utilities 
    
3,638
    
3,014
  
Administrative 
    
7,319
    
6,912
  
Advertising 
    
1,166
    
840
  
Insurance 
    
991
    
1,143
  
 Property operating expenses
  
$
25,702
  
$
21,830
  
               
General and administrative
              
Total general and administrative 
  
$
6,055
  
$
4,231
  
Allocated to property operating expenses - administrative 
    
(1,245
)
  
(1,046
)
Capitalized and incremental to real estate under development 
    
(268
)
  
(255
)
 Net general and administrative
  
$
4,542
  
$
2,930
  
               
Interest and other
              
Interest income 
  
$
88
  
$
146
  
Lease income 
    
416
    
417
  
Fee income 
    
1,703
    
705
  
Miscellaneous - non-recurring  
    
19
    
583
  
 Interest and other
  
$
2,226
  
$
1,851
  
               
Equity income in co-investments
              
Equity income in co-investments 
  
$
451
  
$
1,100
  
Gain on sale of co-investment activities, net 
    
14,381
    
-
 
Promote distribution from Fund I - non-recurring 
    
4,873
    
-
 
Early extinguishment of debt - non-recurring 
    
(121
)
  
-
 
 Equity income in co-investments
  
$
19,584
  
$
1,100
  
               
Minority interests
              
Limited partners of Essex Portfolio, L.P. 
  
$
2,527
  
$
583
  
Perpetual preferred distributions 
    
2,559
    
4,104
  
Series Z and Z-1 incentive units 
    
100
    
75
  
Third party ownership interests 
    
213
    
(372
)
Down REIT limited partners' distributions 
    
1,077
    
1,140
  
 Minority interests
  
$
6,476
  
$
5,530
  
 
 
See Company's 10-Q for additional disclosures
 
S-2
 
E S S E X  P R O P E R T Y  T R U S T,  I N C.
         
           
Consolidated Funds From Operations
  
Three Months Ended
  
(Dollars in thousands, except share and per share amounts)
  
March 31,
  
   
2005
  
2004
  
           
Funds from operations
              
               
Net income
  
$
26,877
  
$
6,450
  
Adjustments:
              
Depreciation and amortization 
    
19,727
    
18,346
  
Depr. and amort. - unconsolidated co-investments 
    
149
    
834
  
Gain on sale of real estate 
    
(1,115
)
  
-
 
Gain on sale of real estate - discontinued operations 
    
(735
)
  
-
 
Gain on sale of co-investment activities, net 
    
(14,381
)
  
-
 
Minority interests 
    
2,798
   
698
 
Depreciation - discontinued operations 
    
-
   
86
 
Dividends to preferred stockholders - Series F 
    
(488
)
  
(488
)
 Funds from operations
  
$
32,832
  
$
25,926
  
               
Components of the change in FFO
              
Same property NOI
  
$
1,000
        
Non-same property NOI
    
6,138
       
Other - corporate and unconsolidated co-investments
    
(1,080
)
      
Promote distribution from Fund I - non-recurring
    
4,873
       
Interest expense and amortization of deferred financing costs
    
(4,040
)
      
General and administrative
    
(1,612
)
      
Minority interests
    
1,023
       
Income from discontinued operations
    
690
       
Depreciation - discontinued operations
    
(86
)
      
 Changes in Funds from operations
  
$
6,906
        
               
Funds from operations per share - diluted
  
$
1.28
  
$
1.02
  
               
 Percentage increase
    
25.5
%
      
               
Weighted average number of shares outstanding diluted (1)
    
25,655,571
    
25,370,177
  
 
(1)
Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock.
 
 
See Company's 10-Q for additional disclosures
 
S-3
 
E S S E X  P R O P E R T Y  T R U S T,  I N C.
         
           
Consolidated Balance Sheet
          
(Dollars in thousands)
          
   
March 31, 2005
  
December 31, 2004
  
           
Real Estate:
              
Land and land improvements 
  
$
546,867
  
$
536,600
  
Buildings and improvements 
    
1,880,735
    
1,834,594
  
     
2,427,602
    
2,371,194
  
Less: accumulated depreciation 
    
(347,988
)
  
(329,652
)
     
2,079,614
    
2,041,542
  
Real estate investment held for sale, net of accumulated depreciation of $496 as of December 31, 2004
    
-
   
14,445
  
Investments 
    
66,409
    
49,712
  
Real estate under development 
    
16,938
    
38,320
  
     
2,162,961
    
2,144,019
  
Cash and cash equivalents
    
28,524
    
31,899
  
Other assets
    
28,788
    
30,561
  
Deferred charges, net
    
10,715
    
10,738
  
 Total assets
  
$
2,230,988
  
$
2,217,217
  
               
Mortgage notes payable
  
$
1,079,920
  
$
1,067,449
  
Lines of credit
    
238,035
    
249,535
  
Other liabilities
    
70,575
    
63,826
  
Deferred gain
    
3,885
    
5,000
  
Total liabilities
    
1,392,415
    
1,385,810
  
               
Minority interests
    
232,138
    
240,130
  
               
Stockholders' Equity:
              
Common stock 
    
2
    
2
  
Series F cumulative redeemable preferred stock, liquidation value 
    
25,000
    
25,000
  
Additional paid-in-capital 
    
653,026
    
646,744
  
Distributions in excess of accumulated earnings 
    
(72,758
)
  
(80,469
)
Accumulated other comprehensive income 
    
1,165
    
-
 
 Total liabilities and stockholders' equity
  
$
2,230,988
  
$
2,217,217
  
 
 
See Company's 10-Q for additional disclosures
 
S-4
 
E S S E X  P R O P E R T Y  T R U S T,  I N C.
                 
                   
Debt Summary - March 31, 2005
                  
(Dollars in thousands)
                  
                   
                   
   
Percentage of
Total Debt
  
Balance
Outstanding
  
Weighted Average
Interest Rate (1)
  
Weighted
Average Maturity
In Years
  
Mortgage notes payable
                          
Fixed rate - secured 
    
68
%
$
890,306
    
6.6
%
  
5.6
  
Tax exempt variable (2) 
    
14
%
  
189,614
    
3.8
%
  
25.0
  
 Total mortgage notes payable
    
82
%
  
1,079,920
    
6.1
%
  
9.1
  
                           
Line of credit - secured (3)
    
7
%
  
93,735
    
3.1
%
      
Line of credit - unsecured (4)
    
11
%
  
144,300
    
4.3
%
      
     
18
%
  
238,035
    
3.8
%
      
 Total debt
    
100
%
$
1,317,955
    
5.7
%
      
 
Scheduled principal payments (excludes lines of credit)
                    
                           
     
2005
  
$
16,069
              
     
2006
    
25,005
              
     
2007
    
125,184
              
     
2008
    
121,954
              
     
2009
    
46,578
              
 
    
Thereafter
    
745,130
              
 
    
Total
  
$
1,079,920
              
 
Capitalized interest for the quarter ended March 31, 2005 was $57.

(1)
Weighted average interest rate for variable rate debt are approximate current values.
(2)
Subject to interest rate protection agreements.
(3)
Secured line of credit commitment is $100 million and matures in January 2009.
 
This line is secured by six of Essex's multifamily communities. The underlying interest rate is currently the Freddie Mac Reference Rate plus .55% to .59%.
(4)
Unsecured line of credit commitment is $185 million and matures in May 2007.
 
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 1.00%.
 
 
See Company's 10-Q for additional disclosures
 
S-5
 
E S S E X  P R O P E R T Y  T R U S T,  I N C.
         
           
Capitalization - March 31, 2005
          
(Dollars and shares in thousands, except per share amounts)
          
           
           
           
Total debt
  
$
1,317,955
        
               
               
Common stock and potentially dilutive securities
              
Common stock outstanding 
    
23,060
        
Limited partnership units (1) 
    
2,299
        
Options-treasury method 
    
120
        
Total common stock and potentially dilutive securities
    
25,479
   shares
               
Common stock price per share as of March 31, 2005
  
$
69.100
        
               
Market value of common stock and potentially dilutive securities
  
$
1,760,599
        
               
Perpetual preferred units/stock
  
$
155,000
   7.865% weighted average pay rate
               
Total equity capitalization
  
$
1,915,599
        
               
Total market capitalization
  
$
3,233,554
        
               
Ratio of debt to total market capitalization
    
40.8
%
      
 
(1)
Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock.
 
 
See Company's 10-Q for additional disclosures
 
S-6

E S S E X  P R O P E R T Y  T R U S T,  I N C.
                                             
                                                               
Property Operating Results - Quarter ended March 31, 2005 and 2004
                                              
(Dollars in thousands)
                                                  
   
Southern California
  
Northern California
  
Pacific Northwest
  
Other real estate assets(1)
  
Total
  
   
2005
  
2004
  
% Change
  
2005
  
2004
  
% Change
  
2005
  
2004
  
% Change
  
2005
  
2004
  
% Change
  
2005
  
2004
  
% Change
  
                                                               
Revenues:
                                                                                            
Same property revenues 
  
$
31,457
  
$
29,999
    
4.9
%
$
13,052
  
$
13,127
    
-0.6
%
$
12,017
  
$
11,783
    
2.0
%
$
-
  
$
-
    
n/a
  
$
56,526
  
$
54,909
    
2.9
%
Non same property revenues(2) 
    
14,072
    
7,650
          
3,867
    
2,692
          
1,995
    
417
          
861
    
643
          
20,795
    
11,402
        
 Total Revenues
  
$
45,529
  
$
37,649
        
$
16,919
  
$
15,819
        
$
14,012
  
$
12,200
        
$
861
  
$
643
        
$
77,321
  
$
66,311
        
Property operating expenses:
                                                                                            
Same property operating expenses 
  
$
9,517
  
$
9,263
    
2.7
%
$
4,143
  
$
3,902
    
6.2
%
$
4,198
  
$
4,076
    
3.0
%
$
-
  
$
-
    
n/a
  
$
17,858
  
$
17,241
    
3.6
%
Non same property operating expenses(2) 
    
5,016
    
2,712
          
1,350
    
1,173
          
822
    
166
          
656
    
538
          
7,844
    
4,589
        
 Total property operating expenses
  
$
14,533
  
$
11,975
        
$
5,493
  
$
5,075
        
$
5,020
  
$
4,242
        
$
656
  
$
538
        
$
25,702
  
$
21,830
        
Net operating income:
                                                                                            
Same property net operating income 
  
$
21,940
  
$
20,736
    
5.8
%
$
8,909
  
$
9,225
    
-3.4
%
$
7,819
  
$
7,707
    
1.5
%
$
-
  
$
-
    
n/a
  
$
38,668
  
$
37,668
    
2.7
%
Non same property operating income(2) 
    
9,056
    
4,938
          
2,517
    
1,519
          
1,173
    
251
          
205
    
105
          
12,951
    
6,813
        
 Total net operating income
  
$
30,996
  
$
25,674
        
$
11,426
  
$
10,744
        
$
8,992
  
$
7,958
        
$
205
  
$
105
        
$
51,619
  
$
44,481
        
Same property operating margin
    
70
%
  
69
%
        
68
%
  
70
%
        
65
%
  
65
%
                          
68
%
  
69
%
      
Same property turnover percentage
    
46
%
  
46
%
        
45
%
  
44
%
        
51
%
  
49
%
                          
47
%
 
46
%
      
Same property concessions
  
$
144
  
$
162
        
$
285
  
$
167
        
$
102
  
$
178
        
$
-
  
$
-
        
$
531
  
$
507
        
Average same property concessions per turn
  
$
138
  
$
156
        
$
649
  
$
388
        
$
160
  
$
289
        
$
-
  
$
-
        
$
251
  
$
244
        
(In dollars) 
                                                                                            
Net operating income percentage of total
    
61
%
  
58
%
        
22
%
  
24
%
        
17
%
  
18
%
        
0
%
  
0
%
        
100
%
  
100
%
      
Loss to lease(3)
  
$
6,648
              
$
399
              
$
416
              
$
n/a
              
$
7,463
              
Loss to lease as a percentage of rental income 
    
3.8
%
              
0.7
%
              
0.7
%
              
n/a
                
2.5
%
            
Reconciliation of apartment units at end of period
                                                                                            
Same property consolidated apartment units 
    
9,024
    
9,024
          
3,907
    
3,907
          
5,020
    
5,020
          
-
   
-
         
17,951
    
17,951
        
Consolidated Apartment Units 
    
12,442
    
11,541
          
4,809
    
5,015
          
5,831
    
5,212
          
302
    
302
          
23,384
    
22,070
        
Joint Venture 
    
598
    
4,590
          
1,299
    
116
          
-
   
741
          
-
   
-
         
1,897
    
5,447
        
Under Development 
    
407
    
686
          
250
    
370
          
-
   
-
         
-
   
-
         
657
    
1,056
        
Total apartment units at end of period
    
13,447
    
16,817
          
6,358
    
5,501
          
5,831
    
5,953
          
302
    
302
          
25,938
    
28,573
        
Percentage of total
   
52
%
  
59
%
        
25
%
  
19
%
        
22
%
  
21
%
        
1
%
  
1
%
        
100
%
  
100
%
      
Average same property financial occupancy
   
96.2
%
  
95.9
%
        
96.9
%
  
95.7
%
        
96.7
%
  
95.5
%
                          
96.4
%
  
95.8
%
      
 
(1)
Includes apartment communities located in other geographic areas, other rental properties and commercial properties.
(2)
Includes properties which subsequent to December 31, 2003 were either acquired or in a stage of development or redevelopment without stabilized operations.
(3)
Loss to lease represents the annualized difference between market rents (without considering the impact of rental concessions) and contractual rents. These numbers include the Company's pro-rata interest in unconsolidated properties.
 
 
See Company's 10-Q for additional disclosures
 
S-7
 
E S S E X P R O P E R T Y T R U S T, I N C.
         
                           
Same Property Revenue by County - Quarters ended March 31, 2005, March 31, 2004 and December 31, 2004
(Dollars in thousands)
                  
                           
   
Units
  
March 31,
2005
  
March 31,
2004
  
% Change
  
December 31,
2004
  
% Change
  
                           
Southern California
                          
Ventura County 
    
1,229
  
$
4,239
  
$
4,169
    
1.7
%   
$
4,241
    
0.0
%
Los Angeles County 
    
2,930
    
11,387
    
10,672
    
6.7
%
  
11,284
    
0.9
%
Orange County 
    
2,037
    
8,096
    
7,608
    
6.4
%
  
7,987
    
1.4
%
San Diego County 
    
2,552
    
7,103
    
6,952
    
2.2
%
  
7,066
    
0.5
%
Riverside County 
    
276
    
632
    
598
    
5.7
%
  
630
    
0.3
%
 Total Southern California
    
9,024
  
$
31,457
  
$
29,999
    
4.9
%
$
31,208
    
0.8
%
                                       
Northern California
                                      
San Francisco County 
    
99
  
$
353
  
$
340
    
3.8
%
$
349
    
1.1
%
Santa Clara County 
    
1,866
    
6,384
    
6,436
    
-0.8
%
  
6,374
    
0.2
%
Alameda County 
    
1,116
    
3,351
    
3,384
    
-1.0
%
  
3,261
    
2.8
%
Contra Costa County 
    
826
    
2,964
    
2,967
    
-0.1
%
  
2,943
    
0.7
%
 Total Northern California
    
3,907
  
$
13,052
  
$
13,127
    
-0.6
%
$
12,927
    
1.0
%
                                       
Pacific Northwest
                                      
Seattle 
    
4,145
  
$
10,175
  
$
10,004
    
1.7
%
$
9,925
    
2.5
%
Portland 
    
875
    
1,842
    
1,779
    
3.5
%
  
1,835
    
0.4
%
 Total Pacific Northwest
    
5,020
  
$
12,017
  
$
11,783
    
2.0
%
$
11,760
    
2.2
%
                                       
Total same property revenues
    
17,951
  
$
56,526
  
$
54,909
    
2.9
%
$
55,895
    
1.1
%
 
 
See Company's 10-Q for additional disclosures
 
S-8
 
E S S E X P R O P E R T Y T R U S T, I N C.
                               
                                       
Development Communities - March 31, 2005
                              
(Dollars in millions)
                                
                                       
Project Name
  
Location
  
Units
  
Estimated
Cost
  
Total
Incurred
to Date
  
Estimated
Remaining
Cost
  
Initial
Occupancy
  
Stabilized
Operations
  
%
Leased
  
%
Occupied
  
                                       
Development Communities
                                      
                                       
Direct Development - Consolidated
                                     
                                       
Northwest Gateway(1)
    Los Angeles, CA    
275
    
62.6
    
13.8
    
48.8
    
Jul-07
    
Jan-08
    
n/a
    
n/a
  
                                                       
Pre-development costs
              
3.1
    
3.1
    
-
   
-
   
-
   
n/a
    
n/a
  
                                                       
Subtotal - direct development
        
275
    
65.7
    
16.9
    
48.8
                          
                                                       
Joint Venture Transactions - Unconsolidated(2)
                                                      
                                                       
Kelvin Avenue
    Irvine, CA    
132
    
6.5
    
6.5
    
-
   
-
   
-
   
n/a
    
n/a
  
                                                       
Total - development
        
407
  
$
72.2
  
$
23.4
  
$
48.8
                          
                                                       
                                                       
Stabilized Communities - First Quarter 2005
                                                      
                                                       
The San Marcos Phase II
    Richmond, CA    
120
    
23.9
    
23.2
    
0.7
    
Sep-04
    
Jan-05
    
99
%
  
97
%
                                                       
Joint Venture Transactions - Unconsolidated(2)
                                                      
                                                       
River Terrace
    Santa Clara, CA    
250
    
57.9
    
55.2
    
2.7
    
Sep-04
    
Mar-05
    
98
%
  
94
%
 
(1)
The Company will receive 75% of the cash flow up to a 22.67% priority return, and 50% of cash flow thereafter. Estimated cost remain under evaluation.
(2)
The Company has a 21.4% interest in development projects owned by Fund I.
 
 
See Company's 10-Q for additional disclosures
 
S-9
 
E S S E X P R O P E R T Y T R U S T, I N C.
                     
                       
Redevelopment Communities - March 31, 2005
                      
(Dollars in thousands)
                      
                       
Project Name
  
Units
  
Estimated
Cost
  
Total
Incurred
to date
  
Estimated
Remaining
Cost
  
Redevelopment
Start
  
                       
Hillcrest Park - Phase II
    
608
  
$
3,629
  
$
3,279
  
$
350
    
Apr-03
 
                                 
Kings Road
    
196
    
6,045
    
2,614
    
3,431
    
Jan-04
 
                                 
Mira Woods
    
355
    
4,870
    
377
    
4,493
    
Sep-04
  
                                 
Palisades
    
192
    
1,637
    
486
    
1,151
    
Sep-04
  
                                 
Avondale at Warner Center
    
446
    
5,525
    
681
    
4,844
    
Oct-04
  
                                 
                                 
Total
    
1,797
  
$
21,706
  
$
7,437
  
$
14,269
        
 

 
Re-stabilized Communities - First Quarter 2005
   
None
  
   
   
   
Restabilized operations is defined as the month that the property reaches at least 95% occupancy after completion of the redevelopment project.
A component of these redevelopments are upgrades to unit interiors. These will be completed in the normal course of unit turnover.
 
 
See Company's 10-Q for additional disclosures
 
S-10
 
E S S E X P R O P E R T Y T R U S T, I N C.
                                  
                                        
Investments - March 31, 2005
      
  Debt
            
(Dollars in thousands) 
  
Book
Value
  
Estimated
Value(1)
  
 Amount
  
Type
  
Interest
Rate
  
Maturity
Date
  
Value of
Equity
  
Company
Ownership
  
Essex
Equity
Value(2)
  
                                        
Joint Ventures
                                                        
Essex Apartment Value Fund, L.P. (Fund I)
                                                        
Kelvin Avenue, Irvine, CA (development)
                
-
                                     
Rivermark, Santa Clara, CA (development)
                
41,661
    
Var.
    
LIBOR+ 2
%
  
Jan-07
                    
   
$
6,875
  
$
66,800
    
41,661
                    
$
25,139
    
21.4
%   
$
5,380
  
                                                         
Fund I distribution
    
10,490
                                              
10,490
  
                                                         
Essex Apartment Value Fund II, L.P. (Fund II)
                                                        
Carlmont Woods, Belmont, CA
                
13,476
    
Fixed
    
4.89
%
  
Dec-13
                    
Harbor Cove, Foster City, CA
                
36,338
    
Fixed
    
4.89
%
  
Dec-13
                    
Parcwood, Corona, CA
                
26,458
    
Fixed
    
4.89
%
  
Dec-13
                    
Regency Towers, Oakland, CA
                
11,500
    
Fixed
    
5.16
%
  
Mar-15
                    
     
16,994
    
151,225
    
87,772
                      
63,453
    
28.2
%
  
17,894
  
                                                         
Lend Lease
                                                       
Coronado at Newport - South, Newport Beach, CA
   
25,244
          
55,983
                      
55,983
    
49.9
%
  
27,936
  
                                                         
Other
   
6,806
                                              
6,806
  
                                                         
                                                         
   
$
66,409
                                            
$
68,505
  
 
(1)
Estimated value for properties in contract to sell are based on the anticipated sales price less the anticipated cost of sales.
(2)
Although the Company generally intends to hold these properties for use, the Company equity value assumes liquidation at December 31, 2004.
(3)
The Fund accounts for its investment in this property under the equity method of accounting.
 
 
See Company's 10-Q for additional disclosures
 
S-11
 
New Residential Supply: Permits as % of Current Stock
12 Month Permit Period: Trailing 12 Months March 2005
                         
 Single Family Data
  
Multi-Family Data
  
All Residential Data
Market
Median SF
Price (2004**)
2004 SF Affordability*
SF Stock 2000
SF Permits Last
12 Months
% of Stock
  
MF Stock 2000
MF Permits Last 12 months
% of Stock
  
Total Residential
Permits Last 12 Months
% of Stock
Nassau-Suffolk
$414,800
88%
740,000
4,057
0.5%
  
240,000
675
0.3%
  
4,732
0.5%
New York PMSA
$390,400
57%
760,000
2,371
0.3%
  
2,920,000
17,262
0.6%
  
19,633
0.5%
Boston
$398,900
72%
1,530,000
8,019
0.5%
  
670,800
5,999
0.9%
  
14,018
0.6%
Baltimore
$250,500
109%
797,000
7,516
0.9%
  
268,000
3,069
1.1%
  
10,585
1.0%
Philadelphia
$198,100
138%
1,532,000
15,117
1.0%
  
515,100
5,335
1.0%
  
20,452
1.0%
Chicago
$270,400
100%
1,700,000
35,911
2.1%
  
1,404,900
9,406
0.7%
  
45,317
1.5%
Wash. D.C. PMSA
$362,400
85%
1,299,000
26,820
2.1%
  
644,300
9,768
1.5%
  
36,588
1.9%
Minneapolis
$219,800
129%
818,000
19,670
2.4%
  
351,800
5,992
1.7%
  
25,662
2.2%
Denver
$241,800
109%
582,000
16,921
2.9%
  
274,900
4,186
1.5%
  
21,107
2.5%
Dallas-Ft. Worth
$137,000
179%
1,381,000
44,596
3.2%
  
650,000
9,242
1.4%
  
53,838
2.7%
Miami/Ft. Lauderdale
$292,000
73%
717,000
24,961
3.5%
  
876,000
19,669
2.2%
  
44,630
2.8%
Austin
$158,700
157%
326,000
14,286
4.4%
  
169,900
2,805
1.7%
  
17,091
3.4%
Houston
$137,500
171%
1,027,000
44,094
4.3%
  
547,700
11,431
2.1%
  
55,525
3.5%
Atlanta
$159,700
171%
1,122,000
57,809
5.2%
  
467,800
15,534
3.3%
  
73,343
4.6%
Phoenix
$172,700
136%
970,000
57,830
6.0%
  
360,500
5,907
1.6%
  
63,737
4.8%
Orlando
$180,500
121%
482,000
28,044
5.8%
  
201,500
6,201
3.1%
  
34,245
5.0%
Las Vegas
$283,200
78%
440,000
30,604
7.0%
  
215,700
2,846
1.3%
  
33,450
5.1%
Totals
$253,831
118%
16,223,000
438,626
2.7%
  
10,778,900
135,327
1.3%
  
573,953
2.1%
                         
Seattle
$303,900
93%
656,000
11,843
1.8%
  
354,487
5,524
1.6%
  
17,367
1.7%
Portland
$215,100
112%
561,000
11,759
2.1%
  
225,335
4,397
2.0%
  
16,156
2.1%
                         
San Francisco
$633,300
53%
368,000
1,245
0.3%
  
344,000
2,824
0.8%
  
4,069
0.6%
Oakland
$454,000
79%
625,000
6,492
1.0%
  
270,000
3,863
1.4%
  
10,355
1.2%
San Jose
$524,000
63%
388,000
2,741
0.7%
  
192,000
3,092
1.6%
  
5,833
1.0%
                         
Los Angeles
$399,000
80%
1,877,000
12,086
0.6%
  
1,392,963
14,158
1.0%
  
26,244
0.8%
Ventura
$480,000
54%
199,000
2,079
1.0%
  
53,295
859
1.6%
  
2,938
1.2%
Orange
$536,000
62%
628,000
3,846
0.6%
  
340,800
3,911
1.1%
  
7,757
0.8%
San Diego
$578,300
49%
664,000
8,565
1.3%
  
375,664
7,091
1.9%
  
15,656
1.5%
                         
PNW
$262,966
102%
1,217,000
23,602
1.9%
  
579,822
9,921
1.7%
  
33,523
1.9%
                         
No Cal
$521,446
68%
1,381,000
10,478
0.8%
  
806,000
9,779
1.2%
  
20,257
0.9%
 
                        
So Cal
$464,680
69%
3,368,000
26,576
0.8%
  
2,162,722
26,019
1.2%
  
52,595
1.0%
                         
ESSEX
$436,672
75%
5,966,000
60,656
1.0%
  
3,548,543
45,719
1.3%
  
106,375
1.1%
Permits: Single Family equals 1 Unit, Multi-Family equals 5 or More Units
Sources: SF Prices - National Association of Realtors,Rosen Consulting Group : Permits, Total Residential Stock - U.S. Census, Axiometrics
Median Home Prices - National Association of Realtors; DataQuick, Mortgage Rates - Freddie Mac, Median Household Incomes - US Census; BEA; Essex
Single Family - Multi-Family Breakdown of Total Resdiences, Rosen Consulting Group, US Census, EASI, Essex
*Single Family Affordability - Equals the ratio of the actual Median Household Income to the Income required to purchase the Median Priced Home.
The required Income is defined such that the Mortgage Payment is 35% of said Income, assuming a 10% Down Payment and a 30-year fixed mortgage rate (5.75%).
Median Household Income is estimated from US Census 2000 data and Income Growth from BEA and Popultation Growth from the US Census.
**2004 Median Home Prices - Estimates from 3rd Quarter Data
 
 
 
Essex Markets Forecast 2005: Supply, Jobs and Apartment Market Conditions
                         
   
Residential Supply*
  
Job Forecast**
  
Forecast Market Conditions***
Market
  
New MF Supply
% of Total Stock
  
New SF Supply
% of Total Stock
  
Est.New Jobs Dec-Dec
% Growth
  
Estimated Y-o-Y Rent Growth
Estimated Year End Vacancy
                         
Seattle
  
1,400
0.4%
 
10,000
1.5%
 
27,000
2.0%
 
2.5% to 3.5%
94.75%
Portland
 
3,000
1.3%
 
10,000
1.8%
 
21,000
2.2%
 
Flat
94.25%
 
 
 
 
 
 
 
 
 
 
 
 
 
San Francisco
 
1,800
0.5%
 
1,100
0.3%
 
12,000
1.3%
 
3.0% to 4.0%
95.00%
Oakland
 
2,100
0.8%
 
6,500
1.0%
 
16,000
1.5%
 
2.0% to 3.0%
95.00%
San Jose
 
1,200
0.6%
 
2,200
0.6%
 
10,000
1.2%
 
2.5% to 3.5%
95.00%
 
 
 
 
 
 
 
 
 
 
 
 
 
Ventura
 
500
1.0%
 
2,500
1.3%
 
5,000
1.7%
 
2.0%
95.00%
Los Angeles
 
9,000
0.6%
 
8,500
0.5%
 
50,000
1.2%
 
3.0% to 4.0%
96.00%
Orange
 
3,000
0.8%
 
6,000
1.0%
 
32,000
2.3%
 
3.5% to 4.5%
96.00%
San Diego
 
4,300
1.1%
 
9,300
1.4%
 
30,000
2.4%
 
2.5% to 3.5%
95.5%
 
So. Cal.
  
 
16,800
 
0.8%
  
 
26,300
 
0.8%
  
 
117,000
 
1.7%
  
 
2.75% to 3.75%
 
95.75%
 
All data is an Essex Forecast
 
* New Residential Supply: represents Essex's internal estimate of actual deliveries during the year, which are related to but can differ from the 12 Month trailing Permit Levels reported on Appendix A.
 
** Job Forecast/Performance refers to the difference between Total Non-Farm Industry Employment (not Seasonally Adjusted) projected through December 2005 over the comparable actual figures for December 2004. The first column represents the current Essex forecast of the increase in Total Non-Farm Industry Employment. The second column represents these forecasted new jobs as a percent of the December 2004 base.

***The Forecast Market Conditions represents Essex's estimates of the Change in Rents/Vacancy Rates at the end of 2005. The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for December 2005 vs.December 2004 (where Market refers to the entire MSA apartment market, NOT the Essex portfolio).  The estimated Year End Vacancy represents Essex's forecast of Market Vacancy Rates for December 2005.
 
 
 
ESSEX PROPERTY TRUST, INC.
  
 
REAL ESTATE INFORMATION
  
 
31-Mar-05
  
                     
           
 
    
 
Property Name
Address
City
State
Units
Square Footage
  
Year
Acquired
Year
Built
  
                     
 
MULTIFAMILY COMMUNITIES
  
                     
 
SAN FRANCISCO BAY AREA
                
 
Santa Clara County
        
 
        
1
Pointe at Cupertino, The (Westwood)
19920 Olivewood Street
Cupertino
CA
116
135,200
  
1998
1963
  
1
Carlyle, The
2909 Nieman Boulevard
San Jose
CA
132
129,200
  
2000
2000
  
1
Esplanade
350 East Taylor St.
San Jose
CA
278
279,000
  
2004
2002
  
1
Waterford, The
1700 N. First Street
San Jose
CA
238
219,600
  
2000
2000
  
1
Le Parc (Plumtree)
440 N. Winchester Avenue
Santa Clara
CA
140
113,200
  
1994
1975
  
1
Marina Cove
3480 Granada Avenue
Santa Clara
CA
292
250,200
  
1994
1974
  
 
River Terrace
N.E. corner Montague/Agnew
Santa Clara
CA
250
223,800
    
 
  
1
Bristol Commons
732 E. Evelyn Avenue
Sunnyvale
CA
188
142,600
  
1995
1989
  
1
Brookside Oaks
1651 Belleville Way
Sunnyvale
CA
170
119,900
  
2000
1973
  
1
Oak Pointe
450 N. Mathilda Avenue
Sunnyvale
CA
390
294,100
  
1988
1973
  
1
Summerhill Park
972 Corte Madera Avenue
Sunnyvale
CA
100
78,500
  
1988
1988
  
1
Windsor Ridge
825 E. Evelyn Avenue
Sunnyvale
CA
216
161,800
  
1989
1989
  
       
        9%
2,260
1,923,300
        
 
Alameda County
              
 
  
1
Stevenson Place (The Apple)
4141 Stevenson Blvd.
Fremont
CA
200
146,200
  
1983
1971
  
1
Waterstone at Fremont (Mountain Vista )
39600 Fremont Blvd
Fremont
CA
526
433,100
  
2000
1975
  
1
Treetops
40001 Fremont Blvd.
Fremont
CA
172
131,200
  
1996
1978
  
1
Wimbeldon Woods
25200 Carlos Bee Blvd.
Hayward
CA
560
462,400
  
1998
1975
  
1
Regency Towers
1130 Third Ave.
Oakland
CA
178
140,900
  
2005
1975
  
1
Summerhill Commons
36826 Cherry Street
Newark
CA
184
139,000
 
1987
1987
  
       
        7%
1,820
1,452,800
        
 
Contra Costa County
        
 
    
 
  
1
San Marcos (Vista del Mar)
Hilltop Drive at Richmond Pkwy
Richmond
CA
432
407,600
  
2003
2003
120 units 2005
1
Bel Air (The Shores)
2000 Shoreline Drive
San Ramon
CA
462
391,000
  
1995
1988
114 units 2000
1
Eastridge Apartments
235 East Ridge Drive
San Ramon
CA
188
174,100
  
1996
1988
  
1
Foothill Gardens
1110 Harness Drive
San Ramon
CA
132
155,100
  
1997
1985
  
1
Twin Creeks
2711-2731 Morgan Drive
San Ramon
CA
44
51,700
  
1997
1985
  
       
        5%
1,258
1,179,500
        
 
San Mateo County
              
 
  
1
Carlmont Woods
2515 Carlmont Drive
Belmont
CA
195
107,200
  
2004
1971
  
1
Harbor Cove
900 E. Hillsdale Blvd.
Foster City
CA
400
306,600
  
2004
1971
  
       
       2%
595
413,800
  
 
    
                     
 
San Francisco and Marin County
        
 
    
 
  
1
Mt. Sutro Terrace Apartments
480 Warren Drive
San Francisco,CA
CA
99
64,000
  
1999
1973
  
1
Vista Belvedere
15 Red Hill Circle
Tiburon
CA
76
78,300
  
2004
1963
  
       
       1%
175
142,300
  
 
    
       
 
 
          
26
Total San Francisco Bay Area
    
     24%
6,108
5,111,700
       
       
 
            
 
SOUTHERN CALIFORNIA
                
 
Los Angeles County
              
 
  
1
Hampton Court (Columbus)
1136 N. Columbus Avenue
Glendale
CA
83
71,500
  
1999
1974
  
1
Hampton Place (Loraine)
245 W. Loraine Street
Glendale
CA
132
141,500
  
1999
1970
  
1
Marbrisa
1809 Termino Ave.
Long Beach
CA
202
122,800
  
2002
1987
  
1
Pathways
5945 E. Pacific Coast Hwy.
Long Beach
CA
296
197,700
  
1991
1975
  
1
Bunker Hill
222 and 234 S. Figueroa St.
Los Angeles
CA
456
346,600
  
1998
1968
  
1
City Heights
209 S. Westmoreland
Los Angeles
CA
687
424,100
  
2000
1968
  
1
Cochran Apartments
612 South Cochran
Los Angeles
CA
58
51,400
  
1998
1989
  
1
Kings Road
733 North Kings Road
Los Angeles
CA
196
132,100
  
1997
1979
  
 
Northwest Gateway
1302 West 2nd St.
Los Angeles
CA
275
225,000
  
 
 
  
1
Park Place
400 S. Detroit Street
Los Angeles
CA
60
48,000
  
1997
1988
  
1
Windsor Court
401 S. Detroit Street
Los Angeles
CA
58
46,600
  
1997
1988
  
1
Marina City Club
4333 Admiralty Way
Marina Del Rey
CA
101
127,200
  
2004
1971
  
1
Mirabella (Marina View)
13701 Marina Point Drive
Marina Del Rey
CA
188
176,800
 
2000
2000
  
1
Hillcrest Park (Mirabella)
1800 West Hillcrest Drive
Newbury Park
CA
608
521,900
  
1998
1973
  
1
Monterra del Mar (Windsor Terrace)
280 E. Del Mar Boulevard
Pasadena
CA
123
74,400
  
1997
1972
  
1
Monterra del Rey (Glenbrook)
350 Madison
Pasadena
CA
84
73,100
  
1999
1972
  
1
Monterra del Sol (Euclid)
280 South Euclid
Pasadena
CA
85
69,200
  
1999
1972
  
1
Fountain Park
13141 Fountain Park Drive
Playa Vista
CA
705
608,900
  
2004
2002
  
1
Highridge
28125 Peacock Ridge Drive
Rancho Palos Verde
CA
255
290,200
  
1997
1972
  
1
Walnut Heights
20700 San Jose Hills Road
Walnut
CA
163
146,700
  
2003
1964
  
1
Avondale at Warner Center
22222 Victory Blvd.
Woodland Hills
CA
446
331,000
 
1999
1970
  
       
       20%
4,986
4,001,700
  
 
    
 
Ventura County
    
 
  
 
    
 
  
1
Camarillo Oaks
921 Paseo Camarillo
Camarillo
CA
564
459,000
  
1996
1985
  
1
Mountain View
649 E. Las Posas Road
Camarillo
CA
106
83,900
  
2004
1980
  
1
Mariner's Place
711 South B Street
Oxnard
CA
105
77,200
  
2000
1987
  
1
Tierra Vista
Rice and Gonzales
Oxnard
CA
404
387,100
  
2001
2001
  
1
Monterey Villas (Village Apartments)
1040 Kelp Lane
Oxnard
CA
122
122,100
  
1997
1974
  
1
Meadowood
1733 Cochran Street
Simi Valley
CA
320
264,500
  
1996
1986
  
1
Hidden Valley (Parker Ranch)
5065 Hidden Park Court
Simi Valley
CA
324
310,900
  
2004
2004
  
1
Lofts at Pinehurst,The (Villa Scandia)
1021 Scandia Avenue
Ventura
CA
118
71,100
  
1997
1971
  
1
Pinehurst
3980 Telegraph Road
Ventura
CA
28
21,200
  
2004
1973
  
1
Woodside Village
675 Providence Ave.
Ventura
CA
145
136,500
  
2004
1987
  
 
      
       9%
2,236
1,933,500
 
 
    
 
Orange County
      
 
 
        
1
Barkley Apartments
2400 E. Lincoln Ave.
Anahiem
CA
161
139,800
  
2000
1984
  
1
Vista Pointe
175-225 S. Rio Vista
Anahiem
CA
286
242,400
  
1985
1968
  
1
Valley Park Apartments
17300 Euclid Ave.
Fountain Valley
CA
160
169,700
  
2001
1969
  
1
Capri at Sunny Hills
2341 Daphne Place
Fullerton
CA
100
128,100
  
2001
1961
  
1
Wilshire Promenade
141 West Wilshire Avenue
Fullerton
CA
149
128,000
(1)
1997
1992
  
1
Montejo Apartments
12911 Dale St.
Garden Grove
CA
124
103,200
  
2001
1974
  
1
Huntington Breakers
21270 Beach Boulevard
Huntington Beach
CA
342
241,700
  
1997
1984
  
 
Irvine development
2552 Kelvin Ave.
Irvine
CA
132
122,400
        
1
Hillsborough Park
1501 South Beach Boulevard
La Habra
CA
235
215,500
  
1999
1999
  
1
Trabuco Villas
25362 Mosswood Way
Lake Forest
CA
132
131,000
  
1997
1985
  
1
Fairways Apartments
2 Pine Valley Lane
Newport Beach
CA
74
107,100
  
1999
1972
  
1
Villa Angelina
201 E. Chapman Ave.
Placentia
CA
256
217,600
  
2001
1970
  
1
Hearthstone Apartments
2301 E. Santa Clara Ave.
Santa Ana
CA
140
154,800
  
2001
1970
  
1
Treehouse Apartments
2601 N. Grand Ave.
Santa Ana
CA
164
135,700
  
2001
1970
  
       
       9%
2,323
2,114,600
        
 
 
 
SOUTHERN CALIFORNIA (cont'd)
                
 
San Diego County
              
 
  
1
Alpine Country
2660 Alpine Blvd.
Alpine
CA
108
81,900
  
2002
1986
  
1
Alpine Village
2055 Arnold Way
Alpine
CA
306
254,400
  
2002
1971
  
1
Bonita Cedars
5155 Cedarwood Rd.
Bonita
CA
120
120,800
  
2002
1983
  
1
Cambridge
660 F. St.
Chula Vista
CA
40
22,100
  
2002
1965
  
1
Woodlawn Colonial
245-255 Woodlawn Ave.
Chula Vista
CA
159
104,500
  
2002
1974
  
1
Mesa Village
5265 Clairemont Mesa Blvd.
Clairemont
CA
133
43,600
  
2002
1963
  
1
Casa Tierra
355 Orlando St.
El Cajon
CA
40
28,700
  
2002
1972
  
1
Coral Gardens
425 East Bradley
El Cajon
CA
200
182,000
  
2002
1976
  
1
Tierra del Sol/Norte
989 Peach Ave.
El Cajon
CA
156
117,000
  
2002
1969
  
1
Grand Regacy
2050 E. Grand Ave.
Escondido
CA
60
42,400
  
2002
1967
  
1
Mira Woods Villa
10360 Maya Linda Rd.
Mira Mesa
CA
355
262,600
  
2002
1982
  
1
Country Villas
283 Douglas Drive
Oceanside
CA
180
179,700
  
2002
1976
  
1
Bluffs II, The
6466 Friars Road
San Diego
CA
224
126,700
  
1997
1974
  
1
Emerald Palms
2271 Palm Ave.
San Diego
CA
152
133,000
  
2002
1986
  
1
Summit Park
8563 Lake Murray Blvd.
San Diego
CA
300
229,400
  
2002
1972
  
1
Vista Capri - East
4666 63rd St.
San Diego
CA
26
16,800
  
2002
1967
  
1
Vista Capri - North
3277 Berger Ave.
San Diego
CA
106
51,800
  
2002
1975
  
1
Carlton Heights
9705 Carlton Hills Blvd.
Santee
CA
70
48,400
  
2002
1979
  
1
Shadow Point
9830 Dale Ave.
Spring Valley
CA
172
131,200
  
2002
1983
  
 
      
11%
2,907
2,177,000
  
 
 
  
 
Riverside County
      
 
      
 
  
1
Parcwood
1700 Via Pacifica
Corona
CA
312
270,000
  
2004
1989
  
1
Devonshire Apartments
2770 West Devonshire Ave.
Hemet
CA
276
207,200
  
2002
1988
  
 
      
       2%
588
477,200
  
 
    
       
 
 
          
64
Total Southern California
    
      52%
13,040
10,704,000
        
             
 
      
 
SEATTLE METROPOLITAN AREA
      
 
        
1
Cedar Terrace
3205 115th Ave. NE
Bellevue
WA
180
174,200
  
2005
1984
  
1
Emerald Ridge
3010 118th Avenue SE
Bellevue
WA
180
144,000
  
1994
1987
  
1
Foothill Commons
13800 NE 9th Place
Bellevue
WA
360
288,300
  
1990
1978
  
1
Palisades, The
13808 NE 12th
Bellevue
WA
192
159,700
  
1990
1977
  
1
Sammamish View
16160 SE Eastgate Way
Bellevue
WA
153
133,500
  
1994
1986
  
1
Woodland Commons
13700 NE 10th Place
Bellevue
WA
236
172,300
  
1990
1978
  
1
Canyon Pointe
1630 228th St. SE
Bothell
WA
250
210,400
  
2003
1990
  
1
Inglenook Court
14220 Juanita Drive, NE
Bothell
WA
224
183,600
  
1994
1985
  
1
Salmon Run at Perry Creek
2109 228th Street SE
Bothell
WA
132
117,100
  
2000
2000
  
1
Stonehedge Village
14690 143rd Blvd., NE
Bothell
WA
196
214,800
  
1997
1986
  
1
Park Hill at Issaquah
22516 SE 56th Street
Issaquah
WA
245
277,700
  
1999
1999
  
1
Peregrine Point
21209 SE 42nd Street
Issaquah
WA
67
85,900
  
2003
2003
  
1
Wandering Creek
12910 SE 240th
Kent
WA
156
124,300
  
1995
1986
  
1
Bridle Trails
6600 130th Avenue, NE
Kirkland
WA
92
73,400
  
1997
1986
  
1
Evergreen Heights
12233 NE 131st Way
Kirkland
WA
200
188,300
  
1997
1990
  
1
Laurels at Mill Creek
1110 164th Street SE
Mill Creek
WA
164
134,300
  
1996
1981
  
1
Anchor Village
9507 49th Avenue West
Mukilteo
WA
301
245,900
  
1997
1981
  
1
Castle Creek
7000 132nd Place, SE
Newcastle
WA
216
191,900
  
1998
1998
  
1
Brighton Ridge
2307 NE 4th Street
Renton
WA
264
201,300
  
1996
1986
  
1
Fairwood Pond
14700 SE Petrovitsky Rd.
Renton
WA
194
189,200
  
2004
1997
  
1
Forest View
650 Duvall Ave. NE
Renton
WA
192
182,500
  
2003
1998
  
1
Fountain Court
2400 4th Street
Seattle
WA
320
207,000
  
2000
2000
  
1
Linden Square
13530 Linden Avenue North
Seattle
WA
183
142,200
  
2000
1994
  
1
Maple Leaf
7415 5th Avenue, NE
Seattle
WA
48
35,500
  
1997
1986
  
1
Spring Lake
12528 35th Avenue, NE
Seattle
WA
69
42,300
  
1997
1986
  
1
Wharfside Pointe
3811 14th Avenue West
Seattle
WA
142
119,200
(2)
1994
1990
  
26
Total Seattle Metropolitan Area
    
       20%
4,956
4,238,800
        
                     
 
PORTLAND METROPOLITAN AREA
            
 
  
1
Jackson School Village
300 NE Autumn Rose Way
Hillsboro
OR
200
196,800
  
1996
1996
  
1
Landmark Apartments
3120 NW John Olsen Ave.
Hillsboro
OR
285
282,900
  
1996
1990
  
1
Meadows @ Cascade Park
314 SE 19th Street
Vancouver
WA
198
199,300
  
1997
1989
  
1
Village @ Cascade Park
501 SE 123rd Avenue
Vancouver
WA
192
178,100
  
1997
1989
  
4
Total Portland Metropolitan Area
    
        3%
875
857,100
        
       
 
            
 
OTHER AREAS
                
1
St. Cloud Apartments
6525 Hilcroft
Houston
TX
302
306,800
  
2002
1968
  
1
      
       1%
302
306,800
    
 
  
 
121
Multifamily Properties
 
25,281
21,218,400
  
1999
1982
  
 
3
Multifamily Properties Under Construction
  
657
571,200
        
                     
 
Avg. square footage
839
                
 
Avg. units per property
209
                
 
Avg. age of property
22
                
                     
 
(1) Also has 11,836 square feet of commercial/retail space.
              
 
(2) Also has 9,512 square feet of commercial space.
              
                     
 
OTHER REAL ESTATE ASSETS
                
 
Manufactured Housing Communities
                  
 
Green Valley
2130 Sunset Dr.
Vista
CA
157 
pads
  
2002
1973
  
 
Recreational Vehicle Parks
      
 
    
 
    
 
Circle RV
1835 E. Main St.
El Cajon
CA
179 
spaces
  
2002
1977
  
 
Vacationer
1581 E. Main St.
El Cajon
CA
159 
spaces
  
2002
1973
  
 
Diamond Valley
344 N. State St.
Hemet
CA
224 
spaces
  
2002
1974
  
 
Office Buildings
    
 
      
 
    
 
Essex Corporate Headquarter Bldg.
925 E. Meadow Dr.
Palo Alto
CA
  
17,400
  
1997
1988
  
 
Derian Office Building
17461 Derian Av.
Irvine
CA
  
110,000
  
2000
1983
  
 
Essex Southern Cal. Office Building
22110-22120 Clarendon St.
Woodland Hills
CA
  
38,940
  
2001
1982
  
       
 
  
166,340