← Filings of ESS
Tables in the 10-K of ESSEX PROPERTY TRUST, INC.
93 tables with numbers, filed Feb 24, 2017. 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 | 6 |
| Item 1B. | Unresolved Staff Comments | 22 |
| Item 2. | Properties | 22 |
| Item 3. | Legal Proceedings | 30 |
| Item 4. | Mine Safety Disclosures | 30 |
| Part II. | | |
First 8 of 25 rows. The CSV has all of them.
| Property Name | Location | Apartment Homes | Essex Ownership Percentage | | Ownership | Quarter in 2016 | Purchase Price | |
| Mio | San Jose, CA | 103 | | 100% | | EPLP | Q1 | $51.3 |
| Form 15 | San Diego, CA | 242 | | 100% | | EPLP | Q1 | 97.4 |
| Emerson Valley Village | Los Angeles, CA | 144 | | 100% | | EPLP | Q4 | 67.0 |
| Ashton Sherman Village | Los Angeles, CA | 264 | | 100% | | EPLP | Q4 | 118.0 |
| Total 2016 | 753 | | | | | | $333.7 | |
Table 3 after “The following table sets forth information regarding the Company’s development pipeline ($ in millions):”
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| | | | | As of | | |
| | | | | 12/31/2016 | | |
| | Essex | | | Incurred | Estimated | |
| Development Pipeline | Location | Ownership% | Apartment Homes | | Project Cost (1) | Project Cost(1) | |
| Development Projects - Consolidated | | | | | | | |
| Station Park Green | San Mateo, CA | 100% | | 320 | | $78 | $239 |
| Gateway Village | Santa Clara, CA | 100% | | 476 | | 37 | 226 |
| Total - Consolidated Development Projects | | | | 796 | | 115 | 465 |
First 8 of 18 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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| | Apartment | Rentable | | Year | Year | | |
| Communities (1) | Location | Homes | Square Footage | | Built | Acquired | Occupancy(2) | |
| Southern California | | | | | | | | |
| Alpine Village | Alpine, CA | 301 | | 254,400 | | 1971 | 2002 | 97% |
| | Apartment | Rentable | | Year | Year | | |
| Communities (1) | Location | Homes | Square Footage | | Built | Acquired | Occupancy(2) | |
| 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 | 97% |
| Bonita Cedars | Bonita, CA | 120 | | 120,800 | | 1983 | 2002 | 97% |
| Camarillo Oaks | Camarillo, CA | 564 | | 459,000 | | 1985 | 1996 | 97% |
| Camino Ruiz Square | Camarillo, CA | 159 | | 105,448 | | 1990 | 2006 | 97% |
First 8 of 50 rows. The CSV has all of them.
| | Apartment | Rentable | | Year | Year | | |
| Communities (1) | Location | Homes | Square Footage | | Built | Acquired | Occupancy(2) | |
| Jefferson at Hollywood | Los Angeles, CA | 270 | | 238,119 | | 2010 | 2014 | 95% |
| Kings Road | Los Angeles, CA | 196 | | 132,100 | | 1979 | 1997 | 97% |
| Marbella | Los Angeles, CA | 60 | | 50,108 | | 1991 | 2005 | 96% |
| Pacific Electric Lofts (6) | Los Angeles, CA | 314 | | 277,980 | | 2006 | 2012 | 95% |
| Park Catalina | Los Angeles, CA | 90 | | 72,864 | | 2002 | 2012 | 96% |
| Park Place | Los Angeles, CA | 60 | | 48,000 | | 1988 | 1997 | 96% |
First 8 of 48 rows. The CSV has all of them.
| | Apartment | Rentable | | Year | Year | | |
| Communities (1) | Location | Homes | Square Footage | | Built | Acquired | Occupancy(2) | |
| Summit Park | San Diego, CA | 300 | | 229,400 | | 1972 | 2002 | 96% |
| Essex Skyline (9) | Santa Ana, CA | 349 | | 512,791 | | 2008 | 2010 | 96% |
| Fairhaven Apartments (4) | Santa Ana, CA | 164 | | 135,700 | | 1970 | 2001 | 97% |
| Parkside Court (18) | Santa Ana, CA | 210 | | 152,400 | | 1986 | 2014 | 97% |
| Pinnacle at MacArthur Place | Santa Ana, CA | 253 | | 262,867 | | 2002 | 2014 | 96% |
| Hope Ranch | Santa Barbara, CA | 108 | | 126,700 | | 1965 | 2007 | 98% |
First 8 of 49 rows. The CSV has all of them.
| | Apartment | Rentable | | Year | Year | | |
| Communities (1) | Location | Homes | Square Footage | | Built | Acquired | Occupancy(2) | |
| San Marcos | Richmond, CA | 432 | | 407,600 | | 2003 | 2003 | 96% |
| Bennett Lofts | San Francisco, CA | 165 | | 184,713 | | 2004 | 2012 | 95% |
| Fox Plaza | San Francisco, CA | 443 | | 230,017 | | 1968 | 2013 | 95% |
| MB 360 | San Francisco, CA | 360 | | 441,489 | | 2014 | 2014 | 92% |
| Mosso (20) | San Francisco, CA | 463 | | 607,549 | | 2014 | 2014 | 96% |
| Park West | San Francisco, CA | 126 | | 90,060 | | 1958 | 2012 | 94% |
First 8 of 50 rows. The CSV has all of them.
| | Apartment | Rentable | | Year | Year | | |
| Communities (1) | Location | Homes | Square Footage | | Built | Acquired | Occupancy(2) | |
| Verandas (19) | Union City, CA | 282 | | 199,092 | | 1989 | 2014 | 96% |
| Agora(22) | Walnut Creek, CA | 49 | | 106,228 | | 2016 | 2016 | 71% |
| | 19,480 | | 17,455,179 | | | | 96% |
| Seattle, Washington Metropolitan Area | | | | | | | | |
| Belcarra | Bellevue, WA | 296 | | 241,567 | | 2009 | 2014 | 96% |
| BellCentre | Bellevue, WA | 248 | | 181,288 | | 2001 | 2014 | 96% |
First 8 of 50 rows. The CSV has all of them.
| | Apartment | Rentable | | Year | Year | | |
| Communities (1) | Location | Homes | Square Footage | | Built | Acquired | Occupancy(2) | |
| Ballinger Commons (18) | Seattle, WA | 485 | | 407,253 | | 1989 | 2014 | 96% |
| The Bernard | Seattle, WA | 63 | | 43,151 | | 2008 | 2011 | 96% |
| Cairns, The | Seattle, WA | 100 | | 70,806 | | 2006 | 2007 | 97% |
| Citywalk (18) | Seattle, WA | 102 | | 92,010 | | 1988 | 2014 | 97% |
| Collins on Pine | Seattle, WA | 76 | | 48,733 | | 2013 | 2014 | 97% |
| Domaine | Seattle, WA | 92 | | 79,421 | | 2009 | 2012 | 97% |
First 8 of 16 rows. The CSV has all of them.
| | | Square | Year | | Year | | | |
| Other real estate assets (1) | Location | Tenants | Footage | Built | | Acquired | | Occupancy (2) | |
| Essex - Hollywood | Los Angeles, CA | — | 34,000 | | 1938 | | 2006 | | —% |
| Derian Office Building (17) | Irvine, CA | 8 | 106,564 | | 1983 | | 2000 | | 100% |
| | 8 | 140,564 | | | | | | 76% |
Table 12 after “The shares of the Company’s common stock are traded on the New York Stock Exchange (“NYSE”) under the symbol ESS. ESS common stock has been ”
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| Quarter Ended | High | Low | | Close | |
| December 31, 2016 | $234.07 | | $200.01 | | $232.50 |
| September 30, 2016 | $236.56 | | $217.16 | | $222.70 |
| June 30, 2016 | $237.50 | | $207.20 | | $228.09 |
| March 31, 2016 | $240.55 | | $191.25 | | $233.86 |
| December 31, 2015 | $244.71 | | $214.29 | | $239.41 |
| September 30, 2015 | $232.20 | | $205.72 | | $223.42 |
| June 30, 2015 | $231.90 | | $208.85 | | $212.50 |
First 8 of 9 rows. The CSV has all of them.
Table 13 after “related to common stock, and Series H preferred stock for tax purposes are as follows:”
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| 2016 | 2015 | | 2014 | |
| Common Stock | | | | | |
| Ordinary income | 86.68% | | 99.28% | | 70.03% |
| Capital gain | 7.11% | | 0.72% | | 21.95% |
| Unrecaptured section 1250 capital gain | 6.21% | | —% | | 8.02% |
| 100.00% | | 100.00% | | 100.00% |
| 2016 | 2015 | | 2014 | |
| Series G and H Preferred stock | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 14 after “Since ESS’s initial public offering on June 13, 1994, ESS and the Operating Partnership have paid regular quarterly dividends/distributions ”
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| Year Ended | Annual Dividend/Distribution | Quarter Ended | | 2016 | | 2015 | | 2014 | |
| 1995 | $1.69 | | March 31, | | $1.60 | | $1.44 | | $1.21 |
| 1996 | $1.72 | | June 30, | | $1.60 | | $1.44 | | $1.30 |
| 1997 | $1.77 | | September 30, | | $1.60 | | $1.44 | | $1.30 |
| 1998 | $1.95 | | December 31, | | $1.60 | | $1.44 | | $1.30 |
| 1999 | $2.15 | | | | | | | | |
| 2000 | $2.38 | | Annual Dividend/Distribution | | $6.40 | | $5.76 | | $5.11 |
| 2001 | $2.80 | | | | | | | | |
First 8 of 20 rows. The CSV has all of them.
Table 15 after “The line graph below compares the cumulative total stockholder return on ESS common stock for the last five years with the cumulative total ”
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| Period Ending | | | | | |
| Index | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 |
| Essex Property Trust, Inc. | 100.00 | 107.51 | 108.64 | 160.79 | 191.14 | 190.89 |
| NAREIT All Equity REIT Index | 100.00 | 119.70 | 123.12 | 157.63 | 162.08 | 176.07 |
| S&P 500 | 100.00 | 116.00 | 153.57 | 174.60 | 177.01 | 198.18 |
Table 16 after “Essex Property Trust, Inc. and Subsidiaries”
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| Years Ended December 31, | | | | | | | |
| 2016 | 2015 | | 2014 | 2013 | 2012 | | |
| ($ in thousands, except per share amounts) | | | | | | | |
| OPERATING DATA:(1) | | | | | | | | |
| Rental and other property | $1,285,723 | | $1,185,498 | | $961,591 | | $603,327 | $527,945 |
| Management and other fees from affiliates | 8,278 | | 8,909 | | 9,347 | | 7,263 | 8,457 |
| Income before discontinued operations | $438,410 | | $248,239 | | $134,438 | | $140,882 | $127,653 |
| Income from discontinued operations | — | | — | | — | | 31,173 | 11,937 |
First 8 of 20 rows. The CSV has all of them.
Table 17 after “Essex Property Trust, Inc. and Subsidiaries”
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| As of December 31, | | | | | | | |
| 2016 | 2015 | | 2014 | 2013 | 2012 | | |
| ($ in thousands) | | | | | | | |
| BALANCE SHEET DATA:(1) | | | | | | | | |
| Investment in rental properties (before accumulated depreciation) | $12,676,306 | | $12,331,469 | | $11,244,681 | | $5,443,757 | $5,033,672 |
| Net investment in rental properties | 10,364,760 | | 10,381,577 | | 9,679,875 | | 4,188,871 | 3,952,155 |
| Real estate under development | 190,505 | | 242,326 | | 429,096 | | 50,430 | 66,851 |
| Co-investments | 1,161,275 | | 1,036,047 | | 1,042,423 | | 677,133 | 571,345 |
First 8 of 14 rows. The CSV has all of them.
| As of and for the years ended December 31, | | | | | | | |
| 2016 | 2015 | | 2014 | 2013 | 2012 | | |
| ($ in thousands, except per share amounts) | | | | | | | |
| OTHER DATA: | | | | | | | | |
| Funds from operations (FFO)(1) attributable to common stockholders and unitholders: | | | | | | | | |
| Net income available to common stockholders | $411,124 | | $226,865 | | $116,859 | | $150,811 | $119,812 |
| Adjustments: | | | | | | | | |
| Depreciation and amortization | 441,682 | | 453,423 | | 360,592 | | 193,518 | 170,686 |
First 8 of 30 rows. The CSV has all of them.
Table 19 after “Essex Portfolio, L.P. and Subsidiaries”
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| Years Ended December 31, | | | | | | | |
| 2016 | 2015 | | 2014 | 2013 | 2012 | | |
| ($ in thousands, except per unit amounts) | | | | | | | |
| OPERATING DATA:(1) | | | | | | | | |
| Rental and other property | $1,285,723 | | $1,185,498 | | $961,591 | | $603,327 | $527,945 |
| Management and other fees from affiliates | 8,278 | | 8,909 | | 9,347 | | 7,263 | 8,457 |
| Income before discontinued operations | $438,410 | | $248,239 | | $134,438 | | $140,882 | $127,653 |
| Income from discontinued operations | — | | — | | — | | 31,173 | 11,937 |
First 8 of 20 rows. The CSV has all of them.
Table 20 after “Essex Portfolio, L.P. and Subsidiaries”
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| As of December 31, | | | | | | | |
| 2016 | 2015 | | 2014 | 2013 | 2012 | | |
| ($ in thousands) | | | | | | | |
| BALANCE SHEET DATA:(1) | | | | | | | | |
| Investment in rental properties (before accumulated depreciation) | $12,676,306 | | $12,331,469 | | $11,244,681 | | $5,443,757 | $5,033,672 |
| Net investment in rental properties | 10,364,760 | | 10,381,577 | | 9,679,875 | | 4,188,871 | 3,952,155 |
| Real estate under development | 190,505 | | 242,326 | | 429,096 | | 50,430 | 66,851 |
| Co-investments | 1,161,275 | | 1,036,047 | | 1,042,423 | | 677,133 | 571,345 |
First 8 of 14 rows. The CSV has all of them.
Table 21 after “The Company’s consolidated communities are as follows:”
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| As of | | As of | | | | | |
| December 31, 2016 | | December 31, 2015 | | | | | |
| Apartment Homes | % | | | Apartment Homes | % | | |
| Southern California | 23,613 | | | 49% | | | 23,707 | 49% |
| Northern California | 14,519 | | | 30% | | | 14,694 | 30% |
| Seattle Metro | 10,239 | | | 21% | | | 10,239 | 21% |
| Total | 48,371 | | | 100% | | | 48,640 | 100% |
| Years endedDecember 31, | | |
| 2016 | 2015 | |
| Southern California | 96.4% | | 95.9% |
| Northern California | 96.3% | | 96.1% |
| Seattle Metro | 96.1% | | 96.1% |
| Number of Apartment | Years EndedDecember 31, | | Dollar | Percentage | | | |
| Property Revenues ($ in thousands) | Homes | 2016 | | 2015 | Change | Change | | |
| 2016/2015 Same-Properties: (1) | | | | | | | | |
| Southern California | 20,698 | | $497,448 | | $468,614 | | $28,834 | 6.2% |
| Northern California | 13,220 | | 401,642 | | 376,019 | | 25,623 | 6.8% |
| Seattle Metro | 10,239 | | 217,259 | | 201,417 | | 15,842 | 7.9% |
| Total 2016/2015 Same-Property revenues | 44,157 | | 1,116,349 | | 1,046,050 | | 70,299 | 6.7% |
| 2016/2015 Non-Same Property Revenues | | | 169,374 | | 139,448 | | 29,926 | 21.5% |
First 8 of 9 rows. The CSV has all of them.
| Years endedDecember 31, | | |
| 2015 | 2014 | |
| Southern California | 96.2% | | 96.3% |
| Northern California | 96.3% | | 96.2% |
| Seattle Metro | 96.2% | | 96.0% |
| Number of Apartment | Years EndedDecember 31, | | Dollar | Percentage | | | |
| Property Revenues ($ in thousands) | Homes | 2015 | | 2014 | Change | Change | | |
| 2015/2014 Same-Properties: (1) | | | | | | | | |
| Southern California | 12,875 | | $283,435 | | $267,413 | | $16,022 | 6.0% |
| Northern California | 9,080 | | 250,478 | | 226,679 | | 23,799 | 10.5% |
| Seattle Metro | 6,558 | | 124,143 | | 115,219 | | 8,924 | 7.7% |
| Total 2015/2014 Same-Property revenues | 28,513 | | 658,056 | | 609,311 | | 48,745 | 8.0% |
| 2015/2014 Non-Same Property Revenues | | | 527,442 | | 352,280 | | 175,162 | 49.7% |
First 8 of 9 rows. The CSV has all of them.
| For the year ended December 31, | | | | |
| 2016 | 2015 | | 2014 | |
| Cash flow provided by (used in): | | | | | |
| Operating activities | $712,523 | | $617,410 | | $493,312 |
| Investing activities | $(421,412) | | $(725,556) | | $(1,147,156) |
| Financing activities | $(255,873) | | $108,214 | | $520,610 |
Table 27 after “, and the effect such obligations could have on the Company’s liquidity and cash flow in future periods ($ in thousands):”
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| 2017 | 2018 and2019 | | 2020 and2021 | Thereafter | Total | | |
| Mortgage notes payable | $82,796 | | $878,529 | | $745,452 | | $441,313 | $2,148,090 |
| Unsecured debt | 340,000 | | 75,000 | | 500,000 | | 2,350,000 | 3,265,000 |
| Lines of credit | — | | 125,000 | | — | | — | 125,000 |
| Interest on indebtedness (1) | 217,709 | | 379,762 | | 243,695 | | 262,494 | 1,103,660 |
| Ground leases | 2,897 | | 5,794 | | 5,794 | | 106,111 | 120,596 |
| Operating leases | 1,750 | | 3,673 | | 3,915 | | 10,361 | 19,699 |
| Development commitments (including co-investments) (2) | 287,827 | | 308,219 | | 107,954 | | — | 704,000 |
First 8 of 9 rows. The CSV has all of them.
Table 28 after “The reconciliation of earnings from operations to Same-Property NOI for the periods presented:”
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| 2016 | 2015 | | 2014 | |
| Earnings from operations | $420,800 | | $331,174 | | $201,514 |
| Adjustments: | | | | | |
| Depreciation and amortization | 441,682 | | 453,423 | | 360,592 |
| Management and other fees from affiliates | (8,278) | | (8,909) | | (9,347) |
| General and administrative | 40,751 | | 40,090 | | 40,878 |
| Merger and integration expenses | — | | 3,798 | | 53,530 |
| Acquisition and investment related costs | 1,841 | | 2,414 | | 1,878 |
First 8 of 11 rows. The CSV has all of them.
| | | | Carrying and | | Estimated Carrying Value | | |
| | Maturity | | Estimated | | + 50 | - 50 | |
| ($ in thousands) | Notional Amount | Date Range | | Fair Value | | Basis Points | Basis Points | |
| Cash flow hedges: | | | | | | | | |
| Interest rate swaps | $175,000 | | 2017-2022 | | $4,406 | | $7,930 | $883 |
| Interest rate caps | 20,674 | | 2018-2019 | | — | | 1 | — |
| Total cash flow hedges | $195,674 | | 2017-2022 | | $4,406 | | $7,931 | $883 |
| For the Years Ended December 31, | | | | | | | | | | | | | |
| 2017 | 2018 | | 2019 | 2020 | 2021 | | Thereafter | Total | | Fair value | | | |
| Fixed rate debt | $422,263 | $301,033 | | $651,362 | $693,221 | $550,876 | | $2,412,626 | | $5,031,381 | | $5,123,058 | | |
| Average interest rate | 2.7% | | 5.5% | | 4.3% | | 4.8% | | | 4.3% | | 3.6% | | |
| Variable rate debt (1) | $533 | | $542 | | $125,592 | | $647 | | | $708 | | $378,687 | $506,709 | $502,767 |
| Average interest rate | 1.5% | | 1.5% | | 1.8% | | 1.5% | | | 1.5% | | 1.6% | | |
| (1) Consolidated Financial Statements of Essex Property Trust, Inc. | Page |
| Reports of Independent Registered Public Accounting Firm | F- 1 |
| Consolidated Balance Sheets: As of December 31, 2016 and 2015 | F- 4 |
| Consolidated Statements of Income: Years ended December 31, 2016, 2015, and 2014 | F- 5 |
| Consolidated Statements of Comprehensive Income: Years ended December 31, 2016, 2015, and 2014 | F- 6 |
| Consolidated Statements of Equity: Years ended December 31, 2016, 2015, and 2014 | F- 7 |
| Consolidated Statements of Cash Flows: Years ended December 31, 2016, 2015, and 2014 | F- 10 |
| Notes to Consolidated Financial Statements | F- 20 |
First 8 of 18 rows. The CSV has all of them.
Table 32 after “(Dollars in thousands, except share amounts)”
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| 2016 | 2015 | |
| ASSETS | | | |
| Real estate: | | | |
| Rental properties: | | | |
| Land and land improvements | $2,559,743 | | $2,522,842 |
| Buildings and improvements | 10,116,563 | | 9,808,627 |
| 12,676,306 | | 12,331,469 |
| Less accumulated depreciation | (2,311,546) | | (1,949,892) |
First 8 of 40 rows. The CSV has all of them.
Table 33 after “(Dollars in thousands, except per share and share amounts)”
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| 2016 | 2015 | | 2014 | |
| Revenues: | | | | | |
| Rental and other property | $1,285,723 | | $1,185,498 | | $961,591 |
| Management and other fees from affiliates | 8,278 | | 8,909 | | 9,347 |
| 1,294,001 | | 1,194,407 | | 970,938 |
| Expenses: | | | | | |
| Property operating, excluding real estate taxes | 249,765 | | 234,953 | | 204,673 |
| Real estate taxes | 139,162 | | 128,555 | | 107,873 |
First 8 of 35 rows. The CSV has all of them.
| 2016 | 2015 | | 2014 | |
| Net income | $438,410 | | $248,239 | | $134,438 |
| Other comprehensive income (loss): | | | | | |
| Change in fair value of derivatives and amortization of swap settlements | 15,926 | | 7,893 | | 4,168 |
| Changes in fair value of marketable securities, net | (828) | | 1,865 | | 6,302 |
| Reversal of unrealized gains upon the sale of marketable securities | (4,848) | | — | | (886) |
| Total other comprehensive income | 10,250 | | 9,758 | | 9,584 |
| Comprehensive income | 448,660 | | 257,997 | | 144,022 |
First 8 of 10 rows. The CSV has all of them.
Table 35 after “(Dollars and shares in thousands)”
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| Series HPreferred stock | Common stock | | Additionalpaid-in | Distributionsin excess ofaccumulated | Accumulatedothercomprehensive | | Noncontrolling | | | | | | | |
| Shares | Amount | | Shares | Amount | capital | | earnings | loss, net | Interest | | Total | | | |
| 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 |
| Reversal of unrealized gains upon the sale of marketable securities | — | | — | | — | | — | | — | | — | | (841) | (45) | (886) |
| Changes in fair value of derivatives and amortization of swap settlements | — | | — | | — | | — | | — | | — | | 3,721 | 447 | 4,168 |
| Changes in fair value of marketable securities | — | | — | | — | | — | | — | | — | | 6,140 | 162 | 6,302 |
| Issuance of common stock under: | | | | | | | | | | | | | | | |
First 8 of 19 rows. The CSV has all of them.
| Common and preferred stock dividends | — | — | — | — | — | (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 |
| Net income | — | — | — | — | — | 232,120 | — | 16,119 | 248,239 |
| Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | — | — | 7,637 | 256 | 7,893 |
| Change in fair value of marketable securities | — | — | — | — | — | — | 1,804 | 61 | 1,865 |
| Issuance of common stock under: | | | | | | | | | |
| Stock option and restricted stock plans, net | — | — | 207 | — | 26,540 | — | — | — | 26,540 |
| Sale of common stock, net | — | — | 1,482 | — | 332,137 | — | — | — | 332,137 |
First 8 of 23 rows. The CSV has all of them.
| Redemption of Series H preferred stock | (2,950) | (73,750) | — | — | 2,541 | (2,541) | — | — | (73,750) |
| Retirement of common stock, net | — | — | (5) | — | (1,045) | — | — | — | (1,045) |
| Changes in the redemption value of redeemable noncontrolling interest | — | — | — | — | 172 | — | — | 596 | 768 |
| Distributions to noncontrolling interest | — | — | — | — | — | — | — | (25,854) | (25,854) |
| Redemptions of noncontrolling interest | — | — | 14 | — | (2,117) | — | — | (394) | (2,511) |
| Common and preferred stock dividends | — | — | — | — | — | (420,518) | — | — | (420,518) |
| Balances at December 31, 2016 | — | $— | 65,528 | $6 | $7,029,679 | $(805,409) | $(32,098) | $100,059 | $6,292,237 |
| 2016 | 2015 | | 2014 | |
| Cash flows from operating activities: | | | | | |
| Net income | $438,410 | | $248,239 | | $134,438 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation and amortization | 441,682 | | 453,423 | | 360,592 |
| Amortization of discount on marketable securities and other investments | (14,211) | | (12,389) | | (9,325) |
| Amortization of (premium) discount and financing costs, net | (15,234) | | (19,361) | | (14,672) |
| Gain on sale of marketable securities and other investments | (5,719) | | (598) | | (886) |
First 8 of 40 rows. The CSV has all of them.
| Borrowings under debt agreements | 1,265,388 | 1,345,855 | 2,093,406 |
| Repayment of debt | (1,018,126) | (1,197,351) | (1,814,020) |
| Repayment of cumulative redeemable preferred stock | (73,750) | — | — |
| Retirement of common stock | (1,045) | — | — |
| Additions to deferred charges | (7,926) | (8,034) | (17,402) |
| Net proceeds from issuance of common stock | (384) | 332,137 | 531,379 |
| Net proceeds from stock options exercised | 18,949 | 26,540 | 11,039 |
| Distributions to noncontrolling interest | (25,334) | (21,055) | (17,465) |
First 8 of 27 rows. The CSV has all of them.
Table 40 after “(Dollars in thousands, except per unit amounts)”
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| 2016 | 2015 | |
| ASSETS | | | |
| Real estate: | | | |
| Rental properties: | | | |
| Land and land improvements | $2,559,743 | | $2,522,842 |
| Buildings and improvements | 10,116,563 | | 9,808,627 |
| 12,676,306 | | 12,331,469 |
| Less: accumulated depreciation | (2,311,546) | | (1,949,892) |
First 8 of 42 rows. The CSV has all of them.
Table 41 after “(Dollars in thousands, except per unit and unit amounts)”
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| 2016 | 2015 | | 2014 | |
| Revenues: | | | | | |
| Rental and other property | $1,285,723 | | $1,185,498 | | $961,591 |
| Management and other fees from affiliates | 8,278 | | 8,909 | | 9,347 |
| 1,294,001 | | 1,194,407 | | 970,938 |
| Expenses: | | | | | |
| Property operating, excluding real estate taxes | 249,765 | | 234,953 | | 204,673 |
| Real estate taxes | 139,162 | | 128,555 | | 107,873 |
First 8 of 35 rows. The CSV has all of them.
| 2016 | 2015 | | 2014 | |
| Net income | $438,410 | | $248,239 | | $134,438 |
| Other comprehensive income (loss): | | | | | |
| Change in fair value of derivatives and amortization of swap settlements | 15,926 | | 7,893 | | 4,168 |
| Changes in fair value of marketable securities, net | (828) | | 1,865 | | 6,302 |
| Reversal of unrealized gains upon the sale of marketable securities | (4,848) | | — | | (886) |
| Total other comprehensive income | 10,250 | | 9,758 | | 9,584 |
| Comprehensive income | 448,660 | | 257,997 | | 144,022 |
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, net | Interest | | Total | | | |
| 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 |
| Reversal of unrealized gains upon the sale of marketable securities | — | | — | | — | | — | | — | | — | | (886) | — | (886) |
| Changes in fair value of derivatives and amortization of swap settlements | — | | — | | — | | — | | — | | — | | 4,168 | — | 4,168 |
First 8 of 22 rows. The CSV has all of them.
| Balances at December 31, 2014 | 63,683 | 6,002,915 | 71,209 | 2,168 | 48,665 | — | (49,356) | 62,635 | 6,136,068 |
| Net income | — | 226,865 | 5,255 | — | 7,824 | — | — | 8,295 | 248,239 |
| Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | — | — | 7,893 | — | 7,893 |
| Changes in fair value of marketable securities | — | — | — | — | — | — | 1,865 | — | 1,865 |
| Issuance of common units under: | | | | | | | | | |
| General partner's stock based, net compensation | 207 | 26,540 | — | — | — | — | — | — | 26,540 |
| Sale of common stock by the general partner, net | 1,482 | 332,137 | — | — | — | — | — | — | 332,137 |
| Equity based compensation costs | — | 5,946 | — | 54 | 3,700 | — | — | — | 9,646 |
First 8 of 24 rows. The CSV has all of them.
| Changes in the redemption value of redeemable noncontrolling interest | — | 172 | — | — | — | — | — | 596 | 768 |
| Distributions to noncontrolling interest | — | — | — | — | — | — | — | (11,296) | (11,296) |
| Redemptions | 14 | (2,117) | — | (15) | 17 | — | — | (411) | (2,511) |
| Distributions declared | — | (419,204) | (1,314) | — | (14,558) | — | — | — | (435,076) |
| Balances at December 31, 2016 | 65,528 | $6,224,276 | $— | 2,237 | $49,436 | $— | $(29,348) | $47,873 | $6,292,237 |
| 2016 | 2015 | | 2014 | |
| Cash flows from operating activities: | | | | | |
| Net income | $438,410 | | $248,239 | | $134,438 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation and amortization | 441,682 | | 453,423 | | 360,592 |
| Amortization of discount on marketable securities and other investments | (14,211) | | (12,389) | | (9,325) |
| Amortization of (premium) discount and financing costs, net | (15,234) | | (19,361) | | (14,672) |
| Gain on sale of marketable securities and other investments | (5,719) | | (598) | | (886) |
First 8 of 40 rows. The CSV has all of them.
| Borrowings under debt agreements | 1,265,388 | 1,345,855 | 2,093,406 |
| Repayment of debt | (1,018,126) | (1,197,351) | (1,814,020) |
| Repayment of cumulative redeemable preferred stock | (73,750) | — | — |
| Retirement of common stock | (1,045) | — | — |
| Additions to deferred charges | (7,926) | (8,034) | (17,402) |
| Net proceeds from issuance of common units | (384) | 332,137 | 531,379 |
| Net proceeds from stock options exercised | 18,949 | 26,540 | 11,039 |
| Distributions to noncontrolling interest | (6,960) | (7,615) | (4,841) |
First 8 of 27 rows. The CSV has all of them.
Table 48 after “The depreciable life of various categories of fixed assets is as follows:”
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| Computer software and equipment | 3 - 5 years |
| Interior apartment home improvements | 5 years |
| Furniture, fixtures and equipment | 5 - 10 years |
| Land improvements and certain exterior components of real property | 10 years |
| Real estate structures | 30 years |
Table 49 after “marketable securities consist of the following ($ in thousands):”
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| December 31, 2016 | | | | |
| AmortizedCost | GrossUnrealizedGain (Loss) | | CarryingValue | |
| Available for sale: | | | | | |
| Investment-grade unsecured bonds | $19,604 | | $(73) | | $19,531 |
| Investment funds - U.S. treasuries | 10,022 | | (22) | | 10,000 |
| Common stock and stock funds | 13,696 | | 1,569 | | 15,265 |
| Held to maturity: | | | | | |
| Mortgage backed securities | 94,393 | | — | | 94,393 |
First 8 of 9 rows. The CSV has all of them.
Table 50 after “December 31, 2016, 2015, and 2014”
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| December 31, 2015 | | | | |
| AmortizedCost | GrossUnrealizedGain (Loss) | | CarryingValue | |
| Available for sale: | | | | | |
| Investment-grade unsecured bonds | $11,618 | | $68 | | $11,686 |
| Investment funds - U.S. treasuries | 3,675 | | (9) | | 3,666 |
| Common stock and stock funds | 34,655 | | 7,091 | | 41,746 |
| Held to maturity: | | | | | |
| Mortgage backed securities | 80,387 | | — | | 80,387 |
First 8 of 9 rows. The CSV has all of them.
Table 51 after “related to common stock, Series G and Series H preferred stock are classified for tax purposes as follows:”
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| 2016 | 2015 | | 2014 | |
| Common Stock | | | | | |
| Ordinary income | 86.68% | | 99.28% | | 70.03% |
| Capital gain | 7.11% | | 0.72% | | 21.95% |
| Unrecaptured section 1250 capital gain | 6.21% | | —% | | 8.02% |
| 100.00% | | 100.00% | | 100.00% |
Table 52 after “related to common stock, Series G and Series H preferred stock are classified for tax purposes as follows:”
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| 2016 | 2015 | | 2014 | |
| Series G and H Preferred stock | | | | | |
| Ordinary income | 86.68% | | 99.28% | | 70.03% |
| Capital gains | 7.11% | | 0.72% | | 21.95% |
| Unrecaptured section 1250 capital gain | 6.21% | | —% | | 8.02% |
| 100.00% | | 100.00% | | 100.00% |
Table 53 after “Essex Property Trust, Inc. ($ in thousands)”
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| Change in fairvalue andamortizationof swap settlements | Unrealizedgains onavailable for salesecurities | | Total | |
| Balance at December 31, 2015 | $(48,366) | | $6,355 | | $(42,011) |
| Other comprehensive income before reclassification | 25,371 | | (801) | | 24,570 |
| Amounts reclassified from accumulated other comprehensive loss | (9,968) | | (4,689) | | (14,657) |
| Other comprehensive income | 15,403 | | (5,490) | | 9,913 |
| Balance at December 31, 2016 | $(32,963) | | $865 | | $(32,098) |
Table 54 after “Essex Portfolio, L.P. ($ in thousands)”
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| Change in fairvalue andamortizationof swap settlements | Unrealizedgains onavailable for salesecurities | | Total | |
| Balance at December 31, 2015 | $(46,087) | | $6,489 | | $(39,598) |
| Other comprehensive income before reclassification | 26,234 | | (828) | | 25,406 |
| Amounts reclassified from accumulated other comprehensive loss | (10,308) | | (4,848) | | (15,156) |
| Other comprehensive income | 15,926 | | (5,676) | | 10,250 |
| Balance at December 31, 2016 | $(30,161) | | $813 | | $(29,348) |
| 2016 | 2015 | | 2014 | |
| Balance at January 1, | $45,452 | | $23,256 | | $— |
| Reclassifications due to change in redemption value and other | (768) | | 22,196 | | 18,505 |
| Redemptions | — | | — | | — |
| Additions | — | | — | | 4,751 |
| Balance at December 31, | $44,684 | | $45,452 | | $23,256 |
Table 56 after “. The table below summarizes acquisition activity for the year ended December 31, 2016 ($ in millions):”
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| Property Name | Location | Apartment Homes | Essex Ownership Percentage | Quarter in 2016 | Purchase Price | | |
| Mio | San Jose, CA | 103 | | 100% | | Q1 | $51.3 |
| Form 15 | San Diego, CA | 242 | | 100% | | Q1 | 97.4 |
| Emerson Valley Village | Los Angeles, CA | 144 | | 100% | | Q4 | 67.0 |
| Ashton Sherman Village | Los Angeles, CA | 264 | | 100% | | Q4 | 118.0 |
| Total 2016 | 753 | | | | | $333.7 | |
Table 57 after “deferred tax on gain on sale of real estate. The table below summarizes disposition activity for the year ended December 31, 2016 ($ in mill”
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| Property Name | Location | Apartment Homes | Essex Ownership Percentage | Ownership | Quarter in 2016 | Sales Price | Gains | | | | |
| Harvest Park | Santa Rosa, CA | 104 | | 100% | | EPLP | Q1 | $30.5 | | $6.4 | (1) |
| Tuscana | Tracy, CA | 30 | | 100% | | EPLP | Q4 | 6.7 | | 0.3 | (2) |
| Candlewood North | Northridge, CA | 189 | | 100% | | EPLP | Q4 | 43.6 | | 7.3 | |
| Total 2016 | 323 | | | | | | $80.8 | | $14.0 | | |
Table 58 after “are as follows ($ in thousands):”
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| Ownership | December 31, | | | | |
| Percentage | 2016 | | 2015 | | |
| Membership interest/Partnership interest in: | | | | | | |
| CPPIB | 50%-55% | | $422,068 | | | $422,317 |
| Wesco I, III and IV | 50% | | 180,687 | | | 218,902 |
| Palm Valley | 50% | | 68,396 | | | 68,525 |
| BEXAEW | 50% | | 47,963 | | | 88,850 |
| BEX II | 50% | | 19,078 | | | — |
First 8 of 13 rows. The CSV has all of them.
Table 59 after “The combined summarized financial information of co-investments is as follows ($ in thousands):”
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| December 31, | | |
| 2016 | 2015 | |
| Combined balance sheets: (1) | | | |
| Rental properties and real estate under development | $3,807,245 | | $3,360,360 |
| Other assets | 121,505 | | 96,785 |
| Total assets | $3,928,750 | | $3,457,145 |
| Debt | $1,617,639 | | $1,499,601 |
| Other liabilities | 74,607 | | 92,241 |
First 8 of 11 rows. The CSV has all of them.
Table 60 after “The combined summarized financial information of co-investments is as follows ($ in thousands):”
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| Years endedDecember 31, | | | | |
| 2016 | 2015 | | 2014 | |
| Combined statements of income: (1) | | | | | |
| Property revenues | $289,011 | | $260,175 | | $188,548 |
| Property operating expenses | (99,637) | | (93,067) | | (71,419) |
| Net operating income | 189,374 | | 167,108 | | 117,129 |
| Gain on sale of real estate | 28,291 | | 14 | | 23,333 |
| Interest expense | (46,894) | | (44,834) | | (39,990) |
First 8 of 13 rows. The CSV has all of them.
| 2016 | 2015 | |
| Note receivable, secured, bearing interest at 10.75%, due September 2020 | $17,685 | | $— |
| Related party note receivable, secured, bearing interest at 9.5%, due October 2019(2) | 6,593 | | — |
| Note receivable, secured, bearing interest at 6.0%, due December 2016 | — | | 3,219 |
| Notes and other receivables from affiliates (1) | 4,695 | | 3,092 |
| Other receivables | 11,997 | | 12,974 |
| Total notes and receivables | $40,970 | | $19,285 |
| 2016 | 2015 | | Weighted AverageMaturityIn Years | |
| Unsecured bonds private placement - fixed rate | $314,190 | | $463,891 | | 3.6 |
| Term loan - variable rate | 98,189 | | 224,467 | | 5.1 |
| Bonds public offering - fixed rate | 2,834,400 | | 2,400,322 | | 6.3 |
| Unsecured debt, net (1) | 3,246,779 | | 3,088,680 | | |
| Lines of credit (2) | 125,000 | | 15,000 | | |
| Total unsecured debt | $3,371,779 | | $3,103,680 | | |
| Weighted average interest rate on fixed rate unsecured and unsecured private placement bonds | 3.6% | | 3.6% | | |
First 8 of 10 rows. The CSV has all of them.
| Maturity | 2016 | 2015 | | CouponRate | |
| Senior unsecured private placement notes | March 2016 | $— | | $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% |
| | $315,000 | | $465,000 | | |
| Maturity | 2016 | 2015 | | Coupon Rate | |
| Senior notes | March 2017 | $300,000 | | $300,000 | | 5.500% |
| Senior notes | March 2021 | 300,000 | | 300,000 | | 5.200% |
| Senior notes | August 2022 | 300,000 | | 300,000 | | 3.625% |
| Senior notes | January 2023 | 300,000 | | 300,000 | | 3.375% |
| Senior notes | May 2023 | 300,000 | | 300,000 | | 3.250% |
| Senior notes | May 2024 | 400,000 | | 400,000 | | 3.875% |
| Senior notes | April 2025 | 500,000 | | 500,000 | | 3.500% |
First 8 of 10 rows. The CSV has all of them.
Table 65 after “December 31, 2016, 2015, and 2014”
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| 2017 | $340,000 |
| 2018 | — |
| 2019(1) | 75,000 |
| 2020 | — |
| 2021 | 500,000 |
| Thereafter | 2,350,000 |
| $3,265,000 |
| 2016 | 2015 | |
| Fixed rate mortgage notes payable | $1,911,699 | | $1,925,985 |
| Variable rate mortgage notes payable (1) | 279,782 | | 289,092 |
| Total mortgage notes payable (2) | $2,191,481 | | $2,215,077 |
| Number of properties securing mortgage notes | 61 | | 64 |
| Remaining terms | 1-30 years | | 1-31 years |
| Weighted average interest rate | 4.3% | | 4.4% |
Table 67 after “are as follows ($ in thousands):”
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| 2017 | $82,796 |
| 2018 | 301,575 |
| 2019 | 576,954 |
| 2020 | 693,868 |
| 2021 | 51,584 |
| Thereafter | 441,313 |
| $2,148,090 |
Table 68 after “mixed use communities. The tenants’ lease terms expire at various times through 2031. The future minimum non-cancelable base rent to be rece”
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| Future |
| Minimum |
| Rent |
| 2017 | $13,453 |
| 2018 | 12,773 |
| 2019 | 12,347 |
| 2020 | 11,518 |
| 2021 | 10,073 |
First 8 of 10 rows. The CSV has all of them.
| 2016 | 2015 | | 2014 | | | | | | | | | | | |
| Income | Weighted-averageCommonShares | | PerCommonShareAmount | Income | Weighted-averageCommonShares | | PerCommonShareAmount | Income | Weighted-averageCommonShares | | PerCommonShareAmount | | | |
| Basic: | | | | | | | | | | | | | | | |
| Net income available to common stockholders | 411,124 | | 65,471,540 | | $6.28 | | 226,865 | | 64,871,717 | | $3.50 | | 116,859 | 56,546,959 | $2.07 |
| Effect of Dilutive Securities (1) | — | | 116,276 | | | | — | | 189,968 | | | | — | 149,566 | |
| Diluted: | | | | | | | | | | | | | | | |
| Net income available to common stockholders | 411,124 | | 65,587,816 | | $6.27 | | 226,865 | | 65,061,685 | | $3.49 | | 116,859 | 56,696,525 | $2.06 |
| 2016 | 2015 | | 2014 | | | | | | | | | | | |
| Income | Weighted-averageCommonUnits | | PerCommonUnitAmount | Income | Weighted-averageCommonUnits | | PerCommonUnitAmount | Income | Weighted-averageCommonUnits | | PerCommonUnitAmount | | | |
| Basic: | | | | | | | | | | | | | | | |
| Net income available to common unitholders | $425,213 | | 67,695,640 | | $6.28 | | $234,689 | | 67,054,184 | | $3.50 | | $121,726 | 58,771,666 | $2.07 |
| Effect of Dilutive Securities (1) | — | | 116,276 | | | | — | | 189,968 | | | | — | 149,566 | |
| Diluted: | | | | | | | | | | | | | | | |
| Net income available to common unitholders | $425,213 | | 67,811,916 | | $6.27 | | $234,689 | | 67,244,152 | | $3.49 | | $121,726 | 58,921,232 | $2.07 |
Table 71 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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| 2016 | 2015 | | 2014 | |
| Stock price | $219.60 | | $227.75 | | $176.65 |
| Risk-free interest rates | 2.08% | | 1.83% | | 2.37% |
| Expected lives | 6 years | | 6 years | | 8 years |
| Volatility | 26.47% | | 20.06% | | 18.00% |
| Dividend yield | 2.89% | | 2.73% | | 2.90% |
Table 72 after “and changes during the years ended on those dates is presented below:”
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| 2016 | 2015 | | 2014 | | | | | | |
| Shares | Weighted-averageexerciseprice | | Shares | Weighted-averageexerciseprice | Shares | | Weighted-averageexerciseprice | | |
| Outstanding at beginning of year | 525,094 | | $154.98 | | 664,785 | | $138.78 | | 695,488 | $133.37 |
| Granted | 207,429 | | 219.60 | | 78,600 | | 227.75 | | 42,518 | 176.65 |
| Granted - BRE options converted | — | | — | | — | | — | | 133,766 | 121.03 |
| Exercised | (138,054) | | 138.79 | | (203,556) | | 131.53 | | (185,387) | 113.72 |
| Forfeited and canceled | (36,821) | | 178.18 | | (14,735) | | 136.11 | | (21,600) | 144.29 |
| Outstanding at end of year | 557,648 | | 181.50 | | 525,094 | | 154.98 | | 664,785 | 138.78 |
First 8 of 9 rows. The CSV has all of them.
Table 73 after “December 31, 2016, 2015, and 2014”
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| 2016 | 2015 | | 2014 | | | | | | |
| Shares | Weighted-averagegrantprice | | Shares | Weighted-averagegrantprice | Shares | | Weighted-averagegrantprice | | |
| Unvested at beginning of year | 54,676 | | $147.10 | | 25,820 | | $168.22 | | 16,176 | $108.06 |
| Granted | 49,183 | | 150.13 | | 56,177 | | 155.21 | | 22,014 | 194.03 |
| Granted - BRE restricted stock converted | — | | — | | — | | — | | 119,411 | 173.82 |
| Vested | (38,427) | | 147.12 | | (22,939) | | 148.20 | | (126,931) | 171.56 |
| Forfeited and canceled | (7,083) | | 141.76 | | (4,382) | | 122.06 | | (4,850) | 135.10 |
| Unvested at end of year | 58,349 | | 149.11 | | 54,676 | | 147.10 | | 25,820 | 168.22 |
| Long Term Incentive Plan - LTIP Units | | | | | | | |
| TotalVestedUnits | TotalUnvestedUnits | | TotalOutstandingUnits | Weighted-averageGrant-dateFair Value | Weighted-averageRemainingContractualLife (years) | | |
| Balance, December 31, 2013 | 118,190 | | 149,381 | | 267,571 | | $63.53 | 9.3 |
| Granted | 24,000 | | 44,750 | | 68,750 | | | |
| Vested | 41,729 | | (41,729) | | — | | | |
| Converted | (2,000) | | — | | (2,000) | | | |
| Cancelled | — | | (1,335) | | (1,335) | | | |
| Balance, December 31, 2014 | 181,919 | | 151,067 | | 332,986 | | 71.14 | 10.5 |
First 8 of 18 rows. The CSV has all of them.
| Years Ended December 31, | | | | |
| 2016 | 2015 | | 2014 | |
| Revenues: | | | | | |
| Southern California | $561,094 | | $507,536 | | $418,495 |
| Northern California | 453,140 | | 407,590 | | 319,082 |
| Seattle Metro | 217,259 | | 201,417 | | 168,337 |
| Other real estate assets | 54,230 | | 68,955 | | 55,677 |
| Total property revenues | $1,285,723 | | $1,185,498 | | $961,591 |
First 8 of 28 rows. The CSV has all of them.
| As of December 31, | | |
| Assets: | 2016 | 2015 | |
| Southern California | $4,924,792 | | $4,752,174 |
| Northern California | 3,791,549 | | 3,733,218 |
| Seattle Metro | 1,570,340 | | 1,613,175 |
| Other real estate assets | 78,079 | | 283,010 |
| Net reportable operating segments - real estate assets | 10,364,760 | | 10,381,577 |
| Real estate under development | 190,505 | | 242,326 |
First 8 of 15 rows. The CSV has all of them.
Table 77 after “ground leases for certain apartment communities and buildings that expire between 2027 and 2082. Ground lease payments are typically the gre”
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| Total Minimum |
| Lease Commitments |
| 2017 | $4,647 |
| 2018 | 4,704 |
| 2019 | 4,763 |
| 2020 | 4,823 |
| 2021 | 4,886 |
| Thereafter | 116,472 |
First 8 of 9 rows. The CSV has all of them.
| Quarter endedDecember 31 | Quarter endedSeptember 30 | | Quarter endedJune 30 | Quarter endedMarch 31 | |
| 2016: | | | | | | |
| Total property revenues | $326,905 | | $327,078 | | $319,562 | $312,178 |
| Net income | $204,517 | | $70,162 | | $76,824 | $86,907 |
| Net income available to common stockholders | $195,569 | | $65,561 | | $72,013 | $77,981 |
| Per share data: | | | | | | |
| Net income: | | | | | | |
| Basic (1) | $2.98 | | $1.00 | | $1.10 | $1.19 |
First 8 of 27 rows. The CSV has all of them.
| Quarter endedDecember 31 | Quarter endedSeptember 30 | | Quarter endedJune 30 | Quarter endedMarch 31 | |
| 2016: | | | | | | |
| Total property revenues | $326,905 | | $327,078 | | $319,562 | $312,178 |
| Net income | $204,517 | | $70,162 | | $76,824 | $86,907 |
| Net income available to common unitholders | $202,201 | | $67,784 | | $74,463 | $80,765 |
| Per unit data: | | | | | | |
| Net income: | | | | | | |
| Basic (1) | $2.98 | | $1.00 | | $1.10 | $1.19 |
First 8 of 19 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Encumbered communities | | | | | | | | | | | | | | | | | | | |
| Avondale at Warner Center | 446 | | Woodland Hills, CA | $43,687 | | $10,536 | | $24,522 | | $20,008 | | $10,601 | | $44,465 | $55,066 | $(28,536) | 1970 | Jan-99 | 3-30 |
| Bel Air | 462 | | San Ramon, CA | 51,531 | | 12,105 | | 18,252 | | 33,311 | | 12,682 | | 50,986 | 63,668 | (30,311) | 1988 | Jan-95 | 3-30 |
| Belcarra | 296 | | Bellevue, WA | 52,238 | | 21,725 | | 92,091 | | 487 | | 21,725 | | 92,578 | 114,303 | (9,268) | 2009 | Apr-14 | 5-30 |
First 8 of 35 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Montclaire | 390 | | Sunnyvale, CA | 44,122 | | 4,842 | | 19,776 | | 21,476 | | 4,997 | | 41,097 | 46,094 | (35,665) | 1973 | Dec-88 | 3-30 |
| Montebello | 248 | | Kirkland, WA | 26,475 | | 13,857 | | 41,575 | | 4,077 | | 13,858 | | 45,651 | 59,509 | (7,791) | 1996 | Jul-12 | 3-30 |
| Montejo Apartments | 124 | | Garden Grove, CA | 11,939 | | 1,925 | | 7,685 | | 3,173 | | 2,194 | | 10,589 | 12,783 | (5,420) | 1974 | Nov-01 | 3-30 |
| Park Highland | 250 | | Bellevue, WA | 26,617 | | 9,391 | | 38,224 | | 10,626 | | 9,391 | | 48,850 | 58,241 | (5,230) | 1993 | Apr-14 | 5-30 |
First 8 of 36 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Unencumbered Communities | | | | | | | | | | | | | | | | | | | |
| 8th & Hope | 290 | | Los Angeles, CA | $— | | $29,279 | | $169,350 | | $1,746 | | $29,279 | | $171,096 | $200,375 | $(11,991) | 2014 | Feb-15 | 3-30 |
| Alessio | 624 | | Los Angeles, CA | — | | 32,136 | | 128,543 | | 4,416 | | 32,136 | | 132,959 | 165,095 | (13,779) | 2001 | Apr-14 | 5-30 |
| Allegro | 97 | | Valley Village, CA | — | | 5,869 | | 23,977 | | 1,811 | | 5,869 | | 25,788 | 31,657 | (7,554) | 2010 | Oct-10 | 3-30 |
First 8 of 35 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Canyon Pointe | 250 | | Bothell, WA | — | | 4,692 | | 18,288 | | 6,623 | | 4,693 | | 24,910 | 29,603 | (11,707) | 1990 | Oct-03 | 3-30 |
| Capri at Sunny Hills | 102 | | Fullerton, CA | — | | 3,337 | | 13,320 | | 8,626 | | 4,048 | | 21,235 | 25,283 | (11,437) | 1961 | Sep-01 | 3-30 |
| Carmel Landing | 356 | | San Diego, CA | — | | 16,725 | | 66,901 | | 3,866 | | 16,725 | | 70,767 | 87,492 | (7,321) | 1989 | Apr-14 | 5-30 |
| Carmel Summit | 246 | | San Diego, CA | — | | 14,968 | | 59,871 | | 2,007 | | 14,968 | | 61,878 | 76,846 | (6,271) | 1989 | Apr-14 | 5-30 |
First 8 of 35 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Fountain Court | 320 | | Seattle, WA | — | | 6,702 | | 27,306 | | 10,809 | | 6,585 | | 38,232 | 44,817 | (21,314) | 2000 | Mar-00 | 3-30 |
| Fourth & U | 171 | | Berkeley, CA | — | | 8,879 | | 52,351 | | 2,621 | | 8,879 | | 54,972 | 63,851 | (13,809) | 2010 | Apr-10 | 3-30 |
| Fox Plaza | 443 | | San Francisco, CA | — | | 39,731 | | 92,706 | | 18,477 | | 39,731 | | 111,183 | 150,914 | (15,448) | 1968 | Feb-13 | 3-30 |
| Hillsdale Garden | 697 | | San Mateo, CA | — | | 22,000 | | 94,681 | | 21,533 | | 22,000 | | 116,214 | 138,214 | (44,137) | 1948 | Sep-06 | 3-30 |
First 8 of 36 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Pinehurst (8) | 28 | | Ventura, CA | — | | — | | 1,711 | | 519 | | 6 | | 2,224 | 2,230 | (1,344) | 1973 | Dec-04 | 3-24 |
| Pinnacle Sonata | 268 | | Bothell, WA | — | | 14,647 | | 58,586 | | 1,911 | | 14,647 | | 60,497 | 75,144 | (6,089) | 2000 | Apr-14 | 5-30 |
| Pointe at Cupertino | 116 | | Cupertino, CA | — | | 4,505 | | 17,605 | | 11,631 | | 4,505 | | 29,236 | 33,741 | (13,938) | 1963 | Aug-98 | 3-30 |
| Radius | 264 | | Redwood City, CA | — | | 11,702 | | 152,336 | | (39) | | 11,702 | | 152,297 | 163,999 | (14,159) | 2015 | Apr-14 | 3-30 |
First 8 of 36 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Village Green | 272 | | La Habra, CA | — | | 6,488 | | 36,768 | | 2,820 | | 6,488 | | 39,588 | 46,076 | (4,132) | 1971 | Apr-14 | 5-30 |
| Vista Belvedere | 76 | | Tiburon, CA | — | | 5,573 | | 11,901 | | 8,205 | | 5,573 | | 20,106 | 25,679 | (8,793) | 1963 | Aug-04 | 3-30 |
| Vox Apartments | 58 | | Seattle, WA | — | | 5,545 | | 16,635 | | 79 | | 5,545 | | 16,714 | 22,259 | (1,802) | 2013 | Oct-13 | 3-30 |
| Walnut Heights | 163 | | Walnut, CA | — | | 4,858 | | 19,168 | | 4,269 | | 4,887 | | 23,408 | 28,295 | (10,501) | 1964 | Oct-03 | 3-30 |
First 8 of 16 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 | | $14 | | $10,200 | | $13,814 | | $24,014 | $(3,934) | 1938 | Jul-06 | 3-30 |
| Derian Office Building | 106,564 | | Irvine, CA | — | | 3,079 | | 12,315 | | 4,049 | | 4,308 | | 15,135 | | 19,443 | (12,676) | 1983 | Jul-00 | 3-30 |
| 140,564 | | | $— | | $13,279 | | $26,115 | | $4,063 | | $14,508 | | $28,949 | | $43,457 | $(16,610) | | | |
First 8 of 9 rows. The CSV has all of them.
Table 88 after “A summary of activity for rental properties and accumulated depreciation is as follows:”
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| 2016 | 2015 | | 2014 | | 2016 | 2015 | | 2014 | | |
| Rental properties: | | | | | Accumulated depreciation: | | | | | | |
| Balance at beginning of year | $12,331,469 | | $11,244,681 | | | $5,443,757 | Balance at beginning of year | $1,949,892 | | $1,564,806 | $1,254,886 |
| Acquisition, development, and improvement of real estate (1) (2) | 609,669 | | 1,333,102 | | | 5,833,617 | Depreciation expense (1) | 432,165 | | 402,687 | 320,921 |
| Disposition of real estate and other | (264,832) | | (246,314) | | | (32,693) | Depreciation expense - Disposals and other | (70,511) | | (17,601) | (11,001) |
| Balance at the end of year | $12,676,306 | | $12,331,469 | | | $11,244,681 | Balance at the end of year | $2,311,546 | | $1,949,892 | $1,564,806 |
Table 89 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) | February 24, 2017 |
| /S/ KEITH R. GUERICKEKeith R. Guericke | Director, and Vice Chairman of the Board | February 24, 2017 |
| /S/ GEORGE M. MARCUSGeorge M. Marcus | Director and Chairman of the Board | February 24, 2017 |
| /S/ IRVING F. LYONS, IIIIrving F. Lyons, III | Director | February 24, 2017 |
| /S/ GARY P. MARTINGary P. Martin | Director | February 24, 2017 |
| /S/ ISSIE N. RABINOVITCHIssie N. Rabinovitch | Director | February 24, 2017 |
| /S/ THOMAS E. ROBINSONThomas E. Robinson | Director | February 24, 2017 |
First 8 of 10 rows. The CSV has all of them.
| Exhibit No. | Document |
| 3.1 | Articles of Amendment and Restatement of Essex Property Trust, Inc., attached as Exhibit 3.2 to the Company's Current Report on Form 8-K, filed May 23, 2016, and incorporated herein by reference. |
| 3.2 | Fifth Amended and Restated Bylaws of Essex Property Trust, Inc. (as of May 17, 2016), attached as Exhibit 3.3 to the Company's Current Report on Form 8-K, filed May 23, 2016, 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 | 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. |
| 4.2 | 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. |
| 4.3 | Form of Common Stock Certificate of Essex Property Trust, Inc., filed as Exhibit 4.5 to the Company's Form S-4 Registration Statement, filed January 29, 2014, and incorporated herein by reference. |
| 4.4 | Indenture governing 5.500% Senior Notes due 2017, dated April 4, 2014, by and among Essex Portfolio, L.P., Essex Property Trust, Inc. and U.S. Bank National Association, as trustee, including the form of 5.500% Senior Notes due 2017, attached as Exhibit 4.1 to Essex Property Trust, Inc.'s Current Report on Form 8-K, filed April 10, 2014, and incorporated herein by reference. |
First 8 of 17 rows. The CSV has all of them.
| 10.5 | 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. † |
| 10.6 | Amended and Restated Revolving Credit Agreement, dated as of September 16, 2011, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer, and other lenders as specified therein, attached as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, and incorporated herein by reference. |
| 10.7 | Note Purchase Agreement, dated as of March 14, 2012, among Essex Portfolio, L.P., the Company and the purchasers of the notes party thereto (including the forms of the 4.27% Senior Guaranteed Notes, Series C, due April 30, 2021, the 4.30% Senior Guaranteed Notes, Series D, due June 29, 2021, and the 4.37% Senior Guaranteed Notes, Series E, due August 30, 2021), attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on March 20, 2012, and incorporated herein by reference. † |
| 10.8 | First Amendment to Amended and Restated Revolving Credit Agreement, dated May 31, 2012, 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, and incorporated herein by reference. |
| 10.9 | Modification Agreement, dated July 30, 2012, attached as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, and incorporated herein by reference. |
| 10.10 | Amendment to Agreement, dated as of September 11, 2012, between the Company and George Marcus, attached as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, and incorporated herein by reference. |
| 10.11 | Essex Property Trust, Inc. Executive Severance Plan (as Amended and Restated effective March 12, 2013), attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed March 18, 2013, and incorporated herein by reference.* |
| 10.12 | Second Amendment to Amended and Restated Revolving Credit Agreement, dated August 30, 2012, 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 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, and incorporated herein by reference. |
First 8 of 15 rows. The CSV has all of them.
| 10.20 | 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. |
| 10.21 | 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.* |
| 10.22 | BRE Properties, Inc. Fifth Amended and Restated Non-Employee Stock Option and Restricted Stock Plan (assumed by Essex Property Trust, Inc.), attached as Exhibit 99.2 to Essex Property Trust, Inc.'s Registration Statement on Form S-8, filed April 1, 2014, and incorporated herein by reference.* |
| 10.23 | Form of Equity Distribution Agreement between Essex Property Trust, Inc. and various entities, dated March 8, 2016, attached as Exhibit 10.1 to the Company's Current Report of From 8-K, filed on March 9, 2016, and incorporated herein by reference. |
| 10.24 | Fifth Amendment to Amended and Restated Revolving Credit Agreement, dated as of January 22, 2015, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and other lenders party thereto, attached as Exhibit 10.27 to the Company's Annual Report on Form 10-K, filed March 2, 2015, and incorporated herein by reference. |
| 10.25 | Forms of Essex Property Trust, Inc., Essex Portfolio L.P., Long-Term Incentive Plan Award Agreements, attached as Exhibit 10.28 to the Company's Annual Report on Form 10-K, filed March 2, 2015, and incorporated herein by reference.* |
| 10.26 | Terms Agreement dated as of May 20, 2015, among Essex Property Trust, Inc. and Citigroup Global Markets Inc., attached as Exhibit 1.1 to the Company's Current Report on Form 8-K, filed on May 26, 2015, and incorporated herein by reference. |
| 10.27 | Sixth Amendment to Amended and Restated Revolving Credit Agreement, dated as of January 19, 2016, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and other lenders party thereto, attached as Exhibit 10.30 to the Company's Annual Report on Form 10-K, filed on February 26, 2016 and incorporated herein by reference. |
First 8 of 21 rows. The CSV has all of them.
| 32.4 | Certification of Angela L. Kleiman, 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 |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |