Fair value was estimated based on contractual future cash flows discounted using borrowing spreads and market interest rates that would have been available as of April 1, 2014 for debt with similar terms and maturities. Essex Property Trust, headquartered in San Mateo, California, is a real estate investment trust company that acquires, develops, redevelops, and manages apartme... Read More, Senior Executive VP & Chief Operating Officer, Senior Vice President and General Counsel, Vice President, Marketing & Communications.

Essex does not discriminate in its housing based on race, color, religion, national origin, sex, familial status, disability, gender, gender identity, sexual orientation, or any other characteristic protected by law. The technologies that are used by Essex Property Trust are: Microsoft Project, Office 365, Adobe Acrobat DC, BookingLive, Essex Property Trust's CEO is Michael Schall, Essex Property Trust's CFO is Angela Kleiman, Essex Property Trust's CTO is Patrick Klein, See more information about Essex Property Trust, 1100 Park Pl, Ste 200, San Mateo, California, 94403, United States, SAN MATEO, Calif.--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its third quarter 2020 earnings results and related business activities. the accompanying notes to the unaudited pro forma condensed consolidated financial statements; the historical audited consolidated financial statements of Essex and EPLP as of and for the year ended December 31, 2013, as presented in Essex’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2014; the historical unaudited condensed consolidated financial statements of Essex and EPLP as of and for the quarter ended March 31, 2014, as presented in Essex’s Quarterly Report on Form 10-Q, filed with the SEC on May 12, 2014; the historical audited consolidated financial statements of BRE as of and for the year ended December 31, 2013, as presented in BRE’s Annual Report on Form 10-K, filed with the SEC on February 18, 2014; and. The unaudited pro forma condensed consolidated financial statements do not include any estimate of projected cost savings. SAN MATEO, Calif.--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) announced today that its Board of Directors has declared a regular quarterly cash dividend of $2.0775 per common share, payable October 15, 2020 to shareholders of record as of September 30, 2020. Essex Property Trust acquires, develops, redevelops, and manages apartment communities, focusing on the metropolitan areas of Los Angeles, San Diego, San Francisco, and Seattle. For purchase accounting, the value of the common units issued by EPLP upon the consummation of the Merger was determined based on the closing price of BRE’s common stock on the closing date of the Merger. The final purchase accounting may be different than that reflected in the pro forma purchase accounting presented herein, and this difference may be material. We apologize, but your browser is not supported. Please enable Cookies and reload the page. For the best experience, please use Chrome, Safari, Firefox, or Edge. The following unaudited pro forma condensed consolidated financial statements are based on Essex’s historical consolidated financial statements and BRE’s historical consolidated financial statements and have been adjusted in the statements below to give effect to the Merger and the other transactions contemplated by the Merger Agreement. The remaining $56.8 million aggregate principal amount of BRE Notes which were not exchanged pursuant to the Exchange Offer are obligations of BEX Portfolio, LLC.

Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that increase the value of the community or extend its useful life are capitalized. Essex is currently in the measurement period and performing procedures to accumulate the necessary information to measure the fair value of BRE’s assets and liabilities acquired. Essex Property Trust’s phone number is (650) 655-7800. Essex does not discriminate in its housing based on race, color, religion, national origin, sex, familial status, disability, gender, gender identity, sexual orientation, or any other characteristic protected by law. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements relating to expected synergies, improved liquidity and balance sheet strength – are forward-looking statements. The net book value of the 17 properties was $371.0 million and the contribution of the properties to the joint ventures resulted in the Company recording its share of a gain on the properties of $252.6 million. Gain on sale of real estate and land was adjusted to eliminate gain recorded by BRE as a result of the contribution of 17 properties to the three new joint ventures. The self-managed and self-administered real estate investment trust (REIT) owns more than 240 apartment communities -- mostly in Southern California -- and eight community properties under development. The Company’s accounting policy related to communities in the development and leasing phase is to expense all operating cost associated with completed apartment homes, including costs associated with the lease up of the development. As a result, given that a substantial component of the purchase price is an exchange of equity instruments, EPLP used the closing price of BRE’s common stock on April 1, 2014 of $61 per share, less the Special Dividend, as the fair value of the Stock Consideration.

Interest expense was reduced by $6.2 million as a result of the amortization of the debt premium associated with the pro forma adjustment to record BRE’s debt at fair value. The fair value of the OP units received of $1.4 billion is recorded in co-investments and a corresponding deposit liability, on BRE’s consolidated balance sheet at March 31, 2014. There was comprehensive insurance on the development and we estimate the insurance claim will result in reimbursement for the replacement cost on the damaged construction. The gain is recorded in gains on sale of real estate in the condensed consolidated statements of income. By clicking submit, you agree to Essex’s Terms & Conditions. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. For service based restricted stock awards, the Company evaluates its forfeiture rate at the end of each reporting period based on the probability of the service condition being met. Access the Essex RentCafe portal for resident-only options, like paying rent and maintenance requests. The estimated fair value was derived by applying a capitalization rate to estimated net operating income, using recent third party appraisals, or other available market data. Stock based compensation awards under BRE’s plans vest over periods ranging from one to six years. Specifically, the unaudited pro forma condensed consolidated statements of income exclude anticipated operating efficiencies and synergies which may be achieved as a result of the Merger. As a result, BRE did not recognize any profits, and continued to report the 14 properties and their related debt in rental properties and other; real estate under development; and mortgage loans payable line item on BRE’s consolidated balance sheet at March 31, 2014. The estimated fair value of in-place leases was calculated based on the estimated cost to replace such leases, including foregone rents during an assumed lease-up period. if your looking for a place to live this is the spot to check out . Financial Statements of Businesses Acquired. There were no transfers of assets measured at fair value between Level 1 and Level 2 of the fair value hierarchy for the three months ended March 31, 2014. Take a drive along the coast to explore the spectacular coastline from Laguna Beach to Newport Beach to Huntington Beach, or venture out for a day of fun and experience Disneyland Resort, Knott’s Berry Farm and South Coast Plaza. The Company could put the OP units back to Essex and retain the 14 properties if the merger did not close.

The Essex portfolio is concentrated in premier markets along the West Coast, including Southern California, the San Francisco Bay Area, and the Seattle metropolitan area. As a result of the closing of these joint ventures, BRE authorized and paid the Special Dividend described above. You can view all open job positions or use the following search form to find jobs that suit your specific career interests. The Company’s indebtedness contains financial covenants as to minimum net worth, interest coverage ratios, maximum secured debt, total debt to capital, and cash on hand among others. The Company evaluates performance and allocates resources primarily based on the NOI of an individual multifamily community. Indirect development costs, including salaries and benefits, office rent, and associated costs for those individuals directly responsible for and who spend all of their time on development activities are also capitalized and allocated to the projects to which they relate. The pro forma financial information required pursuant to Article 11 of Regulation S-X is attached as Exhibit 99.2 hereto and is incorporated by reference herein. Who are Essex Property Trust’s main competitors? These rates do not include the amortization of upfront issuance fees. Generally, assets carried at fair value and included in this category include stock warrants for which market-based implied volatilities are not available. As a result, the Company did not recognize any profits, and continues to report the 14 properties and their related debt in the direct investments in real estate and mortgage loans payable line item on the balance sheet at March 31, 2014.

Land value is assigned based on the purchase price if land is acquired separately, or estimated fair market value based upon market comparables if acquired in a merger or in an operating community acquisition. The Company also assesses land held for development for impairment if the intent changes with respect to the development of the land. During the first quarter 2014, the Company’s 4.7% senior notes came due and the aggregate principal balance of $50,000,000 was paid in full. Also, in connection with the Merger, Essex assumed approximately $711.3 million of secured debt with remaining loan terms ranging from one to seven years and a weighted average interest rate of 5.6%.

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