ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES
FINANCIAL STATEMENT SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2013
(Dollars in thousands)

						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	13,805	2,824	24,075	26,898	(11,185)	1981	01/97	3-30
Avondale at Warner Center	446	Woodland Hills, CA	46,077	10,536	24,522	15,162	10,601	39,619	50,220	(21,737)	1970	01/97	3-30
Bridgeport	184	Newark, CA	21,374	1,608	7,582	6,595	1,525	14,260	15,785	(10,670)	1987	07/87	3-30
Barkley, The(2)	161	Anaheim, CA	16,534	-	8,520	4,817	2,353	10,984	13,337	(5,006)	1984	04/00	3-30
Bel Air	462	San Ramon, CA	54,858	12,105	18,252	25,571	12,682	43,246	55,928	(21,280)	1988	01/97	3-30
Belmont Station	275	Los Angeles, CA	30,045	8,100	66,666	3,262	8,267	69,760	78,027	(16,096)	2008	12/08	3-30
Bella Villagio	231	San Jose, CA	36,992	17,247	40,343	1,735	17,247	42,079	59,325	(4,849)	2004	09/10	3-30
Brookside Oaks	170	Sunnyvale, CA	19,652	7,301	16,310	20,824	10,328	34,107	44,435	(12,736)	1973	06/00	3-30
Camino Ruiz Square	160	Camarillo, CA	21,110	6,871	26,119	940	6,931	26,999	33,930	(6,507)	1990	12/06	3-30
Canyon Oaks	250	San Ramon, CA	28,559	19,088	44,473	1,512	19,088	45,985	65,073	(10,550)	2005	05/07	3-30
Carlyle, The	132	San Jose, CA	18,274	3,954	15,277	9,956	5,801	23,387	29,187	(10,159)	2000	04/00	3-30
City View	572	Hayward, CA	62,008	9,883	37,670	21,261	10,350	58,464	68,814	(32,305)	1975	03/98	3-30
Coldwater Canyon	39	Studio City, CA	5,446	1,674	6,640	1,289	1,676	7,928	9,603	(2,308)	1979	05/07	3-30
Courtyard off Main	109	Bellevue, WA	16,016	7,465	21,405	2,718	7,465	24,123	31,588	(2,752)	2000	10/10	3-30
Domaine	92	Seattle, WA	16,336	9,059	27,177	375	9,059	27,552	36,611	(1,191)	2009	09/12	3-30
Elevation	157	Redmond, WA	11,579	4,758	14,285	5,498	4,757	19,784	24,541	(3,054)	1986	06/10	3-30
Esplanade	278	San Jose, CA	43,965	18,170	40,086	6,786	18,429	46,613	65,042	(15,128)	2002	11/04	3-30
Fairhaven	164	Santa Ana, CA	16,954	2,626	10,485	5,561	2,957	15,715	18,672	(5,989)	1970	11/01	3-30
Fairwood Pond	194	Renton, WA	13,024	5,296	15,564	2,111	5,297	17,674	22,971	(5,979)	1997	10/04	3-30
Fountain Park	705	Playa Vista, CA	83,179	25,073	94,980	23,673	25,203	118,523	143,726	(41,416)	2002	02/04	3-30
Harvest Park	104	Santa Rosa, CA	10,473	6,700	15,479	984	6,690	16,473	23,163	(4,043)	2004	03/07	3-30
Hampton Place /Hampton Court	215	Glendale, CA	20,967	6,695	16,753	5,574	6,733	22,289	29,022	(10,899)	1970	06/99	3-30
Hidden Valley	324	Simi Valley, CA	30,027	14,174	34,065	1,535	9,674	40,101	49,774	(12,830)	2004	12/04	3-30
Highridge	255	Rancho Palos Verdes, CA	44,807	5,419	18,347	26,326	6,073	44,019	50,092	(19,916)	1972	05/97	3-30
Highlands at Wynhaven	333	Issaquah, WA	32,793	16,271	48,932	5,541	16,271	54,473	70,744	(10,576)	2000	08/08	3-30
Hillcrest Park	608	Newbury Park, CA	68,339	15,318	40,601	15,868	15,755	56,031	71,787	(27,474)	1973	03/98	3-30
Hillsborough Park	235	La Habra, CA	37,218	6,291	15,455	1,625	6,272	17,099	23,371	(8,182)	1999	09/99	3-30
Huntington Breakers	342	Huntington Beach, CA	38,108	9,306	22,720	7,218	9,315	29,929	39,244	(15,046)	1984	10/97	3-30
Inglenook Court	224	Bothell, WA	8,300	3,467	7,881	5,766	3,474	13,640	17,114	(8,870)	1985	10/94	3-30
Magnolia Square/Magnolia Lane(3)	188	Sunnyvale, CA	18,017	8,190	24,736	12,716	8,191	37,451	45,642	(8,282)	1969	09/07	3-30
Mirabella	188	Marina Del Rey, CA	45,470	6,180	26,673	13,583	6,270	40,165	46,436	(16,059)	2000	05/00	3-30
Mill Creek at Windermere	400	San Ramon, CA	49,212	29,551	69,032	1,975	29,551	71,008	100,558	(15,298)	2005	09/07	3-30
Montclaire, The	390	Sunnyvale, CA	46,580	4,842	19,776	20,091	4,997	39,712	44,709	(29,766)	1973	12/88	3-30
Montebello	248	Kirkland, WA	29,300	13,857	41,575	2,707	13,858	44,281	58,139	(2,351)	1996	07/12	3-30
Montejo	124	Garden Grove, CA	13,064	1,925	7,685	2,420	2,194	9,835	12,030	(4,167)	1974	11/01	3-30
Park Hill at Issaquah	245	Issaquah, WA	28,966	7,284	21,937	2,317	7,284	24,254	31,538	(7,853)	1999	02/99	3-30
Palisades, The	192	Bellevue, WA	20,935	1,560	6,242	10,733	1,565	16,971	18,535	(11,333)	1977	05/90	3-30
Pathways	296	Long Beach, CA	37,651	4,083	16,757	18,730	6,239	33,332	39,570	(22,575)	1975	02/91	3-30
Stevenson Place	200	Fremont, CA	21,724	996	5,582	7,076	1,001	12,653	13,654	(9,216)	1971	04/83	3-30
Stonehedge Village	196	Bothell, WA	12,390	3,167	12,603	4,726	3,201	17,296	20,496	(9,341)	1986	10/97	3-30
Summerhill Park	100	Sunnyvale, CA	13,554	2,654	4,918	1,287	2,656	6,202	8,859	(4,814)	1988	09/88	3-30
The Bernard	63	Seattle, WA	9,776	3,699	11,345	95	3,689	11,451	15,139	(887)	2008	09/11	3-30
The Huntington	276	Huntington Beach, CA	33,121	10,374	41,495	2,026	10,374	43,522	53,895	(2,301)	1975	06/12	3-30
Tierra Vista	404	Oxnard, CA	56,359	13,652	53,336	3,497	13,661	56,824	70,485	(18,565)	2001	01/01	3-30
Valley Park	160	Fountain Valley, CA	22,180	3,361	13,420	3,319	3,761	16,339	20,100	(6,817)	1969	11/01	3-30

(Continued)

						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 (continued)
Villa Angelina	256	Placentia, CA	27,040	4,498	17,962	5,714	4,962	23,213	28,174	(8,818)	1970	11/01	3-30
Wandering Creek	156	Kent, WA	5,300	1,285	4,980	3,569	1,296	8,538	9,834	(5,395)	1986	11/95	3-30
Waterford, The	238	San Jose, CA	31,705	11,808	24,500	12,570	15,165	33,713	48,878	(15,024)	2000	06/00	3-30
Wilshire Promenade	149	Fullerton, CA	17,975	3,118	7,385	7,245	3,797	13,951	17,748	(6,745)	1992	01/97	3-30
			1,404,080	393,037	1,199,123	380,286	406,809	1,565,636	1,972,445	(564,341)
Unencumbered communities
Allegro	97	Valley Village, CA		5,869	23,977	1,144	5,869	25,121	30,990	(3,944)	2010	10/10	3-30
Alpine Village	301	Alpine, CA		4,967	19,728	4,511	4,982	24,224	29,206	(9,201)	1971	12/02	3-30
Anavia	250	Anaheim, CA		15,925	63,712	5,633	15,925	69,345	85,270	(7,077)	2009	12/10	3-30
Annaliese	56	Seattle, WA		4,727	14,229	67	4,726	14,297	19,023	(459)	2009	01/13	3-30
Ascent	90	Kirkland, WA		3,924	11,862	1,344	3,924	13,206	17,130	(582)	1988	10/12	3-30
Axis 2300	115	Irvine, CA		5,405	33,585	780	5,405	34,365	39,770	(5,348)	2010	08/10	3-30
Bellerive	63	Los Angeles, CA		5,401	21,803	568	5,401	22,370	27,772	(2,378)	2011	08/11	3-30
Belmont Terrace	71	Belmont, CA		4,446	10,290	2,454	4,473	12,717	17,190	(4,187)	1974	10/06	3-30
Bennett Lofts	147	San Francisco, CA		21,771	50,800	23,304	28,371	67,503	95,875	(2,456)	2004	12/12	3-30
Bonita Cedars	120	Bonita, CA		2,496	9,913	1,773	2,503	11,678	14,182	(4,608)	1983	12/02	3-30
Boulevard	172	Fremont, CA		3,520	8,182	10,606	3,580	18,729	22,308	(11,311)	1978	01/96	3-30
Bridle Trails	108	Kirkland, WA		1,500	5,930	5,388	1,531	11,287	12,818	(5,860)	1986	10/97	3-30
Brighton Ridge	264	Renton, WA		2,623	10,800	3,086	2,656	13,852	16,509	(8,080)	1986	12/96	3-30
Bristol Commons	188	Sunnyvale, CA		5,278	11,853	3,361	5,293	15,199	20,492	(8,004)	1989	01/97	3-30
416 on Broadway	115	Glendale, CA		8,557	34,235	992	8,557	35,226	43,784	(3,750)	2009	12/10	3-30
Bunker Hill	456	Los Angeles, CA		11,498	27,871	9,067	11,639	36,798	48,436	(17,548)	1968	03/98	3-30
Cairns, The	100	Seattle, WA		6,937	20,679	443	6,939	21,121	28,059	(4,694)	2006	06/07	3-30
Camarillo Oaks	564	Camarillo, CA		10,953	25,254	3,361	11,075	28,493	39,568	(16,613)	1985	07/96	3-30
Canyon Pointe	250	Bothell, WA		4,692	18,288	3,856	4,693	22,143	26,836	(8,091)	1990	10/03	3-30
Capri at Sunny Hills	100	Fullerton, CA		3,337	13,320	6,848	4,048	19,457	23,505	(7,745)	1961	09/01	3-30
Castle Creek	216	Newcastle, WA		4,149	16,028	2,240	4,833	17,584	22,417	(10,037)	1997	12/97	3-30
CBC Apartments	148	Goleta, CA		6,283	24,000	2,645	6,288	26,641	32,928	(7,948)	1962	01/06	3-30
CentrePointe	224	San Diego, CA		3,405	7,743	17,571	3,442	25,277	28,719	(7,522)	1974	06/97	3-30
Cedar Terrace	180	Bellevue, WA		5,543	16,442	4,065	5,652	20,397	26,050	(6,996)	1984	01/05	3-30
Chestnut Street	96	Santa Cruz, CA		6,582	15,689	1,029	6,582	16,718	23,300	(3,249)	2002	07/08	3-30
Commons, The	264	Campbell, CA		12,555	29,307	3,839	12,556	33,145	45,701	(4,451)	1973	07/10	3-30
Corbella at Juanita Bay	169	Kirkland, WA		5,801	17,415	1,081	5,801	18,496	24,297	(2,070)	1978	11/10	3-30
Country Villas	180	Oceanside, CA		4,174	16,583	2,650	4,187	19,220	23,407	(7,669)	1976	12/02	3-30
Delano/Bon Terra	126	Redmond, WA		7,470	22,511	834	7,470	23,345	30,815	(1,585)	2005/2011	12/11	3-30
Devonshire	276	Hemet, CA		3,470	13,786	2,400	3,482	16,174	19,656	(6,481)	1988	12/02	3-30
Domain	379	San Diego, CA		23,848	95,394	17	23,848	95,411	119,259	(398)	2013	11/13	3-30
Emerald Ridge	180	Bellevue, WA		3,449	7,801	2,992	3,449	10,793	14,242	(7,244)	1987	11/94	3-30
Essex Skyline at MacArthur Place	349	Santa Ana, CA		21,537	146,099	1,216	21,537	147,314	168,852	(8,472)	2008	04/12	3-30
Evergreen Heights	200	Kirkland, WA		3,566	13,395	3,654	3,649	16,966	20,615	(9,184)	1990	06/97	3-30
Fairways(4)	74	Newport Beach, CA		-	7,850	5,290	9	13,131	13,140	(5,354)	1972	06/99	3-30
Foothill Commons	388	Bellevue, WA		2,435	9,821	33,746	2,440	43,562	46,002	(22,333)	1978	03/90	3-30
Foothill Gardens/Twin Creeks	176	San Ramon, CA		5,875	13,992	5,273	5,964	19,176	25,140	(10,015)	1985	02/97	3-30
Forest View	192	Renton, WA		3,731	14,530	1,361	3,731	15,891	19,622	(5,742)	1998	10/03	3-30
Fountain Court	320	Seattle, WA		6,702	27,306	7,607	6,985	34,631	41,615	(15,071)	2000	03/00	3-30
Fourth & U	171	Berkeley, CA		8,879	52,351	2,227	8,879	54,577	63,457	(7,644)	2010	04/10	3-30
Fox Plaza	444	San Francisco, CA		39,731	92,706	2,627	39,731	95,333	135,064	(2,771)	1968	02/13	3-30
Hillsdale Garden	697	San Mateo, CA		22,000	94,681	18,717	22,244	113,154	135,398	(28,418)	1948	09/06	3-30
Hope Ranch Collection	108	Santa Barbara, CA		4,078	16,877	2,394	4,208	19,141	23,349	(4,108)	1965	03/07	3-30

(Continued)

						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)
Unencumbered communities (continued)
Joule	295	Seattle, WA		14,558	69,417	3,142	14,558	72,559	87,117	(10,435)	2010	03/10	3-30
1000 Kiely	121	Santa Clara, CA		9,359	21,845	5,118	9,359	26,963	36,322	(2,745)	1971	03/11	3-30
Kings Road	196	Los Angeles, CA		4,023	9,527	8,817	4,031	18,336	22,367	(8,792)	1979	06/97	3-30
Laurels at Mill Creek	164	Mill Creek, WA		1,559	6,430	5,107	1,595	11,501	13,096	(6,330)	1981	12/96	3-30
Le Parc Luxury Apartments	140	Santa Clara, CA		3,090	7,421	10,794	3,092	18,212	21,305	(10,219)	1975	02/94	3-30
Lofts at Pinehurst, The	118	Ventura, CA		1,570	3,912	4,346	1,618	8,210	9,828	(3,824)	1971	06/97	3-30
Marbrisa	202	Long Beach, CA		4,700	18,605	4,116	4,760	22,662	27,421	(8,395)	1987	09/02	3-30
Marina City Club(5)	101	Marina Del Rey, CA		-	28,167	17,390	-	45,557	45,557	(12,066)	1971	01/04	3-30
Marina Cove(6)	292	Santa Clara, CA		5,320	16,431	9,971	5,324	26,398	31,722	(15,114)	1974	06/94	3-30
Mariners Place	105	Oxnard, CA		1,555	6,103	1,813	1,562	7,909	9,471	(3,847)	1987	05/00	3-30
Meadowood	320	Simi Valley, CA		7,852	18,592	6,239	7,898	24,785	32,683	(13,426)	1986	11/96	3-30
Mesa Village	133	Clairemont, CA		1,888	7,498	1,099	1,894	8,592	10,485	(3,253)	1963	12/02	3-30
Mira Monte	355	Mira Mesa, CA		7,165	28,459	8,392	7,186	36,830	44,016	(15,701)	1982	12/02	3-30
Miracle Mile/Marbella	236	Los Angeles, CA		7,791	23,075	12,201	7,886	35,181	43,067	(17,228)	1988	08/97	3-30
Mission Hills	282	Oceanside, CA		10,099	38,778	4,009	10,167	42,719	52,886	(13,413)	1984	07/05	3-30
Monterra del Mar/Rey/Sol	292	Pasadena, CA		2,202	4,794	28,416	8,385	27,027	35,412	(13,253)	1972	04/99	3-30
Monterey Villas	122	Oxnard, CA		2,349	5,579	5,478	2,424	10,982	13,406	(5,199)	1974	07/97	3-30
Mt. Sutro	99	San Francisco, CA		2,334	8,507	3,450	2,809	11,482	14,291	(5,435)	1973	06/01	3-30
Muse	152	North Hollywood, CA		7,822	33,436	1,550	7,823	34,985	42,808	(4,888)	2011	02/11	3-30
Park Catalina	90	Los Angeles, CA		4,710	18,839	876	4,710	19,716	24,425	(1,051)	2002	06/12	3-30
Park West	126	San Francisco, CA		9,424	21,988	1,895	9,424	23,883	33,307	(1,060)	1958	09/12	3-30
Pinehurst(7)	28	Ventura, CA		355	1,356	453	6	2,159	2,164	(836)	1973	12/04	3-30
Pointe at Cupertino, The	116	Cupertino, CA		4,505	17,605	10,179	4,505	27,784	32,289	(8,131)	1963	08/98	3-30
Reed Square	100	Sunnyvale, CA		6,873	16,037	6,377	6,873	22,414	29,287	(1,490)	1970	01/12	3-30
Regency at Encino	75	Encino, CA		3,184	12,737	1,754	3,184	14,490	17,675	(2,407)	1989	12/09	3-30
Salmon Run at Perry Creek	132	Bothell, WA		3,717	11,483	1,263	3,801	12,662	16,463	(5,544)	2000	10/00	3-30
101 San Fernando	323	San Jose, CA		4,173	58,961	5,425	4,173	64,386	68,559	(7,966)	2001	07/10	3-30
Sammamish View	153	Bellevue, WA		3,324	7,501	5,868	3,331	13,361	16,693	(8,810)	1986	11/94	3-30
San Marcos	432	Richmond, CA		15,563	36,204	26,551	22,866	55,452	78,318	(19,483)	2003	11/03	3-30
Santee Court/Santee Village	238	Los Angeles, CA		9,581	40,317	2,967	9,582	43,283	52,865	(4,811)	2004	10/10	3-30
Shadow Point	172	Spring Valley, CA		2,812	11,170	1,833	2,820	12,995	15,815	(5,146)	1983	12/02	3-30
Slater 116	108	Kirkland, WA		7,379	22,138	158	7,379	22,296	29,675	(220)	2013	09/13	3-30
Summit Park	300	San Diego, CA		5,959	23,670	3,840	5,977	27,492	33,469	(10,845)	1972	12/02	3-30
The Grand	243	Oakland, CA		4,531	89,208	4,199	4,531	93,407	97,938	(17,784)	2009	Jan-09	3-30
The Sweeps	91	Goleta, CA		5,558	21,320	1,947	5,618	23,206	28,825	(7,273)	1967	01/06	3-30
Trabucco Villas	132	Lake Forest, CA		3,638	8,640	2,177	3,890	10,565	14,455	(5,485)	1985	10/97	3-30
Tuscana	30	Tracy, CA		2,828	6,599	162	2,870	6,719	9,589	(1,484)	2007	02/07	3-30
Via	284	Sunnyvale, CA		22,000	82,270	317	22,016	82,571	104,587	(8,246)	2011	07/11	3-30
Vista Belvedere	76	Tiburon, CA		5,573	11,901	5,224	5,573	17,125	22,698	(5,945)	1963	08/04	3-30
Vista Capri - North	106	San Diego, CA		1,663	6,609	901	1,668	7,505	9,173	(2,825)	1975	12/02	3-30
Vox	58	Seattle, WA		5,545	16,635	22	5,545	16,657	22,202	(116)	2013	10/13	3-30
Walnut Heights	163	Walnut, CA		4,858	19,168	2,592	4,887	21,731	26,618	(7,648)	1964	10/03	3-30
Wharfside Pointe	142	Seattle, WA		2,245	7,020	7,537	2,258	14,545	16,802	(7,773)	1990	06/94	3-30
Willow Lake	508	San Jose, CA		43,194	101,030	3,887	43,194	104,917	148,111	(4,365)	1989	10/12	3-30
Windsor Ridge	216	Sunnyvale, CA		4,017	10,315	8,365	4,021	18,676	22,697	(12,239)	1989	03/89	3-30
Woodland Commons	302	Bellevue, WA		2,040	8,727	18,174	2,044	26,897	28,941	(11,363)	1978	03/90	3-30
Woodside Village	145	Ventura, CA		5,331	21,036	3,242	5,341	24,268	29,609	(7,663)	1987	12/04	3-30
	29,989		1,404,080	1,021,942	3,474,800	863,981	1,059,824	4,300,898	5,360,723	(1,232,604)

(Continued)

									Costs
	Rentable				Initial cost				capitalized		Gross amount carried at close of period
	Square						Buildings and		subsequent to		Land and		Buildings and				Accumulated			Date of		Date		Lives
Property	Footage		Location	Encumbrance	Land		improvements		acquisition		improvements		improvements		Total(1)		depreciation			construction		acquired		(years)
Other real estate assets
Hollywood		35,000	Los Angeles, CA			10,200		13,800		2,441		10,200		16,241		26,441		(4,747	)		1938		07/06		3-30
Santa Clara Retail		139,000	Santa Clara, CA			6,472		11,704		3,616		6,472		15,320		21,792		(2,687	)		1970		09/11		3-30
925/935 East Meadow Drive		31,900	Palo Alto, CA			1,401		3,172		8,006		3,147		9,433		12,579		(4,561	)		1988		11/97		3-30
17461 Derian Ave		110,000	Irvine, CA			3,079		12,315		6,829		3,909		18,314		22,223		(10,286	)		1983		07/00		3-30
Consolidated Development Pipeline						10,658		-		39,772		50,430		-		50,430		-

Total apartment communities and other real estate assets				$ 1,404,080	$	1,053,752	$	3,515,791	$	924,645	$	1,133,982	$	4,360,205	$	5,494,188	$	(1,254,886	)

(1)	The aggregate cost for federal income tax purposes is approximately $4.6 billion (unaudited).

(2)	The land is leased pursuant to a ground lease expiring 2082.

(3)	The land is leased pursuant to a ground lease expiring 2070.

(4)	The land is leased pursuant to a ground lease expiring 2027.

(5)	The land is leased pursuant to a ground lease expiring 2067.

(6)	A portion of land is leased pursuant to a ground lease expiring in 2028.

(7)	The land is leased pursuant to a ground lease expiring in 2028.

A summary of activity for rental properties and accumulated depreciation is as follows:

	2013			2012			2011				2013			2012			2011
Rental properties:										Accumulated depreciation:
Balance at beginning of year	$	5,033,672		$	4,313,064		$	3,964,561		Balance at beginning of year	$	1,081,517		$	920,026		$	775,553
Improvements		92,016			97,947			219,692		Depreciation expense - Acquisitions		6,203			3,744			1,279
Acquisition of real estate		344,476			619,743			103,300		Depreciation expense - Discontinued operations		12,290			2,108			315
Development of real estate		14,111			25,545			44,280		Depreciation expense - Rental properties		168,092			161,492			148,337
Disposition of real estate		(40,518	)		(22,627	)		(18,769	)	Dispositions		(13,216	)		(5,853	)		(5,458	)
Balance at the end of year	$	5,443,757		$	5,033,672		$	4,313,064		Balance at the end of year	$	1,254,886		$	1,081,517		$	920,026