Essex Property Trust, Inc. · NYSE:ESS
Essex Property Trust — Q2 2004 Earnings Presentation
15 slides from Essex Property Trust's earnings presentation, Jul 29, 2004
Slide 1: Consolidated Operating Results
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 Six Months Ended (Dollars in thousands, except per share amounts) June 30, June 30, 2004 2003 (1) 2004 2003 (1) Revenues: Rental $ 67,908 $ 60,961 $ 132,137 $ 121,983 Other property 2,400 1,984 4,502 4,000
Slide 2: Consolidated Operating Results - Selected Line Item Detail
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 Six Months Ended Selected Line Item Detail June 30, June 30, (Dollars in thousands) 2004 2003 2004 2003 Interest and other Interest income $ 265 $ 210 $ 411 $ 267 Equity income in co-investments and lease i
Slide 3: Consolidated Funds From Operations
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 Six Months Ended (Dollars in thousands, except share and per share amounts) June 30, June 30, 2004 2003 (1) 2004 2003 Funds from operations Income from continuing operations before minority interests an
Slide 4: Consolidated Balance Sheet
E S S E X P R O P E R T Y T R U S T, I N C. Consolidated Balance Sheet (Dollars in thousands) June 30, 2004 December 31, 2003 (1) Real Estate: Land and land improvements $ 509,286 $ 465,257 Buildings and improvements 1,729,549 1,510,742 2,238,835 1,975,999 Less: accumulated depreciation (301,771) (2
Slide 5: Debt Summary
E S S E X P R O P E R T Y T R U S T, I N C. Debt Sum m ary - June 30, 2004 (Dollars in thousands) Percentage of Weighted Weighted Total Balance Average Average Maturity Debt Outstanding Interest Rate (1) In Years Mortgage notes payable Fixed rate - secured 69% $ 869,656 6.7% 6.1 Tax exempt variable
Slide 6: Capitalization
E S S E X P R O P E R T Y T R U S T, I N C. Capitalization - June 30, 2004 (Dollars and shares in thousands, except per share amounts) Total debt $ 1,253,767 Common stock and potentially dilutive securities Common stock outstanding 22,936 Limited partnership units (1) 2,408 Options-treasury method 1
Slide 7: Property Operating Results - Quarter ended June 30, 2004
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 June 30, 2004 and 2003 (Dollars in thousands) Southern Calif ornia Northern Calif ornia Pacif ic Northwest Other real estate assets(1) Total 2004 2003 % Change 2004 2003 % Change 2004 2003 % Change 2004 2003 % Cha
Slide 8: Same Property Revenue by County
E S S E X P R O P E R T Y T R U S T, I N C. Sam e Property Revenue by County - Quarters ended June 30, 2004, June 30, 2003 and March 31, 2004 (Dollars in thousands) June 30, June 30, March 31, Units 2004 2003 % Change 2004 % Change Southern California Ventura County 1,229 $ 4,168 $ 4,173 -0.1% $ 4,1
Slide 9: Development Communities
E S S E X P R O P E R T Y T R U S T, I N C. Developm ent Com m unities - June 30, 2004 (Dollars in millions) Total Estim ated Estim ated Incurred Rem aining Initial Stabilized % % Project Name Location Units Cost to Date Cost Occupancy Operations Leased Occupied Developm ent Com m unities Direct Dev
Slide 10: Redevelopment Communities
E S S E X P R O P E R T Y T R U S T, I N C. Redevelopment Comm unities - June 30, 2004 (Dollars in thousands) Total Estim ated Estim ated Incurred Rem aining Redevelopm ent Restabilized Project Nam e Units Cost to date Cost Start Operations Hillcrest Park - Phase II 608 $ 3,429 $ 2,326 $ 1,103 Apr-0
Slide 11: Investments - Debt
E S S E X P R O P E R T Y T R U S T, I N C. Investments - June 30, 2004 Debt Essex (Dollars in thousands) Book Estimated Interest Maturity Value of Company Equity Value Value(1) Amount Type Rate Date Equity Ownership Value(2) Joint Ventures Essex Apartment Value Fund, L.P. Andov er Park, Beav erton,
Slide 12: Real Estate Information
ESSEX PROPERTY TRUST, INC. REAL ESTATE INFORMATION 30-Jun-04 Square Year Year Property Name Address City State Units Footage Acquired Built MULTIFAMILY COMMUNITIES SAN FRANCISCO BAY AREA Santa Clara County 1 Pointe at Cupertino, The (Westwood) 19920 Olivewood Street Cupertino CA 116 135,200 1998 196
Slide 13: Real Estate Information - San Diego County
San Diego County 1 Alpine Country 2660 Alpine Blvd. Alpine CA 108 81,900 2002 1986 1 Alpine Village 2055 Arnold Way Alpine CA 306 254,400 2002 1971 1 Bonita Cedars 5155 Cedarwood Rd. Bonita CA 120 120,800 2002 1983 1 Villas at Carlsbad 2600 Kremeyer Circle Carlsbad CA 102 72,900 2002 1965 1 Cambridg
Slide 14: Essex Markets Forecast 2004: Supply, Jobs and Apartment Market Conditions
Essex Markets Forecast 2004: Supply, Jobs and Apartment Market Conditions Residential Supply* Job Forecast** Forecast Market Conditions*** Estimated New MF % of Total New SF % of Total Est.New Jobs Estimated Y-o-Y Rent Year End Market Supply Stock Supply Stock Dec-Dec % Growth Growth Vacancy Seattle
Slide 15: New Residential Supply: Permits as % of Current Stock
New Residential Supply: Permits as % of Current Stock 12 Month Permit Period: June 2003 through June 2004 (inclusive) Single Family Data Multi-Family Data All Residential Data Total Residential Median SF 2003 SF SF Stock SF Permits Last % of MF Stock MF Permits Last Permits Last 12 Market Price (200