Essex Property Trust, Inc. · NYSE:ESS
Essex Property Trust — Investor Presentation (March 2006)
23 slides from Essex Property Trust's investor presentation, Mar 8, 2006
Slide 1: Agenda; Overview & Strategy
Agenda • Overview & Strategy • Market Update • Business & Operations • Fund Business & Other Income Opportunities • Financial Condition & Performance • Summary • Forward-Looking Statement Overview & Strategy More Than A Decade of Success • Founded in 1971, completed IPO in 1994 • Experienced, commit
Slide 2: Los Angeles/Ventura: Economic Indicators
Los Angeles/Ventura: Economic Indicators
Slide 3: Orange/San Diego: Economic Indicators
Orange/San Diego: Economic Indicators
Slide 4: Orange/San Diego: Economic Indicators
Orange/San Diego: Economic Indicators
Slide 5: San Francisco Bay Area: Economic Indicators
San Francisco Bay Area: Economic Indicators
Slide 6: San Francisco Bay Area: Economic Indicators
San Francisco Bay Area: Economic Indicators
Slide 7: Seattle: Economic Indicators
Seattle: Economic Indicators
Slide 8: Seattle: Economic Indicators
Seattle: Economic Indicators
Slide 9: Business & Operations: West Coast Markets Gather Momentum
Business & Operations West Coast Markets Gather Momentum Northern Califonia and Pacific Northwest Fully Recovered
Slide 10: Projected Same-Property Operations
Projected Same-Property Operations
Slide 11: Projected Same-Property Operations
Operating Revenue Expense NOI Southern California 3.9% 3.0% 4.3% Northern California 4.3% 5.7% 3.6% Pacific Northwest 3.9% 4.9% 3.3% Combined Total 4.0% 3.9% 4.0%
Slide 12: Highly competitive acquisitions environment
¢ Highly competitive acquisitions environment ¢ Focus: Northern California and Seattle qualia, WA, Linits The Erclave
Slide 13: Acquisition goal: $200 Million
* Goal: $200 Million (approximately half of 2005 activity) + Financing source: Primarily Fund II « Cap rate: 4.75% - 5.25% + Rental growth rate: 6%
Slide 14: Development yields now 20% higher than acquisition yields
* Development yields now 20% higher than acquisition yields + Expanding development capabilities + Larger development pipelines * Focus on sites that required entitlement changes San Maren ichimond, CA Hidcen vel ev Sin Vs
Slide 15: Expenditures for development of $125 million
+ Expenditures for development of $125 million + Shadow Pipeline now exceeds $450 million — Focus in Northern California and Seattle Condom num Development 00 Gand, Cat lat el, CA Tray, C8 236 urits SChunity
Slide 16: Aggressively expand redevelopment
* Aggressively expand redevelopment «Portfolio concentrated in premiere submarkets + — Significant limited supply of new apartments After Avondale — Woodland Hills, CA 446 units
Slide 17: Redevelopment goal: $30 million
Goal: $30 million Focus: Complete property repositioning Yield on incremental costs: 10% - 12% Active projects: 13 Before [Esa pemames aes Kings Road — Los Angeles, CA 196 units
Slide 18: Fund Business & Other Income Opportunities
Fund Business & Other Income Opportunities Essex Apartment Value Fund, L.P.
Slide 19: TRS & Other Income Opportunities
TRS & Other Income Opportunities
Slide 20: Financial Condition and Performance
Financial Condition and Performance Solid Balance Sheet
Slide 21: Maintaining Strong Balance Sheet
Maintaining Strong Balance Sheet
Slide 22: Essex's Common Stock Outperforms Key Indices
Essex's Common Stock Outperforms Key Indices
Slide 23: Summary
Summary • Seasoned management team with proven ability to operate in diverse economic cycles • Research-based proprietary research model targets markets with real estate opportunities • Supply-constrained markets along the West Coast are expected to outperform in • Enhanced development pipeline will
Essex Property Trust — Investor Presentation (March 2006) on 6ix