8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2003

Essex Property Trust, Inc.
(Exact name of registrant as specified in its charter)

Commission file number 001-13106

 

Maryland	77-0369576
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification Number)

925 East Meadow Drive
Palo Alto, California    94303
(Address of principal executive offices including zip code)

(650) 494-3700
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Item 7. Financial Statements and Other Exhibits

(c) Exhibits

The exhhibit listed below is being furnished with this Form 8-K.

Exhibit Number	Description
99.1	Press Release issued by Essex Property Trust, Inc. dated July 30, 2003

Item 12. Results of Operations and Financial Condition

On July 30, 2003, Essex Property Trust, Inc. (the "Company") issued a press release announcing the Company's earnings for the fiscal quarter ended June 30, 2003. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein in its entirety.

The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 12 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned therunto duly authorized.

Date: July 30, 2003

Essex Property Trust, Inc.

By:  /s/ Michael J. Schall

Michael J. Schall

Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description
99.1*	Press release dated July 30, 2003

*    Also provided in PDF format as a courtesy.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Michael J. Schall, Chief Financial Officer, (650) 849-1600

Mary C. Jensen, Director of Investor Relations, (650) 849-1656

Essex Announces Second Quarter 2003 Results

6.8% Decrease in FFO Per Share

Palo Alto, California-July 30, 2003-Essex Property Trust, Inc. (NYSE:ESS), a Real Estate Investment Trust (REIT) with apartment communities located in targeted West Coast markets, today reported operating results for the second quarter 2003.

Net Income for the quarter ended June 30, 2003 totaled $10.7 million, or $0.50 per diluted share, as compared with $21.4 million, or $1.14 per diluted share for the quarter ended June 30, 2002. Comparative results for the quarter ended June 30, 2003 were impacted by gains from asset sales of $9.5 million, or $0.50 per share, which were reported for the period ended June 30, 2002.

Funds From Operations (FFO) for the quarter ended June 30, 2003 amounted to $25.6 million, or $1.09 per diluted share, compared to $24.7 million, or $1.17 per diluted share, for the quarter ended June 30, 2002, representing a 3.7 percent increase in FFO and a 6.8 percent reduction in FFO per share. FFO was negatively impacted by a $1,596,000 decrease in miscellaneous non-recurring income, which decreased from $1,880,000, or $0.09 per diluted share in the quarter ended June 30, 2002 to $284,000 or $0.01 per diluted share in the quarter ended June 30, 2003.

FFO is a supplemental financial measurement used by real estate investment trusts to measure and compare operating performance. A reconciliation of FFO to net income (the most directly comparable GAAP measure) is included in the financial data accompanying this press release. For a more comprehensive definition of FFO please refer to the last page of this press release.

The Company's financial results are summarized as follows:

                                         Quarter Ended June 30,
                              ---------------------------------------------
                                                                 Percent
                                    2003             2002         Change
                              ---------------------------------------------
                            (Dollars in thousands, except per share amounts)

Revenues                     $     58,447      $    50,983            14.6%
Net Income                   $     10,650      $    21,358           -50.1%
Funds From Operations (FFO)  $     25,581      $    24,672             3.7%
Per Diluted Share:
  Net Income Per Share       $      0.50       $     1.14            -56.1%
  FFO Per Share              $      1.09       $     1.17             -6.8%

Portfolio Composition

The following table compares Essex's regional concentrations for its multifamily portfolio as of June 30, 2003 and June 30, 2002.

                                 As of                   As of
                               June 30, 2003           June 30, 2002
                        ------------------------------------------------
                              Number of               Number of
                           Apartment Homes    %    Apartment Homes    %
                        ------------------------------------------------
Southern California          14,810        59        10,302        52
San Francisco Bay Area        4,293        17         4,023        20
Seattle Metro. Area           4,073        16         4,073        21
Portland Metro. Area          1,371         6         1,371         7
Other                           578         2           -           -
                         ------------------------------------------------
Total                        25,125        100       19,769        100
                         ================================================

Property Operations