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
  
Nine Months Ended
  
(Dollars in thousands, except per share amounts)
  
September 30,
  
September 30,
  
 
  
2005
  
2004
  
2005
  
2004
  
 
  
 
  
 
  
 
  
 
  
 
  
Revenues:
                         
     Rental and other property        
$
80,219
  
$
71,733
  
$
234,851
  
$
206,991
  
     Management and other fees from affiliates        
1,601
   
15,701
   
9,108
   
18,318
 
         
81,820
   
87,434
   
243,959
   
225,309
 
                                 
Expenses:
                                
     Property operating, excluding real estate taxes          
19,592
   
18,673
   
57,198
   
52,494
 
     Real estate taxes          
7,066
   
6,253
   
20,517
   
17,821
 
     Depreciation and amortization          
20,323
   
18,061
   
59,945
   
53,428
 
     Interest          
18,566
   
16,394
   
54,866
   
45,785
 
     Amortization of deferred financing costs        
451
   
449
   
1,490
   
1,179
 
     General and administrative          
4,560
   
7,639
   
13,574
   
13,985
 
     Legal settlement        
-
   
-
   
1,500
   
-
 
         
70,558
   
67,469
   
209,090
   
184,692
 
                                 
Gain on sale of real estate
          
-
   
7,909
   
6,391
   
7,909
 
Interest and other income, net
          
3,578
   
836
   
6,532
   
2,095
 
Equity income in co-investments
          
21
   
15,365
   
17,575
   
16,460
 
Minority interests
        
(4,929
)
  
(9,509
)
  
(16,752
)
  
(20,588
)
Income from continuing operations
          
9,932
   
34,566
   
48,615
   
46,493
 
                                 
Income and gain from discontinued operations,
                               
net of minority interests
        
-
   
586
   
28,274
   
895
 
Net income before income tax provision
          
9,932
   
35,152
   
76,889
   
47,388
 
Income tax provision
        
(1,185
)
  
(122
)
  
(2,386
)
  
(208
)
Net income
          
8,747
   
35,030
   
74,503
   
47,180
 
Dividends to preferred stockholders - Series F
        
(488
)
  
(488
)
  
(1,465
)
  
(1,464
)
Net income available to common stockholders
        
$
8,259
  
$
34,542
  
$
73,038
  
$
45,716
  
                       
Net income per share - basic
        
$
0.36
  
$
1.51
  
$
3.17
  
$
2.00
  
                       
Net income per share - diluted
        
$
0.35
  
$
1.49
  
$
3.13
  
$
1.97
  
                       

See Company's 10-Q for additional disclosures
S-1
 

E S S E X  P R O P E R T Y  T R U S T,  I N C.
               
                         
Consolidated Operating Results
  
Three Months Ended
  
Nine Months Ended
  
Selected Line Item Detail
  
September 30,
  
September 30,
  
(Dollars in thousands)
  
 
  
2005
  
2004
  
2005
  
2004
  
 
  
 
  
 
  
 
  
 
  
 
  
Rental and other property
                                
Rental
        
$
77,294
  
$
69,139
  
$
226,437
  
$
199,907
  
Other property
          
2,925
   
2,594
   
8,414
   
7,084
 
     Rental and other property
        
$
80,219
  
$
71,733
  
$
234,851
  
$
206,991
  
                                 
Management and other fees from affiliates
                                
Management
        
$
665
  
$
889
  
$
2,915
  
$
2,812
  
Development and redevelopment
          
40
   
317
   
183
   
986
 
Promote distribution from Fund I - non-recurring
          
896
   
14,495
   
6,010
   
14,495
 
Miscellaneous - non-recurring
         
-
   
-
   
-
   
25
 
     Management and other fees from affiliates
        
$
1,601
  
$
15,701
  
$
9,108
  
$
18,318
  
                                 
General and administrative
                                
Total general and administrative
        
$
6,303
  
$
9,059
  
$
18,713
  
$
18,029
  
Allocated to property operating expenses - administrative
          
(1,293
)
  
(1,167
)
  
(3,799
)
  
(3,319
)
Capitalized and incremental to real estate under development
        
(450
)
  
(253
)
  
(1,340
)
  
(725
)
     Net general and administrative
        
$
4,560
  
$
7,639
  
$
13,574
  
$
13,985
  
                               
Interest and other income, net
                                
Interest income
        
$
175
  
$
183
  
$
459
  
$
594
  
Lease income
          
416
   
417
   
1,248
   
1,249
 
Participating loan (condo conversion)
          
2,908
   
-
   
4,721
   
-
 
Miscellaneous - non-recurring
         
79
   
236
   
104
   
252
 
     Interest and other income
        
$
3,578
  
$
836
  
$
6,532
  
$
2,095
  
                                 
Equity income in co-investments
                                
Equity income in co-investments
        
$
28
  
$
1,466
  
$
619
  
$
2,561
  
Gain (loss) on sale of co-investment activities, net
          
(7
)
  
14,069
   
17,077
   
14,069
 
Early extinguishment of debt - non-recurring
          
-
   
(170
)
  
(121
)
  
(170
)
     Equity income in co-investments
        
$
21
  
$
15,365
  
$
17,575
  
$
16,460
  
                                 
Minority interests
                                
Limited partners of Essex Portfolio, L.P.
        
$
837
  
$
3,479
  
$
4,601
  
$
4,665
  
Perpetual preferred distributions
          
2,559
   
3,502
   
7,677
   
11,615
 
Series Z and Z-1 incentive units
          
100
   
75
   
300
   
206
 
Third party ownership interests
        
392
   
(242
)
  
969
   
(854
)
Down REIT limited partners' distributions
        
1,041
   
1,120
   
3,205
   
3,381
 
Write off of Series E preferred unit offering costs
          
-
   
1,575
   
-
   
1,575
 
     Minority interests
        
$
4,929
  
$
9,509
  
$
16,752
  
$
20,588
  

See Company's 10-Q for additional disclosures
S-2


E S S E X  P R O P E R T Y  T R U S T, I N C.
                
                              
Consolidated Funds From Operations
  
Three Months Ended
  
Nine Months Ended
  
(Dollars in thousands, except share and per share amounts)
  
September 30,
  
September 30,
  
           
2005
  
2004
  
 2005
  
2004
  
                              
Funds from operations
                         
Net income
      
$
8,747
  
$
35,030
  
$
74,503
  
$
47,180
  
Adjustments:
                              
Depreciation and amortization
                
20,323
    
18,061
    
59,945
    
53,428
  
Depr. and amort. - unconsolidated co-investments
                
147
    
12
    
503
    
1,816
  
Gain on sale of real estate
                
-
   
(7,909
)
  
(5,000
)
  
(7,909
)
Gain on sale of real estate - discontinued operations
                
-
   
-
   
(29,219
)
  
-
 
Gain on sale of co-investment activities, net
                
-
   
(14,069
)
  
(17,084
)
  
(14,069
)
Minority interests
                
937
   
3,615
   
7,707
   
4,961
 
Depreciation - discontinued operations
                
-
   
218
   
148
   
1,056
 
Dividends to preferred stockholders - Series F
                
(488
)
  
(488
)
  
(1,465
)
  
(1,464
)
Funds from operations
              
$
29,666
  
$
34,470
  
$
90,038
  
$
84,999
  
                                       
Components of the change in FFO
                              
Same property NOI
      
$
2,447
        
$
8,162
        
Non-same property NOI
        
4,308
         
12,299
       
Other - corporate and unconsolidated co-investments
      
(1,807
)
        
(4,222
)
      
Promote distribution from Fund I - non-recurring
        
(13,599
)
        
(8,485
)
      
Interest expense and amortization of deferred financing costs
        
(2,174
)
        
(9,392
)
      
General and administrative
        
3,079
         
761
       
Legal settlement
        
-
         
(1,500
)
      
Net gain on sale of real estate and participating loan proceeds - TRS
        
1,845
         
3,584
       
Minority interests
        
1,901
         
3,803
       
Income from discontinued operations
        
(586
)
        
937
       
Depreciation - discontinued operations
        
(218
)
        
(908
)
      
Changes in Funds from operations
              
$
(4,804
)
      
$
5,039
        
                                       
Funds from operations per share - diluted
      
$
1.15
  
$
1.35
  
$
3.51
  
$
3.34
  
                                       
Percentage increase
                
-14.8
%
        
5.1
%
      
                                       
                                       
Weighted average number of shares outstanding diluted (1)
        
25,711,320
    
25,567,451
    
25,671,923
    
25,445,165
  
                                       
                                       
                                       
(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 Sheets
           
(Dollars in thousands)
           
 
  
September 30, 2005
  
December 31, 2004
  
            
Real Estate:
           
Land and land improvements
  
$
554,028
  
$
536,600
  
Buildings and improvements
    
1,935,543
   
1,834,594
  
     
2,489,571
   
2,371,194
  
Less: accumulated depreciation
    
(380,772
)
  
(329,652
)
     
2,108,799
   
2,041,542
  
Real estate investment held for sale, net of accumulated depreciation of
              
   $496 as of December 31, 2004
    
-
   
14,445
  
Investments
    
27,637
   
49,712
  
Real estate under development
    
34,834
   
38,320
  
     
2,171,270
   
2,144,019
  
Cash and cash equivalents
    
34,392
   
31,899
  
Other assets
    
30,239
   
30,561
  
Deferred charges, net
    
10,424
   
10,738
  
     Total assets
  
$
2,246,325
  
$
2,217,217
  
               
Mortgage notes payable
  
$
1,164,504
  
$
1,067,449
  
Lines of credit
    
149,735
   
249,535
  
Other liabilities
    
80,246
   
63,826
  
Deferred gain
    
2,193
   
5,000
  
Total liabilities
    
1,396,678
   
1,385,810
  
               
Minority interests
    
231,177
   
240,130
  
               
Stockholders' Equity:
              
Common stock
    
2
   
2
  
Series F cumulative redeemable preferred stock, liquidation value
    
25,000
   
25,000
  
Additional paid-in-capital
    
656,915
   
646,744
  
Distributions in excess of accumulated earnings
    
(63,538
)
  
(80,469
)
Accumulated other comprehensive income
    
91
   
-
 
     Total liabilities and stockholders' equity
  
$
2,246,325
  
$
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 - September 30, 2005
                   
(Dollars in thousands)
                   
 
  
 
  
 
  
 
  
 
  
 
  
                        
       
 
       
      
 
Weighted
  
       
Percentage of Total
  
 Balance
 
Weighted Average
  
Average Maturity
  
       
Debt
  
 Outstanding
  
Interest Rate
 
In Years
  
Mortgage notes payable
                   
Fixed rate - secured
          
74
%
$
969,602
    
6.5
%
  
5.5
  
Tax exempt variable (1)
          
15
%
  
194,902
    
3.8
%
  
25.0
  
Total mortgage notes payable
          
89
%
  
1,164,504
    
6.1
%
  
9.0
  
                               
Line of credit - secured (2)
  
7
%
  
93,735
    
3.1
%
      
Line of credit - unsecured (3)
  
4
%
  
56,000
    
4.4
%
      
           
11
%
  
149,735
    
3.6
%
      
Total debt
          
100
%
$
1,314,239
    
5.8
%
      
                                 
                    Scheduled principal payments (excludes lines of credit)
          
                                 
           
2005
  
$
6,480
              
           
2006
    
26,200
              
           
2007
    
126,443
              
           
2008
    
156,119
              
           
2009
    
53,925
              
Thereafter
    
795,337
              
Total
  
$
1,164,504
              
                                 
                                 
Capitalized interest for the quarter ended September 30, 2005 was approximately $136.
    
                                 
(1) Subject to interest rate protection agreements.
    
(2) 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%.
(3) 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 - September 30, 2005
            
(Dollars and shares in thousands, except per share amounts)
            
 
 
 
 
 
 
 
 
 
                 
                 
Total debt
  
$
1,314,239
      
       
 
 
      
                 
Common stock and potentially dilutive securities
            
     Common stock outstanding    
23,140
      
     Limited partnership units (1)    
2,419
      
     Options-treasury method    
171
      
Total common stock and potentially dilutive securities
  
 
25,730
shares
    
                 
Common stock price per share as of September 30, 2005
  
$
90.00
      
       
 
 
      
Market value of common stock and potentially dilutive securities
  
$
2,315,700
      
                 
Perpetual preferred units/stock
  
$
155,000
7.865% weighted average pay rate
       
 
 
      
Total equity capitalization
  
$
2,470,700
      
       
 
 
      
Total market capitalization
  
$
3,784,939
      
       
 
 
      
Ratio of debt to total market capitalization
  
 
34.7%
      
       
 
 
      
                 
                 
(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 September 30, 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 revenue
$
36,203
  
$
34,323
  
5.5%
  
$
13,351
  
$
13,033
  
2.4%
  
$
12,084
  
$
11,675
  
3.5%
  
$
-
 
$
-
 
n/a
  
$
61,638
  
$
59,031
  
4.4%
 
Non same property revenue(2)
 
11,968
  
 
9,284
      
 
3,154
  
 
2,090
      
 
2,407
  
 
635
      
 
1,052
  
 
693
      
 
18,581
  
 
12,702
    
   
Total Revenues
$
48,171
  
$
43,607
      
$
16,505
  
$
15,123
      
$
14,491
  
$
12,310
      
$
1,052
  
$
693
      
$
80,219
  
$
71,733
    
                                                                                   
Property operating expenses:
                                                                              
 
Same property operating expenses
$
11,130
  
$
11,197
  
-0.6%
  
$
4,217
  
$
4,204
  
0.3%
  
$
4,428
  
$
4,214
  
5.1%
  
$
-
 
$
-
 
n/a
  
$
19,775
  
$
19,615
  
0.8%
 
Non same property operating expenses(2)
 
3,848
  
 
3,273
      
 
1,256
  
 
928
      
 
820
  
 
241
      
 
959
  
 
869
      
 
6,883
  
 
5,311
    
   
Total property operating expenses
$
14,978
  
$
14,470
      
$
5,473
  
$
5,132
      
$
5,248
  
$
4,455
      
$
959
  
$
869
      
$
26,658
  
$
24,926
    
                                                                                   
Net operating income:
                                                                              
 
Same property net operating income
$
25,073
  
$
23,126
  
8.4%
  
$
9,134
  
$
8,829
  
3.5%
  
$
7,656
  
$
7,461
  
2.6%
  
$
-
 
$
-
 
n/a
  
$
41,863
  
$
39,416
  
6.2%
 
Non same property operating income(2)
 
8,120
  
 
6,011
      
 
1,898
  
 
1,162
      
 
1,587
  
 
394
      
 
93
 
 
(176)
      
 
11,698
  
 
7,391
    
   
Total net operating income
$
33,193
  
$
29,137
      
$
11,032
  
$
9,991
      
$
9,243
  
$
7,855
      
$
93
 
$
(176)
      
$
53,561
  
$
46,807
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
Same property operating margin
 
69%
  
 
67%
      
 
68%
  
 
68%
      
 
63%
  
 
64%
      
n/a
  
n/a
      
 
68%
  
 
67%
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
Same property turnover percentage
 
61%
  
 
61%
      
 
59%
  
 
60%
      
 
69%
  
 
72%
      
n/a
  
n/a
      
 
63%
  
 
64%
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
Same property concessions
$
121
  
$
187
      
$
77
  
$
61
      
$
97
  
$
128
      
$
-
 
$
-
     
$
295
  
$
376
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
Average same property concessions per turn(3)
$
83
  
$
127
      
$
135
  
$
105
      
$
114
  
$
145
      
$
-
 
$
-
     
$
102
  
$
128
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
Net operating income percentage of total
 
62%
  
 
62%
      
 
21%
  
 
21%
      
 
17%
  
 
17%
      
 
0%
  
 
0%
      
 
100%
  
 
100%
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
Loss to lease(4)
$
9,417
            
$
3,243
           
$
2,076
           
$
n/a
            
$
14,736
          
 
Loss to lease as a percentage
                
 
 
            
 
 
            
 
 
                          
 
of rental income
 
5.1%
            
 
5.4%
            
 
3.3%
            
 
n/a
            
 
4.8%
          
                     
 
 
            
 
 
            
 
 
                          
Reconciliation of apartment units at end of period
                                                                              
                                                                                   
 
Same property apartment units
 
9,635
  
 
9,635
      
 
3,835
  
 
3,835
      
 
4,928
  
 
4,928
      
 
-
 
 
-
     
 
18,398
  
 
18,398
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
 
Consolidated Apartment Units
  
12,784
    
11,669
        
4,621
    
4,411
        
5,831
    
5,457
        
302
    
578
        
23,538
    
22,115
    
 
Joint Venture
  
598
    
2,905
        
1,299
    
-
       
515
    
-
       
-
   
-
       
2,412
    
2,905
    
 
Under Development
 
637
  
 
456
      
 
-
 
 
370
      
 
-
 
 
-
     
 
-
 
 
-
     
 
637
  
 
826
    
   
Total apartment units at end of period
 
14,019
  
 
15,030
      
 
5,920
  
 
4,781
      
 
6,346
  
 
5,457
      
 
302
  
 
578
      
 
26,587
  
 
25,846
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
   
Percentage of total
 
53%
  
 
58%
      
 
22%
  
 
18%
      
 
24%
  
 
21%
      
 
1%
  
 
2%
      
 
100%
  
 
100%
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
     
 
97.2%
  
 
96.7%
      
 
97.3%
  
 
96.0%
      
 
97.3%
  
 
95.6%
      
n/a
  
n/a
      
 
97.3%
  
 
96.1%
    
                     
 
 
  
 
 
      
 
 
  
 
 
      
 
 
  
 
 
                    
(1)
  
Includes apartment communities located in other geographic areas, other rental properties and commercial properties.
                                                
(2)
  
Includes properties which subsequent to June 30, 2004 were either acquired or in a stage of development or redevelopment without stabilized operations.
                                
(3)
  
Average same property concessions per turn is the dollar amount per unit resulting from the same property concessions divided by the product of the same property turnover percentage times the same property apartment units.
    
(4)
  
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 September 30, 2005, September 30, 2004 and June 30, 2005
                  
(Dollars in thousands)
                                
                                 
       
 
  
 
      
 
      
 
  
Units
  
September 30,
2005
  
September 30,
2004
  
% Change
  
June 30,
2005
  
% Change
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
Southern California
                                
Ventura County
    
1,739
  
$
6,500
  
$
6,281
    
3.5
%
      
$
6,357
    
2.2
%
Los Angeles County
    
3,031
    
13,399
    
12,531
    
6.9
%
        
13,050
    
2.7
%
Orange County
    
2,037
    
8,332
    
7,921
    
5.2
%
        
8,157
    
2.1
%
San Diego County
    
2,552
    
7,298
    
6,964
    
4.8
%
        
7,196
    
1.4
%
Riverside County
    
276
    
674
    
626
    
7.7
%
      
635
    
6.1
%
     Total Southern California
    
9,635
  
$
36,203
  
$
34,323
    
5.5
%
      
$
35,395
    
2.3
%
                                   
Northern California
                                            
San Francisco County
    
99
  
$
366
  
$
342
    
7.0
%
      
$
354
    
3.4
%
Santa Clara County
    
1,982
    
7,124
    
6,930
    
2.8
%
        
6,977
    
2.1
%
Alameda County
    
1,116
    
3,450
    
3,405
    
1.3
%
        
3,428
    
0.6
%
Contra Costa County
    
638
    
2,411
    
2,356
    
2.3
%
      
2,385
    
1.1
%
           Total Northern California
    
3,835
  
$
13,351
  
$
13,033
    
2.4
%
      
$
13,144
    
1.6
%
                                   
Pacific Northwest
                                            
Seattle
    
4,053
  
$
10,202
  
$
9,847
    
3.6
%
      
$
10,003
    
2.0
%
Portland
    
875
    
1,882
    
1,828
    
3.0
%
      
1,835
    
2.6
%
          Total Pacific Northwest
    
4,928
  
$
12,084
  
$
11,675
    
3.5
%
      
$
11,838
    
2.1
%
                                   
Total same property revenue
    
18,398
  
$
61,638
  
$
59,031
    
4.4
%
      
$
60,377
    
2.1
%
 
                              
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 - September 30, 2005
                          
(Dollars in millions)
                          
               
Total
Estimated
        
         
Estimated
    
Incurred
Remaining
Initial
Stabilized
%
%
Project Name
Location
  
Units
  
Cost
    
To Date
Cost
Occupancy
Operations
Leased
Occupied
                           
Development Communities
                          
                           
Direct Development and Joint Venture Transactions- Consolidated
                        
                           
    Northwest Gateway (1)
Los Angeles, CA
  
275
 
$ 71.1
 
 
$ 15.7
$ 55.4
Sep-07
Jun-08
n/a
n/a
                           
    Moorpark
Moorpark, CA
  
200
 
43.2
 
 
4.7
38.5
Aug-07
Apr-08
n/a
n/a
                           
    Tracy
Tracy, CA
  
30
 
8.5
 
 
3.6
4.9
Jul-06
Jan-07
n/a
n/a
                           
    Pre-development
    
-
 
10.8
 
 
10.8
-
 
 
n/a
n/a
                           
                           
        Subtotal - direct development
    
505
 
133.6
 
 
34.8
98.8
       
                     
 
 
                          
Joint Venture Transactions - Unconsolidated (2)
                          
                           
    Kelvin Avenue
Irvine, CA
  
132
 
7.1
 
 
7.1
-
 
 
n/a
n/a
     
 
  
 
    
 
 
        
                           
        Total - development
    
637
 
$ 140.7
 
 
$ 41.9
$ 98.8
       
                           
                           
                           
Stabilized Communities - Third Quarter 2005
                          
                           
None
                          
                           
                           
                           
(1) The Company will receive 75% of cash flow up to a 22.67% priority return, and 50% of cash flow thereafter.
                  
                           
(2) The Company has a 21.4% interest in development projects owned by the Fund I. This final property in Fund I
      
was sold in October 2005 for a net sales price of $10,500.
                          
 
 
  
 
  
 
    
 
 
 
 
 
 

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 - September 30, 2005
                  
(Dollars in thousands)
                  
                     
                     
           
Total
 
Estimated
    
       
Estimated
  
Incurred
  
Remaining
  
Redevelopment
 
Project Name
Units
  
Cost
  
To Date
  
Cost
  
Start Date
                     
 
Hillcrest Park - Phase II, Newbury Park, CA
608
  
$ 3,681
 
$ 3,449
 
$ 232
 
Apr-03
                     
 
Kings Road, Los Angeles, CA
196
  
6,116
 
3,454
 
2,662
 
Jan-04
                     
 
Mira Woods, Mira Mesa, CA
355
  
5,724
 
2,453
 
3,271
 
Sep-04
                     
 
Palisades, Bellevue, WA
192
 
2,430
 
1,618
 
812
 
Sep-04
                     
 
Avondale at Warner Center, Woodland Hills, CA
446
  
11,422
 
2,782
 
8,640
 
Oct-04
                     
 
Bridle Trails, Kirkland, WA
108
  
4,547
 
822
 
3,725
 
May-05
   
 
  
 
  
 
  
 
    
 
Total
1,905
 
$ 33,920
 
$ 14,578
 
$ 19,342
   
                     
                     
                     
 
Re-stabilized Communities - Third Quarter 2005
                  
                     
 
None
                  
                     
                     
 
Restabilized operations is defined as the month that the property reaches at least 95% occupancy after completion of the redevelopment projects.
 
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 - September 30, 2005
  
 
  
 
  
Debt
          
(In thousands)
  
Book
  
 Estimated
       
 
  
Interest
  
Maturity
  
Value of
 
 Company
 
 Equity
  
 
  
 
  
 
  
Value
  
Value
  
Amount
  
Type
  
Rate
  
Date
  
Equity
 
Ownership
 
Value
  
                                                    
Joint Ventures
                
 
      
 
            
 
  
 
  
 
  
 
                
 
      
 
            
 
  
Essex Apartment Value Fund, L.P. (Fund I)
            
 
      
 
            
 
  
    Kelvin Avenue, Irvine, CA (development) (1)
  
 10,500
      
 
      
 
           
 
  
    Additional net assets (2)
  
 4,300
      
 
      
 
                
               
$
2,367
  
$
14,800
                        
14,800
   
21.4
%
$
3,167
  
Capitalized costs
              
203
                                         
203
 
 
            
2,570
                                         
3,370
 
 
                                                            
                                                                   
Essex Apartment Value Fund II, L.P. (Fund II)
                                                          
Carlmont Woods, Belmont, CA
                            
13,381
   
Fixed
    
4.89
%
  
Dec-13
                    
Echo Ridge, Snoqualmie, WA
                            
13,700
   
Fixed
    
5.01
%
  
Sep-14
                    
Harbor Cove, Foster City, CA
                            
36,084
   
Fixed
    
4.89
%
  
Dec-13
                    
Morning Run, Monroe, WA
                            
14,137
   
Fixed
    
5.10
%
  
Oct-14
                    
Parcwood, Corona, CA
                            
26,273
   
Fixed
    
4.89
%
  
Dec-13
                    
Regency Towers, Oakland, CA
                            
11,425
   
Fixed
    
5.16
%
  
Mar-15
                    
Tower @ 801, Seattle, WA
                            
19,978
   
Fixed
    
4.91
%
  
Aug-14
                    
                                                                     
                                                                     
Line of credit
                            
29,650
   
Var.
    
LIBOR+0.875
%
  
Jun-07
                    
                 
17,275
   
225,924
   
164,628
                     
61,296
   
28.2
%
  
17,285
 
Capitalized costs
              
486
                                         
486
 
 
            
17,761
                                         
17,771
 
 
                                                          
 
                                                          
Other
 
7,306
                                         
7,306
 
 
                                                          
               
$
27,637
                                        
$
28,447
  
 
                                                            
 
                                                            
 
                                                            
 
                                                          
(1)  This property was sold by Fund I in October 2005 for a net sales price of $10,500.
(2)Additional net assets primarily consist of cash proceeds from the sale of River Terrace not yet distributed by Fund I less liabilities.
  
 
                                                    

See Company's 10-Q for additional disclosures
S-11


E S S E X  P R O P E R T Y  T R U S T,  I N C.
 
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
Consolidated Co-Investments - September 30, 2005
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
(Dollars in thousands)
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
The Company enters into co-investment transactions with third party developers, owners and investors of apartment properties. In accordance with FIN 46R, the Company consolidates certain of these co-investment transactions, resulting in minority interests corresponding to the ownership interest of the third-party developer, owner or investor.
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
The following table summarizes the consolidated co-investment transactions:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
      
 
  
 
  
 
  
Year-to-date Operations
 
 
  
Balance as of September 30, 2005
  
as of September 30, 2005
  
 
  
Investment in
 
Related
 
Minority
  
Down-REIT
  
 
  
Operating
 
 
  
 
  
Real Estate
  
Debt
  
Interest
  
Units (1)
  
Revenue
  
Expenses
  
NOI
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
Down-REITs:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
Anchor Village
    
10,751
   
10,750
   
2,399
   
123,061
   
1,717
   
695
   
1,022
 
Barkley Apartments
    
9,858
   
5,104
   
2,347
   
80,987
   
1,624
   
520
   
1,105
 
Brookside Oaks
    
21,457
   
14,585
   
9,330
   
230,938
   
1,615
   
452
   
1,162
 
Capri at Sunny Hills
    
16,639
   
11,943
   
4,692
   
193,828
   
1,581
   
386
   
1,195
 
Hearthstone Apartments
    
13,815
   
9,689
   
3,951
   
90,591
   
1,624
   
427
   
1,197
 
Hidden Valley (Parker Ranch)
    
46,877
   
34,073
   
6,089
   
62,647
   
3,773
   
943
   
2,830
 
Highridge Apartments
    
21,185
   
19,131
   
6,579
   
322,249
   
3,685
   
1,165
   
2,520
 
Montejo Apartments
    
9,205
   
6,001
   
1,644
   
39,118
   
1,210
   
337
   
873
 
Treehouse Apartments
    
12,586
   
8,080
   
3,331
   
76,366
   
1,592
   
468
   
1,124
 
Valley Park Apartments
    
15,938
   
10,236
   
2,737
   
71,235
   
1,905
   
420
   
1,485
 
Villa Angelina Apartments
    
21,006
   
13,841
   
2,378
   
71,678
   
2,492
   
592
   
1,900
 
 
                                            
 
    
199,317
   
143,433
   
45,477
   
1,362,698
   
22,818
   
6,405
   
16,413
 
 
                                
Other Co-investments transactions:
                                
Derian Office Building
   
17,916
   
-
   
-
   
n/a (note 2
)
  
1,211
   
329
   
882
 
City Heights
    
32,401
   
32,850
   
-
   
n/a (note 3
)
  
6,309
   
2,252
   
4,057
 
The Bluffs
    
9,180
   
12,619
   
(300
)
  
n/a
   
2,016
   
598
   
1,418
 
Northwest Gateway (Development)
    
15,737
   
-
   
1,000
   
n/a (note 4
)
  
-
   
-
   
-
 
 
                              
(1) Represents the number of Down-REIT units that are currently outstanding. Generally, Down-REIT units can be redeemed at the holder's election for cash equal to the current price of Essex's common stock.
 
                              
(2) Essex has mortgage loans to the owners of this property with an aggregate principal balance outstanding of $23.9 million as of September 30, 2005. This building was 91% leased and occupied as of September 30, 2005.
 
                                
(3) The Company owns the land and has leased the improvements to an unrelated third-party investor. The leashold interest entitles the Company to receive a monthly payment during the 34 year term of the lease. The Company may be required to sell its interest in the property anytime after 2009, in which case, the Company is entitled to receive 20% of the net sales price (without considering related debt), plus an incentive payment equal to $1.47 million per year since the formation of the venture in 2002.
 
                              
(4) The project is a joint venture between Essex and Meta Housing Corporation, which has obtained $47.0 million of tax-exempt bond financing, which will be drawn to fund future construction costs. The Company originated a $7.4 million mezzanine loan to the joint venture, which bears an interest rate of 14.0% - it is subject to various conditions and matures in December 2009. The Company has also contributed approximately $3.2 million for its limited partnership interest, which entitles the Company to 75% of the cash flow up to a 22.67% priority return, and 50% of the cash flow thereafter.

See Company's 10-Q for additional disclosures
S-12
 

ESSEX PROPERTY TRUST, INC.
REAL ESTATE INFORMATION
30-Sep-05
                 
         
Square
  
Year
Year
Property Name
Address
City
State
Units
Footage
  
Acquired
Built
                 
MULTIFAMILY COMMUNITIES
                 
SAN FRANCISCO BAY AREA
                
Santa Clara County
                
Pointe at Cupertino, The (Westwood)
19920 Olivewood Street
Cupertino
CA
116
135,200
  
1998
1963
Carlyle, The
2909 Nieman Boulevard
San Jose
CA
132
129,200
  
2000
2000
Esplanade
350 East Taylor St.
San Jose
CA
278
279,000
  
2004
2002
Waterford, The
1700 N. First Street
San Jose
CA
238
219,600
  
2000
2000
Le Parc (Plumtree)
440 N. Winchester Avenue
Santa Clara
CA
140
113,200
  
1994
1975
Marina Cove
3480 Granada Avenue
Santa Clara
CA
292
250,200
  
1994
1974
Bristol Commons
732 E. Evelyn Avenue
Sunnyvale
CA
188
142,600
  
1995
1989
Brookside Oaks
1651 Belleville Way
Sunnyvale
CA
170
119,900
  
2000
1973
Oak Pointe
450 N. Mathilda Avenue
Sunnyvale
CA
390
294,100
  
1988
1973
Summerhill Park
972 Corte Madera Avenue
Sunnyvale
CA
100
78,500
  
1988
1988
Windsor Ridge
825 E. Evelyn Avenue
Sunnyvale
CA
216
161,800
  
1989
1989
     
9%
2,260
1,923,300
      
Alameda County
                
Stevenson Place (The Apple)
4141 Stevenson Blvd.
Fremont
CA
200
146,200
  
1983
1971
Waterstone at Fremont (Mountain Vista )
39600 Fremont Blvd
Fremont
CA
526
433,100
  
2000
1975
Treetops
40001 Fremont Blvd.
Fremont
CA
172
131,200
  
1996
1978
Wimbeldon Woods
25200 Carlos Bee Blvd.
Hayward
CA
560
462,400
  
1998
1975
Regency Towers
1130 Third Ave.
Oakland
CA
178
140,900
  
2005
1975
Summerhill Commons
36826 Cherry Street
Newark
CA
184
139,000
  
1987
1987
     
7%
1,820
1,452,800
      
Contra Costa County
                
San Marcos (Vista del Mar)
Hilltop Drive at Richmond Pkwy
Richmond
CA
432
407,600
  
2003
2003
Bel Air (The Shores)
2000 Shoreline Drive
San Ramon
CA
462
391,000
  
1995
1988
Foothill Gardens
1110 Harness Drive
San Ramon
CA
132
155,100
  
1997
1985
Twin Creeks
2711-2731 Morgan Drive
San Ramon
CA
44
51,700
  
1997
1985
     
4%
1,070
1,005,400
      
San Mateo County
                
Carlmont Woods
2515 Carlmont Drive
Belmont
CA
195
107,200
  
2004
1971
Harbor Cove
900 E. Hillsdale Blvd.
Foster City
CA
400
306,600
  
2004
1971
     
2%
595
413,800
      
                 
San Francisco and Marin County
                
Mt. Sutro Terrace Apartments
480 Warren Drive
San Francisco,CA
CA
99
64,000
  
1999
1973
Vista Belvedere
15 Red Hill Circle
Tiburon
CA
76
78,300
  
2004
1963
     
1%
175
142,300
      
                 
Total San Francisco Bay Area
    
23%
5,920
4,937,600
     
                 
SOUTHERN CALIFORNIA
                
Los Angeles County
                
Hampton Court (Columbus)
1136 N. Columbus Avenue
Glendale
CA
83
71,500
  
1999
1974
Hampton Place (Loraine)
245 W. Loraine Street
Glendale
CA
132
141,500
  
1999
1970
Marbrisa
1809 Termino Ave.
Long Beach
CA
202
122,800
  
2002
1987
Pathways
5945 E. Pacific Coast Hwy.
Long Beach
CA
296
197,700
  
1991
1975
Bunker Hill
222 and 234 S. Figueroa St.
Los Angeles
CA
456
346,600
  
1998
1968
City Heights
209 S. Westmoreland
Los Angeles
CA
687
424,100
  
2000
1968
Cochran Apartments
612 South Cochran
Los Angeles
CA
58
51,400
  
1998
1989
Kings Road
733 North Kings Road
Los Angeles
CA
196
132,100
  
1997
1979
Marbella
600 South Detroit Street
Los Angeles
CA
60
50,108
  
2005
1991
Northwest Gateway
1302 West 2nd St.
Los Angeles
CA
275
225,000
      
Park Place
400 S. Detroit Street
Los Angeles
CA
60
48,000
  
1997
1988
Windsor Court
401 S. Detroit Street
Los Angeles
CA
58
46,600
  
1997
1988
Marina City Club
4333 Admiralty Way
Marina Del Rey
CA
101
127,200
  
2004
1971
Mirabella (Marina View)
13701 Marina Point Drive
Marina Del Rey
CA
188
176,800
  
2000
2000
Hillcrest Park (Mirabella)
1800 West Hillcrest Drive
Newbury Park
CA
608
521,900
  
1998
1973
Monterra del Mar (Windsor Terrace)
280 E. Del Mar Boulevard
Pasadena
CA
123
74,400
  
1997
1972
Monterra del Rey (Glenbrook)
350 Madison
Pasadena
CA
84
73,100
  
1999
1972
Monterra del Sol (Euclid)
280 South Euclid
Pasadena
CA
85
69,200
  
1999
1972
Fountain Park
13141 Fountain Park Drive
Playa Vista
CA
705
608,900
  
2004
2002
Highridge
28125 Peacock Ridge Drive
Rancho Palos Verde
CA
255
290,200
  
1997
1972
Walnut Heights
20700 San Jose Hills Road
Walnut
CA
163
146,700
  
2003
1964
Avondale at Warner Center
22222 Victory Blvd.
Woodland Hills
CA
446
331,000
  
1999
1970
     
19%
5,046
4,051,808
      
Ventura County
                
Camarillo Oaks
921 Paseo Camarillo
Camarillo
CA
564
459,000
  
1996
1985
Mountain View
649 E. Las Posas Road
Camarillo
CA
106
83,900
  
2004
1980
Moorpark development
  
Moorpark
CA
200
172,230
      
Mariner's Place
711 South B Street
Oxnard
CA
105
77,200
  
2000
1987
Tierra Vista
Rice and Gonzales
Oxnard
CA
404
387,100
  
2001
2001
Monterey Villas (Village Apartments)
1040 Kelp Lane
Oxnard
CA
122
122,100
  
1997
1974
Meadowood
1733 Cochran Street
Simi Valley
CA
320
264,500
  
1996
1986
Hidden Valley (Parker Ranch)
5065 Hidden Park Court
Simi Valley
CA
324
310,900
  
2004
2004
Lofts at Pinehurst,The (Villa Scandia)
1021 Scandia Avenue
Ventura
CA
118
71,100
  
1997
1971
Pinehurst
3980 Telegraph Road
Ventura
CA
28
21,200
  
2004
1973
Woodside Village
675 Providence Ave.
Ventura
CA
145
136,500
  
2004
1987
     
9%
2,236
1,933,500
      
Orange County
                
Barkley Apartments
2400 E. Lincoln Ave.
Anahiem
CA
161
139,800
 
2000
1984
Vista Pointe
175-225 S. Rio Vista
Anahiem
CA
286
242,400
 
1985
1968
Valley Park Apartments
17300 Euclid Ave.
Fountain Valley
CA
160
169,700
 
2001
1969
Capri at Sunny Hills
2341 Daphne Place
Fullerton
CA
100
128,100
 
2001
1961
Wilshire Promenade
141 West Wilshire Avenue
Fullerton
CA
149
128,000
(1)
1997
1992
Montejo Apartments
12911 Dale St.
Garden Grove
CA
124
103,200
 
2001
1974
Huntington Breakers
21270 Beach Boulevard
Huntington Beach
CA
342
241,700
 
1997
1984
Irvine development
2552 Kelvin Ave.
Irvine
CA
132
122,400
 
 
 
Hillsborough Park
1501 South Beach Boulevard
La Habra
CA
235
215,500
 
1999
1999
Trabuco Villas
25362 Mosswood Way
Lake Forest
CA
132
131,000
 
1997
1985
Fairways Apartments
2 Pine Valley Lane
Newport Beach
CA
74
107,100
 
1999
1972
Villa Angelina
201 E. Chapman Ave.
Placentia
CA
256
217,600
 
2001
1970
Hearthstone Apartments
2301 E. Santa Clara Ave.
Santa Ana
CA
140
154,800
 
2001
1970
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
                
Alpine Country
2660 Alpine Blvd.
Alpine
CA
108
81,900
  
2002
1986
Alpine Village
2055 Arnold Way
Alpine
CA
306
254,400
  
2002
1971
Bonita Cedars
5155 Cedarwood Rd.
Bonita
CA
120
120,800
  
2002
1983
Cambridge
660 F. St.
Chula Vista
CA
40
22,100
  
2002
1965
Woodlawn Colonial
245-255 Woodlawn Ave.
Chula Vista
CA
159
104,500
  
2002
1974
Mesa Village
5265 Clairemont Mesa Blvd.
Clairemont
CA
133
43,600
  
2002
1963
Casa Tierra
355 Orlando St.
El Cajon
CA
40
28,700
  
2002
1972
Coral Gardens
425 East Bradley
El Cajon
CA
200
182,000
  
2002
1976
Tierra del Sol/Norte
989 Peach Ave.
El Cajon
CA
156
117,000
  
2002
1969
Grand Regacy
2050 E. Grand Ave.
Escondido
CA
60
42,400
  
2002
1967
Mira Woods Villa
10360 Maya Linda Rd.
Mira Mesa
CA
355
262,600
  
2002
1982
Country Villas
283 Douglas Drive
Oceanside
CA
180
179,700
  
2002
1976
Mission Hills
218 Rancho Del Oro
Oceanside
CA
282
244,000
  
1984
2005
Bluffs II, The
6466 Friars Road
San Diego
CA
224
126,700
  
1997
1974
Emerald Palms
2271 Palm Ave.
San Diego
CA
152
133,000
  
2002
1986
Summit Park
8563 Lake Murray Blvd.
San Diego
CA
300
229,400
  
2002
1972
Vista Capri - East
4666 63rd St.
San Diego
CA
26
16,800
  
2002
1967
Vista Capri - North
3277 Berger Ave.
San Diego
CA
106
51,800
  
2002
1975
Carlton Heights
9705 Carlton Hills Blvd.
Santee
CA
70
48,400
  
2002
1979
Shadow Point
9830 Dale Ave.
Spring Valley
CA
172
131,200
  
2002
1983
     
12%
3,189
2,421,000
      
Riverside County
                
Parcwood
1700 Via Pacifica
Corona
CA
312
270,000
  
2004
1989
Devonshire Apartments
2770 West Devonshire Ave.
Hemet
CA
276
207,200
  
2002
1988
     
2%
588
477,200
      
                 
Total Southern California
    
52%
13,382
10,998,108
      
                 
SEATTLE METROPOLITAN AREA
                
Cedar Terrace
3205 115th Ave. NE
Bellevue
WA
180
174,200
  
2005
1984
Emerald Ridge
3010 118th Avenue SE
Bellevue
WA
180
144,000
  
1994
1987
Foothill Commons
13800 NE 9th Place
Bellevue
WA
360
288,300
  
1990
1978
Palisades, The
13808 NE 12th
Bellevue
WA
192
159,700
  
1990
1977
Sammamish View
16160 SE Eastgate Way
Bellevue
WA
153
133,500
  
1994
1986
Woodland Commons
13700 NE 10th Place
Bellevue
WA
236
172,300
  
1990
1978
Canyon Pointe
1630 228th St. SE
Bothell
WA
250
210,400
  
2003
1990
Inglenook Court
14220 Juanita Drive, NE
Bothell
WA
224
183,600
  
1994
1985
Salmon Run at Perry Creek
2109 228th Street SE
Bothell
WA
132
117,100
  
2000
2000
Stonehedge Village
14690 143rd Blvd., NE
Bothell
WA
196
214,800
  
1997
1986
Park Hill at Issaquah
22516 SE 56th Street
Issaquah
WA
245
277,700
  
1999
1999
Peregrine Point
21209 SE 42nd Street
Issaquah
WA
67
85,900
  
2003
2003
Wandering Creek
12910 SE 240th
Kent
WA
156
124,300
  
1995
1986
Bridle Trails
6600 130th Avenue, NE
Kirkland
WA
92
73,400
  
1997
1986
Evergreen Heights
12233 NE 131st Way
Kirkland
WA
200
188,300
  
1997
1990
Morning Run
18463 Blueberry Lane
Monroe
WA
222
221,786
  
2005
1991
Laurels at Mill Creek
1110 164th Street SE
Mill Creek
WA
164
134,300
  
1996
1981
Anchor Village
9507 49th Avenue West
Mukilteo
WA
301
245,900
  
1997
1981
Castle Creek
7000 132nd Place, SE
Newcastle
WA
216
191,900
  
1998
1998
Brighton Ridge
2307 NE 4th Street
Renton
WA
264
201,300
  
1996
1986
Fairwood Pond
14700 SE Petrovitsky Rd.
Renton
WA
194
189,200
  
2004
1997
Forest View
650 Duvall Ave. NE
Renton
WA
192
182,500
  
2003
1998
Fountain Court
2400 4th Street
Seattle
WA
320
207,000
  
2000
2000
Linden Square
13530 Linden Avenue North
Seattle
WA
183
142,200
  
2000
1994
Maple Leaf
7415 5th Avenue, NE
Seattle
WA
48
35,500
  
1997
1986
Spring Lake
12528 35th Avenue, NE
Seattle
WA
69
42,300
  
1997
1986
Wharfside Pointe
3811 14th Avenue West
Seattle
WA
142
119,200
(2)
1994
1990
Tower @ 801
801 Pine Street
Seattle
WA
173
118,500
  
2005
1970
Echo Ridge
34907 SE Kinsey Street
Snoqualmie
WA
120
124,359
  
2005
2000
Total Seattle Metropolitan Area
    
21%
5,471
4,703,445
      
                 
PORTLAND METROPOLITAN AREA
        
Jackson School Village
300 NE Autumn Rose Way
Hillsboro
OR
200
196,800
  
1996
1996
Landmark Apartments
3120 NW John Olsen Ave.
Hillsboro
OR
285
282,900
  
1996
1990
Meadows @ Cascade Park
314 SE 19th Street
Vancouver
WA
198
199,300
  
1997
1989
Village @ Cascade Park
501 SE 123rd Avenue
Vancouver
WA
192
178,100
  
1997
1989
Total Portland Metropolitan Area
  
3%
875
857,100
      
                 
OTHER AREAS
                
St. Cloud Apartments
6525 Hilcroft
Houston
TX
302
306,800
 
2002
1968
 
 
 
1%
302
306,800
 
 
 
125
Multifamily Properties
 
 
25,950
21,803,053
 
1999
1983
4
Multifamily Properties Under Construction
  
637
376,488
      
                 
Avg. square footage
840
              
Avg. units per property
208
              
Avg. age of property
21
              
                 
           (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
      
 
 
 

New Residential Supply: Permits as % of Current Stock
12 Month Permit Period: Trailing 12 Months September 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
$431,900
85%
740,000
4,366
0.6%
  
240,000
520
0.2%
  
4,886
0.5%
New York PMSA
$450,800
49%
760,000
2,517
0.3%
  
2,920,000
21,377
0.7%
  
23,894
0.6%
Boston
$390,500
73%
1,530,000
8,190
0.5%
  
670,800
7,454
1.1%
  
15,644
0.7%
Philadelphia
$189,100
144%
1,532,000
15,042
1.0%
  
515,100
4,107
0.8%
  
19,149
0.9%
Baltimore
$220,600
124%
797,000
8,534
1.1%
  
268,000
2,561
1.0%
  
11,095
1.0%
Chicago
$238,900
113%
1,700,000
36,262
2.1%
  
1,404,900
11,373
0.8%
  
47,635
1.5%
Wash. D.C. PMSA
$359,000
86%
1,299,000
26,276
2.0%
  
644,300
10,002
1.6%
  
36,278
1.9%
Minneapolis
$220,600
128%
818,000
17,900
2.2%
  
351,800
4,980
1.4%
  
22,880
2.0%
Denver
$237,100
112%
582,000
17,107
2.9%
  
274,900
3,025
1.1%
  
20,132
2.3%
Miami/Ft. Lauderdale
$315,700
68%
717,000
23,152
3.2%
  
876,000
20,386
2.3%
  
43,538
2.7%
Dallas-Ft. Worth
$137,300
178%
1,381,000
46,064
3.3%
  
650,000
9,692
1.5%
  
55,756
2.7%
Houston
$135,500
173%
1,027,000
48,765
4.7%
  
547,700
10,442
1.9%
  
59,207
3.8%
Austin
$151,300
165%
326,000
15,359
4.7%
  
169,900
3,390
2.0%
  
18,749
3.8%
Atlanta
$157,700
173%
1,122,000
58,726
5.2%
  
467,800
16,193
3.5%
  
74,919
4.7%
Phoenix
$180,200
130%
970,000
55,595
5.7%
  
360,500
7,675
2.1%
  
63,270
4.8%
Orlando
$184,400
118%
482,000
26,725
5.5%
  
201,500
8,603
4.3%
  
35,328
5.2%
Las Vegas
$281,400
78%
440,000
28,893
6.6%
  
215,700
5,233
2.4%
  
34,126
5.2%
Totals
$251,803
120%
16,223,000
439,473
2.7%
  
10,778,900
147,013
1.4%
  
586,486
2.2%
                         
Seattle
$311,700
90%
656,000
11,753
1.8%
  
354,487
5,247
1.5%
  
17,000
1.7%
Portland
$214,500
112%
561,000
12,508
2.2%
  
225,335
3,628
1.6%
  
16,136
2.1%
                         
San Francisco
$683,100
49%
368,000
1,006
0.3%
  
344,000
2,531
0.7%
  
3,537
0.5%
Oakland
$588,500
61%
625,000
7,232
1.2%
  
270,000
3,567
1.3%
  
10,799
1.2%
San Jose
$623,300
53%
388,000
2,868
0.7%
  
192,000
4,244
2.2%
  
7,112
1.2%
                         
Los Angeles
$460,000
70%
1,877,000
12,377
0.7%
  
1,392,963
13,575
1.0%
  
25,952
0.8%
Ventura
$562,000
46%
199,000
2,846
1.4%
  
53,295
1,398
2.6%
  
4,244
1.7%
Orange
$655,000
51%
628,000
3,927
0.6%
  
340,800
3,756
1.1%
  
7,683
0.8%
San Diego
$569,900
49%
664,000
7,629
1.1%
  
375,664
6,761
1.8%
  
14,390
1.4%
                         
PNW
$266,894
100%
1,217,000
24,261
2.0%
  
579,822
8,875
1.5%
  
33,136
1.8%
                         
No Cal
$623,486
56%
1,381,000
11,106
0.8%
  
806,000
10,342
1.3%
  
21,448
1.0%
                         
So Cal
$524,053
61%
3,368,000
26,779
0.8%
  
2,162,722
25,490
1.2%
  
52,269
0.9%
                         
ESSEX
$494,612
68%
5,966,000
62,146
1.0%
 
3,548,543
44,707
1.3%
 
106,853
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 - 4th Quarter Estimates: Nationall Realtors Association

 

 
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.