Essex Property Trust, Inc. · NYSE:ESS
Essex Property Trust — Q4 2004 Earnings Presentation
15 slides from Essex Property Trust's earnings presentation, Feb 3, 2005
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 Twelve Months Ended (Dollars in thousands, except per share amounts) December 31, December 31, 2004 2003 (1) 2004 2003 (1) Revenues: Rental $ 71,918 $ 62,235 $ 273,878 $ 243,412 Other property 2,494 2,096 9
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 Twelve Months Ended Selected Line Item Detail December 31, December 31, (Dollars in thousands) 2004 2003 2004 2003 Property operating expenses Maintenance and repairs $ 5,639 $ 4,918 $ 21,057 $ 18,623 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 Twelve Months Ended (Dollars in thousands, except share and per share amounts) December 31, December 31, 2004 2003 (1) 2004 2003 (1) Funds from operations Net income $ 32,513 $ 6,916 $ 79,693 $ 35,090 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) December 31, 2004 December 31, 2003 (1) Real Estate: Land and land improvements $ 536,600 $ 469,347 Buildings and improvements 1,834,594 1,514,775 2,371,194 1,984,122 Less: accumulated depreciation (335,242
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 - December 31, 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 67% $ 878,617 6.7% 5.8 Tax exempt variabl
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 - December 31, 2004 (Dollars and shares in thousands, except per share amounts) Total debt $ 1,316,984 Common stock and potentially dilutive securities Common stock outstanding 23,034 Limited partnership units (1) 2,477 Options-treasury meth
Slide 7: Property Operating Results - Quarter ended December 31, 2004 and 2003
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 December 31, 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 % Ch
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 December 31, 2004, December 31, 2003 and September 30, 2004 (Dollars in thousands) December 31, December 31, September 30, Units 2004 2003 % Change 2004 % Change Southern California Ventura County 1,229 $ 4,
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 - December 31, 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 Developm
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 - December 31, 2004 (Dollars in thousands) Total Estimated Estimated Incurred Remaining Redevelopment Project Name Units Cost to date Cost Start Hillcrest Park - Phase II 608 $ 3,626 $ 2,891 $ 735 Apr-03 Kings Road 196 6,044 2,174
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 - December 31, 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) Coronado at N
Slide 12: Real Estate Information
ESSEX PROPERTY TRUST, INC. REAL ESTATE INFORMATION 31-Dec-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: Orange County
Orange County 1 Barkley Apartments 2400 E. Lincoln Ave. Anahiem CA 161 139,800 2000 1984 1 Vista Pointe 175-225 S. Rio Vista Anahiem CA 286 242,400 1985 1968 1 Valley Park Apartments 17300 Euclid Ave. Fountain Valley CA 160 169,700 2001 1969 1 Capri at Sunny Hills 2341 Daphne Place Fullerton CA 100
Slide 14: Essex Markets Forecast 2005: Supply, Jobs and Apartment Market Conditions
Essex Markets Forecast 2005: 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: Trailing 12 Months December 2004 Single Family Data Multi-Family Data All Residential Data Total Residential Median SF 2003 SF SF Stock SF Permits Last 12 % of MF Stock MF Permits Last 12 Permits Last 12 Market Price (2004