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): August 12, 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 240.14d2(b))

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

Item 7.01. Regulation FD Disclosure.

On August 12, 2010, officers of Essex Property Trust, Inc., a Maryland corporation (the "Registrant"), delivered an investor presentation that included written communications comprised of slides which are furnished as Exhibit 99.1 to this Report on Form 8-K.

The information furnished pursuant to this Item, including Exhibit 99.1, shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Act of 1934, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

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

99.1 Written communication comprised of slides shown during an investor presentation on August 12, 2010 furnished pursuant to Item 7.01 of this Form 8-K.

SIGNATURE

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

Date: August 12, 2010
	Essex Property Trust, Inc.
	By: /s/ Michael T. Dance
	Michael T. Dance
	Executive Vice President & Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Written communication comprised of slides shown during an investor presentation On August 12, 2010 furnished pursuant to Item 7.01 of this Form 8-K.

EX-99.1

Investor/Analyst Day

Orange County, California

August 12, 2010

Keith Guericke

President & CEO

Essex Skyline at MacArthur Place Pool Deck

3

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 2010 and 2011 financial guidance, future trends in
our market locations, our future operations and financial strategy, anticipated yields on development, anticipated yields on
redevelopment and resource management initiatives, housing supply forecasts in our markets, job growth in our markets,
average vacancy in our markets, rent growth in our markets, median household income forecasts and growth in our markets,
acquisitions and redevelopment forecasts for 2010 and future capital needs, refinancing activity 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, 2009.

4

Essex Market Strategy	Keith Guericke
Current Operating Environment & Forecast	Michael Schall
Acquisitions	Craig Zimmerman
Development	John Eudy
Redevelopment & Resource Management	John Burkart
Financial Overview	Michael Dance
Orange County Market Update	Erik Alexander

Agenda

5

Why Western Coastal Markets?

•Requirements for long term success

–Stable occupancy

–Low affordability

–Growing and diverse economy

–Limited Housing supply

•Coastal Region Characteristics

–Permanent constraints on new supply

–Job growth expectations drive income growth

–High cost of home ownership

–Higher quality of life

6

Income Growth

Household Growth

Population Growth

Job Growth

Housing Supply

Single Family

Affordability

Ranking of 27
submarkets to
determine allocation
of investment capital

Economic Research Model

7

Essex Properties

Development Communities

Units: 8,857

Percentage of Portfolio: 32%

Average Rent: $1,430

Occupancy: 97.5%

Northern California

8

Essex Properties

Units: 13,082

Percentage of Portfolio: 47%

Average Rent: $1,337

Occupancy: 97.1%

Southern California

9

Essex Properties

Development Communities

Units: 6,053

Percentage of Portfolio: 22%

Average Rent: $998

Occupancy: 97.3%

Seattle Metro Area

10

Limited Supply in Our Markets
(Multifamily and Single Family supply as a % of total housing stock)

11

Essex Markets

Major U.S. Metros

High Home Prices In Our Markets

12

Essex Markets: Job Growth vs. Vacancy

13

Essex Markets:Rent Growth vs. Job Growth

Michael Schall

Chief Operating Officer

Essex Skyline at MacArthur Place Fire Pit

15

The Big Picture - Demand Considerations

•Echo Boomers (60 million strong) are coming (but need jobs)

•Declining homeownership rates (back to 65%)

•Increased longevity contributes to housing demand

•Lower rents stimulate demand (roommates often uncouple)

•Quality of life factors favor the West Coast

•Jobs supported by tech industries Venture Capital investment

16

Source: PriceWaterhouseCoopers

Venture Capital Spending
Second Quarter 2010

17

The Big Picture - Housing Supply Considerations

•Supply of housing (single family & multifamily) at 30-year lows

•Expensive single family homes

•Fewer developers and reluctant banks restrict development

•Home mortgages now require proven income and down payments

18

Q2 2010 compared to Q2 2009
	Revenues	Expenses	NOI
Southern California	-2.4%	0.3%	-3.7%
Northern California	-5.3%	0.3%	-8.0%
Seattle Metro	-9.1%	-2.7%	-12.6%
Same-property average	-4.4%	-0.2%	-6.5%

• Market Rents Increased 4.3% from December 2009

• Positive ancillary indicators

•Delinquency down 30%

•Turnover declined

•Concessions down 50+ percent

Second Quarter Performance

19

Why Didn’t Operating Results
Improve Quicker?

20

Southern California
Cumulative Reported Quarterly Rent Growth

21

Northern California
Cumulative Reported Quarterly Rent Growth

22

Seattle Metro Area
Cumulative Reported Quarterly Rent Growth

23

San Jose
Average Rents as a % of Median Household Income

24

San Jose
Residential Supply

25

San Jose
Total Housing Supply as a % of Stock

26

Seattle Metro Area
Average Rents as a % of Median Household Income

27

Seattle Metro Area
Residential Supply

28

Seattle Metro Area
Total Housing Supply as a % of Stock

29

Orange County
Average Rents as a % of Median Household Income

30

Orange County
Residential Supply

31

Orange County
Total Housing Supply as a % of Stock

Craig Zimmerman

Exec. Vice President, Acquisitions

Essex Skyline at MacArthur Place Resident Lounge

33

Current Acquisitions Environment

•Economic Cap Rates: 4.75% - 5.5%

–Cap rate compression in last 18 months

–A & B Product in Essex markets

–Still a good value given depressed rents

–Ability to acquire below replacement cost

•Current Opportunities in the market

–Distressed / Opportunistic sellers

–Note purchases

–Placing Mezzanine debt /Preferred equity

•Expected to exceed our goal of $300 million in acquisitions in 2010

34

Location: Santa Ana, CA

Acquired: March 2010

Units: 349

Year Built: 2009

Price: $128 million

Joint Venture

Essex Skyline at MacArthur Place

35

Location: Irvine, CA

Acquired: December 2009

Units: 115

Year Built: 2010

Purchase Price: $27 million

Total Cost to complete: $38.8 million

Axis 2300

36

Location: Campbell, CA

Acquired: July 2010

Units: 264

Year Built: 1973

Price: $42.5 million

The Commons

37

Location: San Jose, CA

Acquired: June 2010

Units: 323

Year Built: 2001

Price: $64.1 million

101 San Fernando

38

Location: Redmond, WA

Acquired: June 2010

Units: 156

Year Built: 1986

Price: $18.6 million

Eagle Rim

39

Location: Los Angeles, CA

Note Amount: $21 million

20% discount to par value

Units: 165

Santee Court

John Eudy

Exec. Vice President, Development

Essex Skyline at MacArthur Place Presentation Kitchen

41

Current Development Environment

•Land prices (Values) down significantly from ‘07 highs, few transactions
occurring…Bid/Ask spread issue on price…..

•Numerous re-hashed and re-marketed land opportunies at ‘07 prices back on the
market….no REAL takers….

•Construction costs down 25-30% from peak levels.

•Fees and entitlement extractions up, not down.

•Barriers to entry still political in urban West Coast Markets…. now economic,
lender and financial constraints overwhelming to most merchant builders.

•Limited new development starts, there will be some starts on embedded deals,
new fresh starts at current acquisition land values will be very limited due to
barriers to entry.

42

Current Development Strategy

•Broken projects requiring completion, buy and complete below
replacement cost.

•REO land purchases

•Joint venture opportunities with land owners

•Required stabilized yield of mid 7 to low 8 cap rate to go forward

43

Location: Seattle, WA

Units: 295

Cost: $92.8 million

Completion Date: June 2010

Stabilization: August 2010

Joule

44

Location: Berkeley, CA

Units: 171

Cost: $63 million

Completion Date: June 2010

Stabilization: September 2010

Fourth & U

45

Location: Sunnyvale, CA

Units: 284

Cost: $125 million

Completion Date: January 2012

Stabilization: September 2012

Tasman Place

John Burkart

Exec. Vice President, Asset Management

Essex Skyline at MacArthur Place Putting Green

47

Redevelopment

•Opportunity to capitalize on strategy of owning Class B quality
assets in “A” locations

•Estimated yield: 8% - 10%

•Current material & labor costs at attractive lows

•4 projects in various phases of redevelopment

•Anticipate $23 million spend in 2010

48

BEFORE

Foothill Commons
Bellevue, WA (388 units)

49

AFTER

Marina Cove
Santa Clara, CA (292 units)

50

Resource Management

•Focus on identifying opportunities to save money via saving
energy/resources

–Separate the theory and the lab tested initiatives from the field tested
opportunities with appropriate financial returns.

•Typical areas of initiative:

–Water heating

•Domestic

•Pool

–Lighting

–Irrigation

•Targeting 10% plus returns

Michael Dance

Chief Financial Officer

Essex Skyline at MacArthur Place Apartment Interior

52

PROS

•Facilitate external growth via private capital

•Allows for higher leverage

•Shared risk of ownership

•Disproportionate share of upside through promoted interest

•Fees for asset, property and construction management

•Fosters relationships to leverage future opportunities

•Broader acquisition target pool (IRR hurdle driven)

CONS

•Positive leverage and asset appreciation is shared (approximately 10%)

•Potentially higher cost of capital

•Certain decisions require partner approval

•Cost of platform and administration

External Growth Initiatives
Joint Venture/Fund vs. Balance Sheet

53

2nd Half 2010

2011

2012

$215

$330

$132

$132

$167

$230

Sources

Sources

Sources

Uses

Uses

Uses

*Forward Starting Swaps - Assumes July 31 settlement liability of $70 million on $375 million notional amount

**Expected Refinancing Proceeds assuming 2010 budgeted NOI on 5.25% interest rate and debt service coverage of 125%

***Available Capacity from refinancing to use for financing external growth

Debt Refinancing Activity

54

*See Assumptions on following slide

Constructing FFO Guidance*(at midpoint)

55

Assumptions for Constructing FFO Guidance

•Same-property NOI - Includes The Grand, Belmont Station, Regency @ Encino,
Woodland/Foothill Commons and Q4 rents and normalized operating expenses in Q1/Q2 ’11

•2010 Acquisitions - Eagle Rim, 101 San Fernando, The Commons

•Co-investments - Essex Skyline at MacArthur Place - $80 million loan (LIBOR+285). Stabilized
NOI estimated at $1.9 million per quarter in Q3 2011 (less interest expense on mortgage)

•$24 million in mezzanine loans originated at the end of Q3 ’10

•Changes in interest expense as follows:

56

Principal value: $25.8 million

Coupon Rate: 4.95%

Interest recorded at a 10% yield as it accretes the discount on the note over the expected
life of the loan.

There are three probable outcomes related to the pay off of the note receivable and
accounting are outlined below:

Santee Court Note Receivable Accounting

57

Erik Alexander

Senior Vice President, Operations

Essex Skyline at MacArthur Place Bocce Ball Court

58

Orange County
Job Growth vs. Vacancy Rates

59

Units: 115

Current Average Rent: $2,524

Concession: Up to 6 weeks

Current % Leased: 30%

15% BMR

Axis 2300

60

Units: 349

Current Average Rent: $3,162

Concession: Up to 2 months

Current Occupancy: 28.7%

Current % Leased: 37.1%

Skyline at MacArthur Place

61

Units: 342

Current Average Rent: $1,449

1-year ago Average Rent: $1,443

Current Occupancy: 94.6%

Year Built: 1984

Huntington Breakers