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, 2011

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 4, 2011, Essex Property Trust, Inc. (the “Company”) issued a press release announcing the Company’s earnings for the quarter ended March 31, 2011. 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 4, 2011

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 4, 2011

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release issued by Essex Property Trust, Inc. dated May 4, 2011
99.2	Supplemental Information

EX-99.1

Exhibit 99.1

for immediate release

Nicole Culbertson

(650) 849-1649

Essex Announces First Quarter 2011 Earnings Results and

Increases 2011 Guidance

Palo Alto, California – May 4, 2011 - Essex Property Trust, Inc. (NYSE:ESS) announces its first quarter 2011 earnings results and related business activities.

Funds from Operations (“FFO”) for the quarter ended March 31, 2011, totaled $48.5 million or $1.44 per diluted share compared to $45.7 million, or $1.46 per diluted share for the quarter ended March 31, 2010.  The Company’s FFO, excluding non-core items, totaled $44.3 million, or $1.31 per diluted share for the quarter ended March 31, 2011, compared to $40.2 million or $1.28 per diluted share for the quarter ended March 31, 2010.  Net income available to common stockholders for the quarter ended March 31, 2011 totaled $8.4 million or $0.27 per diluted share compared to $13.1 million, or $0.45 per diluted share for the quarter ended March 31, 2010.

A reconciliation of FFO for non-core items can be found on page S-3 in the Company’s Supplemental Financial Information package.

Michael J. Schall, President and Chief Executive Officer, stated, “During the first quarter, we experienced substantial improvement in operating conditions in all coastal markets.  Market rents for the portfolio increased 9.2%, increasing the loss-to-lease on the portfolio to 4.1% in the first quarter, versus 2.6% in the fourth quarter.  The percentage increase on new leases, versus expiring leases, improved from 1.5% in the fourth quarter to 3.5% in the first quarter.  Given fewer lease expirations in the first quarter, the positive impact of this momentum is less apparent in our operating results.  With new lease rates increasing 5.9%, versus expiring leases, for our portfolio in April, we are well positioned for attractive rental growth as we approach the peak summer leasing season.  As a result of the improved operating conditions, we have increased the midpoint of our FFO guidance for 2011 from $5.50 to $5.60 per diluted share.”   

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, 2011 compared to March 31, 2010:

	Q1 2011 compared to Q1 2010
	Revenues			Expenses			NOI
Southern California		1.5	%		2.1	%		1.2	%
Northern California		2.4	%		-1.1	%		4.2	%
Seattle Metro		0.6	%		3.0	%		-0.8	%
Same-property average		1.6	%		1.3	%		1.9	%

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, 2011 versus the quarter ended December 31, 2010:

	Q1 2011 compared to Q4 2010
	Revenues			Expenses			NOI
Southern California		1.0	%		-2.1	%		2.6	%
Northern California		1.7	%		-3.7	%		4.6	%
Seattle Metro		2.0	%		-7.5	%		8.6	%
Same-property average		1.4	%		-3.5	%		4.1	%

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

	3/31/11			12/31/10			3/31/10
Southern California		96.5	%		96.5	%		97.0	%
Northern California		97.1	%		96.5	%		98.1	%
Seattle Metro		97.1	%		95.8	%		97.9	%
Same-property average		96.8	%		96.4	%		97.5	%

acquisitions

In March, the Company acquired Santee Village, a 73-unit vacant condominium community located in downtown Los Angeles for $17.0 million. This community is adjacent to Santee Court apartments which the Company acquired in 2010.  The community is currently under development and the Company expects to spend an additional $4.5 million in capital improvements prior to initial occupancy which is expected to occur in July. Unit amenities feature stainless steel appliances, granite countertops, polished concrete floors, and washer and dryer.  The community is located near the Staples Center, L.A. Live and the financial district.

In late March, the Company purchased Family Tree Apartments, a 121-unit garden-style community located in Santa Clara, California for $31.4 million. The property consists of ten 2-story buildings with a mix of one, two and three bedroom units. The Company intends to renovate the exterior of the community at an estimated cost of $2.5 million.  Amenities at the property include a swimming pool, preschool, clubhouse and two playgrounds.  Centrally located in Santa Clara, the community provides residents easy access to employers in Silicon Valley.

Development

The Company entered into a development joint venture with a partner that contributed land located in the Lower Queen Anne district of downtown Seattle, Washington in exchange for a 50 percent interest in the venture and the Company contributed $17.0 million in cash.  The property is entitled for 235-units and 17,000 square feet of ground-floor retail, and the development will feature an urban design and unit mix similar to Essex’s recently completed Joule development.  Community amenities consist of a fitness center, resident lounge, rooftop decks and a courtyard area. The property is adjacent to the Seattle Center and the Key Arena and features a variety of shopping and dining options within walking distance.  Demolition at the site began in April with initial occupancy expected in April 2013.  The expected total project cost is $79.1 million.

The Company also approved and completed the entitlement process for its Cadence site, a three-phase development consisting of 761 units located in San Jose, California.  Amenities at the community will include an expansive pool and spa area, fitness center featuring a yoga room and a spin room, game room and barbecue areas.  Initial construction is expected to commence in the third quarter with initial occupancy of the first phase in the second quarter of 2013.  The expected total project cost for the 280 units in Phase I is $98.6 million.

In April, the Company entered into a development joint venture with the land owner of a 12.6-acre site located in Santa Clara for an 85 percent interest in the venture.  The Company has an option to purchase the remaining 15 percent interest at a fixed price. The Company plans to entitle the 7.6-acre mixed-use site for 494-units, and an adjacent 5-acre parcel for retail.  The joint venture partner has an option to purchase the retail parcel.

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The first phase of the Via development, a 284-unit community located in Sunnyvale, California, will be delivered this summer, six months ahead of schedule.  Pre-leasing efforts will commence in May, and the second and third phases of the development are expected to be delivered by the end of the third and fourth quarters, respectively.

Leasing Activity

The Company has three development properties in lease-up during the first quarter: 1) Essex Skyline at MacArthur Place, a 349-unit condominium property being operated as a rental community, located in Santa Ana, California which is currently 94% leased and 90% occupied, 2) Allegro, a 97-unit condominium property being operated as a rental community, located in Valley Village district of Los Angeles which is currently 86% leased and 76% occupied, and 3) Muse, a 152-unit community located in North Hollywood which commenced initial occupancy in February 2011 and is currently 56% leased and 41% occupied.

The 2010 acquisitions of Anavia, 416 Broadway, and Santee Court achieved stabilized occupancy during the first quarter of 2011, and the properties are currently 96%, 98%, and 95% occupied, respectively.

Redevelopment

During the first quarter, the Company began redevelopment at Thomas Jefferson, a 156-unit community in Sunnyvale, California.  The property, which was built in 1963, will undergo extensive exterior and interior renovation to improve the appeal of the community in the local market. Exterior renovations will include the installation of new siding, window replacement, door replacement, the construction of a dog park as well as new roofing and landscaping.  Interior unit upgrades will include the addition of a washer and dryer in each unit, and new cabinets and appliances.  Existing laundry rooms will be converted into rental storage areas for residents. The total project cost is $9.1 million, with $8.0 million that remains to be expended.

Liquidity and Balance Sheet

Marketable Securities

During the first quarter, the Company sold $26.8 million of marketable securities for a gain of $4.5 million.

Preferred Equity Investments

During the quarter, the Company invested $9.7 million as preferred equity in two apartment communities located in downtown Los Angeles.  Each investment has a ten year term and the preferred return is a fixed rate of 9% for five years increasing to a minimum of 10% and a maximum of 12.5% thereafter.

Unsecured Bonds

On March 31, 2011, the Company issued $150 million of unsecured bonds at 4.36% through a private placement with a maturity date of March 2016.  The proceeds from the bond offering were used primarily to repay a portion of the $275 million unsecured line of credit and the Joule construction loan of $48.5 million.

Mortgage Notes Payable

In February, the Company entered into a 10-year $32.0 million loan secured by the Waterford Apartments at a fixed rate of 5.4%, and the Company settled $20 million in forward-starting swaps for a $2.3 million payment to the counterparty, which increased the effective rate on the loan to 6.2%.  The Company has no forward-starting swap contracts outstanding as of the end of the quarter.

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Common Stock, Preferred Stock and Preferred Units

During the quarter, the Company sold 326,642 shares of common stock for $38.4 million, net of commissions, at an average price of $119.04, and during April the Company sold 157,711 shares of common stock for $19.5 million, net of commissions, at an average price of $125.20.

During April, the Company issued 2,950,000 shares of 7.125% Series H Cumulative Redeemable Preferred Stock (“Series H”) at a price of $25.00 per share for net proceeds of $71.4 million, net of fees and commissions.  The Series H has no maturity date and generally may not be called by the Company before April 13, 2016.  Net proceeds from the Series H offering were used to redeem all of the 7.875% Series B Cumulative Redeemable Preferred Units of Essex Portfolio, L.P. with a par value of $80.0 million.

Guidance

The Company is increasing its full-year 2011 FFO guidance from a range of $5.35 to $5.65 per diluted share to $5.50 to $5.70 per diluted share.  The Company is increasing the guidance for same-property revenue to 4.2% from its original estimate of 3.5% for 2011, due primarily to higher than expected new lease rates for first quarter of 2011 and April 2011.  See S-13 for the assumptions used to calculate the midpoint of revised 2011 FFO guidance of $5.60 per diluted share.

During April 2011, contractual and effective rental rates (contractual rent plus amortization of rent concessions over the lease term) increased approximately 5.9% for new leases compared to the expiring leases, and approximately 4.3% respectively for renewal leases compared to the expiring leases for the Company’s portfolio of apartment communities.  Contractual rental rates for new leases and renewal leases compared to the expiring leases for the month of April 2011 were as follows:

	New Leases			New Leases Total Units		Renewals			Renewals Total Units
Southern California		3.5	%		437		3.0	%		572
Northern California		8.3	%		294		6.4	%		338
Seattle Metro		8.5	%		184		4.3	%		297
Portfolio average		5.9	%		915		4.3	%		1,207

Conference Call with Management

The Company will host an earnings conference call with management to discuss its quarterly results on Thursday, May 5, 2011 at 10:00 a.m. PST (1:00 p.m. EST), which will be broadcast live via the Internet at www.essexpropertytrust.com, and accessible via phone by dialing (877) 407-0784, 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) 870-5176 using the replay pin number 371020. If you are unable to access the information via the Company’s website, please contact the Investor Relations department at investors@essexpropertytrust.com or by calling (650) 494-3700.

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. The Company currently has ownership interests in 149 apartment communities (30,343 units), and has 912 units in various stages of development.

4

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 vary from the NAREIT definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.

The following table sets forth the Company’s calculation of FFO for the three months ended March 31, 2011 and 2010.

	Three Months Ended March 31,
Funds from Operations (In thousands)	2011		2010
Net income available to common stockholders	$	8,418	$	13,127
Adjustments:
Depreciation and amortization		37,031		30,487
Noncontrolling interest and co-investments		3,070		2,129
Funds from Operations		48,519		45,743

5

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 2011 FFO per diluted share, and statements and estimates set forth under the captions “Acquisitions”, “Development”, and “Redevelopment” on pages 2 and 3 of this press release regarding construction completion, project costs, and initial occupancy dates and statements and estimates set forth under the captions “Development Pipeline” and “Redevelopment Pipeline” on pages S-9 and S-10 of the Company’s Supplemental Financial Information Package, which accompanies this press release, regarding estimated costs of property development and redevelopment and regarding the anticipated timing of redevelopments and of the construction start, construction completion, initial occupancy and stabilization of property development  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 projects, unexpected difficulties in leasing of development projects, total costs of development investments exceeding the Company’s 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 the Company’s most recent Report on Form 10-K for the year ended December 31, 2010.

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EX-99.2

Exhibit 99.2

First Quarter 2011 Supplemental Financial InformationThe Company acquired Family Tree Apartments, a 121-unit community located in Santa Clara, California. The property consists of 10 two story garden-style buildings and features a pool, clubhouse, preschool, two laundry rooms and two playgrounds. Family Tree provides residents with easy access to major freeways and is within walking distance to local shopping and dining.

Table of Contents

	Page
Consolidated Operating Results	S-1 – S-2
Consolidated Funds From Operations	S-3
Consolidated Balance Sheets	S-4
Debt Summary – March 31, 2011	S-5
Capitalization Data – March 31, 2011	S-6
Property Operating Results – Quarters ended March 31, 2011 and 2010	S-7
Revenue by County – Quarters ended March 31, 2011, March 31, 2010 and December 31, 2010	S-8
Development Pipeline – March 31, 2011	S-9
Redevelopment Pipeline – March 31, 2011	S-10
Co-Investments – March 31, 2011	S-11
Summary of Consolidated Co-Investments and Noncontrolling Interest – March 31, 2011	S-12
Assumptions for Midpoint of 2011 FFO Guidance and Common Stock Equivalents	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	Three Months Ended
(Dollars in thousands, except per share amounts)	March 31,
	2011			2010
Revenues:
Rental and other property	$	112,549		$	99,706
Management and other fees from affiliates		1,224			1,478
		113,773			101,184
Expenses:
Property operating		39,072			34,199
Depreciation and amortization		37,031			30,487
General and administrative		6,115			5,618
		82,218			70,304
Earnings from operations		31,555			30,880
Interest expense		(24,662	)		(20,836	)
Interest and other income		6,987			7,855
Equity (loss) income in co-investments		(1,373	)		(41	)
Net income		12,507			17,858
Net income attributable to noncontrolling interest		(3,546	)		(4,189	)
Net income attributable to controlling interest		8,961			13,669
Dividends to preferred stockholders		(543	)		(542	)
Net income available to common stockholders	$	8,418		$	13,127
Net income per share - basic	$	0.27		$	0.45
Net income per share - diluted	$	0.27		$	0.45

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
Selected Line Item Detail	March 31,
(Dollars in thousands)	2011			2010
Rental and other property
Rental	$	104,884		$	92,969
Other property		7,665			6,737
Rental and other property	$	112,549		$	99,706
Management and other fees from affiliates
Management	$	1,119		$	890
Development and redevelopment		105			588
Management and other fees from affiliates	$	1,224		$	1,478
Property operating expenses
Real estate taxes	$	10,712		$	9,528
Administrative		8,888			8,036
Maintenance and repairs		7,929			6,659
Utilities		8,096			6,880
Property management fees and insurance		3,447			3,096
Property operating expenses	$	39,072		$	34,199
General and administrative
General and administrative	$	10,000		$	9,125
Allocated to property operating expenses - administrative		(2,920	)		(2,550	)
Capitalized to real estate		(965	)		(957	)
Net general and administrative	$	6,115		$	5,618
Interest and other income
Interest income	$	2,444		$	2,811
Gain from sale of marketable securities		4,543			5,044
Interest and other income	$	6,987		$	7,855
Noncontrolling interest
Limited partners of Essex Portfolio, L.P.	$	631		$	1,141
DownREIT limited partners' distributions		1,070			1,098
Perpetual preferred distributions		1,575			1,575
Third-party ownership interest		270			375
Noncontrolling interest	$	3,546		$	4,189

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
(Dollars in thousands, except share and per share amounts)	March 31,
	2011			2010
Funds from operations
Net income available to common stockholders	$	8,418		$	13,127
Adjustments:
Depreciation and amortization		37,031			30,487
Noncontrolling interest and co-investments (1)		3,070			2,129
Funds from operations	$	48,519		$	45,743
FFO per share-diluted	$	1.44		$	1.46
Components of the change in FFO
Non-core items:
(Gain) on sales of marketable securities		(4,543	)		(5,044	)
Acquisition costs		301			-
Co-Investment - acquisition fee income		-			(500	)
Funds from operations excluding non-core items		44,277			40,199
FFO excluding non-core items per share-diluted	$	1.31		$	1.28
Changes in core items:
Same-property NOI	$	1,168
Non-same property NOI		6,802
Management and other fees from affiliates		246
Equity (loss) income in co-investments		(1,332	)
Interest and other income		(367	)
Interest expense		(3,826	)
General and administrative		(196	)
Other items, net		1,583
	$	4,078
Weighted average number of shares outstanding diluted (2)		33,787,232			31,438,408

(1) Amount includes the following adjustments for the three months ended March 31, 2011: (i) noncontrolling interest related to Operating Partnership units totaling $0.6 million, (ii) add back depreciation from unconsolidated co-investments and less depreciation attributable to third party ownership of consolidated co-investments totaling $2.5 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, 2011			December 31, 2010
Real Estate:
Land and land improvements	$	819,507		$	802,325
Buildings and improvements		3,340,600			3,265,014
		4,160,107			4,067,339
Less:  accumulated depreciation		(914,707	)		(878,331	)
		3,245,400			3,189,008
Real estate under development		204,927			217,531
Co-investments		133,161			107,840
		3,583,488			3,514,379
Cash and cash equivalents		120,786			35,694
Marketable securities		74,779			92,310
Notes and other receivables		49,075			49,444
Other assets		38,558			41,060
Total assets	$	3,866,686		$	3,732,887
Mortgage notes payable	$	1,811,220		$	1,832,745
Lines of credit		409,000			426,000
Unsecured bonds		150,000			-
Derivative liabilities		3,351			5,633
Other liabilities		121,325			109,146
Total liabilities		2,494,896			2,373,524
Series G cumulative convertible preferred stock, carrying value		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		1,555,416			1,515,468
Distributions in excess of accumulated earnings		(338,273	)		(313,308	)
Accumulated other comprehensive (loss) income		(77,785	)		(77,217	)
Total stockholders' equity		1,164,361			1,149,946
Noncontrolling interest		203,080			205,068
Total stockholders' equity and noncontrolling interest		1,367,441			1,355,014
Total liabilities and equity	$	3,866,686		$	3,732,887

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, 2011
(Dollars in thousands)
	Percentage of					Weighted			Weighted
	Total			Balance		Average			Average Maturity
	Debt			Outstanding		Interest Rate			In Years
Mortgage notes payable
Fixed rate - secured		66	%	$	1,556,392		5.9	%		6.5
Variable rate - secured (1)		11	%		254,828		2.1	%		18.3
Total mortgage notes payable		77	%		1,811,220		5.4	%		8.2
Line of credit - secured (2)		10	%		250,000		1.3	%
Line of credit - unsecured (3)		7	%		159,000		3.1	%
Total lines of credit		17	%		409,000		2.0	%
Unsecured bonds		6	%		150,000		4.4	%
Total debt		100	%	$	2,370,220		4.7	%
						Weighted
Scheduled principal payments (excludes lines of credit)						Average
						Interest Rate
		2011		$	46,508		5.3	%
		2012			40,463		5.1	%
		2013			215,538		5.0	%
		2014			78,934		5.1	%
		2015			71,286		5.2	%
		Thereafter			1,508,491		5.3	%
		Total		$	1,961,220		5.2	%

Capitalized interest for the three months ended March 31, 2011 was approximately $2.2 million.

(1) $213.1 million of the variable rate debt is tax exempt to the note holders, and $191.9 million of the tax exempt debt is subject to interest rate protection agreements.

(2) 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%.

(3) The unsecured line of credit facility is $275 million with an accordian to $350 million.  The line matures in December 2011 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 2.1%.

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 Data - March 31, 2011
(Dollars and shares in thousands, except per share amounts)
Capitalization Data
Total debt	$	2,370,220
Common stock and potentially dilutive securities
Common stock outstanding		31,680
Limited partnership units (1)		2,235
Options-treasury method		123
Total common stock and potentially dilutive securities	34,038			shares
Common stock price per share as of March 31, 2011	$	124.00
Market value of common stock and potentially dilutive securities	$	4,220,707
Preferred units/stock	$	111,514
Total equity capitalization	$	4,332,221
Total market capitalization	$	6,702,441
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 March 31, 2011 and 2010
(Dollars in thousands)
	Southern California									Northern California									Seattle Metro									Other real estate assets (1)				Total
	2011			2010			% Change			2011			2010			% Change			2011			2010			% Change			2011		2010		2011			2010			% Change
Revenues:
Same-property revenue	$	51,595		$	50,811			1.5	%	$	30,694		$	29,987			2.4	%	$	14,996		$	14,912			0.6	%	$	-	$	-	$	97,285		$	95,710			1.6	%
Non-same property revenue (2)		3,489			115						4,623			-						4,760			1,815						2,392		2,066		15,264			3,996
Total Revenues	$	55,084		$	50,926					$	35,317		$	29,987					$	19,756		$	16,727					$	2,392	$	2,066	$	112,549		$	99,706
Property operating expenses:
Same-property operating expenses
Real estate taxes	$	4,311		$	4,304					$	3,055		$	3,211					$	1,479		$	1,437					$	-	$	-	$	8,845		$	8,952
Administrative		3,955			4,075						1,737			1,783						1,002			1,090						-		-		6,694			6,948
Maintenance and repairs		3,550			3,332						2,075			1,906						1,104			1,034						-		-		6,729			6,272
Utilities		3,452			3,191						2,091			2,169						1,329			1,195						-		-		6,872			6,555
Management fees and insurance		2,007			2,011						1,113			1,119						714			710						-		-		3,834			3,840
Total same-property operating expenses		17,275			16,913			2.1	%		10,071			10,188			-1.1	%		5,628			5,466			3.0	%		-		-	$	32,974		$	32,567			1.3	%
Non-same property operating expenses (2)		1,693			-						1,907			-						1,571			688						927		944		6,098			1,632
Total property operating expenses	$	18,968		$	16,913					$	11,978		$	10,188					$	7,199		$	6,154					$	927	$	944	$	39,072		$	34,199
Net operating income (NOI):
Same-property NOI	$	34,320		$	33,898			1.2	%	$	20,623		$	19,799			4.2	%	$	9,368		$	9,446			-0.8	%	$	-	$	-	$	64,311		$	63,143			1.9	%
Non-same property NOI (2)
Redevelopment communities		-			-						-			-						1,183			1,154						-		-		1,183			1,154
Acquired communities		1,448			-						2,247			-						909			-						-		-		4,604			-
Development communities - 2011		(62	)		-						-			-						-			-						-		-		(62	)		-
Development communities - 2010		410			115						469			-						1,097			(27	)					-		-		1,976			88
Other real estate assets (1)		-			-						-			-						-			-						1,465		1,122		1,465			1,122
Total non-same property NOI		1,796			115						2,716			-						3,189			1,127						1,465		1,122		9,166			2,364
Total NOI	$	36,116		$	34,013					$	23,339		$	19,799					$	12,557		$	10,573					$	1,465	$	1,122	$	73,477		$	65,507
Same-property operating margin		67	%		67	%					67	%		66	%					62	%		63	%									66	%		66	%
Same-property turnover percentage		41	%		44	%					38	%		42	%					34	%		38	%									40	%		44	%
Same-property concessions	$	249		$	320					$	143		$	147					$	56		$	58									$	448		$	525
Average same-property concessions per turn (3)	$	197		$	241					$	222		$	219					$	143		$	132									$	195		$	215
Reconciliation of apartment units at end of period
Same-property apartment units		12,334									6,707									4,625													23,666
Consolidated apartment units		13,227			12,334						7,817			6,695						5,979			5,249										27,023			24,278
Joint venture		1,097			748						1,575			1,575						648			648										3,320			2,971
Under development		73			464						564			455						275			295										912			1,214
Total apartment units at end of period		14,397			13,546						9,956			8,725						6,902			6,192										31,255			28,463
Percentage of total		46	%		48	%					32	%		30	%					22	%		22	%									100	%		100	%
Average same-property financial occupancy		96.5	%		97.0	%					97.1	%		98.1	%					97.1	%		97.9	%									96.8	%		97.5	%

(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, 2010 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, 2011, March 31, 2010 and December 31, 2010
(Dollars in thousands)
			Average Property Rental Rates							March 31, 2011					March 31, 2010
Region	Units		QTD 2011		QTD 2010		% Change			Property Revenue		Financial Occupancy			Property Revenue		Financial Occupancy			Property Revenue % Change			Property Revenue Q4 2010		Sequential % Change
Southern California
Los Angeles County		4,140	$	1,559	$	1,534		1.6	%	$	19,719		96.2	%	$	19,453		96.8	%		1.4	%	$	19,581		0.7	%
Ventura County		2,898		1,298		1,274		1.9	%		11,586		96.5	%		11,416		97.3	%		1.5	%		11,435		1.3	%
San Diego County		2,636		1,111		1,093		1.6	%		9,084		96.7	%		8,846		96.7	%		2.7	%		9,004		0.9	%
Orange County		2,037		1,415		1,414		0.1	%		8,803		96.8	%		8,769		97.3	%		0.4	%		8,701		1.2	%
Santa Barbara County		347		1,660		1,620		2.5	%		1,780		99.1	%		1,709		99.0	%		4.2	%		1,766		0.8	%
Riverside County		276		738		723		2.1	%		623		93.8	%		618		95.3	%		0.8	%		602		3.5	%
Total same-property		12,334		1,361		1,342		1.4	%		51,595		96.5	%		50,811		97.0	%		1.5	%		51,089		1.0	%
Los Angeles County		528		1,688							1,504					115
Orange County		365		2,170							1,985					-
Non-same property		893		1,870							3,489					115
Northern California
Santa Clara County		2,448		1,529		1,472		3.9	%		11,524		97.8	%		11,061		98.1	%		4.2	%		11,266		2.3	%
Contra Costa County		1,720		1,455		1,423		2.2	%		7,583		96.0	%		7,535		98.0	%		0.6	%		7,555		0.4	%
Alameda County		1,366		1,352		1,316		2.7	%		5,802		96.7	%		5,736		98.3	%		1.2	%		5,724		1.4	%
San Mateo County		768		1,579		1,546		2.1	%		3,756		97.4	%		3,696		98.3	%		1.6	%		3,654		2.8	%
San Francisco MSA		175		1,853		1,830		1.3	%		995		98.1	%		933		94.6	%		6.6	%		980		1.5	%
Other		230		1,491		1,464		1.8	%		1,034		96.6	%		1,026		98.6	%		0.8	%		992		4.2	%
Total same-property		6,707		1,489		1,445		3.0	%		30,694		97.1	%		29,987		98.1	%		2.4	%		30,171		1.7	%
Alameda County		171		1,674							868					-
Santa Clara County		939		1,517							3,755					-
Non-same property		1,110		1,541							4,623					-
Seattle Metro
Total same-property		4,625		1,014		1,005		0.9	%		14,996		97.1	%		14,912		97.9	%		0.6	%		14,708		2.0	%
Non-same property		1,354		1,118							4,760					1,815
Other real estate assets											2,392					2,066
Total same-property revenue		23,666	$	1,329	$	1,305		1.8	%	$	97,285		96.8	%	$	95,710		97.5	%		1.6	%	$	95,968		1.4	%
Total non-same property revenue		3,357	$	1,467						$	15,264				$	3,996

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, 2011
(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
Santee Village	Los Angeles, CA		73		3,675	$	17.2	$	4.5	$	21.7	Apr-11	Aug-11	Jul-11	Nov-11
Via	Sunnyvale, CA		284		46,000		86.8		33.1		119.9	Jul-09	Oct-11	Jul-11	Mar-12
Cadence - Phase I	San Jose, CA		280		-		15.7		82.9		98.6	Aug-11	Jul-13	May-13	Jan-14
Total - Development Projects			637		49,675		119.7		120.5		240.2
Development Projects - Joint Venture
Project Name	Location
Queen Anne (2)	Seattle, WA		275		17,000		19.3		59.8		79.1	May-11	Apr-13	Mar-13	Nov-13
Total - Development Projects			912		66,675		139.0		180.3		319.3
Predevelopment Projects
Project Name	Location
Cadence - Phases II and III	San Jose, CA		-		-		-		-		-
Santa Clara (3)	Santa Clara, CA		-		-		-		-		-
West Dublin	Dublin, CA		-		-		-		-		-
	Total - Predevelopment Projects		1,076		-		40.8		-		40.8
Land Held for Future Development or Sale (4)
Project Name	Location
City Centre	Moorpark, CA		200		-		-		-		-
Main Street (2)	Walnut Creek, CA		48		-		-		-		-
Park Boulevard	Palo Alto, CA		27		-		-		-		-
View Pointe	Newcastle, WA		24		-		-		-		-
Total - Land Held for Future Development or Sale			299		37,000		44.5		-		44.5
Grand Total - Development Pipeline			2,287		103,675	$	224.3	$	180.3	$	404.6

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

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

(3) In April 2011, the Company purchased an 85% interest in this property through a plan of reorganization pursuant to Chapter 11 of the U.S. Bankruptcy Code with the property owner, and the Company has an option to purchase the remaining 15% interest in the property during 2011.

(4) 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, 2011
(Dollars in thousands)
			Total		Estimated		Estimated			NOI
			Incurred		Remaining		Total		Redevelopment	For the Quarter ended
Region/Project Name	Units		To Date		Cost		Cost		Start Date		Q1 2011		Q1 2010
Approved - Redevelopment Projects (1)
Marina Cove, Santa Clara, CA		292	$	4,607	$	5,251	$	9,858	Jun-07
Pointe at Cupertino, Cupertino, CA		116		935		6,950		7,885	Jan-10
Thomas Jefferson, Sunnyvale, CA		156		1,145		7,990		9,135	Sep-10
Total Approved - Redevelopment Projects		564	$	6,687	$	20,191	$	26,878
Active - Redevelopment Projects
Seattle Metro
Foothill Commons, Bellevue, WA (2)		388	$	22,833	$	13,505	$	36,338	Jun-07	$	759	$	743
Woodland Commons, Bellevue, WA		236		5,191		6,588		11,779	Jun-07		424		411
Total Active - Redevelopment Projects		624	$	28,024	$	20,093	$	48,117		$	1,183	$	1,154

(1) These projects are approved and redevelopment activities have commenced, but as of Q1 2011 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, 2011 (Dollars in thousands)		Essex Book	Total Undepreciated				Debt		Maturity		Property Revenue for the three months ended				%			NOI for the three months ended					%
		Value	Book Value		Units		Amount		Date		2011		2010		Change			2011		2010			Change
Joint Ventures
Essex Apartment Value Fund II, L.P. (Fund II) (1)
Southern California
Parcwood, Corona, CA						312	$	23,831	Dec-2013
Studio 40-41, Studio City, CA						149		28,410	Apr-2012
Cielo, Chatsworth, CA						119		16,557	Jun-2011	(2)
Renaissance, Los Angeles, CA						168		22,169	May-2011
Total Southern California						748		90,967			$	3,363	$	3,284		2.4	%	$	2,004	$	1,858			7.9	%
Northern California
Alderwood Park, Newark, CA						96		6,697	Jun-2015
Carlmont Woods, Belmont, CA						195		12,138	Dec-2013
Davey Glen, Belmont, CA						69		6,610	Aug-2016
Enclave, San Jose, CA						637		15,580	Jan-2018
Enclave, San Jose, CA						-		60,000	Dec-2029
Harbor Cove, Foster City, CA						400		32,731	Dec-2013
Regency Tower, Oakland, CA						178		10,429	Mar-2014
Total Northern California						1,575		144,185				6,803		6,674		1.9	%		4,176		4,211			-0.8	%
Seattle Metro
Eastlake 2851, Seattle, WA						133		17,217	Jan-2011	(2)
Echo Ridge, Snoqualmie, WA						120		12,512	Sep-2014
Morning Run, Monroe, WA						222		12,952	Oct-2014
Tower @ 801, Seattle, WA						173		18,204	Aug-2014
Total Seattle Metro						648		60,885				2,415		2,361		2.3	%		1,413		1,420			-0.5	%
Total - Operating Communities						2,971		296,037			$	12,581	$	12,319		2.1	%	$	7,593	$	7,489			1.4	%
Total Fund II			$	594,915		2,971	$	296,037			$	12,581	$	12,319				$	7,593	$	7,489
Essex Skyline at MacArthur Place (3)			$	134,193		349	$	78,572	Jul-2014		$	1,972	$	-				$	645	$	(57	)
Preferred Equity Interests (4)			$	183,813		1,285	$	151,075	various
Queen Anne (5)			$	34,326		275	$	-
	$	131,802	$	947,247		4,880	$	525,684
Capitalized costs		720
		132,522
Other (6)		639
Total - Co-investments		$133,161

(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 loans have one-year extensions, exercisable at Fund II's option.

(3) The Company has a 47% effective interest and a 50% voting interest in this co-investment and the Company may earn promote income if the co-investment exceeds certain financial return benchmarks.

(4) The Company has preferred equity interest investments that earn preferred returns including: 1) a $11.6 million investment secured by one community earning 13% per annum for the first five years and the preferred return increases to 15% thereafter, and 2) a $9.6 million aggregate investment in two communities earning 9% per annum for the first five years and the preferred returns increase to a minimum of 10% and a maximum of 12.5% for years six through ten. The loan to value for these investments range from 60% to 80%.

(5) The Company has a 50% interest in this co-investment, which is a development project located in Seattle, Washington.

(6) 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, 2011
(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:
									Operations for the three months ended
	Balance as of March 31, 2011								March 31, 2011
	Investment in		Related		Noncontrolling		DownREIT				Operating
	Real Estate		Debt		Interest		Units (1)		Revenue		Expenses		NOI
Noncontrolling Interest - DownREIT:
Anchor Village	$	12,586	$	10,750	$	1,859		105,133	$	700	$	290	$	410
Barkley Apartments		8,921		17,178		1,992		76,205		607		222		385
Brentwood		14,457		19,830		2,568		58,884		593		171		422
Brookside Oaks		33,591		20,492		3,021		89,212		752		192		560
Capri at Sunny Hills		16,834		18,339		3,664		164,890		574		161		413
Hidden Valley (2)		37,782		31,565		6,089		62,647		1,278		388		890
Highridge Apartments		29,419		44,807		4,473		281,384		1,404		332		1,072
Montejo Apartments		8,561		13,703		1,216		29,319		446		126		320
Thomas Jefferson		27,176		18,996		6,788		60,429		693		229		464
Treehouse Apartments		11,835		17,783		2,951		67,728		578		162		416
Valley Park Apartments		14,879		23,265		306		43,354		697		147		550
Villa Angelina Apartments		19,125		28,363		2,421		51,931		907		229		678
	$	235,166	$	265,071		37,348		1,091,116	$	9,229	$	2,649	$	6,580
Other Components of Noncontrolling Interest:
Hillsdale Garden Apartments (3)	$	110,019		-		21,955			$	3,385	$	1,286	$	2,099
Joint Ventures - Development (4)	$	26,700	$	9,775		5,923
Operating Limited Partnership Units
Perpetual Preferred Units (5)						80,000
Total Noncontrolling Interest					$	203,080

(1) Represents the number of DownREIT units that are currently outstanding.  Generally, DownREIT units are redeemed 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 one joint venture development in which the Company has a 50% interest.

(5) Comprised of 7.875% Series B Cumulative Redeemable Preferred Units; the Company redeemed all of these units during April 2011.

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.

Assumptions for Midpoint of 2011 FFO Guidance and Common Stock Equivalents

Q1 2011 Earnings Results Supplement

	Actual			Per		Guidance			Per		%
	2010			Share		2011			Share		Change
Net Operating Income ("NOI")
Same-Property NOI for 2010	$	241,403
External growth communities stabilized as of January 1, 2010
2009 Acquisitions		1,116
2009 Stabilized development communities		6,515
Same-property apartment communities	$	249,034				$	262,400					5.5	%
Development communities		2,111				(1)	10,200
Redevelopment communities		4,617					5,100
Newly acquired communites - 2010		4,601				(1)	20,400
Newly acquired communites - 2011		-				(2)	1,800
Commercial leasing and other operating activity		5,312					6,500
Total NOI from consolidated communities	$	265,675				$	306,400
Accretion (Dilution) from External Growth, net of Dispostions						$(3)	-
Management Fees	$	4,051				$	4,600
Capital Markets Activities
Interest and amortization expense, before capitalized interest	$	(97,085	)			$	(114,800	)
Projected interest capitalized		9,500					9,800
Net interest expense		(87,585	)				(105,000	)
Recurring Income and Expenses
Interest and other income	$	12,089				$	10,300
Income from co-investments		3,397				(4)	8,000
General and administrative expenses		(22,585	)				(23,500	)
Preferred dividends and non-controlling interests		(14,247	)				(13,500	)
		(21,346	)				(18,700	)
Non-Core Income and Expenses
Gains on sales of marketable securities	$	12,491				$	4,500
Acquisition costs	(5)	(1,250	)			(5)	(1,250	)
Other non-core items, net		(668	)				-
		10,573					3,250
Funds from Operations	$	171,368		$	5.35	$	190,550		$	5.60		4.7	%
Funds from Operations excluding non-core items	$	160,795		$	5.02	$	187,300		$	5.51		9.7	%
Weighted average shares outstanding		32,028,269					34,005,000

(1) During 2011, the lease-up activity at Allegro, Anavia, 416 on Broadway, Muse, Essex Skyline at MacArthur Place, Santee Village and Via has or will negatively impact NOI and equity income from co-investments by approximately $.05 in Q1, $.03 in Q2, and $.02 in Q3 and Q4 2011 per diluted share.

(2) The amount includes the net operating income for Family Tree and Santee Vilage.

(3) The Company achieved its 2011 FFO original guidance goal of accretion from external growth of $0.8 million from the Q1 2011 acquisitions and preferred equity investments.

(4) The amount includes the net income for the 2011 preferred equity investments.

(5) These items are considered non-core items to calculate Core FFO.

Shares Outstanding and Potentially Dilutive Securities
	Q1 2011		Actual
	Weighted Avg.		as of 3/31/11
Common Shares		31,465,817		31,679,993
Stock Options		80,776		123,456
Weighted Avg. Shares Diluted - EPS		31,546,593		31,803,449
Operating Limited Partnership Units		2,240,639		2,234,510
Weighted Avg. Shares Diluted - FFO		33,787,232		34,037,959

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 2011: 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		1,400		0.4	%		3,700		0.5	%		23,000		1.7	%		5.25	%		95.25	%
San Francisco		700		0.2	%		300		0.1	%		8,500		0.9	%		5.00	%		95.75	%
Oakland		1,100		0.4	%		1,500		0.2	%		9,500		1.0	%		4.00	%		95.25	%
San Jose		1,000		0.5	%		700		0.2	%		15,000		1.8	%		6.00	%		96.50	%
No. Cal.		2,800		0.3	%		2,500		0.2	%		33,000		1.2	%		4.9	%		95.8	%
Ventura		150		0.3	%		200		0.1	%		2,500		0.9	%		4.00	%		95.50	%
Los Angeles		1,800		0.1	%		2,000		0.1	%		36,000		1.0	%		5.25	%		95.00	%
Orange		500		0.1	%		1,400		0.2	%		24,000		1.8	%		5.75	%		95.25	%
San Diego		1,500		0.4	%		1,900		0.3	%		20,000		1.6	%		3.50	%		95.25	%
So. Cal.		3,950		0.2	%		5,500		0.2	%		82,500		1.2	%		4.9	%		95.2	%
Weighted Average****		8,150		0.2	%		11,700		0.2	%		138,500		1.3	%		5.0	%		95.5	%

All data is an Essex Forecast

U.S. Economic Assumptions:  G.D.P.:  Q4 '11 vs Q4 '10: 2.5% to 3.0%, Jobs: Q4 '11 vs Q4 '10  1.3%

* 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 2011 over the comparable actual figures for Q4 2010.  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 2010 base.

***The Forecast Market Conditions represents Essex's estimates of the change in rents/occupancy rates for Q4  2011.  The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for Q4 2011 vs.Q4 2010 (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 2011.

****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 2011)
	Single Family Data												Multi-Family Data							All Residential Data
Market	Median SF Price (Q4 2010 est**)		Q4 2010 SF Affordability*			SF Stock 2010		SF Permits Last 12 Months		% of Stock			MF Stock 2010		MF Permits Last 12 months		% of Stock			Total Residential Permits Last 12 Months		% of Stock
New York PMSA	$	450,700		62	%		796,000		596		0.1	%		3,084,000		5,743		0.2	%		6,339		0.2	%
Chicago	$	183,400		175	%		1,951,000		4,008		0.2	%		1,493,900		2,658		0.2	%		6,666		0.2	%
Nassau-Suffolk	$	384,600		117	%		773,000		1,274		0.2	%		246,000		134		0.1	%		1,408		0.3	%
Philadelphia	$	215,500		141	%		1,652,000		4,928		0.3	%		546,100		1,423		0.3	%		6,351		0.3	%
Boston	$	346,300		109	%		1,551,000		3,557		0.2	%		708,800		2,281		0.3	%		5,838		0.3	%
Miami/Ft. Lauderdale	$	187,300		132	%		873,000		3,063		0.4	%		987,000		2,811		0.3	%		5,874		0.3	%
Atlanta	$	109,200		302	%		1,527,000		6,043		0.4	%		571,800		1,288		0.2	%		7,331		0.3	%
Minneapolis	$	165,300		208	%		948,000		3,557		0.4	%		386,800		1,512		0.4	%		5,069		0.4	%
Phoenix	$	132,300		205	%		1,318,000		6,405		0.5	%		418,500		687		0.2	%		7,092		0.4	%
Baltimore	$	237,400		144	%		863,000		3,593		0.4	%		286,000		1,609		0.6	%		5,202		0.5	%
Portland	$	230,200		133	%		648,000		3,101		0.5	%		254,335		1,198		0.5	%		4,299		0.5	%
Denver	$	229,800		145	%		671,000		3,363		0.5	%		302,900		1,304		0.4	%		4,667		0.5	%
Las Vegas	$	134,200		193	%		629,000		3,931		0.6	%		272,700		911		0.3	%		4,842		0.5	%
Orlando	$	128,400		210	%		644,000		3,734		0.6	%		255,500		1,403		0.5	%		5,137		0.6	%
Wash. D.C. PMSA	$	331,100		131	%		1,504,000		9,246		0.6	%		714,300		4,720		0.7	%		13,966		0.6	%
Dallas-Ft. Worth	$	138,300		215	%		1,722,000		13,407		0.8	%		744,000		6,521		0.9	%		19,928		0.8	%
Austin	$	190,300		166	%		441,000		5,845		1.3	%		214,900		1,521		0.7	%		7,366		1.1	%
Houston	$	154,100		187	%		1,388,000		20,743		1.5	%		647,700		4,682		0.7	%		25,425		1.2	%
Totals	$	223,923		178	%		19,103,000		99,798		0.5	%		9,051,235		36,663		0.4	%		136,461		0.5	%
Seattle	$	317,200		106	%		778,000		4,224		0.5	%		411,500		2,609		0.6	%		6,833		0.6	%
San Francisco	$	666,600		60	%		378,000		379		0.1	%		364,000		1,053		0.3	%		1,432		0.2	%
Oakland	$	498,300		81	%		677,000		1,613		0.2	%		294,000		1,287		0.4	%		2,900		0.3	%
San Jose	$	591,000		76	%		407,000		829		0.2	%		216,000		3,285		1.5	%		4,114		0.7	%
Los Angeles	$	323,000		85	%		1,956,000		2,358		0.1	%		1,472,000		5,051		0.3	%		7,409		0.2	%
Ventura	$	403,000		98	%		216,000		162		0.1	%		59,300		354		0.6	%		516		0.2	%
Orange	$	476,400		81	%		669,000		1,767		0.3	%		368,800		1,534		0.4	%		3,301		0.3	%
San Diego	$	381,400		80	%		727,000		2,183		0.3	%		413,700		1,647		0.4	%		3,830		0.3	%
No Cal	$	567,620		74	%		1,462,000		2,821		0.2	%		874,000		5,625		0.6	%		8,446		0.4	%
So Cal	$	368,505		84	%		3,568,000		6,470		0.2	%		2,313,800		8,586		0.4	%		15,056		0.3	%
ESSEX	$	411,754		84	%		5,808,000		13,515		0.2	%		3,599,300		16,820		0.5	%		30,335		0.3	%

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: Freddie 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 2010 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 (4.41%).

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, 2011

						Square	Year	Year	Property	Age of
	Property Name	Address	City	State	Units	Footage	Acquired	Built	Ownership	Property
	APARTMENT COMMUNITIES
	NORTHERN CALIFORNIA
	Santa Clara County
1	The Commons	275 Union Avenue	Campbell	CA	264	153,168	2010	1973	EPLP	38
1	Pointe at Cupertino	19920 Olivewood Street	Cupertino	CA	116	135,200	1998	1963	EPLP	48
1	Bella Villagio	383 Vista Roma Way	San Jose	CA	231	227,511	2010	2004	EPLP	7
	Cadence - Phase I	545 River Oaks Parkway	San Jose	CA	280	249,080			EPLP
1	Carlyle, The	2909 Nieman Boulevard	San Jose	CA	132	129,200	2000	2000	EPLP	11
1	Enclave, The	4355 Renaissance Drive	San Jose	CA	637	525,463	2005	1998	Fund II	13
1	Esplanade	350 East Taylor St.	San Jose	CA	278	279,000	2004	2002	EPLP	9
1	Waterford, The	1700 N. First Street	San Jose	CA	238	219,600	2000	2000	EPLP	11
1	101 San Fernando	99 S. Fourth Street	San Jose	CA	323	296,078	2010	2001	EPLP	10
1	Family Tree Apartments	1000 Kiely Blvd.	Santa Clara	CA	121	128,486	2011	1971	EPLP	40
1	Le Parc	440 N. Winchester Avenue	Santa Clara	CA	140	113,200	1994	1975	EPLP	36
1	Marina Cove	3480 Granada Avenue	Santa Clara	CA	292	250,200	1994	1974	EPLP	37
1	Bristol Commons	732 E. Evelyn Avenue	Sunnyvale	CA	188	142,600	1995	1989	EPLP	22
1	Brookside Oaks	1651 Belleville Way	Sunnyvale	CA	170	119,900	2000	1973	DownREIT	38
1	Magnolia Lane	113 South Mary Avenue	Sunnyvale	CA	32	31,541	2007	2001	EPLP	10
1	Montclaire	450 N. Mathilda Avenue	Sunnyvale	CA	390	294,100	1988	1973	EPLP	38
1	Summerhill Park	972 Corte Madera Avenue	Sunnyvale	CA	100	78,500	1988	1988	EPLP	23
	Via	315 Tasman Drive	Sunnyvale	CA	284	309,421			EPLP
1	Thomas Jefferson	107 South Mary Avenue	Sunnyvale	CA	156	110,824	2007	1969	DownREIT	42
1	Windsor Ridge	825 E. Evelyn Avenue	Sunnyvale	CA	216	161,800	1989	1989	EPLP	22
				13%	4,024	3,396,371
	Alameda County
1	Fourth & U	700 University Avenue	Berkeley	CA	171	146,255	2010	2010	EPLP	1
1	Stevenson Place	4141 Stevenson Blvd.	Fremont	CA	200	146,200	2000	1975	EPLP	36
1	Boulevard	40001 Fremont Blvd.	Fremont	CA	172	131,200	1996	1978	EPLP	33
1	City View	25200 Carlos Bee Blvd.	Hayward	CA	572	462,400	1998	1975	EPLP	36
1	Regency Tower	1130 Third Ave.	Oakland	CA	178	140,900	2005	1975	Fund II	36
1	The Grand	100 Grand Avenue	Oakland	CA	238	205,026	2009	2009	EPLP	2
1	Bridgeport	36826 Cherry Street	Newark	CA	184	139,000	1987	1987	EPLP	24
1	Alderwood Park Apartments	37057 Magnolia Street	Newark	CA	96	74,624	2006	1987	Fund II	24
				5%	1,811	1,445,605
	Contra Costa County
1	San Marcos	2601 Hilltop Drive	Richmond	CA	432	407,600	2003	2003	EPLP	8
1	Bel Air	2000 Shoreline Drive	San Ramon	CA	462	391,000	1995	1988	EPLP	23
1	Foothill Gardens	1110 Harness Drive	San Ramon	CA	132	155,100	1997	1985	EPLP	26
1	Twin Creeks	2711-2731 Morgan Drive	San Ramon	CA	44	51,700	1997	1985	EPLP	26
1	Canyon Oaks	1 Amberstone Lane	San Ramon	CA	250	237,894	2007	2005	EPLP	6
1	Mill Creek at Windermere	2100 Waterstone Place	San Ramon	CA	400	381,060	2007	2005	EPLP	6
				6%	1,720	1,624,354
	San Mateo County
1	Carlmont Woods	2515 Carlmont Drive	Belmont	CA	195	107,200	2004	1971	Fund II	40
1	Harbor Cove	900 E. Hillsdale Blvd.	Foster City	CA	400	306,600	2004	1971	Fund II	40
1	Davey Glen	200 Davey Glen Road	Belmont	CA	69	65,974	2006	1962	Fund II	49
1	Hillsdale Garden	3421 Edison Avenue	San Mateo	CA	697	611,505	2006	1948	JV - 81.5%	63
1	Belmont Terrace	1606 Continetals Way	Belmont	CA	71	72,951	2006	1974	EPLP	37
				6%	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	38
1	Vista Belvedere	15 Red Hill Circle	Tiburon	CA	76	78,300	2004	1963	EPLP	48
				1%	175	142,300
	Other
1	Tuscana	315 Mt. Oso	Tracy	CA	30	29,088	2007	2007	EPLP	4
1	Harvest Park	2327 Summercreek Drive	Santa Rosa	CA	104	116,628	2007	2004	EPLP	7
1	Chestnut Street Apartments	143 Chestnut Avenue	Santa Cruz	CA	96	87,640	2008	2002	EPLP	9
				1%	230	233,356
42	Total Northern California			31%	9,392	8,006,216				25
	SOUTHERN CALIFORNIA
	Los Angeles County
1	Cielo	9733 Topanga Canyon Blvd	Chatsworth	CA	119	125,400	2009	2009	Fund II	2
1	Regency at Encino	15506 Moorpark Street	Encino	CA	75	78,487	2009	1989	EPLP	22
1	416 on Broadway	412 East Broadway	Glendale	CA	115	126,782	2010	2009	EPLP	2
1	Hampton Court	1136 N. Columbus Avenue	Glendale	CA	83	71,500	1999	1974	EPLP	37
1	Hampton Place	245 W. Loraine Street	Glendale	CA	132	141,500	1999	1970	EPLP	41
1	Marbrisa	1809 Termino Ave.	Long Beach	CA	202	122,800	2002	1987	EPLP	24
1	Pathways	5945 E. Pacific Coast Hwy.	Long Beach	CA	296	197,700	1991	1975	EPLP	36
1	Bunker Hill	222 and 234 S. Figueroa St.	Los Angeles	CA	456	346,600	1998	1968	EPLP	43
1	Cochran Apartments	612 South Cochran	Los Angeles	CA	58	51,400	1998	1989	EPLP	22
1	Kings Road	733 North Kings Road	Los Angeles	CA	196	132,100	1997	1979	EPLP	32
1	Marbella	600 South Detroit Street	Los Angeles	CA	60	50,108	2005	1991	EPLP	20
1	Belmont Station	1302 West 2nd St.	Los Angeles	CA	275	225,000	2009	2009	EPLP	2
1	Park Place	400 S. Detroit Street	Los Angeles	CA	60	48,000	1997	1988	EPLP	23
1	Windsor Court	401 S. Detroit Street	Los Angeles	CA	58	46,600	1997	1988	EPLP	23
1	Renaissance	630 South Masselin Avenue	Los Angeles	CA	168	154,268	2006	1990	Fund II	21
1	Santee Court	716 S. Los Angeles Street	Los Angeles	CA	165	132,040	2010	2004	EPLP	7
	Santee Village	743 South Santee Street	Los Angeles	CA	73	69,817			EPLP
1	Marina City Club	4333 Admiralty Way	Marina Del Rey	CA	101	127,200	2004	1971	EPLP	40
1	Mirabella	13701 Marina Point Drive	Marina Del Rey	CA	188	176,800	2000	2000	EPLP	11
1	Muse	5451 Vineland Avenue	North Hollywood	CA	152	135,292	2011	2011	EPLP	0
1	Monterra del Mar	280 E. Del Mar Boulevard	Pasadena	CA	123	74,400	1997	1972	EPLP	39
1	Monterra del Rey	350 Madison	Pasadena	CA	84	73,100	1999	1972	EPLP	39
1	Monterra del Sol	280 South Euclid	Pasadena	CA	85	69,200	1999	1972	EPLP	39
1	Fountain Park	13141 Fountain Park Drive	Playa Vista	CA	705	608,900	2004	2002	EPLP	9
1	Highridge	28125 Peacock Ridge Drive	Rancho Palos Verde	CA	255	290,200	1997	1972	DownREIT	39
1	Studio 40-41	4043 Radford Avenue	Studio City	CA	149	127,238	2009	2009	Fund II	2
1	Coldwater Canyon	4250 Codlwater Canyon	Studio City	CA	39	34,125	2007	1979	EPLP	32
1	Allegro	11945 Magnolia Blvd.	Valley Village	CA	96	127,812	2010	2010	EPLP	1
1	Walnut Heights	20700 San Jose Hills Road	Walnut	CA	163	146,700	2003	1964	EPLP	47
1	Avondale at Warner Center	22222 Victory Blvd.	Woodland Hills	CA	446	331,000	1999	1970	EPLP	41
				17%	5,104	4,372,252
	Ventura County
1	Camarillo Oaks	921 Paseo Camarillo	Camarillo	CA	564	459,000	1996	1985	EPLP	26
1	Camino Ruiz Square	105 Camino Ruiz	Camarillo	CA	160	105,448	2006	1990	EPLP	21
1	Mariner's Place	711 South B Street	Oxnard	CA	105	77,200	2000	1987	EPLP	24
1	Tierra Vista	1750 Montevina Circle	Oxnard	CA	404	387,100	2001	2001	EPLP	10
1	Monterey Villas	1040 Kelp Lane	Oxnard	CA	122	122,100	1997	1974	EPLP	37
1	Meadowood	1733 Cochran Street	Simi Valley	CA	320	264,500	1996	1986	EPLP	25
1	Hidden Valley	5065 Hidden Park Court	Simi Valley	CA	324	310,900	2004	2004	DownREIT	7
1	Lofts at Pinehurst,The	1021 Scandia Avenue	Ventura	CA	118	71,100	1997	1971	EPLP	40
1	Hillcrest Park	1800 West Hillcrest Drive	Newbury Park	CA	608	521,900	1998	1973	EPLP	38
1	Pinehurst	3980 Telegraph Road	Ventura	CA	28	21,200	2004	1973	EPLP	38
1	Woodside Village	675 Providence Ave.	Ventura	CA	145	136,500	2004	1987	EPLP	24
				10%	2,898	2,476,948

See Company’s 10-Q for additional disclosures

	SOUTHERN CALIFORNIA (cont'd)
	Santa Barbara County
1	Chimney Sweep	775 Camino Del Sur Drive	Goleta	CA	91			2006	1967	EPLP	44
1	CBC	6721 El Colegio Drive	Goleta	CA	148			2006	1962	EPLP	49
1	Hope Ranch (Continental Apartments)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA	108			2007	1965	EPLP	46
	Hope Ranch (Lucero Village)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA				2007	1973	EPLP	38
				1%	347	306,608
	Orange County
1	Anavia	2045 South State College Blvd.	Anaheim	CA	250	312,343		2010	2009	EPLP	2
1	Barkley Apartments	2400 E. Lincoln Ave.	Anahiem	CA	161	139,800		2000	1984	DownREIT	27
1	Valley Park Apartments	17300 Euclid Ave.	Fountain Valley	CA	160	169,700		2001	1969	DownREIT	42
1	Capri at Sunny Hills	2341 Daphne Place	Fullerton	CA	100	128,100		2001	1961	DownREIT	50
1	Wilshire Promenade	141 West Wilshire Avenue	Fullerton	CA	149	128,000		1997	1992	EPLP	19
1	Montejo Apartments	12911 Dale St.	Garden Grove	CA	124	103,200		2001	1974	DownREIT	37
1	Huntington Breakers	21270 Beach Boulevard	Huntington Beach	CA	342	241,700		1997	1984	EPLP	27
1	Axis 2300	2300 DuPont Drive	Irvine	CA	115	170,714		2010	2010	EPLP	1
1	Hillsborough Park	1501 South Beach Boulevard	La Habra	CA	235	215,500		1999	1999	EPLP	12
1	Trabuco Villas	25362 Mosswood Way	Lake Forest	CA	132	131,000		1997	1985	EPLP	26
1	Fairways Apartments	2 Pine Valley Lane	Newport Beach	CA	74	107,100		1999	1972	EPLP	39
1	Villa Angelina	201 E. Chapman Ave.	Placentia	CA	256	217,600		2001	1970	DownREIT	41
1	Brentwood Apartment Homes	2301 E. Santa Clara Ave.	Santa Ana	CA	140	154,800		2001	1970	DownREIT	41
1	Treehouse Apartments	2601 N. Grand Ave.	Santa Ana	CA	164	135,700		2001	1970	DownREIT	41
1	Essex Skyline at MacArthur Place	9 & 15 MacArthur Place	Santa Ana	CA	349	512,791		2010	2008	JV- 47%	3
				9%	2,751	2,868,048
	San Diego County
1	Alpine Country	2660 Alpine Blvd.	Alpine	CA	108	81,900		2002	1986	EPLP	25
1	Alpine Village	2055 Arnold Way	Alpine	CA	301	254,400		2002	1971	EPLP	40
1	Bonita Cedars	5155 Cedarwood Rd.	Bonita	CA	120	120,800		2002	1983	EPLP	28
1	Cambridge	660 F. St.	Chula Vista	CA	40	22,100		2002	1965	EPLP	46
1	Woodlawn Colonial	245-255 Woodlawn Ave.	Chula Vista	CA	159	104,500		2002	1974	EPLP	37
1	Mesa Village	5265 Clairemont Mesa Blvd.	Clairemont	CA	133	43,600		2002	1963	EPLP	48
1	Tierra del Sol/Norte	989 Peach Ave.	El Cajon	CA	156	117,000		2002	1969	EPLP	42
1	Mira Monte	10360 Maya Linda Rd.	Mira Mesa	CA	355	262,600		2002	1982	EPLP	29
1	Country Villas	283 Douglas Drive	Oceanside	CA	180	179,700		2002	1976	EPLP	35
1	Mission Hills	218 Rancho Del Oro	Oceanside	CA	282	244,000		2005	1984	EPLP	27
1	Bluffs II, The	6466 Friars Road	San Diego	CA	224	126,700		1997	1974	EPLP	37
1	Summit Park	8563 Lake Murray Blvd.	San Diego	CA	300	229,400		2002	1972	EPLP	39
1	Vista Capri - North	3277 Berger Ave.	San Diego	CA	106	51,800		2002	1975	EPLP	36
1	Shadow Point	9830 Dale Ave.	Spring Valley	CA	172	131,200		2002	1983	EPLP	28
				9%	2,636	1,969,700
	Riverside County
1	Parcwood	1700 Via Pacifica	Corona	CA	312	270,000		2004	1989	Fund II	22
1	Devonshire Apartments	2770 West Devonshire Ave.	Hemet	CA	276	207,200		2002	1988	EPLP	23
				2%	588	477,200
74	Total Southern California			47%	14,324	12,470,756					28
	SEATTLE METROPOLITAN AREA
1	Cedar Terrace	3205 115th Ave. NE	Bellevue	WA	180	174,200		2005	1984	EPLP	27
1	Courtyard Off Main	136 102nd Avenue SE	Bellevue	WA	109	108,388		2010	2000	EPLP	11
1	Emerald Ridge	3010 118th Avenue SE	Bellevue	WA	180	144,000		1994	1987	EPLP	24
1	Foothill Commons	13800 NE 9th Place	Bellevue	WA	388	288,300		1990	1978	EPLP	33
1	Palisades, The	13808 NE 12th	Bellevue	WA	192	159,700		1990	1977	EPLP	34
1	Sammamish View	16160 SE Eastgate Way	Bellevue	WA	153	133,500		1994	1986	EPLP	25
1	Woodland Commons	13700 NE 10th Place	Bellevue	WA	236	172,300		1990	1978	EPLP	33
1	Canyon Pointe	1630 228th St. SE	Bothell	WA	250	210,400		2003	1990	EPLP	21
1	Inglenook Court	14220 Juanita Drive, NE	Bothell	WA	224	183,600		1994	1985	EPLP	26
1	Salmon Run at Perry Creek	2109 228th Street SE	Bothell	WA	132	117,100		2000	2000	EPLP	11
1	Stonehedge Village	14690 143rd Blvd., NE	Bothell	WA	196	214,800		1997	1986	EPLP	25
1	Highlands at Wynhaven	1460 NE Hawthorne Street	Issaquah	WA	333	424,674		2008	2000	EPLP	11
1	Park Hill at Issaquah	22516 SE 56th Street	Issaquah	WA	245	277,700		1999	1999	EPLP	12
1	Wandering Creek	12910 SE 240th	Kent	WA	156	124,300		1995	1986	EPLP	25
1	Bridle Trails	6600 130th Avenue, NE	Kirkland	WA	108	99,700		1997	1986	EPLP	25
1	Evergreen Heights	12233 NE 131st Way	Kirkland	WA	200	188,300		1997	1990	EPLP	21
1	Corbella at Juanita Bay	9520 NE 120th Street	Kirkland	WA	169	103,339		2010	1978	EPLP	33
1	Laurels at Mill Creek	1110 164th Street SE	Mill Creek	WA	164	134,300		1996	1981	EPLP	30
1	Morning Run	18463 Blueberry Lane	Monroe	WA	222	221,786		2005	1991	Fund II	20
1	Anchor Village	9507 49th Avenue West	Mukilteo	WA	301	245,900		1997	1981	DownREIT	30
1	Castle Creek	7000 132nd Place, SE	Newcastle	WA	216	191,900		1998	1998	EPLP	13
1	Elevation	17202-17325 NE 85th Place	Redmond	WA	157	138,916		2010	1986	EPLP	25
1	Brighton Ridge	2307 NE 4th Street	Renton	WA	264	201,300		1996	1986	EPLP	25
1	Fairwood Pond	14700 SE Petrovitsky Rd.	Renton	WA	194	189,200		2004	1997	EPLP	14
1	Forest View	650 Duvall Ave. NE	Renton	WA	192	182,500		2003	1998	EPLP	13
1	Eastlake 2851	2833 - 2851 Eastlake Avenue	Seattle	WA	133	234,086		2008	2008	Fund II	3
1	Fountain Court	2400 4th Street	Seattle	WA	320	207,000		2000	2000	EPLP	11
1	Joule	523 Broadway Avenue, East	Seattle	WA	295	191,109		2010	2010	JV - 99%	1
1	Linden Square	13530 Linden Avenue North	Seattle	WA	183	142,200		2000	1994	EPLP	17
	Queen Anne	100 Republican	Seattle	WA	275	191,290				JV - 50%
1	The Cairns	420 Yale Avenue	Seattle	WA	100	70,806		2007	2006	EPLP	5
1	Tower @ 801	801 Pine Street	Seattle	WA	173	118,500		2005	1970	Fund II	41
1	Wharfside Pointe	3811 14th Avenue West	Seattle	WA	142	119,200		1994	1990	EPLP	21
1	Echo Ridge	34907 SE Kinsey Street	Snoqualmie	WA	120	124,359		2005	2000	Fund II	11
33	Total Seattle Metropolitan Area			22%	6,627	5,837,363					21
	149	Apartment Communities		100%	30,343	26,314,335	(1)
		Apartment Communities Under Construction			912	437,233	(2)
	Avg. square footage	867		Definitions for Property Ownership
	Avg. units per property	204		Fund II	The Company has a 100% ownership in the community.
	Avg. age of property	26		EPLP	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 203,836 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 66,675 square feet of estimated retail or commercial space
				JV - 99%	The Company has a 99% ownership in this development and is consolidated.
				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 community and is not 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