ex99_2.htm

Exhibit 99.2

E S S E X P R O P E R T Y T R U S T, I N C.

Consolidated Operating Results	Three Months Ended						Six Months Ended
(Dollars in thousands, except per share amounts)	June 30,						June 30,
	2008			2007			2008			2007

Revenues:
Rental and other property	$	103,365		$	94,194		$	204,842		$	183,860
Management and other fees from affiliates		1,428			1,354			2,655			2,394
		104,793			95,548			207,497			186,254

Expenses:
Property operating, excluding real estate taxes		26,069			22,916			50,633			44,984
Real estate taxes		8,481			7,955			16,898			15,481
Depreciation and amortization		28,683			24,630			56,417			45,786
Interest		19,781			20,491			39,964			38,757
Amortization of deferred financing costs		715			678			1,437			1,355
General and administrative		6,512			6,008			13,137			12,104
		90,241			82,678			178,486			158,467
Earnings from operations		14,552			12,870			29,011			27,787

Interest and other income		2,433			2,865			5,201			5,047
Equity income co-investments		360			463			6,990			2,445
Minority interests		(5,346	)		(5,069	)		(11,189	)		(10,376	)
Income before discontinued operations		11,999			11,129			30,013			24,903

Income and gain from discontinued operations, net of minority interests		-			1,058			-			24,830
Net income		11,999			12,187			30,013			49,733
Dividends to preferred stockholders		(2,311	)		(2,310	)		(4,621	)		(4,553	)
Net income available to common stockholders	$	9,688		$	9,877		$	25,392		$	45,180

Net income per share - basic	$	0.39		$	0.40		$	1.02		$	1.89

Net income per share - diluted	$	0.38		$	0.39		$	1.01		$	1.83

See Company’s 10-Q for additional disclosures

S-1

E S S E X P R O P E R T Y T R U S T, I N C.

Consolidated Operating Results	Three Months Ended						Six Months Ended
Selected Line Item Detail	June 30,						June 30,
(Dollars in thousands)	2008			2007			2008			2007

Rental and other property
Rental	$	97,401		$	88,881		$	193,203		$	173,363
Other property		5,964			5,313			11,639			10,497
Rental and other property	$	103,365		$	94,194		$	204,842		$	183,860

Management and other fees from affiliates
Management	$	784		$	806		$	1,564		$	1,587
Development and redevelopment		644			209			1,091			468
Promote interest from Fund I		-			339			-			339
Management and other fees from affiliates	$	1,428		$	1,354		$	2,655		$	2,394

General and administrative
General and administrative	$	10,098		$	8,653		$	20,423		$	17,435
Allocated to property operating expenses - administrative		(2,131	)		(1,520	)		(4,360	)		(2,914	)
Capitalized to real estate		(1,455	)		(1,125	)		(2,926	)		(2,417	)
Net general and administrative	$	6,512		$	6,008		$	13,137		$	12,104

Interest and other income
Interest income	$	900		$	1,028		$	2,074		$	1,886
Lease income, net		1,533			1,837			3,127			3,161
Interest and other income	$	2,433		$	2,865		$	5,201		$	5,047

Equity income in co-investments
Equity income in co-investments	$	360		$	159		$	672		$	94
Gain on sale of co-investment, promote interest, and fees		-			304			6,318			2,351
Equity income in co-investments	$	360		$	463		$	6,990		$	2,445

Minority interests
Limited partners of Essex Portfolio, L.P.	$	1,321		$	1,321		$	3,214		$	2,899
Perpetual preferred distributions		2,560			2,559			5,119			5,118
Third party ownership interests		339			146			598			273
DownREIT limited partners' distributions		1,126			1,043			2,258			2,086
Minority interests	$	5,346		$	5,069		$	11,189		$	10,376

See Company’s 10-Q for additional disclosures

S-2

E S S E X P R O P E R T Y T R U S T, I N C.

Consolidated Funds From Operations	Three Months Ended									Six Months Ended
(Dollars in thousands, except share	June 30,									June 30,
and per share amounts)	2008			2007			% Change			2008			2007			% Change

Funds from operations
Net income available to common stockholders	$	9,688		$	9,877					$	25,392		$	45,180
Adjustments:
Depreciation and amortization		28,683			25,166						56,417			46,884
Gains not included in FFO		-			(461	)					-			(14,501	)
Minority interests and co-investments (1)		1,892			1,915						4,319			4,321
Funds from operations	$	40,263		$	36,497					$	86,128		$	81,884
FFO per share-diluted	$	1.46		$	1.32			10.2	%	$	3.13		$	3.01			3.9	%

Components of the change in FFO
Non-recurring items:
Fund I - promote interest		-			(339	)					-			(339	)
Income generated from TRS activities, net of taxes and expenses		-			(143	)					-			(413	)
Joint venture - promote interest and fees		-			-						(6,318	)		(10,068	)
Funds from operations excluding non-recurring items		40,263			36,015						79,810			71,064
FFO excluding non-recurring items per share-diluted	$	1.46		$	1.31			11.7	%	$	2.90		$	2.61			10.9	%

Changes in recurring items:
Same-property NOI	$	3,201								$	6,468
Non-same property NOI		2,291									7,448
Management and other fees from affiliates		413									600
Interest expense and amortization of deferred financing costs		673									(1,289	)
Other items, net		(2,330	)								(4,481	)
	$	4,248								$	8,746

Weighted average number of shares outstanding diluted (2)		27,623,939			27,592,976						27,527,622			27,192,463

(1)

For the three and six months ended June 30, 2008, the amounts included the following adjustments: (i) minority interest related to Operating Partnership units totaling $1.3 million and $3.2 million, respectively, (ii) depreciation add back not recognized for GAAP totaling $0.6 million and $1.1 million, respectively.

(2)	Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock.

See Company’s 10-Q for additional disclosures

S-3

E S S E X P R O P E R T Y T R U S T, I N C.

Consolidated Balance Sheets

(Dollars in thousands)

	June 30, 2008			December 31, 2007

Real Estate:
Land and land improvements	$	670,494		$	670,494
Buildings and improvements		2,487,962			2,447,265
		3,158,456			3,117,759
Less: accumulated depreciation		(594,489	)		(541,987	)
		2,563,967			2,575,772
Real estate under development		320,671			233,445
Co-investments		66,546			64,191
		2,951,184			2,873,408
Cash and cash equivalents		33,077			22,483
Marketable securities		2,503			2,017
Notes and other receivables		44,611			50,536
Other assets		21,104			20,286
Deferred charges, net		11,430			11,593
Total assets	$	3,063,909		$	2,980,323

Mortgage notes payable	$	1,385,222		$	1,262,873
Exchangeable bonds		225,000			225,000
Lines of credit		155,000			169,818
Other liabilities		118,962			104,442
Total liabilities		1,884,184			1,762,133

Minority interests		280,993			281,960
Series G cumulative convertible preferred stock, liquidation value		145,912			145,912

Stockholders' Equity:
Common stock		2			2
Series F cumulative redeemable preferred stock, liquidation value		25,000			25,000
Additional paid-in-capital		846,688			857,109
Distributions in excess of accumulated earnings		(107,983	)		(82,805	)
Accumulated other comprehensive income (loss)		(10,887	)		(8,988	)
Total stockholders' equity		752,820			790,318
Total liabilities and stockholders' equity	$	3,063,909		$	2,980,323

See Company’s 10-Q for additional disclosures

S-4

E S S E X P R O P E R T Y T R U S T, I N C.

Debt Summary - June 30, 2008

(Dollars in thousands)

		Percentage of Total Debt			Balance Outstanding		Weighted Average Interest Rate			Weighted Average Maturity In Years
Mortgage notes payable
Fixed rate - secured			64	%	$	1,142,124		6.2	%		5.1
Tax exempt variable (1)			14	%		243,098		3.6	%		22.0
Total mortgage notes payable			78	%		1,385,222		5.8	%		8.1

Exchangeable bonds (2)			13	%		225,000		3.6	%

Line of credit - secured (3)			6	%		100,000		3.1	%
Line of credit - unsecured (4)			3	%		55,000		3.5	%
Total lines of credit			9	%		155,000		3.2	%

Total debt			100	%	$	1,765,222		5.4	%

							Weighted
	Scheduled principal payments (excludes lines of credit)						Average
							Interest Rate
		2008			$	88,991		6.7	%
		2009				37,341		6.4	%
		2010				153,591		8.1	%
		2011				152,513		6.4	%
		2012				31,872		5.4	%
		Thereafter				1,145,914		5.0	%
		Total			$	1,610,222		5.5	%

Capitalized interest for the three and six months ended June 30, 2008 was approximately $2.9 million and $5.3 million, respectively.

(1)

Substantially all tax exempt variable debt is subject to interest rate protection agreements.

(2)

Exchangeable bonds total $225 million and mature in November 2025. This is an unsecured obligation of the operating partnership, and is fully and unconditionally guaranteed by Essex Property Trust, Inc.

(3)

Secured line of credit commitment is $100 million and matures in January 2009. This line is secured by eight of Essex's apartment communities. The underlying interest rate is currently the Freddie Mac Reference Rate plus .55% to .59%.

(4)

Unsecured line of credit commitment is $200 million and matures in March 2009. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 0.80%.

See Company’s 10-Q for additional disclosures

S-5

E S S E X P R O P E R T Y T R U S T, I N C.

Capitalization - June 30, 2008

(Dollars and shares in thousands, except per share amounts)

Total debt	$	1,765,222


Common stock and potentially dilutive securities
Common stock outstanding		24,788
Limited partnership units (1)		2,436
Options-treasury method		106
Total common stock and potentially dilutive securities		27,330		shares

Common stock price per share as of June 30, 2008	$	106.50

Market value of common stock and potentially dilutive securities	$	2,910,645

Preferred units/stock	$	304,500

Total equity capitalization	$	3,215,145

Total market capitalization	$	4,980,367

Ratio of debt to total market capitalization		35.4	%

(1)	Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock.

See Company’s 10-Q for additional disclosures

S-6

E S S E X P R O P E R T Y T R U S T, I N C.

Property Operating Results - Quarter ended June 30, 2008 and 2007

(Dollars in thousands)

	Southern California									Northern California									Seattle Metro									Other real estate assets (1)									Total
	2008			2007			% Change			2008			2007			% Change			2008			2007			% Change			2008			2007			% Change			2008			2007			% Change

Revenues:
Same-property revenue	$	49,023		$	47,800			2.6	%	$	19,696		$	17,908			10.0	%	$	16,075		$	14,908			7.8	%	$	471		$	487			-3.3	%	$	85,265		$	81,103			5.1	%
Non-same property revenue (2)		6,401			5,790						9,941			5,817						1,082			891						676			593						18,100			13,091
Total Revenues	$	55,424		$	53,590					$	29,637		$	23,725					$	17,157		$	15,799					$	1,147		$	1,080					$	103,365		$	94,194

Property operating expenses:
Same-property operating expenses	$	15,308		$	14,895			2.8	%	$	6,487		$	6,201			4.6	%	$	5,362		$	5,114			4.8	%	$	350		$	336			4.2	%	$	27,507		$	26,546			3.6	%
Non-same property operating expenses (2)		2,084			1,726						4,123			2,002						321			272						515			325						7,043			4,325
Total property operating expenses	$	17,392		$	16,621					$	10,610		$	8,203					$	5,683		$	5,386					$	865		$	661					$	34,550		$	30,871

Net operating income (NOI):
Same-property NOI	$	33,715		$	32,905			2.5	%	$	13,209		$	11,707			12.8	%	$	10,713		$	9,794			9.4	%	$	121		$	151			-19.9	%	$	57,758		$	54,557			5.9	%
Non-same property NOI (2)
Redevelopment communities		3,214			3,183						3,148			3,167						433			330						-			-						6,795			6,680
Acquired communities		1,103			881						2,670			648						328			289						-			-						4,101			1,818
Other real estate assets (1)		-			-						-			-						-			-						161			268						161			268
Total non-same property NOI		4,317			4,064						5,818			3,815						761			619						161			268						11,057			8,766
Total NOI	$	38,032		$	36,969					$	19,027		$	15,522					$	11,474		$	10,413					$	282		$	419					$	68,815		$	63,323

Same-property operating margin		69	%		69	%					67	%		65	%					67	%		66	%					26	%		31	%					68	%		67	%

Same-property turnover percentage		58	%		59	%					55	%		49	%					51	%		65	%					45	%		24	%					56	%		58	%

Same-property concessions	$	361		$	382					$	188		$	86					$	105		$	53					$	11		$	12					$	665		$	533

Average same-property concessions per turn (3)	$	220		$	232					$	335		$	171					$	166		$	68					$	335		$	672					$	232		$	181

Net operating income percentage of total		55	%		58	%					27	%		25	%					17	%		16	%					1	%		1	%					100	%		100	%

Loss to lease (4)	$	1,833								$	4,335								$	2,915								$	-								$	9,083
Loss to lease as a percentage of rental income		0.8	%								3.9	%								4.2	%								-									2.4	%

Reconciliation of apartment units at end of period

Same-property apartment units		11,281									4,083									4,752									302									20,418

Consolidated Apartment Units		12,725			12,725						6,361			5,805						5,005			5,005						302			302						24,393			23,837
Joint Venture		480			480						1,575			2,101						515			515						-			-						2,570			3,096
Under Development (5)		543			743						693			238						422			127						-			-						1,658			1,108
Total apartment units at end of period		13,748			13,948						8,629			8,144						5,942			5,647						302			302						28,621			28,041
Percentage of total		48	%		50	%					30	%		29	%					21	%		20	%					1	%		1	%					100	%		100	%

Average same-property financial occupancy		95.9	%		95.3	%					97.6	%		96.5	%					96.6	%		96.5	%					85.8	%		92.3	%					96.4	%		95.8	%

(1)	Other real estate assets consists of one community in Houston, TX, that is classified in same-property results and several other properties including consolidated commercial assets that are classified in non-same property results.

(2)	Includes properties which subsequent to April 1, 2007 were either acquired or in a stage of development or redevelopment without stabilized operations.

(3)	Average same-property concessions per turn is the dollar amount per unit resulting from the same-property concessions divided by the product of the same property turnover percentage times the same-property apartment units.

(4)	Loss to lease represents the annualized difference between market rents (without considering the impact of rental concessions) and contractual rents. These numbers include the Company's pro-rata interest in unconsolidated properties.

(5)	Fund II owns 395 of the units under development as of June 30, 2008.

See Company’s 10-Q for additional disclosures

S-7

E S S E X P R O P E R T Y T R U S T, I N C.

Property Operating Results - Six months ended June 30, 2008 and 2007

(Dollars in thousands)

	Southern California									Northern California									Seattle Metro									Other real estate assets (1)									Total
	2008			2007			% Change			2008			2007			% Change			2008			2007			% Change			2008			2007			% Change			2008			2007			% Change

Revenues:
Same-property revenue	$	94,922		$	92,666			2.4	%	$	38,941		$	35,128			10.9	%	$	30,569		$	28,139			8.6	%	$	964		$	979			-1.5	%	$	165,396		$	156,912			5.4	%
Non-same property revenue (2)		15,248			12,670						19,325			10,386						3,517			2,649						1,356			1,243						39,446			26,948
Total Revenues	$	110,170		$	105,336					$	58,266		$	45,514					$	34,086		$	30,788					$	2,320		$	2,222					$	204,842		$	183,860

Property operating expenses:
Same-property operating expenses	$	29,693		$	28,766			3.2	%	$	12,606		$	11,986			5.2	%	$	10,192		$	9,727			4.8	%	$	693		$	689			0.6	%	$	53,184		$	51,168			3.9	%
Non-same property operating expenses (2)		4,947			3,713						7,535			3,367						1,011			707						854			1,510						14,347			9,297
Total property operating expenses	$	34,640		$	32,479					$	20,141		$	15,353					$	11,203		$	10,434					$	1,547		$	2,199					$	67,531		$	60,465

Net operating income (NOI):
Same-property NOI	$	65,229		$	63,900			2.1	%	$	26,335		$	23,142			13.8	%	$	20,377		$	18,412			10.7	%	$	271		$	290			-6.6	%	$	112,212		$	105,744			6.1	%
Redevelopment communities		8,160			8,069						6,319			6,373						1,859			1,548						-			-						16,338			15,990
Acquired communities		2,141			888						5,471			646						647			394						-			-						8,259			1,928
Other real estate assets (1)		-			-						-			-						-			-						502			(267	)					502			(267	)
Total non-same property NOI		10,301			8,957						11,790			7,019						2,506			1,942						502			(267	)					25,099			17,651
Total NOI	$	75,530		$	72,857					$	38,125		$	30,161					$	22,883		$	20,354					$	773		$	23					$	137,311		$	123,395



Same-property operating margin		69	%		69	%					68	%		66	%					67	%		65	%					28	%		30	%					68	%		67	%

Same-property turnover percentage		53	%		52	%					51	%		48	%					46	%		58	%					36	%		26	%					51	%		52	%

Same-property concessions	$	793		$	755					$	305		$	185					$	155		$	98					$	17		$	26					$	1,271		$	1,064

Average same-property concessions per turn (3)	$	272		$	265					$	290		$	191					$	150		$	74					$	320		$	677					$	251		$	205

Average same-property financial occupancy		95.5	%		95.4	%					97.3	%		95.9	%					96.8	%		96.1	%					88.5	%		91.3	%					96.1	%		95.6	%

(1)	Other real estate assets consists of one community in Houston, TX, that is classified in same-property results and several other properties including consolidated commercial assets that are classified in non-same property results.

(2)	Includes properties which subsequent to January 1, 2007 were either acquired or in a stage of development or redevelopment without stabilized operations.

(3)	Average same-property concessions per turn is the dollar amount per unit resulting from the same-property concessions divided by the product of the same property turnover percentage times the same-property apartment units.

See Company’s 10-Q for additional disclosures

S-7.1

E S S E X P R O P E R T Y T R U S T, I N C.

Revenue by County - Quarters ended June 30, 2008, June 30, 2007 and March 31, 2008

(Dollars in thousands)

			Average Property Rental Rates							Property Revenue							Property Revenue
			June 30,		June 30,					June 30,		June 30,					March 31,		Sequential
Region	Units		2008		2007		% Change			2008		2007		% Change			2008		% Change

Southern California
Ventura County		3,004	$	1,375	$	1,387		-0.9	%	$	12,535	$	12,550		-0.1	%	$	12,354		1.5	%
Los Angeles County		2,754		1,833		1,765		3.9	%		15,004		14,441		3.9	%		15,068		-0.4	%
Orange County		2,037		1,556		1,513		2.8	%		9,514		9,292		2.4	%		9,416		1.0	%
San Diego County		2,971		1,101		1,074		2.5	%		10,008		9,600		4.3	%		9,803		2.1	%
Santa Barbara County		239		1,797		1,702		5.6	%		1,281		1,228		4.3	%		1,310		-2.2	%
Riverside County		276		812		809		0.4	%		681		689		-1.2	%		632		7.8	%
Total same-property		11,281		1,446		1,419		1.9	%		49,023		47,800		2.6	%		48,583		0.9	%
Los Angeles County		1,036		1,568							4,593		4,390					4,440		3.4	%
San Diego County		300		1,547							1,383		1,000					1,303		6.1	%
Santa Barbara County		108		1,344							425		400					420		1.2	%
Non-same property		1,444		1,561							6,401		5,790					6,163		3.9	%

Northern California
San Francisco MSA		175		1,799		1,678		7.2	%		963		869		10.8	%		926		4.0	%
Santa Clara County		1,870		1,618		1,505		7.5	%		9,235		8,549		8.0	%		9,128		1.2	%
Alameda County		200		1,324		1,226		8.0	%		826		738		11.9	%		797		3.6	%
San Mateo County		768		1,620		1,369		18.3	%		3,773		3,089		22.1	%		3,662		3.0	%
Contra Costa County		1,070		1,493		1,445		3.3	%		4,899		4,663		5.1	%		4,732		3.5	%
Total same-property		4,083		1,589		1,461		8.8	%		19,696		17,908		10.0	%		19,245		2.3	%
Santa Clara County		578		1,496							2,499		1,419					2,534		-1.4	%
Alameda County		916		1,260							3,501		3,229					3,343		4.7	%
Contra Costa County		650		1,579							3,110		705					2,982		4.3	%
Other		134		1,212							831		464					525		58.3	%
Non-same property		2,278		1,406							9,941		5,817					9,384		5.9	%

Seattle Metro
Total same-property		4,752		1,084		1,000		8.4	%		16,075		14,908		7.8	%		15,861		1.3	%
Non-same property		253		1,335							1,082		891					1,068		1.3	%

Other real estate assets		302		594		590		0.7	%		471		487		-3.3	%		494		-4.7	%

Total same-property revenue		20,418	$	1,378	$	1,318		4.6	%	$	85,265	$	81,103		5.1	%	$	84,183		1.3	%

Total non-same property revenue		3,975	$	1,457						$	18,100	$	13,091		38.3	%	$	16,615		8.9	%

See Company’s 10-Q for additional disclosures

S-8

E S S E X P R O P E R T Y T R U S T, I N C.

Revenue by County - Six months ended June 30, 2008 and 2007

(Dollars in thousands)

			Average Property Rental Rates							Property Revenue
Region	Units		YTD 2008		YTD 2007		% Change			YTD 2008		YTD 2007		% Change

Southern California
Ventura County		3,004	$	1,379	$	1,379		0.0	%	$	24,889	$	24,945		-0.2	%
Los Angeles County		2,754		1,832		1,757		4.3	%		30,071		28,855		4.2	%
Orange County		2,037		1,543		1,504		2.6	%		18,930		18,369		3.1	%
San Diego County		2,616		1,078		1,051		2.6	%		17,128		16,655		2.8	%
Santa Barbara County		239		1,793		1,686		6.3	%		2,591		2,448		5.8	%
Riverside County		276		822		812		1.2	%		1,313		1,394		-5.8	%
Total same-property		10,926		1,454		1,418		2.5	%		94,922		92,666		2.4	%
Los Angeles County		1,036		1,573							9,034		8,691
San Diego County		655		1,530							5,370		3,571
Santa Barbara County		108		1,259							844		408
Non-same property		1,799		1,501							15,248		12,670

Northern California
San Francisco MSA		175		1,782		1,657		7.5	%		1,889		1,719		9.9	%
San Mateo County		768		1,597		1,332		19.9	%		7,435		5,997		24.0	%
Santa Clara County		1,870		1,609		1,492		7.8	%		18,362		16,900		8.7	%
Alameda County		200		1,312		1,213		8.2	%		1,624		1,470		10.5	%
Contra Costa County		1,070		1,488		1,436		3.6	%		9,631		9,042		6.5	%
Total same-property		4,083		1,575		1,445		9.0	%		38,941		35,128		10.9	%
Santa Clara County		578		1,481							5,033		2,753
Alameda County		916		1,244							6,843		6,449
Contra Costa County		650		1,576							6,093		705
Other		134		992							1,356		479
Non-same property		2,278		1,379							19,325		10,386

Seattle Metro
Total same-property		4,560		1,071		985		8.7	%		30,569		28,139		8.6	%
Non-same property		445		1,260							3,517		2,649
Other real estate assets		302		596		591		0.8	%		964		979		-1.5	%

Total same-property revenue		19,871	$	1,378	$	1,311		5.1	%	$	165,396	$	156,912		5.4	%

Total non-same property revenue		4,522	$	1,415						$	39,446	$	26,948

See Company’s 10-Q for additional disclosures

S-8.1

E S S E X P R O P E R T Y T R U S T, I N C.

Development Pipeline - June 30, 2008

(Dollars in millions)

		Estimated Units		Estimated retail sq. feet (1)		Total Costs Incurred to Date		Estimated Remaining Costs		Estimated Total Cost		Construction Start	Construction Complete	Initial Occupancy	Stabilized Operations

Development Projects
Project Name	Location

Belmont Station (2)	Los Angeles, CA		275		-	$	70.7	$	7.0	$	77.7	Jan-06	Aug-08	Aug-08	Jun-09
The Grand	Oakland, CA		238		7,800		69.7		26.5		96.2	Dec-06	Dec-08	Jan-09	Sep-09
Fourth Street	Berkeley, CA		171		15,500		15.8		53.6		69.4	Apr-08	Feb-10	Feb-10	Aug-10
Joule Broadway (3)	Seattle, WA		295		29,100		20.5		83.8		104.3	May-08	Sep-10	Jul-10	May-11
Tasman Place	Sunnyvale, CA		284		48,300		24.6		114.3		138.9	Feb-09	Mar-11	Apr-11	Nov-11
Consolidated - Development Projects			1,263		100,700		201.3		285.2		486.5

Development Projects - Fund II
Project Name	Location
Eastlake 2851	Seattle, WA		127		9,300		33.4		2.0		35.4	Aug-06	Jun-08	Apr-08	Aug-08
Studio 40-41	Studio City, CA		149		-		38.8		21.8		60.6	Jun-07	Jun-09	Mar-09	Aug-09
Cielo	Chatsworth, CA		119		-		18.1		21.3		39.4	Jun-07	May-09	May-09	Sep-09

Fund II - Development Projects			395		9,300		90.3		45.1		135.4

Total - Development Projects			1,658		110,000		291.6		330.3		621.9

Predevelopment Projects
Project Name	Location

Essex-Hollywood	Hollywood, CA		-		-		-		-		-	Sep-09	Sep-11	Sep-11	Mar-12
Cadence Campus	San Jose, CA		-		-		-		-		-	Jan-10	Sep-13	Jan-12	Jul-14
Main Street (3)	Walnut Creek, CA		-		-		-		-		-	Jan-10	Jan-12	Jan-12	Jul-12

Total - Predevelopment Projects			1,018		-		92.8		224.1		316.9

Land Held for Future Development (4)

Project Name	Location
City Centre	Moorpark, CA		200		-		-		-		-
Citiplace	San Diego, CA		141		-		-		-		-
Park Boulevard (5)	Palo Alto, CA		27		-		-		-		-
90 Archer	San Jose, CA		42		-		-		-		-
View Pointe	Newcastle, WA		24		-		-		-		-

Total - Other Projects			434		-		26.6		-		26.6

Grand Total - Development Pipeline			3,110		110,000	$	411.0	$	554.4	$	965.4

(1)	Certain apartment community developments include retail space, and the Company has included the total estimated retail square footage for each development project.

(2)	Estimated total development costs increased $6.6 million from Q1 2008 due to an increase in estimated capitalized interest and other costs, as a result of the delay in the estimated completion of the development and projected lease-up time of the community.

(3)	The Company has entered into two joint venture development projects with third-parties to develop these properties. Essex has a 50% interest in the two projects.

(4)	The Company owns land in various stages of entitlement that is being held for future development.

(5)	The Company has entered into an option agreement to sell this land parcel to a third-party. During the option period the Company will continue to complete the entitlement process.

See Company’s 10-Q for additional disclosures

S-9

E S S E X P R O P E R T Y T R U S T, I N C.

Redevelopment Pipeline - June 30, 2008

(Dollars in thousands)

			Total		Estimated		Estimated			NOI					Q2 2008
			Incurred		Remaining		Total		Redevelopment	For the quarter ended				Rehab		Units
Region/Project Name	Units		To Date		Cost		Cost		Start Date		Q2 2008		Q2 2007	Vacancy Loss		completed

Approved - Redevelopment Projects (1)
Marina Cove, Santa Clara, CA		292	$	2,299	$	7,559	$	9,858	Jun-07
Foothill Commons, Bellevue, WA		360		1,765		17,039		18,804	Jun-07
Woodland Commons, Bellevue, WA		236		1,694		10,085		11,779	Jun-07
		888		5,758		34,683		40,441

Active - Redevelopment Projects
Southern California
Avondale at Warner Center, Woodland Hills, CA		446		11,330		2,740		14,070	Oct-04	$	1,309	$	1,372	$	-		198
Pathways, Long Beach, CA		296		7,751		3,009		10,760	Jun-06		910		889		53		214
Highridge, Rancho Palos Verdes, CA		255		3,661		12,902		16,563	Jan-07		995		923		2		9
		997		22,742		18,651		41,393			3,214		3,184		55		421
Northern California
The Montclaire - Phase I - III, Sunnyvale, CA		390		11,553		3,579		15,132	Aug-06		1,032		995		140		315
Boulevard, Fremont, CA		172		8,314		573		8,887	Sep-06		350		419		41		121
Bridgeport, Newark, CA		184		4,268		318		4,586	Oct-06		465		501		6		9
City View (Wimbledon Woods), Hayward, CA (2)		560		7,330		2,020		9,350	Oct-06		1,301		1,251		-		3
		1,306		31,465		6,490		37,955			3,148		3,166		187		448
Seattle Metro
Sammamish View, Bellevue, WA (2)		153		3,887		-		3,887	Dec-05		433		330		-		153
		153		3,887		-		3,887			433		330		-		153

Total Active - Redevelopment Projects		2,456		58,094		25,141		83,235			6,795		6,680		242		1,022

Consolidated - Redevelopment Projects		3,344		63,852		59,824		123,676			6,795		6,680		242		1,022

Redevelopment Projects - Fund II
Regency Tower - Phase I - II, Oakland, CA		178		3,799		677		4,476	Nov-05		402		350		2		101
The Renaissance, Los Angeles, CA		168		4,377		963		5,340	Oct-06		696		475		18		168
Fund II - Redevelopment Projects		346		8,176		1,640		9,816			1,098		825		20		269

Grand Total - Redevelopment Pipeline		3,690	$	72,028	$	61,464	$	133,492		$	7,893	$	7,505	$	262		1,291

(1)	These projects have been approved and redevelopment activity has commenced but as of Q2 2008 the communities have stabilized operations, and therefore they are classified in same-property operations.

(2)	These communities were restabilized during the end of third quarter of 2007, and will be included in same-property operations starting the fourth quarter of 2008.

See Company’s 10-Q for additional disclosures

S-10

E S S E X P R O P E R T Y T R U S T, I N C.

Co-investments - June 30, 2008		Essex		Total Fund					Property Revenue for							NOI for the three
(Dollars in thousands)		Book		Original			Debt		the three months ended				%			months ended				%
		Value		Cost	Units		Amount		2008		2007		Change			2008		2007		Change

Joint Ventures

Essex Apartment Value Fund II, L.P. (Fund II) (1)
Southern California
Parcwood, Corona, CA						312	$	25,136
Renaissance, Los Angeles, CA						168		23,127
Total Southern California						480		48,263	$	2,139	$	1,920		11.4	%	$	1,363	$	1,142		19.4	%
Northern California
Alderwood Park, Newark, CA						96		7,010
Carlmont Woods, Belmont, CA						195		12,803
Davey Glen, Belmont, CA						69		6,654
Enclave, San Jose, CA						637		79,907
Harbor Cove, Foster City, CA						400		34,523
Regency Tower, Oakland, CA						178		10,963
Total Northern California						1,575		151,861		7,041		6,562		7.3	%		4,431		3,770		17.5	%
Seattle Metro
Echo Ridge, Snoqualmie, WA						120		13,148
Morning Run, Monroe, WA						222		13,596
Tower @ 801, Seattle, WA						173		19,153
Total Seattle Metro						515		45,898		1,999		1,960		2.0	%		1,252		1,209		3.6	%

Total - Operating Communities						2,570		246,022	$	11,179	$	10,443		7.0	%	$	7,046	$	6,121		15.1	%

Fund II - Development Pipeline (2)
Eastlake 2851 on Lake Union, Seattle, WA						127		24,735
Studio 40-41, Studio City, CA						149		13,740
Cielo, Chatsworth, CA						119		4,320
Total - Development Communities						395		42,795
Total - Fund II	$	60,563	$	512,953		2,965	$	288,817

Capitalized costs		720
		61,283
Other (3)		5,263

	$	66,546

(1)	The Company has a 28.2% interest as a general partner and limited partner in Fund II, and may earn promote income if Fund II exceds cetain financial return benchmarks.

(2)	See S-9 for more detail about the Fund II Development Pipeline.

(3)	Included in other investments is a development joint venture in preliminary stages located in Southern California with a carrying value of $4.7 million and a real estate technology investment.

See Company’s 10-Q for additional disclosures

S-11

E S S E X P R O P E R T Y T R U S T, I N C.

Summary of Consolidated Co-Investments and Minority Interest - June 30, 2008

(Dollars in thousands)

The Company enters into co-investment transactions with third party developers, owners and investors of apartment communities. In accordance with GAAP, the Company consolidates certain of these co-investment transactions, resulting in minority interests corresponding to the ownership interest of the third-party developer, owner or investor.

The following table summarizes the consolidated co-investments and minority interest:

									Operations for the quarter ended
	Balance as of June 30, 2008								June 30, 2008
	Investment in		Related		Minority		DownREIT				Operating
	Real Estate		Debt		Interest		Units (1)		Revenue		Expenses		NOI

DownREITs:
Anchor Village	$	12,290	$	10,750	$	2,429		111,154	$	766	$	320	$	446
Barkley Apartments		9,069		4,829		2,359		80,302		638		196		442
Brookside Oaks		34,564		14,017		3,974		99,073		728		222		506
Capri at Sunny Hills		17,843		19,037		3,930		167,365		619		166		453
Brentwood (Hearthstone)		15,270		20,601		2,568		58,884		621		185		436
Hidden Valley (2)		40,552		33,109		6,089		62,647		1,348		359		989
Highridge Apartments		24,497		44,807		6,171		300,438		1,396		401		995
Montejo Apartments		9,000		5,766		1,447		34,624		491		122		369
Thomas Jefferson		27,051		19,738		7,067		62,873		741		287		454
Treehouse Apartments		11,731		7,764		3,299		75,700		623		191		432
Valley Park Apartments		15,904		9,835		1,275		56,633		742		161		581
Villa Angelina Apartments		20,459		13,300		3,003		57,709		991		224		767

		238,230		203,553		43,611		1,167,402		9,704		2,834		6,870

Joint Ventures - Operating (3)		115,353		-		22,020				3,406		1,389		2,017
Joint Ventures - Development (4)		43,000		14,395		14,500
Operating Limited Partnership Units						74,172
Perpetual Preferred Units (5)						126,690

Balance as of June 30, 2008					$	280,993

(1)	Represents the number of DownREIT units that are currently outstanding. Generally, DownREIT units can be redeemed at the holder's election for cash equal to the current price of Essex's common stock.

(2)	The Company has a 75% interest in this community and a joint venture parter has a 25% interest.

(3)	There are two consolidated operating communities with joint venture partners. The Company has an 85% interest in one community located in Northern California, and the Company has a 75% interest in one community located in Southern California.

(4)	There are two consolidated joint venture development projects and the Company has 50% interest in these projects. In accordance with GAAP, the Company consolidates these projects.

(5)	Includes Series B and D Cumulative Redeemable Preferred Units with an existing distribution rate of 7.875% and can be redeemed at the Company's option on December 31, 2009 and July 28, 2010, respectively.

See Company’s 10-Q for additional disclosures

S-12

E S S E X P R O P E R T Y T R U S T, I N C.

Income From Discontinued Operations and Selected Financial Data - June 30, 2008

(Dollars in thousands)

Income from Discontinued Operations

For the three and six months ended June 30, 2007, the Company sold condominium units at Peregrine Point, and during the three months ended March 31, 2007, the Company sold the City Heights property which was consolidated in accordance with FIN 46R. Income from discontinued operations for these periods also includes operating results for the four Portland communities sold in December 2007. For the six months ended June 30, 2008, no properties were sold and none were classified as held for sale.

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2008		2007			2008		2007
Rental revenues	$	-	$	2,202			-	$	5,699
Interest and other income		-		-			-		290
Revenues		-		2,202			-		5,989

Property operating expenses		-		(893	)		-		(2,318	)
Interest expense		-		-			-		(417	)
Depreciation and amortization		-		(536	)		-		(1,098	)
Minority interests		-		-			-		(58	)
Income from real estate sold		-		-			-		(58	)
Expenses		-		(1,429	)		-		(3,891	)

Gain on sale		-		303			-		79,222
Subordination fees		-		-			-		10,290
Minority interests		-		(18	)		-		(66,780	)
Net gain on sale of real estate		-		285			-		22,732

Income from discontinued operations	$	-	$	1,058			-	$	24,830

Common Stock Equivalents

	Q2 2008		YTD 2008		Actual
	Weighted Avg.		Weighted Avg.		As of 6/30/08
Common Shares		24,768,626		24,758,276		24,787,569
Stock Options		131,549		137,848		105,759
Exchangeable Bonds		253,651		135,952		66,500
Weighted Avg. Shares Diluted - EPS		25,153,826		25,032,076		24,959,828
Operating Limited Partnership Units		2,470,113		2,495,546		2,436,168
Weighted Avg. Shares Diluted - FFO		27,623,939		27,527,622		27,395,996

See Company’s 10-Q for additional disclosures

S-13

ESSEX PROPERTY TRUST, INC.

Real Estate Information as of June 30, 2008

									Square		Year	Year	Property	Age of
	Property Name	Address	City	State			Units		Footage		Acquired	Built	Ownership	Property

	APARTMENT COMMUNITIES

	NORTHERN CALIFOFNIRA
	Santa Clara County
1	Pointe at Cupertino	19920 Olivewood Street	Cupertino	CA				116		135,200	1998	1963	EPLP	45
1	Carlyle, The	2909 Nieman Boulevard	San Jose	CA				132		129,200	2000	2000	EPLP	8
1	Enclave, The	4355 Renaissance Drive	San Jose	CA				637		525,463	2005	1998	Fund II	10
1	Esplanade	350 East Taylor St.	San Jose	CA				278		279,000	2004	2002	EPLP	6
1	Waterford, The	1700 N. First Street	San Jose	CA				238		219,600	2000	2000	EPLP	8
1	Le Parc	440 N. Winchester Avenue	Santa Clara	CA				140		113,200	1994	1975	EPLP	33
1	Marina Cove	3480 Granada Avenue	Santa Clara	CA				292		250,200	1994	1974	EPLP	34
1	Bristol Commons	732 E. Evelyn Avenue	Sunnyvale	CA				188		142,600	1995	1989	EPLP	19
1	Brookside Oaks	1651 Belleville Way	Sunnyvale	CA				170		119,900	2000	1973	DownREIT	35
1	Magnolia Lane	113 South Mary Avenue	Sunnyvale	CA				32		31,541	2007	2001	EPLP	7
1	Montclaire	450 N. Mathilda Avenue	Sunnyvale	CA				390		294,100	1988	1973	EPLP	35
1	Summerhill Park	972 Corte Madera Avenue	Sunnyvale	CA				100		78,500	1988	1988	EPLP	20
	Tasman Place	315 Tasman Drive	Sunnyvale	CA				284		265,296			EPLP
1	Thomas Jefferson	107 South Mary Avenue	Sunnyvale	CA				156		110,824	2007	1969	DownREIT	39
1	Windsor Ridge	825 E. Evelyn Avenue	Sunnyvale	CA				216		161,800	1989	1989	EPLP	19
					11	%		3,085		2,591,128
	Alameda County
	Fourth Street	700 University Avenue	Berkeley	CA				171		146,255			EPLP
1	Stevenson Place	4141 Stevenson Blvd.	Fremont	CA				200		433,100	2000	1975	EPLP	32
1	Boulevard	40001 Fremont Blvd.	Fremont	CA				172		131,200	1996	1978	EPLP	30
1	City View	25200 Carlos Bee Blvd.	Hayward	CA				560		462,400	1998	1975	EPLP	33
1	Regency Tower	1130 Third Ave.	Oakland	CA				178		140,900	2005	1975	Fund II	33
	The Grand	100 Grand Avenue	Oakland	CA				238		205,026			EPLP
1	Bridgeport	36826 Cherry Street	Newark	CA				184		139,000	1987	1987	EPLP	21
1	Alderwood Park Apartments	37057 Magnolia Street	Newark	CA				96		74,624	2006	1987	Fund II	21
					5	%		1,390		1,381,224
	Contra Costa County
1	San Marcos	Hilltop Drive at Richmond Pkwy	Richmond	CA				432		407,600	2003	2003	EPLP	5
1	Bel Air	2000 Shoreline Drive	San Ramon	CA				462		391,000	1995	1988	EPLP	20
1	Foothill Gardens	1110 Harness Drive	San Ramon	CA				132		155,100	1997	1985	EPLP	23
1	Twin Creeks	2711-2731 Morgan Drive	San Ramon	CA				44		51,700	1997	1985	EPLP	23
1	Canyon Oaks	1 Amberstone Lane	San Ramon	CA				250		237,894	2007	2005	EPLP	3
1	Mill Creek at Windermere	2100 Waterstone Place	San Ramon	CA				400		381,060	2007	2005	EPLP	3
					6	%		1,720		1,624,354
	San Mateo County
1	Carlmont Woods	2515 Carlmont Drive	Belmont	CA				195		107,200	2004	1971	Fund II	37
1	Harbor Cove	900 E. Hillsdale Blvd.	Foster City	CA				400		306,600	2004	1971	Fund II	37
1	Davey Glen	200 Davey Glen Road	Belmont	CA				69		65,974	2006	1962	Fund II	46
1	Hillsdale Garden	3421 Edison Avenue	San Mateo	CA				697		611,505	2006	1948	JV - 81.5%	60
1	Belmont Terrace	1606 Continetals Way	Belmont	CA				71		72,951	2006	1974	EPLP	34
					5	%		1,432		1,164,230

	San Francisco and Marin Counties
1	Mt. Sutro Terrace Apartments	480 Warren Drive	San Francisco	CA				99		64,000	1999	1973	EPLP	35
1	Vista Belvedere	15 Red Hill Circle	Tiburon	CA				76		78,300	2004	1963	EPLP	45
					1	%		175		142,300

	Other
1	Tuscana	315 Mt. Oso	Tracy	CA				30		29,088	2007	2007	EPLP	1
1	Harvest Park	2327 Summercreek Drive	Santa Rosa	CA				104		116,628	2007	2004	EPLP	4
					1	%		134		145,716

35	Total Northern California				29	%		7,936		7,019,864		1983		25

	SOUTHERN CALIFORNIA
	Los Angeles County
1	Hampton Court	1136 N. Columbus Avenue	Glendale	CA			83	71,500	1999	1974	EPLP	34
1	Hampton Place	245 W. Loraine Street	Glendale	CA			132	141,500	1999	1970	EPLP	38
1	Marbrisa	1809 Termino Ave.	Long Beach	CA			202	122,800	2002	1987	EPLP	21
1	Pathways	5945 E. Pacific Coast Hwy.	Long Beach	CA			296	197,700	1991	1975	EPLP	33
1	Bunker Hill	222 and 234 S. Figueroa St.	Los Angeles	CA			456	346,600	1998	1968	EPLP	40
1	Cochran Apartments	612 South Cochran	Los Angeles	CA			58	51,400	1998	1989	EPLP	19
1	Kings Road	733 North Kings Road	Los Angeles	CA			196	132,100	1997	1979	EPLP	29
1	Marbella	600 South Detroit Street	Los Angeles	CA			60	50,108	2005	1991	EPLP	17
	Belmont Station	1302 West 2nd St.	Los Angeles	CA			275	225,000			EPLP
1	Park Place	400 S. Detroit Street	Los Angeles	CA			60	48,000	1997	1988	EPLP	20
1	Windsor Court	401 S. Detroit Street	Los Angeles	CA			58	46,600	1997	1988	EPLP	20
1	Renaissance	630 South Masselin Avenue	Los Angeles	CA			168	154,268	2006	1990	Fund II	18
1	Marina City Club	4333 Admiralty Way	Marina Del Rey	CA			101	127,200	2004	1971	EPLP	37
1	Mirabella	13701 Marina Point Drive	Marina Del Rey	CA			188	176,800	2000	2000	EPLP	8
1	Monterra del Mar	280 E. Del Mar Boulevard	Pasadena	CA			123	74,400	1997	1972	EPLP	36
1	Monterra del Rey	350 Madison	Pasadena	CA			84	73,100	1999	1972	EPLP	36
1	Monterra del Sol	280 South Euclid	Pasadena	CA			85	69,200	1999	1972	EPLP	36
1	Fountain Park	13141 Fountain Park Drive	Playa Vista	CA			705	608,900	2004	2002	EPLP	6
1	Highridge	28125 Peacock Ridge Drive	Rancho Palos Verde	CA			255	290,200	1997	1972	DownREIT	36
	Studio 40-41	4043 Radford Avenue	Studio City	CA			149	127,238			Fund II
1	Coldwater Canyon	4250 Codlwater Canyon	Studio City	CA			39	34,125	2007	1979	EPLP	29
1	Walnut Heights	20700 San Jose Hills Road	Walnut	CA			163	146,700	2003	1964	EPLP	44
1	Avondale at Warner Center	22222 Victory Blvd.	Woodland Hills	CA			446	331,000	1999	1970	EPLP	38
					15	%	3,958	3,294,201
	Ventura County
1	Camarillo Oaks	921 Paseo Camarillo	Camarillo	CA			564	459,000	1996	1985	EPLP	23
1	Camino Ruiz Square	105 Camino Ruiz	Camarillo	CA			160	105,448	2006	1990	EPLP	18
1	Mountain View	649 E. Las Posas Road	Camarillo	CA			106	83,900	2004	1980	EPLP	28
	Cielo	Topanga Blvd	Chatsworth	CA			119	125,400			Fund II
1	Mariner's Place	711 South B Street	Oxnard	CA			105	77,200	2000	1987	EPLP	21
1	Tierra Vista	Rice and Gonzales	Oxnard	CA			404	387,100	2001	2001	EPLP	7
1	Monterey Villas	1040 Kelp Lane	Oxnard	CA			122	122,100	1997	1974	EPLP	34
1	Meadowood	1733 Cochran Street	Simi Valley	CA			320	264,500	1996	1986	EPLP	22
1	Hidden Valley	5065 Hidden Park Court	Simi Valley	CA			324	310,900	2004	2004	DownREIT	4
1	Lofts at Pinehurst,The	1021 Scandia Avenue	Ventura	CA			118	71,100	1997	1971	EPLP	37
1	Hillcrest Park	1800 West Hillcrest Drive	Newbury Park	CA			608	521,900	1998	1973	EPLP	35
1	Pinehurst	3980 Telegraph Road	Ventura	CA			28	21,200	2004	1973	EPLP	35
1	Woodside Village	675 Providence Ave.	Ventura	CA			145	136,500	2004	1987	EPLP	21
					11	%	3,004	2,560,848
	Santa Barbara County
1	Chimney Sweep	775 Camino Del Sur Drive	Goleta	CA			91		2006	1967	EPLP	41
1	CBC	6721 El Colegio Drive	Goleta	CA			148		2006	1962	EPLP	46
1	Hope Ranch (Continental Apartments)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA			108		2007	1965	EPLP	43
	Hope Ranch (Lucero Village)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA					2007	1973	EPLP	35
					1	%	347	306,608

	SOUTHERN CALIFORNIA (cont'd)
	Orange County
1	Barkley Apartments	2400 E. Lincoln Ave.	Anahiem	CA			161	139,800	2000	1984	DownREIT	24
1	Valley Park Apartments	17300 Euclid Ave.	Fountain Valley	CA			160	169,700	2001	1969	DownREIT	39
1	Capri at Sunny Hills	2341 Daphne Place	Fullerton	CA			100	128,100	2001	1961	DownREIT	47
1	Wilshire Promenade	141 West Wilshire Avenue	Fullerton	CA			149	128,000	1997	1992	EPLP	16
1	Montejo Apartments	12911 Dale St.	Garden Grove	CA			124	103,200	2001	1974	DownREIT	34
1	Huntington Breakers	21270 Beach Boulevard	Huntington Beach	CA			342	241,700	1997	1984	EPLP	24
1	Hillsborough Park	1501 South Beach Boulevard	La Habra	CA			235	215,500	1999	1999	EPLP	9
1	Trabuco Villas	25362 Mosswood Way	Lake Forest	CA			132	131,000	1997	1985	EPLP	23
1	Fairways Apartments	2 Pine Valley Lane	Newport Beach	CA			74	107,100	1999	1972	EPLP	36
1	Villa Angelina	201 E. Chapman Ave.	Placentia	CA			256	217,600	2001	1970	DownREIT	38
1	Brentwood Apartment Homes	2301 E. Santa Clara Ave.	Santa Ana	CA			140	154,800	2001	1970	DownREIT	38
1	Treehouse Apartments	2601 N. Grand Ave.	Santa Ana	CA			164	135,700	2001	1970	DownREIT	38
					8	%	2,037	1,872,200
	San Diego County
1	Alpine Country	2660 Alpine Blvd.	Alpine	CA			108	81,900	2002	1986	EPLP	22
1	Alpine Village	2055 Arnold Way	Alpine	CA			306	254,400	2002	1971	EPLP	37
1	Bonita Cedars	5155 Cedarwood Rd.	Bonita	CA			120	120,800	2002	1983	EPLP	25
1	Cambridge	660 F. St.	Chula Vista	CA			40	22,100	2002	1965	EPLP	43
1	Woodlawn Colonial	245-255 Woodlawn Ave.	Chula Vista	CA			159	104,500	2002	1974	EPLP	34
1	Mesa Village	5265 Clairemont Mesa Blvd.	Clairemont	CA			133	43,600	2002	1963	EPLP	45
1	Coral Gardens	425 East Bradley	El Cajon	CA			200	182,000	2002	1976	EPLP	32
1	Tierra del Sol/Norte	989 Peach Ave.	El Cajon	CA			156	117,000	2002	1969	EPLP	39
1	Grand Regency	2050 E. Grand Ave.	Escondido	CA			60	42,400	2002	1967	EPLP	41
1	Mira Monte	10360 Maya Linda Rd.	Mira Mesa	CA			355	262,600	2002	1982	EPLP	26
1	Country Villas	283 Douglas Drive	Oceanside	CA			180	179,700	2002	1976	EPLP	32
1	Mission Hills	218 Rancho Del Oro	Oceanside	CA			282	244,000	2005	1984	EPLP	24
1	Bluffs II, The	6466 Friars Road	San Diego	CA			224	126,700	1997	1974	EPLP	34
1	Summit Park	8563 Lake Murray Blvd.	San Diego	CA			300	229,400	2002	1972	EPLP	36
1	Vista Capri - North	3277 Berger Ave.	San Diego	CA			106	51,800	2002	1975	EPLP	33
1	Carlton Heights	9705 Carlton Hills Blvd.	Santee	CA			70	48,400	2002	1979	EPLP	29
1	Shadow Point	9830 Dale Ave.	Spring Valley	CA			172	131,200	2002	1983	EPLP	25
1	Cardiff by the Sea	2170 Carol View Drive	Cardiff	CA			300	284,460	2007	1986	EPLP	22
					12	%	3,271	2,526,960
	Riverside County
1	Parcwood	1700 Via Pacifica	Corona	CA			312	270,000	2004	1989	Fund II	19
1	Devonshire Apartments	2770 West Devonshire Ave.	Hemet	CA			276	207,200	2002	1988	EPLP	20
					2	%	588	477,200

68	Total Southern California				49	%	13,205	11,038,017		1978		30

	SEATTLE METROPOLITAN AREA
1	Cedar Terrace	3205 115th Ave. NE	Bellevue	WA		180	174,200	2005	1984	EPLP	24
1	Emerald Ridge	3010 118th Avenue SE	Bellevue	WA		180	144,000	1994	1987	EPLP	21
1	Foothill Commons	13800 NE 9th Place	Bellevue	WA		360	288,300	1990	1978	EPLP	30
1	Palisades, The	13808 NE 12th	Bellevue	WA		192	159,700	1990	1977	EPLP	31
1	Sammamish View	16160 SE Eastgate Way	Bellevue	WA		153	133,500	1994	1986	EPLP	22
1	Woodland Commons	13700 NE 10th Place	Bellevue	WA		236	172,300	1990	1978	EPLP	30
1	Canyon Pointe	1630 228th St. SE	Bothell	WA		250	210,400	2003	1990	EPLP	18
1	Inglenook Court	14220 Juanita Drive, NE	Bothell	WA		224	183,600	1994	1985	EPLP	23
1	Salmon Run at Perry Creek	2109 228th Street SE	Bothell	WA		132	117,100	2000	2000	EPLP	8
1	Stonehedge Village	14690 143rd Blvd., NE	Bothell	WA		196	214,800	1997	1986	EPLP	22
1	Park Hill at Issaquah	22516 SE 56th Street	Issaquah	WA		245	277,700	1999	1999	EPLP	9
1	Wandering Creek	12910 SE 240th	Kent	WA		156	124,300	1995	1986	EPLP	22
1	Bridle Trails	6600 130th Avenue, NE	Kirkland	WA		108	99,700	1997	1986	EPLP	22
1	Evergreen Heights	12233 NE 131st Way	Kirkland	WA		200	188,300	1997	1990	EPLP	18
1	Morning Run	18463 Blueberry Lane	Monroe	WA		222	221,786	2005	1991	Fund II	17
1	Laurels at Mill Creek	1110 164th Street SE	Mill Creek	WA		164	134,300	1996	1981	EPLP	27
1	Anchor Village	9507 49th Avenue West	Mukilteo	WA		301	245,900	1997	1981	DownREIT	27
1	Castle Creek	7000 132nd Place, SE	Newcastle	WA		216	191,900	1998	1998	EPLP	10
1	Brighton Ridge	2307 NE 4th Street	Renton	WA		264	201,300	1996	1986	EPLP	22
1	Fairwood Pond	14700 SE Petrovitsky Rd.	Renton	WA		194	189,200	2004	1997	EPLP	11
1	Forest View	650 Duvall Ave. NE	Renton	WA		192	182,500	2003	1998	EPLP	10
	Joule Broadway	523 Broadway Avenue, East	Seattle	WA		295	191,109			JV - 50%
1	The Cairns	420 Yale Avenue	Seattle	WA		100	70,806	2007	2006	EPLP	2
1	Fountain Court	2400 4th Street	Seattle	WA		320	207,000	2000	2000	EPLP	8
1	Linden Square	13530 Linden Avenue North	Seattle	WA		183	142,200	2000	1994	EPLP	14
	Eastlake 2851	2833 - 2851 Eastlake Avenue	Seattle	WA		127	234,086			Fund II
1	Maple Leaf	7415 5th Avenue, NE	Seattle	WA		48	35,500	1997	1986	EPLP	22
1	Spring Lake	12528 35th Avenue, NE	Seattle	WA		69	42,300	1997	1986	EPLP	22
1	Wharfside Pointe	3811 14th Avenue West	Seattle	WA		142	119,200	1994	1990	EPLP	18
1	Tower @ 801	801 Pine Street	Seattle	WA		173	118,500	2005	1970	Fund II	38
1	Echo Ridge	34907 SE Kinsey Street	Snoqualmie	WA		120	124,359	2005	2000	Fund II	8
29	Total Seattle Metropolitan Area			21	%	5,520	4,714,651		1989		19

	OTHER REAL ESTATE ASSETS
1	St. Cloud Apartments	6525 Hilcroft	Houston	TX		302	306,800		2002	1968	40
1	Total Other Real Estate Assets			1	%	302	306,800			1968	40

	133	Apartment Communities		100	%	26,963	23,079,332	(1)
	8	Apartment Communities Under Construction				1,658	1,063,005	(2)

Avg. square footage	856	Definitions for Property Ownership
Avg. units per property	203	EPLP	The Company has a 100% ownership in the community.
Avg. age of property	26	Fund II	The community is owned by Fund II. The Company has a 28.2% interest in Fund II which is accounted for using the equity method of accounting.

(1) Includes 44,318 square feet of retail or commercial space (2) Includes 100,700 square feet of estimated retail or commercial space		DownREIT	The Company holds a 1% special limited partner interest in the partnerships which owns the community. In accordance with GAAP, the Company consolidates this community.
		JV - 81.5%	The Company has a 81.5% ownership in this community and is consolidated.
		JV - 50%	The Company has a 50% ownership in this development and is consolidated.

OTHER REAL ESTATE ASSETS

Manufactured Housing Communities

Green Valley

2130 Sunset Dr.

Vista

157

pads

2002

1973

EPLP

Recreational Vehicle Parks

Circle RV

1835 E. Main St.

El Cajon

179

spaces

2002

1977

EPLP

Vacationer

1581 E. Main St.

El Cajon

159

spaces

2002

1973

EPLP

Office Buildings

Essex Corporate Headquarter Bldg.

925 E. Meadow Dr.

Palo Alto

17,400

1997

1988

EPLP

Derian Office Building

17461 Derian Av.

Irvine

110,000

2000

1983

EPLP

Essex Southern Cal. Office Building

22110-22120 Clarendon St.

Woodland Hills

38,940

2001

1982

EPLP

River Oaks

535 - 575 River Oaks

San Jose

262,500

2007

1990

EPLP

Hollywood

6230 Sunset Blvd.

Los Angeles

35,000

2006

1938

EPLP

463,840

Essex Markets Forecast 2008: Supply, Jobs and Apartment Market Conditions

	Residential Supply*				Job Forecast**		Forecast Market Conditions***
Market	New MF Supply	% of Total Stock	New SF Supply	% of Total Stock	Est.New Jobs Dec-Dec	% Growth	Estimated Y-o-Y Rent Growth	Estimated Year End Occupancy

Seattle	4,500	1.2%	8,000	1.2%	28,000	1.9%	7.00%	96.00%

San Francisco	3,100	0.9%	800	0.2%	13,000	1.3%	5.50%	96.50%
Oakland	2,100	0.8%	3,400	0.5%	10,000	1.0%	4.00%	95.00%
San Jose	2,000	1.0%	1,600	0.4%	15,000	1.6%	7.00%	96.00%
No. Cal.	7,200	0.8%	5,800	0.4%	38,000	1.3%	5.5%	96.0%

Ventura	600	1.2%	700	0.3%	-1,600	-0.6%	-5.00%	94.00%
Los Angeles	8,200	0.6%	6,400	0.3%	10,000	0.2%	2.00%	95.00%
Orange	3,700	1.0%	2,000	0.3%	-5,000	-0.3%	2.00%	95.00%
San Diego	3,100	0.8%	3,100	0.5%	5,000	0.4%	2.50%	95.00%
So. Cal.	15,600	0.7%	12,200	0.4%	8,400	0.1%	2.00%	94.75%

All data is an Essex Forecast

U.S. Economic Assumptions: G.D.P.: 1.5% Growth, Jobs: - 0.2% Growth

*New Residential Supply: represents Essex's internal estimate of actual deliveries during the year, which are related to but can differ from the 12 Month trailing Permit Levels reported on New Residential Supply schedule.

**Job Forecast/Performance refers to the difference between Total Non-Farm Industry Employment (not seasonally adjusted) projected through December 2008 over the comparable actual figures for December 2007. The first column represents the current Essex forecast of the increase in Total Non-Farm Industry Employment. The second column represents these forecasted new jobs as a percent of the December 2007 base.

***The Forecast Market Conditions represents Essex's estimates of the Change in Rents/Occupancy Rates at the end of 2008. The estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for December 2008 vs.December 2007 (where Market refers to the entire MSA apartment market, NOT the Essex portfolio). The estimated Year End Occupancy represents Essex's forecast of Market Occupancy Rates for December 2008.

New Residential Supply: Permits as % of Current Stock

12 Month Permit Period: Trailing 12 Months June 2008

	Single Family Data												Multi-Family Data							All Residential Data
Market	Median SF Price (2007**)		2007 SF Affordability*			SF Stock 2000		SF Permits Last 12 Months		% of Stock			MF Stock 2000		MF Permits Last 12 months		% of Stock			Total Residential Permits Last 12 Months		% of Stock
Nassau-Suffolk	$	518,200		73	%		740,000		2,396		0.3	%		240,000		1,079		0.4	%		3,475		0.4	%
Boston	$	416,600		76	%		1,530,000		4,492		0.3	%		670,800		5,424		0.8	%		9,916		0.5	%
Baltimore	$	279,200		104	%		797,000		3,880		0.5	%		268,000		1,924		0.7	%		5,804		0.5	%
Chicago	$	284,000		96	%		1,700,000		12,445		0.7	%		1,404,900		4,975		0.4	%		17,420		0.6	%
Philadelphia	$	223,700		115	%		1,532,000		7,989		0.5	%		515,100		4,126		0.8	%		12,115		0.6	%
Minneapolis	$	232,500		125	%		818,000		5,377		0.7	%		351,800		1,650		0.5	%		7,027		0.6	%
Miami/Ft. Lauderdale	$	370,700		57	%		717,000		5,059		0.7	%		876,000		5,417		0.6	%		10,476		0.7	%
Wash. D.C. PMSA	$	420,200		87	%		1,299,000		10,976		0.8	%		644,300		6,492		1.0	%		17,468		0.9	%
New York PMSA	$	475,200		50	%		760,000		1,457		0.2	%		2,920,000		39,608		1.4	%		41,065		1.1	%
Portland	$	280,000		93	%		561,000		6,074		1.1	%		225,335		3,536		1.6	%		9,610		1.2	%
Denver	$	249,500		113	%		582,000		5,494		0.9	%		274,900		5,499		2.0	%		10,993		1.3	%
Phoenix	$	267,300		86	%		970,000		15,735		1.6	%		360,500		7,728		2.1	%		23,463		1.8	%
Atlanta	$	171,400		163	%		1,122,000		20,115		1.8	%		467,800		9,077		1.9	%		29,192		1.8	%
Dallas-Ft. Worth	$	150,000		168	%		1,381,000		22,221		1.6	%		650,000		16,709		2.6	%		38,930		1.9	%
Orlando	$	260,000		87	%		482,000		7,761		1.6	%		201,500		7,150		3.5	%		14,911		2.2	%
Las Vegas	$	317,300		69	%		440,000		8,115		1.8	%		215,700		12,003		5.6	%		20,118		3.1	%
Houston	$	152,000		160	%		1,027,000		34,612		3.4	%		547,700		17,547		3.2	%		52,159		3.3	%
Austin	$	184,200		145	%		326,000		9,901		3.0	%		169,900		8,533		5.0	%		18,434		3.7	%
Totals	$	290,395		106	%		16,784,000		184,099		1.1	%		11,004,235		158,477		1.4	%		342,576		1.2	%

Seattle	$	389,300		73	%		656,000		6,445		1.0	%		354,487		9,743		2.7	%		16,188		1.6	%

San Francisco	$	813,200		42	%		368,000		771		0.2	%		344,000		3,301		1.0	%		4,072		0.6	%
Oakland	$	700,700		49	%		625,000		2,522		0.4	%		270,000		2,554		0.9	%		5,076		0.6	%
San Jose	$	774,500		49	%		388,000		1,281		0.3	%		192,000		1,915		1.0	%		3,196		0.6	%

Los Angeles	$	535,000		43	%		1,877,000		4,891		0.3	%		1,392,963		9,334		0.7	%		14,225		0.4	%
Ventura	$	525,700		64	%		199,000		499		0.3	%		53,295		611		1.1	%		1,110		0.4	%
Orange	$	707,700		46	%		628,000		1,687		0.3	%		340,800		4,218		1.2	%		5,905		0.6	%
San Diego	$	600,600		43	%		664,000		2,464		0.4	%		375,664		3,830		1.0	%		6,294		0.6	%


No Cal	$	751,413		47	%		1,381,000		4,574		0.3	%		806,000		7,770		1.0	%		12,344		0.6	%

So Cal	$	579,585		45	%		3,368,000		9,541		0.3	%		2,162,722		17,993		0.8	%		27,534		0.5	%

ESSEX	$	600,393		49	%		5,405,000		20,560		0.4	%		3,323,208		35,506		1.1	%		56,066		0.6	%

Permits: Single Family equals 1 Unit, Multi-Family equals 5 or More Units

Sources: SF Prices - Economy.com: Permits, Total Residential Stock - U.S. Census, Axiometrics

Median Home Prices - National Association of Realtors; DataQuick, Mortgage Rates - Freddie Mac, Median Household Incomes - US Census; BEA; Essex

Single Family - Multi-Family Breakdown of Total Resdiences, Rosen Consulting Group, US Census, EASI, Essex

*Single Family Affordability - Equals the ratio of the actual Median Household Income to the Income required to purchase the Median Priced Home.

The required Income is defined such that the Mortgage Payment is 35% of said Income, assuming a 10% Down Payment and a 30-year fixed mortgage rate (6.35%).

Median Household Income is estimated from US Census 2004 data and Income Growth from BEA and Population Growth from the US Census.