EX-99.2 3 ex99-2.htm EXHIBIT 99.2 ex99-2.htm
Exhibit 99.2
 
 
First Quarter 2010
Supplemental Financial Information
 
 
 
In the first quarter, the Company entered into a joint venture to acquire Essex Skyline at MacArthur Place, a 349-unit high rise condominium project located in Santa Ana, California for $128 million. The community consists of two adjacent 25-story towers with floor to ceiling windows and sizeable floor plans. Each unit features Viking appliances, hardwood and tile floors, nine to eleven foot ceilings and select units offer expansive views of Orange County. Property amenities include a gym and sauna, lap pool, yoga room, temperature controlled wine locker and presentation kitchen, bocce ball court, putting green, entertainment room and on-site concierge service.
 
 
 
 

 
 Table of Contents      
       
   
Page
  
Consolidated Operating Results
   S-1 – S-2  
Consolidated Funds From Operations
   S-3  
Consolidated Balance Sheets
   S-4  
Debt Summary
   S-5  
Capitalization
   S-6  
Property Operating Results – Quarter ended March 31, 2010 and 2009
   S-7  
Revenue by County – Quarters ended March 31, 2010, March 31, 2009 and December 31, 2009
   S-8  
Development Pipeline
   S-9  
Redevelopment Pipeline
   S-10  
Co-Investments
   S-11  
Summary of Consolidated Co-Investments and Noncontrolling Interest
   S-12  
Income from Discontinued Operations and Selected Financial Data
   S-13  
Market Forecast (Supply, Jobs and Apartment Market Conditions)
   S-14  
New Residential Supply Data
   S-15  
Exhibit A - Property List by Region
   1 - 2  

 
 
 
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Consolidated Operating Results
(Dollars in thousands, except per share amounts)
  
Three Months Ended
March 31,
  
   
2010
    
2009
  
             
Revenues:
            
Rental and other property
   $ 99,706     $ 103,914  
Management and other fees from affiliates
     1,478       1,197  
      101,184       105,111  
                 
Expenses:
                
Property operating
     34,199       33,123  
Depreciation and amortization
     30,487       28,965  
Interest
     20,836       20,203  
General and administrative
     5,618       6,233  
Impairment and other charges
     -       5,752  
      91,140       94,276  
Earnings from operations
     10,044       10,835  
                 
Interest and other income
     7,855       3,232  
Equity (loss) income in co-investments
     (41 )     539  
Gain on early retirement of debt
     -       6,124  
Gain on sale of real estate
     -       53  
Income before discontinued operations
     17,858       20,783  
Income from discontinued operations
     -       2,555  
Net income
     17,858       23,338  
Net income attributable to noncontrolling interest
     (4,189 )     (4,942 )
Net income attributable to controlling interest
     13,669       18,396  
Dividends to preferred stockholders
     (542 )     (1,826 )
Excess of the carrying amount of preferred stock
                
 redeemed over the cash paid to redeem preferred stock
     -       25,695  
Net income available to common stockholders
   $ 13,127     $ 42,265  
                 
Net income per share - basic
   $ 0.45     $ 1.61  
                 
Net income per share - diluted
   $ 0.45     $ 1.53  
 
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
Selected Line Item Detail
  
Three Months Ended
March 31,
  
(Dollars in thousands)
  
2010
    
2009
  
             
Rental and other property
            
Rental
   $ 92,969     $ 97,549  
Other property
     6,737       6,365  
Rental and other property
   $ 99,706     $ 103,914  
                 
Management and other fees from affiliates
                
Management
   $ 890     $ 871  
Acquisition, development, and redevelopment
     588       326  
Management and other fees from affiliates
   $ 1,478     $ 1,197  
                 
Property operating expenses
                
Real estate taxes
   $ 9,528     $ 9,043  
Administrative
     8,036       7,933  
Utilities
     6,880       6,409  
Maintenance and repairs
     6,659       6,622  
Management fees and insurance
     3,096       3,116  
Property operating expenses
   $ 34,199     $ 33,123  
                 
General and administrative
                
General and administrative
   $ 9,125     $ 9,788  
Allocated to property operating expenses - administrative
     (2,550 )     (2,418 )
Capitalized to real estate
     (957 )     (1,137 )
Net general and administrative
   $ 5,618     $ 6,233  
                 
Interest and other income
                
Gain from sale of marketable securities
   $ 5,044     $ 1,014  
Interest and other income, net
     2,811       1,445  
Income from TRS activities and other income
     -       588  
Lease income, net
     -       185  
Interest and other income
   $ 7,855     $ 3,232  
                 
Noncontrolling interest
                
Limited partners of Essex Portfolio, L.P.
   $ 1,141     $ 1,799  
DownREIT limited partners' distributions
     1,098       1,118  
Perpetual preferred distributions
     1,575       1,575  
Third-party ownership interest
     375       450  
Noncontrolling interest
   $ 4,189     $ 4,942  
 
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
(Dollars in thousands, except share and per share amounts)
  
Three Months Ended
March 31,
  
   
2010
    
2009
  
             
Funds from operations
            
Net income available to common stockholders
   $ 13,127     $ 42,265  
Adjustments:
                
Depreciation and amortization
     30,487       29,204  
Gains not included in FFO, net of internal disposition costs
     -       (2,225 )
Noncontrolling interest and co-investments (1)
     2,129       2,563  
Funds from operations
   $ 45,743     $ 71,807  
FFO per share-diluted
   $ 1.46     $ 2.50  
                 
Components of the change in FFO
                
Non-recurring items:
                
Gain on sales of marketable securities
     (5,044 )     (1,014 )
Co-investment - acquisition fee
     (500 )     -  
Redemption of Series G preferred stock at a discount
     -       (25,695 )
Gain on early retirement of debt
     -       (6,124 )
Write-off of investment in development joint venture
     -       5,752  
Income generated from TRS activities
     -       (588 )
Funds from operations excluding non-recurring items
     40,199       44,138  
FFO excluding non-recurring items per share-diluted
   $ 1.28     $ 1.54  
                 
Changes in recurring items:
                
Same-property NOI
   $ (6,688 )        
Non-same property NOI
     1,404          
Management and other fees from affiliates
     (219 )        
Interest and other income
     593          
Dividends to preferred stockholders
     1,284          
Interest expense
     (633 )        
General and administrative
     615          
Other items, net
     (295 )        
    $ (3,939 )        
                 
Weighted average number of shares outstanding diluted (2)
     31,438,408       28,692,959  
 
(1) 
Amount includes the following adjustments for the three months ended March 31, 2010: (i) noncontrolling interest related to Operating Partnership units totaling $1.1 million, (ii) add back depreciation from unconsolidated co-investments and less depreciation attributable to third party ownership of consolidated co-investments totaling $1.0 million.
 
(2) 
Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock.
 
See Company's 10-Q for additional disclosures
S-3
 
 
 
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Consolidated Balance Sheets
(Dollars in thousands)
   
March 31, 2010
    
December 31, 2009
  
             
Real Estate:
            
Land and land improvements
   $ 684,955     $ 684,955  
Buildings and improvements
     2,734,863       2,727,975  
      3,419,818       3,412,930  
Less:  accumulated depreciation
     (779,923 )     (749,464 )
      2,639,895       2,663,466  
Real estate under development
     304,483       274,965  
Co-investments
     137,473       70,783  
      3,081,851       3,009,214  
Cash and cash equivalents
     40,379       37,934  
Marketable securities
     114,276       134,844  
Notes and other receivables
     35,545       36,305  
Other assets
     36,380       36,340  
Total assets
   $ 3,308,431     $ 3,254,637  
                 
Mortgage notes payable
   $ 1,626,734     $ 1,603,549  
Lines of credit
     256,000       239,000  
Exchangeable bonds
     4,918       4,893  
Cash flow hedge liabilities
     38,618       30,156  
Other liabilities
     111,521       99,149  
Total liabilities
     2,037,791       1,976,747  
                 
Series G cumulative convertible preferred stock
     4,349       4,349  
Stockholders' equity and noncontrolling interest:
                
Common stock
     3       3  
Series F cumulative redeemable preferred stock, liquidation value
     25,000       25,000  
Additional paid-in-capital
     1,293,829       1,275,251  
Distributions in excess of accumulated earnings
     (239,904 )     (222,952 )
Accumulated other comprehensive (loss) income
     (34,850 )     (24,206 )
Total stockholders' equity
     1,044,078       1,053,096  
Noncontrolling interest
     222,213       220,445  
Total stockholders' equity and noncontrolling interest
     1,266,291       1,273,541  
Total liabilities and equity
   $ 3,308,431     $ 3,254,637  
 
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, 2010
(Dollars in thousands)
 
   
 
    
 
 
 
    
 
      
 
  
   
 
    
 
 
 
    
 
      
 
  
   
Percentage of Total Debt
    
Balance Outstanding
 
    
Weighted Average Interest Rate
      
Weighted Average Maturity In Years
  
Mortgage notes payable
  
 
    
 
 
 
    
 
      
 
  
Fixed rate - secured
  
72
 %  
$
1,368,094
 
    
6.0
 %    
5.5
  
Variable rate - secured (1)
  
14
 %  
 
258,640
 
    
2.3
 %    
18.8
  
Total mortgage notes payable
  
86
 %  
 
1,626,734
 
    
5.4
 %    
7.6
  
   
 
    
 
 
 
    
 
      
 
  
Exchangeable bonds - unsecured (2)
  
0
 %  
 
4,918
 
    
5.8
 %    
 
  
   
 
    
 
 
 
    
 
      
 
  
Line of credit - secured (3)
  
14
 %  
 
250,000
 
    
1.3
 %    
 
  
Line of credit - unsecured (4)
  
0
 %  
 
6,000
 
    
4.1
 %    
 
  
Total lines of credit
  
14
 %  
 
256,000
 
    
1.3
 %    
 
  
   
 
    
 
 
 
    
 
      
 
  
Total debt
  
100
 %  
$
1,887,652
 
    
4.9
 %    
 
  
   
 
    
 
 
 
    
 
      
 
  
 
  
 
    
 
 
 
    
Weighted
      
 
  
Scheduled principal payments (excludes lines of credit)
              
Average
          
 
  
 
    
 
 
 
    
Interest Rate
      
 
  
 
  
2010
(2)  
$
144,847
 
    
7.6
 %    
 
  
 
  
2011
    
 
182,312
 
    
5.6
 %    
 
  
 
  
2012
    
 
31,179
 
    
5.4
 %    
 
  
 
  
2013
    
 
187,831
 
    
5.8
 %    
 
  
 
  
2014
    
 
80,438
 
    
5.7
 %    
 
  
Thereafter
    
 
1,005,045
 
    
4.9
 %    
 
  
Total
    
$
1,631,652
 
    
5.4
 %    
 
  
 
Capitalized interest for the three months ended March 31, 2010 was approximately $2.8 million.
 
 
(1) 
$214.0 million of the variable rate debt is tax exempt to the note holders, and $194.2 million of the tax exempt debt is subject to interest rate protection agreements.
 
(2) 
Exchangeable bonds mature in November 2025, but the bonds are subject to a repurchase for cash at the option of the holder on November 1, 2010. The pay rate on the bonds is 3.625%, and effective January 2009 in accordance with the accounting pronouncement for convertible debt, the bonds have been discounted to yield 5.75%.  This is an unsecured obligation of the operating partnership, and is fully and unconditionally guaranteed by the Company.
 
(3) 
Secured line of credit facility is $250 million and matures in December 2013.  This line is secured by eleven of the Company's apartment communities and the underlying interest rate is currently the Freddie Mac Reference Rate plus .99% to 1.50%.
 
(4) 
Unsecured line of credit facility is $200 million and matures in December 2010 with two one-year extensions, exercisable at the Company's option.  The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 3.00%.
 
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, 2010
(Dollars and shares in thousands, except per share amounts)
         
         
Total debt
   $ 1,887,652    
           
           
Common stock and potentially dilutive securities
          
Common stock outstanding
     29,100    
Limited partnership units (1)
     2,414    
Options-treasury method
     53    
Total common stock and potentially dilutive securities
     31,567  
  shares
           
Common stock price per share as of March 31, 2010
   $ 89.95    
           
Market value of common stock and potentially dilutive securities
   $ 2,839,471    
           
Preferred units/stock
   $ 111,514    
           
Total equity capitalization
   $ 2,950,985    
           
Total market capitalization
   $ 4,838,637    
           
Ratio of debt to total market capitalization
     39.0 %  
 
(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, 2010 and 2009
(Dollars in thousands)
 
 
Southern California
    
Northern California
    
Seattle Metro
    
Other real estate assets (1)
    
Total
  
 
2010
    
2009
    
% Change
    
2010
    
2009
    
% Change
    
2010
    
2009
    
% Change
    
2010
    
2009
    
2010
    
2009
    
% Change
  
                                                                                     
Revenues:
                                                                                    
Same-property revenue
   $ 49,128     $ 51,394       -4.4 %   $ 28,538     $ 30,813       -7.4 %   $ 14,912     $ 16,761       -11.0 %   $ -     $ -     $ 92,578     $ 98,968       -6.5 %
Non-same property revenue (2)
     1,797       902               1,449       29               1,815       1,957               2,067       2,058       7,128       4,946          
Total Revenues
   $ 50,925     $ 52,296             $ 29,987     $ 30,842             $ 16,727     $ 18,718             $ 2,067     $ 2,058     $ 99,706     $ 103,914          
                                                                                                                 
Property operating expenses:
                                                                                                                
Same-property operating expenses
   $ 16,251     $ 15,916       2.1 %   $ 9,513     $ 9,410       1.1 %   $ 5,466     $ 5,606       -2.5 %   $ -     $ -     $ 31,230     $ 30,932       1.0 %
Non-same property operating expenses (2)
     662       553               674       54               688       707               945       877       2,969       2,191          
Total property operating expenses
   $ 16,913     $ 16,469             $ 10,187     $ 9,464             $ 6,154     $ 6,313             $ 945     $ 877     $ 34,199     $ 33,123          
                                                                                                                 
Net operating income (NOI):
                                                                                                                
Same-property NOI
   $ 32,877     $ 35,478       -7.3 %   $ 19,025     $ 21,403       -11.1 %   $ 9,446     $ 11,155       -15.3 %   $ -     $ -     $ 61,348     $ 68,036       -9.8 %
Non-same property NOI (2)
                                                                                                                
Redevelopment communities
     -       -               -       -               1,154       1,250               -       -       1,154       1,250          
Acquired communities
     306       -               -       -               -       -               -       -       306       -          
Development communities
     829       349               775       (25 )             (27 )     -               -       -       1,577       324          
Other real estate assets (1)
     -       -               -       -               -       -               1,122       1,181       1,122       1,181          
Total non-same property NOI
     1,135       349               775       (25 )             1,127       1,250               1,122       1,181       4,159       2,755          
Total NOI
   $ 34,012     $ 35,827             $ 19,800     $ 21,378             $ 10,573     $ 12,405             $ 1,122     $ 1,181     $ 65,507     $ 70,791          
                                                                                                                 
Same-property operating margin
     67 %     69 %             67 %     69 %             63 %     67 %                             66 %     69 %        
                                                                                                                 
Same-property turnover percentage
     44 %     51 %             42 %     53 %             38 %     51 %                             42 %     52 %        
                                                                                                                 
Same-property concessions
   $ 318     $ 387             $ 133     $ 140             $ 58     $ 70                             $ 509     $ 597          
                                                                                                                 
Average same-property concessions per turn (3)
   $ 239     $ 252             $ 199     $ 163             $ 133     $ 117                             $ 209     $ 200          
                                                                                                                 
Reconciliation of apartment units at end of period
                                                                                                          
                                                                                                                 
Same-property apartment units
     11,984                       6,457                       4,625                                       23,066                  
                                                                                                                 
Consolidated apartment units
     12,334       12,370               6,695       6,457               5,249       5,338                               24,278       24,165          
Joint venture
     748       480               1,575       1,575               648       642                               2,971       2,697          
Under development
     464       268               455       409               295       295                               1,214       972          
Total apartment units at end of period
     13,546       13,118               8,725       8,441               6,192       6,275                               28,463       27,834          
                                                                                                                 
Percentage of total
     48 %     47 %             30 %     30 %             22 %     23 %                             100 %     100 %        
                                                                                                                 
Average same-property financial occupancy
     97.0 %     96.4 %             98.1 %     97.7 %             97.9 %     97.1 %                             97.5 %     96.9 %        
 
(1) Other real estate assets consists mainly of retail space, commercial properties, and boat slips and their operating results are classified in non-same property results.
(2) Includes properties which subsequent to January 1, 2009 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.
 
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.
 
Revenue by County - Quarters ended March 31, 2010, March 31, 2009 and December 31, 2009
(Dollars in thousands)
 
       
Average Property Rental Rates
  
March 31, 2010
  
March 31, 2009
        
                         
  Region  
Units
  
QTD
2010
QTD
2009
  
% Change
Property Revenue
  
Financial Occupancy
Property Revenue
  
Financial Occupancy
  
Property Revenue
% Change
    
Property Revenue
Q4 2009
    
Sequential % Change
  
                                                                   
                                                                   
Southern California
                                                                  
Los Angeles County     3,790     $ 1,538     $ 1,658       -7.2 %   $ 17,771       96.8 %   $ 18,562       95.2 %     -4.3 %   $ 17,914       -0.8 %
Ventura County     2,898       1,274       1,351       -5.7 %     11,416       97.3 %     12,080       97.4 %     -5.5 %     11,470       -0.5 %
   San Diego County     2,636       1,091       1,128       -3.3 %     8,845       96.7 %     9,106       96.9 %     -2.9 %     8,910       -0.7 %
   Orange County     2,037       1,414       1,513       -6.5 %     8,768       97.3 %     9,369       97.5 %     -6.4 %     8,803       -0.4 %
   Santa Barbara County     347       1,620       1,628       -0.5 %     1,709       99.0 %     1,638       95.0 %     4.3 %     1,725       -0.9 %
   Riverside County     276       723       764       -5.4 %     619       95.3 %     639       93.4 %     -3.1 %     613       1.0 %
      Total same-property     11,984       1,338       1,421       -5.8 %     49,128       97.0 %     51,394       96.4 %     -4.4 %     49,435       -0.6 %
   Los Angeles County     350       1,576                       1,797               902                                  
      Non-same property     350       1,576                       1,797               902                                  
      .  
Northern California
                                                                                        
   Santa Clara County     2,448       1,472       1,646       -10.6 %     11,061       98.1 %     12,386       98.3 %     -10.7 %     11,170       -1.0 %
   Contra Costa County     1,720       1,423       1,503       -5.3 %     7,535       98.0 %     7,860       96.9 %     -4.1 %     7,573       -0.5 %
   Alameda County     1,116       1,206       1,314       -8.2 %     4,286       98.5 %     4,605       97.9 %     -6.9 %     4,304       -0.4 %
   San Mateo County     768       1,546       1,675       -7.7 %     3,696       98.3 %     3,944       97.1 %     -6.3 %     3,702       -0.2 %
   San Francisco MSA     175       1,829       1,841       -0.7 %     934       94.6 %     968       94.6 %     -3.5 %     969       -3.6 %
   Other     230       1,464       1,504       -2.7 %     1,026       98.6 %     1,050       99.1 %     -2.3 %     1,016       1.0 %
      Total same-property     6,457       1,431       1,554       -7.9 %     28,538       98.1 %     30,813       97.7 %     -7.4 %     28,734       -0.7 %
   Alameda County     238       1,903                       1,449               29                                  
      Non-same property     238       1,903                       1,449               29                                  
                                                                                         
Seattle Metro
                                                                                        
      Total same-property     4,625       1,005       1,148       -12.5 %     14,912       97.9 %     16,761       97.1 %     -11.0 %     15,080       -1.1 %
      Non-same property     919       1,025                       1,815               1,957                                  
                                                                                         
Other real estate assets
                                     2,067               2,058                                  
                                                                                         
Total same-property revenue
     23,066     $ 1,297     $ 1,404       -7.6 %   $ 92,578       97.5 %   $ 98,968       96.9 %     -6.5 %   $ 93,249       -0.7 %
                                                                                         
Total non-same property revenue
     1,507     $ 1,130                     $ 7,128             $ 4,946                                  
 
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 Pipeline - March 31, 2010
(Dollars in millions)
 
     
Estimated Units
    
Estimated retail sq. feet (1)
    
Incurred to Date
     Remaining Costs    
Estimated Total Cost
   Construction Start   Construction Complete   Initial Occupancy   Stabilized Operations
     
 
          
 
    
 
    
 
  
 
  
 
  
 
  
 
                                               
 
Development Projects - Consolidated
                                              
Project Name
Location
                                            
                                               
Joule Broadway (2)
Seattle, WA
     295       29,100     $ 78.0     $ 16.8     $ 94.8  
May-08
  
Jun-10
  
Mar-10
  
Feb-11
Fourth & U
Berkeley, CA
     171       15,500       55.4       7.9       63.3  
Apr-08
  
Jun-10
  
Apr-10
  
Oct-10
Axis 2300
Irvine, CA
     115       -       30.1       6.2       36.3  
Feb-10
  
Jul-10
  
Jul-10
  
Apr-11
Tasman Place (3)
Sunnyvale, CA
     284       46,000       43.5       81.6       125.1  
Jul-09
  
Jan-12
  
Dec-11
  
Sep-12
Consolidated - Development Projects     865       90,600       207.0       112.5       319.5                
                                                         
Development Projects - Joint Venture
                                                      
                                                         
Project Name
Location
                                                      
                                                         
Essex Skyline at MacArthur Place (4)
Santa Ana, CA
     349       -       129.4       5.3       134.7  
Mar-10
  
Aug-10
  
Apr-10
  
Jun-11
 
Total - Development Projects
     1,214       90,600       336.4       117.8       454.2                
                                                         
Predevelopment Projects
                                                        
                                                         
Project Name
Location
                                                      
Main Street (5)
Walnut Creek, CA
     -       -       -       -       -                
West Dublin
Dublin, CA
     -       -       -       -       -                
 
Total - Predevelopment Projects
     357       37,000       31.4       -       31.4                
                                                         
Land Held for Future Development or Sale (6)
                                                      
                                                         
Project Name
Location
                                                      
Cadence Campus
San Jose, CA
     769       -       -       -       -                
City Centre
Moorpark, CA
     200       -       -       -       -                
Park Boulevard
Palo Alto, CA
     27       -       -       -       -                
View Pointe
Newcastle, WA
     24       -       -       -       -                
                                                         
                                                         
Total - Land Held for Future Development or Sale
     1,020       -       66.0       -       66.0                
                                                         
Grand Total - Development Pipeline
     2,591       127,600     $ 433.8     $ 117.8     $ 551.6                
 
(1)
 Certain apartment community developments include retail space, and the Company has included the total estimated retail square footage for each development project.
(2)
There is a construction loan in place for this development project that provides financing for the majority of the estimated remaining cost to be incurred.
(3)
 During the first quarter of 2010, the Company commenced construction on the apartment and ground floor phase of the development.
(4) 
This community is currently in lease-up in the north tower, and the remaining costs reflects the construction of a leasing office in the south tower as well as the estimated costs to complete certain exterior and interior unit projects.
(5) 
The Company has entered into a joint venture development agreement with a third-party to develop this property.  The Company has a 50% interest in this project.
(6) 
The Company owns land in various stages of entitlement that is being held for future development or sale.
 
See Company's 10-Q for additional disclosures
S-9
 
 
 
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Redevelopment Pipeline - March 31, 2010
(Dollars in thousands)
                                       
         
Total
Incurred
    
Estimated
Remaining
    
Estimated
Total
  
Redevelopment
  
NOI
For the Quarter ended
  
Region/Project Name
  
Units
    
To Date
    
Cost
    
Cost
  
Start Date
     Q1 2010       Q1 2009  
                                           
Approved - Redevelopment Projects (1)
                                          
                                           
Marina Cove, Santa Clara, CA
     292     $ 4,458     $ 5,400     $ 9,858  
Jun-07
                
Pointe at Cupertino, Cupertino, CA
     116       220       6,015       6,235  
Jan-10
                
                                                   
Total Approved - Redevelopment Projects
     408     $ 4,678     $ 11,415     $ 16,093                    
                                                   
Active - Redevelopment Projects
                                                  
                                                   
Seattle Metro
                                                  
Foothill Commons, Bellevue, WA (2)
     388     $ 20,656     $ 15,682     $ 36,338  
Jun-07
   $ 743     $ 771  
Woodland Commons, Bellevue, WA
     236       4,731       7,048       11,779  
Jun-07
     411       480  
                                                   
Total Active - Redevelopment Projects
     624     $ 25,387     $ 22,730     $ 48,117       $ 1,154     $ 1,251  
 
 
(1) These projects are approved and redevelopment activities have commenced, but as of Q1 2010 the communities have stabilized operations, and therefore are classified in same-property operations.
(2) During the third quarter 2009, the Company completed the construction of 28 additional apartment homes.
 
See Company's 10-Q for additional disclosures
S-10
 
 
 
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
 
 
Co-investments - March 31, 2010
Essex
  
Total
                  
Property Revenue for
          
NOI for the three
        
(Dollars in thousands)
Book
  
Original
          
Debt
  
Maturity
  
the three months ended
          
months ended
        
 
Value
  
Cost
    
Units
    
Amount
  
Date
  
2010
    
2009
    
% Change
    
2010
    
2009
    
% Change
  
                                                           
Joint Ventures
                                                          
                                                           
Essex Apartment Value Fund II, L.P. (Fund II) (1)
                                                    
Southern California
    
 
                                              
Parcwood, Corona, CA
       312     $ 24,325  
Dec-2013
                                    
Renaissance, Los Angeles, CA
       168       22,545  
May-2011
                                    
Total Southern California
       480       46,870  
 
   $ 1,957     $ 2,059       -5.0 %   $ 1,101     $ 1,271       -13.4 %
Northern California
                                                                    
Alderwood Park, Newark, CA
       96       6,816  
Jun-2015
                                                
Carlmont Woods, Belmont, CA
       195       12,390  
Dec-2013
                                                
Davey Glen, Belmont, CA
       69       6,654  
Aug-2016
                                                
Enclave, San Jose, CA
       637       17,254  
Jan-2018
                                                
Enclave, San Jose, CA
       -       60,000  
Dec-2029
                                                
Harbor Cove, Foster City, CA
       400       33,410  
Dec-2013
                                                
Regency Tower, Oakland, CA
       178       10,632  
Mar-2014
                                                
Total Northern California
       1,575       147,156  
 
     6,675       7,208       -7.4 %     4,211       4,634       -9.1 %
Seattle Metro
                                                                    
 
 
                      
Sep-2014
                                                
Echo Ridge, Snoqualmie, WA
       120       12,753  
Sep-2014
                                                
Morning Run, Monroe, WA
       222       13,196  
Oct-2014
                                                
Tower @ 801, Seattle, WA
       173       18,563  
Aug-2014
                                                
Total Seattle Metro
       515       44,512  
 
     1,864       2,061       -9.6 %     1,115       1,285       -13.2 %
Total - Operating Communities
       2,570       238,538  
 
   $ 10,496     $ 11,328       -7.3 %   $ 6,427     $ 7,190       -10.6 %
                                                                           
Fund II - New Development
                                                                    
Eastlake 2851, Seattle, WA (initial occupancy May 2008)
       127       17,477  
Jan-2011
 (2)                                              
Studio 40-41, Studio City, CA (initial occupancy April 2009)
       149       28,800  
Apr-2011
 (2)                                              
Cielo, Chatsworth, CA (initial occupancy July 2009)
       119       19,732  
Jun-2010
 (3)                                              
 
 
           395       66,009  
 
     1,824       566               1,062       388          
                                                                           
Total Fund II
 
   $ 590,018       2,965     $ 304,547       $ 12,320     $ 11,894             $ 7,489     $ 7,578          
                                                                             
Essex Skyline at MacArthur Place (4)
 
   $ 134,561       349       -       $ -     $ -             $ (57 )   $ -          
                                                                             
Total - Co-investments
$136,253
   $ 724,579       3,314     $ 304,547                                                    
                                                                             
Capitalized costs
720
                                                                          
 
136,973
                                                                          
Other (5)
500
                                                                          
 
$137,473
                                                                          
 
(1) 
The Company has a 28.2% interest as a general partner and limited partner in Fund II, and may earn promote income if Fund II exceeds certain financial return benchmarks.
(2) 
The construction loan has a one-year extension, exercisable at Fund II's option.
(3) 
The construction loan has two one-year extensions, exercisable at Fund II's option.
(4)
The Company has a 47% effective interest in this co-investment, and a senior executive of the Company has a 3% effective interest, and the Company may earn promote income if the co-investment exceeds certain financial return benchmarks.
(5) 
The other co-investment relates to a real estate technology investment.
 
See Company's 10-Q for additional disclosures
S-11
 
 
 
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Summary of Consolidated Co-Investments and Noncontrolling Interest - March 31, 2010
(Dollars in thousands)
 
The Company enters into co-investment transactions with third party developers, owners and investors of apartment communities.  In accordance with GAAP, the Company consolidates certain of these co-investment transactions, resulting in noncontrolling interests corresponding to the ownership interest of the third-party developer, owner or investor.
 
The following table summarizes the consolidated co-investments and noncontrolling interest:
 
   
Balance as of March 31, 2010
    
Operations for the quarter ended
March 31, 2010
  
   
Investment in
Real Estate
    
Related
Debt
    
Noncontrolling
Interest
    
DownREIT
Units (1)
    
Revenue
    
Operating
Expenses
    
NOI
  
                                           
Noncontrolling Interest - DownREIT:
                                          
Anchor Village
   $ 13,422     $ 10,750     $ 2,404       110,133     $ 734     $ 269     $ 465  
Barkley Apartments
     8,861       17,388       2,322       79,205       590       218       372  
Brentwood
     14,599       20,123       2,568       58,884       589       166       423  
Brookside Oaks
     33,740       20,750       3,805       96,255       722       200       522  
Capri at Sunny Hills
     17,406       18,605       3,911       167,140       572       158       414  
Hidden Valley (2)
     38,705       32,145       6,089       62,647       1,251       390       861  
Highridge Apartments
     26,420       44,807       5,831       293,733       1,320       351       969  
Montejo Apartments
     8,667       5,590       1,216       29,319       440       126       314  
Thomas Jefferson
     26,396       19,279       7,067       62,873       682       212       471  
Treehouse Apartments
     11,647       7,527       2,951       67,728       582       180       402  
Valley Park Apartments
     15,091       9,535       26       43,354       683       131       552  
Villa Angelina Apartments
     19,535       12,894       3,003       54,709       889       219       670  
                                                         
    $ 234,489     $ 219,393       41,193       1,125,980     $ 9,054     $ 2,620     $ 6,435  
                                                         
Other Components of Noncontrolling Interest:
                                                  
Hillsdale Garden Apartments (3)
   $ 111,695       -       23,006             $ 3,331     $ 1,338     $ 1,993  
Joint Ventures - Development (4)
   $ 233,100     $ 44,684       8,219                                  
  Operating Limited Partnership Units
               69,795                                  
Perpetual Preferred Units (5)
                     80,000                                  
                                                         
Total Noncontrolling Interest
                   $ 222,213                                  
 
 
(1) Represents the number of DownREIT units that are currently outstanding.  Generally, DownREIT units can be redeemed at the holder's election for cash equal to the current price of Essex's common stock.
(2) The Company has a 75% interest in this community and a joint venture partner has a 25% interest.
(3) The Company has an 81.5% interest in this community and the joint venture partner has an 18.5% interest.
(4) The Company consolidates two joint venture developments in which the Company has a 50% and 99% interest, respectively.  The Company also consolidates a 94% owned subsidiary that invests in a 50% owned joint venture development accounted for using the equity method.
(5)  Includes Series B Cumulative Redeemable Preferred Units with an existing distribution rate of 7.875% and can be redeemed at the Company's option.
 
 
See Company's 10-Q for additional disclosures
S-12
 
 
 
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Income From Discontinued Operations and Selected Financial Data - March 31, 2010
(Dollars in thousands)
 
 
Income from Discontinued Operations
 
No properties were sold for the quarter ended March 31, 2010.  During the quarter ended March 31, 2009, the Company sold the Carlton Heights and Grand Regency apartment communities.  Income from discontinued operations for the quarter ended March 31, 2009 included operating results for Mountain View, Spring Lakes, and Maple Leaf apartment communities.
 
   
Three Months Ended
  
   
March 31,
  
   
2010
    
2009
  
Rental revenues
   $ -     $ 926  
Property operating expenses
     -       (357 )
Depreciation and amortization
     -       (239 )
      Income from real estate sold
     -       330  
Gain on sale
     -       2,472  
Internal disposition costs
     -       (247 )
Income from discontinued operations
   $ -     $ 2,555  
                 
Shares Outstanding and Potentially Dilutive Securities
          
   
Q1 2010
Weighted Avg.
    
Actual
As of 3/31/10
  
Common Shares
     28,967,855       29,100,478  
Stock Options
     50,716       53,044  
     Weighted Avg. Shares Diluted - EPS
     29,018,571       29,153,522  
Operating Limited Partnership Units
     2,419,837       2,413,690  
     Weighted Avg. Shares Diluted - FFO
     31,438,408       31,567,212  
 
See Company's 10-Q for additional disclosures
S-13
 
 
 
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C

MSA Level Forecasts 2010: 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 Occupancy
  
                                                 
Seattle
     4,000       1.0 %     2,500       0.4 %     14,000       1.0 %     2.5 %     94.00 %
                                                                 
San Francisco
     1,900       0.5 %     200       0.1 %     6,000       0.7 %     3.00 %     95.50 %
Oakland
     900       0.3 %     1,000       0.2 %     4,000       0.4 %     0.00 %     94.50 %
San Jose
     700       0.3 %     400       0.1 %     10,000       1.2 %     4.00 %     95.00 %
No. Cal.
     3,500       0.4 %     1,600       0.1 %     20,000       0.7 %     2.3 %     95.0 %
                                                                 
Ventura
     250       0.5 %     200       0.1 %     1,500       0.6 %     3.00 %     94.50 %
Los Angeles
     2,600       0.2 %     1,500       0.1 %     26,000       0.7 %     2.00 %     94.50 %
Orange
     1,100       0.3 %     500       0.1 %     19,000       1.4 %     3.50 %     94.50 %
San Diego
     1,100       0.3 %     1,100       0.2 %     12,000       1.0 %     2.50 %     95.00 %
So. Cal.
     5,050       0.2 %     3,300       0.1 %     58,500       0.9 %     2.5 %     94.6 %
                                                                 
Weighted Average****
     12,550       0.4 %     7,400       0.1 %     92,500       0.9 %     2.4 %     94.5 %

All data is an Essex Forecast

U.S. Economic Assumptions:  G.D.P.: 2010 vs 2009:  2.75% , Q4 '10 vs Q4 '09: 2.25%, Jobs: Q4 '10 vs Q4 '09  0.7%

* 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 New Residential Supply schedule.

** Job Forecast/Performance refers to the difference between Total Non-Farm Industry Employment (not Seasonally Adjusted) projected through Q4 2010 over the comparable actual figures for Q4 2009.  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 Q4 2009 base.

***The Forecast Market Conditions represents Essex's estimates of the Change in Rents/Occupancy Rates for Q4  2010.  The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for Q4 2010 vs.Q4 2009 (where Market refers to the entire MSA apartment market, NOT the Essex portfolio). The estimated Year End Occupancy represents Essex's forecast of Market Occupancy Rates for Q4 2010.

****Weighted Average: Markets weighted by Units in Essex Portfolio

See Company's 10-Q for additional disclosures
S-14

 
 
 

E S S E X  P R O P E R T Y  T R U S T, I N C

New Residential Supply: Permits as a % of Current Stock (12 Month Permit Period: Trailing 12 Months March 2010)
  
                                                             
   
Single Family Data
    
Multi-Family Data
    
All Residential Data
  
Market
  
Median SF Price (Q4 2009 est**)
    
Q4 2009 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
  
New York PMSA
   $ 404,950       63 %     760,000       643       0.1 %     2,920,000       4,872       0.2 %     5,515       0.1 %
Chicago
   $ 191,500       154 %     1,700,000       4,684       0.3 %     1,404,900       1,627       0.1 %     6,311       0.2 %
Miami/Ft. Lauderdale
   $ 199,300       114 %     717,000       2,642       0.4 %     876,000       1,016       0.1 %     3,658       0.2 %
Nassau-Suffolk
   $ 383,200       107 %     740,000       1,078       0.2 %     240,000       103       0.0 %     1,181       0.3 %
Boston
   $ 332,800       103 %     1,530,000       3,301       0.2 %     670,800       1,444       0.2 %     4,745       0.3 %
Philadelphia
   $ 212,600       131 %     1,532,000       5,356       0.3 %     515,100       1,823       0.4 %     7,179       0.4 %
Minneapolis
   $ 167,500       188 %     818,000       4,001       0.5 %     351,800       1,072       0.3 %     5,073       0.4 %
Atlanta
   $ 124,800       242 %     1,122,000       6,091       0.5 %     467,800       1,114       0.2 %     7,205       0.5 %
Denver
   $ 223,200       137 %     582,000       3,280       0.6 %     274,900       1,158       0.4 %     4,438       0.5 %
Portland
   $ 239,400       118 %     561,000       3,522       0.6 %     225,335       647       0.3 %     4,169       0.5 %
Baltimore
   $ 243,900       129 %     797,000       3,456       0.4 %     268,000       2,300       0.9 %     5,756       0.5 %
Wash. D.C. PMSA
   $ 306,200       129 %     1,299,000       9,402       0.7 %     644,300       2,871       0.4 %     12,273       0.6 %
Orlando
   $ 139,600       177 %     482,000       4,311       0.9 %     201,500       477       0.2 %     4,788       0.7 %
Phoenix
   $ 143,900       172 %     970,000       10,049       1.0 %     360,500       439       0.1 %     10,488       0.8 %
Las Vegas
   $ 139,400       170 %     440,000       4,837       1.1 %     215,700       1,289       0.6 %     6,126       0.9 %
Dallas-Ft. Worth
   $ 142,100       192 %     1,381,000       15,649       1.1 %     650,000       4,102       0.6 %     19,751       1.0 %
Austin
   $ 184,000       157 %     326,000       7,024       2.2 %     169,900       1,443       0.8 %     8,467       1.7 %
Houston
   $ 150,000       176 %     1,027,000       24,527       2.4 %     547,700       3,191       0.6 %     27,718       1.8 %
Totals
   $ 231,311       156 %     16,024,000       113,210       0.7 %     8,084,235       26,116       0.3 %     139,326       0.6 %
                                                                                 
Seattle
   $ 330,350       94 %     656,000       4,284       0.7 %     354,487       1,396       0.4 %     5,680       0.6 %
                                                                                 
San Francisco
   $ 606,400       61 %     368,000       391       0.1 %     344,000       519       0.2 %     910       0.1 %
Oakland
   $ 410,500       90 %     625,000       2,109       0.3 %     270,000       674       0.2 %     2,783       0.3 %
San Jose
   $ 585,000       71 %     388,000       803       0.2 %     192,000       452       0.2 %     1,255       0.2 %
                                                                                 
Los Angeles
   $ 303,800       83 %     1,877,000       2,230       0.1 %     1,392,963       2,628       0.2 %     4,858       0.1 %
Ventura
   $ 355,800       102 %     199,000       222       0.1 %     53,295       92       0.2 %     314       0.1 %
Orange
   $ 495,000       72 %     628,000       1,410       0.2 %     340,800       774       0.2 %     2,184       0.2 %
San Diego
   $ 379,200       73 %     664,000       2,081       0.3 %     375,664       990       0.3 %     3,071       0.3 %
                                                                                 
No Cal
   $ 511,729       77 %     1,381,000       3,303       0.2 %     806,000       1,645       0.2 %     4,948       0.2 %
                                                                                 
So Cal
   $ 357,389       80 %     3,368,000       5,943       0.2 %     2,162,722       4,484       0.2 %     10,427       0.2 %
                                                                                 
ESSEX
   $ 393,542       81 %     5,405,000       13,530       0.3 %     3,323,208       7,525       0.2 %     21,055       0.2 %

Permits:  Single Family equals 1 Unit, Multi-Family equals 5 or More Units
Sources: SF Prices - Economy.com: Permits, Total Residential Stock - U.S. Census, Axiometrics, Mortgage Rates: Fredie Mac
Single Family/Multi-Family Breakdown of Total Residences, 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.
**Median Home Prices -  Q4 2009 National Association of Realtors, DataQuick, Essex
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 (6.03%).
Median Household Income is estimated from US Census 2004 data and Income Growth from BEA and Population Growth from the US Census.

See Company's 10-Q for additional disclosures
S-15

 
 
 

ESSEX PROPERTY TRUST, INC.
Real Estate Information as of March 31, 2010
 
Property Name
Address
City
State
Units
Footage
  
Acquired
Built
Ownership
Property
                     
APARTMENT COMMUNITIES
  
                     
NORTHERN CALIFORNIA
                  
Santa Clara County
                    
Pointe at Cupertino
19920 Olivewood Street
Cupertino
CA
116
135,200
  
1998
1963
EPLP
47
Carlyle, The
2909 Nieman Boulevard
San Jose
CA
132
129,200
  
2000
2000
EPLP
10
Enclave, The
4355 Renaissance Drive
San Jose
CA
637
525,463
  
2005
1998
Fund II
12
Esplanade
350 East Taylor St.
San Jose
CA
278
279,000
  
2004
2002
EPLP
8
Waterford, The
1700 N. First Street
San Jose
CA
238
219,600
  
2000
2000
EPLP
10
Le Parc
440 N. Winchester Avenue
Santa Clara
CA
140
113,200
  
1994
1975
EPLP
35
Marina Cove
3480 Granada Avenue
Santa Clara
CA
292
250,200
  
1994
1974
EPLP
36
Bristol Commons
732 E. Evelyn Avenue
Sunnyvale
CA
188
142,600
  
1995
1989
EPLP
21
Brookside Oaks
1651 Belleville Way
Sunnyvale
CA
170
119,900
  
2000
1973
DownREIT
37
Magnolia Lane
113 South Mary Avenue
Sunnyvale
CA
32
31,541
  
2007
2001
EPLP
9
Montclaire
450 N. Mathilda Avenue
Sunnyvale
CA
390
294,100
  
1988
1973
EPLP
37
Summerhill Park
972 Corte Madera Avenue
Sunnyvale
CA
100
78,500
  
1988
1988
EPLP
22
Tasman Place
315 Tasman Drive
Sunnyvale
CA
284
46,000
      
EPLP
  
Thomas Jefferson
107 South Mary Avenue
Sunnyvale
CA
156
110,824
  
2007
1969
DownREIT
41
Windsor Ridge
825 E. Evelyn Avenue
Sunnyvale
CA
216
161,800
  
1989
1989
EPLP
21
     
11%
3,085
2,591,128
          
Alameda County
                    
Fourth & U
700 University Avenue
Berkeley
CA
171
146,255
      
EPLP
  
Stevenson Place
4141 Stevenson Blvd.
Fremont
CA
200
146,200
  
2000
1975
EPLP
35
Boulevard
40001 Fremont Blvd.
Fremont
CA
172
131,200
  
1996
1978
EPLP
32
City View
25200 Carlos Bee Blvd.
Hayward
CA
560
462,400
  
1998
1975
EPLP
35
Regency Tower
1130 Third Ave.
Oakland
CA
178
140,900
  
2005
1975
Fund II
35
The Grand
100 Grand Avenue
Oakland
CA
238
205,026
  
2009
2009
EPLP
 -
Bridgeport
36826 Cherry Street
Newark
CA
184
139,000
  
1987
1987
EPLP
23
Alderwood Park Apartments
37057 Magnolia Street
Newark
CA
96
74,624
  
2006
1987
Fund II
23
     
6%
1,628
1,094,324
          
Contra Costa County
                    
San Marcos
2601 Hilltop Drive
Richmond
CA
432
407,600
  
2003
2003
EPLP
7
Bel Air
2000 Shoreline Drive
San Ramon
CA
462
391,000
  
1995
1988
EPLP
22
Foothill Gardens
1110 Harness Drive
San Ramon
CA
132
155,100
  
1997
1985
EPLP
25
Twin Creeks
2711-2731 Morgan Drive
San Ramon
CA
44
51,700
  
1997
1985
EPLP
25
Canyon Oaks
1 Amberstone Lane
San Ramon
CA
250
237,894
  
2007
2005
EPLP
5
Mill Creek at Windermere
2100 Waterstone Place
San Ramon
CA
400
381,060
  
2007
2005
EPLP
5
     
6%
1,720
1,624,354
          
San Mateo County
                    
Carlmont Woods
2515 Carlmont Drive
Belmont
CA
195
107,200
  
2004
1971
Fund II
39
Harbor Cove
900 E. Hillsdale Blvd.
Foster City
CA
400
306,600
  
2004
1971
Fund II
39
Davey Glen
200 Davey Glen Road
Belmont
CA
69
65,974
  
2006
1962
Fund II
48
Hillsdale Garden
3421 Edison Avenue
San Mateo
CA
697
611,505
  
2006
1948
JV - 81.5%
62
Belmont Terrace
1606 Continetals Way
Belmont
CA
71
72,951
  
2006
1974
EPLP
36
     
6%
1,432
1,164,230
          
                     
San Francisco and Marin Counties
                    
Mt. Sutro Terrace Apartments
480 Warren Drive
San Francisco
CA
99
64,000
  
1999
1973
EPLP
37
Vista Belvedere
15 Red Hill Circle
Tiburon
CA
76
78,300
  
2004
1963
EPLP
47
     
1%
175
142,300
          
                     
Other
                    
Tuscana
315 Mt. Oso
Tracy
CA
30
29,088
  
2007
2007
EPLP
3
Harvest Park
2327 Summercreek Drive
Santa Rosa
CA
104
116,628
  
2007
2004
EPLP
6
Chestnut Street Apartments
143 Chestnut Avenue
Santa Cruz
CA
96
87,640
  
2008
2002
EPLP
8
     
1%
230
233,356
          
                     
Total Northern California
    
30%
  8,270
  6,849,692
        
25
 
SOUTHERN CALIFORNIA
                  
Los Angeles County
                    
Hampton Court
1136 N. Columbus Avenue
Glendale
CA
83
71,500
  
1999
1974
EPLP
36
Hampton Place
245 W. Loraine Street
Glendale
CA
132
141,500
  
1999
1970
EPLP
40
Marbrisa
1809 Termino Ave.
Long Beach
CA
202
122,800
  
2002
1987
EPLP
23
Pathways
5945 E. Pacific Coast Hwy.
Long Beach
CA
296
197,700
  
1991
1975
EPLP
35
Bunker Hill
222 and 234 S. Figueroa St.
Los Angeles
CA
456
346,600
  
1998
1968
EPLP
42
Cochran Apartments
612 South Cochran
Los Angeles
CA
58
51,400
  
1998
1989
EPLP
21
Kings Road
733 North Kings Road
Los Angeles
CA
196
132,100
  
1997
1979
EPLP
31
Marbella
600 South Detroit Street
Los Angeles
CA
60
50,108
  
2005
1991
EPLP
19
Belmont Station
1302 West 2nd St.
Los Angeles
CA
275
225,000
  
2009
2009
EPLP
1
Park Place
400 S. Detroit Street
Los Angeles
CA
60
48,000
  
1997
1988
EPLP
22
Windsor Court
401 S. Detroit Street
Los Angeles
CA
58
46,600
  
1997
1988
EPLP
22
Renaissance
630 South Masselin Avenue
Los Angeles
CA
168
154,268
  
2006
1990
Fund II
20
Marina City Club
4333 Admiralty Way
Marina Del Rey
CA
101
127,200
  
2004
1971
EPLP
39
Mirabella
13701 Marina Point Drive
Marina Del Rey
CA
188
176,800
  
2000
2000
EPLP
10
Monterra del Mar
280 E. Del Mar Boulevard
Pasadena
CA
123
74,400
  
1997
1972
EPLP
38
Monterra del Rey
350 Madison
Pasadena
CA
84
73,100
  
1999
1972
EPLP
38
Monterra del Sol
280 South Euclid
Pasadena
CA
85
69,200
  
1999
1972
EPLP
38
Fountain Park
13141 Fountain Park Drive
Playa Vista
CA
705
608,900
  
2004
2002
EPLP
8
Highridge
28125 Peacock Ridge Drive
Rancho Palos Verde
CA
255
290,200
  
1997
1972
DownREIT
38
Studio 40-41
4043 Radford Avenue
Studio City
CA
149
127,238
  
2009
2009
Fund II
1
Coldwater Canyon
4250 Codlwater Canyon
Studio City
CA
39
34,125
  
2007
1979
EPLP
31
Walnut Heights
20700 San Jose Hills Road
Walnut
CA
163
146,700
  
2003
1964
EPLP
46
Avondale at Warner Center
22222 Victory Blvd.
Woodland Hills
CA
446
331,000
  
1999
1970
EPLP
40
     
16%
4,382
3,646,439
          
Ventura County
                    
Camarillo Oaks
921 Paseo Camarillo
Camarillo
CA
564
459,000
  
1996
1985
EPLP
25
Camino Ruiz Square
105 Camino Ruiz
Camarillo
CA
160
105,448
  
2006
1990
EPLP
20
Cielo
9733 Topanga Canyon Blvd
Chatsworth
CA
119
125,400
  
2009
2009
Fund II
-
Regency at Encino
15506 Moorpark Street
Encino
CA
75
78,487
  
2009
1989
EPLP
21
Mariner's Place
711 South B Street
Oxnard
CA
105
77,200
  
2000
1987
EPLP
23
Tierra Vista
1750 Montevina Circle
Oxnard
CA
404
387,100
  
2001
2001
EPLP
9
Monterey Villas
1040 Kelp Lane
Oxnard
CA
122
122,100
  
1997
1974
EPLP
36
Meadowood
1733 Cochran Street
Simi Valley
CA
320
264,500
  
1996
1986
EPLP
24
Hidden Valley
5065 Hidden Park Court
Simi Valley
CA
324
310,900
  
2004
2004
DownREIT
6
Lofts at Pinehurst,The
1021 Scandia Avenue
Ventura
CA
118
71,100
  
1997
1971
EPLP
39
Hillcrest Park
1800 West Hillcrest Drive
Newbury Park
CA
608
521,900
  
1998
1973
EPLP
37
Pinehurst
3980 Telegraph Road
Ventura
CA
28
21,200
  
2004
1973
EPLP
37
Woodside Village
675 Providence Ave.
Ventura
CA
145
136,500
  
2004
1987
EPLP
23
     
11%
3,092
2,680,835
          
 
 
 
 
 
SOUTHERN CALIFORNIA (cont'd)
                  
                     
Santa Barbara County
                    
Chimney Sweep
775 Camino Del Sur Drive
Goleta
CA
91
    
2006
1967
EPLP
43
CBC
6721 El Colegio Drive
Goleta
CA
148
    
2006
1962
EPLP
48
Hope Ranch (Continental Apartments)
3968-3974 & 3999 Via Lucero
Santa Barbara
CA
108
    
2007
1965
EPLP
45
Hope Ranch (Lucero Village)
3968-3974 & 3999 Via Lucero
Santa Barbara
CA
      
2007
1973
EPLP
37
     
1%
347
306,608
          
Orange County
                    
Barkley Apartments
2400 E. Lincoln Ave.
Anahiem
CA
161
139,800
  
2000
1984
DownREIT
26
Valley Park Apartments
17300 Euclid Ave.
Fountain Valley
CA
160
169,700
  
2001
1969
DownREIT
41
Capri at Sunny Hills
2341 Daphne Place
Fullerton
CA
100
128,100
  
2001
1961
DownREIT
49
Wilshire Promenade
141 West Wilshire Avenue
Fullerton
CA
149
128,000
  
1997
1992
EPLP
18
Montejo Apartments
12911 Dale St.
Garden Grove
CA
124
103,200
  
2001
1974
DownREIT
36
Huntington Breakers
21270 Beach Boulevard
Huntington Beach
CA
342
241,700
  
1997
1984
EPLP
26
Axis 2300
2300 DuPont Drive
Irvine
CA
115
170,714
      
EPLP
  
Hillsborough Park
1501 South Beach Boulevard
La Habra
CA
235
215,500
  
1999
1999
EPLP
11
Trabuco Villas
25362 Mosswood Way
Lake Forest
CA
132
131,000
  
1997
1985
EPLP
25
Fairways Apartments
2 Pine Valley Lane
Newport Beach
CA
74
107,100
  
1999
1972
EPLP
38
Villa Angelina
201 E. Chapman Ave.
Placentia
CA
256
217,600
  
2001
1970
DownREIT
40
Brentwood Apartment Homes
2301 E. Santa Clara Ave.
Santa Ana
CA
140
154,800
  
2001
1970
DownREIT
40
Treehouse Apartments
2601 N. Grand Ave.
Santa Ana
CA
164
135,700
  
2001
1970
DownREIT
40
Essex Skyline @ MacArthur Place
9 & 15 MacArthur Place
Santa Ana
CA
349
512,791
  
2010
2008
JV- 47%
2
     
7%
2,037
1,872,200
          
San Diego County
                    
Alpine Country
2660 Alpine Blvd.
Alpine
CA
108
81,900
  
2002
1986
EPLP
24
Alpine Village
2055 Arnold Way
Alpine
CA
301
254,400
  
2002
1971
EPLP
39
Bonita Cedars
5155 Cedarwood Rd.
Bonita
CA
120
120,800
  
2002
1983
EPLP
27
Cambridge
660 F. St.
Chula Vista
CA
40
22,100
  
2002
1965
EPLP
45
Woodlawn Colonial
245-255 Woodlawn Ave.
Chula Vista
CA
159
104,500
  
2002
1974
EPLP
36
Mesa Village
5265 Clairemont Mesa Blvd.
Clairemont
CA
133
43,600
  
2002
1963
EPLP
47
Tierra del Sol/Norte
989 Peach Ave.
El Cajon
CA
156
117,000
  
2002
1969
EPLP
41
Mira Monte
10360 Maya Linda Rd.
Mira Mesa
CA
355
262,600
  
2002
1982
EPLP
28
Country Villas
283 Douglas Drive
Oceanside
CA
180
179,700
  
2002
1976
EPLP
34
Mission Hills
218 Rancho Del Oro
Oceanside
CA
282
244,000
  
2005
1984
EPLP
26
Bluffs II, The
6466 Friars Road
San Diego
CA
224
126,700
  
1997
1974
EPLP
36
Summit Park
8563 Lake Murray Blvd.
San Diego
CA
300
229,400
  
2002
1972
EPLP
38
Vista Capri - North
3277 Berger Ave.
San Diego
CA
106
51,800
  
2002
1975
EPLP
35
Shadow Point
9830 Dale Ave.
Spring Valley
CA
172
131,200
  
2002
1983
EPLP
27
     
10%
2,636
1,969,700
          
Riverside County
                    
Parcwood
1700 Via Pacifica
Corona
CA
312
270,000
  
2004
1989
Fund II
21
Devonshire Apartments
2770 West Devonshire Ave.
Hemet
CA
276
207,200
  
2002
1988
EPLP
22
     
2%
588
477,200
          
                     
Total Southern California
    
48%
13,082
10,952,982
        
30
                     
SEATTLE METROPOLITAN AREA
                  
Cedar Terrace
3205 115th Ave. NE
Bellevue
WA
180
174,200
  
2005
1984
EPLP
26
Emerald Ridge
3010 118th Avenue SE
Bellevue
WA
180
144,000
  
1994
1987
EPLP
23
Foothill Commons
13800 NE 9th Place
Bellevue
WA
388
288,300
  
1990
1978
EPLP
32
Palisades, The
13808 NE 12th
Bellevue
WA
192
159,700
  
1990
1977
EPLP
33
Sammamish View
16160 SE Eastgate Way
Bellevue
WA
153
133,500
  
1994
1986
EPLP
24
Woodland Commons
13700 NE 10th Place
Bellevue
WA
236
172,300
  
1990
1978
EPLP
32
Canyon Pointe
1630 228th St. SE
Bothell
WA
250
210,400
  
2003
1990
EPLP
20
Inglenook Court
14220 Juanita Drive, NE
Bothell
WA
224
183,600
  
1994
1985
EPLP
25
Salmon Run at Perry Creek
2109 228th Street SE
Bothell
WA
132
117,100
  
2000
2000
EPLP
10
Stonehedge Village
14690 143rd Blvd., NE
Bothell
WA
196
214,800
  
1997
1986
EPLP
24
Park Hill at Issaquah
22516 SE 56th Street
Issaquah
WA
245
277,700
  
1999
1999
EPLP
11
Highlands at Wynhaven
1460 NE Hawthorne Street
Issaquah
WA
333
424,674
  
2008
2000
EPLP
10
Wandering Creek
12910 SE 240th
Kent
WA
156
124,300
  
1995
1986
EPLP
24
Bridle Trails
6600 130th Avenue, NE
Kirkland
WA
108
99,700
  
1997
1986
EPLP
24
Evergreen Heights
12233 NE 131st Way
Kirkland
WA
200
188,300
  
1997
1990
EPLP
20
Morning Run
18463 Blueberry Lane
Monroe
WA
222
221,786
  
2005
1991
Fund II
19
Laurels at Mill Creek
1110 164th Street SE
Mill Creek
WA
164
134,300
  
1996
1981
EPLP
29
Anchor Village
9507 49th Avenue West
Mukilteo
WA
301
245,900
  
1997
1981
DownREIT
29
Castle Creek
7000 132nd Place, SE
Newcastle
WA
216
191,900
  
1998
1998
EPLP
12
Brighton Ridge
2307 NE 4th Street
Renton
WA
264
201,300
  
1996
1986
EPLP
24
Fairwood Pond
14700 SE Petrovitsky Rd.
Renton
WA
194
189,200
  
2004
1997
EPLP
13
Forest View
650 Duvall Ave. NE
Renton
WA
192
182,500
  
2003
1998
EPLP
12
Joule Broadway
523 Broadway Avenue, East
Seattle
WA
295
191,109
      
JV - 99%
  
The Cairns
420 Yale Avenue
Seattle
WA
100
70,806
  
2007
2006
EPLP
4
Fountain Court
2400 4th Street
Seattle
WA
320
207,000
  
2000
2000
EPLP
10
Linden Square
13530 Linden Avenue North
Seattle
WA
183
142,200
  
2000
1994
EPLP
16
Eastlake 2851
2833 - 2851 Eastlake Avenue
Seattle
WA
133
234,086
  
2008
2008
Fund II
2
Wharfside Pointe
3811 14th Avenue West
Seattle
WA
142
119,200
  
1994
1990
EPLP
20
Tower @ 801
801 Pine Street
Seattle
WA
173
118,500
  
2005
1970
Fund II
40
Echo Ridge
34907 SE Kinsey Street
Snoqualmie
WA
120
124,359
  
2005
2000
Fund II
10
Total Seattle Metropolitan Area
    
22%
5,897
5,295,611
        
20
                     
                     
133
Apartment Communities
  
100%
27,249
23,098,285
(1)
        
 
Apartment Communities Under Construction
  
1,214
554,078
(2)
        
                     
Avg. square footage
848
  
Definitions for Property Ownership
      
Avg. units per property
205
  
EPLP
The Company has a 100% ownership in the community.
  
Avg. age of property
27
  
Fund II
The community is owned by Fund II.  The Company has a 28.2% interest in Fund II which is accounted for using the equity method of accounting.
                     
(1) Includes 44,318 square feet of retail or commercial space
  
DownREIT
The Company holds a 1% special limited partner interest in the partnerships which owns the community.  In accordance with GAAP, the Company consolidates this community.
(2) Includes 108,700 square feet of estimated retail or commercial space
                  
     
JV - 81.5%
The Company has a 81.5% ownership in this community and is consolidated.
     
JV - 99%
The Company has a 99% ownership in this development and is consolidated.
OTHER REAL ESTATE ASSETS
  
JV- 47%
The Company has a 47% ownership in this community, which is accounted for using the equity method of accounting.
Office Buildings
                    
Essex Corporate Headquarter Bldg.
925 / 935 E. Meadow Dr.
Palo Alto
CA
  
31,900
  
1997 / 2007
1988 / 1962
EPLP
  
Derian Office Building
17461 Derian Av.
Irvine
CA
  
110,000
  
2000
1983
EPLP
  
Essex Southern Cal. Office Building
22110-22120 Clarendon St.
Woodland Hills
CA
  
38,940
  
2001
1982
EPLP
  
Hollywood
6230 Sunset Blvd.
Los Angeles
CA
  
35,000
  
2006
1938
EPLP
  
         
215,840