10-KPeriod: FY2001

ESSEX PROPERTY TRUST, INC. Annual Report, Year Ended Dec 31, 2001

Filed March 29, 2002For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) is a self-administered REIT focused on acquiring, developing, and managing multifamily apartment communities. As of December 31, 2001, the company owned interests in 92 multifamily properties with 20,762 units, primarily located in Southern California (11,295 units) and Northern California (4,023 units), with additional presence in the Pacific Northwest (5,444 units). The company also owned two office buildings. Essex is strategically focused on major metropolitan areas with supply constraints and strong rental demand, driven by high housing costs and job proximity. Financially, Essex reported total revenues of $205.6 million for 2001, an increase driven by acquisitions and same-store property revenue growth, primarily in Northern California. Despite a slight decrease in average occupancy rates across its regions in 2001, the company maintained a high overall occupancy of 95%. The company is actively managing its portfolio through property acquisitions and development projects, with five communities under development totaling 1,274 units. Essex maintains a conservative leverage ratio, with a debt-to-market-capitalization ratio of approximately 33.8% as of December 31, 2001, and has access to $150 million in credit facilities.

Key Highlights

  • 1Essex Property Trust operates a significant portfolio of 92 multifamily properties with 20,762 units across California and the Pacific Northwest.
  • 2The company's strategy focuses on major West Coast metropolitan areas known for strong rental demand and supply constraints.
  • 3Total revenues grew to $205.6 million in 2001, driven by property acquisitions and same-store performance, despite a slight dip in occupancy rates.
  • 4Average occupancy remained strong at 95% across the portfolio.
  • 5The company is actively engaged in development, with 1,274 units across five communities in progress.
  • 6Essex maintains a conservative balance sheet with a debt-to-market-capitalization ratio of 33.8% as of year-end 2001.
  • 7The company has access to $150 million in credit facilities to support liquidity and growth.

Frequently Asked Questions

Essex Property Trust, Inc. is a self-administered and self-managed equity real estate investment trust (REIT) engaged in the ownership, acquisition, development, and management of multifamily apartment communities.

Essex's properties are concentrated in major West Coast metropolitan areas, specifically Southern California (Los Angeles, Ventura, Orange, and San Diego counties), Northern California (the San Francisco Bay Area), and the Pacific Northwest (Seattle and Portland metropolitan areas).

For the year ended December 31, 2001, Essex reported total revenues of $205.6 million, an increase driven by portfolio growth. The company maintained a strong average occupancy rate of 95% across its multifamily properties. Development activities were ongoing with 1,274 units in five communities under construction.

Essex actively pursues the acquisition and development of multifamily residential properties in selected major metropolitan areas on the West Coast. The company also has a fund, the Essex Apartment Value Fund, L.P., for new investments, indicating a strategy to leverage external capital for growth.