ex99_1.htm

Essex Property Trust, Inc.

Investor Day - Los Angeles Property Tour

November 18, 2008

Forward-Looking Statement

SAFE HARBOR STATEMENT UNDER THE PRIVATE LITIGATION REFORM ACT OF 1995:

This presentation by Essex Property Trust, Inc. (the “Company”) includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements include statements regarding future trends and “market drivers” in our market
locations, our future operations and financial strategy, anticipated yields on development, opportunities provided by the economic
downturn or by distressed properties, and future capital needs and capital availability. The Company's actual results may differ
materially from those projected in such forward-looking statements.

Factors that might cause such a difference include, but are not limited to, changes in market demand for rental units and the impact
of competition and competitive pricing, changes in economic conditions, unexpected delays in the development and stabilization of
development and redevelopment projects, unexpected difficulties in leasing of development and redevelopment projects, total costs
of renovation and development investments exceeding our projections and other risks detailed in the Company's filings with the
Securities and Exchange Commission (SEC). All forward-looking statements are made as of today, and the Company assumes no
obligation to update this information. For more details relating to risk and uncertainties that could cause actual results to differ
materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC
filings, including our most recent report on Form 10-K for the year ended December 31, 2007.

Why Essex?

• Essex provides superior growth relative to the multifamily REIT sector

• One of the strongest multifamily balance sheets

• Self-funded through 2012

• Essex market locations offer long-term stability in an uncertain economic
environment

– Supply-constrained locations result in higher occupancy rates

– “B” product versus “A” product creates lower risk

– Renting remains financially compelling in Essex markets

– Single family affordability low despite price declines in the market

– Foreclosure rates lower than in unconstrained, inland markets

– Large exposure to tech-oriented service jobs and venture capital funding positions portfolio for
economic recovery

• Cycle-tested management team with 4 out of 5 members in place for over 23
years

* Source: Realfacts, all buildings completed before 2007

• Overall Vacancy rates in Essex markets remain low through varying
economic cycles*

Stable Markets

*For the years 1998 - 2007: Source - Permits: US Census (Axiometrics), Median Price: Realtor.org/Axiometrics, Median HH Income: Easi Demographics

Essex Markets

Major U.S. Metros

Essex Regions/Portfolio

Essex Markets vs. U.S.
Average 10 -Year Single Family Supply as a % of Stock*

*Affordability: the ratio of the estimated median household income to the “required income” (three times the mortgage payment) to purchase the media-priced home.
Assumes 20% down payment, 6.25% interest rate, 1% tax rate, 0.25% insurance rate. Source Median Price: Realtor.org/Axiometrics, Median HH Income: Easi

Essex Markets

Major U.S. Metros

Essex Regions/Portfolio

Essex Markets vs. U.S.
Single Family Affordability*

Venture Capital Spending by Industry

17%

13%

Venture Capital Spending by Location ($ in thousands)

Venture Capital Spending*

OPERATIONS UPDATE & MARKET OVERVIEW

Presented by Michael Schall - EVP & COO

Represents same-property data compared to Q3 2007

** Represents same-property data compared to the nine months ended September 30, 2007

*** Represents overall portfolio average based on the following companies financial reports: ESS, AVB, BRE, UDR, EQR

	Qtr. ended September 30, 2008*	9 months ended September 30, 2008**	2008 Guidance
Revenues
Southern California	1.1%	1.9%	1.5% to 3.0%
Northern California	8.4%	10.0%	5.5% to 7.0%
Seattle	7.5%	8.2%	5.5% to 7.0%
Average	4.0%	4.9%	3.0% to 4.5%

Expenses	3.9%	3.9%	2.5% to 4.0%

NOI	4.0%	5.4%	4.5% to 5.8%
Multifamily Average***	2.9%	4.6%

Same Property Results
As of September 30, 2008

Key Accomplishments in 2008

• Increased growth and yield expectation via acquisitions, dispositions,

and development

– Northern California now 29% of property revenues - up 11%

– Seattle now 17% of property revenues - up 3%

– 82% of Fund II revenues from Northern California and Seattle

– Disposed of substandard properties

• Completed extensive portfolio upgrades via redevelopment

• Completed Implementation of Yardi and Price Optimizer Software

• Implemented Call Center support

• Substantial progress on Development lease ups:

– Completed Residential lease-up of 2851 Eastlake at Lake Union, Seattle

– Currently 62% leased at Belmont Station in Los Angeles

Redevelopment

Key Objectives for 2009

• Operating Strategy assumes economic headwinds

– Maintain high occupancy levels

– Utilize longer duration leases

– Diligent collections effort

• Refine and Leverage Investments in Yardi, Price Optimizer,
and Call Center

• Lease-up 100 Grand in Oakland, California

Southern California
Market Update

• Continued slowing of revenue growth rates

• Submarkets - Ranked strongest to weakest:

– San Diego

– Los Angeles

– Orange

– Ventura

– Inland Empire (limited exposure - 0.7% of NOI)

• Each submarket has various degrees of job loss and new supply

– Overall job growth for 2008 ranges from -0.4% to -2.4%

– Significant new apartment supply in downtown LA, near the Marina, Woodland Hills, etc.

– Condo complexes now being converted to apartments

• Move-outs to home ownership continue to drop (low affordability)

• Apartment rent to median income ratio is improving

Southern California
Rent to Median Income

Northern California
Market Update

• Strong rental growth

• Employment in tech sectors has been resilient

• Overall supply of apartments less than Southern California, and limited
condo conversion activity

• Limited construction of for-sale housing

• Continued decline in move-out to home ownership (low affordability)

• Rent to median income ratio indicates rental growth potential

Northern California
Rent to Median Income

Seattle Metro
Market Update

• Rental Growth continues to be strong, although moderating

• Seattle continues significant job growth

• 2.0% growth (year-over-year, as of September 30, 2008)

• Boeing is a positive factor, given strike settlement and 787 demand

• Wa Mu layoffs are expected to contribute to downtown Seattle softening

• New supply issues (both apartments and failed condos) will affect
downtown Seattle and Bellevue

• Rent to median income ratios still support revenue growth

• Continued decline in move-out to home purchase (low affordability)

Seattle Metro
Rent to Median Income

DEVELOPMENT UPDATE

Presented by John Eudy - EVP, Development

Development

Current Pipeline (including Fund II)

• Eight developments under development with a total cost of $623
million ($294 million has already been funded)

• 3 projects in predevelopment for a total cost of $317 million

– Leased rates are substantially below market rents and may be re-leased or extended

– Two projects are currently office buildings and leased

– Multi-use projects allow for minimal risk in slowing markets

• $27 million investment in land for future development

• Anticipated yields on stabilized development - 6.5%

The Grand - Oakland, CA

238 Units

Fourth Street - Berkeley, CA

171 Units

Tasman Place - Sunnyvale, CA

284 Units

Cielo - Chatsworth, CA

119 Units

Studio 40-41 - Studio City, CA

149 Units

Belmont Station - Los Angeles, CA

275 Units

Current Developments

Joule Broadway - Seattle, WA

295 Units

Eastlake 2851 - Seattle, WA

127 Units

Current Developments

Economic Downturn
Provides Opportunities

• Capitalize on land acquisition opportunities

– Difficult to obtain financing for smaller companies

• Benefit from lower hard costs for the next 24 months

• Create efficient productivity through competitive labor costs
and premium subs

ACQUISITIONS UPDATE

Presented by Craig Zimmerman - EVP, Acquisitions

Current Acquisitions Strategy

• Focus on all markets

– High Growth: Northern California & Seattle

– Stressed Markets: Southern California

• Joint Venture Opportunities

• Distressed properties offer attractive pricing

Current Market Conditions

• Cap Rate Update

– Sellers looking for 5.5 to 6 percent range

– Buyers yield expectations have increased given capital constraints

– Limited transaction volume

• Current Opportunities in market

– Private companies defaulting on high-leverage renovation loans

– Distressed condo deals

– Private owners unable to refinance existing properties

• Essex looking for….

– Unique Opportunities

• Expect to see in the next 12-18 months

Highlands at Wynhaven - Issaquah, WA

333 Units

Total Cost - $66.3 million

Chestnut Street Apartments - Santa Cruz, CA

96 Units

Total Cost - $22.1 million

Recent Acquisitions

FINANCIAL OVERVIEW

Presented by Michael Dance, EVP & CFO

Financial Strategy

• Match cost of capital to appropriate investment opportunity

– Create positive arbitrage

– Generate accretion to cash flow per share

• Increase liquidity

• Finance our active developments and provide flexibility to
fund future opportunities

Enhanced Balance Sheet and
Liquidity

Steps initiated to enhance balance sheet and liquidity:

– Raised $143 million in equity in 2008 through common stock sales

– Signed new loan agreement for a secured 5-year credit facility of $150 million
(expandable to $250 million)

– Obtained $100 million in construction loans at LIBOR + 150 bps

– Option to extend $200 million unsecured bank facility to mature in March 2010

– Generated $43.5 million in disposition proceeds

Resulting in significantly enhanced balance sheet at 12/31/2008:

• $50 million in cash and marketable securities (projected)

• $400 million in line and construction loan capacity

• $40 million in 2009 debt maturities

Secured Debt

64%

Variable Rate

14%

Exchangeable

Bonds

13%

Secured Lines

of Credit

Unsecured

Lines of Credit

As of September 30, 2008

Current Debt Structure*

* Source - BMO Capital Markets' REIT Equity Weekly (November 10, 2008)

Total Market Capitalization includes equity market capitalization, debt and preferred issuance

Debt Ratio vs. Peers*

• Lowest Debt to Total Market Capitalization ratio among multifamily peers

Sources & Uses of Capital
($ In Millions)

2008 NOI from Unencumbered Assets	$93

Estimated Proceeds from 10-year financing with no line facility	$900

Amount of 10-year financing that can be funded to maintain a fixed charge coverage ratio of 1.5 to 1	$300
Amount on Bank Line	$200
Total Borrowing Capacity	$500

Dry Powder
($ In Millions)

Consistent Dividend Growth

Proven Cycle-Tested Strategy

Seasoned
Management
Team

Conservative
Operating
Philosophy

Strong
Balance
Sheet

Consistent
Dividend
Growth

10-Year Total Return of 325.9%*

Source - Keybanc Capital Markets - The Leaderboard, November 7, 2008

Supply

Constrained

Markets

Investment Considerations