8-K

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): March 31, 2010

ESSEX PROPERTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

001-13106

(Commission File Number)

Maryland	77-0369576
(State or Other Jurisdiction of Incorporation)	(I.R.S. Employer Identification No.)

925 East Meadow Drive, Palo Alto, California 94303

(Address of principal executive offices) (Zip Code)

(650) 494-3700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On May 5, 2010, Essex Property Trust, Inc. (the “Company”) issued a press release announcing the Company’s earnings for the quarter ended March 31, 2010. 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 Exhibits 99.1 and 99.2) is being furnished pursuant to Item 2.02 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.

Item 9.01. Financial Statements and Exhibits.

(a) - (b) Not applicable.

(c) Exhibits.

The exhibits listed below are being furnished with this Form 8-K.

99.1 Press Release issued by Essex Property Trust, Inc. dated May  5, 2010

99.2 Supplemental Information

SIGNATURES

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 hereunto duly authorized.

Essex Property Trust

/s/ Michael T. Dance

Name: Michael T. Dance

Title: Executive Vice President & Chief Financial Officer

Date: May 5, 2010

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release issued by Essex Property Trust, Inc. dated May  5, 2010
99.2	Supplemental Information

EX-99.1

Exhibit 99.1

for immediate release

Nicole Culbertson

(650) 849-1649

Essex Announces First Quarter 2010 Earnings Results

Palo Alto, California – May 5, 2010 - Essex Property Trust, Inc. (NYSE:ESS) announces its first quarter 2010 earnings results and related business activities.

Funds from Operations (“FFO”) for the quarter ended March 31, 2010, totaled $45.7 million or $1.46 per diluted share compared to $71.8 million, or $2.50 per diluted share for the quarter ended March 31, 2009.

The Company’s FFO, excluding non-recurring items, totaled $40.2 million, or $1.28 per diluted share for the quarter ended March 31, 2010, compared to $44.1 million or $1.54 per diluted share for the quarter ended March 31, 2009.  A reconciliation of FFO for non-recurring items can be found on page S-3 in the Company’s Supplemental Financial Information package.  The following non-recurring items impacted the Company’s first quarter results for 2010 and 2009:

·   In 2010, the Company recognized a gain of $5.0 million from the sale of marketable securities, compared to a $1.0 million gain in 2009.

·   In 2010, the Company earned an acquisition fee of $0.5 million from a co-investment, compared to income generated from TRS activities totaling $0.6 million in 2009.

·   In 2009, the Company repurchased $58.2 million of its Series G Cumulative Convertible Preferred Stock at a discount to its carrying value, and the excess of the carrying value over the cash paid to redeem the Series G stock totaled $25.7 million.

·   In 2009, the Company recognized a gain of $6.1 million from the early retirement of $71.3 million of its exchangeable bonds, and wrote-off an investment in a joint venture project for $5.8 million.

Net income available to common stockholders for the quarter ended March 31, 2010 totaled $13.1 million or $0.45 per diluted share compared to $42.3 million, or $1.53 per diluted share for the quarter ended March 31, 2009, respectively.

Same-Property Operations

Same-property operating results exclude properties that do not have comparable results.  The table below illustrates the percentage change in same-property revenues, operating expenses, and net operating income (“NOI”) for the quarter ended March 31, 2010 compared to March 31, 2009:

	Q1 2010 compared to Q1 2009
	Revenues			Expenses			NOI
Southern California		-4.4	%		2.1	%		-7.3	%
Northern California		-7.4	%		1.1	%		-11.1	%
Seattle Metro		-11.0	%		-2.5	%		-15.3	%
Same-property average		-6.5	%		1.0	%		-9.8	%

925 East Meadow Drive Palo Alto California 94303 telephone 650 494 3700 facsimile 650 494 8743

www.essexpropertytrust.com

The table below illustrates the sequential percentage change in same-property revenues, expenses, and NOI for the quarter ended March 31, 2010 versus the quarter ended December 31, 2009:

	Q1 2010 compared to Q4 2009
	Revenues			Expenses			NOI
Southern California		-0.6	%		-5.3	%		2.9	%
Northern California		-0.7	%		-7.0	%		1.8	%
Seattle Metro		-1.1	%		-9.3	%		4.3	%
Same-property average		-0.7	%		-6.9	%		2.8	%

Same-property financial occupancies for the quarters ended are as follows:

	3/31/10			12/31/09			3/31/09
Southern California		97.0	%		97.1	%		96.4	%
Northern California		98.1	%		97.8	%		97.7	%
Seattle Metro		97.9	%		97.6	%		97.1	%
Same-property average		97.5	%		97.4	%		96.9	%

acquisitions

During the first quarter, the Company entered into a joint venture that acquired Essex Skyline at MacArthur Place, a new 349-unit high rise condominium project that will be operated as an apartment community.  The property is located in Santa Ana, California and was purchased for $128 million (roughly 55% of its initial construction cost).  The Company accounts for this co-investment on the equity method, and the Company earned a fee for the acquisition of the property and will receive fees and may earn a promoted interest for the management and sale of the property.

The property consists of two adjacent 25-story towers with floor to ceiling windows and sizeable floor plans.  Each unit features Viking appliances, hardwood and tile floors, nine to eleven foot ceilings and select units offer expansive views of Orange County.  Property amenities include a gym and sauna, lap pool, yoga room, temperature controlled wine locker and presentation kitchen, bocce ball court, putting green, entertainment room and on-site concierge service.  Essex Skyline at MacArthur Place is conveniently located in the South Coast Metro Area of Orange County close to John Wayne airport and multiple freeways, offering easy access to commute corridors.  Initial leasing initiatives commenced in late March and resident move-in activities started in April in the north tower.

Development

Joule Broadway, a 295-unit community located in the Capital Hill neighborhood of Seattle, Washington began pre-leasing during the first quarter and commenced initial occupancy in Phase I (the north tower) in late March which is 89 percent leased.  Occupancy of Phase II (the south tower) is expected to begin in early June.  Overall, the community is currently 46 percent leased.

Fourth & U, a 171-unit Build it Green certified community, located in Berkeley, California began initial occupancy in mid-April in the first of three phases.  Overall, the community is curently 30 percent leased.

During the quarter, the Company commenced construction of the apartment and retail component of its Tasman Place development, located in Sunnyvale, California.  Construction of a subterranean parking garage and retail pad is currently underway and the development is expected to be completed in December 2011.  The community will consist of 284 residential units and approximately 46,000 square feet of retail space spread out over 3 five-story buildings.  The contemporary Spanish-Mediterranean style property will have a mix of one-bedroom and two-bedroom units.  Amenities will include a fitness center, business center, recreation room and a pool and spa.  The estimated remaining cost to complete the development is approximately $82 million.

2

Redevelopment

In the first quarter, the Company began initial redevelopment efforts at The Pointe at Cupertino, a 116-unit property located in Cupertino, California. The community, built in 1963, will undergo a full redevelopment in three phases: enhancement of building exteriors, renovation of unit interiors and upgrades to community amenities. Building exterior upgrades include the installation of new roofing, siding, windows and painting. Unit interior upgrades include the addition of a washer and dryer in each unit, new appliances, countertops, cabinetry and flooring. Enhanced community amenities will feature a new fitness facility, landscape improvements as well as conversion of the laundry rooms into rentable storage spaces for residents. The total project cost is $6.2 million.

Liquidity and Balance Sheet

Common Stock

During the first quarter, the Company issued 205,000 shares of common stock at an average price of $85.72, for $17.3 million, net of fees and commissions.

Marketable Securities

During the first quarter, the Company sold $42.2 million of investment grade unsecured bonds for a gain of $5.0 million.  During April, the Company sold an additional $22.5 million in unsecured bonds for a gain of $4.0 million.

In February 2010, the Company purchased an interest in mortgages secured by apartments for $16.9 million which is estimated to yield an 11% return over the expected 10-year duration of the loan portfolio.

Mortgage Notes Payable

During the first quarter, the Company obtained fixed rate mortgage loans totaling $35.1 million secured by Summerhill Park for $14.3 million at a rate of 5.4%, and Brookside Oaks totaling $20.8 million at a rate of 5.2%, both loans mature in March 2020.  Also during the quarter, the Company paid-off a maturing loan of $13.6 million with a fixed rate of 7.9% secured by Brookside Oaks.

Guidance

The Company has increased its original 2010 FFO guidance of $4.60 to $4.90 per diluted share to $4.80 to $5.00 per diluted share.

Conference Call with Management

The Company will host an earnings conference call with management to discuss its quarterly results on Thursday, May 6, at 9:00 a.m. PDT (12:00 p.m. EDT), which will be broadcast live via the Internet at www.essexpropertytrust.com, and accessible via phone by dialing (877) 407-4018, no passcode is necessary.

A rebroadcast of the live call will be available online for 90 days and digitally for 7 days. To access the replay online, go to www.essexpropertytrust.com and select the first quarter earnings link. To access the replay digitally, dial (877) 660-6853 using the Account Code – 3055 and the Conference ID - 348788. If you are unable to access the information via the Company’s Web site, please contact the Investor Relations department at investors@essexpropertytrust.com or by calling (650) 494-3700.

3

Second Quarter Event Schedule

The Company plans to attend the NAREIT “REITWeek” conference in Chicago, June 9-11, 2010.  During the conference the Company will conduct a brief presentation and host a question and answer session which will be broadcast via the internet at 9:00 a.m. CDT on Wednesday, June 9, 2010.  A link to the live broadcast of this presentation will be available on the Company’s website on the “Event Calendar” page.  Any materials distributed during this event will also be made available on the Company’s website on the “Presentations” page.

Corporate Profile

Essex Property Trust, Inc., located in Palo Alto, California and traded on the New York Stock Exchange (NYSE:ESS), is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities located in highly desirable, supply-constrained markets. Essex currently has ownership interests in 133 apartment communities (27,249 units), and has 1,214 units in various stages of development.

This press release and accompanying supplemental financial information will be filed electronically on Form 8-K with the Securities and Exchange Commission and can be accessed from the Company’s Web site at www.essexpropertytrust.com. If you are unable to obtain the information via the Web, please contact the Investor Relations Department at (650) 494-3700.

Funds from Operations (“FFO”) Reconciliation

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, gains/losses on sales of real estate and extraordinary items. Management considers FFO to be a useful financial performance measurement of an equity REIT because, together with net income and cash flows, FFO provides investors with an additional basis to evaluate the performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and ability to pay dividends.

FFO does not represent net income or cash flows from operations as defined by generally accepted accounting principles (“GAAP”) and is not intended to indicate whether cash flows will be sufficient to fund cash needs. It should not be considered as an alternative to net income as an indicator of the REIT's operating performance or to cash flows as a measure of liquidity. FFO does not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to shareholders. FFO also does not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied the NAREIT definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may va ry from the NAREIT definition for this measure, and thus their disclosures of FFO may not be comparable to Essex’s calculation.

The following table sets forth the Company’s calculation of FFO for the three months ended March 31, 2010 and 2009.

	Three Months Ended March 31,
Funds from Operations (In thousands)	2010		2009
Net income available to common stockholders	$	13,127	$	42,265
Adjustments:
Depreciation and amortization		30,487		29,204
Gains not included in FFO, net of disposition costs		-		(2,225	)
Noncontrolling interest and co-investments		2,129		2,563
Funds from Operations	$	45,743	$	71,807

4

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

This press release 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 under the caption “Guidance” with respect to 2010 FFO per diluted share, and statements and estimates set forth under the captions “Development” and “Redevelopment” on pages 2 and 3 of this press release, the captions “Development Pipeline” and “Redevelopment Pipeline” on pages S-9 and S-10 of the Company’s Supplemental Financial Information Package regarding estimated costs of property development, and redevelopments and the anticipated timing of the construction start, construction completion, initia l occupancy, and stabilization of property developments and redevelopments.  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 thos e 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, 2009.

5

EX-99.2

Exhibit 99.2

First Quarter 2010

Supplemental Financial Information

In the first quarter, the Company entered into a joint venture to acquireEssex Skyline at MacArthur Place, a 349-unit high rise condominium project located in Santa Ana, California for $128 million. The community consists of two adjacent 25-story towers with floor to ceiling windows and sizeable floor plans. Each unit features Viking appliances, hardwood and tile floors, nine to eleven foot ceilings and select units offer expansive views of Orange County. Property amenities include a gym and sauna, lap pool, yoga room, temperature controlled wine locker and presentation kitchen, bocce ball court, putting green, entertainment room and on-site concierge service.

Table of Contents
	Page
Consolidated Operating Results	S-1 – S-2
Consolidated Funds From Operations	S-3
Consolidated Balance Sheets	S-4
Debt Summary	S-5
Capitalization	S-6
Property Operating Results – Quarter ended March 31, 2010 and 2009	S-7
Revenue by County – Quarters ended March 31, 2010, March 31, 2009 and December 31, 2009	S-8
Development Pipeline	S-9
Redevelopment Pipeline	S-10
Co-Investments	S-11
Summary of Consolidated Co-Investments and Noncontrolling Interest	S-12
Income from Discontinued Operations and Selected Financial Data	S-13
Market Forecast (Supply, Jobs and Apartment Market Conditions)	S-14
New Residential Supply Data	S-15
Exhibit A - Property List by Region	1 - 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 (Dollars in thousands, except per share amounts)	Three Months Ended March 31,
	2010			2009
Revenues:
Rental and other property	$	99,706		$	103,914
Management and other fees from affiliates		1,478			1,197
		101,184			105,111
Expenses:
Property operating		34,199			33,123
Depreciation and amortization		30,487			28,965
Interest		20,836			20,203
General and administrative		5,618			6,233
Impairment and other charges		-			5,752
		91,140			94,276
Earnings from operations		10,044			10,835
Interest and other income		7,855			3,232
Equity (loss) income in co-investments		(41	)		539
Gain on early retirement of debt		-			6,124
Gain on sale of real estate		-			53
Income before discontinued operations		17,858			20,783
Income from discontinued operations		-			2,555
Net income		17,858			23,338
Net income attributable to noncontrolling interest		(4,189	)		(4,942	)
Net income attributable to controlling interest		13,669			18,396
Dividends to preferred stockholders		(542	)		(1,826	)
Excess of the carrying amount of preferred stock
redeemed over the cash paid to redeem preferred stock		-			25,695
Net income available to common stockholders	$	13,127		$	42,265
Net income per share - basic	$	0.45		$	1.61
Net income per share - diluted	$	0.45		$	1.53

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 Selected Line Item Detail	Three Months Ended March 31,
(Dollars in thousands)	2010			2009
Rental and other property
Rental	$	92,969		$	97,549
Other property		6,737			6,365
Rental and other property	$	99,706		$	103,914
Management and other fees from affiliates
Management	$	890		$	871
Acquisition, development, and redevelopment		588			326
Management and other fees from affiliates	$	1,478		$	1,197
Property operating expenses
Real estate taxes	$	9,528		$	9,043
Administrative		8,036			7,933
Utilities		6,880			6,409
Maintenance and repairs		6,659			6,622
Management fees and insurance		3,096			3,116
Property operating expenses	$	34,199		$	33,123
General and administrative
General and administrative	$	9,125		$	9,788
Allocated to property operating expenses - administrative		(2,550	)		(2,418	)
Capitalized to real estate		(957	)		(1,137	)
Net general and administrative	$	5,618		$	6,233
Interest and other income
Gain from sale of marketable securities	$	5,044		$	1,014
Interest and other income, net		2,811			1,445
Income from TRS activities and other income		-			588
Lease income, net		-			185
Interest and other income	$	7,855		$	3,232
Noncontrolling interest
Limited partners of Essex Portfolio, L.P.	$	1,141		$	1,799
DownREIT limited partners' distributions		1,098			1,118
Perpetual preferred distributions		1,575			1,575
Third-party ownership interest		375			450
Noncontrolling interest	$	4,189		$	4,942

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 (Dollars in thousands, except share and per share amounts)	Three Months Ended March 31,
	2010			2009
Funds from operations
Net income available to common stockholders	$	13,127		$	42,265
Adjustments:
Depreciation and amortization		30,487			29,204
Gains not included in FFO, net of internal disposition costs		-			(2,225	)
Noncontrolling interest and co-investments (1)		2,129			2,563
Funds from operations	$	45,743		$	71,807
FFO per share-diluted	$	1.46		$	2.50
Components of the change in FFO
Non-recurring items:
Gain on sales of marketable securities		(5,044	)		(1,014	)
Co-investment - acquisition fee		(500	)		-
Redemption of Series G preferred stock at a discount		-			(25,695	)
Gain on early retirement of debt		-			(6,124	)
Write-off of investment in development joint venture		-			5,752
Income generated from TRS activities		-			(588	)
Funds from operations excluding non-recurring items		40,199			44,138
FFO excluding non-recurring items per share-diluted	$	1.28		$	1.54
Changes in recurring items:
Same-property NOI	$	(6,688	)
Non-same property NOI		1,404
Management and other fees from affiliates		(219	)
Interest and other income		593
Dividends to preferred stockholders		1,284
Interest expense		(633	)
General and administrative		615
Other items, net		(295	)
	$	(3,939	)
Weighted average number of shares outstanding diluted (2)		31,438,408			28,692,959

(1)  Amount includes the following adjustments for the three months ended March 31, 2010: (i) noncontrolling interest related to Operating Partnership units totaling $1.1 million, (ii) add back depreciation from unconsolidated co-investments and less depreciation attributable to third party ownership of consolidated co-investments totaling $1.0 million.

(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)

	March 31, 2010			December 31, 2009
Real Estate:
Land and land improvements	$	684,955		$	684,955
Buildings and improvements		2,734,863			2,727,975
		3,419,818			3,412,930
Less:  accumulated depreciation		(779,923	)		(749,464	)
		2,639,895			2,663,466
Real estate under development		304,483			274,965
Co-investments		137,473			70,783
		3,081,851			3,009,214
Cash and cash equivalents		40,379			37,934
Marketable securities		114,276			134,844
Notes and other receivables		35,545			36,305
Other assets		36,380			36,340
Total assets	$	3,308,431		$	3,254,637
Mortgage notes payable	$	1,626,734		$	1,603,549
Lines of credit		256,000			239,000
Exchangeable bonds		4,918			4,893
Cash flow hedge liabilities		38,618			30,156
Other liabilities		111,521			99,149
Total liabilities		2,037,791			1,976,747
Series G cumulative convertible preferred stock		4,349			4,349
Stockholders' equity and noncontrolling interest:
Common stock		3			3
Series F cumulative redeemable preferred stock, liquidation value		25,000			25,000
Additional paid-in-capital		1,293,829			1,275,251
Distributions in excess of accumulated earnings		(239,904	)		(222,952	)
Accumulated other comprehensive (loss) income		(34,850	)		(24,206	)
Total stockholders' equity		1,044,078			1,053,096
Noncontrolling interest		222,213			220,445
Total stockholders' equity and noncontrolling interest		1,266,291			1,273,541
Total liabilities and equity	$	3,308,431		$	3,254,637

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 - March 31, 2010

(Dollars in thousands)

	Percentage of Total Debt		Balance Outstanding		Weighted Average Interest Rate		Weighted Average Maturity In Years
Mortgage notes payable
Fixed rate - secured	72	%	$	1,368,094	6.0	%	5.5
Variable rate - secured (1)	14	%		258,640	2.3	%	18.8
Total mortgage notes payable	86	%		1,626,734	5.4	%	7.6
Exchangeable bonds - unsecured (2)	0	%		4,918	5.8	%
Line of credit - secured (3)	14	%		250,000	1.3	%
Line of credit - unsecured (4)	0	%		6,000	4.1	%
Total lines of credit	14	%		256,000	1.3	%
Total debt	100	%	$	1,887,652	4.9	%
					Weighted
Scheduled principal payments (excludes lines of credit)					Average
					Interest Rate
	2010	(2)	$	144,847	7.6	%
	2011			182,312	5.6	%
	2012			31,179	5.4	%
	2013			187,831	5.8	%
	2014			80,438	5.7	%
Thereafter				1,005,045	4.9	%
Total			$	1,631,652	5.4	%

Capitalized interest for the three months ended March 31, 2010 was approximately $2.8 million.

(1)  $214.0 million of the variable rate debt is tax exempt to the note holders, and $194.2 million of the tax exempt debt is subject to interest rate protection agreements.

(2)  Exchangeable bonds mature in November 2025, but the bonds are subject to a repurchase for cash at the option of the holder on November 1, 2010. The pay rate on the bonds is 3.625%, and effective January 2009 in accordance with the accounting pronouncement for convertible debt, the bonds have been discounted to yield 5.75%.  This is an unsecured obligation of the operating partnership, and is fully and unconditionally guaranteed by the Company.

(3)  Secured line of credit facility is $250 million and matures in December 2013.  This line is secured by eleven of the Company's apartment communities and the underlying interest rate is currently the Freddie Mac Reference Rate plus .99% to 1.50%.

(4)  Unsecured line of credit facility is $200 million and matures in December 2010 with two one-year extensions, exercisable at the Company's option.  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 3.00%.

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 - March 31, 2010

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

Total debt	$	1,887,652
Common stock and potentially dilutive securities
Common stock outstanding		29,100
Limited partnership units (1)		2,414
Options-treasury method		53
Total common stock and potentially dilutive securities		31,567		shares
Common stock price per share as of March 31, 2010	$	89.95
Market value of common stock and potentially dilutive securities	$	2,839,471
Preferred units/stock	$	111,514
Total equity capitalization	$	2,950,985
Total market capitalization	$	4,838,637
Ratio of debt to total market capitalization		39.0	%

(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 March 31, 2010 and 2009

(Dollars in thousands)

	Southern California										Northern California									Seattle Metro									Other real estate assets (1)				Total
	2010				2009			% Change			2010			2009			% Change			2010			2009			% Change			2010		2009		2010			2009			% Change
Revenues:
Same-property revenue		$	49,128		$	51,394			-4.4	%	$	28,538		$	30,813			-7.4	%	$	14,912		$	16,761			-11.0	%	$	-	$	-	$	92,578		$	98,968			-6.5	%
Non-same property revenue (2)			1,797			902						1,449			29						1,815			1,957						2,067		2,058		7,128			4,946
Total Revenues		$	50,925		$	52,296					$	29,987		$	30,842					$	16,727		$	18,718					$	2,067	$	2,058	$	99,706		$	103,914
Property operating expenses:
Same-property operating expenses		$	16,251		$	15,916			2.1	%	$	9,513		$	9,410			1.1	%	$	5,466		$	5,606			-2.5	%	$	-	$	-	$	31,230		$	30,932			1.0	%
Non-same property operating expenses (2)			662			553						674			54						688			707						945		877		2,969			2,191
Total property operating expenses		$	16,913		$	16,469					$	10,187		$	9,464					$	6,154		$	6,313					$	945	$	877	$	34,199		$	33,123
Net operating income (NOI):
Same-property NOI		$	32,877		$	35,478			-7.3	%	$	19,025		$	21,403			-11.1	%	$	9,446		$	11,155			-15.3	%	$	-	$	-	$	61,348		$	68,036			-9.8	%
Non-same property NOI (2)
Redevelopment communities			-			-						-			-						1,154			1,250						-		-		1,154			1,250
Acquired communities			306			-						-			-						-			-						-		-		306			-
Development communities			829			349						775			(25	)					(27	)		-						-		-		1,577			324
Other real estate assets (1)			-			-						-			-						-			-						1,122		1,181		1,122			1,181
Total non-same property NOI			1,135			349						775			(25	)					1,127			1,250						1,122		1,181		4,159			2,755
Total NOI		$	34,012		$	35,827					$	19,800		$	21,378					$	10,573		$	12,405					$	1,122	$	1,181	$	65,507		$	70,791
Same-property operating margin			67	%		69	%					67	%		69	%					63	%		67	%									66	%		69	%
Same-property turnover percentage			44	%		51	%					42	%		53	%					38	%		51	%									42	%		52	%
Same-property concessions		$	318		$	387					$	133		$	140					$	58		$	70									$	509		$	597
Average same-property concessions per turn (3)		$	239		$	252					$	199		$	163					$	133		$	117									$	209		$	200
Reconciliation of apartment units at end of period
Same-property apartment units			11,984									6,457									4,625													23,066
Consolidated apartment units			12,334			12,370						6,695			6,457						5,249			5,338										24,278			24,165
Joint venture			748			480						1,575			1,575						648			642										2,971			2,697
Under development			464			268						455			409						295			295										1,214			972
Total apartment units at end of period			13,546			13,118						8,725			8,441						6,192			6,275										28,463			27,834
Percentage of total			48	%		47	%					30	%		30	%					22	%		23	%									100	%		100	%
Average same-property financial occupancy			97.0	%		96.4	%					98.1	%		97.7	%					97.9	%		97.1	%									97.5	%		96.9	%

(1)	Other real estate assets consists mainly of retail space, commercial properties, and boat slips and their operating results are classified in non-same property results.
(2)	Includes properties which subsequent to January 1, 2009 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

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 March 31, 2010, March 31, 2009 and December 31, 2009

(Dollars in thousands)

			Average Property Rental Rates									March 31, 2010						March 31, 2009
Region	Units		QTD 2010			QTD 2009			% Change			Property Revenue			Financial Occupancy			Property Revenue			Financial Occupancy			Property Revenue % Change			Property Revenue Q4 2009		Sequential % Change
Southern California
Los Angeles County		3,790		$	1,538		$	1,658		-7.2	%		$	17,771		96.8	%		$	18,562		95.2	%		-4.3	%	$	17,914		-0.8	%
Ventura County		2,898			1,274			1,351		-5.7	%			11,416		97.3	%			12,080		97.4	%		-5.5	%		11,470		-0.5	%
San Diego County		2,636			1,091			1,128		-3.3	%			8,845		96.7	%			9,106		96.9	%		-2.9	%		8,910		-0.7	%
Orange County		2,037			1,414			1,513		-6.5	%			8,768		97.3	%			9,369		97.5	%		-6.4	%		8,803		-0.4	%
Santa Barbara County		347			1,620			1,628		-0.5	%			1,709		99.0	%			1,638		95.0	%		4.3	%		1,725		-0.9	%
Riverside County		276			723			764		-5.4	%			619		95.3	%			639		93.4	%		-3.1	%		613		1.0	%
Total same-property		11,984			1,338			1,421		-5.8	%			49,128		97.0	%			51,394		96.4	%		-4.4	%		49,435		-0.6	%
Los Angeles County		350			1,576									1,797						902
Non-same property		350			1,576									1,797						902
		.
Northern California
Santa Clara County		2,448			1,472			1,646		-10.6	%			11,061		98.1	%			12,386		98.3	%		-10.7	%		11,170		-1.0	%
Contra Costa County		1,720			1,423			1,503		-5.3	%			7,535		98.0	%			7,860		96.9	%		-4.1	%		7,573		-0.5	%
Alameda County		1,116			1,206			1,314		-8.2	%			4,286		98.5	%			4,605		97.9	%		-6.9	%		4,304		-0.4	%
San Mateo County		768			1,546			1,675		-7.7	%			3,696		98.3	%			3,944		97.1	%		-6.3	%		3,702		-0.2	%
San Francisco MSA		175			1,829			1,841		-0.7	%			934		94.6	%			968		94.6	%		-3.5	%		969		-3.6	%
Other		230			1,464			1,504		-2.7	%			1,026		98.6	%			1,050		99.1	%		-2.3	%		1,016		1.0	%
Total same-property		6,457			1,431			1,554		-7.9	%			28,538		98.1	%			30,813		97.7	%		-7.4	%		28,734		-0.7	%
Alameda County		238			1,903									1,449						29
Non-same property		238			1,903									1,449						29
Seattle Metro
Total same-property		4,625			1,005			1,148		-12.5	%			14,912		97.9	%			16,761		97.1	%		-11.0	%		15,080		-1.1	%
Non-same property		919			1,025									1,815						1,957
Other real estate assets														2,067						2,058
Total same-property revenue		23,066		$	1,297		$	1,404		-7.6	%		$	92,578		97.5	%		$	98,968		96.9	%		-6.5	%	$	93,249		-0.7	%
Total non-same property revenue		1,507		$	1,130								$	7,128					$	4,946

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.

Development Pipeline - March 31, 2010

(Dollars in millions)

		Estimated Units		Estimated retail sq. feet (1)		Incurred to Date		Remaining Costs		Estimated Total Cost		Construction Start	Construction Complete	Initial Occupancy	Stabilized Operations
Development Projects - Consolidated
Project Name	Location
Joule Broadway (2)	Seattle, WA		295		29,100	$	78.0	$	16.8	$	94.8	May-08	Jun-10	Mar-10	Feb-11
Fourth & U	Berkeley, CA		171		15,500		55.4		7.9		63.3	Apr-08	Jun-10	Apr-10	Oct-10
Axis 2300	Irvine, CA		115		-		30.1		6.2		36.3	Feb-10	Jul-10	Jul-10	Apr-11
Tasman Place (3)	Sunnyvale, CA		284		46,000		43.5		81.6		125.1	Jul-09	Jan-12	Dec-11	Sep-12
Consolidated - Development Projects			865		90,600		207.0		112.5		319.5
Development Projects - Joint Venture
Project Name	Location
Essex Skyline at MacArthur Place (4)	Santa Ana, CA		349		-		129.4		5.3		134.7	Mar-10	Aug-10	Apr-10	Jun-11
	Total - Development Projects		1,214		90,600		336.4		117.8		454.2
Predevelopment Projects
Project Name	Location
Main Street (5)	Walnut Creek, CA		-		-		-		-		-
West Dublin	Dublin, CA		-		-		-		-		-
	Total - Predevelopment Projects		357		37,000		31.4		-		31.4
Land Held for Future Development or Sale (6)
Project Name	Location
Cadence Campus	San Jose, CA		769		-		-		-		-
City Centre	Moorpark, CA		200		-		-		-		-
Park Boulevard	Palo Alto, CA		27		-		-		-		-
View Pointe	Newcastle, WA		24		-		-		-		-
Total - Land Held for Future Development or Sale			1,020		-		66.0		-		66.0
Grand Total - Development Pipeline			2,591		127,600	$	433.8	$	117.8	$	551.6

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

(2) There is a construction loan in place for this development project that provides financing for the majority of the estimated remaining cost to be incurred.

(3)  During the first quarter of 2010, the Company commenced construction on the apartment and ground floor phase of the development.

(4)  This community is currently in lease-up in the north tower, and the remaining costs reflects the construction of a leasing office in the south tower as well as the estimated costs to complete certain exterior and interior unit projects.

(5)  The Company has entered into a joint venture development agreement with a third-party to develop this property.  The Company has a 50% interest in this project.

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

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 - March 31, 2010

(Dollars in thousands)

			Total Incurred		Estimated Remaining		Estimated Total		Redevelopment	NOI For the Quarter ended
Region/Project Name	Units		To Date		Cost		Cost		Start Date		Q1 2010		Q1 2009
Approved - Redevelopment Projects (1)
Marina Cove, Santa Clara, CA		292	$	4,458	$	5,400	$	9,858	Jun-07
Pointe at Cupertino, Cupertino, CA		116		220		6,015		6,235	Jan-10
Total Approved - Redevelopment Projects		408	$	4,678	$	11,415	$	16,093
Active - Redevelopment Projects
Seattle Metro
Foothill Commons, Bellevue, WA (2)		388	$	20,656	$	15,682	$	36,338	Jun-07	$	743	$	771
Woodland Commons, Bellevue, WA		236		4,731		7,048		11,779	Jun-07		411		480
Total Active - Redevelopment Projects		624	$	25,387	$	22,730	$	48,117		$	1,154	$	1,251

(1)	These projects are approved and redevelopment activities have commenced, but as of Q1 2010 the communities have stabilized operations, and therefore are classified in same-property operations.
(2)	During the third quarter 2009, the Company completed the construction of 28 additional apartment homes.

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 - March 31, 2010	Essex	Total								Property Revenue for							NOI for the three
(Dollars in thousands)	Book	Original				Debt		Maturity		the three months ended							months ended
	Value	Cost		Units		Amount		Date		2010		2009		% Change			2010			2009		% Change
Joint Ventures
Essex Apartment Value Fund II, L.P. (Fund II) (1)
Southern California
Parcwood, Corona, CA					312	$	24,325	Dec-2013
Renaissance, Los Angeles, CA					168		22,545	May-2011
Total Southern California					480		46,870			$	1,957	$	2,059		-5.0	%	$	1,101		$	1,271		-13.4	%
Northern California
Alderwood Park, Newark, CA					96		6,816	Jun-2015
Carlmont Woods, Belmont, CA					195		12,390	Dec-2013
Davey Glen, Belmont, CA					69		6,654	Aug-2016
Enclave, San Jose, CA					637		17,254	Jan-2018
Enclave, San Jose, CA					-		60,000	Dec-2029
Harbor Cove, Foster City, CA					400		33,410	Dec-2013
Regency Tower, Oakland, CA					178		10,632	Mar-2014
Total Northern California					1,575		147,156				6,675		7,208		-7.4	%		4,211			4,634		-9.1	%
Seattle Metro
								Sep-2014
Echo Ridge, Snoqualmie, WA					120		12,753	Sep-2014
Morning Run, Monroe, WA					222		13,196	Oct-2014
Tower @ 801, Seattle, WA					173		18,563	Aug-2014
Total Seattle Metro					515		44,512				1,864		2,061		-9.6	%		1,115			1,285		-13.2	%
Total - Operating Communities					2,570		238,538			$	10,496	$	11,328		-7.3	%	$	6,427		$	7,190		-10.6	%
Fund II - New Development
Eastlake 2851, Seattle, WA (initial occupancy May 2008)					127		17,477	Jan-2011	(2)
Studio 40-41, Studio City, CA (initial occupancy April 2009)					149		28,800	Apr-2011	(2)
Cielo, Chatsworth, CA (initial occupancy July 2009)					119		19,732	Jun-2010	(3)
					395		66,009				1,824		566					1,062			388
Total Fund II		$	590,018		2,965	$	304,547			$	12,320	$	11,894				$	7,489		$	7,578
Essex Skyline at MacArthur Place (4)		$	134,561		349		-			$	-	$	-				$	(57	)	$	-
Total - Co-investments	$136,253	$	724,579		3,314	$	304,547
Capitalized costs	720
	136,973
Other (5)	500
	$137,473

(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 exceeds certain financial return benchmarks.

(2)  The construction loan has a one-year extension, exercisable at Fund II's option.

(3)  The construction loan has two one-year extensions, exercisable at Fund II's option.

(4) The Company has a 47% effective interest in this co-investment, and a senior executive of the Company has a 3% effective interest, and the Company may earn promote income if the co-investment exceeds certain financial return benchmarks.

(5)  The other co-investment relates to 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 Noncontrolling Interest - March 31, 2010

(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 noncontrolling interests corresponding to the ownership interest of the third-party developer, owner or investor.

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

	Balance as of March 31, 2010								Operations for the quarter ended March 31, 2010
	Investment in Real Estate		Related Debt		Noncontrolling Interest		DownREIT Units (1)		Revenue		Operating Expenses		NOI
Noncontrolling Interest - DownREIT:
Anchor Village	$	13,422	$	10,750	$	2,404		110,133	$	734	$	269	$	465
Barkley Apartments		8,861		17,388		2,322		79,205		590		218		372
Brentwood		14,599		20,123		2,568		58,884		589		166		423
Brookside Oaks		33,740		20,750		3,805		96,255		722		200		522
Capri at Sunny Hills		17,406		18,605		3,911		167,140		572		158		414
Hidden Valley (2)		38,705		32,145		6,089		62,647		1,251		390		861
Highridge Apartments		26,420		44,807		5,831		293,733		1,320		351		969
Montejo Apartments		8,667		5,590		1,216		29,319		440		126		314
Thomas Jefferson		26,396		19,279		7,067		62,873		682		212		471
Treehouse Apartments		11,647		7,527		2,951		67,728		582		180		402
Valley Park Apartments		15,091		9,535		26		43,354		683		131		552
Villa Angelina Apartments		19,535		12,894		3,003		54,709		889		219		670
	$	234,489	$	219,393		41,193		1,125,980	$	9,054	$	2,620	$	6,435
Other Components of Noncontrolling Interest:
Hillsdale Garden Apartments (3)	$	111,695		-		23,006			$	3,331	$	1,338	$	1,993
Joint Ventures - Development (4)	$	233,100	$	44,684		8,219
Operating Limited Partnership Units						69,795
Perpetual Preferred Units (5)						80,000
Total Noncontrolling Interest					$	222,213

(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 partner has a 25% interest.
(3)	The Company has an 81.5% interest in this community and the joint venture partner has an 18.5% interest.
(4)	The Company consolidates two joint venture developments in which the Company has a 50% and 99% interest, respectively.  The Company also consolidates a 94% owned subsidiary that invests in a 50% owned joint venture development accounted for using the equity method.
(5)	Includes Series B Cumulative Redeemable Preferred Units with an existing distribution rate of 7.875% and can be redeemed at the Company's option.

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 - March 31, 2010

(Dollars in thousands)

Income from Discontinued Operations

No properties were sold for the quarter ended March 31, 2010.  During the quarter ended March 31, 2009, the Company sold the Carlton Heights and Grand Regency apartment communities.  Income from discontinued operations for the quarter ended March 31, 2009 included operating results for Mountain View, Spring Lakes, and Maple Leaf apartment communities.

	Three Months Ended
	March 31,
	2010		2009
Rental revenues	$	-	$	926
Property operating expenses		-		(357	)
Depreciation and amortization		-		(239	)
Income from real estate sold		-		330
Gain on sale		-		2,472
Internal disposition costs		-		(247	)
Income from discontinued operations	$	-	$	2,555
Shares Outstanding and Potentially Dilutive Securities
	Q1 2010 Weighted Avg.		Actual As of 3/31/10
Common Shares		28,967,855		29,100,478
Stock Options		50,716		53,044
Weighted Avg. Shares Diluted - EPS		29,018,571		29,153,522
Operating Limited Partnership Units		2,419,837		2,413,690
Weighted Avg. Shares Diluted - FFO		31,438,408		31,567,212

See Company's 10-Q for additional disclosures

S-13

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

MSA Level Forecasts 2010: 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		4,000		1.0	%		2,500		0.4	%		14,000		1.0	%		2.5	%		94.00	%
San Francisco		1,900		0.5	%		200		0.1	%		6,000		0.7	%		3.00	%		95.50	%
Oakland		900		0.3	%		1,000		0.2	%		4,000		0.4	%		0.00	%		94.50	%
San Jose		700		0.3	%		400		0.1	%		10,000		1.2	%		4.00	%		95.00	%
No. Cal.		3,500		0.4	%		1,600		0.1	%		20,000		0.7	%		2.3	%		95.0	%
Ventura		250		0.5	%		200		0.1	%		1,500		0.6	%		3.00	%		94.50	%
Los Angeles		2,600		0.2	%		1,500		0.1	%		26,000		0.7	%		2.00	%		94.50	%
Orange		1,100		0.3	%		500		0.1	%		19,000		1.4	%		3.50	%		94.50	%
San Diego		1,100		0.3	%		1,100		0.2	%		12,000		1.0	%		2.50	%		95.00	%
So. Cal.		5,050		0.2	%		3,300		0.1	%		58,500		0.9	%		2.5	%		94.6	%
Weighted Average****		12,550		0.4	%		7,400		0.1	%		92,500		0.9	%		2.4	%		94.5	%

All data is an Essex Forecast

U.S. Economic Assumptions:  G.D.P.: 2010 vs 2009:  2.75% , Q4 '10 vs Q4 '09: 2.25%, Jobs: Q4 '10 vs Q4 '09  0.7%

* 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 Q4 2010 over the comparable actual figures for Q4 2009.  The first column represents the current Essexforecast of the increase in Total Non-Farm Industry Employment. The second column represents these forecasted new jobs as a percent of the Q4 2009 base.

***The Forecast Market Conditions represents Essex's estimates of the Change in Rents/Occupancy Rates for Q4  2010.  The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for Q4 2010 vs.Q4 2009 (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 Q4 2010.

****Weighted Average: Markets weighted by Units in Essex Portfolio

See Company's 10-Q for additional disclosures

S-14

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

New Residential Supply: Permits as a % of Current Stock (12 Month Permit Period: Trailing 12 Months March 2010)
	Single Family Data												Multi-Family Data							All Residential Data
Market	Median SF Price (Q4 2009 est**)		Q4 2009 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
New York PMSA	$	404,950		63	%		760,000		643		0.1	%		2,920,000		4,872		0.2	%		5,515		0.1	%
Chicago	$	191,500		154	%		1,700,000		4,684		0.3	%		1,404,900		1,627		0.1	%		6,311		0.2	%
Miami/Ft. Lauderdale	$	199,300		114	%		717,000		2,642		0.4	%		876,000		1,016		0.1	%		3,658		0.2	%
Nassau-Suffolk	$	383,200		107	%		740,000		1,078		0.2	%		240,000		103		0.0	%		1,181		0.3	%
Boston	$	332,800		103	%		1,530,000		3,301		0.2	%		670,800		1,444		0.2	%		4,745		0.3	%
Philadelphia	$	212,600		131	%		1,532,000		5,356		0.3	%		515,100		1,823		0.4	%		7,179		0.4	%
Minneapolis	$	167,500		188	%		818,000		4,001		0.5	%		351,800		1,072		0.3	%		5,073		0.4	%
Atlanta	$	124,800		242	%		1,122,000		6,091		0.5	%		467,800		1,114		0.2	%		7,205		0.5	%
Denver	$	223,200		137	%		582,000		3,280		0.6	%		274,900		1,158		0.4	%		4,438		0.5	%
Portland	$	239,400		118	%		561,000		3,522		0.6	%		225,335		647		0.3	%		4,169		0.5	%
Baltimore	$	243,900		129	%		797,000		3,456		0.4	%		268,000		2,300		0.9	%		5,756		0.5	%
Wash. D.C. PMSA	$	306,200		129	%		1,299,000		9,402		0.7	%		644,300		2,871		0.4	%		12,273		0.6	%
Orlando	$	139,600		177	%		482,000		4,311		0.9	%		201,500		477		0.2	%		4,788		0.7	%
Phoenix	$	143,900		172	%		970,000		10,049		1.0	%		360,500		439		0.1	%		10,488		0.8	%
Las Vegas	$	139,400		170	%		440,000		4,837		1.1	%		215,700		1,289		0.6	%		6,126		0.9	%
Dallas-Ft. Worth	$	142,100		192	%		1,381,000		15,649		1.1	%		650,000		4,102		0.6	%		19,751		1.0	%
Austin	$	184,000		157	%		326,000		7,024		2.2	%		169,900		1,443		0.8	%		8,467		1.7	%
Houston	$	150,000		176	%		1,027,000		24,527		2.4	%		547,700		3,191		0.6	%		27,718		1.8	%
Totals	$	231,311		156	%		16,024,000		113,210		0.7	%		8,084,235		26,116		0.3	%		139,326		0.6	%
Seattle	$	330,350		94	%		656,000		4,284		0.7	%		354,487		1,396		0.4	%		5,680		0.6	%
San Francisco	$	606,400		61	%		368,000		391		0.1	%		344,000		519		0.2	%		910		0.1	%
Oakland	$	410,500		90	%		625,000		2,109		0.3	%		270,000		674		0.2	%		2,783		0.3	%
San Jose	$	585,000		71	%		388,000		803		0.2	%		192,000		452		0.2	%		1,255		0.2	%
Los Angeles	$	303,800		83	%		1,877,000		2,230		0.1	%		1,392,963		2,628		0.2	%		4,858		0.1	%
Ventura	$	355,800		102	%		199,000		222		0.1	%		53,295		92		0.2	%		314		0.1	%
Orange	$	495,000		72	%		628,000		1,410		0.2	%		340,800		774		0.2	%		2,184		0.2	%
San Diego	$	379,200		73	%		664,000		2,081		0.3	%		375,664		990		0.3	%		3,071		0.3	%
No Cal	$	511,729		77	%		1,381,000		3,303		0.2	%		806,000		1,645		0.2	%		4,948		0.2	%
So Cal	$	357,389		80	%		3,368,000		5,943		0.2	%		2,162,722		4,484		0.2	%		10,427		0.2	%
ESSEX	$	393,542		81	%		5,405,000		13,530		0.3	%		3,323,208		7,525		0.2	%		21,055		0.2	%

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, Mortgage Rates: Fredie Mac

Single Family/Multi-Family Breakdown of Total Residences, 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.

**Median Home Prices -  Q4 2009 National Association of Realtors, DataQuick, Essex

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 (6.03%).

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

See Company's 10-Q for additional disclosures

S-15

ESSEX PROPERTY TRUST, INC.

Real Estate Information as of March 31, 2010

Property Name	Address	City	State	Units	Footage	Acquired	Built	Ownership	Property
APARTMENT COMMUNITIES
NORTHERN CALIFORNIA
Santa Clara County
Pointe at Cupertino	19920 Olivewood Street	Cupertino	CA	116	135,200	1998	1963	EPLP	47
Carlyle, The	2909 Nieman Boulevard	San Jose	CA	132	129,200	2000	2000	EPLP	10
Enclave, The	4355 Renaissance Drive	San Jose	CA	637	525,463	2005	1998	Fund II	12
Esplanade	350 East Taylor St.	San Jose	CA	278	279,000	2004	2002	EPLP	8
Waterford, The	1700 N. First Street	San Jose	CA	238	219,600	2000	2000	EPLP	10
Le Parc	440 N. Winchester Avenue	Santa Clara	CA	140	113,200	1994	1975	EPLP	35
Marina Cove	3480 Granada Avenue	Santa Clara	CA	292	250,200	1994	1974	EPLP	36
Bristol Commons	732 E. Evelyn Avenue	Sunnyvale	CA	188	142,600	1995	1989	EPLP	21
Brookside Oaks	1651 Belleville Way	Sunnyvale	CA	170	119,900	2000	1973	DownREIT	37
Magnolia Lane	113 South Mary Avenue	Sunnyvale	CA	32	31,541	2007	2001	EPLP	9
Montclaire	450 N. Mathilda Avenue	Sunnyvale	CA	390	294,100	1988	1973	EPLP	37
Summerhill Park	972 Corte Madera Avenue	Sunnyvale	CA	100	78,500	1988	1988	EPLP	22
Tasman Place	315 Tasman Drive	Sunnyvale	CA	284	46,000			EPLP
Thomas Jefferson	107 South Mary Avenue	Sunnyvale	CA	156	110,824	2007	1969	DownREIT	41
Windsor Ridge	825 E. Evelyn Avenue	Sunnyvale	CA	216	161,800	1989	1989	EPLP	21
			11%	3,085	2,591,128
Alameda County
Fourth & U	700 University Avenue	Berkeley	CA	171	146,255			EPLP
Stevenson Place	4141 Stevenson Blvd.	Fremont	CA	200	146,200	2000	1975	EPLP	35
Boulevard	40001 Fremont Blvd.	Fremont	CA	172	131,200	1996	1978	EPLP	32
City View	25200 Carlos Bee Blvd.	Hayward	CA	560	462,400	1998	1975	EPLP	35
Regency Tower	1130 Third Ave.	Oakland	CA	178	140,900	2005	1975	Fund II	35
The Grand	100 Grand Avenue	Oakland	CA	238	205,026	2009	2009	EPLP	-
Bridgeport	36826 Cherry Street	Newark	CA	184	139,000	1987	1987	EPLP	23
Alderwood Park Apartments	37057 Magnolia Street	Newark	CA	96	74,624	2006	1987	Fund II	23
			6%	1,628	1,094,324
Contra Costa County
San Marcos	2601 Hilltop Drive	Richmond	CA	432	407,600	2003	2003	EPLP	7
Bel Air	2000 Shoreline Drive	San Ramon	CA	462	391,000	1995	1988	EPLP	22
Foothill Gardens	1110 Harness Drive	San Ramon	CA	132	155,100	1997	1985	EPLP	25
Twin Creeks	2711-2731 Morgan Drive	San Ramon	CA	44	51,700	1997	1985	EPLP	25
Canyon Oaks	1 Amberstone Lane	San Ramon	CA	250	237,894	2007	2005	EPLP	5
Mill Creek at Windermere	2100 Waterstone Place	San Ramon	CA	400	381,060	2007	2005	EPLP	5
			6%	1,720	1,624,354
San Mateo County
Carlmont Woods	2515 Carlmont Drive	Belmont	CA	195	107,200	2004	1971	Fund II	39
Harbor Cove	900 E. Hillsdale Blvd.	Foster City	CA	400	306,600	2004	1971	Fund II	39
Davey Glen	200 Davey Glen Road	Belmont	CA	69	65,974	2006	1962	Fund II	48
Hillsdale Garden	3421 Edison Avenue	San Mateo	CA	697	611,505	2006	1948	JV - 81.5%	62
Belmont Terrace	1606 Continetals Way	Belmont	CA	71	72,951	2006	1974	EPLP	36
			6%	1,432	1,164,230
San Francisco and Marin Counties
Mt. Sutro Terrace Apartments	480 Warren Drive	San Francisco	CA	99	64,000	1999	1973	EPLP	37
Vista Belvedere	15 Red Hill Circle	Tiburon	CA	76	78,300	2004	1963	EPLP	47
			1%	175	142,300
Other
Tuscana	315 Mt. Oso	Tracy	CA	30	29,088	2007	2007	EPLP	3
Harvest Park	2327 Summercreek Drive	Santa Rosa	CA	104	116,628	2007	2004	EPLP	6
Chestnut Street Apartments	143 Chestnut Avenue	Santa Cruz	CA	96	87,640	2008	2002	EPLP	8
			1%	230	233,356
Total Northern California			30%	8,270	6,849,692				25

SOUTHERN CALIFORNIA
Los Angeles County
Hampton Court	1136 N. Columbus Avenue	Glendale	CA	83	71,500	1999	1974	EPLP	36
Hampton Place	245 W. Loraine Street	Glendale	CA	132	141,500	1999	1970	EPLP	40
Marbrisa	1809 Termino Ave.	Long Beach	CA	202	122,800	2002	1987	EPLP	23
Pathways	5945 E. Pacific Coast Hwy.	Long Beach	CA	296	197,700	1991	1975	EPLP	35
Bunker Hill	222 and 234 S. Figueroa St.	Los Angeles	CA	456	346,600	1998	1968	EPLP	42
Cochran Apartments	612 South Cochran	Los Angeles	CA	58	51,400	1998	1989	EPLP	21
Kings Road	733 North Kings Road	Los Angeles	CA	196	132,100	1997	1979	EPLP	31
Marbella	600 South Detroit Street	Los Angeles	CA	60	50,108	2005	1991	EPLP	19
Belmont Station	1302 West 2nd St.	Los Angeles	CA	275	225,000	2009	2009	EPLP	1
Park Place	400 S. Detroit Street	Los Angeles	CA	60	48,000	1997	1988	EPLP	22
Windsor Court	401 S. Detroit Street	Los Angeles	CA	58	46,600	1997	1988	EPLP	22
Renaissance	630 South Masselin Avenue	Los Angeles	CA	168	154,268	2006	1990	Fund II	20
Marina City Club	4333 Admiralty Way	Marina Del Rey	CA	101	127,200	2004	1971	EPLP	39
Mirabella	13701 Marina Point Drive	Marina Del Rey	CA	188	176,800	2000	2000	EPLP	10
Monterra del Mar	280 E. Del Mar Boulevard	Pasadena	CA	123	74,400	1997	1972	EPLP	38
Monterra del Rey	350 Madison	Pasadena	CA	84	73,100	1999	1972	EPLP	38
Monterra del Sol	280 South Euclid	Pasadena	CA	85	69,200	1999	1972	EPLP	38
Fountain Park	13141 Fountain Park Drive	Playa Vista	CA	705	608,900	2004	2002	EPLP	8
Highridge	28125 Peacock Ridge Drive	Rancho Palos Verde	CA	255	290,200	1997	1972	DownREIT	38
Studio 40-41	4043 Radford Avenue	Studio City	CA	149	127,238	2009	2009	Fund II	1
Coldwater Canyon	4250 Codlwater Canyon	Studio City	CA	39	34,125	2007	1979	EPLP	31
Walnut Heights	20700 San Jose Hills Road	Walnut	CA	163	146,700	2003	1964	EPLP	46
Avondale at Warner Center	22222 Victory Blvd.	Woodland Hills	CA	446	331,000	1999	1970	EPLP	40
			16%	4,382	3,646,439
Ventura County
Camarillo Oaks	921 Paseo Camarillo	Camarillo	CA	564	459,000	1996	1985	EPLP	25
Camino Ruiz Square	105 Camino Ruiz	Camarillo	CA	160	105,448	2006	1990	EPLP	20
Cielo	9733 Topanga Canyon Blvd	Chatsworth	CA	119	125,400	2009	2009	Fund II	-
Regency at Encino	15506 Moorpark Street	Encino	CA	75	78,487	2009	1989	EPLP	21
Mariner's Place	711 South B Street	Oxnard	CA	105	77,200	2000	1987	EPLP	23
Tierra Vista	1750 Montevina Circle	Oxnard	CA	404	387,100	2001	2001	EPLP	9
Monterey Villas	1040 Kelp Lane	Oxnard	CA	122	122,100	1997	1974	EPLP	36
Meadowood	1733 Cochran Street	Simi Valley	CA	320	264,500	1996	1986	EPLP	24
Hidden Valley	5065 Hidden Park Court	Simi Valley	CA	324	310,900	2004	2004	DownREIT	6
Lofts at Pinehurst,The	1021 Scandia Avenue	Ventura	CA	118	71,100	1997	1971	EPLP	39
Hillcrest Park	1800 West Hillcrest Drive	Newbury Park	CA	608	521,900	1998	1973	EPLP	37
Pinehurst	3980 Telegraph Road	Ventura	CA	28	21,200	2004	1973	EPLP	37
Woodside Village	675 Providence Ave.	Ventura	CA	145	136,500	2004	1987	EPLP	23
			11%	3,092	2,680,835

SOUTHERN CALIFORNIA (cont'd)
Santa Barbara County
Chimney Sweep	775 Camino Del Sur Drive	Goleta	CA	91			2006	1967	EPLP	43
CBC	6721 El Colegio Drive	Goleta	CA	148			2006	1962	EPLP	48
Hope Ranch (Continental Apartments)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA	108			2007	1965	EPLP	45
Hope Ranch (Lucero Village)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA				2007	1973	EPLP	37
			1%	347	306,608
Orange County
Barkley Apartments	2400 E. Lincoln Ave.	Anahiem	CA	161	139,800		2000	1984	DownREIT	26
Valley Park Apartments	17300 Euclid Ave.	Fountain Valley	CA	160	169,700		2001	1969	DownREIT	41
Capri at Sunny Hills	2341 Daphne Place	Fullerton	CA	100	128,100		2001	1961	DownREIT	49
Wilshire Promenade	141 West Wilshire Avenue	Fullerton	CA	149	128,000		1997	1992	EPLP	18
Montejo Apartments	12911 Dale St.	Garden Grove	CA	124	103,200		2001	1974	DownREIT	36
Huntington Breakers	21270 Beach Boulevard	Huntington Beach	CA	342	241,700		1997	1984	EPLP	26
Axis 2300	2300 DuPont Drive	Irvine	CA	115	170,714				EPLP
Hillsborough Park	1501 South Beach Boulevard	La Habra	CA	235	215,500		1999	1999	EPLP	11
Trabuco Villas	25362 Mosswood Way	Lake Forest	CA	132	131,000		1997	1985	EPLP	25
Fairways Apartments	2 Pine Valley Lane	Newport Beach	CA	74	107,100		1999	1972	EPLP	38
Villa Angelina	201 E. Chapman Ave.	Placentia	CA	256	217,600		2001	1970	DownREIT	40
Brentwood Apartment Homes	2301 E. Santa Clara Ave.	Santa Ana	CA	140	154,800		2001	1970	DownREIT	40
Treehouse Apartments	2601 N. Grand Ave.	Santa Ana	CA	164	135,700		2001	1970	DownREIT	40
Essex Skyline @ MacArthur Place	9 & 15 MacArthur Place	Santa Ana	CA	349	512,791		2010	2008	JV- 47%	2
			7%	2,037	1,872,200
San Diego County
Alpine Country	2660 Alpine Blvd.	Alpine	CA	108	81,900		2002	1986	EPLP	24
Alpine Village	2055 Arnold Way	Alpine	CA	301	254,400		2002	1971	EPLP	39
Bonita Cedars	5155 Cedarwood Rd.	Bonita	CA	120	120,800		2002	1983	EPLP	27
Cambridge	660 F. St.	Chula Vista	CA	40	22,100		2002	1965	EPLP	45
Woodlawn Colonial	245-255 Woodlawn Ave.	Chula Vista	CA	159	104,500		2002	1974	EPLP	36
Mesa Village	5265 Clairemont Mesa Blvd.	Clairemont	CA	133	43,600		2002	1963	EPLP	47
Tierra del Sol/Norte	989 Peach Ave.	El Cajon	CA	156	117,000		2002	1969	EPLP	41
Mira Monte	10360 Maya Linda Rd.	Mira Mesa	CA	355	262,600		2002	1982	EPLP	28
Country Villas	283 Douglas Drive	Oceanside	CA	180	179,700		2002	1976	EPLP	34
Mission Hills	218 Rancho Del Oro	Oceanside	CA	282	244,000		2005	1984	EPLP	26
Bluffs II, The	6466 Friars Road	San Diego	CA	224	126,700		1997	1974	EPLP	36
Summit Park	8563 Lake Murray Blvd.	San Diego	CA	300	229,400		2002	1972	EPLP	38
Vista Capri - North	3277 Berger Ave.	San Diego	CA	106	51,800		2002	1975	EPLP	35
Shadow Point	9830 Dale Ave.	Spring Valley	CA	172	131,200		2002	1983	EPLP	27
			10%	2,636	1,969,700
Riverside County
Parcwood	1700 Via Pacifica	Corona	CA	312	270,000		2004	1989	Fund II	21
Devonshire Apartments	2770 West Devonshire Ave.	Hemet	CA	276	207,200		2002	1988	EPLP	22
			2%	588	477,200
Total Southern California			48%	13,082	10,952,982					30
SEATTLE METROPOLITAN AREA
Cedar Terrace	3205 115th Ave. NE	Bellevue	WA	180	174,200		2005	1984	EPLP	26
Emerald Ridge	3010 118th Avenue SE	Bellevue	WA	180	144,000		1994	1987	EPLP	23
Foothill Commons	13800 NE 9th Place	Bellevue	WA	388	288,300		1990	1978	EPLP	32
Palisades, The	13808 NE 12th	Bellevue	WA	192	159,700		1990	1977	EPLP	33
Sammamish View	16160 SE Eastgate Way	Bellevue	WA	153	133,500		1994	1986	EPLP	24
Woodland Commons	13700 NE 10th Place	Bellevue	WA	236	172,300		1990	1978	EPLP	32
Canyon Pointe	1630 228th St. SE	Bothell	WA	250	210,400		2003	1990	EPLP	20
Inglenook Court	14220 Juanita Drive, NE	Bothell	WA	224	183,600		1994	1985	EPLP	25
Salmon Run at Perry Creek	2109 228th Street SE	Bothell	WA	132	117,100		2000	2000	EPLP	10
Stonehedge Village	14690 143rd Blvd., NE	Bothell	WA	196	214,800		1997	1986	EPLP	24
Park Hill at Issaquah	22516 SE 56th Street	Issaquah	WA	245	277,700		1999	1999	EPLP	11
Highlands at Wynhaven	1460 NE Hawthorne Street	Issaquah	WA	333	424,674		2008	2000	EPLP	10
Wandering Creek	12910 SE 240th	Kent	WA	156	124,300		1995	1986	EPLP	24
Bridle Trails	6600 130th Avenue, NE	Kirkland	WA	108	99,700		1997	1986	EPLP	24
Evergreen Heights	12233 NE 131st Way	Kirkland	WA	200	188,300		1997	1990	EPLP	20
Morning Run	18463 Blueberry Lane	Monroe	WA	222	221,786		2005	1991	Fund II	19
Laurels at Mill Creek	1110 164th Street SE	Mill Creek	WA	164	134,300		1996	1981	EPLP	29
Anchor Village	9507 49th Avenue West	Mukilteo	WA	301	245,900		1997	1981	DownREIT	29
Castle Creek	7000 132nd Place, SE	Newcastle	WA	216	191,900		1998	1998	EPLP	12
Brighton Ridge	2307 NE 4th Street	Renton	WA	264	201,300		1996	1986	EPLP	24
Fairwood Pond	14700 SE Petrovitsky Rd.	Renton	WA	194	189,200		2004	1997	EPLP	13
Forest View	650 Duvall Ave. NE	Renton	WA	192	182,500		2003	1998	EPLP	12
Joule Broadway	523 Broadway Avenue, East	Seattle	WA	295	191,109				JV - 99%
The Cairns	420 Yale Avenue	Seattle	WA	100	70,806		2007	2006	EPLP	4
Fountain Court	2400 4th Street	Seattle	WA	320	207,000		2000	2000	EPLP	10
Linden Square	13530 Linden Avenue North	Seattle	WA	183	142,200		2000	1994	EPLP	16
Eastlake 2851	2833 - 2851 Eastlake Avenue	Seattle	WA	133	234,086		2008	2008	Fund II	2
Wharfside Pointe	3811 14th Avenue West	Seattle	WA	142	119,200		1994	1990	EPLP	20
Tower @ 801	801 Pine Street	Seattle	WA	173	118,500		2005	1970	Fund II	40
Echo Ridge	34907 SE Kinsey Street	Snoqualmie	WA	120	124,359		2005	2000	Fund II	10
Total Seattle Metropolitan Area			22%	5,897	5,295,611					20
133	Apartment Communities		100%	27,249	23,098,285	(1)
	Apartment Communities Under Construction			1,214	554,078	(2)
Avg. square footage	848		Definitions for Property Ownership
Avg. units per property	205		EPLP	The Company has a 100% ownership in the community.
Avg. age of property	27		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			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.
(2) Includes 108,700 square feet of estimated retail or commercial space
			JV - 81.5%	The Company has a 81.5% ownership in this community and is consolidated.
			JV - 99%	The Company has a 99% ownership in this development and is consolidated.
OTHER REAL ESTATE ASSETS			JV- 47%	The Company has a 47% ownership in this community, which is accounted for using the equity method of accounting.
Office Buildings
Essex Corporate Headquarter Bldg.	925 / 935 E. Meadow Dr.	Palo Alto	CA		31,900		1997 / 2007	1988 / 1962	EPLP
Derian Office Building	17461 Derian Av.	Irvine	CA		110,000		2000	1983	EPLP
Essex Southern Cal. Office Building	22110-22120 Clarendon St.	Woodland Hills	CA		38,940		2001	1982	EPLP
Hollywood	6230 Sunset Blvd.	Los Angeles	CA		35,000		2006	1938	EPLP
					215,840