← Filings of ESS
Tables in the 10-K of ESSEX PROPERTY TRUST, INC.
92 tables with numbers, filed Mar 2, 2015. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| Part I. | | Page |
| Item 1. | Business | 1 |
| Item 1A. | Risk Factors | 7 |
| Item 1B. | Unresolved Staff Comments | 20 |
| Item 2. | Properties | 20 |
| Item 3. | Legal Proceedings | 28 |
| Item 4. | Mine Safety Disclosures | 28 |
| Part II. | | |
First 8 of 25 rows. The CSV has all of them.
| | | Essex Ownership | | | | Purchase | |
| Property Name | Location | Units | Percentage | | Ownership | Quarter in 2014 | Price | |
| The Avery | Los Angeles, CA | 121 | | 100% | | EPLP | Q1 2014 | $35.0 |
| Piedmont | Bellevue, WA | 396 | | 100% | | EPLP | Q2 2014 | 76.8 |
| Collins on Pine | Seattle, WA | 76 | | 100% | | EPLP | Q2 2014 | 29.2 |
| Paragon | Fremont, CA | 301 | | 100% | | EPLP | Q3 2014 | 111.0 |
| Apex | Milpitas, CA | 366 | | 100% | | EPLP | Q3 2014 | 150.0 |
| Ellington at Bellevue | Bellevue, WA | 220 | | 100% | | EPLP | Q3 2014 | 58.7 |
First 8 of 10 rows. The CSV has all of them.
| | | | | As of | | |
| | | | | 12/31/2014 | | |
| | Essex | | | Incurred | Estimated | |
| Development Pipeline | Location | Ownership% | Units | | Project Cost | Project Cost(1) | |
| Development Projects - Consolidated | | | | | | | |
| MB 360 | San Francisco, CA | 100% | | 360 | | $226 | $275 |
| Radius | Redwood City, CA | 100% | | 264 | | 163 | 172 |
| Total - Consolidated Development Projects | | | | 624 | | 389 | 447 |
First 8 of 24 rows. The CSV has all of them.
Table 4 after “. The first table describes the Company’s communities and the second table describes the Company’s other real estate assets. (See Note 7 of ”
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| | | Rentable | | | Year | | |
| Communities (1) | Location | Units | Square Footage | | Year Built | Acquired | Occupancy(2) | |
| Southern California | | | | | | | | |
| Alpine Village | Alpine, CA | 301 | | 254,400 | | 1971 | 2002 | 97% |
| Anavia | Anaheim, CA | 250 | | 312,343 | | 2009 | 2010 | 96% |
| Barkley, The (3)(4) | Anaheim, CA | 161 | | 139,800 | | 1984 | 2000 | 97% |
| Park Viridian | Anaheim, CA | 320 | | 254,600 | | 2008 | 2014 | 96% |
| Bonita Cedars | Bonita, CA | 120 | | 120,800 | | 1983 | 2002 | 97% |
First 8 of 10 rows. The CSV has all of them.
| | | Rentable | | | Year | | |
| Communities (1) | Location | Units | Square Footage | | Year Built | Acquired | Occupancy(2) | |
| Enclave at Town Square (34) | Chino Hills, CA | 124 | | 89,948 | | 1987 | 2014 | 97% |
| The Heights I & II (34) | Chino Hills, CA | 332 | | 324,370 | | 2004 | 2014 | 96% |
| The Summit (5) | Chino Hills, CA | 125 | | 98,420 | | 1989 | 2014 | 96% |
| Pinnacle at Otay Ranch | Chula Vista, CA | 364 | | 384,192 | | 2001 | 2014 | 95% |
| Mesa Village | Clairemont, CA | 133 | | 43,600 | | 1963 | 2002 | 97% |
| Villa Siena | Costa Mesa, CA | 272 | | 262,842 | | 1974 | 2014 | 96% |
First 8 of 46 rows. The CSV has all of them.
| | | Rentable | | | Year | | |
| Communities (1) | Location | Units | Square Footage | | Year Built | Acquired | Occupancy(2) | |
| Park Catalina | Los Angeles, CA | 90 | | 72,864 | | 2002 | 2012 | 96% |
| Park Place | Los Angeles, CA | 60 | | 48,000 | | 1988 | 1997 | 97% |
| Regency Palm Court (5) | Los Angeles, CA | 116 | | 54,844 | | 1987 | 2014 | 96% |
| Santee Court | Los Angeles, CA | 165 | | 132,040 | | 2004 | 2010 | 97% |
| Santee Village | Los Angeles, CA | 73 | | 69,817 | | 2011 | 2011 | 97% |
| Tiffany Court | Los Angeles, CA | 101 | | 74,538 | | 1987 | 2014 | 98% |
First 8 of 46 rows. The CSV has all of them.
| | | Rentable | | | Year | | |
| Communities (1) | Location | Units | Square Footage | | Year Built | Acquired | Occupancy(2) | |
| Summit Park | San Diego, CA | 300 | | 229,400 | | 1972 | 2002 | 96% |
| Essex Skyline at MacArthur Place (12) | Santa Ana, CA | 349 | | 512,791 | | 2008 | 2012 | 96% |
| Fairhaven (4) | Santa Ana, CA | 164 | | 135,700 | | 1970 | 2001 | 97% |
| Parkside Court (34) | Santa Ana, CA | 210 | | 152,400 | | 1986 | 2014 | 96% |
| Hope Ranch Collection | Santa Barbara, CA | 108 | | 126,700 | | 1965&73 | 2007 | 98% |
| Bridgeport Coast (35) | Santa Clarita, CA | 188 | | 168,198 | | 2006 | 2014 | 95% |
First 8 of 47 rows. The CSV has all of them.
| | | Rentable | | | Year | | |
| Communities (1) | Location | Units | Square Footage | | Year Built | Acquired | Occupancy(2) | |
| San Marcos | Richmond, CA | 432 | | 407,600 | | 2003 | 2003 | 97% |
| Bennett Lofts | San Francisco, CA | 165 | | 184,713 | | 2004 | 2012 | 86% |
| Fox Plaza | San Francisco, CA | 443 | | 230,017 | | 1968 | 2013 | 95% |
| Mosso I | San Francisco, CA | 181 | | 223,222 | | 2014 | 2014 | 32% |
| Park West | San Francisco, CA | 126 | | 90,060 | | 1958 | 2012 | 94% |
| 101 San Fernando | San Jose, CA | 323 | | 296,078 | | 2001 | 2010 | 97% |
First 8 of 49 rows. The CSV has all of them.
| | | Rentable | | | Year | | |
| Communities (1) | Location | Units | Square Footage | | Year Built | Acquired | Occupancy(2) | |
| Belcarra | Bellevue, WA | 296 | | 241,567 | | 2009 | 2014 | 96% |
| BellCentre | Bellevue, WA | 248 | | 181,288 | | 2001 | 2014 | 96% |
| Cedar Terrace | Bellevue, WA | 180 | | 174,200 | | 1984 | 2005 | 97% |
| Courtyard off Main | Bellevue, WA | 109 | | 108,388 | | 2000 | 2010 | 96% |
| Ellington at Bellevue | Bellevue, WA | 220 | | 165,794 | | 1994 | 2014 | 95% |
| Emerald Ridge | Bellevue, WA | 180 | | 144,000 | | 1987 | 1994 | 96% |
First 8 of 49 rows. The CSV has all of them.
| | | Rentable | | | Year | | |
| Communities (1) | Location | Units | Square Footage | | Year Built | Acquired | Occupancy(2) | |
| Citywalk (34) | Seattle, WA | 102 | | 92,010 | | 1988 | 2014 | 96% |
| Collins on Pine | Seattle, WA | 76 | | 53,474 | | 2013 | 2014 | 98% |
| Domaine | Seattle, WA | 92 | | 79,421 | | 2009 | 2012 | 96% |
| Expo (29) | Seattle, WA | 275 | | 190,176 | | 2012 | 2012 | 95% |
| Fountain Court | Seattle, WA | 320 | | 207,000 | | 2000 | 2000 | 95% |
| Joule (30) | Seattle, WA | 295 | | 191,109 | | 2010 | 2010 | 96% |
First 8 of 14 rows. The CSV has all of them.
| | | Square | Year | | Year | | | |
| Other real estate assets (1) | Location | Tenants | Footage | Built | | Acquired | | Occupancy (2) | |
| 925 / 935 East Meadow Drive (31) | Palo Alto, CA | 1 | 39,600 | | 1988 / 1962 | | 1997 / 2007 | | 100% |
| 6230 Sunset Blvd (32) | Los Angeles, CA | 1 | 34,000 | | 1938 | | 2006 | | 100% |
| 17461 Derian Ave (33) | Irvine, CA | 8 | 107,720 | | 1983 | | 2000 | | 98% |
| Santa Clara Retail | Santa Clara, CA | 3 | 138,915 | | 1970 | | 2011 | | 100% |
| | 13 | 320,235 | | | | | | 99% |
| Quarter Ended | High | Low | | Close | |
| December 31, 2014 | $211.91 | | $206.35 | | $206.60 |
| September 30, 2014 | $180.65 | | $178.27 | | $178.75 |
| June 30, 2014 | $185.66 | | $183.36 | | $184.91 |
| March 31, 2014 | $171.70 | | $166.95 | | $170.05 |
| December 31, 2013 | $165.44 | | $137.53 | | $143.51 |
| September 30, 2013 | $172.16 | | $139.64 | | $147.70 |
| June 30, 2013 | $171.11 | | $147.56 | | $158.92 |
First 8 of 9 rows. The CSV has all of them.
Table 13 after “related to common stock, and Series F, G and H preferred stock for tax purposes are as follows:”
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| 2014 | 2013 | | 2012 | |
| Common Stock | | | | | |
| Ordinary income | 70.03% | | 77.34% | | 70.58% |
| Capital gain | 21.95% | | 17.64% | | 8.75% |
| Unrecaptured section 1250 capital gain | 8.02% | | 5.02% | | 7.97% |
| Return of capital | —% | | —% | | 12.70% |
| 100.00% | | 100.00% | | 100.00% |
| 2014 | 2013 | | 2012 | |
First 8 of 13 rows. The CSV has all of them.
| Year Ended | Annual Dividend/Distribution | Quarter Ended | | 2014 | | 2013 | | 2012 | |
| 1995 | $1.69 | | March 31, | | $1.21 | | $1.21 | | $1.10 |
| 1996 | $1.72 | | June 30, | | $1.30 | | $1.21 | | $1.10 |
| 1997 | $1.77 | | September 30, | | $1.30 | | $1.21 | | $1.10 |
| 1998 | $1.95 | | December 31, | | $1.30 | | $1.21 | | $1.10 |
| 1999 | $2.15 | | | | | | | | |
| 2000 | $2.38 | | Annual Dividend/Distribution | | $5.11 | | $4.84 | | $4.40 |
| 2001 | $2.80 | | | | | | | | |
First 8 of 18 rows. The CSV has all of them.
Table 15 after “The line graph below compares the cumulative total stockholder return on ESS common stock for the last five years with the cumulative total ”
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| Period Ending | | | | | |
| Index | 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 |
| Essex Property Trust, Inc. | 100.00 | 142.12 | 180.57 | 194.12 | 196.17 | 290.34 |
| NAREIT All Equity REIT Index | 100.00 | 127.95 | 138.55 | 165.84 | 170.58 | 218.38 |
| S&P 500 | 100.00 | 115.06 | 117.49 | 136.30 | 180.44 | 205.14 |
Table 16 after “Essex Property Trust, Inc. and Subsidiaries”
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| Years Ended December 31, | | | | | | | |
| 2014 | 2013 | | 2012 | 2011 | 2010 | | |
| ($ in thousands, except per share amounts) | | | | | | | |
| OPERATING DATA: | | | | | | | | |
| Rental and other property | $959,958 | | $602,003 | | $526,696 | | $460,660 | $400,841 |
| Management and other fees from affiliates(1) | 9,347 | | 7,263 | | 8,457 | | 5,428 | 3,836 |
| Income before discontinued operations | $134,438 | | $140,882 | | $127,653 | | $46,958 | $47,424 |
| Income from discontinued operations | — | | 31,173 | | 11,937 | | 10,558 | 3,358 |
First 8 of 20 rows. The CSV has all of them.
Table 17 after “Essex Property Trust, Inc. and Subsidiaries”
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| As of December 31, | | | | | | | |
| 2014 | 2013 | | 2012 | 2011 | 2010 | | |
| ($ in thousands) | | | | | | | |
| BALANCE SHEET DATA: | | | | | | | | |
| Investment in rental properties (before accumulated depreciation) | $11,252,511 | | $5,443,757 | | $5,033,672 | | $4,313,064 | $3,964,561 |
| Net investment in rental properties | 9,687,705 | | 4,188,871 | | 3,952,155 | | 3,393,038 | 3,189,008 |
| Real estate under development | 434,371 | | 50,430 | | 66,851 | | 44,280 | 217,531 |
| Co-investments | 1,036,411 | | 677,133 | | 571,345 | | 383,412 | 107,840 |
First 8 of 15 rows. The CSV has all of them.
| As of and for the years ended December 31, | | | | | | | |
| 2014 | 2013 | | 2012 | 2011 | 2010 | | |
| ($ in thousands, except per share amounts) | | | | | | | |
| OTHER DATA: | | | | | | | | |
| Funds from operations (FFO)(1): | | | | | | | | |
| Net income available to common stockholders | $116,859 | | $150,811 | | $119,812 | | $40,368 | $33,764 |
| Adjustments: | | | | | | | | |
| Depreciation and amortization | 360,592 | | 193,518 | | 170,686 | | 152,543 | 129,711 |
First 8 of 22 rows. The CSV has all of them.
Table 19 after “Essex Portfolio, L.P. and Subsidiaries”
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| Years Ended December 31, | | | | | | | |
| 2014 | 2013 | | 2012 | 2011 | 2010 | | |
| ($ in thousands, except per unit amounts) | | | | | | | |
| OPERATING DATA: | | | | | | | | |
| Rental and other property | $959,958 | | $602,003 | | $526,696 | | $460,660 | $400,841 |
| Management and other fees from affiliates(1) | 9,347 | | 7,263 | | 8,457 | | 5,428 | 3,836 |
| Income before discontinued operations | $134,438 | | $140,882 | | $127,653 | | $46,958 | $47,424 |
| Income from discontinued operations | — | | 31,173 | | 11,937 | | 10,558 | 3,358 |
First 8 of 20 rows. The CSV has all of them.
| As of December 31, | | | | | | | |
| 2014 | 2013 | | 2012 | 2011 | 2010 | | |
| ($ in thousands) | | | | | | | |
| BALANCE SHEET DATA: | | | | | | | | |
| Investment in rental properties (before accumulated depreciation) | $11,252,511 | | $5,443,757 | | $5,033,672 | | $4,313,064 | $3,964,561 |
| Net investment in rental properties | 9,687,705 | | 4,188,871 | | 3,952,155 | | 3,393,038 | 3,189,008 |
| Real estate under development | 434,371 | | 50,430 | | 66,851 | | 44,280 | 217,531 |
| Co-investments | 1,036,411 | | 677,133 | | 571,345 | | 383,412 | 107,840 |
First 8 of 15 rows. The CSV has all of them.
Table 21 after “The Company’s consolidated communities are as follows:”
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| As of | | As of | | | | | |
| December 31, 2014 | | December 31, 2013 | | | | | |
| Apartment Units | % | | | Apartment Units | % | | |
| Southern California | 22,168 | | | 47% | | | 13,855 | 46% |
| Northern California | 14,789 | | | 31% | | | 9,431 | 32% |
| Seattle Metro | 10,216 | | | 21% | | | 6,703 | 22% |
| Other real estate assets(1) | 552 | | | 1% | | | — | —% |
| Total | 47,725 | | | 100% | | | 29,989 | 100% |
| Years endedDecember 31, | | |
| 2014 | 2013 | |
| Southern California | 96.3% | | 96.1% |
| Northern California | 96.3% | | 96.1% |
| Seattle Metro | 96.0% | | 96.1% |
| Number of | Years EndedDecember 31, | | Dollar | | Percentage | | | |
| Property Revenues ($ in thousands) | Properties | 2014 | | 2013 | | Change | Change | | |
| 2014/2013 Same-Properties: | | | | | | | | | |
| Southern California | 58 | | $266,917 | | | $253,007 | | $13,910 | 5.5% |
| Northern California | 35 | | 218,014 | | | 198,832 | | $19,182 | 9.6% |
| Seattle Metro | 29 | | 114,962 | | | 106,982 | | 7,980 | 7.5% |
| Total 2014/2013 Same-Property revenues | 122 | | 599,893 | | | 558,821 | | 41,072 | 7.3% |
| 2014/2013 Non-Same Property Revenues (1) | | | 79,978 | | | 43,182 | | 36,796 | 85.2% |
First 8 of 10 rows. The CSV has all of them.
| Years endedDecember 31, | | |
| 2013 | 2012 | |
| Southern California | 96.1% | | 96.1% |
| Northern California | 96.3% | | 96.7% |
| Seattle Metro | 96.1% | | 96.1% |
| Number of | Years EndedDecember 31, | | Dollar | Percentage | | | |
| Property Revenues ($ in thousands) | Properties | 2013 | | 2012 | Change | Change | | |
| 2013/2012 Same-Properties: | | | | | | | | |
| Southern California | 58 | | $235,306 | | $225,435 | | $9,871 | 4.4% |
| Northern California | 35 | | 184,508 | | 170,578 | | $13,930 | 8.2% |
| Seattle Metro | 29 | | 93,139 | | 86,483 | | $6,656 | 7.7% |
| Total 2013/2012 Same-Property revenues | 122 | | 512,953 | | 482,496 | | $30,457 | 6.3% |
| 2013/2012 Non-Same Property Revenues (1) | | | 89,050 | | 44,200 | | $44,850 | 101.5% |
First 8 of 9 rows. The CSV has all of them.
| For the year ended | | | | |
| 12/31/2014 | 12/31/2013 | | 12/31/2012 | |
| Cash flow provided by (used in): | | | | | |
| Operating activities | $492,983 | | $304,982 | | $267,499 |
| Investing activities | $(1,147,156) | | $(453,696) | | $(812,138) |
| Financing activities | $520,610 | | $148,599 | | $550,356 |
Table 27 after “, and the effect such obligations could have on the Company’s liquidity and cash flow in future periods ($ in thousands):”
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| 2015 | 2016 and2017 | | 2018 and2019 | Thereafter | Total | | |
| Mortgage notes payable | $94,580 | | $240,164 | | $885,881 | | $941,526 | $2,162,151 |
| Unsecured debt | — | | 715,000 | | 75,000 | | 1,800,000 | 2,590,000 |
| Lines of credit | — | | 16,577 | | — | | 229,814 | 246,391 |
| Interest on indebtedness (1) | 188,481 | | 353,889 | | 286,471 | | 326,666 | 1,155,507 |
| Development commitments (including co-investments) | 185,651 | | 63,319 | | 578 | | — | 249,548 |
| $468,712 | | $1,388,949 | | $1,247,930 | | $3,298,006 | $6,403,597 |
Table 28 after “The reconciliation of earnings from operations to Same-Property NOI for the periods presented:”
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| 2014 | 2013 | | 2012 | |
| Earnings from operations | $201,514 | | $188,705 | | $167,025 |
| Adjustments: | | | | | |
| General and administrative | 40,878 | | 26,684 | | 24,573 |
| Management and other fees from affiliates | (9,347) | | (7,263) | | (8,457) |
| Depreciation and amortization | 360,592 | | 192,420 | | 169,173 |
| Merger and integration expenses | 53,530 | | 4,284 | | — |
| Acquisition and disposition costs | 1,878 | | 1,161 | | 2,215 |
First 8 of 11 rows. The CSV has all of them.
| | | | Carrying and | | Estimated Carrying Value | | |
| | Maturity | | Estimate | | + 50 | - 50 | |
| ($ in thousands) | Notional Amount | Date Range | | Fair Value | | Basis Points | Basis Points | |
| Cash flow hedges: | | | | | | | | |
| Interest rate swaps | $225,000 | | 2016-2017 | | $(1,767) | | $148 | $(3,846) |
| Interest rate caps | 153,239 | | 2015-2019 | | — | | 50 | — |
| Total cash flow hedges | $378,239 | | 2015-2019 | | $(1,767) | | $198 | $(3,846) |
Table 30 after “based on the terms of existing mortgage notes payable and variable rate demand notes compared to those available in the marketplace ($ in th”
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| For the Years Ended December 31, | | | | | | | | | | | | | | | |
| 2015 | 2016 | | 2017 | 2018 | 2019 | | Thereafter | Total | Fair value | | | | | | |
| Fixed rate debt | $94,580 | | $191,481 | | $538,683 | | $320,080 | | $630,801 | | $2,562,324 | | $4,337,949 | | $4,531,964 | |
| Average interest rate | 5.1% | | 4.5% | | 3.3% | | 5.5% | | 4.3% | | 3.9% | | | | | |
| Variable rate debt | $— | | $216,577 | | $25,000 | | $— | | $239,814 | | $179,202 | (1) | | $660,593 | | $656,345 |
| Average interest rate | — | | 2.2% | | 2.2% | | — | | 1.7% | | 1.9% | | | | | |
| (1) Consolidated Financial Statements of Essex Property Trust, Inc. | Page |
| Report of Independent Registered Public Accounting Firm | F- 1 |
| Consolidated Balance Sheets: As of December 31, 2014 and 2013 | F- 4 |
| Consolidated Statements of Income: Years ended December 31, 2014, 2013, and 2012 | F- 5 |
| Consolidated Statements of Comprehensive Income: Years ended December 31, 2014, 2013, and 2012 | F- 6 |
| Consolidated Statements of Equity: Years ended December 31, 2014, 2013, and 2012 | F- 7 |
| Consolidated Statements of Cash Flows: Years ended December 31, 2014, 2013, and 2012 | F- 10 |
| Notes to Consolidated Financial Statements | F- 21 |
First 8 of 18 rows. The CSV has all of them.
Table 32 after “(Dollars in thousands, except share amounts)”
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| 2014 | 2013 | |
| ASSETS | | | |
| Real estate: | | | |
| Rental properties: | | | |
| Land and land improvements | $2,426,496 | | $1,083,552 |
| Buildings and improvements | 8,826,015 | | 4,360,205 |
| 11,252,511 | | 5,443,757 |
| Less: accumulated depreciation | (1,564,806) | | (1,254,886) |
First 8 of 44 rows. The CSV has all of them.
Table 33 after “(Dollars in thousands, except per share and share amounts)”
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| 2014 | 2013 | | 2012 | |
| Revenues: | | | | | |
| Rental and other property | $959,958 | | $602,003 | | $526,696 |
| Management and other fees from affiliates | 9,347 | | 7,263 | | 8,457 |
| 969,305 | | 609,266 | | 535,153 |
| Expenses: | | | | | |
| Property operating, excluding real estate taxes | 203,040 | | 138,736 | | 123,813 |
| Real estate taxes | 107,873 | | 57,276 | | 48,354 |
First 8 of 38 rows. The CSV has all of them.
| 2014 | 2013 | | 2012 | |
| Net income | $134,438 | | $172,055 | | $139,590 |
| Other comprehensive income (loss): | | | | | |
| Changes in fair value of cash flow hedges and reclassification to interest expense | 4,168 | | 12,614 | | 3,402 |
| Changes in fair value of marketable securities | 6,302 | | (1,556) | | 1,411 |
| Reversal of unrealized gains upon the sale of marketable securities | (886) | | (1,767) | | (1,082) |
| Total other comprehensive income | 9,584 | | 9,291 | | 3,731 |
| Comprehensive income | 144,022 | | 181,346 | | 143,321 |
First 8 of 10 rows. The CSV has all of them.
Table 35 after “(Dollars and shares in thousands)”
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| Preferred stock | Common stock | | Additionalpaid-in | Distributionsin excess ofaccumulated | Accumulatedothercomprehensive(loss) income, | | Noncontrolling | | | | | | | |
| Shares | Amount | | Shares | Amount | capital | | earnings | net | Interest | | Total | | | |
| Balances at December 31, 2011 | 2,950 | | $73,750 | | 33,888 | | $3 | | $1,844,611 | | $(408,066) | | $(72,771) | $116,201 | $1,553,728 |
| Net income | — | | — | | — | | — | | — | | 125,284 | | — | 14,306 | 139,590 |
| Reversal of unrealized gains upon the sale of marketable securities | — | | — | | — | | — | | — | | — | | (1,018) | (64) | (1,082) |
| Changes in fair value of cash flow hedges and amortization of settlement swaps | — | | — | | — | | — | | — | | — | | 3,183 | 219 | 3,402 |
| Changes in fair value of marketable securities | — | | — | | — | | — | | — | | — | | 1,345 | 66 | 1,411 |
| Issuance of common stock under: | | | | | | | | | | | | | | | |
First 8 of 21 rows. The CSV has all of them.
| Stock option plans | — | $— | | 65 | | — | | 7,244 | — | | — | | — | 7,244 |
| Sale of common stock | — | — | | 913 | | 1 | | 138,365 | — | | — | | — | 138,366 |
| Equity-based compensation costs | — | — | | — | | — | | (907) | — | | — | | 2,515 | 1,608 |
| Redemptions of noncontrolling interest | — | — | | — | | — | | (3,717) | — | | — | | (1,994) | (5,711) |
| Distributions to noncontrolling interest | — | — | | — | | — | | — | — | | — | | (18,488) | (18,488) |
| Common and preferred stock dividends declared | — | — | | — | | — | | — | (186,243) | | — | | — | (186,243) |
| Balances at December 31, 2013 | 2,950 | 73,750 | | 37,421 | | 4 | | 2,345,763 | (474,426) | | (60,472) | | 113,619 | 1,998,238 |
| Net income | — | — | | — | | — | | — | 122,150 | | — | | 12,288 | 134,438 |
First 8 of 22 rows. The CSV has all of them.
| Redemptions of noncontrolling interest | — | — | — | — | (2,934) | — | — | (1,092) | (4,026) |
| Common and preferred stock dividends declared | — | — | — | — | — | (298,521) | — | — | (298,521) |
| Balances at December 31, 2014 | 2,950 | $73,750 | 63,683 | $6 | $6,651,165 | $(650,797) | $(51,452) | $113,396 | $6,136,068 |
| 2014 | 2013 | | 2012 | |
| Cash flows from operating activities: | | | | | |
| Net income | $134,438 | | $172,055 | | $139,590 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation and amortization | 360,592 | | 193,518 | | 170,686 |
| Earnings from co-investments | (33,335) | | (14,613) | | (12,633) |
| Company's share of gain on the sales of co-investments | (6,558) | | (41,252) | | (29,112) |
| Operating distributions from co-investments | 49,486 | | 19,636 | | 14,259 |
First 8 of 42 rows. The CSV has all of them.
| Borrowings under debt agreements | 2,093,406 | 969,061 | 1,745,853 |
| Repayment of debt | (1,814,020) | (750,900) | (1,371,317) |
| Additions to deferred charges | (17,402) | (7,402) | (6,707) |
| Equity related issuance cost | (1,391) | (617) | (309) |
| Net proceeds from stock options exercised | 11,039 | 4,958 | 2,643 |
| Net proceeds from issuance of common stock | 532,770 | 138,366 | 357,720 |
| Contributions from noncontrolling interest | — | — | 2,400 |
| Distributions to noncontrolling interest | (17,465) | (18,488) | (16,691) |
First 8 of 30 rows. The CSV has all of them.
Table 40 after “(Dollars in thousands, except per unit amounts)”
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| 2014 | 2013 | |
| ASSETS | | | |
| Real estate: | | | |
| Rental properties: | | | |
| Land and land improvements | $2,426,496 | | $1,083,552 |
| Buildings and improvements | 8,826,015 | | 4,360,205 |
| 11,252,511 | | 5,443,757 |
| Less: accumulated depreciation | (1,564,806) | | (1,254,886) |
First 8 of 45 rows. The CSV has all of them.
Table 41 after “(Dollars in thousands, except per unit and unit amounts)”
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| 2014 | 2013 | | 2012 | |
| Revenues: | | | | | |
| Rental and other property | $959,958 | | $602,003 | | $526,696 |
| Management and other fees from affiliates | 9,347 | | 7,263 | | 8,457 |
| 969,305 | | 609,266 | | 535,153 |
| Expenses: | | | | | |
| Property operating, excluding real estate taxes | 203,040 | | 138,736 | | 123,813 |
| Real estate taxes | 107,873 | | 57,276 | | 48,354 |
First 8 of 38 rows. The CSV has all of them.
| 2014 | 2013 | | 2012 | |
| Net income | $134,438 | | $172,055 | | $139,590 |
| Other comprehensive income (loss): | | | | | |
| Changes in fair value of cash flow hedges and reclassification to interest expense | 4,168 | | 12,614 | | 3,402 |
| Changes in fair value of marketable securities | 6,302 | | (1,556) | | 1,411 |
| Reversal of unrealized gains upon the sale of marketable securities | (886) | | (1,767) | | (1,082) |
| Total other comprehensive income | 9,584 | | 9,291 | | 3,731 |
| Comprehensive income | 144,022 | | 181,346 | | 143,321 |
First 8 of 10 rows. The CSV has all of them.
Table 43 after “(Dollars and units in thousands)”
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| General Partner | Limited Partners | | Accumulated | | | | | | | | | | | |
| | | | Preferred | | | | Preferred | other | | | | | | |
| Common Equity | Equity | | Common Equity | Equity | comprehensive | | Noncontrolling | | | | | | | |
| Units | Amount | | Amount | Units | Amount | | Amount | (loss) income | Interest | | Total | | | |
| Balances at December 31, 2011 | 33,888 | | $1,439,089 | | $71,209 | | 2,229 | | $48,578 | | $— | | $(71,962) | $66,814 | $1,553,728 |
| Net income | — | | 119,812 | | 5,472 | | — | | 7,959 | | — | | — | 6,347 | 139,590 |
| Reversal of unrealized gains upon the sale of marketable securities | — | | — | | — | | — | | — | | — | | (1,082) | — | (1,082) |
| Change in fair value of cash flow hedges and amortization of settlement of swaps | — | | — | | — | | — | | — | | — | | 3,402 | — | 3,402 |
First 8 of 23 rows. The CSV has all of them.
| Stock and unit based compensation plans | 65 | 7,244 | — | — | — | — | — | — | 7,244 |
| Sale of common stock by the general partner | 913 | 138,366 | — | — | — | — | — | — | 138,366 |
| Stock and unit based compensation costs | — | (907) | — | 28 | 2,515 | — | — | — | 1,608 |
| Redemptions | — | (3,717) | — | — | (617) | — | — | (1,377) | (5,711) |
| Distributions to noncontrolling interest | — | — | — | — | — | — | — | (8,016) | (8,016) |
| Distributions declared | — | (180,771) | (5,472) | — | (10,472) | — | — | — | (196,715) |
| Balances at December 31, 2013 | 37,421 | 1,873,882 | 71,209 | 2,150 | 45,957 | — | (58,940) | 66,130 | 1,998,238 |
| Net income | — | 116,859 | 5,291 | — | 4,867 | — | — | 7,421 | 134,438 |
First 8 of 22 rows. The CSV has all of them.
| Redemptions | — | (3,374) | — | — | (1,181) | — | — | (942) | (5,497) |
| Distributions declared | — | (292,790) | (5,291) | — | (11,148) | — | — | — | (309,229) |
| Balances at December 31, 2014 | 63,683 | $6,002,915 | $71,209 | 2,202 | $48,665 | $— | $(49,356) | $62,635 | $6,136,068 |
| 2014 | 2013 | | 2012 | |
| Cash flows from operating activities: | | | | | |
| Net income | $134,438 | | $172,055 | | $139,590 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation and amortization | 360,592 | | 193,518 | | 170,686 |
| Earnings from co-investments | (33,335) | | (14,613) | | (12,633) |
| Operating Partnership's share of gain on the sales of co-investments | (6,558) | | (41,252) | | (29,112) |
| Operating distributions from co-investments | 49,486 | | 19,636 | | 14,259 |
First 8 of 42 rows. The CSV has all of them.
| Borrowings under debt agreements | 2,093,406 | 969,061 | 1,745,853 |
| Repayment of debt | (1,814,020) | (750,900) | (1,371,317) |
| Additions to deferred charges | (17,402) | (7,402) | (6,707) |
| Equity related issuance cost | (1,391) | (617) | (309) |
| Net proceeds from stock options exercised | 11,039 | 4,958 | 2,643 |
| Net proceeds from issuance of common units | 532,770 | 138,366 | 357,720 |
| Contributions from noncontrolling interest | — | — | 2,400 |
| Distributions to noncontrolling interest | (4,841) | (8,016) | (6,957) |
First 8 of 30 rows. The CSV has all of them.
Table 48 after “The depreciable life of various categories of fixed assets is as follows:”
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| Computer software and equipment | 3 - 5 years |
| Interior unit improvements | 5 years |
| Furniture, fixtures and equipment | 5 years |
| Land improvements and certain exterior components of real property | 10 years |
| Real estate structures | 30 years |
Table 49 after “marketable securities consist of the following ($ in thousands):”
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| December 31, 2014 | | | | |
| AmortizedCost | GrossUnrealizedGain | | CarryingValue | |
| Available for sale: | | | | | |
| Investment-grade unsecured bonds | $9,435 | | $145 | | $9,580 |
| Investment funds - US treasuries | 3,769 | | 3 | | 3,772 |
| Common stock and stock funds | 25,755 | | 5,137 | | 30,892 |
| Held to maturity: | | | | | |
| Mortgage backed securities | 67,996 | | — | | 67,996 |
First 8 of 11 rows. The CSV has all of them.
Table 50 after “(1) Limited partnership interests”
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| December 31, 2013 | | | | |
| AmortizedCost | GrossUnrealizedGain (Loss) | | CarryingValue | |
| Available for sale: | | | | | |
| Investment-grade unsecured bonds | $15,446 | | $509 | | $15,955 |
| Investment funds - US treasuries | 3,675 | | 3 | | 3,678 |
| Common stock | 13,104 | | (1,304) | | 11,800 |
| Held to maturity: | | | | | |
| Mortgage backed securities | 58,651 | | — | | 58,651 |
First 8 of 9 rows. The CSV has all of them.
Table 51 after “related to common stock, Series F, Series G, and Series H preferred stock are classified for tax purposes as follows:”
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| 2014 | 2013 | | 2012 | |
| Common Stock | | | | | |
| Ordinary income | 70.03% | | 77.34% | | 70.58% |
| Capital gain | 21.95% | | 17.64% | | 8.75% |
| Unrecaptured section 1250 capital gain | 8.02% | | 5.02% | | 7.97% |
| Return of capital | —% | | —% | | 12.70% |
| 100.00% | | 100.00% | | 100.00% |
Table 52 after “December 31, 2014, 2013, and 2012”
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| 2014 | 2013 | | 2012 | |
| Series F, G, and H Preferred stock | | | | | |
| Ordinary income | 70.03% | | 77.34% | | 80.85% |
| Capital gains | 21.95% | | 17.64% | | 10.02% |
| Unrecaptured section 1250 capital gain | 8.02% | | 5.02% | | 9.13% |
| 100.00% | | 100.00% | | 100.00% |
| Change in fair value andamortizationof derivatives | Unrealizedgains/(losses) onavailable for salesecurities | | Total | |
| Balance at December 31, 2013, net of noncontrolling interest | $(59,724) | | $(748) | | $(60,472) |
| Other comprehensive income before reclassification | 758 | | 6,140 | | 6,898 |
| Amounts reclassified from accumulated other comprehensive loss | 2,963 | | (841) | | 2,122 |
| Net other comprehensive income | 3,721 | | 5,299 | | 9,020 |
| Balance at December 31, 2014, net of noncontrolling interest | $(56,003) | | $4,551 | | $(51,452) |
| Change in fairvalue andamortizationof derivatives | Unrealizedgains/(losses) onavailable for salesecurities | | Total | |
| Balance at December 31, 2013 | $(58,148) | | $(792) | | $(58,940) |
| Other comprehensive income before reclassification | 1,205 | | 6,302 | | 7,507 |
| Amounts reclassified from accumulated other comprehensive loss | 2,963 | | (886) | | 2,077 |
| Net other comprehensive income | 4,168 | | 5,416 | | 9,584 |
| Balance at December 31, 2014 | $(53,980) | | $4,624 | | $(49,356) |
Table 55 after “The preliminary fair values of the assets and liabilities acquired on April 1, 2014 (including the 14 properties acquired on March 31, 2014 ”
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| Cash assumed | $140 |
| Rental properties and real estate under development | 5,618 |
| Real estate held for sale, net | 108 |
| Co-investments | 218 |
| Acquired in-place lease value | 77 |
| Other assets | 16 |
| Mortgage notes payable and unsecured debt | (1,747) |
| Other liabilities | (94) |
First 8 of 13 rows. The CSV has all of them.
| Pro forma (unaudited) year ended December 31(in thousands, except per share data) | | |
| 2014 | 2013 | |
| Total Revenue | $1,055,460 | | $944,410 |
| Net income available to common stockholders (1) (2) | $263,440 | | $141,504 |
| Earnings per share, diluted (1) | $4.08 | | $2.26 |
| Pro forma (unaudited) year ended December 31(in thousands, except per unit data) | | |
| 2014 | 2013 | |
| Total Revenue | $1,055,460 | | $944,410 |
| Net income available to common unitholders (1) (2) | $263,585 | | $141,175 |
| Earnings per unit, diluted (1) | $4.08 | | $2.26 |
Table 58 after “December 31, 2014, 2013, and 2012”
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| 2014 | 2013 | |
| Membership interest/Partnership interest in: | | | |
| Wesco I and III | $188,404 | | $181,098 |
| Fund II | 696 | | 4,166 |
| Expo | 7,352 | | 12,041 |
| The Huxley | 11,471 | | 11,224 |
| Connolly Station | 46,653 | | 45,242 |
| Epic Phase I and II | 122,968 | | 106,845 |
First 8 of 29 rows. The CSV has all of them.
Table 59 after “The combined summarized financial information of co-investments is as follows ($ in thousands):”
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| December 31, | | |
| 2014 | 2013 | |
| Balance sheets: | | | |
| Rental properties and real estate under development | $3,426,574 | | $1,953,328 |
| Other assets | 107,902 | | 61,578 |
| Total assets | $3,534,476 | | $2,014,906 |
| Debt (1) | $1,677,089 | | $690,132 |
| Other liabilities | 91,579 | | 125,479 |
First 8 of 11 rows. The CSV has all of them.
Table 60 after “The combined summarized financial information of co-investments is as follows ($ in thousands):”
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| Years endedDecember 31, | | | | |
| 2014 | 2013 | | 2012 | |
| Statements of operations: | | | | | |
| Property revenues | $188,548 | | $100,402 | | $130,128 |
| Property operating expenses | (71,419) | | (37,518) | | (55,990) |
| Net operating income | 117,129 | | 62,884 | | 74,138 |
| Gain on sale of real estate | 23,333 | | 146,758 | | 106,016 |
| Interest expense | (39,990) | | (24,155) | | (34,959) |
First 8 of 13 rows. The CSV has all of them.
| 2014 | 2013 | |
| Note receivable, secured, bearing interest at 6.0%, due December 2016 | $3,212 | | $3,212 |
| Notes and other receivables from affiliates (1) | 8,105 | | 60,968 |
| Other receivables (2) | 13,606 | | 4,075 |
| $24,923 | | $68,255 |
Table 62 after “December 31, 2014, 2013, and 2012”
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| 2013 | 2012 | |
| Revenues | $4,454 | | $5,848 |
| Property operating expenses | (1,406) | | (2,181) |
| Depreciation and amortization | (1,098) | | (1,513) |
| Expenses | (2,504) | | (3,694) |
| Operating income from real estate sold | 1,950 | | 2,154 |
| Gain on sale of real estate | 29,223 | | 10,870 |
| Internal disposition costs | — | | (1,087) |
First 8 of 9 rows. The CSV has all of them.
| 2014 | 2013 | |
| Fixed rate mortgage notes payable | $2,056,742 | | $1,236,479 |
| Variable rate mortgage notes payable (1) | 189,202 | | 167,601 |
| Total mortgage notes payable (2) | $2,245,944 | | $1,404,080 |
| Number of properties securing mortgage notes | 67 | | 49 |
| Remaining terms | 1-26 years | | 1-26 years |
| Weighted average interest rate | 4.6% | | 5.6% |
Table 64 after “are as follows ($ in thousands):”
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| 2015 | $94,580 |
| 2016 | 41,481 |
| 2017 | 198,683 |
| 2018 | 320,080 |
| 2019 | 565,801 |
| Thereafter | 941,526 |
| $2,162,151 |
| 2014 | 2013 | | Weighted AverageMaturityIn Years | |
| Bonds private placement - fixed rate | $465,000 | | $465,000 | | 4.2 |
| Term loan - variable rate | 225,000 | | 350,000 | | 1.9 |
| Bonds public offering - fixed rate | 1,927,482 | | 595,023 | | 7.1 |
| Unsecured debt (1) | 2,617,482 | | 1,410,023 | | |
| Lines of credit | 246,391 | | 219,421 | | |
| Total unsecured debt | $2,863,873 | | $1,629,444 | | |
| Weighted average interest rate on fixed rate unsecured bonds | 3.6% | | 4.0% | | |
First 8 of 10 rows. The CSV has all of them.
| Maturity | 2014 | 2013 | | CouponRate | |
| Senior unsecured private placement notes | March 2016 | $150,000 | | $150,000 | | 4.36% |
| Senior unsecured private placement notes | September 2017 | 40,000 | | 40,000 | | 4.50% |
| Senior unsecured private placement notes | December 2019 | 75,000 | | 75,000 | | 4.92% |
| Senior unsecured private placement notes | April 2021 | 100,000 | | 100,000 | | 4.27% |
| Senior unsecured private placement notes | June 2021 | 50,000 | | 50,000 | | 4.30% |
| Senior unsecured private placement notes | August 2021 | 50,000 | | 50,000 | | 4.37% |
| | $465,000 | | $465,000 | | |
| Maturity | 2014 | 2013 | | Coupon Rate | |
| Senior notes | March 2017 | 300,000 | | — | | 5.500% |
| Senior notes | March 2021 | 300,000 | | — | | 5.200% |
| Senior notes | August 2022 | 300,000 | | 300,000 | | 3.625% |
| Senior notes | January 2023 | 300,000 | | — | | 3.375% |
| Senior notes | May 2023 | 300,000 | | 300,000 | | 3.250% |
| Senior notes | May 2024 | 400,000 | | — | | 3.875% |
| | 1,900,000 | | 600,000 | | |
Table 68 after “The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2014 are as follows ($ in t”
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| 2015 | $— |
| 2016 | 350,000 |
| 2017 | 365,000 |
| 2018 | — |
| 2019 | 75,000 |
| Thereafter | 1,800,000 |
| $2,590,000 |
Table 69 after “December 31, 2014, 2013, and 2012”
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| Future |
| Minimum |
| Rent |
| 2015 | $12,348 |
| 2016 | 9,898 |
| 2017 | 9,003 |
| 2018 | 8,123 |
| 2019 | 7,350 |
First 8 of 10 rows. The CSV has all of them.
| 2014 | 2013 | | 2012 | | | | | | | | | | | |
| Income | Weighted-averageCommonShares | | PerCommonShareAmount | Income | Weighted-averageCommonShares | | PerCommonShareAmount | Income | Weighted-averageCommonShares | | PerCommonShareAmount | | | |
| Basic: | | | | | | | | | | | | | | | |
| Income from continuing operations available to common stockholders | $116,859 | | 56,546,959 | | $2.07 | | $121,324 | | 37,248,960 | | $3.26 | | $108,532 | 35,032,491 | $3.10 |
| Income from discontinued operations available to common stockholders | — | | 56,546,959 | | — | | 29,487 | | 37,248,960 | | 0.79 | | 11,280 | 35,032,491 | 0.32 |
| $116,859 | | | | $2.07 | | $150,811 | | | | $4.05 | | $119,812 | | $3.42 |
| Effect of Dilutive Securities (1) | — | | 149,566 | | | | — | | 86,335 | | | | — | 92,430 | |
| Diluted: | | | | | | | | | | | | | | | |
First 8 of 11 rows. The CSV has all of them.
| 2014 | 2013 | | 2012 | | | | | | | | | | | |
| Income | Weighted-averageCommonUnits | | PerCommonUnitAmount | Income | Weighted-averageCommonUnits | | PerCommonUnitAmount | Income | Weighted-averageCommonUnits | | PerCommonUnitAmount | | | |
| Basic: | | | | | | | | | | | | | | | |
| Income from continuing operations available to common unitholders | $121,726 | | 58,771,666 | | $2.07 | | $128,576 | | 39,380,385 | | $3.27 | | $115,834 | 37,251,537 | $3.11 |
| Income from discontinued operations | — | | 58,771,666 | | — | | 31,173 | | 39,380,385 | | 0.79 | | 11,937 | 37,251,537 | 0.32 |
| Income available to common unitholders | $121,726 | | | | $2.07 | | $159,749 | | | | $4.06 | | $127,771 | | $3.43 |
| Effect of Dilutive Securities (1) | — | | 149,566 | | | | — | | 86,335 | | | | — | 92,430 | |
| Diluted: | | | | | | | | | | | | | | | |
First 8 of 11 rows. The CSV has all of them.
Table 72 after “cap on the appreciation of the market price over the exercise price. The fair value of stock options was estimated on the date of grant usin”
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| 2014 | 2013 | | 2012 | |
| Stock price | $176.65 | | $153.54 | | $143.95 |
| Risk-free interest rates | 2.37% | | 2.68% | | 1.16% |
| Expected lives | 8 years | | 8 years | | 5 - 8 years |
| Volatility | 18.00% | | 18.03% | | 20.05% |
| Dividend yield | 2.90% | | 3.15% | | 3.26% |
Table 73 after “and changes during the years ended on those dates is presented below:”
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| 2014 | 2013 | | 2012 | | | | | | |
| Shares | Weighted-averageexerciseprice | | Shares | Weighted-averageexerciseprice | Shares | | Weighted-averageexerciseprice | | |
| Outstanding at beginning of year | 695,488 | | $133.37 | | 623,434 | | $125.96 | | 415,020 | $109.71 |
| Granted | 42,518 | | 176.65 | | 150,325 | | 153.54 | | 263,113 | 143.95 |
| Granted - BRE options converted | 133,766 | | 121.03 | | — | | — | | — | — |
| Exercised | (185,387) | | 113.72 | | (52,970) | | 102.43 | | (41,603) | 77.21 |
| Forfeited and canceled | (21,600) | | 144.29 | | (25,301) | | 135.25 | | (13,096) | 128.36 |
| Outstanding at end of year | 664,785 | | 138.78 | | 695,488 | | 133.37 | | 623,434 | 125.96 |
First 8 of 9 rows. The CSV has all of them.
| Options outstanding | Options exercisable | | | | | | |
| Numberoutstandingas of | Weighted-averageremaining | | Weighted-average | | Numberexercisableas of | Weighted-average | |
| Range of | December 31, | contractual | | exercise | | December 31, | exercise | |
| exercise prices | 2014 | life (years) | | price | | 2014 | price | |
| $66.05 - $101.01 | 39,590 | | 2.8 | | $79.64 | | 39,590 | $79.64 |
| $103.82 - $161.98 | 561,626 | | 6.1 | | 139.05 | | 303,670 | 134.22 |
| $164.76 - $179.48 | 63,569 | | 8.2 | | 173.22 | | 52,726 | 173.49 |
| 664,785 | | 6.1 | | 138.78 | | 395,986 | 133.99 |
Table 75 after “and changes during the years ended:”
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| 2014 | 2013 | | 2012 | | | | | | |
| Shares | Weighted-averagegrantprice | | Shares | Weighted-averagegrantprice | Shares | | Weighted-averagegrantprice | | |
| Unvested at beginning of year | 16,176 | | $108.06 | | 24,922 | | $104.52 | | 35,219 | $98.57 |
| Granted | 22,014 | | 194.03 | | 1,556 | | 158.75 | | 1,614 | 149.68 |
| Granted - BRE restricted stock converted | 119,411 | | 173.82 | | — | | — | | — | — |
| Vested | (126,931) | | 171.56 | | (7,211) | | 109.86 | | (8,641) | 106.69 |
| Forfeited and canceled | (4,850) | | 135.10 | | (3,091) | | 100.84 | | (3,270) | 102.00 |
| Unvested at end of year | 25,820 | | 168.22 | | 16,176 | | 108.06 | | 24,922 | 104.52 |
| Long Term Incentive Plan - LTIP Units | | | | | | | |
| TotalVestedUnits | TotalUnvestedUnits | | TotalOutstandingUnits | Weighted-averageGrant-dateFair Value | Weighted-averageRemainingContractualLife (years) | | |
| Balance, December 31, 2011 | 179,082 | | 170,019 | | 349,101 | | $58.17 | 12.3 |
| Granted | — | | — | | — | | | |
| Vested | 28,163 | | (28,163) | | — | | | |
| Converted | (16,541) | | — | | (16,541) | | | |
| Cancelled | — | | (1,813) | | (1,813) | | | |
| Balance, December 31, 2012 | 190,704 | | 140,043 | | 330,747 | | 58.44 | 11.3 |
First 8 of 18 rows. The CSV has all of them.
| Years Ended December 31, | | | | |
| 2014 | 2013 | | 2012 | |
| Revenues: | | | | | |
| Southern California | $422,899 | | $263,064 | | $248,150 |
| Northern California | 338,006 | | 212,167 | | 173,264 |
| Seattle Metro | 168,053 | | 107,553 | | 92,489 |
| Other real estate assets | 31,000 | | 19,219 | | 12,793 |
| Total property revenues | $959,958 | | $602,003 | | $526,696 |
First 8 of 26 rows. The CSV has all of them.
| As of December 31, | | |
| Assets: | 2014 | 2013 | |
| Southern California | $4,249,107 | | $1,732,791 |
| Northern California | 3,641,720 | | 1,605,303 |
| Seattle Metro | 1,647,058 | | 741,533 |
| Other real estate assets | 149,820 | | 109,244 |
| Net reportable operating segments - real estate assets | 9,687,705 | | 4,188,871 |
| Real estate under development | 434,371 | | 50,430 |
First 8 of 15 rows. The CSV has all of them.
| Quarter endedDecember 31 | Quarter endedSeptember 30 | | Quarter endedJune 30 | Quarter endedMarch 31 | |
| 2014 (1): | | | | | | |
| Total property revenues | $276,209 | | $268,118 | | $256,614 | $159,017 |
| Income before discontinued operations | $44,805 | | $58,582 | | $4,645 | $26,406 |
| Net income | $44,805 | | $58,582 | | $4,645 | $26,406 |
| Net income available to common stockholders | $40,175 | | $53,565 | | $1,207 | $21,912 |
| Per share data: | | | | | | |
| Net income: | | | | | | |
First 8 of 29 rows. The CSV has all of them.
| Quarter endedDecember 31 | Quarter endedSeptember 30 | | Quarter endedJune 30 | Quarter endedMarch 31 | |
| 2014 (1): | | | | | | |
| Total property revenues | $276,209 | | $268,118 | | $256,614 | $159,017 |
| Income before discontinued operations | $44,805 | | $58,582 | | $4,645 | $26,406 |
| Net income | $44,805 | | $58,582 | | $4,645 | $26,406 |
| Net income available to common unitholders | $41,599 | | $55,382 | | $1,416 | $23,329 |
| Per unit data: | | | | | | |
| Net income: | | | | | | |
First 8 of 21 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Encumbered communities | | | | | | | | | | | | | | | | | | | |
| The Elliot at Mukilteo | 301 | | Mukilteo, WA | 10,750 | | 2,498 | | 10,595 | | 14,371 | | 2,824 | | 24,640 | 27,464 | (12,928) | 1981 | Jan-97 | 3-30 |
| Avondale at Warner Center | 446 | | Woodland Hills, CA | 45,349 | | 10,536 | | 24,522 | | 15,722 | | 10,601 | | 40,179 | 50,780 | (23,899) | 1970 | Jan-97 | 3-30 |
| Bridgeport | 184 | | Newark, CA | 21,003 | | 1,608 | | 7,582 | | 7,465 | | 1,525 | | 15,130 | 16,655 | (11,592) | 1987 | Jul-87 | 3-30 |
First 8 of 35 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | | | | |
| | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | | | | |
| Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | | | | |
| Montclaire, The | 390 | | Sunnyvale, CA | 45,833 | | 4,842 | | 19,776 | | 20,330 | | 4,997 | | 39,951 | | 44,948 | | (31,729) | | 1973 | Dec-88 | 3-30 |
| Montebello | 248 | | Kirkland, WA | 28,423 | | 13,857 | | 41,575 | | 3,500 | | 13,858 | | 45,074 | | 58,932 | | (4,057) | | 1996 | Jul-12 | 3-30 |
| Montejo | 124 | | Garden Grove, CA | 15,728 | | 1,925 | | 7,685 | | 2,509 | | 2,194 | | 9,925 | | 12,119 | | (4,566) | | 1974 | Nov-01 | 3-30 |
| Park Hill at Issaquah | 245 | | Issaquah, WA | 28,426 | | 7,284 | | 21,937 | | 3,733 | | 7,284 | | 25,670 | | 32,954 | | (9,049) | | 1999 | Feb-99 | 3-30 |
First 8 of 35 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | |
| | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | |
| Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | |
| Annaliese | 56 | | Seattle, WA | | 4,727 | | 14,229 | | 153 | | 4,726 | | 14,383 | 19,109 | (949) | 2009 | Jan-13 | 3-30 |
| Ascent | 90 | | Kirkland, WA | | 3,924 | | 11,862 | | 1,538 | | 3,924 | | 13,400 | 17,324 | (1,143) | 1988 | Oct-12 | 3-30 |
| Axis 2300 | 115 | | Irvine, CA | | 5,405 | | 33,585 | | 965 | | 5,405 | | 34,550 | 39,955 | (7,071) | 2010 | Aug-10 | 3-30 |
| Bellerive | 63 | | Los Angeles, CA | | 5,401 | | 21,803 | | 629 | | 5,401 | | 22,432 | 27,833 | (3,412) | 2011 | Aug-11 | 3-30 |
First 8 of 35 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | |
| | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | |
| Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | |
| Fairways (4) | 74 | | Newport Beach, CA | | — | | 7,850 | | 6,107 | | 9 | | 13,948 | 13,957 | (6,203) | 1972 | Jun-99 | 3-30 |
| Foothill Commons | 388 | | Bellevue, WA | | 2,435 | | 9,821 | | 35,126 | | 2,440 | | 44,942 | 47,382 | (26,268) | 1978 | Mar-90 | 3-30 |
| Foothill Gardens/Twin Creeks | 176 | | San Ramon, CA | | 5,875 | | 13,992 | | 6,870 | | 5,964 | | 20,773 | 26,737 | (11,064) | 1985 | Feb-97 | 3-30 |
| Forest View | 192 | | Renton, WA | | 3,731 | | 14,530 | | 1,530 | | 3,731 | | 16,060 | 19,791 | (6,358) | 1998 | Oct-03 | 3-30 |
First 8 of 36 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | | | |
| | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | | | |
| Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | | | |
| Reed Square | 100 | | Sunnyvale, CA | | 6,873 | | 16,037 | | 7,708 | | 6,873 | | 23,745 | | 30,618 | | (2,853) | | 1970 | Jan-12 | 3-30 |
| Regency at Encino | 75 | | Encino, CA | | 3,184 | | 12,737 | | 2,202 | | 3,184 | | 14,939 | | 18,123 | | (3,151) | | 1989 | Dec-09 | 3-30 |
| Salmon Run at Perry Creek | 132 | | Bothell, WA | | 3,717 | | 11,483 | | 1,430 | | 3,801 | | 12,829 | | 16,630 | | (6,057) | | 2000 | Oct-00 | 3-30 |
| 101 San Fernando | 323 | | San Jose, CA | | 4,173 | | 58,961 | | 6,876 | | 4,173 | | 65,837 | | 70,010 | | (10,762) | | 2001 | Jul-10 | 3-30 |
First 8 of 30 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Square | | | | Buildings and | subsequent | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Footage | Location | Encumbrance | Land | improvements | to acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | | | | | | |
| Other real estate assets | | | | | | | | | | | | | | | | | | | |
| Hollywood | 34,000 | | Los Angeles, CA | | 10,200 | | 13,800 | | 2,402 | | 10,200 | | 16,202 | | 26,402 | (5,262) | 1938 | Jul-06 | 3-30 |
| Santa Clara Retail | 138,915 | | Santa Clara, CA | | 6,472 | | 11,704 | | 4,586 | | 6,472 | | 16,290 | | 22,762 | (3,665) | 1970 | Sep-11 | 3-30 |
| 925/935 East Meadow Drive | 39,600 | | Palo Alto, CA | | 1,401 | | 3,172 | | 8,758 | | 3,547 | | 9,784 | | 13,331 | (3,481) | 1988 | Nov-97 | 3-30 |
First 8 of 12 rows. The CSV has all of them.
Table 87 after “A summary of activity for rental properties and accumulated depreciation is as follows:”
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| 2014 | 2013 | | 2012 | | 2014 | 2013 | | 2012 | | |
| Rental properties: | | | | | Accumulated depreciation: | | | | | | |
| Balance at beginning of year | $5,443,757 | | $5,033,672 | | | $4,313,064 | Balance at beginning of year | $1,254,886 | | $1,081,517 | $920,026 |
| Improvements | 135,812 | | 92,016 | | | 97,947 | Depreciation expense - Acquisitions | 121,426 | | 6,203 | 3,744 |
| Acquisition of real estate (1) | 5,685,884 | | 344,476 | | | 619,743 | Depreciation expense - Discontinued operations | — | | 12,290 | 2,108 |
| Development of real estate | 19,751 | | 14,111 | | | 25,545 | Depreciation expense - Rental properties | 199,495 | | 168,092 | 161,492 |
| Disposition of real estate | (32,693) | | (40,518) | | | (22,627) | Dispositions | (11,001) | | (13,216) | (5,853) |
| Balance at the end of year | $11,252,511 | | $5,443,757 | | | $5,033,672 | Balance at the end of year | $1,564,806 | | $1,254,886 | $1,081,517 |
Table 88 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”
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| Signature | Title | Date |
| /S/ MICHAEL J. SCHALLMichael J. Schall | Chief Executive Officer and President, and Director (Principal Executive Officer) | March 2, 2015 |
| /S/ KEITH R. GUERICKEKeith R. Guericke | Director, and Vice Chairman of the Board | March 2, 2015 |
| /S/ GEORGE M. MARCUSGeorge M. Marcus | Director and Chairman of the Board | March 2, 2015 |
| /S/ DAVID W. BRADYDavid W. Brady | Director | March 2, 2015 |
| /S/ IRVING F. LYONS, IIIIrving F. Lyons, III | Director | March 2, 2015 |
| /S/ GARY P. MARTINGary P. Martin | Director | March 2, 2015 |
| /S/ ISSIE N. RABINOVITCHIssie N. Rabinovitch | Director | March 2, 2015 |
First 8 of 14 rows. The CSV has all of them.
| Exhibit No. | Document |
| 2.1 | Agreement and Plan of Merger, dated as of December 19, 2013, by and among Essex Property Trust, Inc., BRE Properties, Inc. and Bronco Acquisition Sub, Inc., a Delaware corporation, attached as Exhibit 2.1 to the Company's Form 8-K, filed on December 20, 2013, and incorporated herein by reference. |
| 3.1 | Articles of Amendment and Restatement of Essex Property Trust, Inc., attached as Exhibit 3.1 to the Company's Current Report on Form 8-K, filed May 17, 2013, and incorporated herein by reference. |
| 3.2 | Third Amended and Restated Bylaws of Essex Property Trust, Inc., dated as of May 14, 2013, attached as Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed May 17, 2013, and incorporated herein by reference. |
| 3.3 | Certificate of Limited Partnership of Essex Portfolio, L.P. and amendments thereto, attached as Exhibit 3.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and incorporated herein by reference. |
| 4.1 | Form of 7.125% Series H Cumulative Redeemable Preferred Stock Certificate, attached as Exhibit 4.1 to the Company's Current Report on Form 8-K, filed April 13, 2011, and incorporated herein by reference. |
| 4.2 | Indenture, dated August 15, 2012, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.625% Senior Notes due 2022 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed August 15, 2012, and incorporated herein by reference. |
| 4.3 | Indenture, dated April 15, 2013, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.25% Senior Notes due 2023 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed April 15, 2013, and incorporated herein by reference. |
First 8 of 16 rows. The CSV has all of them.
| 4.12 | Registration Rights Agreement, dated April 15, 2014, among Essex Portfolio, L.P., Essex Property Trust, Inc., and Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC as representatives of the several initial purchasers, attached as Exhibit 10.1 to Essex Property Trust, Inc.’s Current Report on Form 8-K, filed April 16, 2014, and incorporated herein by reference. |
| 10.1 | Agreement between Essex Property Trust, Inc. and George M. Marcus, dated March 27, 2003 attached as Exhibit 10.32 to the Company's Form 10-K for the year ended December 31, 2002, and incorporated herein by reference. |
| 10.2 | Essex Property Trust, Inc. 2004 Stock Incentive Plan, attached as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, and incorporated herein by reference.* |
| 10.3 | 2005 Deferred Compensation Plan (as amended and restated) of Essex Portfolio, L.P., dated as of December 2, 2008, attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed December 8, 2008, and incorporated herein by reference.* |
| 10.4 | Form of Indemnification Agreement between Essex Property Trust, Inc. and its directors and officers, attached as Exhibit 99.1 to the Company's Current Report on Form 8-K, filed February 25, 2011, and incorporated herein by reference.* |
| 10.5 | Note Purchase Agreement, dated as of March 31, 2011, among Essex Portfolio, L.P., Essex Property Trust, Inc. and the purchasers of the notes party thereto (including the form of the 4.36% Senior Guaranteed Notes, due March 31, 2016), attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed April 1, 2011, and incorporated herein by reference.† |
| 10.6 | Note Purchase Agreement, dated as of June 30, 2011, among Essex Portfolio, L.P., Essex Property Trust, Inc. and the purchasers of the notes party thereto (including the forms of the 4.50% Senior Guaranteed Notes, Series A, due September 30, 2017, and the 4.92% Senior Guaranteed Notes, Series B, due December 30, 2019) , attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed July 5, 2011, and incorporated herein by reference.† |
| 10.7 | Amended and Restated 2004 Non-Employee Director Equity Award Program, dated May 1, 2011, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, and incorporated herein by reference.* |
First 8 of 16 rows. The CSV has all of them.
| 10.16 | Essex Property Trust, Inc. 2013 Stock Award and Incentive Compensation Plan, attached as Appendix B to the Company's Definitive Proxy Statement on Schedule 14A for the Annual Meeting of Stockholders held May 14, 2013, filed April 1, 2013, and incorporated herein by reference.* |
| 10.17 | Essex Property Trust, Inc. 2013 Employee Stock Purchase Plan, attached as Appendix C to the Company's Definitive Proxy Statement on Schedule 14A for the Annual Meeting of Stockholders held May 14, 2013, filed April 1, 2013, and incorporated herein by reference.* |
| 10.18 | Forms of equity award agreements for officers under the 2013 Stock Award and Incentive Compensation Plan, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, and incorporated herein by reference.* |
| 10.19 | Company’s Non-Employee Director Equity Award Program and forms of equity award agreements thereunder, attached as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, and incorporated herein by reference.* |
| 10.20 | Third Amended and Restated Agreement of Limited Partnership of Essex Portfolio, L.P., dated as of December 10, 2013, attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed December 12, 2013, and incorporated herein by reference.* |
| 10.21 | Fourth Amendment to Amended and Restated Revolving Credit Agreement, dated as of January 29, 2014, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and the other lenders party thereto, attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed January 31, 2014, and incorporated herein by reference. |
| 10.22 | Third Modification Agreement, dated as of January 29, 2014 by and among Essex Portfolio, L.P., U.S. Bank National Association, as Administrative Agent and Lender and the other lenders party thereto, attached as Exhibit 10.2 to the Company's Current Report on Form 8-K, filed January 31, 2014, and incorporated herein by reference. |
| 10.23 | BRE Properties, Inc. 1999 Stock Incentive Plan (assumed by Essex Property Trust, Inc.), attached as Exhibit 99.1 to Essex Property Trust, Inc.'s Registration Statement on Form S-8, filed April 1, 2014, and incorporated herein by reference.* |
First 8 of 21 rows. The CSV has all of them.
| 31.3 | Certification of Michael J. Schall, Principal Executive Officer of General Partner, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.4 | Certification of Michael T. Dance, Principal Financial Officer of General Partner, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1 | Certification of Michael J. Schall, Principal Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2 | Certification of Michael T. Dance, Principal Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.3 | Certification of Michael J. Schall, Principal Executive Officer of General Partner, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.4 | Certification of Michael T. Dance, Principal Financial Officer of General Partner, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
First 8 of 12 rows. The CSV has all of them.