Quarterly Results of Operations (Unaudited)

Essex Property Trust, Inc.

The following is a summary of quarterly results of operations for 2017 and 2016 ($ in thousands, except per share and dividend amounts):



	Quarter ended December 31		Quarter ended September 30		Quarter ended June 30		Quarter ended March 31
2017:
Total property revenues	$	342,417	$	341,974	$	336,766	$	333,168
Net income	$	109,662	$	85,035	$	75,795	$	187,551
Net income available to common stockholders	$	103,613	$	79,723	$	70,759	$	178,964
Per share data:
Net income:
Basic ⁽¹⁾	$	1.57	$	1.21	$	1.08	$	2.73
Diluted ⁽¹⁾	$	1.57	$	1.21	$	1.08	$	2.72
Market price:
High	$	264.07	$	270.04	$	268.97	$	238.57
Low	$	237.33	$	249.46	$	229.14	$	218.41
Close	$	241.37	$	254.03	$	257.27	$	231.53
Dividends declared	$	1.75	$	1.75	$	1.75	$	1.75
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
Diluted ⁽¹⁾	$	2.98	$	1.00	$	1.10	$	1.19
Market price:
High	$	234.07	$	236.56	$	237.50	$	240.55
Low	$	200.01	$	217.16	$	207.20	$	191.25
Close	$	232.50	$	222.70	$	228.09	$	233.86
Dividends declared	$	1.60	$	1.60	$	1.60	$	1.60


⁽¹⁾	Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares.

Essex Portfolio, L.P.

The following is a summary of quarterly results of operations for 2017 and 2016 ($ in thousands, except per unit and distribution amounts):



	Quarter ended December 31		Quarter ended September 30		Quarter ended June 30		Quarter ended March 31
2017:
Total property revenues	$	342,417	$	341,974	$	336,766	$	333,168
Net income	$	109,662	$	85,035	$	75,795	$	187,551
Net income available to common unitholders	$	107,149	$	82,444	$	73,181	$	185,110
Per unit data:
Net income:
Basic ⁽¹⁾	$	1.57	$	1.21	$	1.08	$	2.73
Diluted ⁽¹⁾	$	1.57	$	1.21	$	1.08	$	2.72
Distributions declared	$	1.75	$	1.75	$	1.75	$	1.75
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
Diluted ⁽¹⁾	$	2.98	$	1.00	$	1.10	$	1.19
Distributions declared	$	1.60	$	1.60	$	1.60	$	1.60


⁽¹⁾	Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares.