EX-99.1 3 ex99_2.htm EXHIBIT 99.2 ex99_2.htm
EXHIBIT 99.2
 
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Q1 2013 Supplemental
Table of Contents
 
 
Page
   
Consolidated Operating Results
S-1 – S-2
   
Consolidated Funds From Operations
S-3
   
Consolidated Balance Sheets
S-4
   
Debt Summary – March 31, 2013
S-5
   
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Debt Ratios – March 31, 2013
S-6
   
Property Operating Results – Quarters ended March 31, 2013 and 2012
S-7
   
Revenue by County – Quarters ended March 31, 2013, March 31, 2012 and December 31, 2012
S-8
   
Development Pipeline – March 31, 2013
S-9
   
Redevelopment Pipeline and Capital Expenditures – March 31, 2013
S-10
   
Co-Investments – March 31, 2013
S-11
   
Summary of Consolidated Co-Investments and Noncontrolling Interest – March 31, 2013
S-12
   
Income From Discontinued Operations and Selected Financial Data – March 31, 2013
S-13
   
Assumptions for 2013 FFO Guidance Range
S-14
   
Summary of Apartment Community Acquisitions and Dispositions Activity
S-15
   
2013 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions
S-16
   
Exhibit A - Property List by Region
1 - 3
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Consolidated Operating Results
  
Three Months Ended
  
(Dollars in thousands, except per share amounts)
  
March 31,
  
   
2013
    
2012
  
             
Revenues:
            
Rental and other property
   $ 146,394     $ 125,474  
Management and other fees
     2,948       2,444  
      149,342       127,918  
     
 
          
Expenses:
    
 
          
Property operating
     46,764       40,164  
Depreciation
     47,144       40,734  
General and administrative
     6,626       5,400  
Cost of management and other fees
     1,701       1,640  
      102,235       87,938  
Earnings from operations
     47,107       39,980  
                 
Interest expense before amortization
     (25,211 )     (24,658 )
Amortization expense
     (2,930 )     (2,871 )
Interest and other income
     5,023       2,413  
Equity income from co-investments
     4,211       2,340  
Gain on sale of land
     1,503       -  
Income before discontinued operations
     29,703       17,204  
Income from discontinued operations
     -       10,037  
Net income
     29,703       27,241  
Net income attributable to noncontrolling interest
     (3,132 )     (3,151 )
Net income attributable to controlling interest
     26,571       24,090  
Dividends to preferred stockholders
     (1,368 )     (1,368 )
Net income available to common stockholders
   $ 25,203     $ 22,722  
                 
Net income per share - basic
   $ 0.68     $ 0.67  
                 
Net income per share - diluted
   $ 0.68     $ 0.67  
 
See Company's 10-K for additional disclosures
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Consolidated Operating Results
  
Three Months Ended
  
Selected Line Item Detail
  
March 31,
  
(Dollars in thousands)
  
2013
    
2012
  
             
Rental and other property
            
Rental
   $ 136,734     $ 116,794  
Other property
     9,660       8,680  
Rental and other property
   $ 146,394     $ 125,474  
                 
Management and other fees
                
Management
   $ 2,007     $ 1,991  
Development and redevelopment
     941       453  
Management and other fees
   $ 2,948     $ 2,444  
                 
Property operating expenses
                
Real estate taxes
   $ 14,156     $ 11,413  
Administrative and insurance
     10,654       9,405  
Maintenance and repairs
     9,448       8,109  
Utilities
     9,029       8,077  
Property management
     3,477       3,160  
Property operating expenses
   $ 46,764     $ 40,164  
                 
General and administrative
                
General and administrative
   $ 13,383     $ 11,677  
Allocated to cost of management and other fees
     (1,701 )     (1,640 )
Allocated to property operating expenses - administrative
     (3,477 )     (3,160 )
Capitalized to real estate
     (1,579 )     (1,477 )
Net general and administrative
   $ 6,626     $ 5,400  
                 
Interest and other income
                
Marketable securities and other interest income
   $ 1,625     $ 1,499  
Notes receivable
     787       914  
Gain from sale of marketable securities and note prepayment
     2,611       -  
Interest and other income
   $ 5,023     $ 2,413  
                 
Equity income from co-investments
                
Equity loss from co-investments
   $ (41 )   $ (809 )
Income from preferred equity investments
     3,829       3,149  
Income from early redemption of preferred equity investments
     423       -  
Equity income from co-investments
   $ 4,211     $ 2,340  
                 
Noncontrolling interest
                
Limited partners of Essex Portfolio, L.P.
   $ 1,501     $ 1,590  
DownREIT limited partners' distributions
     1,175       1,099  
Third-party ownership interest
     456       462  
Noncontrolling interest
   $ 3,132     $ 3,151  
 
See Company's 10-K for additional disclosures
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Consolidated Funds From Operations
  
Three Months Ended
          
(Dollars in thousands, except share and per share amounts)
  
March 31,
          
   
2013
    
2012
      
% Change
  
                     
Funds from operations
                    
Net income available to common stockholders
   $ 25,203     $ 22,722          
Adjustments:
                        
Depreciation
     47,144       40,827          
Gains not included in FFO, net of internal disposition costs
     -       (9,783 )        
Depreciation add back from unconsolidated co-investments, and add back convertible preferred dividend - Series G
     3,842       4,384          
Noncontrolling interest related to Operating Partnership units
     1,501       1,590          
Depreciation attributable to noncontrolling interest
     (327 )     (289 )        
Funds from operations
   $ 77,363     $ 59,451          
FFO per share-diluted
   $ 1.97     $ 1.63       20.8 %
                         
Components of the change in FFO
                        
Non-core items:
                        
Acquisition costs
     387       186          
Gain on sales of marketable securities and note prepayment
     (2,611 )     -          
Gain on sale of land
     (1,503 )     -          
Income from early redemption of preferred equity investments
     (423 )     -          
Core funds from operations
     73,213       59,637          
Core FFO per share-diluted
   $ 1.87     $ 1.64       14.0 %
Changes in core items:
                        
Same-property NOI
   $ 5,057                  
Non-same property NOI
     9,263                  
Management and other fees, net
     443                  
Equity income from co-investments
     906                  
Interest and other income
     (1 )                
Interest and amortization expense
     (612 )                
General and administrative
     (1,025 )                
Discontinued operations
     (348 )                
Other items, net
     (107 )                
    $ 13,576                  
                         
Weighted average number of shares outstanding diluted (1)
     39,205,611       36,396,641          
                                                                         
(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-K for additional disclosures
 
 
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, 2013
    
December 31, 2012
  
             
Real Estate:
            
Land and land improvements
   $ 1,054,229     $ 1,003,171  
Buildings and improvements
     4,167,500       4,030,501  
      5,221,729       5,033,672  
Less:  accumulated depreciation
     (1,127,030 )     (1,081,517 )
      4,094,699       3,952,155  
Real estate under development
     65,568       66,851  
Co-investments
     579,654       571,345  
      4,739,921       4,590,351  
Cash and cash equivalents
     55,634       42,126  
Marketable securities
     80,432       92,713  
Notes and other receivables
     11,359       66,163  
Other assets
     49,113       55,870  
Total assets
   $ 4,936,459     $ 4,847,223  
                 
Mortgage notes payable
   $ 1,559,079     $ 1,565,599  
Unsecured debt
     1,112,159       1,112,084  
Lines of credit
     102,300       141,000  
Other liabilities
     168,250       137,469  
Derivative liabilities
     6,107       6,606  
Total liabilities
     2,947,895       2,962,758  
                 
Cumulative convertible preferred stock, carrying value
     4,349       4,349  
                 
Equity:
                
Common stock
     3       3  
Cumulative redeemable preferred stock, liquidation value
     73,750       73,750  
Additional paid-in-capital
     2,329,383       2,204,778  
Distributions in excess of accumulated earnings
     (464,391 )     (444,466 )
Accumulated other comprehensive loss
     (68,280 )     (69,261 )
Total stockholders' equity
     1,870,465       1,764,804  
Noncontrolling interest
     113,750       115,312  
Total equity
     1,984,215       1,880,116  
Total liabilities and equity
   $ 4,936,459     $ 4,847,223  
 
See Company's 10-K for additional disclosures
 

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, 2013
(Dollars in thousands)
 
                           
Scheduled principal payments (excludes lines of credit)
  
                                                             
   
Percentage
          
Weighted Average
                            
Weighted
    
Percentage
  
   
of Total
    
Balance
    
Interest
    
Maturity
          
Balance Outstanding
    
Average Interest
    
of Total
  
   
Debt
    
Outstanding
    
Rate
    
In Years
          
Secured
    
Unsecured
    
Total
    
Rate
    
Debt
  
Mortgage Notes Payable
                                                            
Fixed rate - secured
     49 %   $ 1,357,487       6.0 %     5.6       2013     $ 57,230     $ -     $ 57,230       4.1 %     2.1 %
Variable rate - secured (1)
     7 %     201,592       1.6 %     18.6       2014       47,717       -       47,717       5.2 %     1.8 %
Total mortgage notes payable
     56 %     1,559,079       5.4 %     7.3       2015       68,555       -       68,555       5.2 %     2.6 %
                                      2016       12,589       350,000       362,589       3.5 %     13.6 %
Unsecured Debt
                                     2017       184,646       190,000       374,646       4.3 %     14.0 %
Bonds private placement - fixed rate
     17 %     465,000       4.5 %     6.0       2018       293,685       -       293,685       5.8 %     11.0 %
Bonds public offering - fixed rate
     11 %     297,159       3.7 %     9.4       2019       259,741       75,000       334,741       5.6 %     12.5 %
Term loan (2)
     12 %     350,000       2.6 %     3.9       2020       404,571       -       404,571       6.5 %     15.1 %
      40 %     1,112,159       3.7 %     6.2       2021       48,173       200,000       248,173       5.0 %     9.3 %
Unsecured Lines of Credit
                                     2022       -       297,159       297,159       3.7 %     11.1 %
Line of credit (3)
     4 %     102,300       2.1 %             2023       -       -       -       -       -  
Line of credit (4)
     -       -       -            
Thereafter
       182,172       -       182,172       1.6 %     6.9 %
Total lines of credit
     4 %     102,300       2.1 %                                                        
                                   
Total
     $ 1,559,079     $ 1,112,159     $ 2,671,238       4.7 %     100.0 %
Total debt
     100 %   $ 2,773,538       4.6 %                                                        
                                                                                 
 
Capitalized interest for the three months ended March 31, 2013 was approximately $3.7 million.

 
(1)
$201.6 million of the variable rate debt is tax exempt to the note holders, and $187.4 million of the tax exempt debt is subject to interest rate protection agreements.
 
(2)
The unsecured term loan has a variable interest rate of LIBOR plus 1.20%.  The Company has entered into interest rate swap contracts for a term of five years with a notional amount totaling $300 million, which effectively converts the interest rate on $300 million of the term loan to a fixed rate.
 
(3)
The unsecured line of credit facility is $600 million and the line matures in December 2015 with two one-year extensions, exercisable at the Company's option.  The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 1.075%.
 
(4)
The unsecured line of credit facility is $25 million and matures in January 2014 with a one-year extension, exercisable at the Company's option.  The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 1.075%.
 
See Company's 10-K for additional disclosures
 

E S S E X  P R O P E R T Y  T R U S T, I N C.     
 
Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - March 31, 2013
(Dollars and shares in thousands, except per share amounts)
 
                     
Capitalization Data
        
Public Bond Covenants
  
Actual
  
Requirement
  
Total debt
   $ 2,773,538                
           
Debt to Total Assets:
   46%  
< 65%
  
Common stock and potentially dilutive securities
                      
Common stock outstanding
     37,276                
Limited partnership units (1)
     2,155                
Options-treasury method
     155    
Secured Debt to Total Assets:
   26%  
< 40%
  
Total share of common stock and potentially dilutive securities
     39,586                
                       
Common stock price per share as of March 31, 2013
   $ 150.58                
           
Interest Coverage:
   336%  
> 150%
  
Market value of common stock and potentially dilutive securities
   $ 5,960,860                
                       
Preferred stock
   $ 73,079    
Unsecured Debt Ratio (1) :
   272%  
> 150%
  
                       
Total equity capitalization
   $ 6,033,939                
           
Selected Credit Ratios
  
Actual
      
Total market capitalization
   $ 8,807,477                
Ratio of debt to total market capitalization
     31.5 %  
Indebtedness Divided by Adjusted EBITDA (2):
   6.8x      
                       
(1) Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock.          
Unencumbered NOI to Total NOI:
   56%      
       
   
(1) Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness.
  
             
Credit Ratings
Rating Agency
 Rating Outlook    
(2) Adjusted EBITDA is annualized current quarter NOI adjusted for non-recurring items and proforma NOI for current quarter acquisitions.
  
Fitch
 BBB+ Stable        
Moody's
 Baa2 Stable        
Standard & Poors
 BBB Stable        
             
 
See Company's 10-K for additional disclosures
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
                                             
Property Operating Results - Quarters ended March 31, 2013 and 2012
(Dollars in thousands, except per unit amounts)
 
   
Southern California
    
Northern California
    
Seattle Metro
    
Other real estate assets (1)
    
Total
  
   
2013
    
2012
    
% Change
    
2013
    
2012
    
% Change
    
2013
    
2012
    
% Change
    
2013
    
2012
    
2013
    
2012
    
% Change
  
                                                                                     
Revenues:
                                                                                    
Same-property revenue
   $ 60,989     $ 58,560       4.1 %   $ 44,537     $ 41,336       7.7 %   $ 23,045     $ 21,566       6.9 %   $ -     $ -     $ 128,571     $ 121,462       5.9 %
Non-same property revenue (2)
     4,841       -               6,233       286               3,283       743               3,466       2,983       17,823       4,012          
Total Revenues
   $ 65,830     $ 58,560             $ 50,770     $ 41,622             $ 26,328     $ 22,309             $ 3,466     $ 2,983     $ 146,394     $ 125,474          
                                                                                                                 
Property operating expenses:
                                                                                                                
Same-property operating expenses
                                                                                                                
Real estate taxes
   $ 5,159     $ 5,049             $ 4,201     $ 4,010             $ 2,325     $ 1,860             $ -     $ -     $ 11,685     $ 10,919       7.0 %
Administrative and insurance
     5,331       5,105               2,705       2,548               1,635       1,509               -       -       9,671       9,162       5.6 %
Maintenance and repairs
     4,039       3,608               2,787       2,527               1,437       1,516               -       -       8,263       7,651       8.0 %
Utilities
     3,610       3,556               2,681       2,599               1,721       1,701               -       -       8,012       7,856       2.0 %
Management fees
     1,404       1,412               895       878               634       634               -       -       2,933       2,924       0.3 %
Total same-property operating expenses
     19,543       18,730       4.3 %     13,269       12,562       5.6 %     7,752       7,220       7.4 %     -       -     $ 40,564     $ 38,512       5.3 %
Non-same property operating expenses (2)
     1,853       -               2,218       118               1,203       258               926       1,276       6,200       1,652          
Total property operating expenses
   $ 21,396     $ 18,730             $ 15,487     $ 12,680             $ 8,955     $ 7,478             $ 926     $ 1,276     $ 46,764     $ 40,164          
                                                                                                                 
Net operating income (NOI):
                                                                                                                
Same-property NOI
   $ 41,446     $ 39,830       4.1 %   $ 31,268     $ 28,774       8.7 %   $ 15,293     $ 14,346       6.6 %   $ -     $ -     $ 88,007     $ 82,950       6.1 %
Non-same property NOI (2)
                                                                                                                
Redevelopment communities
     -       -               -       -               715       485               -       -       715       485          
Acquired communities - 2013 (3)
     -       -               603       -               148       -               -       -       751       -          
Acquired communities - 2012 (4)
     2,988       -               3,412       168               1,217       -                               7,617       168          
Other real estate assets (1)
     -       -               -       -               -       -               2,540       1,707       2,540       1,707          
Total non-same property NOI
     2,988       -               4,015       168               2,080       485               2,540       1,707       11,623       2,360          
Total NOI
   $ 44,434     $ 39,830             $ 35,283     $ 28,942             $ 17,373     $ 14,831             $ 2,540     $ 1,707     $ 99,630     $ 85,310          
                                                                                                                 
Same-property operating margin
     68 %     68 %             70 %     70 %             66 %     67 %                             68 %     68 %        
Annualized same-property turnover percentage
     45 %     48 %             46 %     44 %             37 %     41 %                             43 %     45 %        
Average same-property concessions per turn (5)
   $ 148     $ 175             $ 178     $ 118             $ 133     $ 143                             $ 155     $ 152          
                                                                                                                 
Reconciliation of apartment units at end of period
                                                                                                                
Same-property apartment units
     12,941                       8,106                       5,932                                       26,979                  
Consolidated apartment units
     13,656       12,941               9,431       8,206               6,720       6,168                               29,807       27,315          
Joint venture
     1,788       1,909               1,236       1,895               1,512       1,530                               4,536       5,334          
Under development
     492       371               1,728       878               -       275                               2,220       1,524          
Total apartment units at end of period
     15,936       15,221               12,395       10,979               8,232       7,973                               36,563       34,173          
Percentage of total
     44 %     45.0 %             34 %     32.0 %             22 %     23 %                             100 %     100 %        
                                                                                                                 
Average same-property financial occupancy
     96.6 %     96.7 %             96.8 %     97.3 %             96.6 %     96.8 %                             96.6 %     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, 2012 were either acquired or in a stage of development or redevelopment without stabilized operations.
(3)
Acquired communities during 2013 includes Annaliese and Fox Plaza.
(4)
Acquired communities during 2012 includes Reed Square, Essex Skyline at MacArthur Place, Park Catalina, The Huntington, Montebello, Park West, Domaine, Ascent, Willow Lake, and Bennett Lofts.
(5)
Average same-property concessions per turn is the dollar amount per unit resulting from the same-property concessions divided by the product of the same property turnover percentage for the quarter times the same-property apartment units.
 
See Company's 10-K for additional disclosures
 
 
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, 2013, March 31, 2012 and December 31, 2012
(Dollars in thousands)
                                                                                                                                                                               
         
Average Property Rental Rates
    
March 31, 2013
    
March 31, 2012
                    
 
 
Region
  
Units
    
QTD
2013
    
QTD
2012
    
% Change
    
Property
Revenue
    
Financial Occupancy
    
Property
Revenue
    
Financial Occupancy
    
Property Revenue
% Change
    
Property Revenue
December 31, 2012
    
Sequential % Change
  
                                                                   
Southern California
                                                                  
Los Angeles County
     4,805     $ 1,758     $ 1,674       5.0 %   $ 25,928       96.7 %   $ 24,699       97.3 %     5.0 %   $ 25,661       1.0 %
Ventura County
     2,898       1,384       1,337       3.5 %     12,446       96.9 %     12,018       96.8 %     3.6 %     12,323       1.0 %
Orange County
     2,402       1,640       1,574       4.2 %     11,922       96.5 %     11,466       96.2 %     4.0 %     11,802       1.0 %
San Diego County
     2,213       1,210       1,183       2.3 %     8,285       96.1 %     8,090       96.2 %     2.4 %     8,274       0.1 %
Santa Barbara County
     347       1,670       1,663       0.4 %     1,779       97.6 %     1,671       95.3 %     6.5 %     1,679       6.0 %
Riverside County
     276       798       778       2.6 %     629       89.5 %     616       90.6 %     2.1 %     645       -2.5 %
Total same-property
     12,941       1,536       1,477       4.0 %     60,989       96.6 %     58,560       96.7 %     4.1 %     60,384       1.0 %
Los Angeles County
     90       1,788                       487               -                                  
Orange County
     625       2,401                       4,354               -                                  
Non-same property
     715       2,095                       4,841               -                                  
                                                                                         
Northern California
                                                                                        
Santa Clara County
     3,671       1,919       1,756       9.3 %     21,393       96.9 %     19,637       97.6 %     8.9 %     21,041       1.7 %
Contra Costa County
     1,720       1,647       1,566       5.2 %     8,619       96.4 %     8,249       96.8 %     4.5 %     8,652       -0.4 %
Alameda County
     1,542       1,582       1,476       7.2 %     7,644       97.1 %     7,157       96.7 %     6.8 %     7,535       1.4 %
San Mateo County
     768       1,960       1,747       12.2 %     4,655       97.2 %     4,165       97.6 %     11.8 %     4,571       1.8 %
San Francisco MSA
     175       2,177       1,948       11.8 %     1,133       94.6 %     1,045       97.9 %     8.4 %     1,122       1.0 %
Other
     230       1,572       1,524       3.1 %     1,093       95.8 %     1,083       97.9 %     0.9 %     1,098       -0.5 %
Total same-property
     8,106       1,797       1,659       8.3 %     44,537       96.8 %     41,336       97.3 %     7.7 %     44,019       1.2 %
San Francisco MSA
     717       2,005                       2,917               -                                  
Santa Clara County
     608       1,793                       3,316               286                                  
Non-same property
     1,325       1,899                       6,233               286                                  
                                                                                         
Seattle Metro
                                                                                        
King County
     5,467       1,253       1,163       7.7 %     21,697       96.6 %     20,324       97.0 %     6.8 %     21,491       1.0 %
Snohomish County
     465       919       843       9.0 %     1,348       96.8 %     1,242       94.9 %     8.5 %     1,334       1.0 %
Total same-property
     5,932       1,226       1,138       7.8 %     23,045       96.6 %     21,566       96.8 %     6.9 %     22,825       1.0 %
King County
     788       1,463                       3,283               743                                  
Non-same property
     788       1,463                       3,283               743                                  
                                                                                         
Other real estate assets
                                     3,466               2,983                                  
                                                                                         
Total same-property revenue
     26,979     $ 1,520     $ 1,425       6.7 %   $ 128,571       96.6 %   $ 121,462       96.9 %     5.9 %   $ 127,228       1.1 %
                                                                                         
Total non-same property revenue
     2,828     $ 1,819                     $ 17,823             $ 4,012                                  
 
See Company's 10-K for additional disclosures
 
 
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, 2013
(Dollars in millions)
 
       
Ownership
%
    
Estimated
Units
    
Estimated retail
sq. feet
    
Incurred to 
Date
    
Remaining
Costs
    
Estimated
Total Cost
    
Construction
Start
    
Initial
Occupancy
    
Stabilized
Operations
  
Development Projects - Consolidated
                                                          
Project Name
  
Location
                                                      
64th & Christie
  
Emeryville, CA
     100 %     190       -     $ 22.0     $ 39.6     $ 61.6     Q3 2012     Q3 2014     Q1 2015  
The Avery (fka Valley Village)
  
Valley Village, CA
     (1 )     121       -       1.7       35.9       37.6     Q3 2012     Q1 2014     Q2 2014  
  Total - Consolidated Development Projects             311       -       23.7       75.5       99.2                    
                                                                       
Predevelopment Projects - Consolidated
                                                                      
Project Name
  
Location
                                                                  
City Centre
  
Moorpark, CA
     100 %     200       -       9.9       -       9.9                    
The Village (fka Main Street)
  
Walnut Creek, CA
     50 %     49       35,000       30.1       -       30.1                    
Other Projects
  
various
             -       -       1.9       -       1.9                    
  Total Predevelopment Projects - Consolidated             249       35,000       41.9       -       41.9                    
  Total Development Pipeline - Consolidated             560       35,000       65.6       75.5       141.1                    
                                                                       
Development Projects - Joint Venture
                                                                      
Project Name
  
Location
                                                                  
Epic - Phase I and II
  
San Jose, CA
     55 %     569       -       144.1       47.5       191.6     Q3 2011     Q2 2013     Q4 2014  
Connolly Station
  
Dublin, CA
     55 %     309       -       61.3       33.2       94.5     Q3 2011     Q3 2013     Q2 2014  
The Huxley
  
West Hollywood, CA
     50 %     187       18,200       50.4       24.6       75.0     Q4 2011     Q1 2014     Q3 2014  
The Dylan
  
West Hollywood, CA
     50 %     184       12,750       44.6       30.8       75.4     Q4 2011     Q2 2014     Q4 2014  
Mosso I. and Mosso II. (fka Folsom and Fifth)
  
San Francisco, CA
     55 %     463       9,300       109.3       140.7       250.0     Q2 2012     Q2 2014     Q1 2015  
Elkhorn
  
San Mateo, CA
     55 %     197       -       31.0       45.1       76.1     Q3 2012     Q2 2014     Q4 2014  
  Total - Joint Venture Development Projects             1,909       40,250       440.7       321.9       762.6                    
                                                                       
Predevelopment Projects - Joint Venture
                                                                      
Project Name
  
Location
                                                                  
Epic - Phase III
  
San Jose, CA
     55 %     200       -       22.4       -       22.4                    
                                                                       
  Total Development Pipeline - Joint Venture             2,109       40,250       463.1       321.9       785.0                    
                                                                       
  Grand Total - Development Pipeline             2,669       75,250     $ 528.7     $ 397.4     $ 926.1                    
 
(1)
The Company invested $1.0 million and has incurred $0.7 million of additional internal costs as part of an agreement to purchase the property upon receipt of temporary certificate of occupancy for total estimated cost of $37.6 million, which is expected in the first quarter of 2014.
 
See Company's 10-K for additional disclosures
 

E S S E X  P R O P E R T Y  T R U S T, I N C.                                                                                                                                              
                                                                                                                                                
Redevelopment Pipeline and Capital Expenditures - March 31, 2013
(Dollars in thousands, except per unit amounts)
                                                                                                                                                             
         
Total
    
Estimated
    
Estimated
          
NOI
  
         
Incurred
    
Remaining
    
Total
    
Project
    
For the quarter ended
  
Region/Project Name
  
Units
    
To Date
    
Cost
    
Cost
    
Start Date
     Q1 2013     Q1 2012  
Same-property - Redevelopment Projects (1) (2)
                                              
Northern California
                                              
Marina Cove, Santa Clara, CA
     292     $ 6,519     $ 7,532     $ 14,051    
Jun-07
                  
Pointe at Cupertino, Cupertino, CA
     116       7,353       2,600       9,953    
Jan-10
                  
Magnolia Square, Sunnyvale, CA
     188       8,121       5,168       13,289    
Sep-10
                  
Southern California
                                                      
CentrePoint, San Diego, CA
     224       9,027       2,697       11,724    
Oct-11
                  
Fairway Apartments at Big Canyon, Newport Beach, CA
     74       1,978       3,821       5,799    
Nov-12
                  
Total Same-property - Redevelopment Projects
     894     $ 32,998     $ 21,818     $ 54,816           $ 3,500     $ 3,216  
                                                       
Non-same property - Redevelopment Projects
                                                      
Seattle Metro
                                                      
Woodland Commons, Bellevue, WA
     302       14,405       998       15,403    
Jun-07
                  
Total Non-same property - Redevelopment Projects
     302     $ 14,405     $ 998     $ 15,403           $ 715     $ 486  
 
(1)  Redevelopment activities are ongoing at these communities, but the communities have stabilized operations, therefore results are classified in same-property operations.
(2)  The Company incurred $0.5 million of vacancy loss during the three months ended March 31, 2013 caused by the redevelopment of unit interiors which totaled 223 units during the three months ended March, 31, 2013.
 
Non-revenue Generating Capital Expenditures
     Q1 2013       Q4 2012       Q3 2012       Q2 2012       Q1 2012       Q4 2011       Q3 2011  
                                                         
Non-revenue generating capital expenditures
   $ 4,019     $ 14,715     $ 8,736     $ 5,840     $ 1,200     $ 12,144     $ 6,235  
Average apartment units in quarter
     28,900       28,269       27,815       27,457       27,221       27,241       26,964  
Capital expenditures per apartment unit in the quarter
   $ 139     $ 521     $ 314     $ 213     $ 44     $ 446     $ 231  
Capital expenditures per apartment unit-trailing four quarters
   $ 1,153     $ 1,079     $ 1,004     $ 926     $ 895     $ 958     $ 892  
 
See Company's 10-K for additional disclosures
 

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, 2013
(Dollars in thousands)
 
   
Essex
          
Total
          
Essex
    
Weighted
    
Remaining
    
For the Quarter
  
   
Ownership
          
Undepreciated
    
Debt
    
Book
    
Average
    
Term of
    
Ended March 31,
  
   
Percentage
    
Units
    
Book Value
    
Amount
    
Value
    
Borrowing Rate
    
Debt/(in Years)
    
2013
    
2012
  
                                                       
Operating Non-consolidated Joint Ventures
                                        
Net Operating Income
  
                                                       
Essex Apartment Value Fund II, L.P. (Fund II) (1)
     28.2 %     1,284     $ 246,311     $ 110,622     $ 27,121       4.7 %     0.8     $ 4,416     $ 8,895  
Wesco I, LLC (2)
     50.0 %     2,713       661,157       359,912       143,051       4.0 %     10.0       8,229       5,304  
Wesco III, LLC (2)
     50.0 %     264       46,074       27,330       9,821       3.1 %     6.9       629       -  
Expo (3)
     50.0 %     275       62,758       27,267       18,714       2.0 %     1.3       385       -  
Total Operating Non-consolidated Joint Ventures
             4,536     $ 1,016,300     $ 525,131     $ 198,707       4.0 %     7.4     $ 13,659     $ 14,199  
                                                                         
                                                           
Essex Portion of NOI and Expenses
  
Essex portion of NOI
                                                           $ 5,867     $ 5,160  
Essex portion of depreciation
                                                             (3,788 )     (4,330 )
Essex portion of interest expense and other
                                                             (2,120 )     (1,639 )
Essex portion of net loss from operating co-investments
                                                           $ (41 )   $ (809 )
                                                                         
Development Joint Ventures (4)
     50/55 %     2,109     $ 463,114     $ 68,000       238,177       1.6 %     33.6                  
                                                                         
                                           
Weighted
    
Weighted
                  
                                           
Average
    
Average
                  
                                           
Preferred
    
Expected
                  
                                           
Return
    
Term
    
Income from
  
                                                           
Equity Investments
  
Preferred Equity Investments
                                     142,770       10.3 %     4.7     $ 4,252     $ 3,149  
                                                                         
Total Co-investments
                                   $ 579,654                     $ 4,211     $ 2,340  

(1)
The Company has a 28.2% interest as a general partner and limited partner in Fund II, and may earn promote income if Fund II exceeds certain financial return benchmarks.  During Q4 2012, 7 of the 14 properties in Fund II were sold.
(2)
The Company has a 50% interest in Wesco I and III and the Company may earn promote income if the co-investment exceeds certain financial benchmarks.
(3)
NOI generated from the lease-up of Expo was included in Development Joint Ventures in the prior year; operations from Expo reclassified to Operating Joint Ventures in Q1 2013.
(4)
The Company has interests in six development co-investments, which are developing projects located in San Francisco, San Mateo, Dublin, San Jose, and two in West Hollywood, California.
 
See Company's 10-K for additional disclosures
 

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, 2013
(Dollars in thousands)
                                                                                                                                                           
The Company enters into co-investment transactions with third party developers, owners and investors of apartment communities.  In accordance with GAAP, the Company consolidates certain of these co-investment transactions, resulting in noncontrolling interests corresponding to the ownership interest of the third-party developer, owner or investor.
 
The following table summarizes the consolidated co-investments and noncontrolling interest:
 
                           
Operations for the quarter ended
  
   
Balance as of March 31, 2013
    
March 31, 2013
  
   
Investment in
Real Estate
    
Related
Debt
    
Noncontrolling
Interest
    
DownREIT
Units Outstanding (1)
    
Revenue
    
Operating
Expenses
    
NOI
  
                                           
Noncontrolling Interest - DownREIT:
                                          
Barkley Apartments
   $ 8,456     $ 16,719     $ 1,696       74,248     $ 654     $ 226     $ 428  
Brentwood
     13,670       19,196       2,568       58,884       632       183       449  
Brookside Oaks
     32,050       19,891       2,327       84,095       943       180       763  
Capri at Sunny Hills
     15,932       -       2,968       159,890       628       180       448  
Hidden Valley (2)
     37,965       30,409       6,089       62,647       1,388       423       965  
Highridge Apartments
     29,816       44,807       2,826       270,158       1,628       351       1,277  
Montejo Apartments
     8,064       13,245       1,216       29,319       482       118       364  
The Elliot at Mukilteo
     15,061       10,750       1,212       100,713       840       325       515  
Magnolia Square
     31,264       18,381       6,356       57,231       854       234       620  
Fairhaven Apartments
     12,796       17,189       2,951       67,728       662       176       486  
Valley Park Apartments
     13,696       22,487       296       21,630       747       142       605  
Villa Angelina Apartments
     19,496       27,415       1,717       46,931       1,006       241       765  
                                                         
    $ 238,266     $ 240,489       32,222       1,033,474     $ 10,464     $ 2,779     $ 7,685  
                                                         
Other Components of Noncontrolling Interest:
                                                        
Hillsdale Garden Apartments (3)
   $ 110,664               21,498             $ 4,213     $ 1,408     $ 2,805  
Joint Venture - Development (4)
   $ 30,100               4,000                                  
Operating Limited Partnership Units and Other
               56,030                                  
Total Noncontrolling Interest
                   $ 113,750                                  
 
(1)
Generally, DownREIT units are redeemed for cash at a value equal to Essex's common stock price.
(2)
The DownREIT has a 75% interest in this community and a joint venture partner has a 25% interest.
(3)
The Company has an 81.5% interest in this community and the joint venture partner has an 18.5% interest.
(4)
The Company consolidates one joint venture development located in Walnut Creek, California, in which the Company has a 50% interest.
 
See Company's 10-K for additional disclosures
 
 
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, 2013
(Dollars in thousands)
                                                                                                                                                               
Income from Discontinued Operations
 
No communities were sold or held for sale for the quarter ended March 31, 2013. During the quarter ended March 31, 2012, the Company sold properties located in San Diego, California including Tierra del Sol/Norte, 156-units, and Alpine Country, 108-units, for gross proceeds of $28.3 million resulting in a  net gain of $9.8 million.
 
   
Three Months Ended
  
   
March 31,
  
   
2013
    
2012
  
Rental revenues
   $ -     $ 608  
Property operating expenses
     -       (260 )
Depreciation and amortization
     -       (94 )
Income from real estate sold
     -       254  
Gain on sale, net of internal disposition costs and taxes
     -       9,783  
Income from discontinued operations
   $ -     $ 10,037  
 
Shares Outstanding and Potentially Dilutive Securities
                
                 
    Q1 2013    
Actual
  
   
Weighted Avg.
    
As of 3/31/13
  
Common Shares
     37,003,925       37,276,204  
Stock Options and Series G Preferred Stock
     122,239       155,221  
Weighted Avg. Shares Diluted - EPS
     37,126,164       37,431,425  
Operating Limited Partnership Units
     2,079,447       2,154,510  
Weighted Avg. Shares Diluted - FFO
     39,205,611       39,585,935  
 
See Company's 10-K for additional disclosures
 
 
E S S E X  P R O P E R T Y  T R U S T, I N C.
Assumptions for 2013 FFO Guidance Range
Q1 2013 Earnings Results Supplement
($'s in thousands, except share and per share data)                                                                                                    
 
           
Low - end of
    
High - end of
    
   
Actual
    
Guidance range
    
Guidance range
    
     Q1 2013      2013      2013  
Changes from Original 2013 Guiance
Net Operating Income ("NOI")
                          
Total NOI from consolidated communities
   $ 99,630     $ 406,200     $ 411,200  
NOI updated for the acquistion of Fox Plaza.
                           
Management Fees
   $ 2,948     $ 11,500     $ 12,000    
                           
Interest Expense
                          
Interest and amortization expense, before capitalized interest
   $ (31,836 )   $ (134,200 )   $ (131,800 )
Interest updated for the $300 million bond offering from mid-April.
Projected interest capitalized
     3,695       16,000       18,000  
Capitalized interest updated for timing of development spend.
Net interest expense
     (28,141 )     (118,200 )     (113,800 )  
                           
Recurring Income and Expenses
                          
Interest and other income
   $ 2,412     $ 8,100     $ 8,600  
Interest income updated for prepayment of $29.5 million of notes.
FFO from co-investments
     7,413       28,200       30,200    
General and administrative expense
     (6,239 )     (23,500 )     (24,000 )  
Cost of management and other fees
     (1,701 )     (6,800 )     (6,800 )  
Preferred dividends and non-controlling interest
     (3,109 )     (13,300 )     (13,300 )  
      (1,224 )     (7,300 )     (5,300 )  
                           
Non-Core Income and Expenses
                          
Promote income from co-investment
   $ -     $ 2,500     $ 5,500    
Gains on sales of marketable securities, land, note prepayment
     4,114       4,114       4,114    
Gains from early redemption of preferred equity
     423       423       423    
Loss on early retirement of debt
     -       (1,600 )     -    
Acquisition costs
     (387 )    
(1,500
 )     (2,000 )  
      4,150       3,937      
8,037
    
Funds from Operations
   $ 77,363     $ 296,136     $ 312,136    
                           
Funds from Operations per diluted Share
   $ 1.97     $ 7.50     $ 7.90    
                           
% Change - Funds from Operations
     16.9 %     11.7 %     17.8 %  
                           
Funds from Operations excluding non-core items
   $ 73,213     $ 292,199     $ 304,099    
                           
Core Funds from Operations per diluted Share
   $ 1.87     $ 7.40     $ 7.70    
                           
% Change - Core Funds from Operations
     20.3 %     8.5 %     12.9 %  
                           
Weighted average shares outstanding
     39,205,611       39,500,000       39,500,000    
 
See Company's 10-K for additional disclosures
 

E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Summary of Apartment Community Acquisitions and Dispositions Activity
Twelve month rolling activity ending March 31, 2013
(Dollars in thousands)
 
Acquisitions
 
Property Name
  
Location
  
Units
    
Essex
Ownership
Percentage
  
Ownership
Date
  
Price
    
Assumed Debt
Principal
    
Assumed Debt
Stated Rate
    
Assumed Debt
Effective Rate
    
Price per
Unit
    
Average
Rent
  
Skyline (1)
  
Santa Ana, CA
     349       100 %
EPLP
Apr-12
   $ 85,000     $ -                 $ 487     $ 3,042  
Park Catalina
  
Los Angeles, CA
     90       100 %
EPLP
Jun-12
     23,650       -                   263       1,592  
The Huntington
  
Huntington Beach, CA
     276       100 %
EPLP
Jun-12
     48,250       30,300       5.7 %     3.3 %     175       1,254  
   
Q2 2012 Total
     715                   156,900       30,300                       219          
                                                                         
Montebello
  
Kirkland, WA
     248       100 %
EPLP
Jul-12
     52,000       26,515       5.6 %     3.1 %     210       1,341  
Riley Square
  
Santa Clara, CA
     156       50 %
Wesco I, LLC
Aug-12
     38,250       17,500       5.2 %     3.1 %     245       1,644  
Park West
  
San Francisco, CA
     126       100 %
EPLP
Sep-12
     31,600       -                       251       1,561  
Domaine
  
Seattle, WA
     92       100 %
EPLP
Sep-12
     34,000       14,600       5.7 %     3.0 %     370       1,910  
   
Q3 2012 Total
     622                   155,850       58,615                       251          
                                                                         
Ascent
  
Kirkland, WA
     90       100 %
EPLP
Oct-12
     15,850       -                       176       1,155  
Willow Lake
  
San Jose, CA
     508       100 %
EPLP
Oct-12
     148,000       -                       291       1,758  
Madrid (2)
  
Mission Viejo, CA
     230       50 %
Wesco I, LLC
Nov-12
     (2 )     33,266       5.3 %     2.6 %     -       1,616  
Haver Hill
  
Fullerton, CA
     264       50 %
Wesco III, LLC
Nov-12
     45,600       -                       173       1,283  
Bennett Lofts (3)
  
San Francisco, CA
     113       100 %
EPLP
Dec-12
     73,730       -                       652       3,028  
Pacific Electric Lofts (2)
  
Los Angeles, CA
     314       50 %
Wesco I, LLC
Dec-12
     (2 )     46,939       4.0 %     2.5 %     -       1,722  
   
Q4 2012 Total
     1,519                   450,180       80,205                       296          
                                                                         
Annaliese
  
Seattle, WA
     56       100 %
EPLP
Jan-13
     19,000       -                       339       1,734  
Bennett Lofts (3)
  
San Francisco, CA
     34       100 %
EPLP
Jan-13
     22,220       -                       654       3,028  
Fox Plaza (4)
  
San Francisco, CA
     444       100 %
EPLP
Feb-13
     135,000       -                       257       1,878  
   
Q1 2013 Total
     534                 $ 176,220     $ -                     $ 291          
                                                                         
Dispositions
 
Property Name
  
Location
  
Units
    
Essex
Ownership
Percentage
  
Ownership
Date
  
Price
    
Price per
Unit
    
Average
Rent
                          
Parcwood
  
Corona, CA
     312       28.2 %
Fund II
Oct-12
     42,200       135       1,018                          
Regency Tower
  
Oakland, CA
     178       28.2 %
Fund II
Oct-12
     31,000       174       1,401                          
Studio 40-41
  
Studio City, CA
     149       28.2 %
Fund II
Oct-12
     56,300       378       1,977                          
Tower @ 801
  
Seattle, WA
     173       28.2 %
Fund II
Oct-12
     50,100       290       1,448                          
Cielo
  
Chatsworth, CA
     119       28.2 %
Fund II
Nov-12
     33,100       278       1,668                          
Echo Ridge
  
Snoqualmie, WA
     120       28.2 %
Fund II
Dec-12
     26,500       221       1,380                          
The Enclave
  
San Jose, CA
     637       28.2 %
Fund II
Dec-12
     173,750       273       1,627                          
   
2012
     1,688                 $ 412,950     $ 245                                  
 
(1)
In April 2012, the Company purchased the joint venture partner's remaining membership interest in the co-investment Essex Skyline at MacArthur Place for a purchase price of $85 million. The property is now consolidated.
(2)
In accordance with terms of the purchase agreements, purchase price of the properties are not being disclosed by the Company.
(3)
The 147 unit apartment community was acquired in two phases for $96.0 million.  Approximately 75% was acquired in December 2012 with the  remainder acquired on January 8, 2013.
(4)
The price per unit excludes $21.0 million attributed to the allocation of cost of the retail and parking garage at the community.    

See Company's 10-K for additional disclosures
 

E S S E X  P R O P E R T Y  T R U S T, I N C
 
2013 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions
  
   
 
Residential Supply (1)
     Job Forecast (2)     Market Forecast (3)  
Market
  
New MF
Supply
    
New SF
Supply
    
Total
Supply
    
% of MF
Supply to
MF Stock
    
% of Total
Supply to
Total Stock
    
Est.New Jobs
Dec-Dec
    
% Growth
    
Estimated Rent
Growth
    
Estimated Year
End Occupancy
  
                                                       
Seattle
   6,900     5,888     12,788     1.7%     1.1%     41,000     2.8%     6.5%     96.0%  
                                                       
San Francisco
   4,000     441     4,441     1.1%     0.6%     25,500     2.5%     7.0%     96.7%  
Oakland
   1,800     2,563     4,363     0.6%     0.4%     18,000     1.8%     6.5%     96.5%  
San Jose
   4,100     1,475     5,575     1.9%     0.9%     25,000     2.7%     7.5%     96.7%  
No. Cal.
   9,900     4,479     14,379     1.1%     0.6%     68,500     2.4%     7.1%     96.6%  
                                                       
Ventura
   500     224     724     0.8%     0.3%     3,500     1.2%     4.0%     95.5%  
Los Angeles
   5,000     2,667     7,667     0.3%     0.2%     70,000     1.8%     6.5%     96.0%  
Orange
   2,800     2,111     4,911     0.8%     0.5%     25,000     1.8%     5.3%     96.0%  
San Diego
   3,200     2,133     5,333     0.8%     0.5%     19,000     1.5%     4.0%     95.5%  
So. Cal.
   11,500     7,135     18,635     0.5%     0.3%     117,500     1.7%     5.4%     95.9%  
                                                       
Weighted Average (4)
   28,300     17,502     45,802     0.8%     0.5%     227,000     2.0%     6.1%     96.0%  

All data are based on Essex Property Trust, Inc. forecasts.

U.S. Economic Assumptions: 2013 G.D.P. Growth:  2.3% , 2013 Job Growth: 1.6%

(1) New Residential Supply:  MF reflects Company's internal estimate of actual multifamily deliveries; SF is based on 12 month single family trailing permits reported by the US Census Bureau

(2) Job Forecast: refers to the difference between total non-farm industry employment (not seasonally adjusted) projected through Dec 2013 over estimated Dec 2012, expressed as total new jobs and growth rates.

(3) Market Forecast: the estimated rent growth represents the forecasted change in effective market rents for Q4 2013 vs Q4 2012 (excludes submarkets not targeted by Essex).  The estimated year end occupancy represents the Company's forecast of physical market occupancy rates at Q4 2013.

(4) Weighted Average: markets weighted by economic rent in the Company's portfolio.      
 
See Company's 10-K for additional disclosures
 
 
ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES
Real Estate Information as of May 1, 2013
 
         
Square
  
Year
Year
Property
Age of
Property Name
Address
City
State
Units
Footage
  
Acquired
Built
Ownership
Property
                     
NORTHERN CALIFORNIA
Santa Clara County
                    
The Commons
275 Union Avenue
Campbell
CA
 264 153,168   2010 1973
EPLP
 40
Pointe at Cupertino
19920 Olivewood Street
Cupertino
CA
 116 135,200   1998 1963
EPLP
 50
Bella Villagio
383 Vista Roma Way
San Jose
CA
 231 227,511   2010 2004
EPLP
 9
Epic - Phases I & II
545 River Oaks Parkway
San Jose
CA
 569 472,236      
JV-55%
  
Carlyle, The
2909 Nieman Boulevard
San Jose
CA
 132 129,200   2000 2000
EPLP
 13
Esplanade
350 East Taylor St.
San Jose
CA
 278 279,000   2004 2002
EPLP
 11
Waterford, The
1700 N. First Street
San Jose
CA
 238 219,600   2000 2000
EPLP
 13
101 San Fernando
99 S. Fourth Street
San Jose
CA
 323 296,078   2010 2001
EPLP
 12
Willow Lake
1331 Lakeshore Circle
San Jose
CA
 508 471,744   2012 1989
EPLP
 24
1000 Kiely
1000 Kiely Blvd.
Santa Clara
CA
 121 128,486   2011 1971
EPLP
 42
Le Parc
440 N. Winchester Avenue
Santa Clara
CA
 140 113,200   1994 1975
EPLP
 38
Marina Cove
3480 Granada Avenue
Santa Clara
CA
 292 250,200   1994 1974
EPLP
 39
Riley Square
3707 Poinciana Drive
Santa Clara
CA
 156 126,900   2012 1972
Wesco I
 41
Bristol Commons
732 E. Evelyn Avenue
Sunnyvale
CA
 188 142,600   1995 1989
EPLP
 24
Brookside Oaks
1651 Belleville Way
Sunnyvale
CA
 170 119,900   2000 1973
DownREIT
 40
Magnolia Lane
113 South Mary Avenue
Sunnyvale
CA
 32 31,541   2007 2001
EPLP
 12
Montclaire
450 N. Mathilda Avenue
Sunnyvale
CA
 390 294,100   1988 1973
EPLP
 40
Reed Square
1070 Reed Avenue
Sunnyvale
CA
 100 95,440   2011 1970
EPLP
 43
Summerhill Park
972 Corte Madera Avenue
Sunnyvale
CA
 100 78,500   1988 1988
EPLP
 25
Magnolia Square
107 South Mary Avenue
Sunnyvale
CA
 156 110,824   2007 1969
DownREIT
 44
Via
315 Tasman Drive
Sunnyvale
CA
 284 309,421   2011 2011
EPLP
 2
Windsor Ridge
825 E. Evelyn Avenue
Sunnyvale
CA
 216 161,800   1989 1989
EPLP
 24
      13% 4,435 3,874,413          
Alameda County
                    
Fourth & U
700 University Avenue
Berkeley
CA
 171 146,255   2010 2010
EPLP
 3
Briarwood
4200 Bay Street
Fremont
CA
 160 111,160   2011 1978
Wesco I
 35
Stevenson Place
4141 Stevenson Blvd.
Fremont
CA
 200 146,200   2000 1975
EPLP
 38
The Woods
40640 High Street
Fremont
CA
 160 105,280   2011 1978
Wesco I
 35
Boulevard
40001 Fremont Blvd.
Fremont
CA
 172 131,200   1996 1978
EPLP
 35
City View
25200 Carlos Bee Blvd.
Hayward
CA
 572 462,400   1998 1975
EPLP
 38
The Grand
100 Grand Avenue
Oakland
CA
 243 205,026   2009 2009
EPLP
 4
Bridgeport
36826 Cherry Street
Newark
CA
 184 139,000   1987 1987
EPLP
 26
Alderwood Park Apartments
37057 Magnolia Street
Newark
CA
 96 74,624   2006 1987
Fund II
 26
      6% 1,958 1,521,145          
Contra Costa County
                    
Connolly Station
7550 St. Patrick Way
Dublin
CA
 309 286,348      
JV-55%
  
64th & Christie
64th and Christie Avenue
Emeryville
CA
 190 148,935      
EPLP
  
San Marcos
2601 Hilltop Drive
Richmond
CA
 432 407,600   2003 2003
EPLP
 10
Bel Air
2000 Shoreline Drive
San Ramon
CA
 462 391,000   1995 1988
EPLP
 25
Foothill Gardens
1110 Harness Drive
San Ramon
CA
 132 155,100   1997 1985
EPLP
 28
Twin Creeks
2711-2731 Morgan Drive
San Ramon
CA
 44 51,700   1997 1985
EPLP
 28
Canyon Oaks
1 Amberstone Lane
San Ramon
CA
 250 237,894   2007 2005
EPLP
 8
Mill Creek at Windermere
2100 Waterstone Place
San Ramon
CA
 400 381,060   2007 2005
EPLP
 8
      5% 1,720 1,624,354          
San Mateo County
                    
Carlmont Woods
2515 Carlmont Drive
Belmont
CA
 195 107,200   2004 1971
Fund II
 42
Belmont Terrace
1606 Continetals Way
Belmont
CA
 71 72,951   2006 1974
EPLP
 39
Harbor Cove
900 E. Hillsdale Blvd.
Foster City
CA
 400 306,600   2004 1971
Fund II
 42
Davey Glen
200 Davey Glen Road
Belmont
CA
 69 65,974   2006 1962
Fund II
 51
Hillsdale Garden
3421 Edison Avenue
San Mateo
CA
 697 611,505   2006 1948
JV - 81.5%
 65
Elkhorn
1950 Elkhorn Court
San Mateo
CA
 197 140,547      
JV - 55%
  
      4% 1,432 1,164,230          
                     
San Francisco and Marin Counties
                    
Mt. Sutro Terrace Apartments
480 Warren Drive
San Francisco
CA
 99 64,000   1999 1973
EPLP
 40
Park West
121 Funston
San Francisco
CA
 126 90,060   2012 1958
EPLP
 55
Bennett Lofts
530, 542, 548 Brannan
San Francisco
CA
 147 184,713   2012 2004
EPLP
 9
 
208 Pennsylvania and 1001 Mariposa
                
Mosso I. and Mosso II. (fka Folson and Fifth)
900 Folsom Street and 250 Fifth Street
San Francisco
CA
 463 371,072      
JV-55%
  
Vista Belvedere
15 Red Hill Circle
Tiburon
CA
 76 78,300   2004 1963
EPLP
 50
Fox Plaza
1390 Market Street
San Francisco
CA
 444 230,017   2013 1968
EPLP
 45
      3% 892 647,090          
                     
Other
                    
Tuscana
315 Mt. Oso
Tracy
CA
 30 29,088   2007 2007
EPLP
 6
Harvest Park
2327 Summercreek Drive
Santa Rosa
CA
 104 116,628   2007 2004
EPLP
 9
Chestnut Street Apartments
143 Chestnut Avenue
Santa Cruz
CA
 96 87,640   2008 2002
EPLP
 11
      1% 230 233,356          
                     
Total Northern California
     31% 10,667 9,064,588         29
                     
SOUTHERN CALIFORNIA
Los Angeles County
                    
Regency at Encino
15506 Moorpark Street
Encino
CA
 75 78,487   2009 1989
EPLP
 24
416 on Broadway
412 East Broadway
Glendale
CA
 115 126,782   2010 2009
EPLP
 4
Hampton Court
1136 N. Columbus Avenue
Glendale
CA
 83 71,500   1999 1974
EPLP
 39
Hampton Place
245 W. Loraine Street
Glendale
CA
 132 141,500   1999 1970
EPLP
 43
Marbrisa
1809 Termino Ave.
Long Beach
CA
 202 122,800   2002 1987
EPLP
 26
Pathways at Bixby Village (fka Pathways)
5945 E. Pacific Coast Hwy.
Long Beach
CA
 296 197,700   1991 1975
EPLP
 38
Bellerive
1921 Beloit Avenue
Los Angeles
CA
 63 79,296   2011 2011
EPLP
 2
Bunker Hill
222 and 234 S. Figueroa St.
Los Angeles
CA
 456 346,600   1998 1968
EPLP
 45
Cochran Apartments
612 South Cochran
Los Angeles
CA
 58 51,400   1998 1989
EPLP
 24
Kings Road
733 North Kings Road
Los Angeles
CA
 196 132,100   1997 1979
EPLP
 34
Marbella
600 South Detroit Street
Los Angeles
CA
 60 50,108   2005 1991
EPLP
 22
Belmont Station
1302 West 2nd St.
Los Angeles
CA
 275 225,000   2009 2009
EPLP
 4
Pacific Electric Lofts
610 South Main Street
Los Angeles
CA
 314 277,980   2012 2006
Wesco I
 7
Park Catalina
690 South Catalina Street
Los Angeles
CA
 90 72,864   2012 2002
EPLP
 11
Park Place
400 S. Detroit Street
Los Angeles
CA
 60 48,000   1997 1988
EPLP
 25
Windsor Court
401 S. Detroit Street
Los Angeles
CA
 58 46,600   1997 1988
EPLP
 25
Renaissance
630 South Masselin Avenue
Los Angeles
CA
 169 154,268   2006 1990
Fund II
 23
Santee Court
716 S. Los Angeles Street
Los Angeles
CA
 165 132,040   2010 2004
EPLP
 9
Santee Village
743 South Santee Street
Los Angeles
CA
 73 69,817   2011 2011
EPLP
 2
Marina City Club
4333 Admiralty Way
Marina Del Rey
CA
 101 127,200   2004 1971
EPLP
 42
Mirabella
13701 Marina Point Drive
Marina Del Rey
CA
 188 176,800   2000 2000
EPLP
 13
Muse
5451 Vineland Avenue
North Hollywood
CA
 152 135,292   2011 2011
EPLP
 2
Monterra del Mar
280 E. Del Mar Boulevard
Pasadena
CA
 123 74,400   1997 1972
EPLP
 41
Monterra del Rey
350 Madison
Pasadena
CA
 84 73,100   1999 1972
EPLP
 41
Monterra del Sol
280 South Euclid
Pasadena
CA
 85 69,200   1999 1972
EPLP
 41
Fountain Park
13141 Fountain Park Drive
Playa Vista
CA
 705 608,900   2004 2002
EPLP
 11
 
 
ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES
Real Estate Information as of May 1, 2013
 
         
Square
  
Year
Year
Property
Age of
Property Name
Address
City
State
Units
Footage
  
Acquired
Built
Ownership
Property
                     
Highridge
28125 Peacock Ridge Drive
Rancho Palos Verde
CA
255
290,200
  
1997
1972
DownREIT
41
Coldwater Canyon
4250 Codlwater Canyon
Studio City
CA
39
34,125
  
2007
1979
EPLP
34
Allegro
11945 Magnolia Blvd.
Valley Village
CA
97
127,812
  
2010
2010
EPLP
3
The Avery (fka Valley Village)
12005 Albers Street
Valley Village
CA
121
129,393
      
EPLP
  
Walnut Heights
20700 San Jose Hills Road
Walnut
CA
163
146,700
  
2003
1964
EPLP
49
The Huxley
1216-1234 North La Brea Avenue
West Hollywood
CA
187
154,776
      
JV - 50%
  
The Dylan
1111 North La Brea Avenue
West Hollywood
CA
184
150,678
      
JV - 50%
  
Avondale at Warner Center
22222 Victory Blvd.
Woodland Hills
CA
446
331,000
  
1999
1970
EPLP
43
Reveal
21201 Kittridge Street
Woodland Hills
CA
438
414,892
  
2011
2010
Wesco I
3
     
17%
5,816
5,034,463
          
Ventura County
                    
Camarillo Oaks
921 Paseo Camarillo
Camarillo
CA
564
459,000
  
1996
1985
EPLP
28
Camino Ruiz Square
105 Camino Ruiz
Camarillo
CA
160
105,448
  
2006
1990
EPLP
23
Arbors at Parc Rose
1500 Tulipan Circle
Oxnard
CA
373
503,196
  
2011
2001
Wesco I
12
Mariner's Place
711 South B Street
Oxnard
CA
105
77,200
  
2000
1987
EPLP
26
Tierra Vista
1750 Montevina Circle
Oxnard
CA
404
387,100
  
2001
2001
EPLP
12
Monterey Villas
1040 Kelp Lane
Oxnard
CA
122
122,100
  
1997
1974
EPLP
39
Meadowood
1733 Cochran Street
Simi Valley
CA
320
264,500
  
1996
1986
EPLP
27
Hidden Valley
5065 Hidden Park Court
Simi Valley
CA
324
310,900
  
2004
2004
DownREIT
9
Lofts at Pinehurst,The
1021 Scandia Avenue
Ventura
CA
118
71,100
  
1997
1971
EPLP
42
Hillcrest Park
1800 West Hillcrest Drive
Newbury Park
CA
608
521,900
  
1998
1973
EPLP
40
Pinehurst
3980 Telegraph Road
Ventura
CA
28
21,200
  
2004
1973
EPLP
40
Woodside Village
675 Providence Ave.
Ventura
CA
145
136,500
  
2004
1987
EPLP
26
     
10%
3,271
2,980,144
          
                     
Santa Barbara County
                    
The Sweeps (fka Chimney Sweep)
775 Camino Del Sur Drive
Goleta
CA
91
    
2006
1967
EPLP
46
CBC
6721 El Colegio Drive
Goleta
CA
148
    
2006
1962
EPLP
51
Hope Ranch
3968-3974 & 3999 Via Lucero
Santa Barbara
CA
108
    
2007
1965/73
EPLP
48/40
     
1%
347
306,608
          
Orange County
                    
Anavia
2045 South State College Blvd.
Anaheim
CA
250
312,343
  
2010
2009
EPLP
4
Barkley Apartments
2400 E. Lincoln Ave.
Anahiem
CA
161
139,800
  
2000
1984
DownREIT
29
Valley Park Apartments
17300 Euclid Ave.
Fountain Valley
CA
160
169,700
  
2001
1969
DownREIT
44
Capri at Sunny Hills
2341 Daphne Place
Fullerton
CA
100
128,100
  
2001
1961
DownREIT
52
Haver Hill
3100 East Yorba Linda Boulevard
Fullerton
CA
264
224,130
  
2012
1973
Wesco III
40
Wilshire Promenade
141 West Wilshire Avenue
Fullerton
CA
149
128,000
  
1997
1992
EPLP
21
Montejo Apartments
12911 Dale St.
Garden Grove
CA
124
103,200
  
2001
1974
DownREIT
39
Huntington Breakers
21270 Beach Boulevard
Huntington Beach
CA
342
241,700
  
1997
1984
EPLP
29
The Huntington
8400 Edinger Avenue
Huntington Beach
CA
276
202,256
  
2012
1975
EPLP
38
Axis 2300
2300 DuPont Drive
Irvine
CA
115
170,714
  
2010
2010
EPLP
3
Hillsborough Park
1501 South Beach Boulevard
La Habra
CA
235
215,500
  
1999
1999
EPLP
14
Trabuco Villas
25362 Mosswood Way
Lake Forest
CA
132
131,000
  
1997
1985
EPLP
28
Madrid Apartments
28401 Los Alisos Boulevard
Mission Viejo
CA
230
228,099
  
2012
2000
Wesco I
13
Fairway Apartments at Big Canyon
2 Pine Valley Lane
Newport Beach
CA
74
107,100
  
1999
1972
EPLP
41
Villa Angelina
201 E. Chapman Ave.
Placentia
CA
256
217,600
  
2001
1970
DownREIT
43
Brentwood Apartment Homes
2301 E. Santa Clara Ave.
Santa Ana
CA
140
154,800
  
2001
1970
DownREIT
43
Fairhaven Apartments
1300 E. Fairhaven
Santa Ana
CA
164
135,700
  
2001
1970
DownREIT
43
Essex Skyline at MacArthur Place
9 & 15 MacArthur Place
Santa Ana
CA
349
512,791
  
2010
2008
EPLP
5
     
10%
3,521
3,522,533
          
San Diego County
                    
Alpine Village
2055 Arnold Way
Alpine
CA
301
254,400
  
2002
1971
EPLP
42
Bonita Cedars
5155 Cedarwood Rd.
Bonita
CA
120
120,800
  
2002
1983
EPLP
30
Cambridge
660 F. St.
Chula Vista
CA
40
22,100
  
2002
1965
EPLP
48
Mesa Village
5265 Clairemont Mesa Blvd.
Clairemont
CA
133
43,600
  
2002
1963
EPLP
50
Mira Monte
10360 Maya Linda Rd.
Mira Mesa
CA
355
262,600
  
2002
1982
EPLP
31
Country Villas
283 Douglas Drive
Oceanside
CA
180
179,700
  
2002
1976
EPLP
37
Mission Hills
218 Rancho Del Oro
Oceanside
CA
282
244,000
  
2005
1984
EPLP
29
CentrePointe
6466 Friars Road
San Diego
CA
224
126,700
  
1997
1974
EPLP
39
Summit Park
8563 Lake Murray Blvd.
San Diego
CA
300
229,400
  
2002
1972
EPLP
41
Vista Capri - North
3277 Berger Ave.
San Diego
CA
106
51,800
  
2002
1975
EPLP
38
Shadow Point
9830 Dale Ave.
Spring Valley
CA
172
131,200
  
2002
1983
EPLP
30
     
6%
2,213
1,666,300
          
Riverside County
                    
Devonshire Apartments
2770 West Devonshire Ave.
Hemet
CA
276
207,200
  
2002
1988
EPLP
25
     
1%
276
207,200
          
                     
Total Southern California
    
45%
15,444
13,717,248
        
29
                     
SEATTLE METRO AREA
Cedar Terrace
3205 115th Ave. NE
Bellevue
WA
180
174,200
  
2005
1984
EPLP
29
Courtyard Off Main
136 102nd Avenue SE
Bellevue
WA
109
108,388
  
2010
2000
EPLP
13
Emerald Ridge
3010 118th Avenue SE
Bellevue
WA
180
144,000
  
1994
1987
EPLP
26
Foothill Commons
13800 NE 9th Place
Bellevue
WA
388
288,300
  
1990
1978
EPLP
35
Palisades, The
13808 NE 12th
Bellevue
WA
192
159,700
  
1990
1977
EPLP
36
Sammamish View
16160 SE Eastgate Way
Bellevue
WA
153
133,500
  
1994
1986
EPLP
27
Woodland Commons
13700 NE 10th Place
Bellevue
WA
302
217,878
  
1990
1978
EPLP
35
Canyon Pointe
1630 228th St. SE
Bothell
WA
250
210,400
  
2003
1990
EPLP
23
Inglenook Court
14220 Juanita Drive, NE
Bothell
WA
224
183,600
  
1994
1985
EPLP
28
Salmon Run at Perry Creek
2109 228th Street SE
Bothell
WA
132
117,100
  
2000
2000
EPLP
13
Stonehedge Village
14690 143rd Blvd., NE
Bothell
WA
196
214,800
  
1997
1986
EPLP
27
Highlands at Wynhaven
1460 NE Hawthorne Street
Issaquah
WA
333
424,674
  
2008
2000
EPLP
13
Park Hill at Issaquah
22516 SE 56th Street
Issaquah
WA
245
277,700
  
1999
1999
EPLP
14
Wandering Creek
12910 SE 240th
Kent
WA
156
124,300
  
1995
1986
EPLP
27
Ascent
12062 Slater Avenue NE
Kirkland
WA
90
75,840
  
2012
1988
EPLP
25
Bridle Trails
6600 130th Avenue, NE
Kirkland
WA
108
99,700
  
1997
1986
EPLP
27
Evergreen Heights
12233 NE 131st Way
Kirkland
WA
200
188,300
  
1997
1990
EPLP
23
Corbella at Juanita Bay
9520 NE 120th Street
Kirkland
WA
169
103,339
  
2010
1978
EPLP
35
Montebello
12000 131st Lane NE
Kirkland
WA
248
272,734
  
2012
1996
EPLP
17
Laurels at Mill Creek
1110 164th Street SE
Mill Creek
WA
164
134,300
  
1996
1981
EPLP
32
Morning Run
18463 Blueberry Lane
Monroe
WA
222
221,786
  
2005
1991
Fund II
22
The Elliot at Mukilteo (fka Anchor Village)
9507 49th Avenue West
Mukilteo
WA
301
245,900
  
1997
1981
DownREIT
32
Castle Creek
7000 132nd Place, SE
Newcastle
WA
216
191,900
  
1998
1998
EPLP
15
Delano
7805, 7903 and 7935 170th Place NE
Redmond
WA
126
116,340
  
2011
2011/2005
EPLP
2/8
Elevation
17202-17325 NE 85th Place
Redmond
WA
157
138,916
  
2010
1986
EPLP
27
Vesta
18666 Redmond Way
Redmond
WA
440
381,675
  
2011
1998
Wesco I
15
Redmond Hill
6110 186th Place NE
Redmond
WA
442
350,275
  
2011
1985
Wesco I
28
Brighton Ridge
2307 NE 4th Street
Renton
WA
264
201,300
  
1996
1986
EPLP
27
Fairwood Pond
14700 SE Petrovitsky Rd.
Renton
WA
194
189,200
  
2004
1997
EPLP
16
Forest View
650 Duvall Ave. NE
Renton
WA
192
182,500
  
2003
1998
EPLP
15
 
 
ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES
Real Estate Information as of May 1, 2013
 
         
Square
  
Year
Year
Property
Age of
Property Name
Address
City
State
Units
Footage
  
Acquired
Built
Ownership
Property
                     
Annaliese
118 6th Ave. N
Seattle
WA
56
48,216
  
2013
2009
EPLP
4
Eastlake 2851
2833 - 2851 Eastlake Avenue
Seattle
WA
133
234,086
  
2008
2008
Fund II
5
Fountain Court
2400 4th Street
Seattle
WA
320
207,000
  
2000
2000
EPLP
13
Joule
523 Broadway Avenue, East
Seattle
WA
295
191,109
  
2010
2010
JV - 99%
3
Linden Square
13530 Linden Avenue North
Seattle
WA
183
142,200
  
2000
1994
EPLP
19
Domaine
2483 Birch Avenue N
Seattle
WA
92
79,421
  
2012
2009
EPLP
4
Expo
100 Republican
Seattle
WA
275
191,290
  
2012
2012
JV - 50%
1
The Bernard
115 Warren Avenue North
Seattle
WA
63
43,151
  
2011
2008
EPLP
5
The Cairns
420 Yale Avenue
Seattle
WA
100
70,806
  
2007
2006
EPLP
7
Wharfside Pointe
3811 14th Avenue West
Seattle
WA
142
119,200
  
1994
1990
EPLP
23
Total Seattle Metro Area
    
24%
8,232
7,199,024
        
20
                     
166
Apartment Communities
  
100%
34,343
29,980,860
(1)
        
8
Apartment Communities Under Construction
  
2,220
1,853,985
(2)
        
                     
Avg. square footage
873
    
Definitions for Property Ownership
  
Avg. units per property
207
  
EPLP
The Company has a 100% ownership in the community.
  
Avg. age of property 26  
Fund II
The community is owned by Fund II.  The Company has a 28.2% interest in Fund II which is accounted for using the equity method of accounting.
     
Wesco I
 The community is owned by Wesco I, LLC.  The Company has a 50% interest in Wesco I, LLC, which is accounted for using the equity method of accounting.
(1) Includes 321,077 square feet of retail or commercial space
Wesco III
The community is owned by Wesco III, LLC.  The Company has a 50% interest in Wesco III, LLC, which is accounted for using the equity method of accounting.
(2) Includes 30,225 square feet of estimated retail or commercial space
   DownREIT
The Company holds a 1% special limited partner interest in the partnerships which owns the community.  In accordance with GAAP, the Company consolidates this community.
 
JV - 99%
The Company has a 99% ownership in this development and is consolidated.
     
JV - 81.5%
The Company has a 81.5% ownership in this community and is consolidated.
     
JV-55%
The Company has a 55.0% ownership in this community and is not consolidated.
     
JV - 50%
The Company has a 50% ownership in this community and is not consolidated.
         
OTHER REAL ESTATE ASSETS
Office/Retail Buildings
                    
Essex Corporate Headquarter Bldg.
925 / 935 E. Meadow Dr.
Palo Alto
CA
  
31,900
  
1997 / 2007
1988 / 1962
EPLP
  
Derian Office Building
17461 Derian Av.
Irvine
CA
  
110,000
  
2000
1983
EPLP
  
Hollywood
6230 Sunset Blvd.
Los Angeles
CA
  
35,000
  
2006
1938
EPLP
  
Santa Clara Retail
3700 El Camino Real
Santa Clara
CA
  
139,000
  
2011
1970
EPLP
  
         
315,900
          
 
 
3