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 12, 2012

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 March 12, 2012, officers of Essex Property Trust, Inc., a Maryland corporation (the "Registrant"), provided a handout for the 2012 Citigroup REIT CEO Conference 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 given out at the 2012 Citigroup REIT CEO Conference 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: March 12, 2012
	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 a presentation for the 2012 Citigroup REIT CEO Conference on March 12, 2012 furnished pursuant to Item 7.01 of this Form 8-K.

EX-99.1

EXHIBIT 99.1

Citigroup CEO Conference

March 12-14, 2012

Via - Sunnyvale, CA

Safe Harbor Disclosure

Certain statements in this presentation, which are not historical facts, may be
considered forward-looking statements within the meaning of the federal
securities laws. The forward looking statements, some of which can be identified
by terms and phrases such as “forecast”, “estimate”, “expect”, “anticipate”,
“should”, “could”, “may”, and similar expressions, reflect the current views of
Essex Property Trust, Inc. (“Essex” or the “Company”) and its affiliates with respect
to future events and are subject to risks and uncertainties. Such forward-looking
statements involve the risk that actual results could be materially different from
those described in such forward-looking statements. Factors that could cause
actual results to be materially different are discussed under the caption “Risk
Factors” in Item 1A of the Company’s Report on Form 10-K for the year ended
December 31, 2011. All forward-looking statements and reasons why results may
differ included in this presentation are made of the date hereof, and we assume
no obligation to update any such forward-looking statements or reasons why
actual results may differ.

2

Essex Property Trust, Inc.

Page

Section I.About Essex & Performance Record3-6

Section II.National Fundamental Drivers7-9

Section III.West Coast Apartment Outlook 10-20

Section IV.Company Information 21-30

Table of Contents

3

Essex Property Trust, Inc.

At IPO, Essex owned 16 multifamily properties (4,410 units); currently, Essex has ownership
in 160 apartment communities (32,913 units)

§Multifamily REIT dedicated to supply-constrained markets

-Formed in 1971

-Initial Public Offering in June 1994

•IPO stock price was $19.50 a share

•Today the stock trades around $140 per share

§Cumulative Dividend paid in excess of $50 per share since IPO

§Consistent operating philosophy through numerous market cycles

-Research-based strategy

-Rigorous underwriting leveraging real-time platform operating data

-Total return driven

§Experienced management team - top executives have worked together for an average

tenure of 20 years

4

Section I. About Essex & Performance Record

About Essex Property Trust

Southern CA - 50% of NOI

Northern CA - 33% of NOI

Seattle - 17% of NOI

Essex Property Trust, Inc.

Performance Record

5

Source: NAREIT.Represents the value of a $100 investment and reinvestment of all dividends.

Essex Property Trust, Inc.

Essex Property Trust, Inc.

6

In 4Q 2011 Industry Leading NOI Growth

Accelerating and Industry Leading Same-Property NOI Growth

Source: Peer group includes 11 multifamily REITs

Essex Property Trust, Inc.

7

Section II. National Fundamental Drivers

Jobgrowthacceleratingandjoblessclaimsabating

20-34 year olds is a key renter cohort

§Lost fewer jobs in the recession

§Gaining a greater percentage of jobs during the recovery

2008-2009 Share of Job Losses

2010-2011* Share of Job Gains

*Through December 2011

Source: BLS

Echo Boomers will Drive Demand with Higher Propensity to Rent

National Multifamily Fundamental Drivers

Source: U.S. Census Bureau, Robert Charles Lesser & Co., and Green Street Advisors.

Essex Property Trust, Inc.

9

Residential Supply Distortion

Essex Property Trust, Inc.

The “Distressing Gap” for homebuilders has benefited multifamily
owners as it indicates home values are too low to support for-sale
construction.Thus, we believe that new home construction will not
return in a meaningful way until distressed home sales abate.The
best indicator of this will be increasing home prices.

Critical Factors:

§ West Coast rents declined further and recovered later relative to

      other major U.S. metros

§ Better than average job growth prospects, especially in high paying

      industries

§ New supply remains muted, <1% annual addition to residential stock

      in Essex markets

§ High cost of for-sale housing limits transitions from renters to home

      owners

Section III. West Coast Apartment Outlook

Why Essex is Maintaining the West Coast Focus?

10

Essex Property Trust, Inc.

Source: Axiometrics

Approximately 63% of Essex’s NOI is located in the top five projected rent
growth markets in the nation over the next five years

Drivers of strong continued demand in Essex markets

§ California and Washington combined are the 6th largest economy in the world

§ 58% of Venture Capital spending is in our markets - key driver of growth industries & jobs

§ Incoming Echo Boomers (64 million) & quality of life factors favor the West Coast

§ Higher percentage of educated workers

Source: PriceWaterhouseCoopers

Source: World Development Indicators

Database, World Bank, 1 July 2011 & BEA

GDP of CA+WA = $2.29

The West Coast is a Dominant Economic Player

11

$3.8 billion

Essex Property Trust, Inc.

Venture Capital Spending (4Q 2011)

California Outperforms U.S. Average- Population & Jobs

Source: US Census

Source: BLS

12

Essex Property Trust, Inc.

6 Months of Outperformance

CA Outperforms

December Y-Y Job Growth: Selected Metros by % Growth

(000’s)

13

Source: BLS

§ Tech/ Energy based markets are leading the way

§ LA job growth improving and expected to be 1% in 2012

Essex Portfolio Contains Leading Job Growth Markets

Job Growth: 1.8 million jobs created in U.S. and 157,000 in Essex markets in
2011

Essex Property Trust, Inc.

Top 20 Markets	Absolute Change	% Growth
San Jose	25.7	3.0%
Houston	75.8	3.0%
San Diego	26.9	2.2%
San Francisco	19.7	2.1%
Inland Empire	22.9	2.0%
Miami	18.2	1.8%
Jacksonville	10.6	1.8%
Orange County	24.6	1.8%
Ventura	4.6	1.7%
Dallas Ft Worth	45.7	1.6%
Boston	37.9	1.5%
Portland	14.3	1.5%
Detroit	24.6	1.4%
Baltimore	17.1	1.3%
Newark NJ	12.7	1.3%
Minneapolis	19.8	1.2%
US	1,767	1.3%

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Education Data for Essex Counties & State/U.S. Data

§ Essex’s tech markets have a significantly higher percentage of college

      educated workers.

§ These markets should continue to lead job and personal income growth

§ Concentrated in the highest skilled California counties

Essex Attracts Higher Wage Renters

Essex Property Trust, Inc.

15

§ High Single-Family Prices Restrict Homeownership

§ Despite the fall in home prices since 2008, prices remain high in

      supply-constrained markets

Source: National Association of Realtors, Dataquick, Essex

Expensive Single Family Housing

Essex Property Trust, Inc.

16

Conclusions:

§ When single family supply recovers, we expect a sharp rebound in

the non-constrained markets

§ The coastal rental markets will have less competition from for-sale as

compared to 2003 - 2007, due to more restrictive lending standards and

higher housing costs

Source: U.S. Census

For-Sale Supply Risk Low

Essex Property Trust, Inc.

Essex Portfolio Average

Seattle Market Review

Average Rent

as a % of

Median Household Income

(in 000’s)

Job Growth

vs.

Total Residential Supply

(% change)

Actual Job Growth by Sector:

Dec. ‘11 vs. Dec. ‘10

Gap = 7.5% of
current rents

17

Source: Essex, U.S. Census, BLS

Office Absorption: 2.0% in 2011

Total Jobs Created (000’s)36.9

0.2

11.2

6.3

0.7

-1.3

13.5

6.0

3.1

Boeing

- Expanding facilities

- Backlog of $300 billion

- Renewed commitment to WA state

Amazon

- Expands by 3 million sq ft.

0.8

-3.6

Northern California Market Review

(San Jose MSA Example)

Average Rent

as a % of

Median Household Income

(in 000’s)

Job Growth

vs.

Total Residential Supply

(% change)

Actual Job Growth by Sector:

Dec. ‘11 vs. Dec. ‘10

18

Gap = 1% of
current rents

Source: Essex, U.S. Census, BLS

Office Absorption: 3.9% in 2011

25.7

3.1

3.9

2.8

3.7

0.3

3.7

7.6

-0.2

Total Jobs Created (000’s)

1.6

-0.8

Southern California Market Review

(Los Angeles MSA Example)

Average Rent

as a % of

Median Household Income

(in 000’s)

Job Growth

vs.

Total Residential Supply

(% change)

Actual Job Growth by Sector:

Dec. ‘11 vs. Dec. ‘10

19

Gap = 9.7% of
current rents

Source: Essex, U.S. Census, BLS

Office Absorption: 0.6% for 2nd half
of 2011

17.3

1.3

-3.7

3.1

5.4

7.2

-2.1

7.9

-0.7

-Government/construction job losses
are abating

- Y-o-Y job growth trends up in the
2nd half of 2011

-Professional and business services
strengthening

Total Jobs Created (000’s)

-0.6

-0.5

20

Southern California Market Review

Occupancy breaks through 95% for both markets for the first time since Q4 2007.

Essex Property Trust, Inc.

Source: Axiometrics, Realfacts

*LA/Orange Numerical Average

§ To Grow FFO/share, consistent with NAV Growth, in the top tier of

       multifamily REITs

•    Focus on improving operating platform

•    Target acquisitions generating an unlevered return of 8.5-9%

•    Target development generating at least 10% unlevered returns and

       for unfunded commitments to represent 5-7% of total capital

•    Target redevelopment generating unlevered returns of 8-10%

•    Actively upgrade the portfolio through investment and property

sales

Section IV. Company Information

Essex Intermediate Goals

21

Essex Property Trust, Inc.

Multiple Investment Platforms

Committed approximately $2 billion of investments in acquisitions,
developments, redevelopments and co-investments since the beginning of 2010

§Acquisitions

-Targeting markets with high rent growth potential to enhance the quality

of the portfolio and to accelerate portfolio growth

-Since 2010, Essex has acquired over $1.2 billion of high quality and well-

located properties

§Development

-Upgrading the portfolio

-Started five developments totaling $423 million in 2011

§Co-Investments & Preferred Equity Investments

-Diversifying capital sources

-Enhancing risk adjusted returns

-Moderating portfolio volatility

§Redevelopment

-Repositioning the portfolio and augmenting internal growth

-Capitalizing on the strategy of owning Class B quality assets in “A” locations

22

Essex Property Trust, Inc.

Active Acquirer Early in the Cycle

§The 2010 and 2011 acquisitions are expected to generate
approximately a 5.5% yield in 2012

§Upgraded the quality of our portfolio:

§Average age of new investments is below the portfolio average

§Average rents are higher as compared to the existing portfolio

Represents the consolidated same property portfolio as of 12/31/11 and the consolidated acquisitions as of 12/31/11.

23

Essex Property Trust, Inc.

Essex Skyline - Santa Ana, CA

24

416 on Broadway - Glendale, CA

Santee Court - Los Angeles, CA

Delano - Redmond, WA

Bon Terra - Redmond, WA

Reveal - Woodland Hills, CA

Anavia - Orange, CA

Allegro - Valley Village, CA

DEVELOPMENT PIPELINE

Currently have 5 active development projects totaling $423 million.

			Estimated Units	Estimated retail sq. feet	Incurred to Date	Estimated Total Cost	Construction Complete
Project Name		Location
	Queen Anne (JV)	Seattle, WA	275	17,000	$33.5	$79.1	Mar-13
	Epic (JV)	San Jose, CA	280		$36.7	$98.6	May-13
	West Dublin (JV)	Dublin, CA	309		$23.1	$94.5	Jun-13
	Santa Monica (JV)	West Hollywood, CA	184	12,750	$19.7	$75.4	Jul-14
	Fountain at La Brea (JV)	West Hollywood, CA	187	18,200	$27.0	$75.0	Feb-14
	Total Active Development Pipeline		1,235	47,950	$140.0	$422.6

ACTIVE DEVELOPMENT PIPELINE

(Dollars in Millions)

25

Essex Property Trust, Inc.

Queen Anne - Seattle, WA

Santa Monica - West Hollywood, CA

§  Capitalize on the strategy of owning Class B quality assets in “A” locations - supply

constraint in Essex markets results in older housing stock which leads to greater

renovation potential

§  Selective repositioning: rent justified improvements to maximize NOI and value

Highridge - Rancho Palos Verde, CA

255 units

$16.6 million renovation cost

$65,000 cost per unit

9.25% return

Redevelopment

Before

After

Before

After

The Pointe at Cupertino - Cupertino, CA

116 units

$8.0 million renovation cost

$69,000 cost per unit

9.5% return

REDEVELOPMENT

26

Fund & Joint Ventures

27

The co-investment program facilitates external growth via private capital,

provides a diversified source of equity and enhances risk adjusted returns.

This platform represents 19% of the units in Essex’s total portfolio.

Current Co-Investment Programs Consists of: 

§Fund II

-14 well-positioned assets with dispositions beginning in 2012/2013

§Programmatic Joint Ventures

-Wesco I - a 50/50 joint venture to acquire apartments. The joint

venture has invested $425 million to date.

-Wesco II - a 50/50 joint venture in preferred equity investment of $175
million

-Canada Pension Plan Investment Board (“CPPIB”) - 55% Essex/45%

CPPIB joint venture to develop Epic and West Dublin.

§Single Asset Joint Venture

-Essex Skyline at MacArthur Place - a 50/50 joint venture investment in a

349-unit high-rise condominium

§Development Joint Ventures with Regional Developers:

-Queen Anne- a 50/50 joint venture to develop and operate a 275-unit
community

-Fountain at La Brea - a 50/50 joint venture to develop and operate a 187-
unit community

-Santa Monica - a 50/50 joint venture to develop and operate a 184-unit
community

Essex Property Trust, Inc.

§Leverage of 34% on a debt to total market capitalization basis, one of the lowest
within the multifamily peer group.

§Debt to adjusted EBITDA is expected to be approximately 7.0X by year-end 2012.

§Nearly $400 million in available liquidity from cash on hand, marketable
securities, and unused balance on our line of credit

§Unencumbered NOI was 44% at year end 2011 vs 35% at year end 2010.Expect
to be at +50% by year end 2012.

§Limited near term debt maturing with less than 15% of debt coming due over the
next 3 years

§Achieved investment grade ratings : S&P: BBB; Moody’s: Baa2; and Fitch: BBB

Conservatively Proportioned and Flexible Balance Sheet

28

Source: Company filings as of 12/31/11

Essex Property Trust, Inc.

2012 Guidance

FFO Per Share Guidance

$6.50-$6.80

Same Property Revenue Growth (Midpoint)

6.0%

Same Property NOI Growth of the Consolidated portfolio(Midpoint) *

7.7%

Market Expectations

2012

2012

2012

Market

Market

Market

Job Growth

Rent Growth

Occupancy

Southern California

1.2%

6.2%

95.6%

Northern California

1.7%

8.0%

96.8%

Seattle Metro

1.8%

9.0%

95.5%

Weighted Average

1.4%

7.4%

96.0%

US Economic Assumptions

GDP Growth of 2.6%

Job Growth of 1.3%

Target Acquisitions

$300 million - $500 million

* Excludesjoint ventures which have greater exposure to Seattle and Northern California

29

Essex Property Trust, Inc.

Key Strengths

§Attractive market fundamental in our West Coast markets

§Strong growth prospects

§Internal growth is forecast at 7.7% in ’12

§External growth through development and acquisitions

§Strong balance sheet with ample financial flexibility to take

advantage of attractive opportunities as they arise

§Proven management team with superior results

30

Essex Property Trust, Inc.

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NOTES

Via - Sunnyvale, CA

416 on Broadway - Glendale, CA

Joule - Seattle, WA

For additional information, please contact the Company’s
Investor Relations department at (650) 849-1600.

Fourth & U - Berkeley, CA

Axis 2300 - Irvine, CA

Arbors at Park Rose - Oxnard, CA