Essex Property Trust (ESS) 2013年年度报告「NYSE」.pdf

1、2013 ANNUAL REPORTSince inception,Essex has upheld its proven strategy which has enabled the Company to deliver outsized returns to our shareholders.With a strong management team,research driven investment thesis,and a well-defined strategy of investing in supply-constrained West Coast markets,we ha

2、ve the necessary tools to continue our long track record of delivering superior total returns for our shareholders.THE PROVEN LEADER IN WEST COAST APARTMENTSCONNOLLY STATIONDUBLIN,CAOVERVIEW We are pleased to report another year of strong operating performance in 2013.Supported by robust regional ec

3、onomies,the coastal markets of California and Washington produced strong rent growth,resulting in sector leading same-property net operating income(NOI)growth of 7.4%.The outstanding performance of our apartment portfolio contributed to continued growth in cash flow,as indicated by an 11.4%increase

4、in Core Funds from Opera-tions(FFO)per diluted share.Notwithstanding the solid operating performance of the Company,our total share-holder return for the year was 1.1%,reflecting investor concerns about decelerating rent growth for the apartment REIT sector,higher interest rates,and increasing housi

5、ng construction on a national level.We exceeded our primary objectives in each major segment of the Company.Supported by our market research effort,the Company and its institutional partners acquired eight high-quality apartment communities for a total investment of$463 million.We commenced three ne

6、w developments with our institutional partners at an estimated cost of$322 million,bringing the total development pipeline to$1.1 bil-lion.Our redevelopment activity allowed us to improve our apartment portfolio,consistent with resident expectations and preferences in the rental market,while generat