Essex Property Trust, Inc. · NYSE:ESS
Essex Property Trust — Q3 2004 Earnings Presentation
15 slides from Essex Property Trust's earnings presentation, Oct 28, 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 Nine Months Ended (Dollars in thousands, except per share amounts) September 30, September 30, 2004 2003 (1) 2004 2003 (1) Revenues: Rental $ 69,823 $ 60,850 $ 201,960 $ 182,833 Other property 2,609 2,095 7
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 Nine Months Ended Selected Line Item Detail September 30, September 30, (Dollars in thousands) 2004 2003 2004 2003 Property operating expenses Maintenance and repairs $ 6,210 $ 5,040 $ 15,418 $ 13,869 Real
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 Nine Months Ended (Dollars in thousands, except share and per share amounts) September 30, September 30, 2004 2003 (1) 2004 2003 (1) Funds from operations Net income $ 35,030 $ 8,735 $ 47,180 $ 28,174 A
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) September 30,2004 December 31,2003 (1) Real Estate: Land and land improvements $ 500,589 $ 469,347 Buildings and improvements 1,720,517 1,514,775 2,221,106 1,984,122 Less: accumulated depreciation (317,299)
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 Summary - September 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 72% $ 907,379 6.7% 5.9 Tax exempt variab
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 - September 30, 2004 (Dollars and shares in thousands, except per share amounts) Total debt $ 1,263,444 Common stock and potentially dilutive securities Common stock outstanding 22,944 Limited partnership units (1) 2,481 Options-treasury met
Slide 7: Property Operating Results - Quarter Ended
E S S E X P R O P E R T Y T R U S T, I N C. Property Operating Results - Quarter ended September 30, 2004 and 2003 (Dollars in thousands) Southern California Northern California Pacific Northwest Other real estate assets(1) Total 2004 2003 % Change 2004 2003 % Change 2004 2003 % Change 2004 2003 % C
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. Same Property Revenue by County - Quarters ended September 30, 2004, September 30, 2003 and June 30, 2004 (Dollars in thousands) September 30, September 30, June 30, Units 2004 2003 % Change 2004 % Change Southern California Ventura County 1,229 $ 4,217 $
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. Development Communities - September 30, 2004 (Dollars in millions) Total Estimated Estimated Incurred Remaining Initial Stabilized % % Project Name Location Units Cost to Date Cost Occupancy Operations Leased Occupied Development Communities Direct Develop
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 Communities - September 30, 2004 (Dollars in thousands) Total Estimated Estimated Incurred Remaining Redevelopment Project Name Units Cost to date Cost Start Hillcrest Park - Phase II 608 $ 3,429 $ 2,609 $ 820 Apr-03 Kings Road 196 6,039 1,56
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 - September 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. (Fund I) The Arboretu
Slide 12: Real Estate Information 30-Sep-04
ESSEX PROPERTY TRUST, INC. REAL ESTATE INFORMATION 30-Sep-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: September 2003 through September 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