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): February 7, 2013

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 8.01. Other Events

Essex Property Trust, Inc. (the “Company”) is re-issuing its historical consolidated financial statements included in its Annual Report on Form 10-K/A for the year ended December 31, 2011 (“Form 10-K”), and the accompanying  selected financial data,  to satisfy the U.S. Securities and Exchange Commission (“SEC”) requirements as they relate to the Company’s expected registration statement.  The SEC staff states that if a registrant retrospectively applies requirements of U.S. generally accepted accounting principles (“GAAP”) in its interim financial statements and the registrant intends to reflect the retrospective revision in prior year comparative annual financial statements included in its next annual report, the SEC would expect the registrant to file revised annual financial statements prior to filing a registration statement if the impact on those prior period financial statements is material.  The revised financial statements filed with this Current Report on Form 8-K reflect the presentation of discontinued operations for the operating results of two properties sold in 2012 and the presentation of the consolidated statements of comprehensive income in accordance with Financial Accounting Standards Board Accounting Standards Update No. 2011-05, Presentation of Comprehensive Income.

This Current Report on Form 8-K updates Items 6, 7, and 8 of the Company’s Form 10-K/A, including the financial statements therein, to reflect these revisions.  The updated financial information is attached to this Current Report on Form 8-K as Exhibit 99.1.  Except as expressly noted above, the information contained in this report has not been updated to reflect any developments since December 31, 2011.

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.

12.1 Schedule of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends.

23.1 Consent of KPMG LLP, Independent Registered Public Accounting Firm.

99.1 Updated financial information for the year ended December 31, 2011:

Item 6.  Selected Financial Data;

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations;

Item 8.  Financial Statements and Supplementary Data

i

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, INC.

(Registrant)

Date:  February 7, 2013

By:  /S/ MICHAEL T. DANCE

Michael T. Dance

Executive Vice President, Chief Financial Officer

(Authorized Officer, Principal Financial Officer)

By:  /S/ BRYAN G. HUNT

Bryan G. Hunt

First Vice President, Chief Accounting Officer

ii

EX-12.1

Exhibit 12.1

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Schedule of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Dollars in thousands, except ratios)

	Year
	ended
	December 31,			Years ended December 31
	2011			2010			2009			2008			2007
Earnings:
Income before discontinued operations	$	48,868		$	49,162		$	43,279		$	78,625		$	54,819
Gain on sales of real estate		-			-			(103	)		(4,578	)		-
Interest and amortization expense		103,168			87,584			86,016			85,063			85,896
Total earnings	$	152,036		$	136,746		$	129,192		$	159,110		$	140,715
Fixed charges:
Interest and amortization expense	$	103,168		$	87,584		$	86,016		$	85,063		$	85,896
Capitalized interest		8,240			9,486			10,463			10,908			5,134
Preferred stock dividends		4,753			2,170			4,860			9,241			9,174
Preferred unit distributions		1,650			6,300			6,300			9,909			10,238
Total fixed charges and preferred stock dividends and preferred unit distributions	$	117,811		$	105,540		$	107,639		$	115,121		$	110,442
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		1.36	X		1.41	X		1.34	X		1.66	X		1.55	X
Ratio of earnings to combined fixed charges and preferred stock dividends and preferred unit distributions		1.29	X		1.30	X		1.20	X		1.38	X		1.27	X

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

The Board of Directors

Essex Property Trust, Inc.:

We consent to the incorporation by reference in the registration statements on Form S-3 (Nos. 333-165693, 333-141726, 333-131276, 333-131178, and 333-102552), the registration statement on Form S-3D (no. 333-36029), and the registration statements of Form S-8 (Nos. 333-123001, 333-122999, and 333-55646) of Essex Property Trust, Inc. of our report dated February 23, 2012, (except as to notes 2, 6, 12, 14, and 17 which are as of February 7, 2013), with respect to the consolidated balance sheets of Essex Property Trust, Inc and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and noncontrolling interest, and cash flows for each of the years in the three-year period ended December 31, 2011, and the related financial statement schedule III which report appears in the current report on Form 8-K of Essex Property Trust, Inc. dated February 7, 2013.

(signed) KPMG LLP

San Francisco, California

February 7, 2013

EX-99.1

Exhibit 99.1

Item 6. Selected Financial Data

The following tables set forth summary financial and operating information for the Company from January 1, 2007 through December 31, 2011.

	Years Ended December 31,
	2011			2010 (1)			2009(1)			2008			2007
	($ in thousands, except per share amounts)
OPERATING DATA:
REVENUES
Rental and other property	$	465,713		$	405,728		$	401,550		$	397,673		$	364,216
Management and other fees		6,780			4,551			4,325			5,166			5,090
		472,493			410,279			405,875			402,839			369,306
EXPENSES
Property operating expenses		159,234			143,164			137,457			130,328			119,400
Depreciation		151,428			128,221			116,540			108,221			95,148
General and administrative		20,694			23,255			24,966			27,684			26,673
Cost of management and other fees		4,610			2,707			3,096			-			-
Impairment and other charges		-			2,302			13,084			650			800
		335,966			299,649			295,143			266,883			242,021
Earnings from operations		136,527			110,630			110,732			135,956			127,285
Interest expense before amortization expense		(91,694	)		(82,756	)		(81,196	)		(78,203	)		(79,053	)
Amortization expense		(11,474	)		(4,828	)		(4,820	)		(6,860	)		(6,843	)
Interest and other income		17,139			27,841			13,040			11,337			10,310
Equity (loss) income from co-investments		(467	)		(1,715	)		670			7,820			3,120
Gain (loss) on early retirement of debt		(1,163	)		(10	)		4,750			3,997			-
Gain on the sales of real estate		-			-			103			4,578			-
Income before discontinued operations		48,868			49,162			43,279			78,625			54,819
Income from discontinued operations		8,648			1,620			10,460			5,770			148,242
Net income		57,516			50,782			53,739			84,395			203,061
Net income attributable to noncontrolling interest		(10,446	)		(14,848	)		(16,631	)		(22,255	)		(90,961	)
Net income attributable to controlling interest		47,070			35,934			37,108			62,140			112,100
Dividends to preferred stockholders		(4,753	)		(2,170	)		(4,860	)		(9,241	)		(9,174	)
Excess (deficit) of the carrying amount of preferred stock redeemed over the cash paid to redeem preferred stock		(1,949	)		-			49,952			-			-
Net income available to common stockholders	$	40,368		$	33,764		$	82,200		$	52,899		$	102,926
Per share data:
Basic:
Income before discontinued operations available to common stockholders	$	0.99		$	1.09		$	2.66		$	1.88		$	1.07
Net income available to common stockholders	$	1.24		$	1.14		$	3.01		$	2.10		$	4.19
Weighted average common stock outstanding		32,542			29,667			27,270			25,205			24,548
Diluted:
Income before discontinued operations available to common stockholders	$	0.99		$	1.09		$	2.56		$	1.87		$	1.04
Net income available to common stockholders	$	1.24		$	1.14		$	2.91		$	2.09		$	4.10
Weighted average common stock outstanding		32,629			29,734			29,747			25,347			25,101
Cash dividend per common share	$	4.16		$	4.13		$	4.12		$	4.08		$	3.72

1

	As of December 31,
	2011		2010		2009		2008		2007
	($ in thousands)
BALANCE SHEET DATA:
Investment in rental properties (before accumulated depreciation)	$	4,313,064	$	3,964,561	$	3,412,930	$	3,279,788	$	3,117,759
Net investment in rental properties		3,393,038		3,189,008		2,663,466		2,639,762		2,575,772
Real estate under development		44,280		217,531		274,965		272,273		233,445
Total assets		4,036,964		3,732,887		3,254,637		3,164,823		2,980,323
Total secured indebtedness		1,745,858		2,082,745		1,832,549		1,588,931		1,362,873
Total unsecured indebtedness		615,000		176,000		14,893		165,457		282,486
Cumulative convertible preferred stock		4,349		4,349		4,349		145,912		145,912
Cumulative redeemable preferred stock		73,750		25,000		25,000		25,000		25,000
Stockholders' equity		1,437,527		1,149,946		1,053,096		852,227		803,417

	As of and for the years ended December 31,
	2011			2010		2009		2008		2007
OTHER DATA:
Net income	$	57,516		$	50,782	$	53,739	$	84,395	$	203,061
Interest expense before amortization expense		91,694			82,756		81,196		78,203		79,053
Amortization expense		11,474			4,828		4,820		6,860		6,843
Tax expense (benefit)		(1,682	)		-		-		-		396
Depreciation(2)		152,543			129,712		118,522		113,294		102,250
EBITDA(3)	$	311,545		$	268,078	$	258,277	$	282,752	$	391,603

(1) The above financial reporting and operating information from January 1, 2009 to December 31, 2010 reflect the reclassification of costs of management and other fees from general and administrative expenses in order to conform to current year presentation.  Results of operations for 2008 and 2007 have not been reclassified.  Because 2008 and 2007 have not been reclassified, the results for these periods may not be comparable to the results for the later periods set forth above.

(2) Includes amounts classified within discontinued operations.

(3) EBITDA is an operating measure and is defined as net income before interest expense, income taxes, depreciation and amortization.  EBITDA, as defined by the Company, is not a recognized measurement under U.S. generally accepted accounting principles, or GAAP.  This measurement should not be considered in isolation or as a substitute for net income, cash flows from operating activities and other income or cash flow statement data prepared in accordance with GAAP, or as a measure of profitability or liquidity.  The Company’s definition may not be comparable to that of other companies.

2

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and notes thereto.  These consolidated financial statements include all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results and all such adjustments are of a normal recurring nature.

OVERVIEW

The Company is a self-administered and self-managed REIT that acquires, develops, redevelops and manages apartment communities in selected residential areas located primarily in the West Coast of the United States.  The Company owns all of its interests in its real estate investments, directly or indirectly, through the Operating Partnership.  The Company is the sole general partner of the Operating Partnership and, as of December 31, 2011, had an approximately 93.8% general partner interest in the Operating Partnership.

The Company’s investment strategy has two components: constant monitoring of existing markets, and evaluation of new markets to identify areas with the characteristics that underlie rental growth.  The Company’s strong financial condition supports its investment strategy by enhancing its ability to quickly shift acquisition, development, and disposition activities to markets that will optimize the performance of the portfolio.

As of December 31, 2011, the Company had ownership interests in 159 communities, comprising 32,753 apartment units, and the apartment communities are located in the following major West Coast regions:

Southern California (Los Angeles, Orange, Riverside, Santa Barbara, San Diego, and Ventura counties)

Northern California (the San Francisco Bay Area)

SeattleMetro (Seattle metropolitan area)

As of December 31, 2011, the Company also had ownership interests in five commercial buildings (with approximately 315,900 square feet).

As of December 31, 2011, the Company’s development pipeline was comprised of five unconsolidated joint venture projects under development, one unconsolidated joint venture predevelopment project and three consolidated land parcels held for future development or sale aggregating 2,014 units, with total incurred costs of $227.1 million, and estimated remaining project costs of approximately $282.6 million for total estimated project costs of $422.6 million.  By region, the Company's operating results for 2010 and 2011 and projections for 2012 new housing supply, job growth, and rental income as follows:

Southern California Region:  As of December 31, 2011, this region represented 48% of the Company’s consolidated apartment units.  During the year ended December 31, 2011, revenues for “2011/2010 Same-Properties” (as defined below), or “Same-Property revenues,” increased 2.7% in 2011 as compared to 2010.  In 2012, the Company expects new residential supply (excluding Santa Barbara and Riverside counties) of 5,400 multifamily and 5,100 single family homes, which represents a total new supply of 0.2% and 0.1% of existing stock, respectively.  The Company assumes an increase of 78,800 jobs or 1.2%, and an increase in rental income of 3.0% to 5.0% in 2012.

Northern California Region:  As of December 31, 2011, this region represented 30% of the Company’s consolidated apartment units.  Same-Property revenues increased 5.7% in 2011 as compared to 2010.  In 2012, the Company expects new residential supply of 3,000 multifamily and 2,200 single family homes, which represents a total new supply of 0.3% and 0.2%, respectively, of existing stock.  The Company assumes an increase of 48,000 jobs or 1.7%, and an increase in rental income of 7.0% to 9.0% in 2012.

Seattle Metro Region: As of December 31, 2011, this region represented 22% of the Company’s consolidated apartment units.  Same-Property revenues increased 4.6% in 2011 as compared to 2010.  In 2012, the Company expects new residential supply of 1,800 multifamily and 3,400 single family homes, which represents a total new supply of 0.5% of existing stock.  The Company assumes an increase of 25,000 jobs or 1.8%, and an increase in rental income of 7.0% to 9.0% in 2012.

The Company expects 2012 same-property revenues to increase between 5% and 7% compared to 2011 results, as renewal leases and new leases are signed at higher rents than 2011 during 2012.  The Company expects same-property financial occupancy to be consistent with 2011 at 96.4%, thus 2012 revenues will increase 5% to 7% due to a similar increase in scheduled rent.  Same-property operating expenses are expected to increase from 1.1% in 2011, to a range of 2% and 3% in 2012.  Finally, same-property net operating income (“NOI”) which is defined as same-property revenues less same-property operating expenses is expected to increase from 5.5% for 2011 to a range of 7% to 9% in 2012.

3

The Company’s consolidated communities are as follows:

	As of December 31, 2011					As of December 31, 2010
	Apartment Units		%			Apartment Units		%
Southern California		13,205		48	%		13,076		49	%
Northern California		8,106		30	%		7,696		29	%
Seattle Metro		6,108		22	%		5,980		22	%
Total		27,419		100	%		26,752		100	%

Co-investments including Fund II and Wesco I communities, Essex Skyline at MacArthur Place, and preferred equity co-investment communities are not included in the table presented above for both years.

RESULTS OF OPERATIONS

Comparison of Year Ended December 31, 2011 to the Year Ended December 31, 2010

The Company’s average financial occupancies for the Company’s stabilized apartment communities or “2011/2010 Same-Properties” (stabilized properties consolidated by the Company for the years ended December 31, 2011 and 2010) decreased 50 basis points to 96.4% in 2011 from 96.9% in 2010.  Financial occupancy is defined as the percentage resulting from dividing actual rental revenue by total possible rental revenue.  Actual rental revenue represents contractual rental revenue pursuant to leases without considering delinquency and concessions.  Total possible rental revenue represents the value of all apartment units, with occupied units valued at contractual rental rates pursuant to leases and vacant units valued at estimated market rents.  We believe that financial occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate.

Market rates are determined using a variety of factors such as effective rental rates at the property based on recently signed leases and asking rates for comparable properties in the market.  The recently signed effective rates at the property are used as the starting point in the determination of the market rates of vacant units.  The Company then increases or decreases these rates based on the supply and demand in the apartment community’s market.  The Company will check the reasonableness of these rents based on its position within the market and compare the rents against the asking rents by comparable properties in the market.  Financial occupancy may not completely reflect short-term trends in physical occupancy and financial occupancy rates as disclosed by other REITs may not be comparable to the Company’s calculation of financial occupancy.

The Company does not take into account delinquency and concessions to calculate actual rent for occupied units and market rents for vacant units.  The calculation of financial occupancy compares contractual rates for occupied units to estimated market rents for unoccupied units, thus the calculation compares the gross value of all apartment units excluding delinquency and concessions. For apartment communities that are development properties in lease-up without stabilized occupancy figures, the Company believes the physical occupancy rate is the appropriate performance metric.  While an apartment community is in the lease-up phase, the Company’s primary motivation is to stabilize the property which may entail the use of rent concessions and other incentives, and thus financial occupancy which is based on contractual revenue is not considered the best metric to quantify occupancy.

The regional breakdown of the Company’s 2011/2010 Same-Property portfolio for financial occupancy for the years ended December 31, 2011 and 2010 is as follows:

	Years ended
	December 31,
	2011			2010
Southern California		96.3	%		96.8	%
Northern California		96.6	%		97.2	%
Seattle Metro		96.4	%		96.9	%

4

The following table provides a breakdown of revenue amounts, including the revenues attributable to 2011/2010 Same-Properties.

			Years Ended
	Number of		December 31,				Dollar		Percentage
	Properties		2011		2010		Change		Change
Property Revenues($ in thousands)
2011/2010 Same-Properties:
Southern California		58	$	204,748	$	199,348	$	5,400		2.7	%
Northern California		28		123,451		116,796		6,655		5.7
Seattle Metro		23		61,827		59,101		2,726		4.6
Total 2011/2010 Same-Property revenues		109		390,026		375,245		14,781		3.9
2011/2010 Non-Same Property Revenues (1)				75,687		30,483		45,204		148.3
Total property revenues			$	465,713	$	405,728	$	59,985		14.8	%

(1)  Includes twelve communities acquired after January 1, 2010, two redevelopment communities, eight development communities, and three commercial buildings.

2011/2010 Same-Property Revenues increased by $14.8 million or 3.9% to $390.0 million for 2011 compared to $375.2 million in 2010.  The increase was primarily attributable to an increase in scheduled rents of $15.1 million as reflected in an increase of 4.1% in average rental rates from $1,318 per unit for 2010 to $1,372 per unit for 2011.  Scheduled rents increased in all regions by 2.7%, 6.2%, and 4.8% in Southern California, Northern California, and Seattle Metro, respectively.  Other income and free rent also increased by $0.6 million and $1.6 million, respectively in 2011.  Bad debt expense decreased slightly by $0.2 million and rent concessions were comparable between years.  Occupancy decreased 50 basis points in 2011 to 96.4% compared to 96.9% in 2010 which resulted in a decrease in revenue of $2.5 million due to the Company’s focus on increasing renewal and new lease rents at the communities compared to 2010 and 2009 when high occupancy was the primary objective due to market conditions.

2011/2010 Non-Same Property Revenues revenue increased $45.2 million in 2011 compared to 2010, due to the acquisition of twelve operating properties since January 1, 2010.  Three communities were acquired in 2011 comprised of Delano, The Bernard, and 1000 Kiely and nine communities were acquired in 2010 comprised of Santee Court, Courtyard off Main, Corbella at Juanita Bay, Anavia, 416 on Broadway, 101 San Fernando, The Commons, Bella Villagio, and Elevation.  The increase in non-same property revenue is also attributable to eight development communities (Via, Santee Village, Bellerive, Muse, Allegro, Axis 2300, Fourth & U and Joule) and the acquisition of the Santa Clara retail center.

Management and other fees from affiliates increased $2.2 million or 49.0% to $6.8 million in 2011 compared to $4.6 million in 2010.  The increase is primarily due to the asset and property management fees earned from Wesco I and II co-investments formed during 2011, and development fees earned from the joint ventures formed in 2011 to develop Epic, West Dublin, Fountain at La Brea, Santa Monica at La Brea, and Queen Anne development projects.

Property operating expenses, excluding real estate taxes increased $11.5 million or 11.0% for 2011 compared to 2010, primarily due to the acquisition of twelve communities and one retail center, and the lease-up of eight development properties.  2011/2010 Same-Property operating expenses excluding real estate taxes increased by $2.1 million or 2.2% for 2011 compared to 2010, due primarily to an increase of $1.1 million in repairs and maintenance expenses including a $0.5 million increase in turnover costs.

Real estate taxes increased $4.6 million or 11.7% for 2011 compared to 2010, due primarily to the acquisition of twelve communities and one retail center and expensing property taxes instead of capitalizing the cost for communities that were previously under development.  Same-Property real estate taxes decreased by $0.7 million or 1.9% for 2011 compared to the 2010 due to a reduction in assessed property valuations for select communities located in California and a decrease in assessed valuations for select properties in the Seattle Metro.

Depreciation expense increased by $23.2 million or 18.1% for 2011 compared to 2010, due to the acquisition of twelve communities, the completion of eight development communities, and the capitalization of approximately $95.3 million in additions to rental properties for 2011, including $45.1 million spent on redevelopment,  $16.4 million spent on improvements to recent acquisitions, $7.6 million on revenue generating capital, and the capitalization of approximately $52.7 million in additions to rental properties for 2010, including the capitalization of approximately $16.3 million spent on redevelopment and revenue generating capital and $6.4 million on acquisition capital.

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General and administrative expense decreased $2.6 million or 11.0% for 2011 compared to 2010 primarily due to $1.6 million in non-recurring compensation costs related to the CEO’s retirement in 2010 and certain staff in 2011 reallocated to manage newly formed co-investments including Wesco I and II.

Cost of management and other fees increased $1.9 million compared to 2010 primarily due to an increase in administrative costs due to hiring of additional staff to assist with the management of the Company’s co-investments including Wesco I and II and the development joint ventures formed in 2011.

Impairment and other charges of $2.3 million in 2010relates to an expense recorded by the Company due to the hedge ineffectiveness of certain forward-starting swaps that were settled in 2010.

Interest expense before amortization increased $8.9 million or 10.8% in 2011, primarily due to the increase in average outstanding debt, and a decrease in capitalized interest of $1.2 million compared to 2010.

Amortization expense increased by $6.6 million in 2011 compared to 2010 due primarily to the settlement of forward starting swaps in the third and fourth quarters of 2010 that were applied to new 10-year secured mortgage loans, and as a result, the settlement amounts are being amortized over the ten years.

Interest and other income decreased by $10.7 million for 2011 primarily due to a decrease of $7.5 million in gains from the sales of marketable securities.  The Company sold marketable securities for a gain of $5.0 million during 2011 compared to $12.5 million in gains generated from the sale of marketable securities for 2010.  Additionally, interest on notes receivables decreased by $3.4 million in 2011 compared to 2010.  This primarily relates to the settlement of the Santee Court note in 2010 upon the Company’s acquisition of the Santee Court property and a full year of interest in 2011 on a note purchased at a discount during the fourth quarter of 2010.  Finally, interest and dividends on marketable securities decreased by $1.6 million in 2011 compared to 2010 due to lower average investment balances, and this decrease was offset by a $1.6 million increase in other income resulting from an income tax benefit from a taxable REIT subsidiary that met the “more likely than not” threshold in the fourth quarter of 2011.  This tax benefit relates to the write-off of an investment in a joint venture development project recognized during 2009.

Equity (loss) income in co-investments was a loss of $0.5 million in 2011 compared to a loss of $1.7 million in 2010 due primarily to the gain on the sale of a co-investment of $0.9 million and an increase in income of $3.3 million related to the Company’s preferred equity investments made in 2010 and 2011, partially offset by an increase in losses attributable to Wesco I and Essex Skyline at MacArthur Place.  Essex Skyline at MacArthur Place achieved stabilization in second quarter of 2011.

Gain (loss) on early retirement of debt was a loss of $1.2 million for 2011 due to the write-off of deferred financing costs related to the termination of the Company’s $250 million secured line of credit with Freddie Mac and mortgages paid-off before maturity in 2011.

Income from discontinued operations for 2011 was $8.6 million and includes a gain of $5.2 million on the sale of Woodlawn Colonial and a gain of $3.2 million on the sale of Clarendon along with the operating results for these properties and internal disposition costs.  For 2011 and 2010 discontinued operations consisted of the operating results of the two properties sold in 2011 and the operating results of Tierra del Sol/Norte and Alpine Country which were sold in 2012.

Excess of the carrying amount of preferred stock redeemed over the cash paid to redeem preferred stock for 2011 was $1.9 million due to the redemption of all of the Series B preferred units, which resulted in excess of cash paid of $1.0 million over the carrying value of Series B preferred units and the redemption of Series F preferred stock which resulted in excess of cash paid of $0.9 million over the carrying value of Series F preferred stock due to deferred offering costs and original issuance discounts.

Comparison of Year Ended December 31, 2010 to the Year Ended December 31, 2009

The Company’s average financial occupancies for the Company’s stabilized apartment communities for “2010/2009 Same-Properties” (stabilized properties consolidated by the Company for the years ended December 31, 2010 and 2009) remained consistent at 97.0% for 2010 and 2009.

6

The regional breakdown of the Company’s stabilized 2010/2009 Same-Property portfolio for financial occupancy for the years ended December 31, 2010 and 2009 is as follows:

	Years ended
	December 31,
	2010			2009
Southern California		96.8	%		96.6	%
Northern California		97.3	%		97.7	%
Seattle Metro		96.9	%		97.1	%

The following table provides a breakdown of revenue amounts, including the revenues attributable to 2010/2009 Same-Properties.

			Years Ended
	Number of		December 31,				Dollar			Percentage
	Properties		2010		2009		Change			Change
Property Revenues($ in thousands)
2010/2009 Same-Properties:
Southern California		56	$	192,196	$	196,191	$	(3,995	)		(2.0	) %
Northern California		28		114,346		118,776		(4,430	)		(3.7	)
Seattle Metro		23		59,101		63,575		(4,474	)		(7.0	)
Total 2010/2009 Same-Property revenues		107		365,643		378,542		(12,899	)		(3.4	)
2010/2009 Non-Same Property Revenues (1)				40,085		23,008		17,077			74.2
Total property revenues			$	405,728	$	401,550	$	4,178			1.0	%

1)  Includes ten communities acquired after January 1, 2009, two redevelopment communities, six development communities, and two commercial buildings.

2010/2009 Same-Property Revenues decreased by $12.9 million or 3.4% to $365.6 million for 2010 compared to $378.5 million in 2009.  The decrease was primarily attributable to a decrease in 2010/2009 Same-Property community’s scheduled rents of $15.2 million as reflected in a decrease of 4.0% in 2010/2009 Same-Property communities average rental rates from $1,361 per unit for 2009 to $1,306 per unit for 2010.  Scheduled rents decreased in all regions and specifically by 3.1%, 3.9%, and 7.6% in Southern California, Northern California, and Seattle Metro, respectively.  The Company had experienced a decrease in scheduled rents due to the slowdown in the economy coupled with job losses during 2009 and absorption of new housing supply.  During 2009 and 2010, the Company experienced a decrease in gross revenue in comparison to the prior year in the Company’s markets from the reduction in rents from leases entered into during those periods, but starting in the third quarter of 2010 the Company has experienced sequential revenue growth and an increase in scheduled rents.  Offsetting the decrease in schedule rents, was a decrease in bad debt expense and rent concessions of $1.7 million, utility billings income increased $0.8 million, and other income decreased $0.4 million between years due primarily to a decrease in revenue from the fees charged for early termination of leases in 2009.

2010/2009 Non-Same Property Revenues increased by $17.1 million or 74.2% to $40.1 million for 2010 from $23.0 million for 2009.  The increase was primarily due to revenue generated from ten operating communities acquired after January 1, 2009 consisting of Regency at Encino, Eagle Rim, 101 San Fernando, The Commons, Bella Villagio, Santee Court, Courtyard off Main, Corbella at Juanita Bay, Anavia, and 416 on Broadway, six development communities consisting of Allegro, Joule, Fourth & U, Axis 2300, The Grand, and Belmont Station, two redevelopment communities, and two commercial buildings.

Management and other fees from affiliates increased $0.2 million to $4.5 million in 2010 compared to $4.3 million in 2009.  The increase is primarily due to the acquisition fee of $0.5 million related to the purchase of Essex Skyline at MacArthur Place in a co-investment and property management fees from this co-investment that were partially offset by a decrease in development fees from Fund II.

Property operating expenses, excluding real estate taxes increased $2.9 million or 2.8% for 2010 compared to 2009, primarily due to the acquisition of ten communities, and the completion of six development properties.  2010/2009 Same-Property operating expenses excluding real estate taxes increased slightly by $0.1 million or 0.8% for 2010 compared to 2009.

7

Real estate taxes increased $2.8 million or 7.8% for 2010 compared to 2009, due mainly to the acquisition of ten communities which resulted in an increase in property taxes of $1.5 million and the completion of six development communities which resulted in an increase in property taxes of $0.5 million compared to 2009.  For same-property results, real estate taxes are limited to a 2% increase for communities in California, and real estate taxes increased on average by 3.5% in the Seattle Metro area from 2009.  During the fourth quarter of 2010, the Company received notification of temporary reductions in property taxes for the second half of 2010 for certain communities located mainly located in Contra Costa and Ventura counties, which decreased property taxes for those communities by approximately $0.5 million compared to 2009.

Depreciation and amortization expense increased by $11.7 million or 10.0% for 2010 compared to 2009, due to the acquisition of ten new communities, and the completion of six development properties.  Depreciation expense also increased due to the capitalization of approximately $52.7 million in additions to rental properties during 2010 including $16.3 million spent on redevelopment and revenue generating capital expenditures along with a full year of depreciation expense in 2010 versus a partial year of depreciation expense in 2009 for approximately $55.6 million in 2009 improvements capitalized.

General and administrative expense decreased $1.7 million or 6.9% for 2010 compared to 2009, primarily due to $3.8 million in expense of unamortized costs related to the cancellation of the Outperformance Plan in 2009.  During 2010, the company incurred $1.6 million in non-recurring compensation related to the CEO’s retirement, which is included in general and administrative expense.

Cost of management and other fees decreased $0.4 million or 12.6% compared to 2009 primarily due to a decrease in costs related to the completion of three Fund II development communities.

Impairment and other charges for 2010relates to $2.3 million in expense attributable to hedge ineffectiveness of certain forward-starting swaps that were settled in 2010, and for 2009 the Company incurred $13.1 million in impairment and other charges due to the write-off of development costs totaling $6.7 million related to two land parcels that will no longer be developed by the Company, $0.6 million recorded for additional loan loss reserves related to a note receivable secured by an apartment community in the Portland Metropolitan Area, and $5.8 million due to the write-off of an investment in a joint venture development project.

Interest and other income increased by $14.8 million for 2010 primarily due to gains on sales of marketable securities for $12.5 million compared to $1.0 million in gains on sales of securities in 2009 and an increase in 2010 of $5.3 million for interest income earned on notes receivable primarily related to the Santee Court note receivable in 2010, which was purchased in May 2010 at a discount to the outstanding principal on the note.  Those increases in interest and other income were offset partially by a decrease of $1.1 million in interest earned on marketable securities and cash equivalents compared to 2009 due to lower average investment balances.

Equity (loss) income in co-investments decreased by $2.4 million for 2010 compared to 2009 due primarily to the Company recording its $1.8 million share of loss from operations incurred by Essex Skyline at MacArthur Place which is a development community in lease-up that was acquired in the first quarter of 2010.  The remainder of the difference is attributable to a decrease in earnings for Fund II in 2010 compared to 2009.

Gain(loss) on early retirement of debt was $4.8 million for 2009 due to the repurchase of  the Company’s exchangeable bonds totaling $166.7 million in 2009 at a discount to par value.

Income from discontinued operations for 2010 was $1.6 million which related to operations from Woodlawn Colonial and Clarendon office building which were sold in 2011 and Tierra del Sol/Norte and Alpine Country which were sold in 2012. The $10.5 million for 2009 includes the operating results for Woodlawn Colonial and Clarendon office building sold in 2011 and Tierra del Sol/Norte and Alpine Country which were sold in 2012, a gain of $2.9 million on the sale of Maple Leaf, a gain of $2.5 million on the sale of Spring Lake, a gain of $1.6 million on the sale of Carlton Heights Villa, a gain of $0.9 million on the sale of Grand Regency, and a gain of $0.8 million on the sale of Mountain View.

Excess of the carrying amount of preferred stock redeemed over the cash paid to redeem preferred stock for 2010 was $0 since there were no such redemptions in 2010.  The $50.0 million for 2009 related to the repurchase of $145.0 million of the Company's Series G Cumulative Convertible Preferred Stock at a discount to carrying value.

8

Liquidity and Capital Resources

As of December 31, 2011, Standard and Poor's (“S&P”) and Fitch Ratings ("Fitch") credit agencies rated Essex Property Trust, Inc. and Essex Portfolio, L.P. BBB/Stable.  Also in February 2012, Moody’s Investors Service initiated coverage of the Company and assigned a Baa2 issuer rating to Essex Portfolio, L.P., and the rating outlook is stable.

At December 31, 2011, the Company had $12.9 million of unrestricted cash and cash equivalents and $74.3 million in marketable securities, of which $27.5 million were held available for sale.  The Company believes that cash flows generated by its operations, existing cash, cash equivalents, and marketable securities balances, availability under existing lines of credit, access to capital markets and the ability to generate cash from the disposition of real estate are sufficient to meet all of the Company’s reasonably anticipated cash needs during 2012.  The timing, source and amounts of cash flows provided by financing activities and used in investing activities are sensitive to changes in interest rates and other fluctuations in the capital markets environment, which can affect the Company’s plans for acquisitions, dispositions, development and redevelopment activities.

The Company has two lines of credit aggregating $440.0 million as of December 31, 2011.  The Company had a $425.0 million unsecured line of credit with an accordion option to $500.0 million.  As of December 31, 2011 there was a $150.0 million balance on this unsecured line.  The underlying interest rate on the $425.0 million line is based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility and the rate was LIBOR plus 1.25% as of December 31, 2011.  This facility matures in December 2014 with two one-year extensions, exercisable by the Company.  During the first quarter of 2011, the Company entered into a new working capital unsecured line of credit agreement for $15.0 million.  As of December 31, 2011 there was no balance outstanding on this unsecured line.  The underlying interest rate on the $15.0 million line is based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility of LIBOR plus 1.25%.  This facility matures in January 2012 with one one-year extension, exercisable by the Company.  During January 2012, the Company renegotiated the terms of the line of credit increasing the borrowing limit to $25.0 million and extended the term of the loan to January 2014, with a one year extension option.

The Company also had a $250.0 million credit facility from Freddie Mac, which was secured by eleven apartment communities.  The Company elected to terminate the line of credit in the fourth quarter of 2011 and accordingly wrote off the related deferred finance charges totaling $0.6 million for year ended December 31, 2011.

The line of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization.  The Company was in compliance with the debt covenants as of December 31, 2011.

During 2011, the Company issued $265.0 million of unsecured bonds through private placement offerings, $150.0 million at 4.4% with a maturity date of March 2016, $40.0 million at 4.5% with a maturity date of September 2017, and $75.0 million at 4.92% with a maturity date of December 2019.  The proceeds from the bond offerings were used primarily to repay outstanding mortgages, redeem the Series F Preferred Stock, and pay down the Company’s line of credit.  During the fourth quarter of 2011, the Company closed a 5-year, $200 million unsecured term loan.  The term loan has a variable interest rate of LIBOR plus 1.425%.  In conjunction with this transaction the Company has entered into interest rate swap contracts for a term of five years with a total notional amount of $150.0 million.  The interest rate swaps effectively convert the borrowing rate on $150 million of the $200 million variable rate unsecured term to a fixed rate of 2.66%.

In January 2011, additional banks entered into equity distribution agreements with the Company including Barclays Capital Inc., BMO Capital Markets Corp., Liquidnet, Inc., and Mitsubishi UFJ Securities (USA), Inc.  Pursuant to its equity distribution program the Company issued 2,459,947 shares of common stock for $323.9 million, net of fees and commissions, during the year ended December 31, 2011.  Under this program, the Company may from time to time sell shares of common stock into the existing trading market at current market prices, and the Company anticipates using the net proceeds to pay down debt, acquire apartment communities and fund the development pipeline.  As of December 31, 2011 the Company may sell an additional 566,353 shares under the current equity distribution program.

During March 2010, the Company filed a new shelf registration statement with the SEC, allowing the Company to sell an undetermined number or amount of certain equity and debt securities as defined in the prospectus.

9

In the second quarter of 2011, 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 $71.2 million, net of costs and original issuance discounts.  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. (“Series B”) with a liquidation value of $80.0 million.  The Company also redeemed its 7.8125% Series F Preferred Stock (“Series F”) at liquidation value for $25.0 million.

As of December 31, 2011, the Company’s mortgage notes payable totaled $1.7 billion which consisted of $1.5 billion in fixed rate debt with interest rates varying from 4.9% to 7.4% and maturity dates ranging from 2012 to 2021 and $243.6 million of variable rate debt with a weighted average interest rate of 1.7% ($202.7 million of the variable debt is tax-exempt variable rate demand notes).  The tax-exempt variable rate demand notes have maturity dates ranging from 2025 to 2039, and $187.8 million are subject to interest rate caps.

The Company pays quarterly dividends from cash available for distribution. Until it is distributed, cash available for distribution is invested by the Company primarily in investment grade securities held available for sale or is used by the Company to reduce balances outstanding under its line of credit.

Derivative Activity

During the fourth quarter of 2011, the Company entered into four interest rate swap contracts with an aggregate notional amount of $150.0 million that effectively fixed the interest rate on $150.0 million of the $200.0 million unsecured term loan at 2.6% through November 2016.  These derivatives qualify for hedge accounting.  As of December 31, 2011 the Company also had twelve interest rate cap contracts totaling a notional amount of $187.8 million that qualify for hedge accounting as they effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying variable interest rate for $202.7 million of the Company’s tax exempt variable rate debt.  The aggregate carrying value of the interest rate swap contracts was a liability of $1.4 million and the aggregate carrying value of the interest rate cap contracts was an asset of $0.2 million.

During the first quarter of 2011, the Company settled its remaining $20.0 million forward starting swap contract for $2.3 million which was applied to the $32.0 million mortgage obtained in February 2011, increasing the effective borrowing rate from 5.4% to 6.2%.

During 2010, the Company settled $355 million in forward-starting swap contracts for $81.3 million which was applied to 10-year mortgage loans obtained in 2010.  The settlement of the forward-starting swaps increased the average effective interest rate on these mortgage loans from 4.5% to 6.8%.   During 2010, the Company incurred $2.3 million in expense related to the ineffectiveness of certain of the settled forward-starting swap hedges, which is included in impairment and other charges in the accompanying consolidated statement of operations for the year ended December 31, 2010.  No hedge ineffectiveness on cash flow hedges was incurred during the years ended December 31, 2011 and 2009.

During July 2010, the Company entered into a swap transaction (the “Swap”) with respect to $38.0 million of tax-exempt bonds for the 101 San Fernando apartment community (the “Bonds”) with Citibank, N.A. (“Citibank”).  This swap is not designated as a hedge; accordingly the change in fair value of the swap is recorded as a gain or loss in the Company’s consolidated statement of operations.  Under the terms of the Swap, the Company pays a variable amount equal to the SIFMA Index plus a fixed spread on a notional amount that starts at $35.2 million and over the three-year term of the swap increases ratably to $38.0 million.  In return, Citibank pays an amount equal to the coupon on the Bonds multiplied by the outstanding par value of the bonds, $38.0 million.  The Swap has a termination date of July 12, 2013 and may be terminated by the Company at anytime commencing in July 2011 and by Citibank if certain events occur.  Upon termination of the swap, whether early or on the stated termination date, a payment based on the change in value of the Bonds will occur.  Should the Bonds decline in value from the $35.2 million value of the Bonds at the inception of the swap, the Company will be obligated to make a payment equal to 100% of the price depreciation.  Should the Bonds increase in value, Citibank will be obligated to make a payment equal to approximately 85% of the price appreciation. As of December 31, 2011, the fair value of the swap was a liability of $1.8 million.

Issuance of Common Stock

Pursuant to its equity distribution program with Cantor Fitzgerald & Co., KeyBanc Capital Markets Inc., Barclays Capital Inc., BMO Capital Markets Corp., Liquidnet, Inc., and Mitsubishi UFJ Securities (USA), Inc., in 2011, the Company issued 2.5 million shares of common stock for $323.9 million, net of fees and commissions, and in 2010, the Company issued 2.4 million shares of common stock for $251.5 million, net of fees and commissions.  Under this program, the Company may from time to time sell shares of common stock into the existing trading market at current market prices, and the Company anticipates using the net proceeds to pay down debt and fund the development pipeline.

10

Capital Expenditures

Non-revenue generating capital expenditures are improvements and upgrades that extend the useful life of the property.  For the year ended December 31, 2011, non-revenue generating capital expenditures totaled approximately $963 per unit. The Company expects to incur approximately $1,100 per unit in non-revenue generating capital expenditures for the year ending December 31, 2012.  These expenditures do not include the improvements required in connection with the origination of mortgage loans, expenditures for deferred maintenance on acquisition properties, and expenditures for property renovations and improvements which are expected to generate additional revenue.  The Company expects that cash from operations and/or its lines of credit will fund such expenditures.  However, there can be no assurance that the actual expenditures incurred during 2012 and/or the funding thereof will not be significantly different than the Company’s current expectations.

Development and Predevelopment Pipeline

The Company defines development activities as new communities that are in various stages of active development, or the community is in lease-up and phases of the project are not completed.  As of December 31, 2011, the Company had five unconsolidated joint venture active development projects comprised of 1,235 units with an estimated cost of $422.6 million, of which $282.6 million remains to be expended.  See discussion in the section, “Development and redevelopment activities may delayed, not completed, and/or not achieve expected results” in Item 1A, Risk Factors, of this Form 10-K.

The Company defines the predevelopment pipeline as proposed communities in negotiation or in the entitlement process with a high likelihood of becoming entitled development projects.  As of December 31, 2011, the Company had one unconsolidated joint venture development project aggregating 481 units that was classified as a predevelopment project.  The estimated total cost of the predevelopment pipeline at December 31, 2011 was $42.8 million.   The Company may also acquire land for future development purposes or sale.   The Company has incurred $44.3 million in costs related to land held for future development or sale aggregating 298 units as of December 31, 2011.

The Company expects to fund the development and predevelopment pipeline by using a combination of some or all of the following sources: its working capital, amounts available on its lines of credit, construction loans, net proceeds from public and private equity and debt issuances, and proceeds from the disposition of properties, if any.

Redevelopment Pipeline

The Company defines redevelopment communities as existing properties owned or recently acquired, which have been targeted for additional investment by the Company with the expectation of increased financial returns through property improvement.  During redevelopment, apartment units may not be available for rent and, as a result, may have less than stabilized operations.  As of December 31, 2011, the Company had ownership interests in six major redevelopment communities aggregating 1,444 apartment units with estimated redevelopment costs of $96.4 million, of which approximately $43.1 million remains to be expended.

Alternative Capital Sources

Fund II has eight institutional investors, and the Company, with combined partner equity contributions of $265.9 million.  The Company contributed $75.0 million to Fund II, which represents a 28.2% interest as general partner and limited partner, and the Company uses the equity method of accounting for its investment in Fund II.  Fund II utilized leverage equal to approximately 55% upon the initial acquisition of the underlying real estate.  Fund II invested in apartment communities in the Company’s targeted West Coast markets and, as of December 31, 2011, owned fourteen apartment communities.  The Company records revenue for its asset management, property management, development and redevelopment services when earned, and promote income when realized if Fund II exceeds certain financial return benchmarks.  

In 2011, the Company entered into a 50/50 programmatic joint venture, Wesco I, with an institutional partner for a total equity commitment of $200 million.  Each partner’s equity commitment is $100 million, and Wesco will utilize leverage equal to approximately 50% to 60%.  The Company has contributed $78.3 million to Wesco I, and as of December 31, 2011, Wesco I owned six apartment communities with 2,013 units with an aggregate purchase price of $429.2 million.  Investments must meet certain criteria to qualify for inclusion in the joint venture and both partners must approve any new acquisitions and material dispositions. The joint venture has an investment period of up to two years.  The Company will receive asset and property management fees, and may earn a promoted interest.  The Company accounts for this joint venture using the equity method.

11

Contractual Obligations and Commercial Commitments

The following table summarizes the maturation or due dates of the Company’s contractual obligations and other commitments at December 31, 2011, and the effect such obligations could have on the Company’s liquidity and cash flow in future periods ($ in thousands):

			2013 and		2015 and
	2012		2014		2016		Thereafter		Total
Mortgage notes payable	$	35,953	$	292,762	$	83,212	$	1,333,931	$	1,745,858
Unsecured debt		-		-		350,000		115,000		465,000
Lines of credit		-		150,000		-		-		150,000
Interest on indebtedness (1)		108,129		181,688		141,274		181,488		612,579
Co-investment commitments (including development)		115,100		46,600		8,000		-		169,700
Redevelopment commitments		30,587		12,480		-		-		43,067
	$	289,769	$	683,530	$	582,486	$	1,630,419	$	3,186,204

(1) Interest on indebtedness for variable debt was calculated using interest rates as of December 31, 2011.

Variable Interest Entities

In accordance accounting standards for consolidation of variable interest entities, the Company consolidates 19 DownREIT limited partnerships (comprising twelve communities).  The Company consolidates these entities because it is deemed the primary beneficiary.  The total assets and liabilities related to these variable interest entities (VIEs), net of intercompany eliminations, were approximately $215.2 million and $173.4 million as of December 31, 2011 and $217.3 million and $168.0 million as of December 31, 2010, respectively.  Interest holders in VIEs consolidated by the Company are allocated net income equal to the cash payments made to those interest holders for services rendered or distributions from cash flow.  The remaining results of operations are generally allocated to the Company.  As of December 31, 2011, the Company did not have any VIE’s of which it was not deemed to be the primary beneficiary.

Critical Accounting Policies and Estimates

The preparation of consolidated financial statements, in accordance with U.S. generally accepted accounting principles requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities.  The Company defines critical accounting policies as those accounting policies that require the Company's management to exercise their most difficult, subjective and complex judgments.  The Company’s critical accounting policies relate principally to the following key areas: (i) consolidation under applicable accounting standards of various entities; (ii) assessing the carrying values of the Company's real estate and investments in and advances to joint ventures and affiliates; and (iii) internal cost capitalization.  The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates made by management.

The Company assesses each entity in which it has an investment or contractual relationship to determine if it may be deemed to be a VIE.  If such an entity is a VIE, then the Company performs an analysis to determine who is the primary beneficiary.  If the Company is the primary beneficiary, then the entity is consolidated.  The analysis required to identify VIEs and primary beneficiaries is complex and judgmental, and the analysis must be applied to various types of entities and legal structures.

12

The Company assesses the carrying value of its real estate investments by monitoring investment market conditions and performance compared to budget for operating properties and joint ventures, and by monitoring estimated costs for properties under development.  Local market knowledge and data is used to assess carrying values of properties and the market value of acquisition opportunities.  Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment may not be fully recoverable, the carrying amount is evaluated.  If the sum of the property’s expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the property, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property.  Adverse changes in market conditions or poor operating results of real estate investments could result in impairment charges.  When the Company determines that a property is held for sale, it discontinues the periodic depreciation of that property.  The criteria for determining when a property is held for sale requires judgment and has potential financial statement impact as depreciation would cease and an impairment loss could occur upon determination of held for sale status.  Assets held for sale are reported at the lower of the carrying amount or estimated fair value less costs to sell.  With respect to investments in and advances to joint ventures and affiliates, the Company looks to the underlying properties to assess performance and the recoverability of carrying amounts for those investments in a manner similar to direct investments in real estate properties.  Further, the Company evaluates whether its co-investments have other than temporary impairment and, if so, records a write down.

The Company capitalizes all direct and certain indirect costs, including interest and real estate taxes, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use.  The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period.  Included in capitalized costs are management’s accounting estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities.  Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various office costs that clearly relate to projects under development.

The Company bases its accounting estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances.  Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Forward Looking Statements

Certain statements in this "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this Annual Report on Form 10-K which are not historical facts may be considered forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding the Company's expectations, hopes, intentions, beliefs and strategies regarding the future.  Forward looking statements include statements regarding the Company's expectations as to the timing of completion of current development and redevelopment projects and the stabilization dates of such projects, expectation as to the total projected costs of development and redevelopment projects, beliefs as to the adequacy of future cash flows to meet operating requirements  and anticipated cash needs and to provide for dividend payments in accordance with REIT requirements, expectations as to the amount of non-revenue generating capital expenditures, future acquisitions, the Company's and development and redevelopment pipeline, the anticipated performance of existing properties, anticipated property and growth trends in various geographic regions, statements regarding the Company's financing activities, and the use of proceeds from such activities.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors including, but not limited to, that the Company will fail to achieve its business objectives, that the actual completion of development and redevelopment projects will be subject to delays, that the stabilization dates of such projects will be delayed, that the total projected costs of current development and redevelopment projects will exceed expectations, that such development and redevelopment projects will not be completed, that development and redevelopment projects and acquisitions will fail to meet expectations, that estimates of future income from an acquired property may prove to be inaccurate, that future cash flows will be inadequate to meet operating requirements and/or will be insufficient to provide for dividend payments in accordance with REIT requirements, that the actual non-revenue generating capital expenditures will exceed the Company's current expectations, that there may be a downturn in the markets in which the Company's communities are located, that the terms of any refinancing may not be as favorable as the terms of existing indebtedness, as well as those risks, special considerations, and other factors discussed in Item 1A, Risk Factors, of this Form 10-K, and those risk factors and special considerations set forth in the Company’s other filings with the Securities and Exchange Commission (the "SEC") which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  All forward-looking statements are made as of today, and the Company assumes no obligation to update this information.

13

Funds from Operations ("FFO")

FFO is a financial measure that is commonly used in the REIT industry.  The Company presents funds from operations as a supplemental operating performance measure.  FFO is not used by the Company, nor should it be considered to be, as an alternative to net earnings computed under GAAP as an indicator of the Company’s operating performance or as an alternative to cash from operating activities computed under GAAP as an indicator of the Company's ability to fund its cash needs.

FFO is not meant to represent a comprehensive system of financial reporting and does not present, nor does the Company intend it to present, a complete picture of its financial condition and operating performance. The Company believes that net earnings computed under GAAP remains the primary measure of performance and that FFO is only meaningful when it is used in conjunction with net earnings. Further, the Company believes that its consolidated financial statements, prepared in accordance with GAAP, provide the most meaningful picture of its financial condition and its operating performance.

In calculating FFO, the Company follows the definition for this measure published by the National Association of REITs (“NAREIT”), which is a REIT trade association.  The Company believes that, under the NAREIT FFO definition, the two most significant adjustments made to net income are (i) the exclusion of historical cost depreciation and (ii) the exclusion of gains and losses from the sale of previously depreciated properties.  Essex agrees that these two NAREIT adjustments are useful to investors for the following reasons:

(a) historical cost accounting for real estate assets in accordance with GAAP assumes, through depreciation charges, that the value of real estate assets diminishes predictably over time. NAREIT stated in its White Paper on Funds from Operations “since real estate asset values have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.” Consequently, NAREIT’s definition of FFO reflects the fact that real estate, as an asset class, generally appreciates over time and depreciation charges required by GAAP do not reflect the underlying economic realities.

(b)  REITs were created as a legal form of organization in order to encourage public ownership of real estate as an asset class through investment in firms that were in the business of long-term ownership and management of real estate.  The exclusion, in NAREIT’s definition of FFO, of gains from the sales of previously depreciated operating real estate assets allows investors and analysts to readily identify the operating results of the long-term assets that form the core of a REIT’s activity and assists in comparing those operating results between periods.

Management has consistently applied the NAREIT definition of FFO to all periods presented.  However, other REITs in calculating FFO may vary from the NAREIT definition for this measure, and thus their disclosure of FFO may not be comparable to the Company’s calculation.

14

The following table sets forth the Company’s calculation of FFO for 2011 and 2010 ($ in thousands).

	For the year
	ended			For the quarter ended
	12/31/11			12/31/11			9/30/11			6/30/11			3/31/11
Net income available to common stockholders	$	40,368		$	13,938		$	7,687		$	10,325		$	8,418
Adjustments:
Depreciation		152,543			39,865			38,137			37,510			37,031
Gains not included in FFO, net of internal disposition cost		(7,543	)		(3,158	)		880			(5,265	)		-
Depreciation add back from unconsolidated co-investments		12,642			4,145			3,502			1,957			3,038
Noncontrolling interests related to
Operating Partnership units		3,228			1,027			583			987			631
Depreciation attributable to third party of co-investments		(1,066	)		(277	)		(266	)		(260	)		(263	)
Funds from operations	$	200,172		$	55,540		$	50,523		$	45,254		$	48,855
Weighted average number of shares outstanding, diluted(1)		34,860,521			35,818,631			35,437,693			34,365,418			33,787,232

	For the year
	ended			For the quarter ended
	12/31/10			12/31/10			9/30/10			6/30/10			3/31/10
Net income available to common stockholders	$	33,764		$	4,778		$	6,377		$	9,482		$	13,127
Adjustments:
Depreciation		129,711			36,326			31,638			31,261			30,486
Gains not included in FFO, net of internal disposition cost		-			-			-			-			-
Depreciation add back from unconsolidated co-investments		6,128			1,840			1,684			1,364			1,240
Noncontrolling interests related to
Operating Partnership units		2,779			354			485			798			1,142
Depreciation attributable to third party of co-investments		(1,014	)		(256	)		(254	)		(252	)		(252	)
Funds from operations	$	171,368		$	43,042		$	39,930		$	42,653		$	45,743
Weighted average number of shares outstanding, diluted(1)		32,028,269			32,931,723			31,963,327			31,759,956			31,438,408

(1)  Assumes conversion of all dilutive outstanding operating partnership interests in the Operating Partnership.

15

The following table sets forth the Company’s cash flows for 2011 and 2010 ($ in thousands).

	For the year
	ended			For the quarter ended
	12/31/11			12/31/2011			9/30/2011			6/30/2011			3/31/2011
Cash flow provided by (used in):
Operating activities	$	216,571		$	45,877		$	66,343		$	47,044		$	57,307
Investing activities		(425,783	)		(167,271	)		(108,393	)		(65,933	)		(84,186	)
Financing activities		208,348			125,263			42,261			(69,985	)		110,809

	For the year
	ended			For the quarter ended
	12/31/10			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Cash flow provided by (used in):
Operating activities	$	175,530		$	27,246		$	58,870		$	36,439		$	52,975
Investing activities		(510,868	)		(259,350	)		(128,362	)		(45,661	)		(77,495	)
Financing activities		328,431			231,189			75,793			(4,723	)		26,172

Item 7A. Quantitative and Qualitative Disclosures About Market Risks

Interest Rate Hedging Activities

The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks.  To accomplish this objective, the Company uses interest rate swaps as part of its cash flow hedging strategy.  As of December 31, 2011, the Company has entered into four interest rate swap contracts to mitigate the risk of changes in the interest-related cash outflows on $150.0 million of the five-year unsecured term debt.  As of December 31, 2011, the Company also had $243.7 million of variable rate indebtedness, of which $187.8 million is subject to interest rate cap protection.   All of the Company’s derivative instruments are designated as cash flow hedges, and the Company does not have any fair value hedges as of December 31, 2011.  The following table summarizes the notional amount, carrying value, and estimated fair value of the Company’s derivative instruments used to hedge interest rates as of December 31, 2011.   The notional amount represents the aggregate amount of a particular security that is currently hedged at one time, but does not represent exposure to credit, interest rates or market risks.  The table also includes a sensitivity analysis to demonstrate the impact on the Company’s derivative instruments from an increase or decrease in 10-year Treasury bill interest rates by 50 basis points, as of December 31, 2011.

					Carrying and			Estimated Carrying Value
	Notional		Maturity		Estimate Fair			+ 50		- 50
($ in thousands)	Amount		Date Range		Value			Basis Points		Basis Points
Cash flow hedges:
Interest rate swaps	$	150,000		2016	$	(1,366	)	$	2,277	$	(4,760	)
Interest rate caps		187,788		2013-2016		156			420		44
Total cash flow hedges	$	337,788		2013-2016	$	(1,210	)	$	2,697	$	(4,716	)

Interest Rate Sensitive Liabilities

The Company is exposed to interest rate changes primarily as a result of its line of credit and long-term debt used to maintain liquidity and fund capital expenditures and expansion of the Company’s real estate investment portfolio and operations. The Company’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs. To achieve its objectives the Company borrows primarily at fixed rates and may enter into derivative financial instruments such as interest rate swaps, caps and treasury locks in order to mitigate its interest rate risk on a related financial instrument. The Company does not enter into derivative or interest rate transactions for speculative purposes.

The Company’s interest rate risk is monitored using a variety of techniques. The table below presents the principal amounts and weighted average interest rates by year of expected maturity to evaluate the expected cash flows. Management has estimated that the fair value of the Company’s $1.77 billion and $1.56 billion of fixed rate debt at December 31, 2011 and 2010, respectively, to be $1.88 billion and $1.58 billion.  Management has estimated the fair value of the Company’s $593.7 million and $695.2 million of variable rate debt at December 31, 2011 and 2010, respectively, is $572.3 million and $672.8 million based on the terms of existing mortgage notes payable and variable rate demand notes compared to those available in the marketplace ($ in thousands).

16

	For the Years Ended December 31,
	2012			2013			2014			2015			2016			Thereafter			Total		Fair value
Fixed rate debt	$	30,305		$	180,322		$	77,179		$	70,305		$	162,907		$	1,246,190		$	1,767,208	$	1,876,700
Average interest rate		5.4	%		5.6	%		5.3	%		5.2	%		4.4	%		6.0	%
Variable rate debt	$	5,648		$	35,261		$	150,000		$	-		$	200,000		$	202,741	(1)	$	593,650	$	572,300
Average interest rate		5.4	%		1.6	%		3.8	%		-			2.6	%		1.7	%

(1) $187.8 million subject to interest rate caps.

17

Item 8. Financial Statements and Supplementary Data

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

(A)	Financial Statements
(1)	Consolidated Financial Statements	Page
	Reports of Independent Registered Public Accounting Firm	F-1
	Consolidated Balance Sheets: As of December 31, 2011 and 2010	F-2
	Consolidated Statements of Operations: Years ended December 31, 2011, 2010, and 2009	F-3
	Consolidated Statements of Comprehensive Income (Loss): Years ended December 31, 2011, 2010, and 2009	F-4
	Consolidated Statements of Stockholders’ Equity and Noncontrolling Interest: Years ended December 31, 2011, 2010, and 2009	F-5
	Consolidated Statements of Cash Flows: Years ended December 31, 2011, 2010, and 2009	F-6
	Notes to the Consolidated Financial Statements	F-8
(2)	Financial Statement Schedule - Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2011	F-36

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

Essex Property Trust, Inc.:

We have audited the accompanying consolidated balance sheets of Essex Property Trust, Inc. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and noncontrolling interest, and cash flows for each of the years in the three-year period ended December 31, 2011. In connection with our audits of the consolidated financial statements, we have also audited the accompanying financial statement schedule III. These consolidated financial statements and the accompanying financial statement schedule III are the responsibility of Essex Property Trust Inc.’s management. Our responsibility is to express an opinion on these consolidated financial statements and the accompanying financial statement schedule III based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Essex Property Trust, Inc. and subsidiaries as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2011, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule III, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/S/ KPMG LLP

KPMG LLP

San Francisco, California

February 23, 2012

  except as to notes 2, 6, 12, 14, and 17 which are as of February 7, 2013

F-1

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

December 31, 2011 and 2010

(Dollars in thousands, except share amounts)

	2011			2010
ASSETS
Real estate:
Rental properties:
Land and land improvements	$	860,661		$	802,325
Buildings and improvements		3,452,403			3,162,236
		4,313,064			3,964,561
Less: accumulated depreciation		(920,026	)		(775,553	)
		3,393,038			3,189,008
Real estate under development		44,280			217,531
Co-investments		383,412			107,840
		3,820,730			3,514,379
Cash and cash equivalents-unrestricted		12,889			13,753
Cash and cash equivalents-restricted		22,574			21,941
Marketable securities		74,275			92,310
Notes and other receivables		66,369			49,444
Prepaid expenses and other assets		22,682			25,188
Deferred charges, net		17,445			15,872
Total assets	$	4,036,964		$	3,732,887
LIABILITIES AND STOCKHOLDERS' EQUITY AND NONCONTROLLING INTEREST
Mortgage notes payable	$	1,745,858		$	1,832,745
Unsecured debt		465,000			-
Lines of credit		150,000			426,000
Accounts payable and accrued liabilities		48,324			44,750
Construction payable		6,505			9,023
Dividends payable		39,611			36,405
Derivative liabilities		3,061			5,633
Other liabilities		20,528			18,968
Total liabilities		2,478,887			2,373,524
Commitments and contingencies
Cumulative convertible preferred stock; $0.001 par value: 4875% Series G - 5,890,000 issued, and 178,249 outstanding		4,349			4,349
Stockholders' equity and noncontrolling interest:
Common stock; $.0001 par value, 656,020,000 shares authorized; 33,888,082 and 31,324,808 shares issued and outstanding		3			3
Cumulative redeemable preferred stock at liquidation value		73,750			25,000
Excess stock, $.0001 par value, 330,000,000 shares authorized and no shares issued or outstanding		-			-
Additional paid-in capital		1,844,611			1,515,468
Distributions in excess of accumulated earnings		(408,066	)		(313,308	)
Accumulated other comprehensive (loss) income		(72,771	)		(77,217	)
Total stockholders' equity		1,437,527			1,149,946
Noncontrolling interest		116,201			205,068
Total stockholders' equity and noncontrolling interest		1,553,728			1,355,014
Total liabilities, stockholders' equity and noncontrolling interest	$	4,036,964		$	3,732,887

See accompanying notes to consolidated financial statements.

F-2

ESSEX PROPERTY TRUST, INC. AND SUBSDIARIES

Consolidated Statements of Operations

Years ended December 31, 2011, 2010 and 2009

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

	2011			2010			2009
Revenues:
Rental and other property	$	465,713		$	405,728		$	401,550
Management and other fees		6,780			4,551			4,325
		472,493			410,279			405,875
Expenses:
Property operating, excluding real estate taxes		115,528			104,049			101,168
Real estate taxes		43,706			39,115			36,289
Depreciation		151,428			128,221			116,540
General and administrative		20,694			23,255			24,966
Cost of management and other fees		4,610			2,707			3,096
Impairment and other charges		-			2,302			13,084
		335,966			299,649			295,143
Earnings from operations		136,527			110,630			110,732
Interest expense before amortization		(91,694	)		(82,756	)		(81,196	)
Amortization expense		(11,474	)		(4,828	)		(4,820	)
Interest and other income		17,139			27,841			13,040
Equity (loss) income from co-investments		(467	)		(1,715	)		670
Gain (loss) on early retirement of debt		(1,163	)		(10	)		4,750
Gain on sale of real estate		-			-			103
Income before discontinued operations		48,868			49,162			43,279
Income from discontinued operations		8,648			1,620			10,460
Net income		57,516			50,782			53,739
Net income attributable to noncontrolling interest		(10,446	)		(14,848	)		(16,631	)
Net income attributable to controlling interest		47,070			35,934			37,108
Dividends to preferred stockholders		(4,753	)		(2,170	)		(4,860	)
Excess (deficit) of the carrying amount of preferred stock redeemed over the cash paid to redeem preferred stock		(1,949	)		-			49,952
Net income available to common stockholders	$	40,368		$	33,764		$	82,200
Per share data:
Basic:
Income before discontinued operations available to common stockholders	$	0.99		$	1.09		$	2.66
Income from discontinued operations available to common stockholders		0.25			0.05			0.35
Net income available to common stockholders	$	1.24		$	1.14		$	3.01
Weighted average number of shares outstanding during the year		32,541,792			29,667,064			27,269,547
Diluted:
Income before discontinued operations available to common stockholders	$	0.99		$	1.09		$	2.56
Income from discontinued operations available to common stockholders		0.25			0.05			0.35
Net income available to common stockholders	$	1.24		$	1.14		$	2.91
Weighted average number of shares outstanding during the year		32,628,714			29,734,383			29,746,614

See accompanying notes to consolidated financial statements.

F-3

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

Years ended December 31, 2011, 2010 and 2009

(Dollars in thousands)

	2011			2010			2009
Net income	$	57,516		$	50,782		$	53,739
Other comprehensive income (loss):
Changes in fair value of cash flow hedges and amortization of settlement swaps		7,707			(50,437	)		42,888
Changes in fair value of marketable securities		1,330			5,357			12,930
Reversal of unrealized gains upon the sale of marketable securities		(4,286	)		(12,027	)		-
Total other comprehensive income (loss)		4,751			(57,107	)		55,818
Comprehensive income (loss)		62,267			(6,325	)		109,557
Comprehensive income attributable to noncontrolling interest		(10,751	)		(10,752	)		(21,231	)
Comprehensive income (loss) attributable to the Company	$	51,516		$	(17,077	)	$	88,326

See accompanying notes to consolidated financial statements.

F-4

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders’ Equity and Noncontrolling Interest

Years ended December 31, 2011, 2010 and 2009

(Dollars and shares in thousands)

																			Distributions			Accumulated
	Series F						Series H									Additional			in excess of			other
	Preferred stock						Preferred stock				Common stock					paid-in			accumulated			comprehensive			Noncontrolling
	Shares			Amount			Shares		Amount		Shares			Amount		capital			earnings			(loss) income			Interest			Total
Balances at December 31, 2008		1,000		$	25,000			-	$	-		26,396		$	3	$	1,043,984		$	(141,336	)	$	(75,424	)	$	233,771		$	1,085,998
Net income		-			-			-		-		-			-		-			37,108			-			16,631			53,739
Changes in fair value of cash flow hedges and amortization of settlement swaps		-			-			-		-		-			-		-			-			39,354			3,534			42,888
Changes in fair value of marketable securities		-			-			-		-		-			-		-			-			11,864			1,066			12,930
Issuance of common stock under:
Stock option plans		-			-			-		-		62			-		943			-			-			-			943
Sale of common stock		-			-			-		-		2,741			-		198,511			-			-			-			198,511
Equity based compensation costs		-			-			-		-		-			-		6,859			-			-			276			7,135
Retirement of Series G Preferred		-			-			-		-		-			-		49,952			-			-			-			49,952
Retirement of common stock		-			-			-		-		(350	)		-		(20,271	)		-			-			-			(20,271	)
Retirement of exchangeable bonds		-			-			-		-		-			-		(4,727	)		-			-			-			(4,727	)
Redemptions of noncontrolling interest		-			-			-		-		-			-		-			-			-			(12,725	)		(12,725	)
Distributions to noncontrolling interest		-			-			-		-		-			-		-			-			-			(22,108	)		(22,108	)
Common and preferred stock dividends declared		-			-			-		-		-			-		-			(118,724	)		-			-			(118,724	)
Balances at December 31, 2009		1,000			25,000			-		-		28,849			3		1,275,251			(222,952	)		(24,206	)		220,445			1,273,541
Net income		-			-			-		-		-			-		-			35,934			-			14,848			50,782
Reversal of unrealized gains upon the sale of marketable securities		-			-			-		-		-			-		-			-			(11,163	)		(864	)		(12,027	)
Changes in fair value of cash flow hedges and amortization of settlement swaps		-			-			-		-		-			-		-			-			(46,817	)		(3,620	)		(50,437	)
Changes in fair value of marketable securities		-			-			-		-		-			-		-			-			4,969			388			5,357
Issuance of common stock under:
Stock option plans		-			-			-		-		122			-		5,803			-			-			-			5,803
Sale of common stock		-			-			-		-		2,354			-		251,455			-			-			-			251,455
Equity based compensation costs		-			-			-		-		-			-		(260	)		-			-			2,474			2,214
Retirement of exchangeable bonds		-			-			-		-		-			-		(434	)		-			-			-			(434	)
Contributions of noncontrolling interest		-			-			-		-		-			-		-			-			-			4,038			4,038
Redemptions of noncontrolling interest		-			-			-		-		-			-		(16,347	)		-			-			(7,839	)		(24,186	)
Distributions to noncontrolling interest		-			-			-		-		-			-		-			-			-			(24,802	)		(24,802	)
Common and preferred stock dividends declared		-			-			-		-		-			-		-			(126,290	)		-			-			(126,290	)
Balances at December 31, 2010		1,000			25,000			-		-		31,325			3		1,515,468			(313,308	)		(77,217	)		205,068			1,355,014
Net income		-			-			-		-		-			-		-			47,070			-			10,446			57,516
Reversal of unrealized gains upon the sale of marketable securities		-			-			-		-		-			-		-			-			(4,011	)		(275	)		(4,286	)
Changes in fair value of cash flow hedges and amortization of settlement swaps		-			-			-		-		-			-		-			-			7,212			495			7,707
Changes in fair value of marketable securities		-			-			-		-		-			-		-			-			1,245			85			1,330
Issuance of common stock under:
Stock option plans		-			-			-		-		103			-		8,412			-			-			-			8,412
Sale of common stock		-			-			-		-		2,460			-		323,931			-			-			-			323,931
Equity based compensation costs		-			-			-		-		-			-		(725	)		-			-			1,598			873
Issuance of Series H Preferred		-			-			2,950		73,750		-			-		(2,541	)		-			-			-			71,209
Redemptions of Series F Preferred		(1,000	)		(25,000	)		-		-		-			-		-			-			-			-			(25,000	)
Redemptions of Series B Preferred		-			-			-		-		-			-		1,200			-			-			(80,000	)		(78,800	)
Redemptions of noncontrolling interest		-			-			-		-		-			-		(1,134	)		-			-			(4,253	)		(5,387	)
Distributions to noncontrolling interest		-			-			-		-		-			-		-			-			-			(16,963	)		(16,963	)
Common and preferred stock dividends declared		-			-			-		-		-			-		-			(141,828	)		-			-			(141,828	)
Balances at December 31, 2011		-		$	-			2,950	$	73,750		33,888		$	3	$	1,844,611		$	(408,066	)	$	(72,771	)	$	116,201		$	1,553,728

See accompanying notes to consolidated financial statements.

F-5

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Years ended December 31, 2011, 2010 and 2009

(Dollars in thousands)

	2011			2010			2009
Cash flows from operating activities:
Net income	$	57,516		$	50,782		$	53,739
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of marketable securities		(4,956	)		(12,491	)		(1,014	)
Loss (gain) on early retirement of debt		1,163			10			(4,750	)
Co-investments		7,929			1,715			(670	)
Amortization expense		11,474			4,828			4,820
Amortization of discount on marketable securities		(4,794	)		(3,714	)		(3,605	)
Amortization of discount on notes receivables		(1,757	)		(4,806	)		-
Loss on derivative instruments - ineffectiveness		-			2,301			-
Gain on sale of co-investment		(919	)		-			(530	)
Gain on the sales of real estate		(8,562	)		-			(8,729	)
Impairment loss and reserve for loan loss		-			-			13,084
Non-cash expense due to cancellation of outperformance plan		-			-			3,807
Depreciation		152,542			129,711			118,522
Equity-based compensation		2,927			3,251			3,412
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(1,172	)		(2,771	)		(2,249	)
Accounts payable and accrued liabilities		3,620			4,302			(2,364	)
Other liabilities		1,560			2,412			114
Net cash provided by operating activities		216,571			175,530			173,587
Cash flows from investing activities:
Additions to real estate:
Acquisitions of real estate		(57,478	)		(279,607	)		(16,000	)
Improvements to recent acquisitions		(16,446	)		(6,388	)		(3,210	)
Redevelopment		(45,130	)		(14,096	)		(25,812	)
Revenue generating capital expenditures		(7,616	)		(1,584	)		(855	)
Non-revenue generating capital expenditures		(26,090	)		(29,278	)		(25,722	)
Acquisition of and additions to real estate under development		(79,194	)		(155,267	)		(120,844	)
Dispositions of real estate		23,003			-			38,178
Changes in restricted cash and refundable deposits		(1,376	)		(4,414	)		11,995
Purchases of marketable securities		(8,048	)		(49,974	)		(116,402	)
Sales and maturities marketable securities		32,998			102,039			22,964
Proceeds from tax investor		-			1,223			3,762
Purchases of and advances under notes and other receivables		(12,325	)		(37,627	)		(3,424	)
Collections of notes and other receivables		884			1,855			15,728
Contributions to co-investments		(246,106	)		(79,450	)		(270	)
Non-operating distributions from co-investments		17,141			41,700			954
Net cash used in investing activities		(425,783	)		(510,868	)		(218,958	)
Cash flows from financing activities:
Borrowings under debt agreements		1,514,684			1,214,216			453,570
Repayment of debt		(1,435,135	)		(882,646	)		(199,979	)
Additions to deferred charges		(5,533	)		(4,109	)		(3,935	)
Payments to settle derivative instruments		(2,395	)		(81,282	)		-
Retirement of exchangeable bonds		-			(5,396	)		(161,084	)
Retirement of common stock		-			-			(20,271	)
Net proceeds from issuance of Preferred stock, Series H		71,209			-			-
Retirement of Series D preferred units and Series G Preferred stock		-			-			(91,703	)
Retirement of Series B preferred units and Series F Preferred stock		(103,800	)		-			-
Equity related issuance cost		(627	)		-			-
Net proceeds from stock options exercised		6,986			4,765			943
Net proceeds from issuance of common stock		323,931			251,455			198,511
Contributions from noncontrolling interest		-			4,038			-
Distributions to noncontrolling interest		(16,963	)		(24,795	)		(22,108	)
Redemption of noncontrolling interest		(5,387	)		(24,186	)		(12,720	)
Common and preferred stock dividends paid		(138,622	)		(123,629	)		(117,102	)
Net cash provided by financing activities		208,348			328,431			24,122
Net (decrease) increase in cash and cash equivalents		(864	)		(6,907	)		(21,249	)
Cash and cash equivalents at beginning of year		13,753			20,660			41,909
Cash and cash equivalents at end of year	$	12,889		$	13,753		$	20,660

(Continued)

F-6

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Years ended December 31, 2011, 2010 and 2009

(Dollars in thousands)

Supplemental disclosure of cash flow information:
Cash paid for interest, net of $8,240, $9,486, and $10,463 capitalized in 2011, 2010 and 2009, respectively	$	89,691	$	83,497	$	81,878
Supplemental disclosure of noncash investing and financing activities:
Transfer from real estate under development to rental properties	$	165,214	$	170,940	$	92,517
Transfer from real estate under development to co-investments	$	54,472		-		-
Mortgage notes assumed in connection with purchases of real estate	$	20,927		87,336		-
Note receivable settled when the company purchased the property securing the note receivable	$	-		25,750		-
Change in accrual of dividends	$	3,206	$	2,655	$	1,626
Change in fair value of derivative liabilities	$	230	$	1,907	$	42,973
Change in fair value of marketable securities	$	2,836	$	6,670	$	12,900
Change in construction payable	$	2,518	$	1,304	$	8,278

See accompanying notes to consolidated financial statements.

F-7

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(1) Organization

The accompanying consolidated financial statements present the accounts of Essex Property Trust, Inc. (the “Company”), which include the accounts of the Company and Essex Portfolio, L.P. (the “Operating Partnership,” which holds the operating assets of the Company).

The Company is the sole general partner in the Operating Partnership with a 93.8% general partner interest and the limited partners owned a 6.2% interest as of December 31, 2011.  The limited partners may convert their Operating Partnership units into an equivalent number of shares of common stock.  Total Operating Partnership units outstanding were 2,229,230 and 2,200,907 as of December 31, 2011 and 2010, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled $313.2 million and $251.4 million, as of December 31, 2011 and 2010, respectively.  The Company has reserved shares of common stock for such conversions. These conversion rights may be exercised by the limited partners at any time through 2026.

As of December 31, 2011, the Company owned or had ownership interests in 159 apartment communities, (aggregating 32,753 units), five commercial buildings, and five active development projects (collectively, the “Portfolio”).  The communities are located in Southern California (Los Angeles, Orange, Riverside, Santa Barbara, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan area.

(2) Summary of Critical and Significant Accounting Policies

(a) Principles of Consolidation

The accounts of the Company, its controlled subsidiaries and the variable interest entities (“VIEs”) in which it is the primary beneficiary are consolidated in the accompanying financial statements. All significant inter-company accounts and transactions have been eliminated.

Noncontrolling interest includes the 6.2% and 6.6% limited partner interests in the Operating Partnership not held by the Company at December 31, 2011 and 2010, respectively. These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 13).  The noncontrolling interest balance for December 31, 2010 also includes the Operating Partnership’s cumulative redeemable preferred units that were redeemed during 2011 (see Note 11).

The Company consolidates 19 DownREIT limited partnerships (comprising twelve communities), since the Company is the primary beneficiary of these variable interest entities (“VIEs”).  The consolidated total assets and liabilities related to these VIEs, net of intercompany eliminations, were approximately $215.2 million and $173.4 million, respectively, as of December 31, 2011, and $217.3 million and $168.0million, respectively, as of December 31, 2010.

The DownREIT VIEs collectively own twelve apartment communities in which Essex Management Company (“EMC”) is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests.  Such limited partners can request to be redeemed and the Company can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis.  Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under the above arrangements.  The other limited partners receive distributions based on the Company's current dividend rate times the number of units held.  Total DownREIT units outstanding were 1,063,848 and 1,096,871 as of December 31, 2011 and 2010 respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled $149.5 million and $125.3 million, as of December 31, 2011 and 2010, respectively.  As of December 31, 2011 and 2010, the carrying value of the other limited partners' interests is presented at their historical cost and is classified within noncontrolling interest in the accompanying consolidated balance sheets.

F-8

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow.  The remaining results of operations are generally allocated to the Company.

As of December 31, 2011 and 2010, the Company did not have any VIE’s of which it was not deemed to be the primary beneficiary.

(b) Real Estate Rental Properties

Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized.  Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition.  Expenditures for maintenance and repairs are charged to expense as incurred.

The depreciable life of various categories of fixed assets is as follows:
Computer software and equipment	3 - 5 years
Interior unit improvements	5 years
Land improvements and certain exterior components of real property	10 years
Real estate structures	30 years

The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property.  Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance.  Capitalization begins for predevelopment, development, and redevelopment projects when activity commences.  Capitalization ends when the apartment home is completed and the property is available for a new resident or if the development activities are put on hold.

The Company allocates the purchase price of real estate to land and building, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired, which in the case of below market leases the Company assumes lessees will elect to renew their leases.  The value of acquired in-place leases are amortized to expense over the term the Company expects to retain the acquired tenant, which is generally 20 months.

The Company performs the following evaluation for communities acquired:

(1) Adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies.

(2) estimate the value of the real estate “as if vacant” as of the acquisition date;  

(3) allocate that value among land and building;      

(4) compute the value of the difference between the “as if vacant” value and the adjusted purchase price, which will represent the total intangible assets;  

(5) compute the value of the above and below market leases and determine the associated life of the above market/ below market leases;

(6) compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets.

F-9

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property.  Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available.  Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell.  As of December 31, 2011 and 2010, no communities were classified as held for sale.

During 2009, the Company wrote-off development costs totaling $6.7 million related to two land parcels that will no longer be developed by the Company.  The costs were included in impairment and other charges in the accompanying consolidated statement of operations.  No impairment charges were recorded in 2011 or 2010.

In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction.  It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process.  The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met.  In accordance with the standard, the Company presents income and gains/losses on communities sold or held for sale as discontinued operations.  The Company’s equity in income or loss from real estate investments accounted for under the equity method of accounting remain classified in continuing operations upon disposition.  (See Note 6 for a description of the Company’s discontinued operations for 2011, 2010, and 2009).

(c) Co-investments

The Company owns investments in joint ventures (“co-investments”) in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with the accounting standards.  Therefore, the Company accounts for these investments using the equity method of accounting.  Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses.  For preferred equity investments the Company recognizes its preferred interest as its equity in earnings.

A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote distributions if certain financial return benchmarks are achieved.  Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible.  Any promote distributions are reflected in equity (loss) income in co-investments. There were no promote fees recognized in the accompanying consolidated statements of operations.

(d) Revenues and Gains on Sale of Real Estate

Revenues from tenants renting or leasing apartment units are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis.  Units are rented under short-term leases (generally, lease terms of 6 to 12 months) and may provide no rent for one or two months, depending on the market conditions and leasing practices of the Company’s competitors in each sub-market at the time the leases are executed.   Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease.

The Company recognizes gains on sales of real estate when a contract is in place, a closing has taken place, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company does not have a substantial continuing involvement in the property.

F-10

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(e) Cash Equivalents and Restricted Cash

Highly liquid investments with maturities of three months or less when purchased are classified as cash equivalents.  Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt.

(f)  Marketable Securities

The Company reports its available for sale securities at fair value, based on quoted market prices (Level 2 for the unsecured bonds and Level 1 for the common stock and investment funds, as defined by the Financial Accounting Standards Board (“FASB”) standard for fair value measurements as discussed later in Note 2), and any unrealized gain or loss is recorded as other comprehensive income (loss).  There were no impairment charges for the years ended December 31, 2011, 2010 and 2009.  Realized gains and losses, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statement of operations.

As of December 31, 2011 and 2010, marketable securities consisted primarily of investment-grade unsecured bonds, common stock, investments in mortgage backed securities and investment funds that invest in U.S. treasury or agency securities.  As of December 31, 2011 and 2010, the Company classified its investments in mortgage backed securities, which mature in November 2019 and September 2020, as held to maturity, and accordingly, these securities are stated at their amortized cost.  The estimated fair values of the mortgage backed securities (Level 2 securities) are approximately equal to the carrying values.

As of December 31, 2011 and 2010 marketable securities consist of the following ($ in thousands):

	December 31, 2011
			Gross
	Amortized		Unrealized
	Cost		Gain(Loss)		Fair Value
Available for sale:
Investment-grade unsecured bonds	$	3,615	$	399	$	4,014
Investment funds - US treasuries		11,783		121		11,904
Common stock		10,067		1,552		11,619
Held to maturity:
Mortgage backed securities		46,738		-		46,738
Total	$	72,203	$	2,072	$	74,275

	December 31, 2010
			Gross
	Amortized		Unrealized
	Cost		Gain		Fair Value
Available for sale:
Investment-grade unsecured bonds	$	22,243	$	4,403	$	26,646
Investment funds - US treasuries		14,345		582		14,927
Common stock		8,638		112		8,750
Held to maturity:
Mortgage backed securities		41,987		-		41,987
Total	$	87,213	$	5,097	$	92,310

F-11

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold.  For the years ended December 31, 2011, 2010 and 2009, the proceeds from sales of available for sale securities totaled $33.0 million, $102.0 million and $23.0 million, respectively.  These sales all resulted in gains, which totaled $5.0 million, $12.4 million and $1.0 million for the years ended December 31, 2011, 2010 and 2009, respectively.

(g) Notes Receivable

Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate.  Interest is recognized over the life of the note.

Each note is analyzed to determine if it is impaired.  A note is impaired if it is probable that the Company will not collect all principal and interest contractually due.  The Company does not accrue interest when a note is considered impaired and a loan allowance is recorded for any principal and previously accrued interest that are not believed to be collectable. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income.   As of December 31, 2011 and 2010, no notes are impaired.

(h) Interest and Other Income

Interest income is generated primarily from cash balances and marketable securities as well as notes receivables.  Other income primarily consists of gains on sales of marketable securities.  Total interest and other income are comprised of the following for the years ended December 31 ($ in thousands):

	2011		2010		2009
Interest income	$	10,501	$	15,350	$	11,841
Gains on sales of marketable securities		4,956		12,491		1,014
Tax benefit - Taxable REIT Subsidiary		1,682		-		-
Other income		-		-		185
	$	17,139	$	27,841	$	13,040

(i) Fair Value of Financial Instruments

The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements.  Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability.   Level 3 inputs are unobservable inputs for the asset or liability.  The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities.  The Company uses Level 2 inputs for its investments in unsecured bonds, mortgage backed securities, notes receivable, notes payable, and derivative liabilities.  These inputs include interest rates for similar financial instruments.  The Company’s valuation methodology for derivatives is described in more detail in Note 9.  The Company's valuation methodology for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community is described in detail in Note 9.  The Company does not use Level 3 inputs to estimate fair values of any of its financial instruments.  The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. 

Management believes that the carrying amounts of its amounts outstanding under lines of credit, notes receivable and other receivables approximate fair value as of December 31, 2011 and 2010, because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments.  Management has estimated that the fair value of the Company’s $1.77 billion and $1.56 billion of fixed rate debt at December 31, 2011 and 2010, respectively, to be $1.88 billion and $1.58 billion.  Management has estimated the fair value of the Company’s $593.7 million and $695.2 million of variable rate debt at December 31, 2011 and 2010, respectively, is $572.3 million and $672.8 million based on the terms of the Company’s existing variable rate debt compared to those available in the marketplace.  Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, dividends payable and other liabilities approximate fair value as of December 31, 2011 and 2010 due to the short-term maturity of these instruments.  Marketable securities, and both the note payable and the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community are carried at fair value as of December 31, 2011 and 2010, as discussed above and in Note 9.

F-12

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(j) Interest Rate Protection, Swap, and Forward Contracts

The Company uses interest rate swaps, interest rate cap contracts, and forward starting swaps to manage interest rate risks.  As of December 31, 2011, there were no outstanding forward starting swaps.  The valuation of these derivative instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of  forward starting interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) were based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.  The Company records all derivatives on its consolidated balance sheet at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation.   Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges.  Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings.  For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings.  The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction.

For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings.  All of the Company’s interest rate swaps and interest rate caps are considered cash flow hedges except for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community as described in detail in Note 9.  The Company did not have any fair value hedges during the years end December 31, 2011, 2010 and 2009.

The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks.  To accomplish this objective, the Company primarily used interest rate swaps and interest rate forward-starting swaps as part of its cash flow hedging strategy.  The Company was hedging its exposure to the variability in future cash flows for a portion of its forecasted transactions.

(k) Deferred Charges

Deferred charges are principally comprised of loan fees and related costs which are amortized over the terms of the related borrowing in a manner which approximates the effective interest method.

F-13

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(l) Income Taxes

Generally in any year in which the Company qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code (the “IRC”), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2011 as the Company has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude the Company from paying federal income tax.

In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiariesfor various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. The activities and tax related provisions, assets and liabilities are not material.

The status of cash dividends distributed for the years ended December 31, 2011, 2010, and 2009 related to common stock, Series H, Series F, and Series G preferred stock are classified for tax purposes as follows:

	2011			2010			2009
Common Stock
Ordinary income		63.68	%		82.46	%		79.82	%
Capital gain		11.16	%		5.61	%		15.76	%
Unrecaptured section 1250 capital gain		0.74	%		100.00	%		4.42	%
Return of capital		24.42	%		11.93	%		100.00	%
		100.00	%		100.00	%		100.00	%

	2011			2010			2009
Series F, G, and H Preferred stock
Ordinary income		100.00	%		93.63	%		79.82	%
Capital gains		0.00	%		6.37	%		15.76	%
Unrecaptured section 1250 capital gain		0.00	%		0.00	%		4.42	%
Return of capital		0.00	%		0.00	%		0.00	%
		100.00	%		100.00	%		100.00	%

(m) Preferred Stock

The Company’s Series G Cumulative Convertible Preferred Stock (“ Series G Preferred Stock”)  contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur.  The redemption under these provisions is not solely within the Company’s control, thus the Company has classified the Series G Preferred Stock as temporary equity in the accompanying consolidated balance sheets.

The Company’s Series H Cumulative Redeemable Preferred Stock (“Series H Preferred Stock”), issued during 2011, contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur.  The redemption under these provisions is within the Company’s control, and thus the Company has classified the Series H Preferred Stock as permanent equity in the accompanying consolidated balance sheets as of December 31, 2011.  The same was true for the Series F Cumulative Redeemable Preferred Stock that was redeemed during 2011 and is classified as permanent equity as of December 31, 2010.

(n) Equity-based Compensation

The cost of share and unit based compensation awards is measured at the grant date based on the estimated fair value of the awards.  The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period.  The estimated grant date fair values of the long term incentive plan units (discussed in Note 13) are being amortized over the expected service periods.

F-14

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(o) Accounting Estimates and Reclassifications

The preparation of consolidated financial statements, in accordance with U.S. generally accepted accounting principles (“GAAP”), requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivable and its qualification as a REIT.  The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Reclassifications for discontinued operations for the years ended December 31, 2010 and 2009 and fully depreciated assets as of December 31, 2010 have been made to prior year balances in order to conform to the current year presentation.  Additionally, the Company has reclassified cost of management and other fees from general and administrative expenses for the years ended December 31, 2010, and 2009, respectively, to conform to current year presentation.  Such reclassifications have no impact on reported earnings, cash flows, total assets or total liabilities.

(3) Real Estate Investments

(a) Acquisitions of Real Estate

For the year ended December 31, 2011, the Company purchased five communities consisting of 386-units for $103.3 million.  The Company also acquired a property that is operated as a retail property that the Company plans to develop as a community in the future.

During the first quarter of 2011, the Company acquired Santee Village, a 73-unit adaptive re-use condominium community located in downtown Los Angeles for $17.0 million.  This community is adjacent to the Santee Court apartments acquired in 2010.  Also, during the quarter, the Company purchased 1000 Kiely, a 121-unit garden-style community located in Santa Clara, California for $31.4 million.

During the second quarter of 2011, the Company acquired Bellerive, a completed 63-unit vacant condominium project that the Company operates as a rental community located in West Los Angeles for $27.0 million.  Also during the second quarter, the Company invested $20.6 million in the purchase of Santa Clara Retail which is secured by a mortgage loan due in April 2014 at an interest rate that is currently at 5.0%.  The plans for this project are to entitle a portion of the site for 494 apartment units.  The site is currently improved with retail space that is 100% leased.

During the third quarter of 2011, the Company acquired the Bernard, a 63-unit community located in the Lower Queen Anne district of Seattle, Washington for $13.8 million. As part of the transaction, the Company assumed a $9.4 million loan secured by the property at a fixed rate of 6.0% which matures in January 2019.

During the fourth quarter 2011, the Company acquired Delano, a 66-unit community located in Redmond, Washington for $14.1 million.

F-15

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

For the year ended December 31, 2010, the Company purchased eleven communities for approximately $456.3 million, consisting of the following communities ($ in thousands):

Communities	Purchase Price		Units		Quarter Acquired
416 @ Broadway	$	43,000		115		Q4 2010
Anavia		80,600		250		Q4 2010
Santee Court		31,100		165		Q4 2010
Courtyard off Main		30,000		110		Q4 2010
Corbella at Juanita Bay		23,400		169		Q4 2010
Allegro		29,850		97		Q4 2010
101 San Fernando		64,100		323		Q3 2010
The Commons		42,500		264		Q3 2010
Bella Villagio		54,000		231		Q3 2010
Muse		39,100		152		Q3 2010
Elevation		18,600		156		Q2 2010
Total 2010 purchases	$	456,250		2,032

(b) Sales of Real Estate investments

For the year ended December 31, 2011, the Company sold $23.4 million of real estate which resulted in a gain of $8.4 million.  The Company also sold a land parcel that was previously held for future development.

During the second quarter of 2011, the Company disposed of Woodlawn Colonial, a 159-unit community located in Chula Vista, California for $16.0 million which resulted in a gain of $5.2 million.  The property was purchased in 2002 as part of the John M. Sachs, Inc. merger.

During the third quarter 2011, the Company sold the View Pointe land parcel located in Newcastle, Washington for net proceeds of $1.4 million and a gain of $0.2 million.

During the fourth quarter of 2011, the Company sold the Clarendon office building in Woodland Hills, California for $7.4 million which resulted in a gain of $3.2 million on the sale.

No communities were held for sale as of December 31, 2011 and 2010.

(c) Co-investments

The Company has joint venture investments in co-investments which are accounted for under the equity method.  The joint ventures own, operate and develop apartment communities.

Wesco I, LLC

During 2011, the Company entered into a 50/50 programmatic joint venture, Wesco, I LLC (“Wesco I”), with an institutional partner for a total equity commitment from the partners of $200.0 million.  Each partner’s equity commitment is $100.0 million.   The Company has contributed $78.3 million to Wesco I, and as of December 31, 2011, Wesco I owned six apartment communities with 2,013 units for an aggregate purchase price of $429.2 million.

F-16

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

During the second quarter 2011, Wesco I acquired Arbors Parc Rose, a 373-unit community located in Oxnard, California for $92.0 million.  Wesco I obtained a $100.0 million line of credit at a rate of LIBOR + 2.3%, and Wesco I obtained secured mortgage loans totaling $59.9 million at 4.7% secured by Arbors Parc Rose for 10 years in June.

During the third quarter of 2011, Wesco I acquired Reveal (formerly Millennium at Warner Center), a 438-unit community located in the Canoga Park area of Los Angeles county.  The property, which was completed in 2010, was acquired for $132.9 million.  Wesco I obtained a mortgage loan for $78.7 million at LIBOR + 1.9% secured by Reveal with a maturity of two years with two 1-year extensions.  Also, during the quarter, the Company acquired Redmond Hill, a group of four communities built between 1985 and 2003 consisting of 882-units in Redmond, Washington.  The properties, are operated as two separate communities, were acquired for $151.3 million through the Company’s joint venture, Wesco I.  In conjunction with the acquisition, Wesco I obtained two 10-year loans totaling $97.1 million secured by Redmond Hill at a fixed rate of 4.06%. 

During the fourth quarter of 2011, Wesco I acquired Briarwood for $27.8 million.  The property is a 160-unit community located in Fremont, California that was built in 1979.  Wesco I intends to renovate the exterior of the community and complete interior renovations for an estimated total cost of $5.9 million.  Wesco I obtained a $19.3 million mortgage loan at a rate of 3.93% secured by the community for a term of 10 years.  Also, during the quarter, Wesco I acquired The Woods for $25.2 million.  The property is a 160-unit community built in 1978 and located less than a half mile from Briarwood, in Fremont, California.  Wesco I assumed a $13.5 million loan secured by the property at a rate of 6.04% that matures in September 2016.

Essex Apartment Value Fund II, L.P.

Essex Apartment Value Fund II, L.P. (“Fund II”), has eight institutional investors with combined partner equity contributions of $265.9 million.  The Company contributed $75.0 million to Fund II, which represents a 28.2% interest as general partner and limited partner.  Fund II utilized debt as leverage equal to approximately 55% upon the initial acquisition of the underlying real estate.  Fund II invested in apartment communities in the Company’s targeted West Coast markets with an emphasis on investment opportunities in the Seattle metropolitan area and the San Francisco Bay Area.  As of October 2006, Fund II was fully invested and closed for any future acquisitions or development.  As of December 31, 2011 and 2010, Fund II owned fourteen apartment communities. No communities have been sold by Fund II.

Essex Skyline at MacArthur Place

During the first quarter of 2010, the Company entered into a joint venture that acquired Essex Skyline at MacArthur Place, a new 349-unit high rise condominium project that is operated as an apartment community.  The property is located in Santa Ana, California and the acquisition price was $128 million.  The Company acquired a 50% interest in the joint venture and accounts for this co-investment on the equity method, and the Company earned a fee of $0.5 million for the acquisition of the property.  The Company receives management fees and may earn a promoted interest if certain financial hurdles are achieved by the joint venture for the management and sale of the property.

Canada Pension Plan Investment Board – Joint Venture Developments

During the second quarter 2011, the Company entered into a joint venture with the Canada Pension Plan Investment Board (“CPPIB”) to develop its Cadence site located in San Jose, California.  The Company contributed the land to the joint venture, and the Company accounts for this joint venture using the equity method.  The Company holds a 55% interest in the joint venture and will earn development, asset, and property management fees.  The Company may also earn a promoted interest.

F-17

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

During the third quarter 2011, the Company entered into another joint venture with the CPPIB to develop a 309-unit community located in West Dublin, California.  The Company contributed the land to the joint venture, and the Company accounts for this joint venture on the equity method.  The Company holds a 55% interest in the venture and will earn development, asset and property management fees, and may earn a promoted interest.

Fountain and Santa Monica at La Brea – Joint Venture Developments

During the third quarter 2011, the Company entered into a development joint venture with a regional developer for the construction of Fountain at La Brea, a 187-unit community with approximately 18,200 square feet of retail located in West Hollywood, California.  The regional developer contributed the land and the Company contributed approximately $9.0 million in cash for a 50% interest in the venture.  The joint venture obtained bond financing for the project in the amount of $54.5 million with a maturity date of October 2046 and entered into an interest rate swap transaction with respect to the bonds that terminates in September 2016 that effectively converts the interest rate to SIFMA plus 150 basis points through December 2016.

In the fourth quarter 2011, the Company entered into another development joint venture with the same regional developer for the construction of Santa Monica at La Brea, a 184-unit apartment community with approximately 12,750 square feet of retail located in West Hollywood, California.  The 50/50 joint venture was created with the contribution of $5.8 million by the Company and the contribution of entitled land by the regional developer.  The joint venture secured bond financing in the amount of $59.9 million, maturing in December 2046.  The joint venture entered into a total return swap agreement that effectively converts the interest rate to SIFMA plus 150 basis points through December 2016.

Debt is joint and several.  Additionally, if either partner fails to make capital contributions to one of these joint ventures in certain instances, then the ownership interest of the defaulting partner in the other joint venture may be reduced.

Queen Anne – Joint Venture Development

During December 2010, the Company entered into a development joint venture with a partner who contributed a land parcel during the first quarter of 2011 in return for a 50% interest in the venture and the Company contributed cash equal to the value of the land in return for a 50% interest in the joint venture. The 275-unit community under development is located in Seattle, Washington.  Queen Anne obtained a $45.0 million construction loan at a rate of LIBOR plus 195 basis points, due July 2014, with two one-year extension options exercisable at the Company’s option.

Preferred Equity Investments

During first quarter 2011, the Company invested $9.7 million as preferred equity investments in two apartment communities located in downtown Los Angeles.  The investments are for ten years with a preferred return of 9% for five years, increasing to a minimum of 10% and a maximum of 12.5% thereafter.

During the second quarter of 2011, the Company completed a $13.0 million preferred equity investment in an entity owning an apartment community located in downtown Los Angeles.  The Company’s preferred return is 10% and the Company’s investment has a five-year term.

During the third quarter of 2011, the Company sold its preferred stock investments in MyNewPlace.com, a real estate technology company for net proceeds of $1.6 million and a gain of $0.9 million.

During the fourth quarter of 2011, the Company entered into a 50/50 joint venture with an institutional partner, Wesco II, LLC (“Wesco II”), which in turn closed a $175 million preferred equity investment in Park Merced, a 3,221-unit apartment community located in San Francisco, California.  The preferred equity investment has a stated term of 7 years and a preferred return of 10.1%.  The investment cannot be repaid during the first two years, and there is a prepayment penalty in the third through the fifth year of the investment.  The community is encumbered with a $450 million senior mortgage loan with a fixed interest rate of 3.83%.  The senior loan represents roughly a 60% loan to value, and the projected debt service coverage is approximately 110% including Wesco II’s preferred equity investment (unaudited).

F-18

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

During the third quarter of 2010, the Company invested $12.0 million as a preferred equity interest investment in a related party entity that owns a 768-unit apartment community in Anaheim, California.  The preferred return is 13% for the first five years and 15% thereafter.

During the first quarter of 2009, the Company wrote-off its $5.8 million investment in a development joint venture and the write-off is included in impairment and other charges in the accompanying consolidated statement of operations for the year ended December 31, 2009.  This investment was held by a taxable REIT subsidiary.  During the fourth quarter of 2011, an income tax benefit of $1.6 million was recognized for the 2009 write-off when the “more likely than not” hurdle was achieved.  The $1.6 million benefit is included in interest and other income in the accompany consolidated statement of operations for the year ended December 31, 2011.

The carrying values of the Company’s co-investments as of December 31, 2011 and 2010 are as follows ($ in thousands):

	2011		2010
Investments in joint ventures accounted for under the equity method of accounting:
Membership interest in Wesco I	$	75,588	$	-
Partnership interest in Fund II		64,294		66,000
Membership interest in a limited liability company that owns
Essex Skyline at MacArthur Place		24,063		29,187
Total operating co-investments		163,945		95,187
Membership interests in limited liability companies that own and are developing Cadence and West Dublin		62,897		-
Membership interest in a limited liability company that owns and is developing Queen Anne		17,981		-
Membership interests in limited liability companies that own and are developing Fountain at La Brea and Santa Monica at La Brea		15,194		-
Total development co-investments		96,072		-
Membership interest in Wesco II that owns a preferred equity interest in Park Merced with a perferred return of 10.1%		88,075		-
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10%		22,792		-
Preferred interest in a related limited liability company that owns
Madison Park at Anaheim with a preferred return of 13%		12,528		12,014
Total preferred interest investments		123,395		12,014
Investments accounted for under the cost method of accounting:
Series A and B-2 Preferred Stock interests in Multifamily Technology Solutions, Inc.		-		639
Total co-investments	$	383,412	$	107,840

F-19

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

The combined summarized financial information of co-investments, which are accounted for under the equity method, is as follows ($ in thousands):

	December 31,
	2011		2010
Balance Sheets:
Rental properties and real estate under development	$	1,659,078	$	750,808
Other assets		63,847		15,864
Total assets	$	1,722,925	$	766,672
Debt	$	900,095	$	450,693
Other liabilities		48,518		7,076
Equity		774,312		308,903
Total liabilities and partners' equity	$	1,722,925	$	766,672
Company's share of equity	$	383,412	$	107,201

	Years ended
	December 31,
	2011			2010			2009
Statements of operations:
Property revenues	$	106,386		$	54,699		$	47,201
Property operating expenses		(43,066	)		(24,098	)		(18,450	)
Net operating income		63,320			30,601			28,751
Interest expense		(27,843	)		(13,619	)		(10,805	)
General and administrative		(1,748	)		(709	)		(294	)
Depreciation and amortization		(44,412	)		(20,850	)		(15,656	)
Net (loss) income	$	(10,683	)	$	(4,577	)	$	1,996
Company's share of net (loss) income	$	(467	)	$	(1,715	)	$	670

(d) Real Estate For Development

The Company defines real estate under development activities as new communities that are in various stages of active development, or the community is in lease-up and phases of the project are not completed.  As of December 31, 2011, the Company had no active consolidated developments and five active joint venture development projects comprised of 1,235 units for an estimated cost of $422.6 million, of which $282.6 million remains to be expended.

The Company defines the predevelopment pipeline as new communities in negotiation or in the entitlement process with a high likelihood of becoming development activities.  As of December 31, 2011, the Company had an investment interest in a joint venture that owns one development community aggregating 481 units that was classified as a predevelopment project.  The Company had incurred $42.8 million in costs for the joint venture predevelopment property at December 31, 2011.  The Company owns land in various stages of entitlement that is being held for future development or sale aggregating 298 units as of December 31, 2011.  The Company had incurred $44.3 million in costs related to this land held for future development or sale.

F-20

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(4) Notes and Other Receivables

Notes receivables, secured by real estate, and other receivables consist of the following as December 31, 2011 and 2010 ($ in thousands):

	2011		2010
Note receivable, secured, bearing interest at 9.8%, paid in full January 2012	$	7,331	$	7,331
Note receivable, secured, bearing interest at 5.0%, due November 2012		12,428		-
Note receivable, secured, bearing interest at 8.8%, due December 2012		10,928		10,930
Note receivable, secured, bearing interest at LIBOR + 8.0%, due December 2012		6,422		6,513
Note receivable, secured, bearing interest at 8.0%, due November 2013		971		971
Note receivable, secured, bearing interest at 6.5%, due December 2014		3,221		3,221
Note receivable, secured, bearing interest at 6.3%, due June 2017		17,646		16,708
Note receivable from affiliates		2,734		531
Other receivables		4,688		3,239
	$	66,369	$	49,444

During the fourth quarter 2011, the Company originated a loan secured by land located in San Mateo, California.  The loan of $12.4 million has an interest rate of 5% and is due to mature in November 2012.  The loan was originated with a purchase and sale agreement that gives the Company an option to acquire the property during 2012 and develop a community with 197 units.

In the second quarter of 2010, the Company purchased a loan secured by Santee Court located in Los Angeles, California. This $25.7 million loan, with an October 2010 maturity date, was purchased at a discount for $21.0 million and the discount was accreted to interest income.  In late October 2010, the Company purchased the property for $31.1 million in a multiple bid process.

In the fourth quarter 2010, the Company purchased a mortgage note receivable at a discount to par value for $16.6 million secured by Reserve Lofts, a 78-unit condominium community operated as a rental property, located in Los Angeles, California.  Amounts outstanding under the terms of the loan totaled $19.2 million.    This note was amended during the first quarter of 2011 to accelerate the maturity date to February 2014 with an 18 month extension option at a stated interest rate of 6.3%; which resulted in a change in the effective yield to the Company from 8.4% to 9.6%.

In January 2012 the mortgage loan secured by California Hill was paid off in full for $7.3 million.

(5) Related Party Transactions

Management and other fees from affiliates is comprised primarily of asset management, property management, development and redevelopment fees from co-investments.  These fees to affiliates total $6.8 million, $4.1 million, and $4.3 million for the years ended December 31, 2011, 2010, and 2009, respectively, and a property acquisition fee of $0.5 million from the limited liability company that owns Skyline at MacArthur Place for the year ended December 31, 2010.  All of these fees are net of intercompany amounts eliminated by the Company.

The Company’s Chairman and founder, Mr. George Marcus, is the Chairman of The Marcus & Millichap Company (“TMMC”).  During the third quarter of 2010, the Company invested $12.0 million as a preferred equity interest investment in a related party entity that owns a 768-unit apartment community in Anaheim, California.  The entity that owns the property is an affiliate of TMCC.  The Company’s independent directors approved the investment in this entity.  The preferred return for this investment during the first five years is 13% per annum, and the preferred return increases to 15% thereafter.

F-21

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

During the second quarter of 2010, the independent directors approved the partial redemption for cash by the Operating Partnership of limited Operating Partnership units that were held Mr. Marcus, at $106.76 per unit representing a 2% discount from the closing price of the Company’s common stock on May 17, 2010.  The Operating Partnership purchased 187,334 units from Mr. Marcus.  Under the Operating Partnership’s partnership agreement, limited partnership units are exchangeable on a one-for-one basis into shares of the Company’s common stock, or at the Company’s option, for cash.

An Executive Vice President of the Company invested $4.0 million for a 6% limited partnership interest in a partnership with the Company that acquired a 50% interest in a limited liability company that acquired Essex Skyline at MacArthur Place.  The Executive Vice President’s investment is equal to a pro-rata share of the contributions, and distributions resulting from distributable cash generated by Essex Skyline at MacArthur Place will be calculated in the same manner as the calculation of distributions to the third party investor.  The Executive Vice President does not participate in any promote interest or fees paid to the Company by the Essex Skyline at MacArthur Place joint venture.

(6) Discontinued Operations

During 2011, the Company sold one apartment community, Woodlawn Colonial, and one office building, Clarendon, for a total of $23.4 million resulting in gains totaling $8.4 million.  As of December 31, 2011 and 2010 no communities were held for sale.

During 2009, the Company sold five communities, Maple Leaf, Spring Lake, Mountain View, Carlton Heights Villas and Grand Regency totaling 353 units, for $38.0 million resulting in gains totaling $8.7 million.

The Company has recorded the gains and operations for these various assets sold as part of discontinued operations in the accompanying consolidated statements of operations.  The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets ($ in thousands):

	2011			2010			2009
Revenues (1)	$	4,081		$	5,453		$	7,504
Property operating expenses (1)		(1,861	)		(2,342	)		(3,007	)
Depreciation and amortization		(1,115	)		(1,491	)		(1,980	)
Expenses		(2,976	)		(3,833	)		(4,987	)
Operating income from real estate sold		1,105			1,620			2,517
Gain on sale of real estate		8,382			-			8,626
Internal disposition costs		(839	)		-			(683	)
Income from discontinued operations	$	8,648		$	1,620		$	10,460

(1) For 2011, 2010 and 2009, discontinued operations consisted of the operating results of Woodland Colonial and Clarendon properties sold in 2011 and the operating results of Tierra del Sol/Norte and Alpine Country which were sold in 2012.

F-22

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(7) Mortgage Notes Payable

Mortgage notes payable consist of the following as of December 31, 2011 and 2010 ($ in thousands):

	2011		2010
Mortgage notes payable, secured by deeds of trust, bearing interest at ranges ranging from 4.9% to 7.4% as of December 31, 2011 principal and interest payments due monthly, and maturity dates ranging from August 2012 through April 2021	$	1,502,208	$	1,563,513
Multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 2.0% at December 2011 and 2.1% at December 2010), plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from June 2012 through December 2039.  Of these bonds $187.8 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds		243,650		269,232
	$	1,745,858	$	1,832,745

The aggregate scheduled principal payments of mortgage notes payable are as follows ($ in thousands):

2012	$	35,953
2013		215,583
2014		77,179
2015		70,305
2016		12,907
Thereafter		1,333,931
	$	1,745,858

For the Company’s mortgage notes payable as of December 31, 2011, monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $7.0 million and $1.9 million, respectively.  Second deeds of trust accounted for $110.7 million of the $1.7 billion in mortgage notes payable as of December 31, 2011.  Repayment of debt before the scheduled maturity date could result in prepayment penalties.  The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the mortgage note payable which is calculated by multiplying the principal being prepaid by the difference between the interest rate of the mortgage note and the stated yield rate on a specified U.S. treasury security as defined in the mortgage note agreement.  (See Schedule III for a list of mortgage loans related to each community in the Company’s Portfolio.)

The Company has elected the fair value option for certain tax-exempt bonds assumed during 2010.  The initial fair value was $35.2 million and the fair value as of December 31, 2011 and 2010 was $35.3 million and $32.9 million, respectively.  The change in fair value of the debt is offset by the change in value of the total return swap for this debt.  This total return swap is discussed in Note 9.

In the fourth quarter of 2010, the Company entered into a 10-year $207.2 million term credit facility with Fannie Mae secured by seven communities at a fixed rate of 4.3%.  Interest expense is recorded on the debt at an effective interest rate of 6.8% as a result of settlement of forward-starting swaps.  Communities may be substituted or released from the facility based on certain loan to value and debt service coverage ratios, as defined in the credit facility agreement.

The Company has repurchased the remaining $4.9 million of its exchangeable bonds during 2010 and recognized a loss of $10 thousand in 2010.  Gains of $4.8 million for the year ended December 31, 2009 were recognized for exchangeable bonds repurchased in that year.

F-23

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(8) Unsecured Debt and Lines of Credit

The Company has two lines of credit aggregating $440.0 million as of December 31, 2011.  The Company has a $425.0 million unsecured line of credit with an accordion option to $500.0 million.  As of December 31, 2011 there was a $150.0 million balance on this unsecured line.  The underlying interest rate on the $425.0 million line is based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility and the rate was LIBOR plus 1.25% as of December 31, 2011.  This facility matures in December 2014 with two one-year extensions, exercisable by the Company.  During the first quarter of 2011, the Company entered into a new working capital unsecured line of credit agreement for $15.0 million.  As of December 31, 2011 there was no balance outstanding on this unsecured line.  The underlying interest rate on the $15.0 million line is based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility of LIBOR plus 1.25%.  This facility matured in January 2012.  During January 2012, the Company renegotiated the terms of the line of credit increasing the borrowing limit to $25.0 million and extended the term of the loan to January 2014, with a one year extension option.

The Company had a $250.0 million credit facility from Freddie Mac, which was secured by eleven apartment communities.  The Company elected to terminate the line of credit in the fourth quarter 2011 and expensed the related unamortized deferred finance charges totaling $0.6 million as loss on early retirement of debt.

During the 2011, the Company issued $265 million of unsecured bonds through private placements at an average interest rate of 4.5%, $150.0 million in the first quarter at 4.36% due in 2016, $40.0 million in the second quarter at 4.5% due in 2017, and $75.0 million, also in the second quarter, at 4.92% due in 2019.

During the fourth quarter of 2011, the Company closed a five year, $200 million unsecured term loan.  The term loan has a variable interest rate of LIBOR plus 1.4%.  In conjunction with this transaction the Company has entered into interest rate swap contracts for a term of five years with a total notional amount of $150 million that effectively convert the borrowing rate on $150 million of the $200 million term loan to a fixed rate of 2.66%.

The Company’s unsecured line of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization.  The Company was in compliance with the debt covenants as of December 31, 2011 and 2010.

(9) Derivative Instruments and Hedging Activities

The Company uses interest rate swaps and interest rate cap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.

During the fourth quarter of 2011, the Company entered into four interest rate swap contracts with an aggregate notional amount of $150.0 million that effectively fixed the interest rate on $150.0 million of the $200.0 million unsecured term loan at 2.66% through November 2016.  These derivatives qualify for hedge accounting.  As of December 31, 2011 the Company also had twelve interest rate cap contracts totaling a notional amount of $187.8 million that qualify for hedge accounting as they effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying variable interest rate for $202.7 million of the Company’s tax exempt variable rate debt.  The aggregate carrying value of the interest rate swap contracts was a liability of $1.4 million and the aggregate carrying value of the interest rate cap contracts was an asset of $0.2 million.

F-24

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

During the first quarter of 2011, the Company settled its remaining $20.0 million forward starting swap contract for $2.3 million which was applied to the $32.0 million mortgage obtained in February 2011, increasing the effective borrowing rate from 5.4% to 6.2%.

During 2010, the Company settled $355 million in forward-starting swap contracts for $81.3 million, which was applied to 10-year mortgage loans obtained in 2010.  The settlement of the forward-starting swaps increased the average effective interest rate on the 2010 mortgage loans from 4.5% to 6.8%.   During 2010, the Company incurred $2.3 million in expense related to the ineffectiveness of certain of the settled forward-starting swap hedges, which is included in impairment and other charges in the accompanying consolidated statement of operations for the year ended December 31, 2010.  No hedge ineffectiveness on cash flow hedges was incurred during the years ended December 31, 2011 and 2009.

During July 2010, the Company entered into a swap transaction (the “Swap”) with respect to $38.0 million of tax-exempt bonds for the 101 San Fernando apartment community (the “Bonds”) with Citibank, N.A. (“Citibank”).  This swap is not designated as a hedge; accordingly the change in fair value of the swap is recorded as a gain or loss in the Company’s consolidated statement of operations.  Under the terms of the Swap, the Company pays a variable amount equal to the SIFMA Index plus a fixed spread on a notional amount that starts at $35.2 million and over the three-year term of the swap increases ratably to $38.0 million.  In return, Citibank pays an amount equal to the coupon on the Bonds multiplied by the outstanding par value of the bonds, $38.0 million.  The Swap has a termination date of July 12, 2013 and may be terminated by the Company at anytime commencing in July 2011 and by Citibank if certain events occur.  Upon termination of the swap, whether early or on the stated termination date, a payment based on the change in value of the Bonds will occur.  Should the Bonds decline in value from the $35.2 million value of the Bonds at the inception of the swap, the Company will be obligated to make a payment equal to 100% of the price depreciation.  Should the Bonds increase in value, Citibank will be obligated to make a payment equal to approximately 85% of the price appreciation. As of December 31, 2011 and 2010, the fair value of the swap was a liability of $1.8 million and $3.0 million, respectively.

(10) Lease Agreements

As of December 31, 2011 the Company is a lessor for three commercial buildings and the commercial portions of 19 mixed use communities. The tenants’ lease terms expire at various times through 2024.  The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands):

	Future
	Minimum
	Rent
2012	$	6,778
2013		6,772
2014		6,735
2015		5,404
2016		3,259
Thereafter		16,301
	$	45,249

F-25

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(11) Equity Transactions

Preferred Securities Offerings

As of December 31, 2011, the Company, has the following cumulative preferred securities outstanding:

		Shares	Shares	Liquidation
Description	Issue Date	Authorized	Outstanding	Preference
7.125% Series H	April 2011	8,000,000 shares	2,950,000 shares	$         73,750
4.875% Series G	July 2006	5,980,000 shares	178,249 shares	$           4,456

Dividends on the preferred securities are payable quarterly. The holders of the securities have limited voting rights if the required dividends are in arrears.

During the second quarter of 2011, 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 $71.2 million, net of costs and original issuance discounts.  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. (“Series B”) with a liquidation value of $80.0 million, which resulted in excess of cash paid of $1.0 million over the carrying value of Series B due to deferred offering costs and original issuance discounts.

Also during the second quarter of 2011, the Company redeemed its 7.8125% Series F Preferred Stock (“Series F”) at liquidation value for $25.0 million which resulted in excess of cash paid of $0.9 million over the carrying value of Series F due to deferred offering costs and original issuance discounts.

During the third quarter of 2006, the Company sold 5,980,000 shares of 4.875% Series G Cumulative Convertible Preferred Stock (“Series G Preferred Stock”) for gross proceeds of $149.5 million.  Holders may convert Series G Preferred Stock into shares of the Company’s common stock subject to certain conditions.  The conversion rate was initially .1830 shares of common stock per the $25 share liquidation preference, which is equivalent to an initial conversion price of approximately $136.62 per share of common stock (the conversion rate will be subject to adjustment upon the occurrence of specified events).  On or after July 31, 2011, the Company may, under certain circumstances, cause some or all of the Series G Preferred Stock to be converted into that number of shares of common stock at the then prevailing conversion rate.  As of December 31, 2011 and 2010, shares of Series G Preferred Stock with an aggregate liquidation value of $4.5 million were outstanding.

Common Stock Offerings

For the year ended December 31, 2011, the Company issued 2.5 million shares of common stock at an average price of $133.29, for $323.9 million, net of fees and commissions.  During 2010 and 2009, the Company issued 2.4 million and 2.7 million shares of common stock for $251.4 million and $198.5 million, net of fees and commissions, respectively.  The Company used the net proceeds from such sales to pay down debt, repurchase preferred stock, fund redevelopment and development pipelines, fund acquisitions, and for general corporate purposes.

F-26

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(12) Net Income Per Common Share

Basic and diluted income from continuing operations per share are calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts):

	2011						2010						2009
			Weighted-		Per				Weighted-		Per				Weighted-		Per
			average		Common				average		Common				average		Common
			Common		Share				Common		Share				Common		Share
	Income		Shares		Amount		Income		Shares		Amount		Income		Shares		Amount
Basic:
Income from continuing operations available to common stockholders	$	32,256		32,541,792	$	0.99	$	32,251		29,667,064	$	1.09	$	72,545		27,269,547	$	2.66
Income from discontinued operations available to common stockholders		8,112		32,541,792		0.25		1,513		29,667,064		0.05		9,655		27,269,547		0.35
		40,368			$	1.24		33,764			$	1.14		82,200				3.01
Effect of Dilutive Securities (1)		-		86,922				-		67,319				4,224		2,477,067
Diluted:
Income from continuing operations available to common stockholders (1)	$	32,256					$	32,251					$	72,545
Add: noncontrolling interests OP unitholders (2)		-						-						3,419
Adjusted income from continuing operations available to common stockholders (1)		32,256		32,628,714	$	0.99		32,251		29,734,383	$	1.09		75,964		29,746,614	$	2.56
Income (loss) from discontinued operations available to common stockholders		8,112						1,513						9,655
Add: noncontrolling interests OP unitholders (2)		-						-						805
Adjusted income from discontinued operations available to common stockholders		8,112		32,628,714		0.25		1,513		29,734,383		0.05		10,460		29,746,614		0.35
	$	40,368			$	1.24	$	33,764			$	1.14	$	86,424			$	2.91

(1) Weighted convertible limited partnership units of 2,231,807 and 2,293,886, which include vested Series Z incentive units, for the years ended December 31, 2011 and 2010, respectively, were not included in the determination of diluted EPS because they were anti-dilutive.  Weighted convertible limited partnership units of 2,447,751, which include vested Series Z incentive units, for the year ended December 31, 2009, were included in the determination of diluted EPS because they were dilutive.  The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities.

Stock options of 175,500; 123,164; and 260,736 for the years ended December 31, 2011, 2010, and 2009, respectively, were not included in the diluted earnings per share calculation because the exercise price of these options were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. 

All shares of cumulative convertible preferred stock Series G have been excluded from diluted earnings per share for the years ended 2011, 2010, and 2009 respectively, as the effect was anti-dilutive.

(2) For the year ended December 31, 2009, net income allocated to convertible limited partnership units including vested Series Z units have been included in income available to common stock holders for the calculation of net income per common share since these units are included in the diluted weighted average common shares for the that year as discussed in (1) above.

F-27

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(13) Equity Based Compensation Plans

Stock Options and Restricted Stock

The Essex Property Trust, Inc. 2004 Stock Incentive Plan provides incentives to attract and retain officers, directors and key employees.  The Stock Incentive Plan provides for the grants of options to purchase a specified number of shares of common stock or grants of restricted shares of common stock.  Under the Stock Incentive Plan, the total number of shares available for grant is approximately 1,200,000.  The 2004 Stock Incentive Plan is administered by the Compensation Committee of the Board of Directors.  The Compensation Committee is comprised of independent directors.   The Compensation Committee is authorized to establish the exercise price; however, the exercise price cannot be less than 100% of the fair market value of the common stock on the grant date.  The Company’s options have a life of ten years.  Option grants for officers and employees fully vest between one year and five years after the grant date.

Stock-based compensation expense for options and restricted stock under the fair value method totaled $1.5 million, $1.0 million, and $1.2 million for years ended December 31, 2011, 2010 and 2009 respectively.  Stock-based compensation capitalized for options and restricted stock totaled $0.2 million for each of the years ended December 31, 2011, 2010 and 2009.  The intrinsic value of the options exercised totaled $3.8 million, $2.9 million, and $0.5 million, for the years ended December 31, 2011, 2010, and 2009 respectively.  The intrinsic value of the options outstanding and fully vested totaled $10.6 million, $7.7 million, and $4.1 million, for the years ended December 31, 2011, 2010 and 2009, respectively.

Total unrecognized compensation cost related to unvested share-based compensation granted for stock options totaled $2.6 million as of December 31, 2011.  The unrecognized compensation cost is expected to be recognized over a weighted-average period of 2 to 5 years for the stock option plans.

The average fair value of stock options granted for the years ended December 31, 2011, 2010 and 2009 was $14.49, $18.39 and $5.24, respectively.  The stock options granted during the fourth quarter of 2011 included a $100 cap on the appreciation of the market price over the exercise price.  The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants:

	2011	2010	2009
Stock price	$131.87	$107.21	$66.05-$84.90
Risk-free interest rates	2.23%	3.50%	4.58%
Expected lives	10 years	10 years	10 years
Volatility	19.63%	22.00%	20.00%
Dividend yield	3.29%	3.85%	4.85%

A summary of the status of the Company’s stock option plans as of December 31, 2011, 2010, and 2009 and changes during the years ended on those dates is presented below:

	2011					2010					2009
				Weighted-					Weighted-					Weighted-
				average					average					average
				exercise					exercise					exercise
	Shares			price		Shares			price		Shares			price
Outstanding at beginning of year		300,642		$	88.11		378,542		$	82.08		393,443		$	80.63
Granted		197,500			131.87		18,214			107.21		32,259			76.68
Exercised		(83,122	)		84.24		(78,381	)		63.97		(18,407	)		38.31
Forfeited and canceled		-			0.00		(17,733	)		105.40		(28,753	)		85.11
Outstanding at end of year		415,020			109.71		300,642			88.11		378,542			82.08
Options exercisable at year end		219,820			92.31		265,770			86.28		329,909			81.37

F-28

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

The following table summarizes information about stock options outstanding as of December 31, 2011:

		Options outstanding					Options exercisable
		Number		Weighted-			Number
		outstanding		average	Weighted-		exercisable		Weighted-
		as of		remaining	average		as of		average
Range of		December 31,		contractual	exercise		December 31,		exercise
exercise prices		2011		life	price		2011		price
$	48.68 - 73.38		50,577	2.8 years	$	61.78		50,577	$	61.78
	79.05 - 125.84		167,693	5.0 years		97.70		148,193		97.15
	126.73 - 134.44		196,750	9.8 years		132.27		21,050		131.66
			415,020	7.0 years		109.71		219,820		92.31

During 2011, 2010, and 2009 the Company issued 1,540, 14,415, and 18,954 shares of restricted stock, respectively.  The unrecognized compensation cost granted under the restricted stock program of $2.8 million as of December 31, 2011 is expected to be recognized straight-line over a period of 6 years.

The following table summarizes information about restricted stock outstanding as of December 31, 2011, 2010 and 2009 and changes during the years ended:

	2011					2010					2009
				Weighted-					Weighted-					Weighted-
				average					average					average
				grant					grant					grant
	Shares			price		Shares			price		Shares			price
Unvested at beginning of year		44,877		$	102.46		37,727		$	99.43		30,304		$	119.31
Granted		1,540			134.44		14,415			109.62		18,954			75.77
Vested		(9,532	)		104.91		(6,126	)		102.27		(5,647	)		108.49
Forfeited and canceled		(1,666	)		94.35		(1,139	)		93.92		(5,884	)		116.89
Unvested at end of year		35,219			98.57		44,877			102.46		37,727			99.43

Long Term Incentive Plan – Z Units

The Company has adopted an incentive program involving the issuance of Series Z Incentive Units and Series Z-1 Incentive Units (collectively referred to as “Z Units”) of limited partnership interest in the Operating Partnership.  Vesting in the Z Units is based on performance criteria established in the plan.  The criteria can be revised at the beginning of the year by the Board's Compensation Committee if the Committee deems that the plan's criterion is unachievable for any given year.   The sale of Z Units is contractually prohibited.  Z Units are convertible into Operating Partnership units which are exchangeable for shares of the Company’s common stock that may have marketability restrictions.  The estimated fair value of a Z Unit is determined on the grant date and considers the company's current stock price, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity.  Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date less its $1.00 per unit purchase price.

Stock-based compensation expense for Z Units under the fair value method totaled approximately $1.5 million, $2.3 million and $1.5 million for the years ended December 31, 2011, 2010 and 2009, respectively.  Stock-based compensation capitalized for Z Units totaled approximately $0.3 million, $0.6 million, and $0.4 million, for the years ended December 31, 2011, 2010, and 2009, respectively.  The intrinsic value of the Z Units unvested totaled $23.7 million as of December 31, 2011.  Total unrecognized compensation cost related to Z Units unvested under the Z Units plans totaled $8.9 million as of December 31, 2011.  The unamortized cost is expected to be recognized over the next 15 years subject to the achievement of the stated performance criteria.

F-29

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

The issuance of Z Units is administered by the Compensation Committee which has the authority to select participants and determine the awards to be made up to a maximum of 600,000 Z Units.  For Z units issued prior 2010, the conversion ratchet (accounted for as vesting) of the Z Units into common units, will increase by up to 10% (up to 20% in certain circumstances following their initial issuance) effective January 1 of each year for each participating executive who remains employed by the Company if the Company has met a specified “funds from operations” per share target, or such other target as the Compensation Committee deems appropriate, for the prior year, up to a maximum conversion ratchet of 100%.  Z units issued in 2011 and 2010 are discussed below.  The Operating Partnership has the option to redeem Z Units held by any executive whose employment has been terminated with either common units of the Operating Partnership or shares of the Company’s common stock based on the then-effective conversion ratchet.

During 2010, the Operating Partnership issued 108,000 Series Z-1 Incentive Units (the “2010 Z-1 Units”) of limited partner interest to twenty executives of the Company in exchange for cash from seven executive officers of the Company, and a capital commitment from the remaining thirteen executives of $1.00 per 2010 Z-1 Unit.  The 2010 Z-1 Units are convertible one-for-one into common units of the Operating Partnership (which, in turn, are convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2025.  The conversion ratchet (accounted for as vesting) of the 2010 Z-1 Units into common units, increased to 20 percent effective January 1, 2011 because the Company achieved the FFO minimum target of $4.75 per diluted share in 2010.  Each year thereafter, vesting of the 2010 Z-1 Units will be consistent with the Company’s annual FFO growth, but is not to be less than zero or greater than 14 percent.  The 2010 Z-1 Unit holders were entitled to receive 10 percent of dividends distributed to common stockholders in 2010, and because the Company achieved the FFO minimum target of $4.75 per diluted share in 2010, the 2010 Z-1 Unit holders were entitled to 25 percent of annual dividends paid in 2011.  Each year thereafter, the percent of distributions received by the 2010 Z-1 Unit holders will increase by the same percentage amounts that the 2010 Z-1 Units vesting increases, provided that once the 2010 Z-1 Units holders receive distributions of 30 percent, such distribution percentage will not increase further until the 2010 Z-1 Unit vesting is at the 30 percent level.  Once such vesting percentage is at the 30 percent level, subsequent distributions for the 2010 Z-1 Unit holders will be equal to the vesting percentage of the 2010 Z-1 Units.

During 2011, the Operating Partnership issued 46,500 Series Z-1 Incentive Units (the “2011 Z-1 Units”) of limited partner interest to fourteen executives of the Company in exchange for cash from eight executive officers of the Company, and a capital commitment from the remaining six executives of $1.00 per 2011 Z-1 Unit.  The 2011 Z-1 Units are convertible one-for-one into common units of the Operating Partnership (which, in turn, are convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2026.  The conversion ratchet (accounted for as vesting) of the 2011 Z-1 Units into common units, increased to 10 percent effective January 1, 2012 because the Company achieved the FFO minimum target of $5.65 per diluted share in 2011.  Each year thereafter, vesting of the 2011 Z-1 Units will be consistent with the Company’s annual FFO growth, but is not to be less than zero or greater than 14 percent.  The 2011 Z-1 Unit holders are entitled to receive 10 percent of dividends distributed to common stockholders in 2011, and because the Company achieved the FFO minimum target of $5.65 per diluted share in 2011, the 2011 Z-1 Unit holders were entitled to 20 percent of annual dividends paid in 2012.  Each year thereafter, the percent of distributions received by the 2011 Z-1 Unit holders will increase by the same percentage amounts that the 2011 Z-1 Units vesting increases, provided that once the 2011 Z-1 Units holders receive distributions of 30 percent, such distribution percentage will not increase further until the 2011 Z-1 Unit vesting is at the 30 percent level.  Once such vesting percentage is at the 30 percent level, subsequent distributions for the 2011 Z-1 Unit holders will be equal to the vesting percentage of the 2011 Z-1 Units.

F-30

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

The following table summarizes information about the Z Units outstanding as of December 31, 2011 ($ in thousands):

	Long Term Incentive Plan - Z Units
							Aggregate							Weighted-
							Intrinsic					Weighted-		average
	Total			Total			Value		Total			average		Remaining
	Vested			Unvested			of Unvested		Outstanding			Grant-date		Contractual
	Units			Units			Units		Units			Fair Value		Life
Balance, December 2008		250,928			143,604		$	10,878		394,532		$	39.36	9.2 years
Vested		37,723			(37,723	)				-
Balance, December 2009		288,651			105,881			8,751		394,532			39.36	8.2 years
Granted		-			108,000					108,000
Vested		37,629			(37,629	)				-
Cancelled					(4,350	)				(4,350	)
Balance, December 2010		326,280			171,902			19,463		498,182			54.15	11.2 years
Granted		-			46,500					46,500
Vested		44,520			(44,520	)				-
Converted		(191,718	)		-					(191,718	)
Cancelled		-			(3,863	)				(3,863	)
Balance, December 2011		179,082			170,019		$	23,719		349,101		$	58.17	12.3 years

 (14) Segment Information

The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro.  Excluded from segment revenues are communities classified in discontinued operations, management and other fees from affiliates, and interest and other income.  Non-segment revenues and net operating income included in the following schedule also consist of revenue generated from commercial properties.  Other non-segment assets include real estate under development, co-investments, cash and cash equivalents, marketable securities, notes and other receivables, prepaid expenses and other assets and deferred charges.

F-31

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2011, 2010, and 2009 ($ in thousands):

	Years Ended December 31,
	2011			2010			2009
Revenues:
Southern California	$	223,304		$	200,541		$	201,083
Northern California		149,457			127,302			121,582
Seattle Metro		81,967			70,348			71,060
Other real estate assets		10,985			7,537			7,825
Total property revenues	$	465,713		$	405,728		$	401,550
Net operating income:
Southern California	$	146,519		$	132,150		$	134,179
Northern California		99,047			82,288			80,274
Seattle Metro		52,173			43,006			44,603
Other real estate assets		8,740			5,120			5,037
Total net operating income		306,479			262,564			264,093
Depreciation		(151,428	)		(128,221	)		(116,540	)
Interest expense before amortization		(91,694	)		(82,756	)		(81,196	)
Amortization expense		(11,474	)		(4,828	)		(4,820	)
Management and other fees		6,780			4,551			4,325
General and administrative		(20,694	)		(23,255	)		(24,966	)
Cost of management and other fees		(4,610	)		(2,707	)		(3,096	)
Impairment and other charges		-			(2,302	)		(13,084	)
Interest and other income		17,139			27,841			13,040
Gain (loss) on early retirement of debt		(1,163	)		(10	)		4,750
Equity (loss) income in co-investments		(467	)		(1,715	)		670
Gain on sale of real estate		-			-			103
Income before discontinued operations	$	48,868		$	49,162		$	43,279

Total assets for each of the reportable operating segments are summarized as follow as of December 31, 2011 and 2010 ($ in thousands):

	As of December 31,
Assets:	2011		2010
Southern California	$	1,478,018	$	1,428,264
Northern California		1,241,320		1,119,555
Seattle Metro		579,612		560,463
Other real estate assets		94,088		80,726
Net reportable operating segments - real estate assets		3,393,038		3,189,008
Real estate for development		44,280		217,531
Co-investments		383,412		107,840
Cash and cash equivalents, including restricted cash		35,463		35,694
Marketable securities		74,275		92,310
Notes and other receivables		66,369		49,444
Other non-segment assets		40,127		41,060
Total assets	$	4,036,964	$	3,732,887

F-32

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(15) 401(k) Plan

The Company has a 401(k) benefit plan (the “Plan”) for all full-time employees who have completed six months of service. Employee contributions are limited by the maximum allowed under Section 401(k) of the Internal Revenue Code.  The Company matches the employee contributions for non-highly compensated personnel, up to 50% of their contribution up to a specified maximum.  Company contributions to the Plan were approximately $0.3 million, $0.3 million, and $0.2 million for the years ended December 31, 2011, 2010, and 2009, respectively.

(16) Commitments and Contingencies

At December 31, 2011, the Company had six non-cancelable ground leases for certain apartment communities and buildings that expire between 2027 and 2080.  Land lease payments are typically the greater of a stated minimum or a percentage of gross rents generated by these apartment communities.  Total minimum lease commitments, under land leases and operating leases, are approximately $1.6 million per year for the next five years.

To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability for remediation and other potential liability. The Company will consider whether such occurrence results in an impairment of value on the affected property and, if so, impairment will be recognized.

Except with respect to three communities, the Company has no indemnification agreements from third parties for potential environmental clean-up costs at its communities.  The Company has no way of determining at this time the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions or violations with respect to the communities formerly owned by the Company.  No assurance can be given that existing environmental studies with respect to any of the communities reveal all environmental liabilities, that any prior owner or operator of a Property did not create any material environmental condition not known to the Company, or that a material environmental condition does not otherwise exist as to any one or more of the communities.  The Company has limited insurance coverage for the types of environmental liabilities described above.

The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners in the Operating Partnership or in the DownREIT entities.  These transactions are within the Company’s control. Although the Company plans to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code the Company can provide no assurance that it will be able to do so and if such tax liabilities were incurred they may to have a material impact on the Company’s financial position.

There have been a number of lawsuits in recent years against owners and managers of apartment communities alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements.  The Company has been sued for mold related matters and has settled some, but not all, of such matters.   Insurance carriers have reacted to mold related liability awards by excluding mold related claims from standard policies and pricing mold endorsements at prohibitively high rates.  The Company has, however, purchased pollution liability insurance, which includes some coverage for mold.  The Company has adopted policies for promptly addressing and resolving reports of mold when it is detected, and to minimize any impact mold might have on residents of the property.  The Company believes its mold policies and proactive response to address any known existence, reduces its risk of loss from these cases.  There can be no assurances that the Company has identified and responded to all mold occurrences, but the company promptly addresses all known reports of mold.  Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.  As of December 31, 2011, potential liabilities for mold and other environmental liabilities are not considered probable or the loss cannot be quantified or estimated.

F-33

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities.  Insured risks for comprehensive liabilities covers claims in excess of $25,000 per incident, and property casualty insurance covers losses in excess of a $5.0 million deductible per incident. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism and earthquake, for which the Company does not have insurance. Substantially all of the communities are located in areas that are subject to earthquakes.

The Company provided a loan and construction completion guarantee to the lender in order to fulfill the lender’s standard financing requirements related to the construction of the Queen Anne community.  The outstanding balance for the construction loan is included in the debt line item in the balance sheet of the co-investments included in Note 3.  The construction completion guarantee is for the life of the loan, which is scheduled to mature on July 1, 2014, with two, one-year extension options at the Queen Anne joint venture’s option.  As of December 31, 2011, the Company was in compliance with all terms of the construction loan and the construction of the community is expected to be completed on time and within budget.  The maximum exposure of the guarantee as of December 31, 2011 was $79.1 million based on the construction costs that were budgeted to be incurred to complete the construction.

The Company provided a payment guarantee to the counterparties in relation to the total return swaps entered into by the joint venture responsible for the development of the Fountain at La Brea and Santa Monica at La Brea communities.  Further the Company has guaranteed completion of development and made certain debt service guarantees for Fountain at La Brea and Santa Monica at La Brea.  The outstanding balance for the loans is included in the debt line item in the balance sheet of the co-investments included in Note 3.  The payment guarantee is for the payment of the amounts due to the counterparty related total return swaps which are scheduled to mature in September and December 2016.  The maximum exposure of the guarantee as of December 31, 2011 was $28.5 million based on the aggregate outstanding debt amount.

The Company is subject to various other lawsuits in the normal course of its business operations.  Such lawsuits are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

(17) Subsequent Events

In January 2012, the Company acquired Bon Terra, a 60-unit community located adjacent to Delano in Redmond, Washington for $16.0 million.  Located on the same block, Delano and Bon Terra are operated as one community.  Also in January, the Company acquired Reed Square, a 100-unit community located in Sunnyvale, California for $23.0 million.

During the first quarter of 2012, the Company sold Tierra Del Sol/Norte, a 156 unit community located in the San Diego, California for $17.2 million for a gain of $7.0 million.  Also in the first quarter, the Company sold Alpine Country, a 108 unit community located in San Diego metropolitan area, for $11.1 million for a gain of $3.9 million.

On August 15, 2012, the Operating Partnership issued $300 million aggregate principal amount of its 3.625% Senior Notes due 2022 (the "Notes").  The Operating Partnership offered the Notes at 98.99% of the principal amount thereof. The Notes are general unsecured senior obligations of the Operating Partnership and will rank equally in right of payment with all other senior unsecured obligations of the Operating Partnership. However, the Notes are effectively subordinated to all of the Operating Partnership's existing and future secured indebtedness (to the extent of the collateral securing such indebtedness) and to all existing and future liabilities and preferred equity, whether secured or unsecured, of the Operating Partnership's subsidiaries. The Notes bear interest at 3.625% per annum. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2013 until the maturity date of August 15, 2022. The Operating Partnership's obligations under the Notes are fully and unconditionally guaranteed by the Company.

F-34

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2011, 2010 and 2009

(18) Quarterly Results of Operations (Unaudited)

The following is a summary of quarterly results of operations for 2011 and 2010 ($ in thousands, except per share and dividend amounts):

	Quarter ended		Quarter ended		Quarter ended		Quarter ended
	December 31		September 30		June 30		March 31
2011:
Total property revenues	$	122,373	$	117,226	$	114,906	$	111,208
Income before discontinued operations	$	14,492	$	11,767	$	10,503	$	12,106
Net income	$	17,867	$	11,085	$	16,053	$	12,511
Net income available to common stockholders	$	13,937	$	7,688	$	10,325	$	8,418
Per share data:
Net income:
Basic	$	0.42	$	0.23	$	0.32	$	0.27
Diluted	$	0.42	$	0.23	$	0.32	$	0.27
Market price:
High	$	148.44	$	145.40	$	138.31	$	124.41
Low	$	111.25	$	119.15	$	122.67	$	109.98
Close	$	140.51	$	120.04	$	135.29	$	124.00
Dividends declared	$	1.04	$	1.04	$	1.04	$	1.04
2010:
Total property revenues	$	106,703	$	102,470	$	98,208	$	98,347
Income before discontinued operations	$	8,260	$	10,037	$	13,413	$	17,452
Net income	$	8,628	$	10,426	$	13,869	$	17,859
Net income available to common stockholders	$	4,778	$	6,377	$	9,482	$	13,127
Per share data:
Net income:
Basic	$	0.16	$	0.21	$	0.32	$	0.45
Diluted	$	0.16	$	0.21	$	0.32	$	0.45
Market price:
High	$	117.12	$	115.08	$	113.03	$	93.98
Low	$	105.60	$	92.62	$	89.23	$	76.35
Close	$	114.22	$	109.44	$	97.54	$	89.95
Dividends declared	$	1.03	$	1.03	$	1.03	$	1.03

F-35

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2011

(Dollars in thousands)

											Costs
							Initial cost				capitalized		Gross amount carried at close of period
									Buildings and		subsequent to		Land and		Buildings and				Accumulated		Date of		Date		Lives
Property		Units		Location	Encumbrance		Land		improvements		acquisition		improvements		improvements		Total(1)		depreciation		construction		acquired		(years)
	Encumbered communities
	Alpine Village		301	Alpine, CA		15,690		4,967		19,728		3,062		4,982		22,775		27,757		7,170		1971		12/02		3-30
	Anchor Village		301	Mukilteo, WA		10,750		2,498		10,595		10,541		2,824		20,810		23,634		8,070		1981		01/97		3-30
	Avondale at Warner Center		446	Woodland Hills, CA		47,396		10,536		24,522		13,764		10,601		38,221		48,822		17,483		1970		01/97		3-30
	Bridgeport		184	Newark, CA		22,051		1,608		7,582		5,605		1,525		13,270		14,795		8,870		1987		07/87		3-30
	Barkley, The(2)		161	Anaheim, CA		17,015		-		8,520		4,229		2,353		10,396		12,749		3,975		1984		04/00		3-30
	Bel Air		462	San Ramon, CA		56,759		12,105		18,252		19,590		12,682		37,265		49,947		17,133		1988		01/97		3-30
	Belmont Station		275	Los Angeles, CA		30,045		8,100		66,666		2,645		8,267		69,144		77,411		10,007		2008		12/08		3-30
	Bella Villagio		231	San Jose, CA		38,834		17,247		40,343		1,295		17,247		41,638		58,885		1,802		2004		09/10		3-30
	Brentwood		140	Santa Ana, CA		19,603		2,833		11,303		5,282		3,502		15,916		19,418		5,049		1970		11/01		3-30
	Brighton Ridge		264	Renton, WA		14,948		2,623		10,800		2,560		2,656		13,327		15,983		6,654		1986		12/96		3-30
	Brookside Oaks		170	Sunnyvale, CA		20,277		7,301		16,310		19,168		10,328		32,451		42,779		9,673		1973		06/00		3-30
	Camarillo Oaks		564	Camarillo, CA		48,622		10,953		25,254		2,362		11,075		27,494		38,569		14,171		1985		07/96		3-30
	Camino Ruiz Square		160	Camarillo, CA		21,110		6,871		26,119		685		6,931		26,744		33,675		4,555		1990		12/06		3-30
	Canyon Oaks		250	San Ramon, CA		29,389		19,088		44,473		1,028		19,088		45,501		64,589		7,191		2005		05/07		3-30
	Canyon Pointe		250	Bothell, WA		14,689		4,692		18,288		3,116		4,693		21,403		26,096		6,118		1990		10/03		3-30
	Capri at Sunny Hills		100	Fullerton, CA		18,132		3,337		13,320		5,639		4,048		18,248		22,296		6,026		1961		09/01		3-30
	Carlyle, The		132	San Jose, CA		18,936		3,954		15,277		9,718		5,801		23,148		28,949		8,372		2000		04/00		3-30
	City View		572	Hayward, CA		64,254		9,883		37,670		20,103		10,350		57,306		67,656		25,819		1975		03/98		3-30
	Coldwater Canyon		39	Studio City, CA		5,623		1,674		6,640		1,108		1,676		7,746		9,422		1,589		1979		05/07		3-30
	Courtyard off Main		109	Bellevue, WA		16,491		7,465		21,405		1,265		7,465		22,670		30,135		924		2000		10/10		3-30
	Devonshire		276	Hemet, CA		10,216		3,470		13,786		1,981		3,482		15,755		19,237		5,080		1988		12/02		3-30
	Elevation (Eagle Rim)		157	Redmond, WA		12,087		4,758		14,285		3,840		4,757		18,125		22,882		1,077		1986		06/10		3-30
	Emerald Ridge - North		180	Bellevue, WA		9,967		3,449		7,801		2,592		3,449		10,393		13,842		6,101		1987		11/94		3-30
	Esplanade		278	San Jose, CA		45,836		18,170		40,086		5,065		18,429		44,892		63,321		11,393		2002		11/04		3-30
	Evergreen Heights		200	Kirkland, WA		10,143		3,566		13,395		2,704		3,649		16,016		19,665		7,619		1990		06/97		3-30
	Fairwood Pond		194	Renton, WA		13,574		5,296		15,564		1,782		5,297		17,345		22,642		4,511		1997		10/04		3-30
	Fountain Park		705	Playa Vista, CA		97,747		25,073		94,980		20,409		25,203		115,259		140,462		31,693		2002		02/04		3-30
	Harvest Park		104	Santa Rosa, CA		10,895		6,700		15,479		720		6,690		16,209		22,899		2,769		2004		03/07		3-30
	Hampton Place		132	Glendale, CA		21,602		4,288		11,081		3,033		4,307		14,095		18,402		5,901		1970		06/99		3-30
	Hidden Valley		324	Simi Valley, CA		31,180		14,174		34,065		1,155		11,663		37,731		49,394		9,383		2004		12/04		3-30
	Highridge		255	Rancho Palos Verdes, CA		44,807		5,419		18,347		20,037		6,073		37,730		43,803		14,420		1972		05/97		3-30
	Highlands at Wynhaven		333	Issaquah, WA		33,859		16,271		48,932		3,595		16,271		52,527		68,798		6,280		2000		08/08		3-30
	Hillcrest Park		608	Newbury Park, CA		70,707		15,318		40,601		12,920		15,755		53,084		68,839		23,030		1973		03/98		3-30
	Hillsborough Park		235	La Habra, CA		38,566		6,291		15,455		1,029		6,272		16,503		22,775		6,820		1999		09/99		3-30
	Huntington Breakers		342	Huntington Beach, CA		39,321		9,306		22,720		4,601		9,315		27,312		36,627		12,592		1984		10/97		3-30
	Inglenook Court		224	Bothell, WA		8,300		3,467		7,881		5,251		3,474		13,125		16,599		7,262		1985		10/94		3-30
	Kings Road		196	Los Angeles, CA		29,863		4,023		9,527		7,148		4,031		16,667		20,698		6,856		1979		06/97		3-30
	Le Parc Luxury Apartments		140	Santa Clara, CA		12,678		3,090		7,421		10,704		3,092		18,123		21,215		7,834		1975		02/94		3-30
	Marbrisa		202	Long Beach, CA		19,391		4,700		18,605		2,026		4,760		20,571		25,331		6,506		1987		09/02		3-30
	Mirabella		188	Marina Del Rey, CA		47,154		6,180		26,673		12,220		6,270		38,803		45,073		12,680		2000		05/00		3-30
	Mill Creek at Windermere		400	San Ramon, CA		50,787		29,551		69,032		1,242		29,551		70,274		99,825		10,199		2005		09/07		3-30
	Park Place/Windsor Court/Cochran		176	Los Angeles, CA		20,299		4,965		11,806		7,613		5,015		19,369		24,384		9,093		1988		08/97		3-30
	Montclaire, The		390	Sunnyvale, CA		47,934		4,842		19,776		19,287		4,997		38,908		43,905		24,654		1973		12/88		3-30
	Montejo		124	Garden Grove, CA		13,538		1,925		7,685		2,029		2,194		9,445		11,639		3,351		1974		11/01		3-30
	Monterey Villas		122	Oxnard, CA		12,776		2,349		5,579		4,425		2,424		9,929		12,353		4,209		1974		07/97		3-30
	Park Hill at Issaquah		245	Issaquah, CA		29,956		7,284		21,937		1,488		7,284		23,425		30,709		5,965		1999		02/99		3-30

(Continued)

F-36

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2011

(Dollars in thousands)

											Costs
							Initial cost				capitalized		Gross amount carried at close of period
									Buildings and		subsequent to		Land and		Buildings and				Accumulated		Date of		Date		Lives
Property		Units		Location	Encumbrance		Land		improvements		acquisition		improvements		improvements		Total(1)		depreciation		construction		acquired		(years)
	Encumbered communities (continued)
	Palisades, The		192	Bellevue, WA		21,596		1,560		6,242		9,390		1,565		15,627		17,192		9,084		1977		05/90		3-30
	Pathways		296	Long Beach, CA		38,747		4,083		16,757		17,418		6,239		32,019		38,258		18,707		1975		02/91		3-30
	Pointe at Cupertino, The		116	Cupertino, CA		12,173		4,505		17,605		7,383		4,505		24,988		29,493		5,141		1963		08/98		3-30
	101 San Fernando		323	San Jose, CA		35,261		4,173		58,961		2,332		4,173		61,293		65,466		3,059		2001		07/10		3-30
	Sammamish View		153	Bellevue, WA		10,020		3,324		7,501		5,255		3,331		12,749		16,080		7,296		1986		11/94		3-30
	Stevenson Place		200	Fremont, CA		22,320		996		5,582		6,594		1,001		12,171		13,172		8,074		1971		04/83		3-30
	Stonehedge Village		196	Bothell, WA		12,907		3,167		12,603		3,501		3,201		16,070		19,271		7,642		1986		10/97		3-30
	Summerhill Park		100	Sunnyvale, CA		13,971		2,654		4,918		956		2,656		5,872		8,528		4,253		1988		09/88		3-30
	Summit Park		300	San Diego, CA		19,457		5,959		23,670		2,984		5,977		26,636		32,613		8,564		1972		12/02		3-30
	The Bernard		63	Seattle, CA		10,344		3,699		11,345		5		3,699		11,350		15,049		108		2008		09/11		3-30
	Magnolia Square		156	Sunnyvale, CA		18,589		8,190		19,306		8,465		8,191		27,770		35,961		3,427		1969		09/07		3-30
	Tierra Vista		404	Oxnard, CA		58,462		13,652		53,336		1,837		13,661		55,164		68,825		14,308		2001		01/01		3-30
	Treehouse		164	Santa Ana, CA		17,568		2,626		10,485		3,863		2,957		14,017		16,974		4,371		1970		11/01		3-30
	Valley Park		160	Fountain Valley, CA		22,983		3,361		13,420		3,123		3,761		16,143		19,904		5,481		1969		11/01		3-30
	Villa Angelina		256	Placentia, CA		28,020		4,498		17,962		3,101		4,962		20,599		25,561		6,910		1970		11/01		3-30
	Vista Belvedere		76	Tiburon, CA		10,499		5,573		11,901		3,445		5,573		15,346		20,919		4,457		1963		08/04		3-30
	Wandering Creek		156	Kent, WA		5,300		1,285		4,980		3,144		1,296		8,113		9,409		4,499		1986		11/95		3-30
	Waterford, The		238	San Jose, CA		31,975		11,808		24,500		12,052		15,165		33,195		48,360		12,433		2000		06/00		3-30
	Wilshire Promenade		149	Fullerton, CA		18,560		3,118		7,385		6,395		3,797		13,101		16,898		5,288		1992		01/97		3-30
	Wharfside Pointe		142	Seattle, WA		7,277		2,245		7,020		5,531		2,258		12,538		14,796		6,155		1990		06/94		3-30
						1,729,822		442,136		1,391,045		398,435		459,766		1,771,849		2,231,615		557,187
	Unencumbered communities
	Allegro		97	Valley Village, CA				5,869		23,977		792		5,869		24,769		30,638		1,323		2010		10/10		3-30
	Alpine Country		108	Alpine, CA				1,741		6,914		869		1,746		7,778		9,524		2,413		1986		12/02		3-30
	Anavia		250	Anaheim, CA				15,925		63,712		5,243		15,925		68,955		84,880		2,360		2009		12/10		3-30
	Axis 2300		115	Irvine, CA				5,405		33,585		438		5,405		34,023		39,428		1,988		2010		08/10		3-30
	Bluffs II, The		224	San Diego, CA				3,405		7,743		8,622		3,442		16,328		19,770		4,995		1974		06/97		3-30
	Bellerive		63	Los Angeles, CA				5,401		21,803		363		5,401		22,166		27,567		325		2011		08/11		3-30
	Belmont Terrace		71	Belmont, CA				4,446		10,290		2,118		4,473		12,381		16,854		2,959		1974		10/06		3-30
	Bonita Cedars		120	Bonita, CA				2,496		9,913		1,418		2,503		11,324		13,827		3,643		1983		12/02		3-30
	Boulevard		172	Fremont, CA				3,520		8,182		9,707		3,580		17,829		21,409		8,521		1978		01/96		3-30
	Bridle Trails		108	Kirkland, WA				1,500		5,930		4,922		1,531		10,821		12,352		4,656		1986		10/97		3-30
	Bristol Commons		188	Sunnyvale, CA				5,278		11,853		1,537		5,293		13,375		18,668		6,789		1989		01/97		3-30
	416 on Broadway		115	Glendale, CA				8,557		34,235		425		8,557		34,660		43,217		1,207		2009		12/10		3-30
	Bunker Hill		456	Los Angeles, CA				11,498		27,871		3,632		11,639		31,362		43,001		14,263		1968		03/98		3-30
	Cairns, The		100	Seattle, WA				6,937		20,679		240		6,939		20,917		27,856		3,215		2006		06/07		3-30
	Cambridge		40	Chula Vista, CA				497		1,973		309		498		2,281		2,779		731		1965		12/02		3-30
	Castle Creek		216	Newcastle, WA				4,149		16,028		1,925		4,833		17,269		22,102		8,526		1997		12/97		3-30
	CBC Apartments		148	Goleta, CA				6,283		24,000		2,263		6,288		26,258		32,546		5,650		1962		01/06		3-30
	Cedar Terrace		180	Bellevue, WA				5,543		16,442		3,346		5,652		19,679		25,331		5,295		1984		01/05		3-30
	Chimney Sweep Apartments		91	Goleta, CA				5,558		21,320		1,738		5,618		22,998		28,616		5,691		1967		01/06		3-30
	Chestnut Street		96	Santa Cruz, CA				6,582		15,689		884		6,582		16,573		23,155		1,967		2002		07/08		3-30
	The Commons		264	Campbell, CA				12,555		29,307		3,438		12,556		32,744		45,300		1,710		1973		07/10		3-30
	Corbella at Juanita Bay		169	Kirkland, WA				5,801		17,415		645		5,801		18,060		23,861		706		1978		11/10		3-30
	Country Villas		180	Oceanside, CA				4,174		16,583		2,183		4,187		18,753		22,940		6,111		1976		12/02		3-30
	Delano		66	Redmond, WA				3,527		10,600		0		3,527		10,600		14,127		15		2005		12/11		3-30

(Continued)

F-37

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2011

(Dollars in thousands)

											Costs
							Initial cost				capitalized		Gross amount carried at close of period
									Buildings and		subsequent to		Land and		Buildings and				Accumulated		Date of		Date		Lives
Property		Units		Location	Encumbrance		Land		improvements		acquisition		improvements		improvements		Total(1)		depreciation		construction		acquired		(years)
	Unencumbered communities (continued)
	Monterra del Mar/Rey/Sol		292	Pasadena, CA				2,202		4,794		27,733		8,385		26,344		34,729		10,915		1972		04/99		3-30
	Fairways(3)		74	Newport Beach, CA				-		7,850		2,106		9		9,947		9,956		4,112		1972		06/99		3-30
	Foothill Commons		388	Bellevue, WA				2,435		9,821		28,562		2,440		38,378		40,818		15,129		1978		03/90		3-30
	Foothill Gardens/Twin Creeks		176	San Ramon, CA				5,875		13,992		2,515		5,964		16,418		22,382		8,311		1985		02/97		3-30
	Forest View		192	Renton, WA				3,731		14,530		979		3,731		15,509		19,240		4,524		1998		10/03		3-30
	Fountain Court		320	Seattle, WA				6,702		27,306		2,741		6,985		29,764		36,749		12,332		2000		03/00		3-30
	Fourth & U		171	Berkeley, CA				8,879		52,351		1,271		8,879		53,622		62,501		3,275		2010		04/10		3-30
	Hampton Court		83	Glendale, CA				2,407		5,672		1,843		2,426		7,496		9,922		3,049		1974		06/99		3-30
	Hillsdale Garden Apartments		697	San Mateo, CA				22,000		94,681		13,308		22,244		107,745		129,989		18,625		1948		09/06		3-30
	Hope Ranch Collection		108	Santa Barbara, CA				4,078		16,877		2,011		4,208		18,758		22,966		2,645		1965		03/07		3-30
	Joule		295	Seattle, WA				14,558		69,417		1,910		14,558		71,327		85,885		4,467		2010		03/10		3-30
	1000 Kiely		121	Santa Clara, CA				9,359		21,845		1,167		9,359		23,012		32,371		601		1971		03/11		3-30
	Linden Square		183	Seattle, WA				4,374		11,588		1,721		4,202		13,481		17,683		5,091		1994		06/00		3-30
	Lofts at Pinehurst, The		118	Ventura, CA				1,570		3,912		3,851		1,618		7,715		9,333		3,120		1971		06/97		3-30
	Magnolia Lane(4)		32	Sunnyvale, CA				-		5,430		173		-		5,603		5,603		871		2001		06/07		3-30
	Marbella, The		60	Los Angeles, CA				2,826		11,269		2,870		2,871		14,094		16,965		3,874		1991		09/05		3-30
	Marina City Club(5)		101	Marina Del Rey, CA				-		28,167		4,845		-		33,012		33,012		9,046		1971		01/04		3-30
	Marina Cove(6)		292	Santa Clara, CA				5,320		16,431		6,403		5,324		22,830		28,154		12,103		1974		06/94		3-30
	Mariners Place		105	Oxnard, CA				1,555		6,103		1,601		1,562		7,697		9,259		3,105		1987		05/00		3-30
	Meadowood		320	Simi Valley, CA				7,852		18,592		4,380		7,898		22,926		30,824		11,000		1986		11/96		3-30
	Mesa Village		133	Clairemont, CA				1,888		7,498		936		1,894		8,428		10,322		2,536		1963		12/02		3-30
	Mira Monte		355	Mira Mesa, CA				7,165		28,459		7,336		7,186		35,774		42,960		12,507		1982		12/02		3-30
	Mission Hills		282	Oceanside, CA				10,099		38,778		3,554		10,167		42,264		52,431		10,092		1984		07/05		3-30
	Mt. Sutro		99	San Francisco, CA				2,334		8,507		2,504		2,809		10,536		13,345		4,445		1973		06/01		3-30
	Muse		152	Hollywood, CA				39,100		-		2,697		7,823		33,974		41,797		1,410		11/10		09/10		3-30
	Pinehurst(7)		28	Ventura, CA				355		1,356		364		6		2,069		2,075		628		1973		12/04		3-30
	Regency at Encino		75	Encino, CA				3,184		12,737		1,094		3,184		13,830		17,014		1,099		1989		12/09		3-30
	Salmon Run at Perry Creek		132	Bothell, WA				3,717		11,483		864		3,801		12,263		16,064		4,541		2000		10/00		3-30
	San Marcos		432	Richmond, CA				15,563		36,204		25,997		22,866		54,898		77,764		15,222		2003		11/03		3-30
	Santee Court		165	Los Angeles, CA				6,177		24,716		517		6,177		25,233		31,410		1,039		2004		10/10		3-30
	Santee Village		73	Los Angeles, CA				3,404		15,601		640		3,404		16,241		19,645		230		2011		07/11		3-30
	Shadow Point		172	Spring Valley, CA				2,812		11,170		1,666		2,820		12,828		15,648		4,062		1983		12/02		3-30
	The Laurels at Mill Creek		164	Mill Creek, WA				1,559		6,430		4,472		1,595		10,866		12,461		4,872		1981		12/96		3-30
	The Grand		243	Oakland, CA				4,531		89,208		3,755		4,531		92,963		97,494		9,851		2009		01/09		3-30
	Tierra del Sol/Norte		156	El Cajon, CA				2,455		9,753		1,033		2,463		10,778		13,241		3,440		1969		12/02		3-30
	Trabucco Villas		132	Lake Forest, CA				3,638		8,640		1,469		3,890		9,857		13,747		4,462		1985		10/97		3-30
	Tuscana		30	Tracy, CA				2,828		6,599		155		2,870		6,712		9,582		1,036		2007		02/07		3-30
	Via		284	Sunnyvale, CA				22,000		-		82,270		22,016		82,254		104,270		1,051		07/09		04/08		3-30
	Vista Capri - North		106	San Diego, CA				1,663		6,609		788		1,668		7,392		9,060		2,228		1975		12/02		3-30
	Walnut Heights		163	Walnut, CA				4,858		19,168		1,883		4,887		21,022		25,909		5,929		1964		10/03		3-30
	Windsor Ridge		216	Sunnyvale, CA				4,017		10,315		4,342		4,021		14,653		18,674		10,382		1989		03/89		3-30
	Woodland Commons		236	Bellevue, WA				2,040		8,727		9,235		2,044		17,958		20,002		8,915		1978		03/90		3-30
	Woodside Village		145	Ventura, CA				5,331		21,036		2,413		5,341		23,439		28,780		5,706		1987		12/04		3-30
			27,419			1,729,822		835,224		2,670,710		727,465		837,737		3,395,662		4,233,399		904,125

F-38

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2011

(Dollars in thousands)

										Costs
	Rentable					Initial cost				capitalized		Gross amount carried at close of period
	Square							Buildings and		subsequent to		Land and		Buildings and				Accumulated		Date of		Date		Lives
Property	Footage		Location	Encumbrance		Land		improvements		acquisition		improvements		improvements		Total(1)		depreciation		construction		acquired		(years)
Other real estate assets
Office Buildings
Essex Hollywood		35,000	Los Angeles, CA				10,200		13,800		2,154		10,200		15,954		26,154		3,740		1938		07/06		3-30
Santa Clara Square		139,000	Santa Clara, CA		10,388		6,472		11,704		1,670		6,472		13,374		19,846		734		1970		09/11		3-30
925/935 East Meadow		31,900	Palo Alto, CA				1,401		3,172		7,985		3,147		9,411		12,558		3,173		1988		11/97		3-30
17461 Derian		110,000	Irvine, CA				3,079		12,315		5,713		3,105		18,002		21,107		8,254		1983		07/00		3-30
Consolidated Development Pipeline					5,648		25,139		-		19,147		44,280		-		44,280		-
Total apartment communities and other real estate assets				$	1,745,858	$	881,515	$	2,711,701	$	764,134	$	904,941	$	3,452,403	$	4,357,344	$	920,026

(1)  The aggregate cost for federal income tax purposes is approximately $3.0 billion (unaudited).

(2)  The land is leased pursuant to a ground lease expiring 2082.

(3)  The land is leased pursuant to a ground lease expiring 2027.

(4)  The land is leased pursuant to a ground lease expiring 2070.

(5)  The land is leased pursuant to a ground lease expiring 2067.

(6)  A portion of land is leased pursuant to a ground lease expiring in 2028.

(7)  The land is leased pursuant to a ground lease expiring in 2028.

A summary of activity for rental properties and accumulated depreciation is as follows:
	2011			2010		2009				2011			2010		2009
Rental properties:									Accumulated depreciation:
Balance at beginning of year	$	3,964,561		$	3,310,152	$	3,177,010		Balance at beginning of year	$	775,553		$	646,686	$	537,248
Improvements		68,338			51,101		79,094		Depreciation expense - Acquisitions		1,279			2,505		18
Acquisition of real estate		103,300			387,300		16,000		Depreciation expense - Discontinued operations		315			700		1,224
Development of real estate		195,634			216,008		74,590		Depreciation expense - Rental properties		148,337			125,662		116,033
Disposition of real estate		(18,769	)		-		(36,542	)	Dispositions		(5,458	)		-		(7,837	)
Balance at the end of year	$	4,313,064		$	3,964,561	$	3,310,152		Balance at the end of year	$	920,026		$	775,553	$	646,686

F-39

XML

Organization (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Organization [Abstract]
General partner ownership interest (in hundredths)	93.80%
Limited partners ownership interest (in hundredths)	6.20%
Operating Partnership units outstanding (in shares)	2,229,230	2,200,907
Redemption value of Operating Partnership units outstanding	$ 313,200	$ 251,400
Number of apartment communities owned	159
Apartment units owned (in units)	32,753
Ownership interests, number of commercial buildings	5
Ownership interests, number of active development projects	5

XML

Equity Based Compensation Plans, Summary information of stock options outstanding (Details) (USD $)	0 Months Ended	12 Months Ended			0 Months Ended	12 Months Ended	0 Months Ended	12 Months Ended	0 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011 Restricted Stock [Member]	Dec. 31, 2010 Restricted Stock [Member]	Dec. 31, 2009 Restricted Stock [Member]	Dec. 31, 2011 48.68-73.38 [Member]	Dec. 31, 2011 48.68-73.38 [Member]	Dec. 31, 2011 79.05-125.84 [Member]	Dec. 31, 2011 79.05-125.84 [Member]	Dec. 31, 2011 126.73-132.62 [Member]	Dec. 31, 2011 126.73-132.62 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)						$ 48.68		$ 79.05		$ 126.73
Exercise price range, upper range limit (in dollars per share)						$ 73.38		$ 125.84		$ 132.62
Number of options outstanding, ending balance (in shares)	415,020,000				50,577,000	50,577,000	167,693,000	167,693,000	196,750,000	196,750,000
Options outstanding, weighted-average remaining contractual life (in years)	6 years 9 months 18 days				2 years 9 months 18 days		5 years		9 years 9 months 18 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 109.71				$ 61.78	$ 61.78	$ 97.70	$ 97.70	$ 132.27	$ 132.27
Number of options exercisable, ending balance (in shares)	219,820,000				50,577,000	50,577,000	148,193,000	148,193,000	21,050,000	21,050,000
Options exercisable, weighted-average exercise price (in dollars per share)	$ 92.31				$ 61.78	$ 61.78	$ 97.15	$ 97.15	$ 131.66	$ 131.66
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		1,540	14,415	18,954
Unrecognized compensation cost, weighted average recognition period (in years)			6 years

XML

Lease Agreements (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Lease Agreements [Abstract]
Number of commercial buildings leased	3
Number of commercial portions of mixed use communities leased	19
Future minimum rent
2012	$ 6,778
2013	6,772
2014	6,735
2015	5,404
2016	3,259
Thereafter	16,301
Total future minimum rent	$ 45,249

XML

Equity Based Compensation Plans, Restricted stock activity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	0 Months Ended			12 Months Ended
	Dec. 31, 2011	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2001
Nonvested stock [Roll forward]
Unvested, beginning balance (in shares)				44,877,000	37,727,000	30,304,000
Granted (in shares)				1,540,000	14,415,000	18,954,000
Vested (in shares)				(9,532,000)	(6,126,000)	(5,647,000)
Forfeited and canceled (in shares)				(1,666,000)	(1,139,000)	(5,884,000)
Unvested, ending balance (in shares)	35,219,000	37,727,000		35,219,000	44,877,000	37,727,000
Additional disclosures [Abstract]
Weighted-average grant price, unvested, beginning balance (in dollars per share)				$ 102.46	$ 99.43	$ 119.31
Weighted-average grant price, granted (in dollars per share)				$ 134.44	$ 109.62	$ 75.77
Weighted-average grant price, vested (in dollars per share)				$ 104.71	$ 102.27	$ 108.49
Weighted-average grant price, forfeited and canceled (in dollars per share)				$ 94.35	$ 93.92	$ 116.89
Weighted-average grant price, unvested, ending balance (in dollars per share)	$ 98.57	$ 99.43		$ 98.57	$ 102.46	$ 99.43
Total outstanding incentive units [Abstract]
Weighted-average remaining contractual life, beginning balance (in years)				10 years	10 years	10 years
Weighted-average remaining contractual life, ending balance (in years)				10 years	10 years	10 years
Series Z Incentive Units [Member]
Nonvested stock [Roll forward]
Unvested, beginning balance (in shares)				171,902	105,881	143,604
Granted (in shares)				46,500,000	108,000,000		200,000
Vested (in shares)				(44,520)	(37,629)	(37,723)
Forfeited and canceled (in shares)				(3,863)	(4,350)
Unvested, ending balance (in shares)	170,019	105,881	143,604	170,019	171,902	105,881
Additional disclosures [Abstract]
Weighted-average grant price, unvested, beginning balance (in dollars per share)				$ 54.15	$ 39.36	$ 39.36
Weighted-average grant price, unvested, ending balance (in dollars per share)	$ 58.17	$ 39.36	$ 39.36	$ 58.17	$ 54.15	$ 39.36
Incentive units vested [Roll Forward]
Vested, beginning balance (in shares)				326,280	288,651	250,928
Vested, units granted (in shares)				0
Vested, units vested (in shares)				44,520	37,629	37,723
Vested, units converted (in shares)				(191,718)
Vested, ending balance (in shares)	179,082	288,651	250,928	179,082	326,280	288,651
Aggregate intrinsic value, unvested, beginning balance				$ 19,463	$ 8,751	$ 10,878
Aggregate intrinsic value, unvested, ending balance	$ 23,719	$ 8,751	$ 10,878	$ 23,719	$ 19,463	$ 8,751
Total outstanding incentive units [Abstract]
Total outstanding units, beginning balance (in shares)				498,182	394,532	394,532
Total outstanding units, granted (in shares)				46,500	108,000
Total outstanding units, vested (in shares)				0	0	0
Total outstanding units, cancelled (in shares)				(3,863)	(4,350)
Total outstanding units, converted (in shares)				(191,718)
Total outstanding units, ending balance (in shares)	349,101	394,532	394,532	349,101	498,182	394,532
Weighted-average remaining contractual life, beginning balance (in years)	12 years 3 months 18 days	8 years 2 months 12 days	9 years 2 months 12 days
Weighted-average remaining contractual life, ending balance (in years)	12 years 3 months 18 days	8 years 2 months 12 days	9 years 2 months 12 days

XML

Unsecured Debt and Lines of Credit (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended								1 Months Ended	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2011 Unsecured Bonds Average 4.5% [Member]	Dec. 31, 2011 Unsecured Bonds 4.36% [Member]	Dec. 31, 2011 Unsecured Bonds 4.5% [Member]	Dec. 31, 2011 Unsecured Bonds 4.92 % [Member]	Dec. 31, 2011 Unsecured Term Loan [Member]	Dec. 31, 2011 Secured Line of Credit Freddie Mac [Member]	Dec. 31, 2010 Secured Line of Credit Freddie Mac [Member]	Jan. 31, 2012 Line of Credit Working Capital [Member]	Dec. 31, 2011 Line of Credit Working Capital [Member]	Dec. 31, 2010 Unsecured Line of Credit [Member]	Dec. 31, 2011 Unsecured Line of Credit [Member]
Unsecured Debt and Lines of Credit [Abstract]
Number of outstanding lines of credit		2
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	$ 207,200	$ 440,000							$ 250,000		$ 15,000
Line of credit with an accordion option													425,000
Unsecured line of credit balance												150,000
Accordion option to increase maximum borrowing capacity												500,000
Basis spread on variable rate, initial (in hundredths)											1.25%	3.00%
Basis spread on variable rate, amended (in hundredths)							1.40%					2.40%
Increment in borrowing limit										25,000
Line of credit facility maturity date									December 2013		January 2014	December 2014
Number of apartment communities securing the credit facility									11
Number of one year extensions available													2
Early retirement of debt	99,000							600
Debt Instrument [Line Items]
Proceeds from issuance of unsecured bonds			265,000
Average interest rates for bonds issued (in hundredths)			4.50%
Maturity date				Jan. 01, 2016	Jan. 01, 2017	Jan. 01, 2019
Interest rate (in hundredths)				4.36%	4.50%	4.92%
Unsecured term loan amount		200,000					200,000
Basis spread on variable rate (in hundredths)							1.40%					2.40%
Term of loan							5Y
Notional amount of interest rate swap							$ 150,000
Interest rate after swap contract							2.66%

XML

Lease Agreements (Tables)

12 Months Ended

Dec. 31, 2011

Lease Agreements [Abstract]

Future minimum non-cancelable base rent to be received

As of December 31, 2011 the Company is a lessor for three commercial buildings and the commercial portions of 19 mixed use communities. The tenants' lease terms expire at various times through 2024. The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands):

	Future
	Minimum
	Rent
2012	$	6,778
2013		6,772
2014		6,735
2015		5,404
2016		3,259
Thereafter		16,301
	$	45,249

XML

Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Segment Information [Abstract]
Number of reportable operating segments defined by geographical regions									3
Revenues from External Customers and Long-Lived Assets [Line Items]
Property revenues	$ 122,373	$ 117,226	$ 114,906	$ 111,208	$ 106,703	$ 102,470	$ 98,208	$ 98,347	$ 465,713	$ 405,728	$ 401,550
Net operating income									306,479	262,564	264,093
Depreciation									(151,428)	(128,221)	(116,540)
Interest expense before amortization									(91,694)	(82,756)	(81,196)
Amortization expense									(11,474)	(4,828)	(4,820)
Management and other fees									6,780	4,551	4,325
General and administrative									(20,694)	(23,255)	(24,966)
Cost of management and other fees									(4,610)	(2,707)	(3,096)
Impairment and other charges									0	(2,302)	(13,084)
Interest and other income									17,139	27,841	13,040
Gain (loss) on early retirement of debt									(1,163)	(10)	4,750
Equity income (loss) in co-investments									(467)	(1,715)	670
Gain on sale of real estate									0	0	103
Income from continuing operations									48,868	49,162	43,279
Real estate assets	3,393,038				3,189,008				3,393,038	3,189,008
Real estate for development	44,280				217,531				44,280	217,531
Co-investments	383,412				107,840				383,412	107,840
Cash and cash equivalents, including restricted cash	35,463				35,694				35,463	35,694
Marketable securities	74,275				92,310				74,275	92,310
Notes and other receivables	66,369				49,444				66,369	49,444
Other non-segment assets	40,127				41,060				40,127	41,060
Total assets	4,036,964				3,732,887				4,036,964	3,732,887
Southern California [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property revenues									223,304	200,541	201,083
Net operating income									146,519	132,150	134,179
Real estate assets	1,478,018				1,428,264				1,478,018	1,428,264
Northern California [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property revenues									149,457	127,302	121,582
Net operating income									99,047	82,288	80,274
Real estate assets	1,241,320				1,119,555				1,241,320	1,119,555
Seattle Metro [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property revenues									81,967	70,348	71,060
Net operating income									52,173	43,006	44,603
Real estate assets	579,612				560,463				579,612	560,463
Other Real Estate Assets [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property revenues									10,985	7,537	7,825
Net operating income									8,740	5,120	5,037
Real estate assets	$ 94,088				$ 80,726				$ 94,088	$ 80,726

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Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

(17) Subsequent Events

In January 2012, the Company acquired Bon Terra, a 60-unit community located adjacent to Delano in Redmond, Washington for $16.0 million.  Located on the same block, Delano and Bon Terra are operated as one community.  Also in January, the Company acquired Reed Square, a 100-unit community located in Sunnyvale, California for $23.0 million.

During the first quarter of 2012, the Company sold Tierra Del Sol/Norte, a 156 unit community located in the San Diego, California for $17.2 million for a gain of $7.0 million.  Also in the first quarter, the Company sold Alpine Country, a 108 unit community located in San Diego metropolitan area, for $11.1 million for a gain of $3.9 million.

On August 15, 2012, the Operating Partnership issued $300 million aggregate principal amount of its 3.625% Senior Notes due 2022 (the "Notes").  The Operating Partnership offered the Notes at 98.99% of the principal amount thereof. The Notes are general unsecured senior obligations of the Operating Partnership and will rank equally in right of payment with all other senior unsecured obligations of the Operating Partnership. However, the Notes are effectively subordinated to all of the Operating Partnership's existing and future secured indebtedness (to the extent of the collateral securing such indebtedness) and to all existing and future liabilities and preferred equity, whether secured or unsecured, of the Operating Partnership's subsidiaries. The Notes bear interest at 3.625% per annum. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2013 until the maturity date of August 15, 2022. The Operating Partnership's obligations under the Notes are fully and unconditionally guaranteed by the Company.

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Net Income Per Common Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended										12 Months Ended
	Dec. 31, 2011		Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010		Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011		Dec. 31, 2010		Dec. 31, 2009
Basic:
Income from continuing operations available to common stockholders											$ 32,256		$ 32,251		$ 72,545
Income from continuing operations available to common stockholders (in shares)											32,541,792		29,667,064		27,269,547
Income from continuing operations available to common stockholders (in dollars per share)											$ 0.99		$ 1.09		$ 2.66
Income from discontinued operations											8,112		1,513		9,655
Income from discontinued operations (in shares)											32,541,792		29,667,064		27,269,547
Income from discontinued operations (in dollars per share)											$ 0.25		$ 0.05		$ 0.35
Income available to common stockholders	13,937		7,688	10,325	8,418	4,778		6,377	9,482	13,127	40,368		33,764		82,200
Income available to common stockholders (in dollars per share)	$ 0.42		$ 0.23	$ 0.32	$ 0.27	$ 0.16		$ 0.21	$ 0.32	$ 0.45	$ 1.24		$ 1.14		$ 3.01
Effect of Dilutive Securities											0	[1]	0	[1]	4,224	[1]
Effect of Dilutive Securities (in shares)											86,922	[1]	67,319	[1]	2,477,067	[1]
Diluted:
Income from continuing operations available to common stockholders											32,256	[1]	32,251	[1]	72,545	[1]
Add: noncontrolling interests OP unitholders	0	[2]				0	[2]				0	[2]	0	[2]	3,419	[2]
Adjusted income from continuing operations available to common stockholders											32,256	[1]	32,251	[1]	75,964	[1]
Adjusted income from continuing operations available to common stockholders (in shares)											32,628,714	[1]	29,734,383	[1]	29,746,614	[1]
Adjusted income from continuing operations available to common stockholders (in dollars per share)											$ 0.99	[1]	$ 1.09	[1]	$ 2.56	[1]
Income (loss) from discontinued operations available to common stockholders											8,112		1,513		9,655
Add: noncontrolling interests OP unitholders	0	[2]				0	[2]				0	[2]	0	[2]	805	[2]
Adjusted income from discontinued operations available to common stockholders											8,112		1,513		10,460
Adjusted income from discontinued operations available to common stockholders (in shares)											32,628,714		29,734,383		29,746,614
Adjusted income from discontinued operations available to common stockholders (in dollars per share)											$ 0.25		$ 0.05		$ 0.35
Total income (Diluted)											$ 40,368		$ 33,764		$ 86,424
Total income per common share amount (in dollars per share)	$ 0.42		$ 0.23	$ 0.32	$ 0.27	$ 0.16		$ 0.21	$ 0.32	$ 0.45	$ 1.24		$ 1.14		$ 2.91
Convertible Limited Partnership Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted convertible limited partnership units											2,231,807		2,293,886		2,447,751
Anti-dilutive securities (in shares)											2,231,807		2,293,886		2,447,751
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted convertible limited partnership units											175,500		123,164		260,736
Anti-dilutive securities (in shares)											175,500		123,164		260,736

[1] Weighted convertible limited partnership units of 2,231,807 and 2,293,886, which include vested Series Z incentive units, for the years ended December 31, 2011 and 2010, respectively, were not included in the determination of diluted EPS because they were anti-dilutive. Weighted convertible limited partnership units of 2,447,751, which include vested Series Z incentive units, for the year ended December 31, 2009, were included in the determination of diluted EPS because they were dilutive. The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. Stock options of 175,500; 123,164; and 260,736 for the years ended December 31, 2011, 2010, and 2009, respectively, were not included in the diluted earnings per share calculation because the exercise price of these options were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. All shares of cumulative convertible preferred stock Series G have been excluded from diluted earnings per share for the years ended 2011, 2010, and 2009 respectively, as the effect was anti-dilutive.

[2] For the year ended December 31, 2009, net income allocated to convertible limited partnership units including vested Series Z units have been included in income available to common stock holders for the calculation of net income per common share since these units are included in the diluted weighted average common shares for the that year as discussed in (1) above.

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Notes and Other Receivables (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended					12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2010	Dec. 31, 2011 Notes Receivable [Member]	Dec. 31, 2010 Notes Receivable [Member]	Dec. 31, 2010 Notes Receivable [Member] Santee Court [Member]	Dec. 31, 2011 Notes Receivable [Member] Secured Due January 2012 [Member]	Dec. 31, 2010 Notes Receivable [Member] Secured Due January 2012 [Member]	Dec. 31, 2011 Notes Receivable [Member] Secured Due November 2012 [Member]	Dec. 31, 2010 Notes Receivable [Member] Secured Due November 2012 [Member]	Dec. 31, 2011 Notes Receivable [Member] Secured 1 Due December 2012 [Member]	Dec. 31, 2010 Notes Receivable [Member] Secured 1 Due December 2012 [Member]	Dec. 31, 2011 Notes Receivable [Member] Secured 2 Due December 2012 [Member]	Dec. 31, 2010 Notes Receivable [Member] Secured 2 Due December 2012 [Member]	Dec. 31, 2011 Notes Receivable [Member] Secured Due November 2013 [Member]	Dec. 31, 2010 Notes Receivable [Member] Secured Due November 2013 [Member]	Dec. 31, 2011 Notes Receivable [Member] Secured Due December 2014 [Member]	Dec. 31, 2010 Notes Receivable [Member] Secured Due December 2014 [Member]	Dec. 31, 2011 Notes Receivable [Member] Secured Due June 2017 [Member]	Dec. 31, 2010 Notes Receivable [Member] Secured Due June 2017 [Member]	Dec. 31, 2011 Other Receivables [Member]	Dec. 31, 2010 Other Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 66,369		$ 49,444	$ 2,734	$ 531		$ 7,331	$ 7,331	$ 12,428	$ 0	$ 10,928	$ 10,930	$ 6,445	$ 6,513	$ 971	$ 971	$ 3,221	$ 3,221	$ 17,646	$ 16,708	$ 4,688	$ 3,239
Base reference rate used for variable rate debt (in hundredths)	SIFMA	SIFMA											LIBOR	LIBOR
Basis spread on variable rate (in hundredths)													8.00%	8.00%
Stated interest rate (in hundredths)							9.80%	9.80%	5.00%	5.00%	8.80%	8.80%			8.00%	8.00%	6.50%	6.50%	6.30%	6.30%
Amended note receivable fixed interest rate (in hundredths)																	4.00%
Mortgage note receivable purchased						21,000														16,600
Number of units in condominium community operated as a rental									197											78
Carrying amount of loan purchased						25,700														19,200
Purchase price of property						$ 31,100
Extension option period (in months)																			18
Amended note effective interest rate, minimum (in hundredths)																			8.40%
Amended note effective interest rate, minimum (in hundredths)																			9.60%

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Revenues and net operating income for reportable operating segments

The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2011, 2010, and 2009 ($ in thousands):

	Years Ended December 31,
	2011			2010			2009
Revenues:
Southern California	$	223,304		$	200,541		$	201,083
Northern California		149,457			127,302			121,582
Seattle Metro		81,967			70,348			71,060
Other real estate assets		10,985			7,537			7,825
Total property revenues	$	465,713		$	405,728		$	401,550
Net operating income:
Southern California	$	146,519		$	132,150		$	134,179
Northern California		99,047			82,288			80,274
Seattle Metro		52,173			43,006			44,603
Other real estate assets		8,740			5,120			5,037
Total net operating income		306,479			262,564			264,093
Depreciation		(151,428	)		(128,221	)		(116,540	)
Interest expense before amortization		(91,694	)		(82,756	)		(81,196	)
Amortization expense		(11,474	)		(4,828	)		(4,820	)
Management and other fees		6,780			4,551			4,325
General and administrative		(20,694	)		(23,255	)		(24,966	)
Cost of management and other fees		(4,610	)		(2,707	)		(3,096	)
Impairment and other charges		-			(2,302	)		(13,084	)
Interest and other income		17,139			27,841			13,040
Gain (loss) on early retirement of debt		(1,163	)		(10	)		4,750
Equity (loss) income in co-investments		(467	)		(1,715	)		670
Gain on sale of real estate		-			-			103
Income before discontinued operations	$	48,868		$	49,162		$	43,279

Total assets for reportable operating segments

Total assets for each of the reportable operating segments are summarized as follow as of December 31, 2011 and 2010 ($ in thousands):

	As of December 31,
Assets:	2011		2010
Southern California	$	1,478,018	$	1,428,264
Northern California		1,241,320		1,119,555
Seattle Metro		579,612		560,463
Other real estate assets		94,088		80,726
Net reportable operating segments - real estate assets		3,393,038		3,189,008
Real estate for development		44,280		217,531
Co-investments		383,412		107,840
Cash and cash equivalents, including restricted cash		35,463		35,694
Marketable securities		74,275		92,310
Notes and other receivables		66,369		49,444
Other non-segment assets		40,127		41,060
Total assets	$	4,036,964	$	3,732,887

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Equity Based Compensation Plans, Weighted average assumptions (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Weighted average fair value assumptions [Abstract]
Stock price (in dollars per share)	$ 131.87	$ 107.21
Stock price, minimum (in dollars per share)			$ 66.05
Stock price, maximum (in dollars per share)			$ 84.90
Risk-free interest rates (in hundredths)	2.24%	3.50%	4.58%
Expected lives (in years)	10 years	10 years	10 years
Volatility (in hundredths)	19.63%	22.00%	20.00%

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Quarterly Results of Operations (Unaudited) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Quarterly Results of Operations (Unaudited) [Abstract]
Total property revenues	$ 122,373	$ 117,226	$ 114,906	$ 111,208	$ 106,703	$ 102,470	$ 98,208	$ 98,347	$ 465,713	$ 405,728	$ 401,550
Income before discontinued operations	14,492	11,767	10,503	12,106	8,260	10,037	13,134	17,542	48,868	49,162	43,279
Net income	17,867	11,085	16,053	12,511	8,628	10,426	13,869	17,859	57,516	50,782	53,739
Net income available to common stockholders	$ 13,937	$ 7,688	$ 10,325	$ 8,418	$ 4,778	$ 6,377	$ 9,482	$ 13,127	$ 40,368	$ 33,764	$ 82,200
Net Income Per Common Share [Abstract]
Basic (in dollars per share)	$ 0.42	$ 0.23	$ 0.32	$ 0.27	$ 0.16	$ 0.21	$ 0.32	$ 0.45	$ 1.24	$ 1.14	$ 3.01
Diluted (in dollars per share)	$ 0.42	$ 0.23	$ 0.32	$ 0.27	$ 0.16	$ 0.21	$ 0.32	$ 0.45	$ 1.24	$ 1.14	$ 2.91
Market price [Abstract]
High (in dollars per share)	$ 148.44	$ 145.40	$ 138.31	$ 124.41	$ 117.12	$ 115.08	$ 113.03	$ 93.98
Low (in dollars per share)	$ 111.25	$ 119.15	$ 122.67	$ 109.98	$ 105.60	$ 92.62	$ 89.23	$ 76.35
Close (in dollars per share)	$ 140.51	$ 120.04	$ 135.29	$ 124.00	$ 114.22	$ 109.44	$ 97.54	$ 89.95	$ 140.51	$ 114.22
Dividends declared (in dollars per share)	$ 1.04	$ 1.04	$ 1.04	$ 1.04	$ 1.03	$ 1.03	$ 1.03	$ 1.03

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Derivative Instruments and Hedging Activities (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2011	Dec. 31, 2010
Derivative [Line Items]
Amount of unsecured loan that is effectively fixed with the interest rate swap		$ 150,000
Total amount of unsecured loan		200,000
Derivatives maturity date	Sep. 30, 2016
Mortgage obtained during 2011		32,000
Effective interest rate on mortgage loans, maximum (in hundredths)		6.20%	6.80%
Effective interest rate on mortgage loans, minimum (in hundredths)		5.40%	4.50%
Term of mortgage loan paid from derivatives proceeds			10Y
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount of interest rate contracts		187,800
Number of derivative instruments held		12
Tax exempt variable rate debt		202,700
Aggregate carrying value of the interest rate cap contracts		200
Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivative [Line Items]
Notional amount of interest rate contracts		150,000
Interest rate (in hundredths)		2.60%
Number of derivative instruments held		4
Derivatives maturity date		Nov. 30, 2016
Aggregate carrying value of the interest rate swap contracts		1,400
Derivative instruments settled		20,000	355,000
Proceeds from derivatives contracts settlement		2,300	81,300
Expense related to the ineffectiveness included in impairment and other charges			2,300
Not Designated as Hedging Instrument [Member] | Swap [Member]
Derivative [Line Items]
Amount of hedged item			38,000
Notional amount of fixed spread basis			35,200
Term of swap (in years)			3
Notional amount fixed spread ratably increases over term of swap			38,000
Percentage of price depreciation the Company obligated to pay if bonds decline in value (in hundredths)			100.00%
Percentage of price appreciation Citibank obligated to pay if bonds increase in value (in hundredths)			85.00%
Fair value of the swap		$ 1,800	3,000

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Organization

12 Months Ended

Dec. 31, 2011

Organization [Abstract]

Organization

(1) Organization

The accompanying consolidated financial statements present the accounts of Essex Property Trust, Inc. (the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. (the "Operating Partnership," which holds the operating assets of the Company).

The Company is the sole general partner in the Operating Partnership with a 93.8% general partner interest and the limited partners owned a 6.2% interest as of December 31, 2011.  The limited partners may convert their Operating Partnership units into an equivalent number of shares of common stock.  Total Operating Partnership units outstanding were 2,229,230 and 2,200,907 as of December 31, 2011 and 2010, respectively, and the redemption value of the units, based on the closing price of the Company's common stock totaled $313.2 million and $251.4 million, as of December 31, 2011 and 2010, respectively.  The Company has reserved shares of common stock for such conversions. These conversion rights may be exercised by the limited partners at any time through 2026.

As of December 31, 2011, the Company owned or had ownership interests in 159 apartment communities, (aggregating 32,753 units), five commercial buildings, and five active development projects (collectively, the "Portfolio").  The communities are located in Southern California (Los Angeles, Orange, Riverside, Santa Barbara, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan area.

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Schedule III Real Estate and Accumulated Depreciation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011		Dec. 31, 2010	Dec. 31, 2009
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of year	$ 3,964,561		$ 3,310,152	$ 3,177,010
Improvements	68,338		51,101	79,094
Acquisition of real estate	103,300		387,300	16,000
Development of real estate	195,634		216,008	74,590
Disposition of real estate	(18,769)		0	(36,542)
Balance at the end of year	4,313,064		3,964,561	3,310,152
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	775,553		646,686	537,248
Depreciation expense - Acquisitions	1,279		2,505	18
Depreciation expense - Discontinued operations	315		0	495
Depreciation and amortization expense - Rental properties	148,337		126,362	116,762
Dispositions	(5,458)		0	(7,837)
Balance at the end of year	920,026		775,553	646,686
Subtotal 4 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Units	27,231
Encumbrance	1,729,822
Initial cost [Abstract]
Land	835,224
Buildings and improvements	2,670,710
Costs capitalized subsequent to acquisition	727,468
Gross amount carried at close of period [Abstract]
Land and improvements	837,738
Buildings and improvements	3,395,662
Total	4,233,399	[1]
Accumulated depreciation	904,125
Lives , maximum (in years)	30
Subtotal 5 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	1,745,858
Initial cost [Abstract]
Land	881,515
Buildings and improvements	2,711,701
Costs capitalized subsequent to acquisition	764,137
Gross amount carried at close of period [Abstract]
Land and improvements	904,947
Buildings and improvements	3,452,403
Total	4,357,351	[1]
Accumulated depreciation	920,026
Encumbered Apartment Communities [Member] | Subtotal 1 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	250,000
Initial cost [Abstract]
Land	64,781
Buildings and improvements	204,147
Costs capitalized subsequent to acquisition	39,197
Gross amount carried at close of period [Abstract]
Land and improvements	66,048
Buildings and improvements	242,077
Total	308,125	[1]
Accumulated depreciation	93,153
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | Subtotal 2 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	207,215
Initial cost [Abstract]
Land	32,538
Buildings and improvements	117,954
Costs capitalized subsequent to acquisition	46,827
Gross amount carried at close of period [Abstract]
Land and improvements	36,297
Buildings and improvements	161,023
Total	197,319	[1]
Accumulated depreciation	60,243
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | Subtotal 3 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	1,729,822
Initial cost [Abstract]
Land	442,136
Buildings and improvements	1,391,045
Costs capitalized subsequent to acquisition	398,437
Gross amount carried at close of period [Abstract]
Land and improvements	459,768
Buildings and improvements	1,771,849
Total	2,231,617	[1]
Accumulated depreciation	557,187
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Brookside Oaks [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Brookside Oaks
Units	170
Location	Sunnyvale, CA
Encumbrance	20,277
Initial cost [Abstract]
Land	7,301
Buildings and improvements	16,310
Costs capitalized subsequent to acquisition	19,168
Gross amount carried at close of period [Abstract]
Land and improvements	10,328
Buildings and improvements	32,451
Total	42,779	[1]
Accumulated depreciation	9,673
Date of construction	1973
Date acquired	06/00
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Montclaire, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Montclaire, The
Units	390
Location	Sunnyvale, CA
Encumbrance	47,934
Initial cost [Abstract]
Land	4,842
Buildings and improvements	19,776
Costs capitalized subsequent to acquisition	19,287
Gross amount carried at close of period [Abstract]
Land and improvements	4,997
Buildings and improvements	38,908
Total	43,905	[1]
Accumulated depreciation	24,654
Date of construction	1973
Date acquired	12/88
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Summerhill Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Summerhill Park
Units	100
Location	Sunnyvale, CA
Encumbrance	13,971
Initial cost [Abstract]
Land	2,654
Buildings and improvements	4,918
Costs capitalized subsequent to acquisition	956
Gross amount carried at close of period [Abstract]
Land and improvements	2,656
Buildings and improvements	5,872
Total	8,528	[1]
Accumulated depreciation	4,253
Date of construction	1988
Date acquired	09/88
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Magnolia Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Magnolia Square
Units	156
Location	Sunnyvale, CA
Encumbrance	18,589
Initial cost [Abstract]
Land	8,190
Buildings and improvements	19,306
Costs capitalized subsequent to acquisition	8,465
Gross amount carried at close of period [Abstract]
Land and improvements	8,191
Buildings and improvements	27,770
Total	35,961	[1]
Accumulated depreciation	3,427
Date of construction	1969
Date acquired	09/07
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Belmont Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Belmont Station
Units	275
Location	Los Angeles, CA
Encumbrance	30,045
Initial cost [Abstract]
Land	8,100
Buildings and improvements	66,666
Costs capitalized subsequent to acquisition	2,645
Gross amount carried at close of period [Abstract]
Land and improvements	8,267
Buildings and improvements	69,144
Total	77,411	[1]
Accumulated depreciation	10,007
Date of construction	2008
Date acquired	12/08
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Kings Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Kings Road
Units	196
Location	Los Angeles, CA
Encumbrance	29,863
Initial cost [Abstract]
Land	4,023
Buildings and improvements	9,527
Costs capitalized subsequent to acquisition	7,148
Gross amount carried at close of period [Abstract]
Land and improvements	4,031
Buildings and improvements	16,667
Total	20,698	[1]
Accumulated depreciation	6,856
Date of construction	1979
Date acquired	06/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Miracle Mile (Park Place/Windsor Cout/Cochran) [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Miracle Mile (Park Place/Windsor Cout/Cochran)
Units	176
Location	Los Angeles, CA
Encumbrance	20,299
Initial cost [Abstract]
Land	4,965
Buildings and improvements	11,806
Costs capitalized subsequent to acquisition	7,613
Gross amount carried at close of period [Abstract]
Land and improvements	5,015
Buildings and improvements	19,369
Total	24,384	[1]
Accumulated depreciation	9,093
Date of construction	1988
Date acquired	08/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Simi Valley [Member] | Hidden Valley [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Hidden Valley
Units	324
Location	Simi Valley, CA
Encumbrance	31,180
Initial cost [Abstract]
Land	14,174
Buildings and improvements	34,065
Costs capitalized subsequent to acquisition	1,155
Gross amount carried at close of period [Abstract]
Land and improvements	11,663
Buildings and improvements	37,731
Total	49,394	[1]
Accumulated depreciation	9,383
Date of construction	2004
Date acquired	12/04
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | Carlyle, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Carlyle, The
Units	132
Location	San Jose, CA
Encumbrance	18,936
Initial cost [Abstract]
Land	3,954
Buildings and improvements	15,277
Costs capitalized subsequent to acquisition	9,718
Gross amount carried at close of period [Abstract]
Land and improvements	5,801
Buildings and improvements	23,148
Total	28,949	[1]
Accumulated depreciation	8,372
Date of construction	2000
Date acquired	04/00
Lives, minimum (in years)	3
Encumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | Bella Villagio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Bella Villagio
Units	231
Location	San Jose, CA
Encumbrance	38,834
Initial cost [Abstract]
Land	17,247
Buildings and improvements	40,343
Costs capitalized subsequent to acquisition	1,295
Gross amount carried at close of period [Abstract]
Land and improvements	17,247
Buildings and improvements	41,638
Total	58,885	[1]
Accumulated depreciation	1,802
Date of construction	2004
Date acquired	09/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | Esplanade [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Esplanade
Units	278
Location	San Jose, CA
Encumbrance	45,836
Initial cost [Abstract]
Land	18,170
Buildings and improvements	40,086
Costs capitalized subsequent to acquisition	5,065
Gross amount carried at close of period [Abstract]
Land and improvements	18,429
Buildings and improvements	44,892
Total	63,321	[1]
Accumulated depreciation	11,393
Date of construction	2002
Date acquired	11/04
Lives, minimum (in years)	3
Encumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | 101 San Fernando [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	101 San Fernando
Units	323
Location	San Jose, CA
Encumbrance	35,261
Initial cost [Abstract]
Land	4,173
Buildings and improvements	58,961
Costs capitalized subsequent to acquisition	2,332
Gross amount carried at close of period [Abstract]
Land and improvements	4,173
Buildings and improvements	61,293
Total	65,466	[1]
Accumulated depreciation	3,059
Date of construction	2001
Date acquired	07/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | Waterford, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Waterford, The
Units	238
Location	San Jose, CA
Encumbrance	31,975
Initial cost [Abstract]
Land	11,808
Buildings and improvements	24,500
Costs capitalized subsequent to acquisition	12,053
Gross amount carried at close of period [Abstract]
Land and improvements	15,165
Buildings and improvements	33,195
Total	48,361	[1]
Accumulated depreciation	12,433
Date of construction	2000
Date acquired	06/00
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Hayward [Member] | City View [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	City View
Units	560
Location	Hayward, CA
Encumbrance	64,254
Initial cost [Abstract]
Land	9,883
Buildings and improvements	37,670
Costs capitalized subsequent to acquisition	20,103
Gross amount carried at close of period [Abstract]
Land and improvements	10,350
Buildings and improvements	57,306
Total	67,656	[1]
Accumulated depreciation	25,819
Date of construction	1975
Date acquired	03/98
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | La Habra [Member] | Hillsborough Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Hillsborough Park
Units	235
Location	La Habra, CA
Encumbrance	38,566
Initial cost [Abstract]
Land	6,291
Buildings and improvements	15,455
Costs capitalized subsequent to acquisition	1,029
Gross amount carried at close of period [Abstract]
Land and improvements	6,272
Buildings and improvements	16,503
Total	22,775	[1]
Accumulated depreciation	6,820
Date of construction	1999
Date acquired	09/99
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Garden Grove [Member] | Montejo [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Montejo
Units	124
Location	Garden Grove, CA
Encumbrance	13,538
Initial cost [Abstract]
Land	1,925
Buildings and improvements	7,685
Costs capitalized subsequent to acquisition	2,030
Gross amount carried at close of period [Abstract]
Land and improvements	2,194
Buildings and improvements	9,445
Total	11,640	[1]
Accumulated depreciation	3,351
Date of construction	1974
Date acquired	11/01
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Santa Ana [Member] | Treehouse [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Treehouse
Units	164
Location	Santa Ana, CA
Encumbrance	17,568
Initial cost [Abstract]
Land	2,626
Buildings and improvements	10,485
Costs capitalized subsequent to acquisition	3,863
Gross amount carried at close of period [Abstract]
Land and improvements	2,957
Buildings and improvements	14,017
Total	16,974	[1]
Accumulated depreciation	4,371
Date of construction	1970
Date acquired	11/01
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Santa Ana [Member] | Brentwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Brentwood
Units	140
Location	Santa Ana, CA
Encumbrance	19,603
Initial cost [Abstract]
Land	2,833
Buildings and improvements	11,303
Costs capitalized subsequent to acquisition	5,282
Gross amount carried at close of period [Abstract]
Land and improvements	3,502
Buildings and improvements	15,916
Total	19,418	[1]
Accumulated depreciation	5,049
Date of construction	1970
Date acquired	11/01
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Fountain Valley [Member] | Valley Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Valley Park
Units	160
Location	Fountain Valley, CA
Encumbrance	22,983
Initial cost [Abstract]
Land	3,361
Buildings and improvements	13,420
Costs capitalized subsequent to acquisition	3,123
Gross amount carried at close of period [Abstract]
Land and improvements	3,761
Buildings and improvements	16,143
Total	19,904	[1]
Accumulated depreciation	5,481
Date of construction	1969
Date acquired	11/01
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Placentia [Member] | Villa Angelina [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Villa Angelina
Units	256
Location	Placentia, CA
Encumbrance	28,020
Initial cost [Abstract]
Land	4,498
Buildings and improvements	17,962
Costs capitalized subsequent to acquisition	3,101
Gross amount carried at close of period [Abstract]
Land and improvements	4,962
Buildings and improvements	20,599
Total	25,561	[1]
Accumulated depreciation	6,910
Date of construction	1970
Date acquired	11/01
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Alpine [Member] | Alpine Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Alpine Village
Units	306
Location	Alpine, CA
Encumbrance	15,690
Initial cost [Abstract]
Land	4,967
Buildings and improvements	19,728
Costs capitalized subsequent to acquisition	3,061
Gross amount carried at close of period [Abstract]
Land and improvements	4,982
Buildings and improvements	22,775
Total	27,756	[1]
Accumulated depreciation	7,170
Date of construction	1971
Date acquired	12/02
Lives, minimum (in years)	3
Encumbered Apartment Communities [Member] | CA [Member] | Woodland Hills [Member] | Avondale at Warner Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Avondale at Warner Center
Units	446
Location	Woodland Hills, CA
Encumbrance	47,396
Initial cost [Abstract]
Land	10,536
Buildings and improvements	24,522
Costs capitalized subsequent to acquisition	13,764
Gross amount carried at close of period [Abstract]
Land and improvements	10,601
Buildings and improvements	38,221
Total	48,822	[1]
Accumulated depreciation	17,483
Date of construction	1970
Date acquired	01/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Newark [Member] | Bridgeport [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Bridgeport
Units	184
Location	Newark, CA
Encumbrance	22,051
Initial cost [Abstract]
Land	1,608
Buildings and improvements	7,582
Costs capitalized subsequent to acquisition	5,606
Gross amount carried at close of period [Abstract]
Land and improvements	1,525
Buildings and improvements	13,270
Total	14,796	[1]
Accumulated depreciation	8,870
Date of construction	1987
Date acquired	07/87
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Anaheim [Member] | Barkley, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Barkley, The	[2]
Units	161	[2]
Location	Anaheim, CA	[2]
Encumbrance	17,015	[2]
Initial cost [Abstract]
Land	0	[2]
Buildings and improvements	8,520	[2]
Costs capitalized subsequent to acquisition	4,229	[2]
Gross amount carried at close of period [Abstract]
Land and improvements	2,353	[2]
Buildings and improvements	10,396	[2]
Total	12,749	[1],[2]
Accumulated depreciation	3,975	[2]
Date of construction	1984	[3]
Date acquired	04/00	[3]
Lives, minimum (in years)	3	[2]
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | San Ramon [Member] | Bel Air [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Bel Air
Units	462
Location	San Ramon, CA
Encumbrance	56,759
Initial cost [Abstract]
Land	12,105
Buildings and improvements	18,252
Costs capitalized subsequent to acquisition	19,590
Gross amount carried at close of period [Abstract]
Land and improvements	12,682
Buildings and improvements	37,265
Total	49,947	[1]
Accumulated depreciation	17,133
Date of construction	1988
Date acquired	01/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | San Ramon [Member] | Canyon Oaks [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Canyon Oaks
Units	250
Location	San Ramon, CA
Encumbrance	29,389
Initial cost [Abstract]
Land	19,088
Buildings and improvements	44,473
Costs capitalized subsequent to acquisition	1,029
Gross amount carried at close of period [Abstract]
Land and improvements	19,088
Buildings and improvements	45,501
Total	64,590	[1]
Accumulated depreciation	7,191
Date of construction	2005
Date acquired	05/07
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | San Ramon [Member] | Mill Creek at Windermere [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Mill Creek at Windermere
Units	400
Location	San Ramon, CA
Encumbrance	50,787
Initial cost [Abstract]
Land	29,551
Buildings and improvements	69,032
Costs capitalized subsequent to acquisition	1,242
Gross amount carried at close of period [Abstract]
Land and improvements	29,551
Buildings and improvements	70,274
Total	99,825	[1]
Accumulated depreciation	10,199
Date of construction	2005
Date acquired	09/07
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Seattle [Member] | The Bernard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	The Bernard
Units	63
Location	Seattle, CA
Encumbrance	10,344
Initial cost [Abstract]
Land	3,699
Buildings and improvements	11,345
Costs capitalized subsequent to acquisition	5
Gross amount carried at close of period [Abstract]
Land and improvements	3,699
Buildings and improvements	11,350
Total	15,049
Accumulated depreciation	108
Date of construction	2008
Date acquired	09/11
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Camarillo [Member] | Camarillo Oaks [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Camarillo Oaks
Units	564
Location	Camarillo, CA
Encumbrance	48,622
Initial cost [Abstract]
Land	10,953
Buildings and improvements	25,254
Costs capitalized subsequent to acquisition	2,362
Gross amount carried at close of period [Abstract]
Land and improvements	11,075
Buildings and improvements	27,494
Total	38,569	[1]
Accumulated depreciation	14,171
Date of construction	1985
Date acquired	07/96
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Camarillo [Member] | Camino Ruiz Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Camino Ruiz Square
Units	160
Location	Camarillo, CA
Encumbrance	21,110
Initial cost [Abstract]
Land	6,871
Buildings and improvements	26,119
Costs capitalized subsequent to acquisition	685
Gross amount carried at close of period [Abstract]
Land and improvements	6,931
Buildings and improvements	26,744
Total	33,675	[1]
Accumulated depreciation	4,555
Date of construction	1990
Date acquired	12/06
Lives, minimum (in years)	3
Encumbered Apartment Communities [Member] | CA [Member] | Fullerton [Member] | Capri at Sunny Hills [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Capri at Sunny Hills
Units	100
Location	Fullerton, CA
Encumbrance	18,132
Initial cost [Abstract]
Land	3,337
Buildings and improvements	13,320
Costs capitalized subsequent to acquisition	5,638
Gross amount carried at close of period [Abstract]
Land and improvements	4,048
Buildings and improvements	18,248
Total	22,295	[1]
Accumulated depreciation	6,026
Date of construction	1961
Date acquired	09/01
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Fullerton [Member] | Wilshire Promenade [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Wilshire Promenade
Units	149
Location	Fullerton, CA
Encumbrance	18,560
Initial cost [Abstract]
Land	3,118
Buildings and improvements	7,385
Costs capitalized subsequent to acquisition	6,395
Gross amount carried at close of period [Abstract]
Land and improvements	3,797
Buildings and improvements	13,101
Total	16,898	[1]
Accumulated depreciation	5,288
Date of construction	1992
Date acquired	01/97
Lives, minimum (in years)	30
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Studio City [Member] | Coldwater Canyon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Coldwater Canyon
Units	39
Location	Studio City, CA
Encumbrance	5,623
Initial cost [Abstract]
Land	1,674
Buildings and improvements	6,640
Costs capitalized subsequent to acquisition	1,107
Gross amount carried at close of period [Abstract]
Land and improvements	1,676
Buildings and improvements	7,746
Total	9,421	[1]
Accumulated depreciation	1,589
Date of construction	1979
Date acquired	05/07
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Hemet [Member] | Devonshire [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Devonshire
Units	276
Location	Hemet, CA
Encumbrance	10,216
Initial cost [Abstract]
Land	3,470
Buildings and improvements	13,786
Costs capitalized subsequent to acquisition	1,981
Gross amount carried at close of period [Abstract]
Land and improvements	3,482
Buildings and improvements	15,755
Total	19,237	[1]
Accumulated depreciation	5,080
Date of construction	1988
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Playa Vista [Member] | Fountain Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Fountain Park
Units	705
Location	Playa Vista, CA
Encumbrance	97,747
Initial cost [Abstract]
Land	25,073
Buildings and improvements	94,980
Costs capitalized subsequent to acquisition	20,409
Gross amount carried at close of period [Abstract]
Land and improvements	25,203
Buildings and improvements	115,259
Total	140,462	[1]
Accumulated depreciation	31,693
Date of construction	2002
Date acquired	02/04
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Santa Rosa [Member] | Harvest Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Harvest Park
Units	104
Location	Santa Rosa, CA
Encumbrance	10,895
Initial cost [Abstract]
Land	6,700
Buildings and improvements	15,479
Costs capitalized subsequent to acquisition	720
Gross amount carried at close of period [Abstract]
Land and improvements	6,690
Buildings and improvements	16,209
Total	22,899	[1]
Accumulated depreciation	2,769
Date of construction	2004
Date acquired	03/07
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Glendale [Member] | Hampton Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Hampton Place
Units	132
Location	Glendale, CA
Encumbrance	21,602
Initial cost [Abstract]
Land	4,288
Buildings and improvements	11,081
Costs capitalized subsequent to acquisition	3,034
Gross amount carried at close of period [Abstract]
Land and improvements	4,307
Buildings and improvements	14,095
Total	18,403	[1]
Accumulated depreciation	5,901
Date of construction	1970
Date acquired	06/99
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Rancho Palos Verdes [Member] | Highridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Highridge
Units	255
Location	Rancho Palos Verdes, CA
Encumbrance	44,807
Initial cost [Abstract]
Land	5,419
Buildings and improvements	18,347
Costs capitalized subsequent to acquisition	20,037
Gross amount carried at close of period [Abstract]
Land and improvements	6,073
Buildings and improvements	37,730
Total	43,803	[1]
Accumulated depreciation	14,420
Date of construction	1972
Date acquired	05/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Issaquah [Member] | Park Hill at Issaquah [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Park Hill at Issaquah
Units	245
Location	Issaquah, CA
Encumbrance	29,956
Initial cost [Abstract]
Land	7,284
Buildings and improvements	21,937
Costs capitalized subsequent to acquisition	1,488
Gross amount carried at close of period [Abstract]
Land and improvements	7,284
Buildings and improvements	23,425
Total	30,709	[1]
Accumulated depreciation	5,965
Date of construction	1999
Date acquired	02/99
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Newbury Park [Member] | Hillcrest Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Hillcrest Park
Units	608
Location	Newbury Park, CA
Encumbrance	70,707
Initial cost [Abstract]
Land	15,318
Buildings and improvements	40,601
Costs capitalized subsequent to acquisition	12,920
Gross amount carried at close of period [Abstract]
Land and improvements	15,755
Buildings and improvements	53,084
Total	68,839	[1]
Accumulated depreciation	23,030
Date of construction	1973
Date acquired	03/98
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Huntington Beach [Member] | Huntington Breakers [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Huntington Breakers
Units	342
Location	Huntington Beach, CA
Encumbrance	39,321
Initial cost [Abstract]
Land	9,306
Buildings and improvements	22,720
Costs capitalized subsequent to acquisition	4,601
Gross amount carried at close of period [Abstract]
Land and improvements	9,315
Buildings and improvements	27,312
Total	36,627	[1]
Accumulated depreciation	12,592
Date of construction	1984
Date acquired	10/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Santa Clara [Member] | Le Parc Luxury Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Le Parc Luxury Apartments
Units	140
Location	Santa Clara, CA
Encumbrance	12,678
Initial cost [Abstract]
Land	3,090
Buildings and improvements	7,421
Costs capitalized subsequent to acquisition	10,705
Gross amount carried at close of period [Abstract]
Land and improvements	3,092
Buildings and improvements	18,123
Total	21,216	[1]
Accumulated depreciation	7,834
Date of construction	1975
Date acquired	02/94
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Long Beach [Member] | Marbrisa [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Marbrisa
Units	202
Location	Long Beach, CA
Encumbrance	19,391
Initial cost [Abstract]
Land	4,700
Buildings and improvements	18,605
Costs capitalized subsequent to acquisition	2,026
Gross amount carried at close of period [Abstract]
Land and improvements	4,760
Buildings and improvements	20,571
Total	25,331	[1]
Accumulated depreciation	6,506
Date of construction	1987
Date acquired	09/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Long Beach [Member] | Pathways [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Pathways
Units	296
Location	Long Beach, CA
Encumbrance	38,747
Initial cost [Abstract]
Land	4,083
Buildings and improvements	16,757
Costs capitalized subsequent to acquisition	17,417
Gross amount carried at close of period [Abstract]
Land and improvements	6,239
Buildings and improvements	32,019
Total	38,257	[1]
Accumulated depreciation	18,707
Date of construction	1975
Date acquired	02/91
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Marina Del Rey [Member] | Mirabella [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Mirabella
Units	188
Location	Marina Del Rey, CA
Encumbrance	47,154
Initial cost [Abstract]
Land	6,180
Buildings and improvements	26,673
Costs capitalized subsequent to acquisition	12,221
Gross amount carried at close of period [Abstract]
Land and improvements	6,270
Buildings and improvements	38,803
Total	45,074	[1]
Accumulated depreciation	12,680
Date of construction	2000
Date acquired	05/00
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Oxnard [Member] | Monterey Villas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Monterey Villas
Units	122
Location	Oxnard, CA
Encumbrance	12,776
Initial cost [Abstract]
Land	2,349
Buildings and improvements	5,579
Costs capitalized subsequent to acquisition	4,424
Gross amount carried at close of period [Abstract]
Land and improvements	2,424
Buildings and improvements	9,929
Total	12,352	[1]
Accumulated depreciation	4,209
Date of construction	1974
Date acquired	07/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Oxnard [Member] | Tierra Vista [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Tierra Vista
Units	404
Location	Oxnard, CA
Encumbrance	58,462
Initial cost [Abstract]
Land	13,652
Buildings and improvements	53,336
Costs capitalized subsequent to acquisition	1,836
Gross amount carried at close of period [Abstract]
Land and improvements	13,661
Buildings and improvements	55,164
Total	68,824	[1]
Accumulated depreciation	14,308
Date of construction	2001
Date acquired	01/01
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Cupertino [Member] | Pointe at Cupertino, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Pointe at Cupertino, The
Units	116
Location	Cupertino, CA
Encumbrance	12,173
Initial cost [Abstract]
Land	4,505
Buildings and improvements	17,605
Costs capitalized subsequent to acquisition	7,383
Gross amount carried at close of period [Abstract]
Land and improvements	4,505
Buildings and improvements	24,988
Total	29,493	[1]
Accumulated depreciation	5,141
Date of construction	1963
Date acquired	08/98
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Fremont [Member] | Stevenson Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Stevenson Place
Units	200
Location	Fremont, CA
Encumbrance	22,320
Initial cost [Abstract]
Land	996
Buildings and improvements	5,582
Costs capitalized subsequent to acquisition	6,594
Gross amount carried at close of period [Abstract]
Land and improvements	1,001
Buildings and improvements	12,171
Total	13,172	[1]
Accumulated depreciation	8,074
Date of construction	1971
Date acquired	04/83
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | San Diego [Member] | Summit Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Summit Park
Units	300
Location	San Diego, CA
Encumbrance	19,457
Initial cost [Abstract]
Land	5,959
Buildings and improvements	23,670
Costs capitalized subsequent to acquisition	2,984
Gross amount carried at close of period [Abstract]
Land and improvements	5,977
Buildings and improvements	26,636
Total	32,613	[1]
Accumulated depreciation	8,564
Date of construction	1972
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | CA [Member] | Tiburon [Member] | Vista Belvedere [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Vista Belvedere
Units	76
Location	Tiburon, CA
Encumbrance	10,499
Initial cost [Abstract]
Land	5,573
Buildings and improvements	11,901
Costs capitalized subsequent to acquisition	3,445
Gross amount carried at close of period [Abstract]
Land and improvements	5,573
Buildings and improvements	15,346
Total	20,919	[1]
Accumulated depreciation	4,457
Date of construction	1963
Date acquired	08/04
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Renton [Member] | Brighton Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Brighton Ridge
Units	264
Location	Renton, WA
Encumbrance	14,948
Initial cost [Abstract]
Land	2,623
Buildings and improvements	10,800
Costs capitalized subsequent to acquisition	2,561
Gross amount carried at close of period [Abstract]
Land and improvements	2,656
Buildings and improvements	13,327
Total	15,984	[1]
Accumulated depreciation	6,654
Date of construction	1986
Date acquired	12/96
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Renton [Member] | Fairwood Pond [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Fairwood Pond
Units	194
Location	Renton, WA
Encumbrance	13,574
Initial cost [Abstract]
Land	5,296
Buildings and improvements	15,564
Costs capitalized subsequent to acquisition	1,783
Gross amount carried at close of period [Abstract]
Land and improvements	5,297
Buildings and improvements	17,345
Total	22,643	[1]
Accumulated depreciation	4,511
Date of construction	1997
Date acquired	10/04
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Mukilteo [Member] | Anchor Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Anchor Village
Units	301
Location	Mukilteo, WA
Encumbrance	10,750
Initial cost [Abstract]
Land	2,498
Buildings and improvements	10,595
Costs capitalized subsequent to acquisition	10,541
Gross amount carried at close of period [Abstract]
Land and improvements	2,824
Buildings and improvements	20,810
Total	23,634	[1]
Accumulated depreciation	8,070
Date of construction	1981
Date acquired	01/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Wharfside Pointe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Wharfside Pointe
Units	142
Location	Seattle, WA
Encumbrance	7,277
Initial cost [Abstract]
Land	2,245
Buildings and improvements	7,020
Costs capitalized subsequent to acquisition	5,530
Gross amount carried at close of period [Abstract]
Land and improvements	2,258
Buildings and improvements	12,538
Total	14,795	[1]
Accumulated depreciation	6,155
Date of construction	1990
Date acquired	06/94
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Bothell [Member] | Canyon Pointe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Canyon Pointe
Units	250
Location	Bothell, WA
Encumbrance	14,689
Initial cost [Abstract]
Land	4,692
Buildings and improvements	18,288
Costs capitalized subsequent to acquisition	3,116
Gross amount carried at close of period [Abstract]
Land and improvements	4,693
Buildings and improvements	21,403
Total	26,096	[1]
Accumulated depreciation	6,118
Date of construction	1990
Date acquired	10/03
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Bothell [Member] | Inglenook Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Inglenook Court
Units	224
Location	Bothell, WA
Encumbrance	8,300
Initial cost [Abstract]
Land	3,467
Buildings and improvements	7,881
Costs capitalized subsequent to acquisition	5,251
Gross amount carried at close of period [Abstract]
Land and improvements	3,474
Buildings and improvements	13,125
Total	16,599	[1]
Accumulated depreciation	7,262
Date of construction	1985
Date acquired	10/94
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Bothell [Member] | Stonehedge Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Stonehedge Village
Units	196
Location	Bothell, WA
Encumbrance	12,907
Initial cost [Abstract]
Land	3,167
Buildings and improvements	12,603
Costs capitalized subsequent to acquisition	3,501
Gross amount carried at close of period [Abstract]
Land and improvements	3,201
Buildings and improvements	16,070
Total	19,271	[1]
Accumulated depreciation	7,642
Date of construction	1986
Date acquired	10/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Courtyard off Main [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Courtyard off Main
Units	109
Location	Bellevue, WA
Encumbrance	16,491
Initial cost [Abstract]
Land	7,465
Buildings and improvements	21,405
Costs capitalized subsequent to acquisition	1,265
Gross amount carried at close of period [Abstract]
Land and improvements	7,465
Buildings and improvements	22,670
Total	30,135	[1]
Accumulated depreciation	924
Date of construction	2000
Date acquired	10/10
Lives, minimum (in years)	3
Encumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Emerald Ridge - North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Emerald Ridge - North
Units	180
Location	Bellevue, WA
Encumbrance	9,967
Initial cost [Abstract]
Land	3,449
Buildings and improvements	7,801
Costs capitalized subsequent to acquisition	2,592
Gross amount carried at close of period [Abstract]
Land and improvements	3,449
Buildings and improvements	10,393
Total	13,842	[1]
Accumulated depreciation	6,101
Date of construction	1987
Date acquired	11/94
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Palisades, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Palisades, The
Units	192
Location	Bellevue, WA
Encumbrance	21,596
Initial cost [Abstract]
Land	1,560
Buildings and improvements	6,242
Costs capitalized subsequent to acquisition	9,390
Gross amount carried at close of period [Abstract]
Land and improvements	1,565
Buildings and improvements	15,627
Total	17,192	[1]
Accumulated depreciation	9,084
Date of construction	1977
Date acquired	05/90
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Sammamish View [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Sammamish View
Units	153
Location	Bellevue, WA
Encumbrance	10,020
Initial cost [Abstract]
Land	3,324
Buildings and improvements	7,501
Costs capitalized subsequent to acquisition	5,256
Gross amount carried at close of period [Abstract]
Land and improvements	3,331
Buildings and improvements	12,749
Total	16,081	[1]
Accumulated depreciation	7,296
Date of construction	1986
Date acquired	11/94
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Redmond [Member] | Elevation (Eagle Rim) [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Elevation (Eagle Rim)
Units	157
Location	Redmond, WA
Encumbrance	12,087
Initial cost [Abstract]
Land	4,758
Buildings and improvements	14,285
Costs capitalized subsequent to acquisition	3,840
Gross amount carried at close of period [Abstract]
Land and improvements	4,757
Buildings and improvements	18,125
Total	22,882	[1]
Accumulated depreciation	1,077
Date of construction	1986
Date acquired	06/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Kirkland [Member] | Evergreen Heights [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Evergreen Heights
Units	200
Location	Kirkland, WA
Encumbrance	10,143
Initial cost [Abstract]
Land	3,566
Buildings and improvements	13,395
Costs capitalized subsequent to acquisition	2,704
Gross amount carried at close of period [Abstract]
Land and improvements	3,649
Buildings and improvements	16,016
Total	19,665	[1]
Accumulated depreciation	7,619
Date of construction	1990
Date acquired	06/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Issaquah [Member] | Highlands at Wynhaven [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Highlands at Wynhaven
Units	333
Location	Issaquah, WA
Encumbrance	33,859
Initial cost [Abstract]
Land	16,271
Buildings and improvements	48,932
Costs capitalized subsequent to acquisition	3,595
Gross amount carried at close of period [Abstract]
Land and improvements	16,271
Buildings and improvements	52,527
Total	68,798	[1]
Accumulated depreciation	6,280
Date of construction	2000
Date acquired	08/08
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Encumbered Apartment Communities [Member] | WA [Member] | Kent [Member] | Wandering Creek [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Wandering Creek
Units	156
Location	Kent, WA
Encumbrance	5,300
Initial cost [Abstract]
Land	1,285
Buildings and improvements	4,980
Costs capitalized subsequent to acquisition	3,144
Gross amount carried at close of period [Abstract]
Land and improvements	1,296
Buildings and improvements	8,113
Total	9,409	[1]
Accumulated depreciation	4,499
Date of construction	1986
Date acquired	11/95
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Bonita [Member] | Bonita Cedars [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Bonita Cedars
Units	120
Location	Bonita, CA
Initial cost [Abstract]
Land	2,496
Buildings and improvements	9,913
Costs capitalized subsequent to acquisition	1,419
Gross amount carried at close of period [Abstract]
Land and improvements	2,503
Buildings and improvements	11,324
Total	13,828	[1]
Accumulated depreciation	3,643
Date of construction	1983
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Bristol Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Bristol Commons
Units	188
Location	Sunnyvale, CA
Initial cost [Abstract]
Land	5,278
Buildings and improvements	11,853
Costs capitalized subsequent to acquisition	1,537
Gross amount carried at close of period [Abstract]
Land and improvements	5,293
Buildings and improvements	13,375
Total	18,668	[1]
Accumulated depreciation	6,789
Date of construction	1989
Date acquired	01/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Windsor Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Windsor Ridge
Units	216
Location	Sunnyvale, CA
Initial cost [Abstract]
Land	4,017
Buildings and improvements	10,315
Costs capitalized subsequent to acquisition	4,342
Gross amount carried at close of period [Abstract]
Land and improvements	4,021
Buildings and improvements	14,653
Total	18,674	[1]
Accumulated depreciation	10,382
Date of construction	1989
Date acquired	03/89
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Magnolia Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Magnolia Lane	[4]
Units	32	[4]
Location	Sunnyvale, CA	[4]
Initial cost [Abstract]
Land	0	[4]
Buildings and improvements	5,430	[4]
Costs capitalized subsequent to acquisition	173	[4]
Gross amount carried at close of period [Abstract]
Land and improvements	0	[4]
Buildings and improvements	5,603	[4]
Total	5,603	[1],[4]
Accumulated depreciation	871	[4]
Date of construction	2001	[5]
Date acquired	06/07	[5]
Lives, minimum (in years)	3	[4]
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Via [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Via	[6]
Units	284	[6]
Location	Sunnyvale, CA	[6]
Initial cost [Abstract]
Land	22,000	[6]
Buildings and improvements	0	[6]
Costs capitalized subsequent to acquisition	82,270	[6]
Gross amount carried at close of period [Abstract]
Land and improvements	22,016	[6]
Buildings and improvements	82,254	[6]
Total	104,270	[1],[6]
Accumulated depreciation	1,051	[6]
Date of construction	07/09
Date acquired	04/08
Lives, minimum (in years)	3	[6]
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Bunker Hill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Bunker Hill
Units	456
Location	Los Angeles, CA
Initial cost [Abstract]
Land	11,498
Buildings and improvements	27,871
Costs capitalized subsequent to acquisition	3,632
Gross amount carried at close of period [Abstract]
Land and improvements	11,639
Buildings and improvements	31,362
Total	43,001	[1]
Accumulated depreciation	14,263
Date of construction	1968
Date acquired	03/98
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Marbella, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Marbella, The
Units	60
Location	Los Angeles, CA
Initial cost [Abstract]
Land	2,826
Buildings and improvements	11,269
Costs capitalized subsequent to acquisition	2,870
Gross amount carried at close of period [Abstract]
Land and improvements	2,871
Buildings and improvements	14,094
Total	16,965	[1]
Accumulated depreciation	3,874
Date of construction	1991
Date acquired	09/05
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Santee Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Santee Court
Units	165
Location	Los Angeles, CA
Initial cost [Abstract]
Land	6,177
Buildings and improvements	24,716
Costs capitalized subsequent to acquisition	518
Gross amount carried at close of period [Abstract]
Land and improvements	6,177
Buildings and improvements	25,233
Total	31,411	[1]
Accumulated depreciation	1,039
Date of construction	2004
Date acquired	10/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Bellerive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Bellerive
Units	63
Location	Los Angeles, CA
Initial cost [Abstract]
Land	5,401
Buildings and improvements	21,803
Costs capitalized subsequent to acquisition	363
Gross amount carried at close of period [Abstract]
Land and improvements	5,401
Buildings and improvements	22,166
Total	27,567
Accumulated depreciation	325
Date of construction	2011
Date acquired	08/11
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Santee Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Santee Village
Units	73
Location	Los Angeles, CA
Initial cost [Abstract]
Land	3,404
Buildings and improvements	15,601
Costs capitalized subsequent to acquisition	641
Gross amount carried at close of period [Abstract]
Land and improvements	3,404
Buildings and improvements	16,241
Total	19,646
Accumulated depreciation	230
Date of construction	2011
Date acquired	07/11
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Simi Valley [Member] | Meadowood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Meadowood
Units	320
Location	Simi Valley, CA
Initial cost [Abstract]
Land	7,852
Buildings and improvements	18,592
Costs capitalized subsequent to acquisition	4,380
Gross amount carried at close of period [Abstract]
Land and improvements	7,898
Buildings and improvements	22,926
Total	30,824	[1]
Accumulated depreciation	11,000
Date of construction	1986
Date acquired	11/96
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Mira Mesa [Member] | Mira Monte [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Mira Monte
Units	355
Location	Mira Mesa, CA
Initial cost [Abstract]
Land	7,165
Buildings and improvements	28,459
Costs capitalized subsequent to acquisition	7,336
Gross amount carried at close of period [Abstract]
Land and improvements	7,186
Buildings and improvements	35,774
Total	42,960	[1]
Accumulated depreciation	12,507
Date of construction	1982
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Oceanside [Member] | Mission Hills [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Mission Hills
Units	282
Location	Oceanside, CA
Initial cost [Abstract]
Land	10,099
Buildings and improvements	38,778
Costs capitalized subsequent to acquisition	3,554
Gross amount carried at close of period [Abstract]
Land and improvements	10,167
Buildings and improvements	42,264
Total	52,431	[1]
Accumulated depreciation	10,092
Date of construction	1984
Date acquired	07/05
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Oceanside [Member] | Country Villas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Country Villas
Units	180
Location	Oceanside, CA
Initial cost [Abstract]
Land	4,174
Buildings and improvements	16,583
Costs capitalized subsequent to acquisition	2,183
Gross amount carried at close of period [Abstract]
Land and improvements	4,187
Buildings and improvements	18,753
Total	22,940	[1]
Accumulated depreciation	6,111
Date of construction	1976
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Lake Forest [Member] | Trabucco Villas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Trabucco Villas
Units	132
Location	Lake Forest, CA
Initial cost [Abstract]
Land	3,638
Buildings and improvements	8,640
Costs capitalized subsequent to acquisition	1,469
Gross amount carried at close of period [Abstract]
Land and improvements	3,890
Buildings and improvements	9,857
Total	13,747	[1]
Accumulated depreciation	4,462
Date of construction	1985
Date acquired	10/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Walnut [Member] | Walnut Heights [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Walnut Heights
Units	163
Location	Walnut, CA
Initial cost [Abstract]
Land	4,858
Buildings and improvements	19,168
Costs capitalized subsequent to acquisition	1,883
Gross amount carried at close of period [Abstract]
Land and improvements	4,887
Buildings and improvements	21,022
Total	25,909	[1]
Accumulated depreciation	5,929
Date of construction	1964
Date acquired	10/03
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Alpine [Member] | Alpine Country [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Alpine Country
Units	108
Location	Alpine, CA
Initial cost [Abstract]
Land	1,741
Buildings and improvements	6,914
Costs capitalized subsequent to acquisition	869
Gross amount carried at close of period [Abstract]
Land and improvements	1,746
Buildings and improvements	7,778
Total	9,524	[1]
Accumulated depreciation	2,413
Date of construction	1986
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Anaheim [Member] | Anavia [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Anavia
Units	250
Location	Anaheim, CA
Initial cost [Abstract]
Land	15,925
Buildings and improvements	63,712
Costs capitalized subsequent to acquisition	5,243
Gross amount carried at close of period [Abstract]
Land and improvements	15,925
Buildings and improvements	68,955
Total	84,880	[1]
Accumulated depreciation	2,360
Date of construction	2009
Date acquired	12/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | San Ramon [Member] | Foothill Gardens/Twin Creeks [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Foothill Gardens/Twin Creeks
Units	176
Location	San Ramon, CA
Initial cost [Abstract]
Land	5,875
Buildings and improvements	13,992
Costs capitalized subsequent to acquisition	2,514
Gross amount carried at close of period [Abstract]
Land and improvements	5,964
Buildings and improvements	16,418
Total	22,381	[1]
Accumulated depreciation	8,311
Date of construction	1985
Date acquired	02/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Glendale [Member] | 416 on Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	416 on Broadway
Units	115
Location	Glendale, CA
Initial cost [Abstract]
Land	8,557
Buildings and improvements	34,235
Costs capitalized subsequent to acquisition	425
Gross amount carried at close of period [Abstract]
Land and improvements	8,557
Buildings and improvements	34,660
Total	43,217	[1]
Accumulated depreciation	1,207
Date of construction	2009
Date acquired	12/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Glendale [Member] | Hampton Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Hampton Court
Units	83
Location	Glendale, CA
Initial cost [Abstract]
Land	2,407
Buildings and improvements	5,672
Costs capitalized subsequent to acquisition	1,843
Gross amount carried at close of period [Abstract]
Land and improvements	2,426
Buildings and improvements	7,496
Total	9,922	[1]
Accumulated depreciation	3,049
Date of construction	1974
Date acquired	06/99
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Clara [Member] | Marina Cove [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Marina Cove	[7]
Units	292	[7]
Location	Santa Clara, CA	[7]
Initial cost [Abstract]
Land	5,320	[7]
Buildings and improvements	16,431	[7]
Costs capitalized subsequent to acquisition	6,402	[7]
Gross amount carried at close of period [Abstract]
Land and improvements	5,324	[7]
Buildings and improvements	22,830	[7]
Total	28,153	[1],[7]
Accumulated depreciation	12,103	[7]
Date of construction	1974	[8]
Date acquired	06/94	[8]
Lives, minimum (in years)	3	[7]
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Clara [Member] | 1000 Kiely
Real Estate and Accumulated Depreciation [Line Items]
Property	1000 Kiely
Units	121
Location	Santa Clara, CA
Initial cost [Abstract]
Land	9,359
Buildings and improvements	21,845
Costs capitalized subsequent to acquisition	1,168
Gross amount carried at close of period [Abstract]
Land and improvements	9,359
Buildings and improvements	23,012
Total	32,372
Accumulated depreciation	601
Date of construction	1971
Date acquired	03/11
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Marina Del Rey [Member] | Marina City Club [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Marina City Club	[5]
Units	101	[5]
Location	Marina Del Rey, CA	[5]
Initial cost [Abstract]
Land	0	[5]
Buildings and improvements	28,167	[5]
Costs capitalized subsequent to acquisition	4,845	[5]
Gross amount carried at close of period [Abstract]
Land and improvements	0	[5]
Buildings and improvements	33,012	[5]
Total	33,012	[1],[5]
Accumulated depreciation	9,046	[5]
Date of construction	1971	[7]
Date acquired	01/04	[7]
Lives, minimum (in years)	3	[5]
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Oxnard [Member] | Mariners Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Mariners Place
Units	105
Location	Oxnard, CA
Initial cost [Abstract]
Land	1,555
Buildings and improvements	6,103
Costs capitalized subsequent to acquisition	1,600
Gross amount carried at close of period [Abstract]
Land and improvements	1,562
Buildings and improvements	7,697
Total	9,258	[1]
Accumulated depreciation	3,105
Date of construction	1987
Date acquired	05/00
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Richmond [Member] | San Marcos [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	San Marcos
Units	432
Location	Richmond, CA
Initial cost [Abstract]
Land	15,563
Buildings and improvements	36,204
Costs capitalized subsequent to acquisition	25,997
Gross amount carried at close of period [Abstract]
Land and improvements	22,866
Buildings and improvements	54,898
Total	77,764	[1]
Accumulated depreciation	15,222
Date of construction	2003
Date acquired	11/03
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Fremont [Member] | Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Boulevard
Units	172
Location	Fremont, CA
Initial cost [Abstract]
Land	3,520
Buildings and improvements	8,182
Costs capitalized subsequent to acquisition	9,707
Gross amount carried at close of period [Abstract]
Land and improvements	3,580
Buildings and improvements	17,829
Total	21,409	[1]
Accumulated depreciation	8,521
Date of construction	1978
Date acquired	01/96
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | San Diego [Member] | Bluffs II, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Bluffs II, The
Units	224
Location	San Diego, CA
Initial cost [Abstract]
Land	3,405
Buildings and improvements	7,743
Costs capitalized subsequent to acquisition	8,622
Gross amount carried at close of period [Abstract]
Land and improvements	3,442
Buildings and improvements	16,328
Total	19,770	[1]
Accumulated depreciation	4,995
Date of construction	19.74
Date acquired	06/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | San Diego [Member] | Vista Capri - North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Vista Capri - North
Units	106
Location	San Diego, CA
Initial cost [Abstract]
Land	1,663
Buildings and improvements	6,609
Costs capitalized subsequent to acquisition	788
Gross amount carried at close of period [Abstract]
Land and improvements	1,668
Buildings and improvements	7,392
Total	9,060	[1]
Accumulated depreciation	2,228
Date of construction	19.75
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Valley Village [Member] | Allegro [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Allegro
Units	96
Location	Valley Village, CA
Initial cost [Abstract]
Land	5,869
Buildings and improvements	23,977
Costs capitalized subsequent to acquisition	792
Gross amount carried at close of period [Abstract]
Land and improvements	5,869
Buildings and improvements	24,769
Total	30,638	[1]
Accumulated depreciation	1,323
Date of construction	2010
Date acquired	10/10
Lives, minimum (in years)	3
Unencumbered Apartment Communities [Member] | CA [Member] | Irvine [Member] | Axis 2300 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Axis 2300
Units	115
Location	Irvine, CA
Initial cost [Abstract]
Land	5,405
Buildings and improvements	33,585
Costs capitalized subsequent to acquisition	438
Gross amount carried at close of period [Abstract]
Land and improvements	5,405
Buildings and improvements	34,023
Total	39,428	[1]
Accumulated depreciation	1,988
Date of construction	2010
Date acquired	08/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Belmont [Member] | Belmont Terrace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Belmont Terrace
Units	71
Location	Belmont, CA
Initial cost [Abstract]
Land	4,446
Buildings and improvements	10,290
Costs capitalized subsequent to acquisition	2,118
Gross amount carried at close of period [Abstract]
Land and improvements	4,473
Buildings and improvements	12,381
Total	16,854	[1]
Accumulated depreciation	2,959
Date of construction	1974
Date acquired	10/06
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Chula Vista [Member] | Cambridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Cambridge
Units	40
Location	Chula Vista, CA
Initial cost [Abstract]
Land	497
Buildings and improvements	1,973
Costs capitalized subsequent to acquisition	310
Gross amount carried at close of period [Abstract]
Land and improvements	498
Buildings and improvements	2,281
Total	2,780	[1]
Accumulated depreciation	731
Date of construction	1965
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Chula Vista [Member] | Woodlawn Colonial [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Woodlawn Colonial
Units	159
Location	Chula Vista, CA
Initial cost [Abstract]
Land	2,344
Buildings and improvements	9,311
Costs capitalized subsequent to acquisition	1,607
Gross amount carried at close of period [Abstract]
Land and improvements	2,351
Buildings and improvements	10,911
Total	13,262	[1]
Accumulated depreciation	3,178
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Goleta [Member] | CBC Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	CBC Apartments
Units	148
Location	Goleta, CA
Initial cost [Abstract]
Land	6,283
Buildings and improvements	24,000
Costs capitalized subsequent to acquisition	2,262
Gross amount carried at close of period [Abstract]
Land and improvements	6,288
Buildings and improvements	26,258
Total	32,545	[1]
Accumulated depreciation	5,650
Date of construction	1962
Date acquired	01/06
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Goleta [Member] | Chimney Sweep Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Chimney Sweep Apartments
Units	91
Location	Goleta, CA
Initial cost [Abstract]
Land	5,558
Buildings and improvements	21,320
Costs capitalized subsequent to acquisition	1,739
Gross amount carried at close of period [Abstract]
Land and improvements	5,618
Buildings and improvements	22,998
Total	28,617	[1]
Accumulated depreciation	5,691
Date of construction	1967
Date acquired	01/06
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Cruz [Member] | Chestnut Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Chestnut Street
Units	96
Location	Santa Cruz, CA
Initial cost [Abstract]
Land	6,582
Buildings and improvements	15,689
Costs capitalized subsequent to acquisition	884
Gross amount carried at close of period [Abstract]
Land and improvements	6,582
Buildings and improvements	16,573
Total	23,155	[1]
Accumulated depreciation	1,967
Date of construction	2002
Date acquired	07/08
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Campbell [Member] | The Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	The Commons
Units	264
Location	Campbell, CA
Initial cost [Abstract]
Land	12,555
Buildings and improvements	29,307
Costs capitalized subsequent to acquisition	3,437
Gross amount carried at close of period [Abstract]
Land and improvements	12,556
Buildings and improvements	32,744
Total	45,299	[1]
Accumulated depreciation	1,710
Date of construction	1973
Date acquired	07/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Pasadena [Member] | Monterra del Sol [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Monterra del Sol
Units	85
Location	Pasadena, CA
Initial cost [Abstract]
Land	2,202
Buildings and improvements	4,794
Costs capitalized subsequent to acquisition	4,937
Gross amount carried at close of period [Abstract]
Land and improvements	2,824
Buildings and improvements	9,108
Total	11,933	[1]
Accumulated depreciation	3,437
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Pasadena [Member] | Monterra del Mar/Rey/Sol [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Monterra del Mar/Rey/Sol
Units	85
Location	Pasadena, CA
Initial cost [Abstract]
Land	2,202
Buildings and improvements	4,794
Costs capitalized subsequent to acquisition	27,732
Gross amount carried at close of period [Abstract]
Land and improvements	8,385
Buildings and improvements	26,344
Total	34,728	[1]
Accumulated depreciation	10,915
Date of construction	1972
Date acquired	04/99
Lives, minimum (in years)	3
Unencumbered Apartment Communities [Member] | CA [Member] | Newport Beach [Member] | Fairways [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Fairways	[3]
Units	74	[3]
Location	Newport Beach, CA	[3]
Initial cost [Abstract]
Land	0	[3]
Buildings and improvements	7,850	[3]
Costs capitalized subsequent to acquisition	2,106	[3]
Gross amount carried at close of period [Abstract]
Land and improvements	9	[3]
Buildings and improvements	9,947	[3]
Total	9,956	[1],[3]
Accumulated depreciation	4,112	[3]
Date of construction	1972	[4]
Date acquired	06/99	[4]
Lives, minimum (in years)	3	[3]
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Berkeley [Member] | Fourth & U [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Fourth & U
Units	171
Location	Berkeley, CA
Initial cost [Abstract]
Land	8,879
Buildings and improvements	52,351
Costs capitalized subsequent to acquisition	1,272
Gross amount carried at close of period [Abstract]
Land and improvements	8,879
Buildings and improvements	53,622
Total	62,502	[1]
Accumulated depreciation	3,275
Date of construction	2010
Date acquired	04/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | San Mateo [Member] | Hillsdale Garden Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Hillsdale Garden Apartments
Units	697
Location	San Mateo, CA
Initial cost [Abstract]
Land	22,000
Buildings and improvements	94,681
Costs capitalized subsequent to acquisition	13,308
Gross amount carried at close of period [Abstract]
Land and improvements	22,244
Buildings and improvements	107,745
Total	129,989	[1]
Accumulated depreciation	18,625
Date of construction	1948
Date acquired	09/06
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Barbara [Member] | Hope Ranch Collection [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Hope Ranch Collection
Units	108
Location	Santa Barbara, CA
Initial cost [Abstract]
Land	4,078
Buildings and improvements	16,877
Costs capitalized subsequent to acquisition	2,011
Gross amount carried at close of period [Abstract]
Land and improvements	4,208
Buildings and improvements	18,758
Total	22,966	[1]
Accumulated depreciation	2,645
Date of construction	1965
Date acquired	03/07
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Ventura [Member] | Lofts at Pinehurst, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Lofts at Pinehurst, The
Units	118
Location	Ventura, CA
Initial cost [Abstract]
Land	1,570
Buildings and improvements	3,912
Costs capitalized subsequent to acquisition	3,852
Gross amount carried at close of period [Abstract]
Land and improvements	1,618
Buildings and improvements	7,715
Total	9,334	[1]
Accumulated depreciation	3,120
Date of construction	1971
Date acquired	06/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Ventura [Member] | Pinehurst [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Pinehurst	[8]
Units	28	[8]
Location	Ventura, CA	[8]
Initial cost [Abstract]
Land	355	[8]
Buildings and improvements	1,356	[8]
Costs capitalized subsequent to acquisition	364	[8]
Gross amount carried at close of period [Abstract]
Land and improvements	6	[8]
Buildings and improvements	2,069	[8]
Total	2,075	[1],[8]
Accumulated depreciation	628	[8]
Date of construction	1973	[6]
Date acquired	12/04	[6]
Lives, minimum (in years)	3	[8]
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Ventura [Member] | Woodside Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Woodside Village
Units	145
Location	Ventura, CA
Initial cost [Abstract]
Land	5,331
Buildings and improvements	21,036
Costs capitalized subsequent to acquisition	2,412
Gross amount carried at close of period [Abstract]
Land and improvements	5,341
Buildings and improvements	23,439
Total	28,779	[1]
Accumulated depreciation	5,706
Date of construction	1987
Date acquired	12/04
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Clairemont [Member] | Mesa Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Mesa Village
Units	133
Location	Clairemont, CA
Initial cost [Abstract]
Land	1,888
Buildings and improvements	7,498
Costs capitalized subsequent to acquisition	935
Gross amount carried at close of period [Abstract]
Land and improvements	1,894
Buildings and improvements	8,428
Total	10,321	[1]
Accumulated depreciation	2,536
Date of construction	1963
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | San Francisco [Member] | Mt. Sutro [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Mt. Sutro
Units	99
Location	San Francisco, CA
Initial cost [Abstract]
Land	2,334
Buildings and improvements	8,507
Costs capitalized subsequent to acquisition	2,504
Gross amount carried at close of period [Abstract]
Land and improvements	2,809
Buildings and improvements	10,536
Total	13,345	[1]
Accumulated depreciation	4,445
Date of construction	1973
Date acquired	06/01
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Encino [Member] | Regency at Encino [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Regency at Encino
Units	75
Location	Encino, CA
Initial cost [Abstract]
Land	3,184
Buildings and improvements	12,737
Costs capitalized subsequent to acquisition	1,094
Gross amount carried at close of period [Abstract]
Land and improvements	3,184
Buildings and improvements	13,830
Total	17,014	[1]
Accumulated depreciation	1,099
Date of construction	1989
Date acquired	12/09
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Spring Valley [Member] | Shadow Point [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Shadow Point
Units	172
Location	Spring Valley, CA
Initial cost [Abstract]
Land	2,812
Buildings and improvements	11,170
Costs capitalized subsequent to acquisition	1,666
Gross amount carried at close of period [Abstract]
Land and improvements	2,820
Buildings and improvements	12,828
Total	15,648	[1]
Accumulated depreciation	4,062
Date of construction	1983
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Oakland [Member] | The Grand [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	The Grand
Units	238
Location	Oakland, CA
Initial cost [Abstract]
Land	4,531
Buildings and improvements	89,208
Costs capitalized subsequent to acquisition	3,756
Gross amount carried at close of period [Abstract]
Land and improvements	4,531
Buildings and improvements	92,963
Total	97,495	[1]
Accumulated depreciation	9,851
Date of construction	2009
Date acquired	01/09
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | El Cajon [Member] | Tierra del Sol/Norte [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Tierra del Sol/Norte
Units	156
Location	El Cajon, CA
Initial cost [Abstract]
Land	2,455
Buildings and improvements	9,753
Costs capitalized subsequent to acquisition	1,032
Gross amount carried at close of period [Abstract]
Land and improvements	2,463
Buildings and improvements	10,778
Total	13,240	[1]
Accumulated depreciation	3,440
Date of construction	1969
Date acquired	12/02
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Tracy [Member] | Tuscana [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Tuscana
Units	30
Location	Tracy, CA
Initial cost [Abstract]
Land	2,828
Buildings and improvements	6,599
Costs capitalized subsequent to acquisition	156
Gross amount carried at close of period [Abstract]
Land and improvements	2,870
Buildings and improvements	6,712
Total	9,583	[1]
Accumulated depreciation	1,036
Date of construction	2007
Date acquired	02/07
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | CA [Member] | Hollywood [Member] | Muse [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Muse	[6]
Units	152	[6]
Location	Hollywood, CA	[6]
Initial cost [Abstract]
Land	39,100	[6]
Buildings and improvements	0	[6]
Costs capitalized subsequent to acquisition	2,697	[6]
Gross amount carried at close of period [Abstract]
Land and improvements	7,823	[6]
Buildings and improvements	33,974	[6]
Total	41,797	[1],[6]
Accumulated depreciation	1,410	[6]
Date of construction	11/10
Date acquired	09/10
Lives, minimum (in years)	3	[6]
Unencumbered Apartment Communities [Member] | WA [Member] | Newcastle [Member] | Castle Creek [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Castle Creek
Units	216
Location	Newcastle, WA
Initial cost [Abstract]
Land	4,149
Buildings and improvements	16,028
Costs capitalized subsequent to acquisition	1,925
Gross amount carried at close of period [Abstract]
Land and improvements	4,833
Buildings and improvements	17,269
Total	22,102	[1]
Accumulated depreciation	8,526
Date of construction	1997
Date acquired	12/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Renton [Member] | Forest View [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Forest View
Units	192
Location	Renton, WA
Initial cost [Abstract]
Land	3,731
Buildings and improvements	14,530
Costs capitalized subsequent to acquisition	979
Gross amount carried at close of period [Abstract]
Land and improvements	3,731
Buildings and improvements	15,509
Total	19,240	[1]
Accumulated depreciation	4,524
Date of construction	1998
Date acquired	10/03
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Cairns, The [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Cairns, The
Units	100
Location	Seattle, WA
Initial cost [Abstract]
Land	6,937
Buildings and improvements	20,679
Costs capitalized subsequent to acquisition	240
Gross amount carried at close of period [Abstract]
Land and improvements	6,939
Buildings and improvements	20,917
Total	27,856	[1]
Accumulated depreciation	3,215
Date of construction	2006
Date acquired	06/07
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Joule [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Joule
Units	295
Location	Seattle, WA
Initial cost [Abstract]
Land	14,558
Buildings and improvements	69,417
Costs capitalized subsequent to acquisition	1,910
Gross amount carried at close of period [Abstract]
Land and improvements	14,558
Buildings and improvements	71,327
Total	85,885	[1]
Accumulated depreciation	4,467
Date of construction	2010
Date acquired	03/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Fountain Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Fountain Court
Units	320
Location	Seattle, WA
Initial cost [Abstract]
Land	6,702
Buildings and improvements	27,306
Costs capitalized subsequent to acquisition	2,741
Gross amount carried at close of period [Abstract]
Land and improvements	6,985
Buildings and improvements	29,764
Total	36,749	[1]
Accumulated depreciation	12,332
Date of construction	2000
Date acquired	03/00
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Linden Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Linden Square
Units	183
Location	Seattle, WA
Initial cost [Abstract]
Land	4,374
Buildings and improvements	11,588
Costs capitalized subsequent to acquisition	1,721
Gross amount carried at close of period [Abstract]
Land and improvements	4,202
Buildings and improvements	13,481
Total	17,683	[1]
Accumulated depreciation	5,091
Date of construction	1994
Date acquired	06/00
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Bothell [Member] | Salmon Run at Perry Creek [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Salmon Run at Perry Creek
Units	132
Location	Bothell, WA
Initial cost [Abstract]
Land	3,717
Buildings and improvements	11,483
Costs capitalized subsequent to acquisition	864
Gross amount carried at close of period [Abstract]
Land and improvements	3,801
Buildings and improvements	12,263
Total	16,064	[1]
Accumulated depreciation	4,541
Date of construction	2000
Date acquired	10/00
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Cedar Terrace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Cedar Terrace
Units	180
Location	Bellevue, WA
Initial cost [Abstract]
Land	5,543
Buildings and improvements	16,442
Costs capitalized subsequent to acquisition	3,347
Gross amount carried at close of period [Abstract]
Land and improvements	5,652
Buildings and improvements	19,679
Total	25,332	[1]
Accumulated depreciation	5,295
Date of construction	1984
Date acquired	01/05
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Foothill Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Foothill Commons
Units	360
Location	Bellevue, WA
Initial cost [Abstract]
Land	2,435
Buildings and improvements	9,821
Costs capitalized subsequent to acquisition	28,563
Gross amount carried at close of period [Abstract]
Land and improvements	2,440
Buildings and improvements	38,378
Total	40,819	[1]
Accumulated depreciation	15,129
Date of construction	1978
Date acquired	03/90
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Woodland Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Woodland Commons
Units	236
Location	Bellevue, WA
Initial cost [Abstract]
Land	2,040
Buildings and improvements	8,727
Costs capitalized subsequent to acquisition	9,235
Gross amount carried at close of period [Abstract]
Land and improvements	2,044
Buildings and improvements	17,958
Total	20,002	[1]
Accumulated depreciation	8,915
Date of construction	1978
Date acquired	03/90
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Redmond [Member] | Delano [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Delano
Units	126
Location	Redmond, WA
Initial cost [Abstract]
Land	3,527
Buildings and improvements	10,600
Costs capitalized subsequent to acquisition	0
Gross amount carried at close of period [Abstract]
Land and improvements	3,527
Buildings and improvements	10,600
Total	14,127
Accumulated depreciation	15
Date of construction	2005
Date acquired	12/11
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Kirkland [Member] | Bridle Trails [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Bridle Trails
Units	108
Location	Kirkland, WA
Initial cost [Abstract]
Land	1,500
Buildings and improvements	5,930
Costs capitalized subsequent to acquisition	4,922
Gross amount carried at close of period [Abstract]
Land and improvements	1,531
Buildings and improvements	10,821
Total	12,352	[1]
Accumulated depreciation	4,656
Date of construction	1986
Date acquired	10/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Kirkland [Member] | Corbella at Juanita Bay [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Corbella at Juanita Bay
Units	169
Location	Kirkland, WA
Initial cost [Abstract]
Land	5,801
Buildings and improvements	17,415
Costs capitalized subsequent to acquisition	645
Gross amount carried at close of period [Abstract]
Land and improvements	5,801
Buildings and improvements	18,060
Total	23,861	[1]
Accumulated depreciation	706
Date of construction	1978
Date acquired	11/10
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Unencumbered Apartment Communities [Member] | WA [Member] | Mill Creek [Member] | The Laurels at Mill Creek [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	The Laurels at Mill Creek
Units	164
Location	Mill Creek, WA
Initial cost [Abstract]
Land	1,559
Buildings and improvements	6,430
Costs capitalized subsequent to acquisition	4,472
Gross amount carried at close of period [Abstract]
Land and improvements	1,595
Buildings and improvements	10,866
Total	12,461	[1]
Accumulated depreciation	4,872
Date of construction	1981
Date acquired	12/96
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Office Buildings [Member] | CA [Member] | Los Angeles [Member] | Essex Hollywood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Essex Hollywood
Rentable Square Footage	35,000
Location	Los Angeles, CA
Initial cost [Abstract]
Land	10,200
Buildings and improvements	13,800
Costs capitalized subsequent to acquisition	2,154
Gross amount carried at close of period [Abstract]
Land and improvements	10,200
Buildings and improvements	15,954
Total	26,154	[1]
Accumulated depreciation	3,740
Date of construction	1938
Date acquired	07/06
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Office Buildings [Member] | CA [Member] | Woodland Hills [Member] | 22120 Clarendon [Member]
Gross amount carried at close of period [Abstract]
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Office Buildings [Member] | CA [Member] | Santa Clara [Member] | Santa Clara Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	Santa Clara Square
Rentable Square Footage	139,000
Location	Santa Clara, CA
Encumbrance	10,388
Initial cost [Abstract]
Land	6,472
Buildings and improvements	11,704
Costs capitalized subsequent to acquisition	1,670
Gross amount carried at close of period [Abstract]
Land and improvements	6,472
Buildings and improvements	13,374
Total	19,846	[1]
Accumulated depreciation	734
Date of construction	1970
Date acquired	09/11
Lives, minimum (in years)	3
Lives , maximum (in years)	- 30
Office Buildings [Member] | CA [Member] | Irvine [Member] | 17461 Derian [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	17461 Derian
Rentable Square Footage	110,000
Location	Irvine, CA
Initial cost [Abstract]
Land	3,079
Buildings and improvements	12,315
Costs capitalized subsequent to acquisition	5,713
Gross amount carried at close of period [Abstract]
Land and improvements	3,105
Buildings and improvements	18,002
Total	21,107	[1]
Accumulated depreciation	8,254
Date of construction	1983
Date acquired	07/00
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Office Buildings [Member] | CA [Member] | Palo Alto [Member] | 925/935 East Meadow [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property	925/935 East Meadow
Rentable Square Footage	31,900
Location	Palo Alto, CA
Initial cost [Abstract]
Land	1,401
Buildings and improvements	3,172
Costs capitalized subsequent to acquisition	7,985
Gross amount carried at close of period [Abstract]
Land and improvements	3,147
Buildings and improvements	9,411
Total	12,558	[1]
Accumulated depreciation	3,173
Date of construction	1988
Date acquired	11/97
Lives, minimum (in years)	3
Lives , maximum (in years)	30
Other Real Estate Assets [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	5,648
Initial cost [Abstract]
Land	25,139
Buildings and improvements	0
Costs capitalized subsequent to acquisition	19,147
Gross amount carried at close of period [Abstract]
Land and improvements	44,280
Buildings and improvements	0
Total	44,280	[1]
Accumulated depreciation	$ 0

[1] The aggregate cost for federal income tax purposes is approximately $2.80 billion (unaudited).

[2] The land is leased pursuant to a ground lease expiring 2082.

[3] The land is leased pursuant to a ground lease expiring 2027.

[4] The land is leased pursuant to a ground lease expiring 2070.

[5] The land is leased pursuant to a ground lease expiring 2067.

[6] All construction costs are reflected as real estate under development in the Company's consolidated balance sheets during active development, or the project is in lease-up.

[7] A portion of land is leased pursuant to a ground lease expiring in 2028.

[8] The land is leased pursuant to a ground lease expiring in 2028.

XML

Related Party Transactions (Details) (USD $)	12 Months Ended			9 Months Ended	6 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Sep. 30, 2010 arcus and Millichamp Company TMMC Affiliate [Member]	Jun. 30, 2010 Chairman [Member]
Related Party Transactions [Abstract]
Management and other fees from affiliates including management, property management, development and redevelopment fees from co-investments, net of intercompany amounts eliminated by company	$ 6,800,000	$ 4,100,000	$ 4,300,000
Property acquisition fee		500,000
Related Party Transaction [Line Items]
Preferred equity interest investment in a related party entity				12,000,000
Number of units owned by preferred equity interest related party entity investee				768
Preferred return on investment in related party investee during first five years (in hundredths)				13.00%
Preferred return on investment in related party investee after year five (in hundredths)				15.00%
Redemption price per partnership unit (in dollars per share)					$ 106.76
Redemption price discount from the closing price of the company's common stock (in hundredths)					2.00%
Partnership units purchased from related party (in shares)					187,334
Limited partnership units exchange ratio to Company's common stock					One-for-one
Executive Vice President of the Company invested		$ 4,000,000
Limited partnership interest in partnership investments (in hundredths)		6.00%
Invested company's interest in a limited liability company that acquired Essex Skyline at MacArthur (in hundredths)		50.00%

XML

Summary of Critical and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Critical and Significant Accounting Policies [Abstract]

Depreciable life of various categories of fixed assets

The depreciable life of various categories of fixed assets is as follows:
Computer software and equipment	3 - 5 years
Interior unit improvements	5 years
Land improvements and certain exterior components of real property	10 years
Real estate structures	30 years

Components of Marketable Securities

As of December 31, 2011 and 2010 marketable securities consist of the following ($ in thousands):

	December 31, 2011
			Gross
	Amortized		Unrealized
	Cost		Gain(Loss)		Fair Value
Available for sale:
Investment-grade unsecured bonds	$	3,615	$	399	$	4,014
Investment funds - US treasuries		11,783		121		11,904
Common stock		10,067		1,552		11,619
Held to maturity:
Mortgage backed securities		46,738		-		46,738
Total	$	72,203	$	2,072	$	74,275

	December 31, 2010
			Gross
	Amortized		Unrealized
	Cost		Gain		Fair Value
Available for sale:
Investment-grade unsecured bonds	$	22,243	$	4,403	$	26,646
Investment funds - US treasuries		14,345		582		14,927
Common stock		8,638		112		8,750
Held to maturity:
Mortgage backed securities		41,987		-		41,987
Total	$	87,213	$	5,097	$	92,310

Components of Interest and Other Income

Interest income is generated primarily from cash balances and marketable securities as well as notes receivables.  Other income primarily consists of gains on sales of marketable securities.  Total interest and other income are comprised of the following for the years ended December 31 ($ in thousands):

	2011		2010		2009
Interest income	$	10,501	$	15,350	$	11,841
Gains on sales of marketable securities		4,956		12,491		1,014
Tax benefit - Taxable REIT Subsidiary		1,682		-		-
Other income		-		-		185
	$	17,139	$	27,841	$	13,040

Status of cash dividends distributed

The status of cash dividends distributed for the years ended December 31, 2011, 2010, and 2009 related to common stock, Series H, Series F, and Series G preferred stock are classified for tax purposes as follows:

	2011			2010			2009
Common Stock
Ordinary income		63.68	%		82.46	%		79.82	%
Capital gain		11.16	%		5.61	%		15.76	%
Unrecaptured section 1250 capital gain		0.74	%		0.00	%		4.42	%
Return of capital		24.42	%		11.93	%		0.00	%
		100.00	%		100.00	%		100.00	%

	2011			2010			2009
Series F, G, and H Preferred stock
Ordinary income		100.00	%		93.63	%		79.82	%
Capital gains		0.00	%		6.37	%		15.76	%
Unrecaptured section 1250 capital gain		0.00	%		0.00	%		4.42	%
Return of capital		0.00	%		0.00	%		0.00	%
		100.00	%		100.00	%		100.00	%

XML

Summary of Critical and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2011

Summary of Critical and Significant Accounting Policies [Abstract]

Principles of consolidation

(a) Principles of Consolidation

The accounts of the Company, its controlled subsidiaries and the variable interest entities ("VIEs") in which it is the primary beneficiary are consolidated in the accompanying financial statements. All significant inter-company accounts and transactions have been eliminated.

Noncontrolling interest includes the 6.2% and 6.6% limited partner interests in the Operating Partnership not held by the Company at December 31, 2011 and 2010, respectively. These percentages include the Operating Partnership's vested long term incentive plan units (see Note 13).  The noncontrolling interest balance for December 31, 2010 also includes the Operating Partnership's cumulative redeemable preferred units that were redeemed during 2011 (see Note 11).

The Company consolidates 19 DownREIT limited partnerships (comprising twelve communities), since the Company is the primary beneficiary of these variable interest entities ("VIEs").  The consolidated total assets and liabilities related to these VIEs, net of intercompany eliminations, were approximately $215.2 million and $173.4 million, respectively, as of December 31, 2011, and $217.3 million and $168.0million, respectively, as of December 31, 2010.

The DownREIT VIEs collectively own twelve apartment communities in which Essex Management Company ("EMC") is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests.  Such limited partners can request to be redeemed and the Company can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis.  Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under the above arrangements.  The other limited partners receive distributions based on the Company's current dividend rate times the number of units held.  Total DownREIT units outstanding were 1,063,848 and 1,096,871 as of December 31, 2011 and 2010 respectively, and the redemption value of the units, based on the closing price of the Company's common stock totaled $149.5 million and $125.3 million, as of December 31, 2011 and 2010, respectively.  As of December 31, 2011 and 2010, the carrying value of the other limited partners' interests is presented at their historical cost and is classified within noncontrolling interest in the accompanying consolidated balance sheets.

Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow.  The remaining results of operations are generally allocated to the Company.

As of December 31, 2011 and 2010, the Company did not have any VIE's of which it was not deemed to be the primary beneficiary.

Real estate rental properties

(b) Real Estate Rental Properties

Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized.  Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition.  Expenditures for maintenance and repairs are charged to expense as incurred.

The depreciable life of various categories of fixed assets is as follows:
Computer software and equipment	3 - 5 years
Interior unit improvements	5 years
Land improvements and certain exterior components of real property	10 years
Real estate structures	30 years

The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property.  Such capitalized costs include land, land improvements, allocated costs of the Company's project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance.  Capitalization begins for predevelopment, development, and redevelopment projects when activity commences.  Capitalization ends when the apartment home is completed and the property is available for a new resident or if the development activities are put on hold.

The Company allocates the purchase price of real estate to land and building, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired, which in the case of below market leases the Company assumes lessees will elect to renew their leases.  The value of acquired in-place leases are amortized to expense over the term the Company expects to retain the acquired tenant, which is generally 20 months.

The Company performs the following evaluation for communities acquired:

(1) Adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies.

(2) estimate the value of the real estate "as if vacant" as of the acquisition date;  

(3) allocate that value among land and building;      

(4) compute the value of the difference between the "as if vacant" value and the adjusted purchase price, which will represent the total intangible assets;  

(5) compute the value of the above and below market leases and determine the associated life of the above market/ below market leases;

(6) compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets.

Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property.  Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property's unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available.  Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell.  As of December 31, 2011 and 2010, no communities were classified as held for sale.

During 2009, the Company wrote-off development costs totaling $6.7 million related to two land parcels that will no longer be developed by the Company.  The costs were included in impairment and other charges in the accompanying consolidated statement of operations.  No impairment charges were recorded in 2011 or 2010.

In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction.  It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process.  The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met.  In accordance with the standard, the Company presents income and gains/losses on communities sold or held for sale as discontinued operations.  The Company's equity in income or loss from real estate investments accounted for under the equity method of accounting remain classified in continuing operations upon disposition.  (See Note 6 for a description of the Company's discontinued operations for 2011, 2010, and 2009).

Co-investments

(c) Co-investments

The Company owns investments in joint ventures ("co-investments") in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with the accounting standards.  Therefore, the Company accounts for these investments using the equity method of accounting.  Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings less distributions received and the Company's share of losses.  For preferred equity investments the Company recognizes its preferred interest as its equity in earnings.

A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote distributions if certain financial return benchmarks are achieved.  Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible.  Any promote distributions are reflected in equity (loss) income in co-investments. There were no promote fees recognized in the accompanying consolidated statements of operations.

Revenues and gains on sale of real estate

(d) Revenues and Gains on Sale of Real Estate

Revenues from tenants renting or leasing apartment units are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis.  Units are rented under short-term leases (generally, lease terms of 6 to 12 months) and may provide no rent for one or two months, depending on the market conditions and leasing practices of the Company's competitors in each sub-market at the time the leases are executed.   Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease.

The Company recognizes gains on sales of real estate when a contract is in place, a closing has taken place, the buyer's initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company does not have a substantial continuing involvement in the property.

Cash equivalents and restricted cash

(e) Cash Equivalents and Restricted Cash

Highly liquid investments with maturities of three months or less when purchased are classified as cash equivalents.  Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company's mortgage debt.

Marketable securities

(f)  Marketable Securities

The Company reports its available for sale securities at fair value, based on quoted market prices (Level 2 for the unsecured bonds and Level 1 for the common stock and investment funds, as defined by the Financial Accounting Standards Board ("FASB") standard for fair value measurements as discussed later in Note 2), and any unrealized gain or loss is recorded as other comprehensive income (loss).  There were no impairment charges for the years ended December 31, 2011, 2010 and 2009.  Realized gains and losses, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statement of operations.

As of December 31, 2011 and 2010, marketable securities consisted primarily of investment-grade unsecured bonds, common stock, investments in mortgage backed securities and investment funds that invest in U.S. treasury or agency securities.  As of December 31, 2011 and 2010, the Company classified its investments in mortgage backed securities, which mature in November 2019 and September 2020, as held to maturity, and accordingly, these securities are stated at their amortized cost.  The estimated fair values of the mortgage backed securities (Level 2 securities) are approximately equal to the carrying values.

As of December 31, 2011 and 2010 marketable securities consist of the following ($ in thousands):

	December 31, 2011
			Gross
	Amortized		Unrealized
	Cost		Gain(Loss)		Fair Value
Available for sale:
Investment-grade unsecured bonds	$	3,615	$	399	$	4,014
Investment funds - US treasuries		11,783		121		11,904
Common stock		10,067		1,552		11,619
Held to maturity:
Mortgage backed securities		46,738		-		46,738
Total	$	72,203	$	2,072	$	74,275

	December 31, 2010
			Gross
	Amortized		Unrealized
	Cost		Gain		Fair Value
Available for sale:
Investment-grade unsecured bonds	$	22,243	$	4,403	$	26,646
Investment funds - US treasuries		14,345		582		14,927
Common stock		8,638		112		8,750
Held to maturity:
Mortgage backed securities		41,987		-		41,987
Total	$	87,213	$	5,097	$	92,310

The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold.  For the years ended December 31, 2011, 2010 and 2009, the proceeds from sales of available for sale securities totaled $33.0 million, $102.0 million and $23.0 million, respectively.  These sales all resulted in gains, which totaled $5.0 million, $12.4 million and $1.0 million for the years ended December 31, 2011, 2010 and 2009, respectively.

Notes receivable

(g) Notes Receivable

Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate.  Interest is recognized over the life of the note.

Each note is analyzed to determine if it is impaired.  A note is impaired if it is probable that the Company will not collect all principal and interest contractually due.  The Company does not accrue interest when a note is considered impaired and a loan allowance is recorded for any principal and previously accrued interest that are not believed to be collectable. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income.   As of December 31, 2011 and 2010, no notes are impaired.

(h) Interest and Other Income

Interest income is generated primarily from cash balances and marketable securities as well as notes receivables.  Other income primarily consists of gains on sales of marketable securities.  Total interest and other income are comprised of the following for the years ended December 31 ($ in thousands):

	2011		2010		2009
Interest income	$	10,501	$	15,350	$	11,841
Gains on sales of marketable securities		4,956		12,491		1,014
Tax benefit - Taxable REIT Subsidiary		1,682		-		-
Other income		-		-		185
	$	17,139	$	27,841	$	13,040

Interest and other income

(h) Interest and Other Income

Interest income is generated primarily from cash balances and marketable securities as well as notes receivables.  Other income primarily consists of gains on sales of marketable securities.  Total interest and other income are comprised of the following for the years ended December 31 ($ in thousands):

	2011		2010		2009
Interest income	$	10,501	$	15,350	$	11,841
Gains on sales of marketable securities		4,956		12,491		1,014
Tax benefit - Taxable REIT Subsidiary		1,682		-		-
Other income		-		-		185
	$	17,139	$	27,841	$	13,040

Fair value of financial instruments

(i) Fair Value of Financial Instruments

The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB's accounting standard for fair value measurements.  Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability.   Level 3 inputs are unobservable inputs for the asset or liability.  The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities.  The Company uses Level 2 inputs for its investments in unsecured bonds, mortgage backed securities, notes receivable, notes payable, and derivative liabilities.  These inputs include interest rates for similar financial instruments.  The Company's valuation methodology for derivatives is described in more detail in Note 9.  The Company's valuation methodology for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community is described in detail in Note 9.  The Company does not use Level 3 inputs to estimate fair values of any of its financial instruments.  The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. 

Management believes that the carrying amounts of its amounts outstanding under lines of credit, notes receivable and other receivables approximate fair value as of December 31, 2011 and 2010, because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments.  Management has estimated that the fair value of the Company's $1.77 billion and $1.56 billion of fixed rate debt at December 31, 2011 and 2010, respectively, to be $1.88 billion and $1.58 billion.  Management has estimated the fair value of the Company's $593.7 million and $695.2 million of variable rate debt at December 31, 2011 and 2010, respectively, is $572.3 million and $672.8 million based on the terms of the Company's existing variable rate debt compared to those available in the marketplace.  Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, dividends payable and other liabilities approximate fair value as of December 31, 2011 and 2010 due to the short-term maturity of these instruments.  Marketable securities, and both the note payable and the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community are carried at fair value as of December 31, 2011 and 2010, as discussed above and in Note 9.

Interest rate protection, swap, and forward contracts

(j) Interest Rate Protection, Swap, and Forward Contracts

The Company uses interest rate swaps, interest rate cap contracts, and forward starting swaps to manage interest rate risks.  As of December 31, 2011, there were no outstanding forward starting swaps.  The valuation of these derivative instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of  forward starting interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) were based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.  The Company records all derivatives on its consolidated balance sheet at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation.   Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges.  Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings.  For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings.  The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction.

For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings.  All of the Company's interest rate swaps and interest rate caps are considered cash flow hedges except for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community as described in detail in Note 9.  The Company did not have any fair value hedges during the years end December 31, 2011, 2010 and 2009.

The Company's objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks.  To accomplish this objective, the Company primarily used interest rate swaps and interest rate forward-starting swaps as part of its cash flow hedging strategy.  The Company was hedging its exposure to the variability in future cash flows for a portion of its forecasted transactions.

Deferred charges

(k) Deferred Charges

Deferred charges are principally comprised of loan fees and related costs which are amortized over the terms of the related borrowing in a manner which approximates the effective interest method.

Income taxes

(l) Income Taxes

Generally in any year in which the Company qualifies as a real estate investment trust ("REIT") under the Internal Revenue Code (the "IRC"), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2011 as the Company has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude the Company from paying federal income tax.

In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiariesfor various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. The activities and tax related provisions, assets and liabilities are not material.

The status of cash dividends distributed for the years ended December 31, 2011, 2010, and 2009 related to common stock, Series H, Series F, and Series G preferred stock are classified for tax purposes as follows:

	2011			2010			2009
Common Stock
Ordinary income		63.68	%		82.46	%		79.82	%
Capital gain		11.16	%		5.61	%		15.76	%
Unrecaptured section 1250 capital gain		0.74	%		0.00	%		4.42	%
Return of capital		24.42	%		11.93	%		0.00	%
		100.00	%		100.00	%		100.00	%

	2011			2010			2009
Series F, G, and H Preferred stock
Ordinary income		100.00	%		93.63	%		79.82	%
Capital gains		0.00	%		6.37	%		15.76	%
Unrecaptured section 1250 capital gain		0.00	%		0.00	%		4.42	%
Return of capital		0.00	%		0.00	%		0.00	%
		100.00	%		100.00	%		100.00	%

Preferred stock

(m) Preferred Stock

The Company's Series G Cumulative Convertible Preferred Stock (" Series G Preferred Stock")  contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur.  The redemption under these provisions is not solely within the Company's control, thus the Company has classified the Series G Preferred Stock as temporary equity in the accompanying consolidated balance sheets.

The Company's Series H Cumulative Redeemable Preferred Stock ("Series H Preferred Stock"), issued during 2011, contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur.  The redemption under these provisions is within the Company's control, and thus the Company has classified the Series H Preferred Stock as permanent equity in the accompanying consolidated balance sheets as of December 31, 2011.  The same was true for the Series F Cumulative Redeemable Preferred Stock that was redeemed during 2011 and is classified as permanent equity as of December 31, 2010.

Equity-based compensation

(n) Equity-based Compensation

The cost of share and unit based compensation awards is measured at the grant date based on the estimated fair value of the awards.  The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period.  The estimated grant date fair values of the long term incentive plan units (discussed in Note 13) are being amortized over the expected service periods.

Accounting estimates and reclassifications

(o) Accounting Estimates and Reclassifications

The preparation of consolidated financial statements, in accordance with U.S. generally accepted accounting principles ("GAAP"), requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivable and its qualification as a REIT.  The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Reclassifications for discontinued operations for the years ended December 31, 2010 and 2009 and fully depreciated assets as of December 31, 2010 have been made to prior year balances in order to conform to the current year presentation.  Additionally, the Company has reclassified cost of management and other fees from general and administrative expenses for the years ended December 31, 2010, and 2009, respectively, to conform to current year presentation.  Such reclassifications have no impact on reported earnings, cash flows, total assets or total liabilities.

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Equity Based Compensation Plans, Long term incentive plans (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011 Series Z Incentive Units [Member]	Dec. 31, 2010 Series Z Incentive Units [Member]	Dec. 31, 2001 Series Z Incentive Units [Member]	Dec. 31, 2010 2010 Series Z-1 Units [Member]	Dec. 31, 2005 2010 Series Z-1 Units [Member]	Dec. 31, 2004 2010 Series Z-1 Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Basis for estimating fair value of a unit				The estimated fair value of a Z Unit is determined on the grant date and considers the company's current stock price, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity.
Basis for calculating compensation expense				Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date less its 1.00 per unit purchase price.
Maximum number of shares (units) authorized for issuance (in shares)				600,000
Conversion ratchet increase for shares issued prior to 2010				(For Z units issued prior 2010, the conversion ratchet accounted for as vesting of the Z Units into common units, will increase by up to 10 up to 20 in certain circumstances following their initial issuance effective January 1 of each year for each participating executive who remains employed by the Company if the Company has met a specified “funds from operations” per share target, or such other target as the Compensation Committee deems appropriate, for the prior year, up to a maximum conversion ratchet of 100.)
Granted (in shares)	1,540,000	14,415,000	18,954,000	46,500,000	108,000,000	200,000		89,999	95,953
Number of senior executives receiving partnership units in exchange for capital committment				6		11	13	14	14
Capital commitment per series of each incentive Unit received (in dollars per share)				$ 1		$ 1	$ 1	$ 1	$ 1
Additional incentive Units of limited partner interest issued (in share units)								27,000
Number of additional senior executives receiving partnership units								2
Number of senior executives receiving partnership units				14		20	20
Number of senior executives receiving partnership units in exchange for cash				8		8	7
Incentive units conversion ratio				one-for-one		one-for-one	one-for-one
Incentive units conversion threshold				convertible into common stock of the Company upon the earlier to occur of 100 percent vesting of the units or the year 2026			Convertible into common stock of the Company upon the earlier to occur of 100 percent vesting of the units or the year 2025
Conversion ratchet increase for shares issued in 2010				The conversion ratchet accounted for as vesting of the 2011 Z-1 Units into common units, increased to 10 percent effective January 1, 2012 because the Company achieved the FFO minimum target of 5.65 per diluted share in 2011. Each year thereafter, vesting of the 2011 Z-1 Units will be consistent with the Company's annual FFO growth, but is not to be less than zero or greater than 14 percent.			The conversion ratchet accounted for as vesting of the 2010 Z-1 Units into common units, will increase to 20 percent effective January 1, 2011 if the Company achieves the FFO target of $4.75 per diluted share in 2010. Each year thereafter, vesting of the 2010 Z-1 Units will be consistent with the Company's annual FFO growth, but is not to be less than zero or greater than 14 percent.
Percentage unit holders entitlement to dividends distributed to common stockholders (in hundredths)				10.00%			10.00%
Funds from operations (FFO) target per diluted share (in dollars per share)				$ 5.65			$ 4.75
Percentage unit holders entitlement to annual dividend on achievement of FFO target payable in next fiscal year				20.00%			25.00%
Subsequent conditions for increasing the unit holders distributions received				Each year thereafter, the percent of distributions received by the 2011 Z-1 Unit holders will increase by the same percentage amounts that the 2011 Z-1 Units vesting increases, provided that once the 2011 Z-1 Units holders receive distributions of 30 percent, such distribution percentage will not increase further until the 2011 Z-1 Unit vesting is at the 30 percent level. Once such vesting percentage is at the 30 percent level, subsequent distributions for the 2011 Z-1 Unit holders will be equal to the vesting percentage of the 2011 Z-1 Units.			Each year thereafter, the percent of distributions received by the 2010 Z-1 Unit holders will increase by the same percentage amounts that the 2010 Z-1 Units vesting increases, provided that once the 2010 Z-1 Units holders receive distributions of 30 percent, such distribution percentage will not increase further until the 2010 Z-1 Unit vesting is at the 30 percent level. Once such vesting percentage is at the 30 percent level, subsequent distributions for the 2010 Z-1 Unit holders will be equal to the vesting percentage of the 2010 Z-1 Units.

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Discontinued Operations (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011		Dec. 31, 2010		Dec. 31, 2009
Discontinued Operations [Abstract]
Number of communities sold	1				5
Number of units sold					353
Number of office building sold	1
Sales price of communities sold	$ 23,400				$ 38,000
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate	8,382		0		8,626
Schedule of components from discontinued operations [Abstract]
Revenues	4,081	[1]	5,453	[1]	7,504	[1]
Property operating expenses	(1,861)	[1]	(2,342)	[1]	(3,007)	[1]
Depreciation and amortization	(1,115)		(1,491)		(1,980)
Expenses	(2,976)		(3,833)		(4,987)
Operating income from real estate sold	1,105		1,620		2,517
Gain on sale of real estate	8,382		0		8,626
Internal disposition costs	(839)		0		(683)
Income (loss) from discontinued operations	$ 8,648		$ 1,620		$ 10,460

[1] For 2011, 2010 and 2009, discontinued operations consisted of the operating results of Woodland Colonial and Clarendon properties sold in 2011 and the operating results of Tierra del Sol/Norte and Alpine Country which were sold in 2012.

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Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2011

Real Estate Investments [Abstract]

Purchases of communities

For the year ended December 31, 2010, the Company purchased eleven communities for approximately $456.3 million, consisting of the following communities ($ in thousands):

Communities	Purchase Price		Units		Quarter Acquired
416 @ Broadway	$	43,000		115		Q4 2010
Anavia		80,600		250		Q4 2010
Santee Court		31,100		165		Q4 2010
Courtyard off Main		30,000		110		Q4 2010
Corbella at Juanita Bay		23,400		169		Q4 2010
Allegro		29,850		97		Q4 2010
101 San Fernando		64,100		323		Q3 2010
The Commons		42,500		264		Q3 2010
Bella Villagio		54,000		231		Q3 2010
Muse		39,100		152		Q3 2010
Elevation		18,600		156		Q2 2010
Total 2010 purchases	$	456,250		2,032

Investments in Joint Ventures Accounted for under the Equity Method and Preferred Stock Accounted for under the Cost Method

The carrying values of the Company's co-investments as of December 31, 2011 and 2010 are as follows ($ in thousands):

	2011		2010
Investments in joint ventures accounted for under the equity method of accounting:
Membership interest in Wesco I	$	75,588	$	-
Partnership interest in Fund II		64,294		66,000
Membership interest in a limited liability company that owns
Essex Skyline at MacArthur Place		24,063		29,187
Total operating co-investments		163,945		95,187
Membership interests in limited liability companies that own and are developing Cadence and West Dublin		62,897		-
Membership interest in a limited liability company that owns and is developing Queen Anne		17,981		-
Membership interests in limited liability companies that own and are developing Fountain at La Brea and Santa Monica at La Brea		15,194		-
Total development co-investments		96,072		-
Membership interest in Wesco II that owns a preferred equity interest in Park Merced with a perferred return of 10.1%		88,075		-
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10%		22,792		-
Preferred interest in a related limited liability company that owns
Madison Park at Anaheim with a preferred return of 13%		12,528		12,014
Total preferred interest investments		123,395		12,014
Investments accounted for under the cost method of accounting:
Series A and B-2 Preferred Stock interests in Multifamily Technology Solutions, Inc.		-		639
Total co-investments	$	383,412	$	107,840

Combined Financial Information of Co-investments Accounted for under the Equity Method

The combined summarized financial information of co-investments, which are accounted for under the equity method, is as follows ($ in thousands):

	December 31,
	2011		2010
Balance Sheets:
Rental properties and real estate under development	$	1,659,078	$	750,808
Other assets		63,847		15,864
Total assets	$	1,722,925	$	766,672
Debt	$	900,095	$	450,693
Other liabilities		48,518		7,076
Equity		774,312		308,903
Total liabilities and partners' equity	$	1,722,925	$	766,672
Company's share of equity	$	383,412	$	107,201

	Years ended
	December 31,
	2011			2010			2009
Statements of operations:
Property revenues	$	106,386		$	54,699		$	47,201
Property operating expenses		(43,066	)		(24,098	)		(18,450	)
Net operating income		63,320			30,601			28,751
Interest expense		(27,843	)		(13,619	)		(10,805	)
General and administrative		(1,748	)		(709	)		(294	)
Depreciation and amortization		(44,412	)		(20,850	)		(15,656	)
Net (loss) income	$	(10,683	)	$	(4,577	)	$	1,996
Company's share of net (loss) income	$	(467	)	$	(1,715	)	$	670

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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2011

Discontinued Operations [Abstract]

Schedule of components from discontinued operations

The Company has recorded the gains and operations for these various assets sold as part of discontinued operations in the accompanying consolidated statements of operations.  The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets ($ in thousands):

	2011			2010			2009
Revenues (1)	$	4,081		$	5,453		$	7,504
Property operating expenses (1)		(1,861	)		(2,342	)		(3,007	)
Depreciation and amortization		(1,115	)		(1,491	)		(1,980	)
Expenses		(2,976	)		(3,833	)		(4,987	)
Operating income from real estate sold		1,105			1,620			2,517
Gain on sale of real estate		8,382			-			8,626
Internal disposition costs		(839	)		-			(683	)
Income from discontinued operations	$	8,648		$	1,620		$	10,460

(1) For 2011, 2010 and 2009, discontinued operations consisted of the operating results of Woodland Colonial and Clarendon properties sold in 2011 and the operating results of Tierra del Sol/Norte and Alpine Country which were sold in 2012.

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Consolidated Statements of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Supplemental disclosure of cash flow information:
Cash paid for interest, capitalized	$ 8,240	$ 9,486	$ 10,463

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Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2011

Mortgage Notes Payable [Abstract]

Mortgages notes payable

Mortgage notes payable consist of the following as of December 31, 2011 and 2010 ($ in thousands):

	2011		2010
Mortgage notes payable, secured by deeds of trust, bearing interest at ranges ranging from 4.9% to 7.4% as of December 31, 2011 principal and interest payments due monthly, and maturity dates ranging from August 2012 through April 2021	$	1,502,208	$	1,563,513
Multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 2.0% at December 2011 and 2.1% at December 2010), plus credit enhancement and underwriting fees ranging from approximately1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from June 2012 through December 2039. Of these bonds $187.8 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds		243,650		269,232
	$	1,745,858	$	1,832,745

Aggregate scheduled principal payments of mortgage notes payable

The aggregate scheduled principal payments of mortgage notes payable are as follows ($ in thousands):

2012	$	35,953
2013		215,583
2014		77,179
2015		70,305
2016		12,907
Thereafter		1,333,931
	$	1,745,858

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Summary of Critical and Significant Accounting Policies (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Principles of consolidation [Abstract]
Noncontrolling interest in Operating Partnership (in hundredths)	6.20%	6.60%
Number of DownREIT limited partnerships the company consolidates	19
Number of communities within the DownREIT partnership	12
Assets related to variable interest entities, net intercompany eliminations	$ 215,200	$ 217,300
Liabilities related to variable interest entities, net of intercompany eliminations	173,400	168,000
Redemption rights of limited partners by issuance of common stock for partnership unit, conversion basis	one share per unit basis
Total DownREIT units outstanding (in units)	1,063,848	1,096,871
Redemption value of the variable interest entities	149,500	125,300
Real estate rental properties [Abstract]
Threshold useful life of assets for capitalization (in years)	1Y
Depreciable life of various categories of fixed assets [Abstract]
Expected lease term of acquired tenant (in months)	20M
Written-off development costs			6,700
Number of land parcels no longer developed by Company	2
Revenues and gains on sale of real estate [Abstract]
Lease terms, minimum (in months)	6M
Lease terms, maximum (in months)	12M
No rent time period, minimum (in months)	1M
No rent time period, maximum (in months)	2M
Cash equivalents and restricted cash [Abstract]
Original maturities of highly liquid investments to be classified as cash equivalents, maximum (in months)	3M
Marketable securities [Abstract]
Maturity date of investments in mortgage backed securities, first	November 2019	November 2019
Maturity date of investments in mortgage backed securities, final	September 2020	September 2020
Proceeds from sales of available for sale securities	33,000	102,000	23,000
Gain from sales of available-for-sale securities	5,000	12,400	1,000
Fair value of financial instruments [Abstract]
Fixed rate debt, carrying amount	1,770,000	1,560,000
Fixed rate debt, fair value	1,880,000	1,580,000
Variable rate debt, carrying amount	593,700	695,200
Variable rate debt, fair value	572,300	672,800
Schedule of Available-for-sale Securities [Line Items]
Available for sale, Amortized Cost	72,203	87,213
Available for sale, Gross Unrealized Gain (Loss)	2,072	5,097
Available for sale, Fair Value	74,275	92,310
Held to maturity, Amortized Cost	46,738	41,987
Held to maturity, Gross Unrealized Gain (Loss)	0	0
Held to maturity, Fair Value	46,738	41,987
Interest income	10,501	15,350	11,841
Gains on sales of marketable securities	4,956	12,491	1,014
Tax benefit - Taxable REIT Subsidiary	(1,682)	0	0
Other income	0	0	185
Total interest and other income	17,139	27,841	13,040
Investment-grade unsecured bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale, Amortized Cost	3,615	22,243
Available for sale, Gross Unrealized Gain (Loss)	399	4,403
Available for sale, Fair Value	4,014	26,646
Investment funds-US treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale, Amortized Cost	11,783	14,345
Available for sale, Gross Unrealized Gain (Loss)	121	582
Available for sale, Fair Value	11,904	14,927
Common Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale, Amortized Cost	10,067	8,638
Available for sale, Gross Unrealized Gain (Loss)	1,552	112
Available for sale, Fair Value	$ 11,619	$ 8,750
Common Stock [Member]
Status of cash dividends distributed [Abstract]
Ordinary income (in hundredths)	63.68%	82.46%	79.82%
Capital gains (in hundredths)	11.16%	5.61%	15.76%
Unrecaptured section 1250 capital gain (in hundredths)	0.74%	0.00%	4.42%
Return of capital (in hundredths)	24.42%	11.93%	0.00%
Total cash dividends distributed (in hundredths)	100.00%	100.00%	100.00%
Series F and G Preferred Stock [Member]
Status of cash dividends distributed [Abstract]
Ordinary income (in hundredths)	100.00%	93.63%	79.82%
Capital gains (in hundredths)	0.00%	6.37%	15.76%
Unrecaptured section 1250 capital gain (in hundredths)	0.00%	0.00%	4.42%
Return of capital (in hundredths)	0.00%	0.00%	0.00%
Total cash dividends distributed (in hundredths)	100.00%	100.00%	100.00%
Interior Unit Improvements [Member]
Depreciable life of various categories of fixed assets [Abstract]
Depreciable life (in years)	5 years
Maximum [Member] | Computer Software and Equipment [Member]
Depreciable life of various categories of fixed assets [Abstract]
Depreciable life (in years)	5 years
Minimum [Member] | Computer Software and Equipment [Member]
Depreciable life of various categories of fixed assets [Abstract]
Depreciable life (in years)	3 years
Average [Member] | Land Improvements and Certain Exterior Components of Real Property [Member]
Depreciable life of various categories of fixed assets [Abstract]
Depreciable life (in years)	10 years
Average [Member] | Real Estate Structures [Member]
Depreciable life of various categories of fixed assets [Abstract]
Depreciable life (in years)	30 years

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Equity Based Compensation Plans, Summary of stock options activity (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Stock options [Roll Forward]
Beginning balance, outstanding (in shares)	300,642,000	378,542,000	393,443,000
Granted (in shares)	197,500,000	18,214,000	32,259,000
Exercised (in shares)	(83,122,000)	(78,381,000)	(18,407,000)
Forfeited and canceled (in shares)	0	(17,733,000)	(28,753,000)
Ending balance, outstanding (in shares)	415,020,000	300,642,000	378,542,000
Options exercisable, ending balance (in shares)	219,820,000	265,770,000	329,909,000
Stock options additional disclosures [Abstract]
Weighted average exercise price, outstanding, beginning balance (in dollars per share)	$ 88.11	$ 82.08	$ 80.63
Weighted average exercise price, granted (in dollars per share)	$ 131.87	$ 107.21	$ 76.68
Weighted average exercise price, exercised (in dollars per share)	$ 84.24	$ 63.97	$ 38.31
Weighted average exercise price, forfeited and canceled (in dollars per share)	$ 0.00	$ 105.40	$ 85.11
Weighted average exercise price, outstanding, ending balance (in dollars per share)	$ 109.71	$ 88.11	$ 82.08
Weighted average exercise price, options exercisable, ending balance (in dollars per share)	$ 92.31	$ 86.28	$ 81.37

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Rental properties:
Land and land improvements	$ 860,661	$ 802,325
Buildings and improvements	3,452,403	3,162,236
Total Rental Properties	4,313,064	3,964,561
Less: accumulated depreciation	(920,026)	(775,553)
Net Real Estate	3,393,038	3,189,008
Real estate under development	44,280	217,531
Co-investments	383,412	107,840
Total Real Estate	3,820,730	3,514,379
Cash and cash equivalents-unrestricted	12,889	13,753
Cash and cash equivalents-restricted	22,574	21,941
Marketable securities	74,275	92,310
Notes and other receivables	66,369	49,444
Prepaid expenses and other assets	22,682	25,188
Deferred charges, net	17,445	15,872
Total assets	4,036,964	3,732,887
LIABILITIES AND STOCKHOLDERS' EQUITY AND NONCONTROLLING INTEREST
Mortgage notes payable	1,745,858	1,832,745
Unsecured debt	465,000	0
Lines of credit	150,000	426,000
Accounts payable and accrued liabilities	48,324	44,750
Construction payable	6,505	9,023
Dividends payable	39,611	36,405
Derivative liabilities	3,061	5,633
Other liabilities	20,528	18,968
Total liabilities	2,478,887	2,373,524
Cumulative convertible preferred stock; $0001 par value:
4.875% Series G - 5,890,000 issued, and 178,249 outstanding	4,349	4,349
Stockholders' equity and noncontrolling interest:
Common stock; $0001 par value, 656,020,000 shares authorized;33,888,082 and 31,324,808 shares issued and outstanding	3	3
Cumulative redeemable preferred stock at liquidation value	73,750	25,000
Excess stock, $0001 par value, 330,000,000 shares authorized and no shares issued or outstanding	0	0
Additional paid-in capital	1,844,611	1,515,468
Distributions in excess of accumulated earnings	(408,066)	(313,308)
Accumulated other comprehensive (loss) income	(72,771)	(77,217)
Total stockholders' equity	1,437,527	1,149,946
Noncontrolling interest	116,201	205,068
Total equity	1,553,728	1,355,014
Total liabilities and equity	$ 4,036,964	$ 3,732,887

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Mortgage Notes Payable (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended			12 Months Ended
	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2011 Mortgage Notes Payable [Member]	Dec. 31, 2010 Mortgage Notes Payable [Member]	Dec. 31, 2011 Multifamily Housing Mortgage Revenue Bonds [Member]	Dec. 31, 2010 Multifamily Housing Mortgage Revenue Bonds [Member]	Dec. 31, 2010 Secured Deeds of Trust [Member]
Debt Instrument [Line Items]
Mortgages notes payable	$ 1,832,745	$ 1,745,858	$ 1,502,208	$ 1,563,513	$ 243,650	$ 269,232
Monthly interest expense			7,000
Monthly principal amortization			1,900
Mortgages notes payable	1,832,745	1,745,858					110,700
Repayment of debt before the scheduled maturity date, prepayment penalties		The prepayment penalty on the majority of the Company's mortgage notes payable are computed by the greater of a 1 of the amount of the principal being prepaid or b the present value of the mortgage note payable which is calculated by multiplying the principal being prepaid by the difference between the interest rate of the mortgage note and the stated yield rate on a specified U.S. treasury security as defined in the mortgage note agreement.
Initial fair value of tax-exempt bonds assumed		35,200
Fair value of tax-exempt bonds assumed	32,900	35,300
Term of credit facility (in years)	10Y
Maximum borrowing capacity on credit facility	207,200	440,000
Number of communities securing credit facility	7
Fixed rate interest on credit facility (in hundredths)	4.30%
Effective interest rate (in hundredths)	6.80%
Existing loans paid off	99,000
Mortgage interest rate, minimum (in hundredths)			4.90%
Mortgage interest rate, maximum (in hundredths)			7.40%
Mortgage interest rate, maturity date range, minimum			2011-08		2012-06	2011-06
Mortgage interest rate, maturity date range, maximum			2021-04		2039-12	2039-12
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths)					2.00%	2.10%
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, minimum (in hundredths)					1.20%	1.20%
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, maximum (in hundredths)					1.90%	1.90%
Percentage of units subject to tenant income criteria (in hundredths)					20.00%	20.00%
Bond subject to interest rate caps					191,900	191,900
Mortgage notes payable maturities
2012		35,953
2013		215,583
2014		77,179
2015		70,305
2016		212,907
Thereafter		$ 1,133,931

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Consolidated Statements of Stockholders' Equity and Noncontrolling Interest (USD $) In Thousands, except Share data, unless otherwise specified	Series F Preferred Stock [Member]	Series H Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Distributions in Excess of Accumulated Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Total
Balances at Dec. 31, 2008	$ 25,000	$ 0	$ 3	$ 1,043,984	$ (141,336)	$ (75,424)	$ 233,771	$ 1,085,998
Balances (in shares) at Dec. 31, 2008	1,000,000	0	26,396,000
Comprehensive income (loss):
Net income	0	0	0	0	37,108	0	16,631	53,739
Reversal of unrealized gains upon the sale of marketable securities								0
Changes in fair value of cash flow hedges and amortization of settlement swaps	0	0	0	0	0	39,354	3,534	42,888
Changes in fair value of marketable securities	0	0	0	0	0	11,864	1,066	12,930
Comprehensive income (loss)								109,557
Issuance of common stock under:
Stock option plans	0	0	0	943	0	0	0	943
Stock option plans (in shares)			62,000
Sale of common stock	0	0	0	198,511	0	0	0	198,511
Sale of common stock (in shares)			2,741,000
Equity based compensation costs	0	0	0	6,859	0	0	276	7,135
Retirement of Series G Preferred	0	0	0	49,952	0	0	0	49,952
Retirement of common stock	0	0	0	(20,271)	0	0	0	(20,271)
Retirement of common stock (in shares)	0	0	(350,000)
Retirement of exchangeable bonds	0	0	0	(4,727)	0	0	0	(4,727)
Redemptions of noncontrolling interest	0	0	0	0	0	0	(12,725)	(12,725)
Distributions to noncontrolling interest	0	0	0	0	0	0	(22,108)	(22,108)
Common and preferred stock dividends declared	0	0	0	0	(118,724)	0	0	(118,724)
Balances at Dec. 31, 2009	25,000	0	3	1,275,251	(222,952)	(24,206)	220,445	1,273,541
Balances (in shares) at Dec. 31, 2009	1,000,000	0	28,849,000
Comprehensive income (loss):
Net income	0	0	0	0	35,934	0	14,848	50,782
Reversal of unrealized gains upon the sale of marketable securities	0	0	0	0	0	(11,163)	(864)	(12,027)
Changes in fair value of cash flow hedges and amortization of settlement swaps	0	0	0	0	0	(46,817)	(3,620)	(50,437)
Changes in fair value of marketable securities	0	0	0	0	0	4,969	388	5,357
Comprehensive income (loss)								(6,325)
Issuance of common stock under:
Stock option plans	0	0	0	5,803	0	0	0	5,803
Stock option plans (in shares)			122,000
Sale of common stock	0	0	0	251,455	0	0	0	251,455
Sale of common stock (in shares)			2,354,000
Equity based compensation costs	0	0	0	(260)	0	0	2,474	2,214
Retirement of exchangeable bonds	0	0	0	(434)	0	0	0	(434)
Contributions of noncontrolling interest	0	0	0	0	0	0	4,038	4,038
Redemptions of noncontrolling interest	0	0	0	(16,347)	0	0	(7,839)	(24,186)
Distributions to noncontrolling interest	0	0	0	0	0	0	(24,802)	(24,802)
Common and preferred stock dividends declared	0	0	0	0	(126,290)	0	0	(126,290)
Balances at Dec. 31, 2010	25,000	0	3	1,515,468	(313,308)	(77,217)	205,068	1,355,014
Balances (in shares) at Dec. 31, 2010	1,000,000	0	31,325,000
Comprehensive income (loss):
Net income	0	0	0	0	47,070	0	10,446	57,516
Reversal of unrealized gains upon the sale of marketable securities	0	0	0	0	0	(4,011)	(275)	(4,286)
Changes in fair value of cash flow hedges and amortization of settlement swaps	0	0	0	0	0	7,212	495	7,707
Changes in fair value of marketable securities	0	0	0	0	0	1,245	85	1,330
Comprehensive income (loss)								62,267
Issuance of common stock under:
Stock option plans	0	0	0	8,412	0	0	0	8,412
Stock option plans (in shares)			103,000
Sale of common stock	0	0	0	323,931	0	0	0	323,931
Sale of common stock (in shares)			2,460,000
Equity based compensation costs	0	0	0	(725)	0	0	1,598	873
Issuance of Series H Preferred	0	73,750	0	(2,541)	0	0	0	71,209
Issuance of Series H Preferred (in shares)	0	2,950,000	0
Redemptions of Series F Preferred	(25,000)	0	0	0	0	0	0	(25,000)
Redemptions of Series F Preferred (in shares)	(1,000,000)	0	0
Redemptions of Series B Preferred	0	0	0	1,200	0	0	(80,000)	(78,800)
Redemptions of noncontrolling interest	0	0	0	(1,134)	0	0	(4,253)	(5,387)
Distributions to noncontrolling interest	0	0	0	0	0	0	(16,963)	(16,963)
Common and preferred stock dividends declared	0	0	0	0	(141,828)	0	0	(141,828)
Balances at Dec. 31, 2011	$ 0	$ 73,750	$ 3	$ 1,844,611	$ (408,066)	$ (72,771)	$ 116,201	$ 1,553,728
Balances (in shares) at Dec. 31, 2011	0	2,950,000	33,888,000

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Commitments and Contingencies (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Sep. 30, 2011	Dec. 31, 2010	Dec. 31, 2011 Loan and Construction Completion Guarantee [Member] Construction Contracts [Member]	Dec. 31, 2011 Payment Guarantee [Member] Total Return Swaps for Fountain at La Brea [Member]	Dec. 31, 2011 Payment Guarantee [Member] Total Return Swaps for Santa Monica at La Brea [Member]	Dec. 31, 2011 Payment Guarantee [Member] Total Return Swaps [Member]
Guarantor Obligations [Line Items]
Number of non-cancelable ground leases		6
Total minimum lease commitments under land leases and operating leases for next five years		$ 1,600
Number of communities with indemnification agreements from third parties for potential environmental clean-up costs		3
Comprehensive liabilities insurance, deductible per incident		25
Property casualty insurance, deductible per incident		5,000
Mortgage loan, maturity date			Jul. 01, 2014
Debt instrument, number of extensions			2
Debt instrument, term of extensions options (in years)			1 year
Maximum exposure of the guarantee			$ 79,100			$ 28,500
Total return swaps, maturity date	Sep. 30, 2016			Sep. 30, 2016	Dec. 31, 2016

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Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2011

Net Income Per Common Share [Abstract]

Basic and diluted income per share from continuing operations

Basic and diluted income from continuing operations per share are calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts):

	2011						2010						2009
			Weighted-		Per				Weighted-		Per				Weighted-		Per
			average		Common				average		Common				average		Common
			Common		Share				Common		Share				Common		Share
	Income		Shares		Amount		Income		Shares		Amount		Income		Shares		Amount
Basic:
Income from continuing operations available to common stockholders	$	32,256		32,541,792	$	0.99	$	32,251		29,667,064	$	1.09	$	72,545		27,269,547	$	2.66
Income from discontinued operations available to common stockholders		8,112		32,541,792		0.25		1,513		29,667,064		0.05		9,655		27,269,547		0.35
		40,368			$	1.24		33,764			$	1.14		82,200				3.01
Effect of Dilutive Securities (1)		-		86,922				-		67,319				4,224		2,477,067
Diluted:
Income from continuing operations available to common stockholders (1)	$	32,256					$	32,251					$	72,545
Add: noncontrolling interests OP unitholders (2)		-						-						3,419
Adjusted income from continuing operations available to common stockholders (1)		32,256		32,628,714	$	0.99		32,251		29,734,383	$	1.09		75,964		29,746,614	$	2.56
Income (loss) from discontinued operations available to common stockholders		8,112						1,513						9,655
Add: noncontrolling interests OP unitholders (2)		-						-						805
Adjusted income from discontinued operations available to common stockholders		8,112		32,628,714		0.25		1,513		29,734,383		0.05		10,460		29,746,614		0.35
	$	40,368			$	1.24	$	33,764			$	1.14	$	86,424			$	2.91

(1) Weighted convertible limited partnership units of 2,231,807 and 2,293,886, which include vested Series Z incentive units, for the years ended December 31, 2011 and 2010, respectively, were not included in the determination of diluted EPS because they were anti-dilutive.  Weighted convertible limited partnership units of 2,447,751, which include vested Series Z incentive units, for the year ended December 31, 2009, were included in the determination of diluted EPS because they were dilutive.  The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities.

Stock options of 175,500; 123,164; and 260,736 for the years ended December 31, 2011, 2010, and 2009, respectively, were not included in the diluted earnings per share calculation because the exercise price of these options were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. 

All shares of cumulative convertible preferred stock Series G have been excluded from diluted earnings per share for the years ended 2011, 2010, and 2009 respectively, as the effect was anti-dilutive.

(2) For the year ended December 31, 2009, net income allocated to convertible limited partnership units including vested Series Z units have been included in income available to common stock holders for the calculation of net income per common share since these units are included in the diluted weighted average common shares for the that year as discussed in (1) above.

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Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

(14) Segment Information

The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro.  Excluded from segment revenues are communities classified in discontinued operations, management and other fees from affiliates, and interest and other income.  Non-segment revenues and net operating income included in the following schedule also consist of revenue generated from commercial properties.  Other non-segment assets include real estate under development, co-investments, cash and cash equivalents, marketable securities, notes and other receivables, prepaid expenses and other assets and deferred charges.

The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2011, 2010, and 2009 ($ in thousands):

	Years Ended December 31,
	2011			2010			2009
Revenues:
Southern California	$	223,304		$	200,541		$	201,083
Northern California		149,457			127,302			121,582
Seattle Metro		81,967			70,348			71,060
Other real estate assets		10,985			7,537			7,825
Total property revenues	$	465,713		$	405,728		$	401,550
Net operating income:
Southern California	$	146,519		$	132,150		$	134,179
Northern California		99,047			82,288			80,274
Seattle Metro		52,173			43,006			44,603
Other real estate assets		8,740			5,120			5,037
Total net operating income		306,479			262,564			264,093
Depreciation		(151,428	)		(128,221	)		(116,540	)
Interest expense before amortization		(91,694	)		(82,756	)		(81,196	)
Amortization expense		(11,474	)		(4,828	)		(4,820	)
Management and other fees		6,780			4,551			4,325
General and administrative		(20,694	)		(23,255	)		(24,966	)
Cost of management and other fees		(4,610	)		(2,707	)		(3,096	)
Impairment and other charges		-			(2,302	)		(13,084	)
Interest and other income		17,139			27,841			13,040
Gain (loss) on early retirement of debt		(1,163	)		(10	)		4,750
Equity (loss) income in co-investments		(467	)		(1,715	)		670
Gain on sale of real estate		-			-			103
Income before discontinued operations	$	48,868		$	49,162		$	43,279

Total assets for each of the reportable operating segments are summarized as follow as of December 31, 2011 and 2010 ($ in thousands):

	As of December 31,
Assets:	2011		2010
Southern California	$	1,478,018	$	1,428,264
Northern California		1,241,320		1,119,555
Seattle Metro		579,612		560,463
Other real estate assets		94,088		80,726
Net reportable operating segments - real estate assets		3,393,038		3,189,008
Real estate for development		44,280		217,531
Co-investments		383,412		107,840
Cash and cash equivalents, including restricted cash		35,463		35,694
Marketable securities		74,275		92,310
Notes and other receivables		66,369		49,444
Other non-segment assets		40,127		41,060
Total assets	$	4,036,964	$	3,732,887

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Equity Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2011

Equity Based Compensation Plans [Abstract]

Weighted average assumptions used to estimate fair value of stock options

The average fair value of stock options granted for the years ended December 31, 2011, 2010 and 2009 was $14.49, $18.39 and $5.24, respectively.  The stock options granted during the fourth quarter of 2011 included a $100 cap on the appreciation of the market price over the exercise price.  The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants:

	2011	2010	2009
Stock price	$131.87	$107.21	$66.05-$84.90
Risk-free interest rates	2.23%	3.50%	4.58%
Expected lives	10 years	10 years	10 years
Volatility	19.63%	22.00%	20.00%
Dividend yield	3.29%	3.85%	4.85%

Summary of stock options activity

A summary of the status of the Company's stock option plans as of December 31, 2011, 2010, and 2009 and changes during the years ended on those dates is presented below:

	2011					2010					2009
				Weighted-					Weighted-					Weighted-
				average					average					average
				exercise					exercise					exercise
	Shares			price		Shares			price		Shares			price
Outstanding at beginning of year		300,642		$	88.11		378,542		$	82.08		393,443		$	80.63
Granted		197,500			131.87		18,214			107.21		32,259			76.68
Exercised		(83,122	)		84.24		(78,381	)		63.97		(18,407	)		38.31
Forfeited and canceled		-			0.00		(17,733	)		105.40		(28,753	)		85.11
Outstanding at end of year		415,020			109.71		300,642			88.11		378,542			82.08
Options exercisable at year end		219,820			92.31		265,770			86.28		329,909			81.37

Summary information of stock options outstanding

The following table summarizes information about stock options outstanding as of December 31, 2011:

		Options outstanding					Options exercisable
Range of exercise prices		Number outstanding as of December 31, 2011		Weighted- average remaining contractual life	Weighted- average exercise price		Number exercisable as of December 31, 2011		Weighted- average exercise price
$	48.68 - 73.38		50,577	2.8 years	$	61.78		50,577	$	61.78
	79.05 - 125.84		167,693	5.0 years		97.70		148,193		97.15
	126.73 - 134.44		196,750	9.8 years		132.27		21,050		131.66
			415,020	7.0 years		109.71		219,820		92.31

Restricted stock activity

The following table summarizes information about restricted stock outstanding as of December 31, 2011, 2010 and 2009 and changes during the years ended:

	2011					2010					2009
				Weighted-					Weighted-					Weighted-
				average					average					average
				grant					grant					grant
	Shares			price		Shares			price		Shares			price
Unvested at beginning of year		44,877		$	102.46		37,727		$	99.43		30,304		$	119.31
Granted		1,540			134.44		14,415			109.62		18,954			75.77
Vested		(9,532	)		104.91		(6,126	)		102.27		(5,647	)		108.49
Forfeited and canceled		(1,666	)		94.35		(1,139	)		93.92		(5,884	)		116.89
Unvested at end of year		35,219			98.57		44,877			102.46		37,727			99.43

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(16) Commitments and Contingencies

At December 31, 2011, the Company had six non-cancelable ground leases for certain apartment communities and buildings that expire between 2027 and 2080.  Land lease payments are typically the greater of a stated minimum or a percentage of gross rents generated by these apartment communities.  Total minimum lease commitments, under land leases and operating leases, are approximately $1.6 million per year for the next five years.

To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability for remediation and other potential liability. The Company will consider whether such occurrence results in an impairment of value on the affected property and, if so, impairment will be recognized.

Except with respect to three communities, the Company has no indemnification agreements from third parties for potential environmental clean-up costs at its communities.  The Company has no way of determining at this time the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions or violations with respect to the communities formerly owned by the Company.  No assurance can be given that existing environmental studies with respect to any of the communities reveal all environmental liabilities, that any prior owner or operator of a Property did not create any material environmental condition not known to the Company, or that a material environmental condition does not otherwise exist as to any one or more of the communities.  The Company has limited insurance coverage for the types of environmental liabilities described above.

The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners in the Operating Partnership or in the DownREIT entities.  These transactions are within the Company's control. Although the Company plans to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code the Company can provide no assurance that it will be able to do so and if such tax liabilities were incurred they may to have a material impact on the Company's financial position.

There have been a number of lawsuits in recent years against owners and managers of apartment communities alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements.  The Company has been sued for mold related matters and has settled some, but not all, of such matters.   Insurance carriers have reacted to mold related liability awards by excluding mold related claims from standard policies and pricing mold endorsements at prohibitively high rates.  The Company has, however, purchased pollution liability insurance, which includes some coverage for mold.  The Company has adopted policies for promptly addressing and resolving reports of mold when it is detected, and to minimize any impact mold might have on residents of the property.  The Company believes its mold policies and proactive response to address any known existence, reduces its risk of loss from these cases.  There can be no assurances that the Company has identified and responded to all mold occurrences, but the company promptly addresses all known reports of mold.  Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company's financial condition, results of operations or cash flows.  As of December 31, 2011, potential liabilities for mold and other environmental liabilities are not considered probable or the loss cannot be quantified or estimated.

The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities.  Insured risks for comprehensive liabilities covers claims in excess of $25,000 per incident, and property casualty insurance covers losses in excess of a $5.0 million deductible per incident. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism and earthquake, for which the Company does not have insurance. Substantially all of the communities are located in areas that are subject to earthquakes.

The Company provided a loan and construction completion guarantee to the lender in order to fulfill the lender's standard financing requirements related to the construction of the Queen Anne community.  The outstanding balance for the construction loan is included in the debt line item in the balance sheet of the co-investments included in Note 3.  The construction completion guarantee is for the life of the loan, which is scheduled to mature on July 1, 2014, with two, one-year extension options at the Queen Anne joint venture's option.  As of December 31, 2011, the Company was in compliance with all terms of the construction loan and the construction of the community is expected to be completed on time and within budget.  The maximum exposure of the guarantee as of December 31, 2011 was $79.1 million based on the construction costs that were budgeted to be incurred to complete the construction.

The Company provided a payment guarantee to the counterparties in relation to the total return swaps entered into by the joint venture responsible for the development of the Fountain at La Brea and Santa Monica at La Brea communities.  Further the Company has guaranteed completion of development and made certain debt service guarantees for Fountain at La Brea and Santa Monica at La Brea.  The outstanding balance for the loans is included in the debt line item in the balance sheet of the co-investments included in Note 3.  The payment guarantee is for the payment of the amounts due to the counterparty related total return swaps which are scheduled to mature in September and December 2016.  The maximum exposure of the guarantee as of December 31, 2011 was $28.5 million based on the aggregate outstanding debt amount.

The Company is subject to various other lawsuits in the normal course of its business operations.  Such lawsuits are not expected to have a material adverse effect on the Company's financial condition, results of operations or cash flows.

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net income	$ 57,516	$ 50,782	$ 53,739
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of marketable securities	(4,956)	(12,491)	(1,014)
Loss (gain) on early retirement of debt	1,163	10	(4,750)
Co-investments	7,929	1,715	(670)
Amortization expense	11,474	4,828	4,820
Amortization of discount on marketable securities	(4,794)	(3,714)	(3,605)
Amortization of discount on notes receivables	(1,757)	(4,806)	0
Loss on derivative instruments - ineffectiveness	0	2,301	0
Gain on sale of co-investment	(919)	0	(530)
Gain on the sales of real estate	(8,562)	0	(8,729)
Impairment loss and reserve for loan loss	0	0	13,084
Non-cash expense due to cancellation of outperformance plan	0	0	3,807
Depreciation	152,542	129,711	118,522
Equity-based compensation	2,927	3,251	3,412
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,172)	(2,771)	(2,249)
Accounts payable and accrued liabilities	3,620	4,302	(2,364)
Other liabilities	1,560	2,412	114
Net cash provided by operating activities	216,571	175,530	173,587
Additions to real estate:
Acquisitions of real estate	(57,478)	(279,607)	(16,000)
Improvements to recent acquisitions	(16,446)	(6,388)	(3,210)
Redevelopment	(45,130)	(14,096)	(25,812)
Revenue generating capital expenditures	(7,616)	(1,584)	(855)
Non-revenue generating capital expenditures	(26,090)	(29,278)	(25,722)
Acquisition of and additions to real estate under development	(79,194)	(155,267)	(120,844)
Dispositions of real estate	23,003	0	38,178
Changes in restricted cash and refundable deposits	(1,376)	(4,414)	11,995
Purchases of marketable securities	(8,048)	(49,974)	(116,402)
Sales and maturities marketable securities	32,998	102,039	22,964
Proceeds from tax investor	0	1,223	3,762
Purchases of and advances under notes and other receivables	(12,325)	(37,627)	(3,424)
Collections of notes and other receivables	884	1,855	15,728
Contributions to co-investments	(246,106)	(79,450)	(270)
Non-operating distributions from co-investments	17,141	41,700	954
Net cash used in investing activities	(425,783)	(510,868)	(218,958)
Cash flows from financing activities:
Borrowings under debt agreements	1,514,684	1,214,216	453,570
Repayment of debt	(1,435,135)	(882,646)	(199,979)
Additions to deferred charges	(5,533)	(4,109)	(3,935)
Payments to settle derivative instruments	(2,395)	(81,282)	0
Retirement of exchangeable bonds	0	(5,396)	(161,084)
Retirement of common stock	0	0	(20,271)
Net proceeds from issuance of Preferred stock, Series H	71,209	0	0
Retirement of Series D preferred units and Series G Preferred stock	0	0	(91,703)
Retirement of Series B preferred units and Series F Preferred stock	(103,800)	0	0
Equity related issuance cost	(627)	0	0
Net proceeds from stock options exercised	6,986	4,765	943
Net proceeds from issuance of common stock	323,931	251,455	198,511
Contributions from noncontrolling interest	0	4,038	0
Distributions to noncontrolling interest	(16,963)	(24,795)	(22,108)
Redemption of noncontrolling interest	(5,387)	(24,186)	(12,720)
Common and preferred stock dividends paid	(138,622)	(123,629)	(117,102)
Net cash provided by financing activities	208,348	328,431	24,122
Net (decrease) increase in cash and cash equivalents	(864)	(6,907)	(21,249)
Cash and cash equivalents at beginning of year	13,753	20,660	41,909
Cash and cash equivalents at end of year	12,889	13,753	20,660
Supplemental disclosure of cash flow information:
Cash paid for interest, net of $8,240, $9,486, and $10,463 capitalized in 2011, 2010 and 2009, respectively	89,691	83,497	81,878
Supplemental disclosure of noncash investing and financing activities:
Transfer from real estate under development to rental properties	165,214	170,940	92,517
Transfer from real estate under development to co-investments	54,472	0	0
Mortgage notes assumed in connection with purchases of real estate	20,927	87,336	0
Note receivable settled when the company purchased the property securingthe note receivable	0	25,750	0
Change in accrual of dividends	3,206	2,655	1,626
Change in fair value of derivative liabilities	230	1,907	42,973
Change in fair value of marketable securities	2,836	6,670	12,900
Change in construction payable	$ 2,518	$ 1,304	$ 8,278

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Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2011	Dec. 31, 2010
LIABILITIES AND STOCKHOLDERS' EQUITY AND NONCONTROLLING INTEREST
Cumulative convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Cumulative convertible preferred stock, shares issued (in shares)	5,890,000	5,890,000
Cumulative convertible preferred stock, shares outstanding (in shares)	178,249	178,249
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized ( in shares)	656,020,000	656,020,000
Common stock, shares issued (in shares)	33,888,082	33,888,082
Common stock, shares outstanding (in shares)	33,888,082	31,324,808
Excess stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Excess stock, shares authorized (in shares)	330,000,000	330,000,000

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Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2011

Derivative Instruments and Hedging Activities [Abstract]

Derivative Instruments and Hedging Activities

(9) Derivative Instruments and Hedging Activities

The Company uses interest rate swaps and interest rate cap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

During the fourth quarter of 2011, the Company entered into four interest rate swap contracts with an aggregate notional amount of $150.0 million that effectively fixed the interest rate on $150.0 million of the $200.0 million unsecured term loan at 2.66% through November 2016.  These derivatives qualify for hedge accounting.  As of December 31, 2011 the Company also had twelve interest rate cap contracts totaling a notional amount of $187.8 million that qualify for hedge accounting as they effectively limit the Company's exposure to interest rate risk by providing a ceiling on the underlying variable interest rate for $202.7 million of the Company's tax exempt variable rate debt.  The aggregate carrying value of the interest rate swap contracts was a liability of $1.4 million and the aggregate carrying value of the interest rate cap contracts was an asset of $0.2 million.

During the first quarter of 2011, the Company settled its remaining $20.0 million forward starting swap contract for $2.3 million which was applied to the $32.0 million mortgage obtained in February 2011, increasing the effective borrowing rate from 5.4% to 6.2%.

During 2010, the Company settled $355 million in forward-starting swap contracts for $81.3 million, which was applied to 10-year mortgage loans obtained in 2010.  The settlement of the forward-starting swaps increased the average effective interest rate on the 2010 mortgage loans from 4.5% to 6.8%.   During 2010, the Company incurred $2.3 million in expense related to the ineffectiveness of certain of the settled forward-starting swap hedges, which is included in impairment and other charges in the accompanying consolidated statement of operations for the year ended December 31, 2010.  No hedge ineffectiveness on cash flow hedges was incurred during the years ended December 31, 2011 and 2009.

During July 2010, the Company entered into a swap transaction (the "Swap") with respect to $38.0 million of tax-exempt bonds for the 101 San Fernando apartment community (the "Bonds") with Citibank, N.A. ("Citibank").  This swap is not designated as a hedge; accordingly the change in fair value of the swap is recorded as a gain or loss in the Company's consolidated statement of operations.  Under the terms of the Swap, the Company pays a variable amount equal to the SIFMA Index plus a fixed spread on a notional amount that starts at $35.2 million and over the three-year term of the swap increases ratably to $38.0 million.  In return, Citibank pays an amount equal to the coupon on the Bonds multiplied by the outstanding par value of the bonds, $38.0 million.  The Swap has a termination date of July 12, 2013 and may be terminated by the Company at anytime commencing in July 2011 and by Citibank if certain events occur.  Upon termination of the swap, whether early or on the stated termination date, a payment based on the change in value of the Bonds will occur.  Should the Bonds decline in value from the $35.2 million value of the Bonds at the inception of the swap, the Company will be obligated to make a payment equal to 100% of the price depreciation.  Should the Bonds increase in value, Citibank will be obligated to make a payment equal to approximately 85% of the price appreciation. As of December 31, 2011 and 2010, the fair value of the swap was a liability of $1.8 million and $3.0 million, respectively.

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2011	Feb. 22, 2012	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	ESSEX PROPERTY TRUST INC
Entity Central Index Key	0000920522
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,357,742,310
Entity Common Stock, Shares Outstanding		34,809,580
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Document Type	8-K
Amendment Flag	true
Amendment Description
Document Period End Date	Dec. 31, 2011

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Lease Agreements

12 Months Ended

Dec. 31, 2011

Lease Agreements [Abstract]

Lease Agreements

(10) Lease Agreements

As of December 31, 2011 the Company is a lessor for three commercial buildings and the commercial portions of 19 mixed use communities. The tenants' lease terms expire at various times through 2024.  The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands):

	Future
	Minimum
	Rent
2012	$	6,778
2013		6,772
2014		6,735
2015		5,404
2016		3,259
Thereafter		16,301
	$	45,249

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Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues:
Rental and other property	$ 465,713	$ 405,728	$ 401,550
Management and other fees	6,780	4,551	4,325
Total revenues	472,493	410,279	405,875
Expenses:
Property operating, excluding real estate taxes	115,528	104,049	101,168
Real estate taxes	43,706	39,115	36,289
Depreciation	151,428	128,221	116,540
General and administrative	20,694	23,255	24,966
Cost of management and other fees	4,610	2,707	3,096
Impairment and other charges	0	2,302	13,084
Total expenses	335,966	299,649	295,143
Earnings from operations	136,527	110,630	110,732
Interest expense before amortization	(91,694)	(82,756)	(81,196)
Amortization expense	(11,474)	(4,828)	(4,820)
Interest and other income	17,139	27,841	13,040
Equity (loss) income from co-investments	(467)	(1,715)	670
Gain (loss) on early retirement of debt	(1,163)	(10)	4,750
Gain on sale of real estate	0	0	103
Income before discontinued operations	48,868	49,162	43,279
Income from discontinued operations	8,648	1,620	10,460
Net income	57,516	50,782	53,739
Net income attributable to noncontrolling interest	(10,446)	(14,848)	(16,631)
Net income attributable to controlling interest	47,070	35,934	37,108
Dividends to preferred stockholders	(4,753)	(2,170)	(4,860)
Excess (deficit) of the carrying amount of preferred stock redeemed over the cash paid to redeem preferred stock	(1,949)	0	49,952
Net income available to common stockholders	$ 40,368	$ 33,764	$ 82,200
Basic:
Income before discontinued operations available to common stockholders (in dollars per share)	$ 0.99	$ 1.09	$ 2.66
Income from discontinued operations available to common stockholders (in dollars per share)	$ 0.25	$ 0.05	$ 0.35
Net income available to common stockholders (in dollars per share)	$ 1.24	$ 1.14	$ 3.01
Weighted average number of shares outstanding during the year (in shares)	32,541,792	29,667,064	27,269,547
Diluted:
Income before discontinued operations available to common stockholders (in dollars per share)	$ 0.99	$ 1.09	$ 2.56
Income from discontinued operations available to common stockholders (in dollars per share)	$ 0.25	$ 0.05	$ 0.35
Net income available to common stockholders (in dollars per share)	$ 1.24	$ 1.14	$ 2.91
Weighted average number of shares outstanding during the year (in shares)	32,628,714	29,734,383	29,746,614

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Notes and Other Receivables

12 Months Ended

Dec. 31, 2011

Notes and Other Receivables [Abstract]

Notes and Other Receivables

(4) Notes and Other Receivables

Notes receivables, secured by real estate, and other receivables consist of the following as December 31, 2011 and 2010 ($ in thousands):

	2011		2010
Note receivable, secured, bearing interest at 9.8%, paid in full January 2012	$	7,331	$	7,331
Note receivable, secured, bearing interest at 5.0%, due November 2012		12,428		-
Note receivable, secured, bearing interest at 8.8%, due December 2012		10,928		10,930
Note receivable, secured, bearing interest at LIBOR + 8.0%, due December 2012		6,422		6,513
Note receivable, secured, bearing interest at 8.0%, due November 2013		971		971
Note receivable, secured, bearing interest at 6.5%, due December 2014		3,221		3,221
Note receivable, secured, bearing interest at 6.3%, due June 2017		17,646		16,708
Note receivable from affiliates		2,734		531
Other receivables		4,688		3,239
	$	66,369	$	49,444

During the fourth quarter 2011, the Company originated a loan secured by land located in San Mateo, California.  The loan of $12.4 million has an interest rate of 5% and is due to mature in November 2012.  The loan was originated with a purchase and sale agreement that gives the Company an option to acquire the property during 2012 and develop a community with 197 units.

In the second quarter of 2010, the Company purchased a loan secured by Santee Court located in Los Angeles, California. This $25.7 million loan, with an October 2010 maturity date, was purchased at a discount for $21.0 million and the discount was accreted to interest income.  In late October 2010, the Company purchased the property for $31.1 million in a multiple bid process.

In the fourth quarter 2010, the Company purchased a mortgage note receivable at a discount to par value for $16.6 million secured by Reserve Lofts, a 78-unit condominium community operated as a rental property, located in Los Angeles, California.  Amounts outstanding under the terms of the loan totaled $19.2 million.    This note was amended during the first quarter of 2011 to accelerate the maturity date to February 2014 with an 18 month extension option at a stated interest rate of 6.3%; which resulted in a change in the effective yield to the Company from 8.4% to 9.6%.

In January 2012 the mortgage loan secured by California Hill was paid off in full for $7.3 million.

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Real Estate Investments

12 Months Ended

Dec. 31, 2011

Real Estate Investments [Abstract]

Real Estate Investments

(3) Real Estate Investments

(a) Acquisitions of Real Estate

For the year ended December 31, 2011, the Company purchased five communities consisting of 386-units for $103.3 million.  The Company also acquired a property that is operated as a retail property that the Company plans to develop as a community in the future.

During the first quarter of 2011, the Company acquired Santee Village, a 73-unit adaptive re-use condominium community located in downtown Los Angeles for $17.0 million.  This community is adjacent to the Santee Court apartments acquired in 2010.  Also, during the quarter, the Company purchased 1000 Kiely, a 121-unit garden-style community located in Santa Clara, California for $31.4 million.

During the second quarter of 2011, the Company acquired Bellerive, a completed 63-unit vacant condominium project that the Company operates as a rental community located in West Los Angeles for $27.0 million.  Also during the second quarter, the Company invested $20.6 million in the purchase of Santa Clara Retail which is secured by a mortgage loan due in April 2014 at an interest rate that is currently at 5.0%.  The plans for this project are to entitle a portion of the site for 494 apartment units.  The site is currently improved with retail space that is 100% leased.

During the third quarter of 2011, the Company acquired the Bernard, a 63-unit community located in the Lower Queen Anne district of Seattle, Washington for $13.8 million. As part of the transaction, the Company assumed a $9.4 million loan secured by the property at a fixed rate of 6.0% which matures in January 2019.

During the fourth quarter 2011, the Company acquired Delano, a 66-unit community located in Redmond, Washington for $14.1 million.

For the year ended December 31, 2010, the Company purchased eleven communities for approximately $456.3 million, consisting of the following communities ($ in thousands):

Communities	Purchase Price		Units		Quarter Acquired
416 @ Broadway	$	43,000		115		Q4 2010
Anavia		80,600		250		Q4 2010
Santee Court		31,100		165		Q4 2010
Courtyard off Main		30,000		110		Q4 2010
Corbella at Juanita Bay		23,400		169		Q4 2010
Allegro		29,850		97		Q4 2010
101 San Fernando		64,100		323		Q3 2010
The Commons		42,500		264		Q3 2010
Bella Villagio		54,000		231		Q3 2010
Muse		39,100		152		Q3 2010
Elevation		18,600		156		Q2 2010
Total 2010 purchases	$	456,250		2,032

(b) Sales of Real Estate investments

For the year ended December 31, 2011, the Company sold $23.4 million of real estate which resulted in a gain of $8.4 million.  The Company also sold a land parcel that was previously held for future development.

During the second quarter of 2011, the Company disposed of Woodlawn Colonial, a 159-unit community located in Chula Vista, California for $16.0 million which resulted in a gain of $5.2 million.  The property was purchased in 2002 as part of the John M. Sachs, Inc. merger.

During the third quarter 2011, the Company sold the View Pointe land parcel located in Newcastle, Washington for net proceeds of $1.4 million and a gain of $0.2 million.

During the fourth quarter of 2011, the Company sold the Clarendon office building in Woodland Hills, California for $7.4 million which resulted in a gain of $3.2 million on the sale.

No communities were held for sale as of December 31, 2011 and 2010.

(c) Co-investments

The Company has joint venture investments in co-investments which are accounted for under the equity method.  The joint ventures own, operate and develop apartment communities.

Wesco I, LLC

During 2011, the Company entered into a 50/50 programmatic joint venture, Wesco, I LLC ("Wesco I"), with an institutional partner for a total equity commitment from the partners of $200.0 million.  Each partner's equity commitment is $100.0 million.   The Company has contributed $78.3 million to Wesco I, and as of December 31, 2011, Wesco I owned six apartment communities with 2,013 units for an aggregate purchase price of $429.2 million.

During the second quarter 2011, Wesco I acquired Arbors Parc Rose, a 373-unit community located in Oxnard, California for $92.0 million.  Wesco I obtained a $100.0 million line of credit at a rate of LIBOR + 2.3%, and Wesco I obtained secured mortgage loans totaling $59.9 million at 4.7% secured by Arbors Parc Rose for 10 years in June.

During the third quarter of 2011, Wesco I acquired Reveal (formerly Millennium at Warner Center), a 438-unit community located in the Canoga Park area of Los Angeles county.  The property, which was completed in 2010, was acquired for $132.9 million.  Wesco I obtained a mortgage loan for $78.7 million at LIBOR + 1.9% secured by Reveal with a maturity of two years with two 1-year extensions.  Also, during the quarter, the Company acquired Redmond Hill, a group of four communities built between 1985 and 2003 consisting of 882-units in Redmond, Washington.  The properties, are operated as two separate communities, were acquired for $151.3 million through the Company's joint venture, Wesco I.  In conjunction with the acquisition, Wesco I obtained two 10-year loans totaling $97.1 million secured by Redmond Hill at a fixed rate of 4.06%. 

During the fourth quarter of 2011, Wesco I acquired Briarwood for $27.8 million.  The property is a 160-unit community located in Fremont, California that was built in 1979.  Wesco I intends to renovate the exterior of the community and complete interior renovations for an estimated total cost of $5.9 million.  Wesco I obtained a $19.3 million mortgage loan at a rate of 3.93% secured by the community for a term of 10 years.  Also, during the quarter, Wesco I acquired The Woods for $25.2 million.  The property is a 160-unit community built in 1978 and located less than a half mile from Briarwood, in Fremont, California.  Wesco I assumed a $13.5 million loan secured by the property at a rate of 6.04% that matures in September 2016.

Essex Apartment Value Fund II, L.P.

Essex Apartment Value Fund II, L.P. ("Fund II"), has eight institutional investors with combined partner equity contributions of $265.9 million.  The Company contributed $75.0 million to Fund II, which represents a 28.2% interest as general partner and limited partner.  Fund II utilized debt as leverage equal to approximately 55% upon the initial acquisition of the underlying real estate.  Fund II invested in apartment communities in the Company's targeted West Coast markets with an emphasis on investment opportunities in the Seattle metropolitan area and the San Francisco Bay Area.  As of October 2006, Fund II was fully invested and closed for any future acquisitions or development.  As of December 31, 2011 and 2010, Fund II owned fourteen apartment communities. No communities have been sold by Fund II.

Essex Skyline at MacArthur Place

During the first quarter of 2010, the Company entered into a joint venture that acquired Essex Skyline at MacArthur Place, a new 349-unit high rise condominium project that is operated as an apartment community.  The property is located in Santa Ana, California and the acquisition price was $128 million.  The Company acquired a 50% interest in the joint venture and accounts for this co-investment on the equity method, and the Company earned a fee of $0.5 million for the acquisition of the property.  The Company receives management fees and may earn a promoted interest if certain financial hurdles are achieved by the joint venture for the management and sale of the property.

Canada Pension Plan Investment Board – Joint Venture Developments

During the second quarter 2011, the Company entered into a joint venture with the Canada Pension Plan Investment Board ("CPPIB") to develop its Cadence site located in San Jose, California.  The Company contributed the land to the joint venture, and the Company accounts for this joint venture using the equity method.  The Company holds a 55% interest in the joint venture and will earn development, asset, and property management fees.  The Company may also earn a promoted interest.

During the third quarter 2011, the Company entered into another joint venture with the CPPIB to develop a 309-unit community located in West Dublin, California.  The Company contributed the land to the joint venture, and the Company accounts for this joint venture on the equity method.  The Company holds a 55% interest in the venture and will earn development, asset and property management fees, and may earn a promoted interest.

Fountain and Santa Monica at La Brea – Joint Venture Developments

During the third quarter 2011, the Company entered into a development joint venture with a regional developer for the construction of Fountain at La Brea, a 187-unit community with approximately 18,200 square feet of retail located in West Hollywood, California.  The regional developer contributed the land and the Company contributed approximately $9.0 million in cash for a 50% interest in the venture.  The joint venture obtained bond financing for the project in the amount of $54.5 million with a maturity date of October 2046 and entered into an interest rate swap transaction with respect to the bonds that terminates in September 2016 that effectively converts the interest rate to SIFMA plus 150 basis points through December 2016.

In the fourth quarter 2011, the Company entered into another development joint venture with the same regional developer for the construction of Santa Monica at La Brea, a 184-unit apartment community with approximately 12,750 square feet of retail located in West Hollywood, California.  The 50/50 joint venture was created with the contribution of $5.8 million by the Company and the contribution of entitled land by the regional developer.  The joint venture secured bond financing in the amount of $59.9 million, maturing in December 2046.  The joint venture entered into a total return swap agreement that effectively converts the interest rate to SIFMA plus 150 basis points through December 2016.

Debt is joint and several.  Additionally, if either partner fails to make capital contributions to one of these joint ventures in certain instances, then the ownership interest of the defaulting partner in the other joint venture may be reduced.

Queen Anne – Joint Venture Development

During December 2010, the Company entered into a development joint venture with a partner who contributed a land parcel during the first quarter of 2011 in return for a 50% interest in the venture and the Company contributed cash equal to the value of the land in return for a 50% interest in the joint venture. The 275-unit community under development is located in Seattle, Washington.  Queen Anne obtained a $45.0 million construction loan at a rate of LIBOR plus 195 basis points, due July 2014, with two one-year extension options exercisable at the Company's option.

Preferred Equity Investments

During first quarter 2011, the Company invested $9.7 million as preferred equity investments in two apartment communities located in downtown Los Angeles.  The investments are for ten years with a preferred return of 9% for five years, increasing to a minimum of 10% and a maximum of 12.5% thereafter.

During the second quarter of 2011, the Company completed a $13.0 million preferred equity investment in an entity owning an apartment community located in downtown Los Angeles.  The Company's preferred return is 10% and the Company's investment has a five-year term.

During the third quarter of 2011, the Company sold its preferred stock investments in MyNewPlace.com, a real estate technology company for net proceeds of $1.6 million and a gain of $0.9 million.

During the fourth quarter of 2011, the Company entered into a 50/50 joint venture with an institutional partner, Wesco II, LLC ("Wesco II"), which in turn closed a $175 million preferred equity investment in Park Merced, a 3,221-unit apartment community located in San Francisco, California.  The preferred equity investment has a stated term of 7 years and a preferred return of 10.1%.  The investment cannot be repaid during the first two years, and there is a prepayment penalty in the third through the fifth year of the investment.  The community is encumbered with a $450 million senior mortgage loan with a fixed interest rate of 3.83%.  The senior loan represents roughly a 60% loan to value, and the projected debt service coverage is approximately 110% including Wesco II's preferred equity investment (unaudited).

During the third quarter of 2010, the Company invested $12.0 million as a preferred equity interest investment in a related party entity that owns a 768-unit apartment community in Anaheim, California.  The preferred return is 13% for the first five years and 15% thereafter.

During the first quarter of 2009, the Company wrote-off its $5.8 million investment in a development joint venture and the write-off is included in impairment and other charges in the accompanying consolidated statement of operations for the year ended December 31, 2009.  This investment was held by a taxable REIT subsidiary.  During the fourth quarter of 2011, an income tax benefit of $1.6 million was recognized for the 2009 write-off when the "more likely than not" hurdle was achieved.  The $1.6 million benefit is included in interest and other income in the accompany consolidated statement of operations for the year ended December 31, 2011.

The carrying values of the Company's co-investments as of December 31, 2011 and 2010 are as follows ($ in thousands):

	2011		2010
Investments in joint ventures accounted for under the equity method of accounting:
Membership interest in Wesco I	$	75,588	$	-
Partnership interest in Fund II		64,294		66,000
Membership interest in a limited liability company that owns
Essex Skyline at MacArthur Place		24,063		29,187
Total operating co-investments		163,945		95,187
Membership interests in limited liability companies that own and are developing Cadence and West Dublin		62,897		-
Membership interest in a limited liability company that owns and is developing Queen Anne		17,981		-
Membership interests in limited liability companies that own and are developing Fountain at La Brea and Santa Monica at La Brea		15,194		-
Total development co-investments		96,072		-
Membership interest in Wesco II that owns a preferred equity interest in Park Merced with a perferred return of 10.1%		88,075		-
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10%		22,792		-
Preferred interest in a related limited liability company that owns
Madison Park at Anaheim with a preferred return of 13%		12,528		12,014
Total preferred interest investments		123,395		12,014
Investments accounted for under the cost method of accounting:
Series A and B-2 Preferred Stock interests in Multifamily Technology Solutions, Inc.		-		639
Total co-investments	$	383,412	$	107,840

The combined summarized financial information of co-investments, which are accounted for under the equity method, is as follows ($ in thousands):

	December 31,
	2011		2010
Balance Sheets:
Rental properties and real estate under development	$	1,659,078	$	750,808
Other assets		63,847		15,864
Total assets	$	1,722,925	$	766,672
Debt	$	900,095	$	450,693
Other liabilities		48,518		7,076
Equity		774,312		308,903
Total liabilities and partners' equity	$	1,722,925	$	766,672
Company's share of equity	$	383,412	$	107,201

	Years ended
	December 31,
	2011			2010			2009
Statements of operations:
Property revenues	$	106,386		$	54,699		$	47,201
Property operating expenses		(43,066	)		(24,098	)		(18,450	)
Net operating income		63,320			30,601			28,751
Interest expense		(27,843	)		(13,619	)		(10,805	)
General and administrative		(1,748	)		(709	)		(294	)
Depreciation and amortization		(44,412	)		(20,850	)		(15,656	)
Net (loss) income	$	(10,683	)	$	(4,577	)	$	1,996
Company's share of net (loss) income	$	(467	)	$	(1,715	)	$	670

(d) Real Estate For Development

The Company defines real estate under development activities as new communities that are in various stages of active development, or the community is in lease-up and phases of the project are not completed.  As of December 31, 2011, the Company had no active consolidated developments and five active joint venture development projects comprised of 1,235 units for an estimated cost of $422.6 million, of which $282.6 million remains to be expended.

The Company defines the predevelopment pipeline as new communities in negotiation or in the entitlement process with a high likelihood of becoming development activities.  As of December 31, 2011, the Company had an investment interest in a joint venture that owns one development community aggregating 481 units that was classified as a predevelopment project.  The Company had incurred $42.8 million in costs for the joint venture predevelopment property at December 31, 2011.  The Company owns land in various stages of entitlement that is being held for future development or sale aggregating 298 units as of December 31, 2011.  The Company had incurred $44.3 million in costs related to this land held for future development or sale.

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401(k) Plan

12 Months Ended

Dec. 31, 2011

401(k) Plan [Abstract]

401(k) Plan

(15) 401(k) Plan

The Company has a 401(k) benefit plan (the "Plan") for all full-time employees who have completed six months of service. Employee contributions are limited by the maximum allowed under Section 401(k) of the Internal Revenue Code.  The Company matches the employee contributions for non-highly compensated personnel, up to 50% of their contribution up to a specified maximum.  Company contributions to the Plan were approximately $0.3 million, $0.3 million, and $0.2 million for the years ended December 31, 2011, 2010, and 2009, respectively.

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Equity Transactions

12 Months Ended

Dec. 31, 2011

Equity Transactions [Abstract]

Equity Transactions

(11) Equity Transactions

Preferred Securities Offerings

As of December 31, 2011, the Company, has the following cumulative preferred securities outstanding:

		Shares	Shares	Liquidation
Description	Issue Date	Authorized	Outstanding	Preference
7.125% Series H	April 2011	8,000,000 shares	2,950,000 shares	$         73,750
4.875% Series G	July 2006	5,980,000 shares	178,249 shares	$           4,456

Dividends on the preferred securities are payable quarterly. The holders of the securities have limited voting rights if the required dividends are in arrears.

During the second quarter of 2011, 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 $71.2 million, net of costs and original issuance discounts.  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. ("Series B") with a liquidation value of $80.0 million, which resulted in excess of cash paid of $1.0 million over the carrying value of Series B due to deferred offering costs and original issuance discounts.

Also during the second quarter of 2011, the Company redeemed its 7.8125% Series F Preferred Stock ("Series F") at liquidation value for $25.0 million which resulted in excess of cash paid of $0.9 million over the carrying value of Series F due to deferred offering costs and original issuance discounts.

During the third quarter of 2006, the Company sold 5,980,000 shares of 4.875% Series G Cumulative Convertible Preferred Stock ("Series G Preferred Stock") for gross proceeds of $149.5 million.  Holders may convert Series G Preferred Stock into shares of the Company's common stock subject to certain conditions.  The conversion rate was initially .1830 shares of common stock per the $25 share liquidation preference, which is equivalent to an initial conversion price of approximately $136.62 per share of common stock (the conversion rate will be subject to adjustment upon the occurrence of specified events).  On or after July 31, 2011, the Company may, under certain circumstances, cause some or all of the Series G Preferred Stock to be converted into that number of shares of common stock at the then prevailing conversion rate.  As of December 31, 2011 and 2010, shares of Series G Preferred Stock with an aggregate liquidation value of $4.5 million were outstanding.

Common Stock Offerings

For the year ended December 31, 2011, the Company issued 2.5 million shares of common stock at an average price of $133.29, for $323.9 million, net of fees and commissions.  During 2010 and 2009, the Company issued 2.4 million and 2.7 million shares of common stock for $251.4 million and $198.5 million, net of fees and commissions, respectively.  The Company used the net proceeds from such sales to pay down debt, repurchase preferred stock, fund redevelopment and development pipelines, fund acquisitions, and for general corporate purposes.

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Mortgage Notes Payable

12 Months Ended

Dec. 31, 2011

Mortgage Notes Payable [Abstract]

Mortgage Notes Payable

(7) Mortgage Notes Payable

Mortgage notes payable consist of the following as of December 31, 2011 and 2010 ($ in thousands):

	2011		2010
Mortgage notes payable, secured by deeds of trust, bearing interest at ranges ranging from 4.9% to 7.4% as of December 31, 2011 principal and interest payments due monthly, and maturity dates ranging from August 2012 through April 2021	$	1,502,208	$	1,563,513
Multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 2.0% at December 2011 and 2.1% at December 2010), plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from June 2012 through December 2039.  Of these bonds $187.8 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds		243,650		269,232
	$	1,745,858	$	1,832,745

The aggregate scheduled principal payments of mortgage notes payable are as follows ($ in thousands):

2012	$	35,953
2013		215,583
2014		77,179
2015		70,305
2016		12,907
Thereafter		1,333,931
	$	1,745,858

For the Company's mortgage notes payable as of December 31, 2011, monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $7.0 million and $1.9 million, respectively.  Second deeds of trust accounted for $110.7 million of the $1.7 billion in mortgage notes payable as of December 31, 2011.  Repayment of debt before the scheduled maturity date could result in prepayment penalties.  The prepayment penalty on the majority of the Company's mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the mortgage note payable which is calculated by multiplying the principal being prepaid by the difference between the interest rate of the mortgage note and the stated yield rate on a specified U.S. treasury security as defined in the mortgage note agreement.  (See Schedule III for a list of mortgage loans related to each community in the Company's Portfolio.)

The Company has elected the fair value option for certain tax-exempt bonds assumed during 2010.  The initial fair value was $35.2 million and the fair value as of December 31, 2011 and 2010 was $35.3 million and $32.9 million, respectively.  The change in fair value of the debt is offset by the change in value of the total return swap for this debt.  This total return swap is discussed in Note 9.

In the fourth quarter of 2010, the Company entered into a 10-year $207.2 million term credit facility with Fannie Mae secured by seven communities at a fixed rate of 4.3%.  Interest expense is recorded on the debt at an effective interest rate of 6.8% as a result of settlement of forward-starting swaps.  Communities may be substituted or released from the facility based on certain loan to value and debt service coverage ratios, as defined in the credit facility agreement.

The Company has repurchased the remaining $4.9 million of its exchangeable bonds during 2010 and recognized a loss of $10 thousand in 2010.  Gains of $4.8 million for the year ended December 31, 2009 were recognized for exchangeable bonds repurchased in that year.

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Subsequent Events (Details) (USD $)	12 Months Ended
	Dec. 31, 2011
Acquisition of Bon Terra [Member]
Subsequent Event [Line Items]
Number of units	60
Subsequent event, amount	$ 16,000,000
Acquisition of Reed Square [Member]
Subsequent Event [Line Items]
Number of units	100
Subsequent event, amount	23,000,000
Sale of Tierra Del Sol/Norte [Member]
Subsequent Event [Line Items]
Number of units	156
Subsequent event, amount	17,200,000
Subsequent event, gain on sale of real estate	7,000,000
Sale of Alpine COuntry [Member]
Subsequent Event [Line Items]
Number of units	108
Subsequent event, amount	11,100,000
Subsequent event, gain on sale of real estate	3,900,000
Issuance of Debt [Member]
Subsequent Event [Line Items]
Subsequent event, amount	$ 300,000,000
Interest rate (in hundredths)	3.625%
Maturity date	Aug. 15, 2022
Debt offering rate (in hundredths)	98.99%

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Related Party Transactions

12 Months Ended

Dec. 31, 2011

Related Party Transactions [Abstract]

Related Party Transactions

(5) Related Party Transactions

Management and other fees from affiliates is comprised primarily of asset management, property management, development and redevelopment fees from co-investments.  These fees to affiliates total $6.8 million, $4.1 million, and $4.3 million for the years ended December 31, 2011, 2010, and 2009, respectively, and a property acquisition fee of $0.5 million from the limited liability company that owns Skyline at MacArthur Place for the year ended December 31, 2010.  All of these fees are net of intercompany amounts eliminated by the Company.

The Company's Chairman and founder, Mr. George Marcus, is the Chairman of The Marcus & Millichap Company ("TMMC").  During the third quarter of 2010, the Company invested $12.0 million as a preferred equity interest investment in a related party entity that owns a 768-unit apartment community in Anaheim, California.  The entity that owns the property is an affiliate of TMCC.  The Company's independent directors approved the investment in this entity.  The preferred return for this investment during the first five years is 13% per annum, and the preferred return increases to 15% thereafter.

During the second quarter of 2010, the independent directors approved the partial redemption for cash by the Operating Partnership of limited Operating Partnership units that were held Mr. Marcus, at $106.76 per unit representing a 2% discount from the closing price of the Company's common stock on May 17, 2010.  The Operating Partnership purchased 187,334 units from Mr. Marcus.  Under the Operating Partnership's partnership agreement, limited partnership units are exchangeable on a one-for-one basis into shares of the Company's common stock, or at the Company's option, for cash.

An Executive Vice President of the Company invested $4.0 million for a 6% limited partnership interest in a partnership with the Company that acquired a 50% interest in a limited liability company that acquired Essex Skyline at MacArthur Place.  The Executive Vice President's investment is equal to a pro-rata share of the contributions, and distributions resulting from distributable cash generated by Essex Skyline at MacArthur Place will be calculated in the same manner as the calculation of distributions to the third party investor.  The Executive Vice President does not participate in any promote interest or fees paid to the Company by the Essex Skyline at MacArthur Place joint venture.

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Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations [Abstract]

Discontinued Operations

(6) Discontinued Operations

During 2011, the Company sold one apartment community, Woodlawn Colonial, and one office building, Clarendon, for a total of $23.4 million resulting in gains totaling $8.4 million.  As of December 31, 2011 and 2010 no communities were held for sale.

During 2009, the Company sold five communities, Maple Leaf, Spring Lake, Mountain View, Carlton Heights Villas and Grand Regency totaling 353 units, for $38.0 million resulting in gains totaling $8.7 million.

The Company has recorded the gains and operations for these various assets sold as part of discontinued operations in the accompanying consolidated statements of operations.  The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets ($ in thousands):

	2011			2010			2009
Revenues (1)	$	4,081		$	5,453		$	7,504
Property operating expenses (1)		(1,861	)		(2,342	)		(3,007	)
Depreciation and amortization		(1,115	)		(1,491	)		(1,980	)
Expenses		(2,976	)		(3,833	)		(4,987	)
Operating income from real estate sold		1,105			1,620			2,517
Gain on sale of real estate		8,382			-			8,626
Internal disposition costs		(839	)		-			(683	)
Income from discontinued operations	$	8,648		$	1,620		$	10,460

(1) For 2011, 2010 and 2009, discontinued operations consisted of the operating results of Woodland Colonial and Clarendon properties sold in 2011 and the operating results of Tierra del Sol/Norte and Alpine Country which were sold in 2012.

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Unsecured Debt and Lines of Credit

12 Months Ended

Dec. 31, 2011

Unsecured Debt and Lines of Credit [Abstract]

Unsecured Debt Lines of Credit

(8) Unsecured Debt and Lines of Credit

The Company has two lines of credit aggregating $440.0 million as of December 31, 2011.  The Company has a $425.0 million unsecured line of credit with an accordion option to $500.0 million.  As of December 31, 2011 there was a $150.0 million balance on this unsecured line.  The underlying interest rate on the $425.0 million line is based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility and the rate was LIBOR plus 1.25% as of December 31, 2011.  This facility matures in December 2014 with two one-year extensions, exercisable by the Company.  During the first quarter of 2011, the Company entered into a new working capital unsecured line of credit agreement for $15.0 million.  As of December 31, 2011 there was no balance outstanding on this unsecured line.  The underlying interest rate on the $15.0 million line is based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility of LIBOR plus 1.25%.  This facility matured in January 2012.  During January 2012, the Company renegotiated the terms of the line of credit increasing the borrowing limit to $25.0 million and extended the term of the loan to January 2014, with a one year extension option.

The Company had a $250.0 million credit facility from Freddie Mac, which was secured by eleven apartment communities.  The Company elected to terminate the line of credit in the fourth quarter 2011 and expensed the related unamortized deferred finance charges totaling $0.6 million as loss on early retirement of debt.

During the 2011, the Company issued $265 million of unsecured bonds through private placements at an average interest rate of 4.5%, $150.0 million in the first quarter at 4.36% due in 2016, $40.0 million in the second quarter at 4.5% due in 2017, and $75.0 million, also in the second quarter, at 4.92% due in 2019.

During the fourth quarter of 2011, the Company closed a five year, $200 million unsecured term loan.  The term loan has a variable interest rate of LIBOR plus 1.4%.  In conjunction with this transaction the Company has entered into interest rate swap contracts for a term of five years with a total notional amount of $150 million that effectively convert the borrowing rate on $150 million of the $200 million term loan to a fixed rate of 2.66%.

The Company's unsecured line of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization.  The Company was in compliance with the debt covenants as of December 31, 2011 and 2010.

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Equity Transactions (Tables)

12 Months Ended

Dec. 31, 2011

Equity Transactions [Abstract]

Cumulative preferred securities outstanding

Preferred Securities Offerings

As of December 31, 2011, the Company, has the following cumulative preferred securities outstanding:

Description	Issue Date	Shares Authorized	Shares Outstanding	Liquidation Preference
7.125% Series H	April 2011	8,000,000 shares	2,950,000 shares	$	73,750
4.875% Series G	July 2006	5,980,000 shares	178,249 shares	$	4,456

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Equity Based Compensation Plans (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Equity Based Compensation Plans [Abstract]
Number of shares available (in shares)	1,200,000
Exercise price as a percentage of fair market value of common stock on grant date, minimum (in hundredths)	100.00%
Life of options (in years)	10Y
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,927	$ 3,251	$ 3,412
Intrinsic value of the options outstanding and fully vested	10,600	7,700	4,100
Cap on the appreciation of the market price over the exercise price	100,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation capitalized	200	200	200
Intrinsic value of options exercised	3,800	2,900	500
Unrecognized compensation cost	2,600
Unrecognized compensation cost, weighted average recognition period, minimum (in years)	2 years
Unrecognized compensation cost, weighted average recognition period, maximum (in years)	5 years
Average fair value of stock options granted (in dollars per share)	$ 17.98	$ 18.39	$ 5.24
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation capitalized	200	200	200
Unrecognized compensation cost	2,800
Series Z Incentive Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation capitalized	500	600	400
Intrinsic value of options exercised	17,300
Unrecognized compensation cost	$ 8,900
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option grants to officers and employees vesting period (in years)	1 year
Minimum [Member] | Series Z Incentive Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option grants to officers and employees vesting period (in years)	8 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option grants to officers and employees vesting period (in years)	5 years
Maximum [Member] | Series Z Incentive Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option grants to officers and employees vesting period (in years)	15 years

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Equity Based Compensation Plans

12 Months Ended

Dec. 31, 2011

Equity Based Compensation Plans [Abstract]

Equity Based Compensation Plans

(13) Equity Based Compensation Plans

Stock Options and Restricted Stock

The Essex Property Trust, Inc. 2004 Stock Incentive Plan provides incentives to attract and retain officers, directors and key employees.  The Stock Incentive Plan provides for the grants of options to purchase a specified number of shares of common stock or grants of restricted shares of common stock.  Under the Stock Incentive Plan, the total number of shares available for grant is approximately 1,200,000.  The 2004 Stock Incentive Plan is administered by the Compensation Committee of the Board of Directors.  The Compensation Committee is comprised of independent directors.   The Compensation Committee is authorized to establish the exercise price; however, the exercise price cannot be less than 100% of the fair market value of the common stock on the grant date.  The Company's options have a life of ten years.  Option grants for officers and employees fully vest between one year and five years after the grant date.

Stock-based compensation expense for options and restricted stock under the fair value method totaled $1.5 million, $1.0 million, and $1.2 million for years ended December 31, 2011, 2010 and 2009 respectively.  Stock-based compensation capitalized for options and restricted stock totaled $0.2 million for each of the years ended December 31, 2011, 2010 and 2009.  The intrinsic value of the options exercised totaled $3.8 million, $2.9 million, and $0.5 million, for the years ended December 31, 2011, 2010, and 2009 respectively.  The intrinsic value of the options outstanding and fully vested totaled $10.6 million, $7.7 million, and $4.1 million, for the years ended December 31, 2011, 2010 and 2009, respectively.

Total unrecognized compensation cost related to unvested share-based compensation granted for stock options totaled $2.6 million as of December 31, 2011.  The unrecognized compensation cost is expected to be recognized over a weighted-average period of 2 to 5 years for the stock option plans.

The average fair value of stock options granted for the years ended December 31, 2011, 2010 and 2009 was $14.49, $18.39 and $5.24, respectively.  The stock options granted during the fourth quarter of 2011 included a $100 cap on the appreciation of the market price over the exercise price.  The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants:

	2011	2010	2009
Stock price	$131.87	$107.21	$66.05-$84.90
Risk-free interest rates	2.23%	3.50%	4.58%
Expected lives	10 years	10 years	10 years
Volatility	19.63%	22.00%	20.00%
Dividend yield	3.29%	3.85%	4.85%

A summary of the status of the Company's stock option plans as of December 31, 2011, 2010, and 2009 and changes during the years ended on those dates is presented below:

	2011					2010					2009
				Weighted-					Weighted-					Weighted-
				average					average					average
				exercise					exercise					exercise
	Shares			price		Shares			price		Shares			price
Outstanding at beginning of year		300,642		$	88.11		378,542		$	82.08		393,443		$	80.63
Granted		197,500			131.87		18,214			107.21		32,259			76.68
Exercised		(83,122	)		84.24		(78,381	)		63.97		(18,407	)		38.31
Forfeited and canceled		-			0.00		(17,733	)		105.40		(28,753	)		85.11
Outstanding at end of year		415,020			109.71		300,642			88.11		378,542			82.08
Options exercisable at year end		219,820			92.31		265,770			86.28		329,909			81.37

The following table summarizes information about stock options outstanding as of December 31, 2011:

		Options outstanding					Options exercisable
		Number		Weighted-			Number
		outstanding		average	Weighted-		exercisable		Weighted-
		as of		remaining	average		as of		average
Range of		December 31,		contractual	exercise		December 31,		exercise
exercise prices		2011		life	price		2011		price
$	48.68 - 73.38		50,577	2.8 years	$	61.78		50,577	$	61.78
	79.05 - 125.84		167,693	5.0 years		97.70		148,193		97.15
	126.73 - 134.44		196,750	9.8 years		132.27		21,050		131.66
			415,020	7.0 years		109.71		219,820		92.31

During 2011, 2010, and 2009 the Company issued 1,540, 14,415, and 18,954 shares of restricted stock, respectively.  The unrecognized compensation cost granted under the restricted stock program of $2.8 million as of December 31, 2011 is expected to be recognized straight-line over a period of 6 years.

The following table summarizes information about restricted stock outstanding as of December 31, 2011, 2010 and 2009 and changes during the years ended:

	2011					2010					2009
				Weighted-					Weighted-					Weighted-
				average					average					average
				grant					grant					grant
	Shares			price		Shares			price		Shares			price
Unvested at beginning of year		44,877		$	102.46		37,727		$	99.43		30,304		$	119.31
Granted		1,540			134.44		14,415			109.62		18,954			75.77
Vested		(9,532	)		104.91		(6,126	)		102.27		(5,647	)		108.49
Forfeited and canceled		(1,666	)		94.35		(1,139	)		93.92		(5,884	)		116.89
Unvested at end of year		35,219			98.57		44,877			102.46		37,727			99.43

Long Term Incentive Plan – Z Units

The Company has adopted an incentive program involving the issuance of Series Z Incentive Units and Series Z-1 Incentive Units (collectively referred to as "Z Units") of limited partnership interest in the Operating Partnership.  Vesting in the Z Units is based on performance criteria established in the plan.  The criteria can be revised at the beginning of the year by the Board's Compensation Committee if the Committee deems that the plan's criterion is unachievable for any given year.   The sale of Z Units is contractually prohibited.  Z Units are convertible into Operating Partnership units which are exchangeable for shares of the Company's common stock that may have marketability restrictions.  The estimated fair value of a Z Unit is determined on the grant date and considers the company's current stock price, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity.  Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date less its $1.00 per unit purchase price.

Stock-based compensation expense for Z Units under the fair value method totaled approximately $1.5 million, $2.3 million and $1.5 million for the years ended December 31, 2011, 2010 and 2009, respectively.  Stock-based compensation capitalized for Z Units totaled approximately $0.3 million, $0.6 million, and $0.4 million, for the years ended December 31, 2011, 2010, and 2009, respectively.  The intrinsic value of the Z Units unvested totaled $23.7 million as of December 31, 2011.  Total unrecognized compensation cost related to Z Units unvested under the Z Units plans totaled $8.9 million as of December 31, 2011.  The unamortized cost is expected to be recognized over the next 15 years subject to the achievement of the stated performance criteria.

The issuance of Z Units is administered by the Compensation Committee which has the authority to select participants and determine the awards to be made up to a maximum of 600,000 Z Units.  For Z units issued prior 2010, the conversion ratchet (accounted for as vesting) of the Z Units into common units, will increase by up to 10% (up to 20% in certain circumstances following their initial issuance) effective January 1 of each year for each participating executive who remains employed by the Company if the Company has met a specified "funds from operations" per share target, or such other target as the Compensation Committee deems appropriate, for the prior year, up to a maximum conversion ratchet of 100%.  Z units issued in 2011 and 2010 are discussed below.  The Operating Partnership has the option to redeem Z Units held by any executive whose employment has been terminated with either common units of the Operating Partnership or shares of the Company's common stock based on the then-effective conversion ratchet.

During 2010, the Operating Partnership issued 108,000 Series Z-1 Incentive Units (the "2010 Z-1 Units") of limited partner interest to twenty executives of the Company in exchange for cash from seven executive officers of the Company, and a capital commitment from the remaining thirteen executives of $1.00 per 2010 Z-1 Unit.  The 2010 Z-1 Units are convertible one-for-one into common units of the Operating Partnership (which, in turn, are convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2025.  The conversion ratchet (accounted for as vesting) of the 2010 Z-1 Units into common units, increased to 20 percent effective January 1, 2011 because the Company achieved the FFO minimum target of $4.75 per diluted share in 2010.  Each year thereafter, vesting of the 2010 Z-1 Units will be consistent with the Company's annual FFO growth, but is not to be less than zero or greater than 14 percent.  The 2010 Z-1 Unit holders were entitled to receive 10 percent of dividends distributed to common stockholders in 2010, and because the Company achieved the FFO minimum target of $4.75 per diluted share in 2010, the 2010 Z-1 Unit holders were entitled to 25 percent of annual dividends paid in 2011.  Each year thereafter, the percent of distributions received by the 2010 Z-1 Unit holders will increase by the same percentage amounts that the 2010 Z-1 Units vesting increases, provided that once the 2010 Z-1 Units holders receive distributions of 30 percent, such distribution percentage will not increase further until the 2010 Z-1 Unit vesting is at the 30 percent level.  Once such vesting percentage is at the 30 percent level, subsequent distributions for the 2010 Z-1 Unit holders will be equal to the vesting percentage of the 2010 Z-1 Units.

During 2011, the Operating Partnership issued 46,500 Series Z-1 Incentive Units (the "2011 Z-1 Units") of limited partner interest to fourteen executives of the Company in exchange for cash from eight executive officers of the Company, and a capital commitment from the remaining six executives of $1.00 per 2011 Z-1 Unit.  The 2011 Z-1 Units are convertible one-for-one into common units of the Operating Partnership (which, in turn, are convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2026.  The conversion ratchet (accounted for as vesting) of the 2011 Z-1 Units into common units, increased to 10 percent effective January 1, 2012 because the Company achieved the FFO minimum target of $5.65 per diluted share in 2011.  Each year thereafter, vesting of the 2011 Z-1 Units will be consistent with the Company's annual FFO growth, but is not to be less than zero or greater than 14 percent.  The 2011 Z-1 Unit holders are entitled to receive 10 percent of dividends distributed to common stockholders in 2011, and because the Company achieved the FFO minimum target of $5.65 per diluted share in 2011, the 2011 Z-1 Unit holders were entitled to 20 percent of annual dividends paid in 2012.  Each year thereafter, the percent of distributions received by the 2011 Z-1 Unit holders will increase by the same percentage amounts that the 2011 Z-1 Units vesting increases, provided that once the 2011 Z-1 Units holders receive distributions of 30 percent, such distribution percentage will not increase further until the 2011 Z-1 Unit vesting is at the 30 percent level.  Once such vesting percentage is at the 30 percent level, subsequent distributions for the 2011 Z-1 Unit holders will be equal to the vesting percentage of the 2011 Z-1 Units.

The following table summarizes information about the Z Units outstanding as of December 31, 2011 ($ in thousands):

	Long Term Incentive Plan - Z Units
							Aggregate							Weighted-
							Intrinsic					Weighted-		average
	Total			Total			Value		Total			average		Remaining
	Vested			Unvested			of Unvested		Outstanding			Grant-date		Contractual
	Units			Units			Units		Units			Fair Value		Life
Balance, December 2008		250,928			143,604		$	10,878		394,532		$	39.36	9.2 years
Vested		37,723			(37,723	)				-
Balance, December 2009		288,651			105,881			8,751		394,532			39.36	8.2 years
Granted		-			108,000					108,000
Vested		37,629			(37,629	)				-
Cancelled					(4,350	)				(4,350	)
Balance, December 2010		326,280			171,902			19,463		498,182			54.15	11.2 years
Granted		-			46,500					46,500
Vested		44,520			(44,520	)				-
Converted		(191,718	)		-					(191,718	)
Cancelled		-			(3,863	)				(3,863	)
Balance, December 2011		179,082			170,019		$	23,719		349,101		$	58.17	12.3 years

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Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Results of Operations (Unaudited) [Abstract]

Quarterly Results of Operations (Unaudited)

(18) Quarterly Results of Operations (Unaudited)

The following is a summary of quarterly results of operations for 2011 and 2010 ($ in thousands, except per share and dividend amounts):

	Quarter ended		Quarter ended		Quarter ended		Quarter ended
	December 31		September 30		June 30		March 31
2011:
Total property revenues	$	122,373	$	117,226	$	114,906	$	111,208
Income before discontinued operations	$	14,492	$	11,767	$	10,503	$	12,106
Net income	$	17,867	$	11,085	$	16,053	$	12,511
Net income available to common stockholders	$	13,937	$	7,688	$	10,325	$	8,418
Per share data:
Net income:
Basic	$	0.42	$	0.23	$	0.32	$	0.27
Diluted	$	0.42	$	0.23	$	0.32	$	0.27
Market price:
High	$	148.44	$	145.40	$	138.31	$	124.41
Low	$	111.25	$	119.15	$	122.67	$	109.98
Close	$	140.51	$	120.04	$	135.29	$	124.00
Dividends declared	$	1.04	$	1.04	$	1.04	$	1.04
2010:
Total property revenues	$	106,703	$	102,470	$	98,208	$	98,347
Income before discontinued operations	$	8,260	$	10,037	$	13,413	$	17,452
Net income	$	8,628	$	10,426	$	13,869	$	17,859
Net income available to common stockholders	$	4,778	$	6,377	$	9,482	$	13,127
Per share data:
Net income:
Basic	$	0.16	$	0.21	$	0.32	$	0.45
Diluted	$	0.16	$	0.21	$	0.32	$	0.45
Market price:
High	$	117.12	$	115.08	$	113.03	$	93.98
Low	$	105.60	$	92.62	$	89.23	$	76.35
Close	$	114.22	$	109.44	$	97.54	$	89.95
Dividends declared	$	1.03	$	1.03	$	1.03	$	1.03

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Equity Transactions (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended	3 Months Ended	12 Months Ended		3 Months Ended		12 Months Ended
	Jun. 30, 2011 7.125% Series H Cumulative Redeemable Preferred Stock [Member]	Dec. 31, 2011 7.125% Series H Cumulative Redeemable Preferred Stock [Member]	Sep. 30, 2006 4.875% Series G Cumulative Convertible Preferred Stock [Member]	Dec. 31, 2011 4.875% Series G Cumulative Convertible Preferred Stock [Member]	Dec. 31, 2010 4.875% Series G Cumulative Convertible Preferred Stock [Member]	Jun. 30, 2011 7.875% Series B Cumulative Redeemable Preferred Units [Member]	Jun. 30, 2011 7.8125% Series F Preferred Stock [Member]	Dec. 31, 2011 Common Stock [Member]	Dec. 31, 2010 Common Stock [Member]	Dec. 31, 2009 Common Stock [Member]
Class of Stock [Line Items]
Cumulative dividend rate (in hundredths)		7.125%		4.875%		7.875%	7.8125%
Issue date		April 2011		July 2006
Outstanding (in shares)		2,950,000		178,249
Liquidation preference		$ 73,750		$ 4,456	$ 4,500
Shares issued (in shares)	2,950,000							2,500,000	2,400,000	2,700,000
Issue price (in dollars per share)	$ 25.00							$ 133.29
Net proceeds	71,200							323,900	251,400	198,500
Beginning date of called period	Apr. 13, 2016
Liquidation value						80,000	25,000
Excess of cash paid over carrying value						1,000	900
Number of shares sold (in shares)			5,980,000
Gross proceeds from sale of shares			$ 149,500
Conversion rate into shares of common stock (in shares)			0.1830
Liquidation preference per share (in dollars per share)			$ 25
Initial conversion price per share of common stock (in dollars per share)			$ 136.62
Beginning date that Company may cause conversion into common stock.			Jul. 31, 2011

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Real Estate Investments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			12 Months Ended			3 Months Ended							3 Months Ended	1 Months Ended	3 Months Ended						1 Months Ended	12 Months Ended																										3 Months Ended			3 Months Ended										3 Months Ended	12 Months Ended			3 Months Ended					12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Jun. 30, 2011 Mortgages [Member] Wesco I - Arbos Parc Rose mortgage loan [Member]	Sep. 30, 2011 Mortgages [Member] Wesco I - Reveal mortgage loan [Member]	Sep. 30, 2011 Mortgages [Member] Wesco I - Redmond Hill mortgage loan [Member]	Dec. 31, 2011 Mortgages [Member] Wesco I - Briarwood mortgage loan [Member]	Dec. 31, 2011 Mortgages [Member] Wesco I - The Woods mortgage loan [Member]	Sep. 30, 2011 Mortgages [Member] Fountain at La Brea - bond financing [Member]	Dec. 31, 2011 Mortgages [Member] Santa Monica at La Brea - bond financing [Member]	Jun. 30, 2011 Line of Credit [Member] Wesco I - Arbos Parc Rose line of credit [Member]	Dec. 31, 2010 Construction Loans [Member] Queen Anne - construction loan [Member]	Mar. 31, 2011 Santee Village [Member]	Mar. 31, 2011 1000 Kiely [Member]	Jun. 30, 2011 Bellerive [Member]	Jun. 30, 2011 Santa Clara Retail [Member]	Sep. 30, 2011 Bernard [Member]	Dec. 31, 2011 Delano [Member]	Jan. 31, 2012 Bon Terra [Member]	Dec. 31, 2010 416 on Broadway [Member]	Dec. 31, 2010 Anavia [Member]	Dec. 31, 2010 Santee Court [Member]	Dec. 31, 2010 Courtyard off Main [Member]	Dec. 31, 2010 Corbella at Juanita Bay [Member]	Dec. 31, 2010 Allegro [Member]	Dec. 31, 2010 101 San Fernando [Member]	Dec. 31, 2010 The Commons [Member]	Dec. 31, 2010 Bella Villagio [Member]	Dec. 31, 2010 Muse [Member]	Dec. 31, 2010 Elevation [Member]	Dec. 31, 2011 Real Estate Under Development Activities [Member]	Dec. 31, 2011 Predevelopment Pipeline [Member]	Dec. 31, 2011 Predevelopment Pipeline - Land [Member]	Dec. 31, 2011 Equity Method Investment [Member]	Dec. 31, 2010 Equity Method Investment [Member]	Dec. 31, 2009 Equity Method Investment [Member]	Dec. 31, 2011 Cost Method Investment [Member] Series Preferred Stock [Member]	Dec. 31, 2010 Cost Method Investment [Member] Series Preferred Stock [Member]	Dec. 31, 2011 Equity Method Investment - Operating [Member]	Dec. 31, 2010 Equity Method Investment - Operating [Member]	Dec. 31, 2011 Equity Method Investment - Development [Member]	Dec. 31, 2010 Equity Method Investment - Development [Member]	Dec. 31, 2011 Equity Method Investment - Preferred Interest [Member]	Dec. 31, 2010 Equity Method Investment - Preferred Interest [Member]	Dec. 31, 2011 Wesco I LLC [Member] Equity Method Investment [Member]	Sep. 30, 2011 Wesco I - Redmond Hill [Member] Equity Method Investment [Member]	Dec. 31, 2011 Essex Apartment Value Fund II, L.P. Fund II [Member] Equity Method Investment [Member]	Dec. 31, 2010 Essex Apartment Value Fund II, L.P. Fund II [Member] Equity Method Investment [Member]	Mar. 31, 2010 Essex Skyline at MacArthur Place [Member] Equity Method Investment [Member]	Dec. 31, 2011 Essex Skyline at MacArthur Place [Member] Equity Method Investment - Operating [Member]	Dec. 31, 2010 Essex Skyline at MacArthur Place [Member] Equity Method Investment - Operating [Member]	Jun. 30, 2011 Canada Pension Plan Investment Board (CPPIB) I [Member] Equity Method Investment [Member]	Sep. 30, 2011 Canada Pension Plan Investment Board (CPPIB) II [Member] Equity Method Investment [Member]	Sep. 30, 2011 Fountain at La Brea [Member] Equity Method Investment [Member] sqft	Dec. 31, 2011 Santa Monica at La Brea [Member] Equity Method Investment [Member] sqft	Dec. 31, 2010 Queen Anne [Member] Equity Method Investment [Member]	Dec. 31, 2011 Queen Anne [Member] Equity Method Investment - Development [Member]	Dec. 31, 2010 Queen Anne [Member] Equity Method Investment - Development [Member]	Dec. 31, 2011 Wesco II, LLC [Member] Equity Method Investment [Member]	Dec. 31, 2011 Wesco II, LLC [Member] Equity Method Investment [Member]	Dec. 31, 2011 Wesco II, LLC [Member] Equity Method Investment - Preferred Interest [Member]	Dec. 31, 2010 Wesco II, LLC [Member] Equity Method Investment - Preferred Interest [Member]	Jun. 30, 2011 Los Angeles I [Member] Equity Method Investment [Member]	Mar. 31, 2011 Los Angeles II [Member] Equity Method Investment [Member]	Sep. 30, 2010 Anaheim [Member] Equity Method Investment [Member]	Sep. 30, 2011 MyNewPlace.com [Member] Equity Method Investment [Member]	Mar. 31, 2009 Development joint venture [Member] Equity Method Investment [Member]	Dec. 31, 2011 Development joint venture [Member] Equity Method Investment [Member]	Dec. 31, 2011 Limited partnership interest in Essex Apartment Value Fund II LP [Member] Equity Method Investment - Operating [Member]	Dec. 31, 2010 Limited partnership interest in Essex Apartment Value Fund II LP [Member] Equity Method Investment - Operating [Member]	Dec. 31, 2011 Limited liability companies that own own and are developing Cadence and West Dublin [Member] Equity Method Investment - Development [Member]	Dec. 31, 2010 Limited liability companies that own own and are developing Cadence and West Dublin [Member] Equity Method Investment - Development [Member]	Dec. 31, 2011 Limited liability companies that own own and are developing Fountain and Santa Monica at La Brea [Member] Equity Method Investment - Development [Member]	Dec. 31, 2010 Limited liability companies that own own and are developing Fountain and Santa Monica at La Brea [Member] Equity Method Investment - Development [Member]	Dec. 31, 2011 Apartment communities in downtown Los Angeles [Member] Equity Method Investment - Preferred Interest [Member]	Dec. 31, 2010 Apartment communities in downtown Los Angeles [Member] Equity Method Investment - Preferred Interest [Member]	Dec. 31, 2011 Madison Park at Anaheim [Member] Equity Method Investment - Preferred Interest [Member]	Dec. 31, 2010 Madison Park at Anaheim [Member] Equity Method Investment - Preferred Interest [Member]	Dec. 31, 2011 Membership interest in Wesco [Member] Equity Method Investment - Operating [Member]	Dec. 31, 2010 Membership interest in Wesco [Member] Equity Method Investment - Operating [Member]
Schedule Of Equity And Cost Method Investments [Line Items]
Number of communities acquired				5	11																																												4
Gain from sale of real estate	$ 3,200	$ 200	$ 5,200	$ 8,400																																																																	$ 900
Number of units sold			159
Ownership interest in joint venture (in hundredths)																																																		28.20%		50.00%			55.00%	55.00%	50.00%		50.00%
Fee earned for acquisition of property																																																				500
Number of institutional investors in partnership																																																		8
Equity investment, contributions by institutional investors																																																		265,900
Equity investment, contribution by Company																																																		75,000							9,000	5,800												5,800
Debt ratio as leverage (in hundredths)																																																		55.00%												60.00%	60.00%
Number of apartment communities owned	159			159																																												6		14	14
Write-off of investment in joint venture development project				0	2,302	13,084																																																																5,800
Ownership split in joint venture																																																50/50										50/50				50/50	50/50
Total equity commitment from partners																																																200,000
Each partner's equity commitment																																																100,900
Co-investment	383,412			383,412	107,840																																			0	639	163,945	95,187	96,072	0	123,395	12,014	78,300					24,063	29,187						17,981	0	175,000	175,000	88,075	0	13,000	9,700	12,000				64,294	66,000	62,897	0	15,194	0	22,792	0	12,528	12,014	75,588	0
Number of units to be developed by joint venture																																																								309	187	184	275
Square footage of real estate property (in sq ft)																																																									18,200	12,750
Ownership interest in joint venture by partner (in hundredths)																																																											50.00%
Stated term of preferred equity investment (in years)																																																														7Y				5Y	10Y
Preferred return on preferred equity investment (in hundredths)																																																														101.00%				10.00%
Preferred return on preferred equity investment in first five years (in hundredths)																																																																			9.00%	13.00%
Preferred return on preferred equity investment, thereafter, minimum (in hundredths)																																																																			10.00%
Preferred return on preferred equity investment, thereafter, maximum (in hundredths)																																																																			12.50%
Preferred return on preferred equity investment, thereafter (in hundredths)																																																																				15.00%
Net proceeds from sale of property																																																																					1,600
Income tax benefit recognized for 2009 write-off of investment in development joint venture																																																																							1,600
Balance sheets [Abstract]
Rental properties and real estate under development																																					(1,483,596)	(750,808)
Other assets																																					63,131	15,864
Total assets																																					1,546,727	766,672
Debt							59,900	78,700	97,100	19,300	13,500	54,500	59,900		45,000																						(900,095)	(450,693)																								450,000	450,000
Other liabilities																																					48,472	7,076
Equity																																					598,160	308,903
Total liabilities and equity																																					1,546,727	766,672
Company's share of equity																																					383,412	107,201
Statements of operations [Abstract]
Property revenues																																					106,386	54,699	47,201
Property operating expenses																																					43,065	24,098	18,450
Net property operating income																																					63,321	30,601	28,751
Interest expense																																					27,843	13,619	10,805
General and administrative																																					1,528	709	294
Depreciation and amortization																																					44,412	20,850	15,656
Net income (loss)																																					(10,462)	(4,577)	1,996
Company's share of net (loss) income																																					(467)	(1,715)	670
Projected debt service coverage ratio (in hundredths)																																																															110.00%
Number of years the investment can not be repaid (in years)																																																															2
Business Combination, Separately Recognized Transactions [Line Items]
Cost of acquired entity	103,300			103,300	456,250											17,000	31,400	27,000	20,600	13,800	14,100	16,000	43,000	80,600	31,100	30,000	23,400	29,850	64,100	42,500	54,000	39,100	18,600		42,800	44,300
Number of units acquired				386	2,032											73	121	63		63	66	60	115	250	165	110	169	97	323	264	231	152	156	1,235	481	298
Mortgage loan on property acquired, maturity date																			Apr. 30, 2014
Mortgage loan on property acquired, interest rate (in hundredths)																			5.00%
Number of units expected to be entitled																			494
Percentage of space leased (in hundredths)																			100.00%
Purchase price	103,300			103,300	456,250											17,000	31,400	27,000	20,600	13,800	14,100	16,000	43,000	80,600	31,100	30,000	23,400	29,850	64,100	42,500	54,000	39,100	18,600		42,800	44,300
Units				386	2,032											73	121	63		63	66	60	115	250	165	110	169	97	323	264	231	152	156	1,235	481	298
Quarter acquired																							Q4 2010	Q4 2010	Q4 2010	Q4 2010	Q4 2010	Q4 2010	Q3 2010	Q3 2010	Q3 2010	Q3 2010	Q2 2010
Sales price of real estate	7,400	1,400	16,000	23,400
Number of active development projects	5			5																														5
Estimated costs to be expended																																		282,600
Estimated cost of active development projects																																		422,600
Cost related to land held for future development or sale																																				44,300
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	440,000			440,000	207,200									100,000
Debt instrument, description of variable rate basis								LIBOR						LIBOR	LIBOR
Basis spread on variable rate (in hundredths)								1.90%						2.30%	1.95%
Secured mortgage loans on real estate							59,900	78,700	97,100	19,300	13,500	54,500	59,900		45,000																						(900,095)	(450,693)																								450,000	450,000
Debt instrument, maturity term (in years)							10Y	2Y	10Y	10Y
Debt instrument, number of extensions								2							2
Debt instrument, term of extensions (in years)								1 year
Number of loans on real estate acquired									2
Estimated total cost of renovation										$ 5,900
Interest rate swap, termination date		Sep. 30, 2016													Jul. 31, 2014
Interest rate swap, description of variable interest rate basis	SIFMA	SIFMA
Interest rate swap, basis spread on variable rate (in hundredths)	1.50%	1.50%		1.50%

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Consolidated Statements of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 57,516	$ 50,782	$ 53,739
Comprehensive income (loss):
Changes in fair value of cash flow hedges and amortization of settlement swaps	7,707	(50,437)	42,888
Changes in fair value of marketable securities	1,330	5,357	12,930
Reversal of unrealized gains upon the sale of marketable securities	(4,286)	(12,027)	0
Total other comprehensive income (loss)	4,751	(57,107)	55,818
Comprehensive income (loss)	62,267	(6,325)	109,557
Comprehensive income attributable to noncontrolling interest	(10,751)	(10,752)	(21,231)
Comprehensive income (loss) attributable to the Company	$ 51,516	$ (17,077)	$ 88,326

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Summary of Critical and Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary of Critical and Significant Accounting Policies [Abstract]

Summary of Critical and Significant Accounting Policies

(2) Summary of Critical and Significant Accounting Policies

(a) Principles of Consolidation

The accounts of the Company, its controlled subsidiaries and the variable interest entities ("VIEs") in which it is the primary beneficiary are consolidated in the accompanying financial statements. All significant inter-company accounts and transactions have been eliminated.

Noncontrolling interest includes the 6.2% and 6.6% limited partner interests in the Operating Partnership not held by the Company at December 31, 2011 and 2010, respectively. These percentages include the Operating Partnership's vested long term incentive plan units (see Note 13).  The noncontrolling interest balance for December 31, 2010 also includes the Operating Partnership's cumulative redeemable preferred units that were redeemed during 2011 (see Note 11).

The Company consolidates 19 DownREIT limited partnerships (comprising twelve communities), since the Company is the primary beneficiary of these variable interest entities ("VIEs").  The consolidated total assets and liabilities related to these VIEs, net of intercompany eliminations, were approximately $215.2 million and $173.4 million, respectively, as of December 31, 2011, and $217.3 million and $168.0million, respectively, as of December 31, 2010.

The DownREIT VIEs collectively own twelve apartment communities in which Essex Management Company ("EMC") is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests.  Such limited partners can request to be redeemed and the Company can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis.  Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under the above arrangements.  The other limited partners receive distributions based on the Company's current dividend rate times the number of units held.  Total DownREIT units outstanding were 1,063,848 and 1,096,871 as of December 31, 2011 and 2010 respectively, and the redemption value of the units, based on the closing price of the Company's common stock totaled $149.5 million and $125.3 million, as of December 31, 2011 and 2010, respectively.  As of December 31, 2011 and 2010, the carrying value of the other limited partners' interests is presented at their historical cost and is classified within noncontrolling interest in the accompanying consolidated balance sheets.

Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow.  The remaining results of operations are generally allocated to the Company.

As of December 31, 2011 and 2010, the Company did not have any VIE's of which it was not deemed to be the primary beneficiary.

(b) Real Estate Rental Properties

Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized.  Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition.  Expenditures for maintenance and repairs are charged to expense as incurred.

The depreciable life of various categories of fixed assets is as follows:
Computer software and equipment	3 - 5 years
Interior unit improvements	5 years
Land improvements and certain exterior components of real property	10 years
Real estate structures	30 years

The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property.  Such capitalized costs include land, land improvements, allocated costs of the Company's project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance.  Capitalization begins for predevelopment, development, and redevelopment projects when activity commences.  Capitalization ends when the apartment home is completed and the property is available for a new resident or if the development activities are put on hold.

The Company allocates the purchase price of real estate to land and building, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired, which in the case of below market leases the Company assumes lessees will elect to renew their leases.  The value of acquired in-place leases are amortized to expense over the term the Company expects to retain the acquired tenant, which is generally 20 months.

The Company performs the following evaluation for communities acquired:

(1) Adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies.

(2) estimate the value of the real estate "as if vacant" as of the acquisition date;  

(3) allocate that value among land and building;      

(4) compute the value of the difference between the "as if vacant" value and the adjusted purchase price, which will represent the total intangible assets;  

(5) compute the value of the above and below market leases and determine the associated life of the above market/ below market leases;

(6) compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets.

Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property.  Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property's unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available.  Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell.  As of December 31, 2011 and 2010, no communities were classified as held for sale.

During 2009, the Company wrote-off development costs totaling $6.7 million related to two land parcels that will no longer be developed by the Company.  The costs were included in impairment and other charges in the accompanying consolidated statement of operations.  No impairment charges were recorded in 2011 or 2010.

In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction.  It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process.  The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met.  In accordance with the standard, the Company presents income and gains/losses on communities sold or held for sale as discontinued operations.  The Company's equity in income or loss from real estate investments accounted for under the equity method of accounting remain classified in continuing operations upon disposition.  (See Note 6 for a description of the Company's discontinued operations for 2011, 2010, and 2009).

(c) Co-investments

The Company owns investments in joint ventures ("co-investments") in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with the accounting standards.  Therefore, the Company accounts for these investments using the equity method of accounting.  Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings less distributions received and the Company's share of losses.  For preferred equity investments the Company recognizes its preferred interest as its equity in earnings.

A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote distributions if certain financial return benchmarks are achieved.  Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible.  Any promote distributions are reflected in equity (loss) income in co-investments. There were no promote fees recognized in the accompanying consolidated statements of operations.

(d) Revenues and Gains on Sale of Real Estate

Revenues from tenants renting or leasing apartment units are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis.  Units are rented under short-term leases (generally, lease terms of 6 to 12 months) and may provide no rent for one or two months, depending on the market conditions and leasing practices of the Company's competitors in each sub-market at the time the leases are executed.   Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease.

The Company recognizes gains on sales of real estate when a contract is in place, a closing has taken place, the buyer's initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company does not have a substantial continuing involvement in the property.

(e) Cash Equivalents and Restricted Cash

Highly liquid investments with maturities of three months or less when purchased are classified as cash equivalents.  Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company's mortgage debt.

(f)  Marketable Securities

The Company reports its available for sale securities at fair value, based on quoted market prices (Level 2 for the unsecured bonds and Level 1 for the common stock and investment funds, as defined by the Financial Accounting Standards Board ("FASB") standard for fair value measurements as discussed later in Note 2), and any unrealized gain or loss is recorded as other comprehensive income (loss).  There were no impairment charges for the years ended December 31, 2011, 2010 and 2009.  Realized gains and losses, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statement of operations.

As of December 31, 2011 and 2010, marketable securities consisted primarily of investment-grade unsecured bonds, common stock, investments in mortgage backed securities and investment funds that invest in U.S. treasury or agency securities.  As of December 31, 2011 and 2010, the Company classified its investments in mortgage backed securities, which mature in November 2019 and September 2020, as held to maturity, and accordingly, these securities are stated at their amortized cost.  The estimated fair values of the mortgage backed securities (Level 2 securities) are approximately equal to the carrying values.

As of December 31, 2011 and 2010 marketable securities consist of the following ($ in thousands):

	December 31, 2011
			Gross
	Amortized		Unrealized
	Cost		Gain(Loss)		Fair Value
Available for sale:
Investment-grade unsecured bonds	$	3,615	$	399	$	4,014
Investment funds - US treasuries		11,783		121		11,904
Common stock		10,067		1,552		11,619
Held to maturity:
Mortgage backed securities		46,738		-		46,738
Total	$	72,203	$	2,072	$	74,275

	December 31, 2010
			Gross
	Amortized		Unrealized
	Cost		Gain		Fair Value
Available for sale:
Investment-grade unsecured bonds	$	22,243	$	4,403	$	26,646
Investment funds - US treasuries		14,345		582		14,927
Common stock		8,638		112		8,750
Held to maturity:
Mortgage backed securities		41,987		-		41,987
Total	$	87,213	$	5,097	$	92,310

The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold.  For the years ended December 31, 2011, 2010 and 2009, the proceeds from sales of available for sale securities totaled $33.0 million, $102.0 million and $23.0 million, respectively.  These sales all resulted in gains, which totaled $5.0 million, $12.4 million and $1.0 million for the years ended December 31, 2011, 2010 and 2009, respectively.

(g) Notes Receivable

Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate.  Interest is recognized over the life of the note.

Each note is analyzed to determine if it is impaired.  A note is impaired if it is probable that the Company will not collect all principal and interest contractually due.  The Company does not accrue interest when a note is considered impaired and a loan allowance is recorded for any principal and previously accrued interest that are not believed to be collectable. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income.   As of December 31, 2011 and 2010, no notes are impaired.

(h) Interest and Other Income

Interest income is generated primarily from cash balances and marketable securities as well as notes receivables.  Other income primarily consists of gains on sales of marketable securities.  Total interest and other income are comprised of the following for the years ended December 31 ($ in thousands):

	2011		2010		2009
Interest income	$	10,501	$	15,350	$	11,841
Gains on sales of marketable securities		4,956		12,491		1,014
Tax benefit - Taxable REIT Subsidiary		1,682		-		-
Other income		-		-		185
	$	17,139	$	27,841	$	13,040

(i) Fair Value of Financial Instruments

The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB's accounting standard for fair value measurements.  Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability.   Level 3 inputs are unobservable inputs for the asset or liability.  The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities.  The Company uses Level 2 inputs for its investments in unsecured bonds, mortgage backed securities, notes receivable, notes payable, and derivative liabilities.  These inputs include interest rates for similar financial instruments.  The Company's valuation methodology for derivatives is described in more detail in Note 9.  The Company's valuation methodology for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community is described in detail in Note 9.  The Company does not use Level 3 inputs to estimate fair values of any of its financial instruments.  The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. 

Management believes that the carrying amounts of its amounts outstanding under lines of credit, notes receivable and other receivables approximate fair value as of December 31, 2011 and 2010, because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments.  Management has estimated that the fair value of the Company's $1.77 billion and $1.56 billion of fixed rate debt at December 31, 2011 and 2010, respectively, to be $1.88 billion and $1.58 billion.  Management has estimated the fair value of the Company's $593.7 million and $695.2 million of variable rate debt at December 31, 2011 and 2010, respectively, is $572.3 million and $672.8 million based on the terms of the Company's existing variable rate debt compared to those available in the marketplace.  Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, dividends payable and other liabilities approximate fair value as of December 31, 2011 and 2010 due to the short-term maturity of these instruments.  Marketable securities, and both the note payable and the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community are carried at fair value as of December 31, 2011 and 2010, as discussed above and in Note 9.

(j) Interest Rate Protection, Swap, and Forward Contracts

The Company uses interest rate swaps, interest rate cap contracts, and forward starting swaps to manage interest rate risks.  As of December 31, 2011, there were no outstanding forward starting swaps.  The valuation of these derivative instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of  forward starting interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) were based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.  The Company records all derivatives on its consolidated balance sheet at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation.   Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges.  Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings.  For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings.  The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction.

For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings.  All of the Company's interest rate swaps and interest rate caps are considered cash flow hedges except for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community as described in detail in Note 9.  The Company did not have any fair value hedges during the years end December 31, 2011, 2010 and 2009.

The Company's objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks.  To accomplish this objective, the Company primarily used interest rate swaps and interest rate forward-starting swaps as part of its cash flow hedging strategy.  The Company was hedging its exposure to the variability in future cash flows for a portion of its forecasted transactions.

(k) Deferred Charges

Deferred charges are principally comprised of loan fees and related costs which are amortized over the terms of the related borrowing in a manner which approximates the effective interest method.

(l) Income Taxes

Generally in any year in which the Company qualifies as a real estate investment trust ("REIT") under the Internal Revenue Code (the "IRC"), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2011 as the Company has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude the Company from paying federal income tax.

In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiariesfor various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. The activities and tax related provisions, assets and liabilities are not material.

The status of cash dividends distributed for the years ended December 31, 2011, 2010, and 2009 related to common stock, Series H, Series F, and Series G preferred stock are classified for tax purposes as follows:

	2011			2010			2009
Common Stock
Ordinary income		63.68	%		82.46	%		79.82	%
Capital gain		11.16	%		5.61	%		15.76	%
Unrecaptured section 1250 capital gain		0.74	%		0.00	%		4.42	%
Return of capital		24.42	%		11.93	%		0.00	%
		100.00	%		100.00	%		100.00	%

	2011			2010			2009
Series F, G, and H Preferred stock
Ordinary income		100.00	%		93.63	%		79.82	%
Capital gains		0.00	%		6.37	%		15.76	%
Unrecaptured section 1250 capital gain		0.00	%		0.00	%		4.42	%
Return of capital		0.00	%		0.00	%		0.00	%
		100.00	%		100.00	%		100.00	%

(m) Preferred Stock

The Company's Series G Cumulative Convertible Preferred Stock (" Series G Preferred Stock")  contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur.  The redemption under these provisions is not solely within the Company's control, thus the Company has classified the Series G Preferred Stock as temporary equity in the accompanying consolidated balance sheets.

The Company's Series H Cumulative Redeemable Preferred Stock ("Series H Preferred Stock"), issued during 2011, contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur.  The redemption under these provisions is within the Company's control, and thus the Company has classified the Series H Preferred Stock as permanent equity in the accompanying consolidated balance sheets as of December 31, 2011.  The same was true for the Series F Cumulative Redeemable Preferred Stock that was redeemed during 2011 and is classified as permanent equity as of December 31, 2010.

(n) Equity-based Compensation

The cost of share and unit based compensation awards is measured at the grant date based on the estimated fair value of the awards.  The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period.  The estimated grant date fair values of the long term incentive plan units (discussed in Note 13) are being amortized over the expected service periods.

(o) Accounting Estimates and Reclassifications

The preparation of consolidated financial statements, in accordance with U.S. generally accepted accounting principles ("GAAP"), requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivable and its qualification as a REIT.  The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Reclassifications for discontinued operations for the years ended December 31, 2010 and 2009 and fully depreciated assets as of December 31, 2010 have been made to prior year balances in order to conform to the current year presentation.  Additionally, the Company has reclassified cost of management and other fees from general and administrative expenses for the years ended December 31, 2010, and 2009, respectively, to conform to current year presentation.  Such reclassifications have no impact on reported earnings, cash flows, total assets or total liabilities.

XML

401(k) Plan (Details) (401(k) benefit plan [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
401(k) benefit plan [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Eligibility of benefit plan, minimum period of service (in months)	6M
Maximum employer matching contribution percentage for non-highly compensated personnel (in hundredths)	50.00%
Company contributions to benefit plan	$ 300	$ 300	$ 200

XML

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III - Real Estate and Accumulated Depreciation [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2011

(Dollars in thousands)

											Costs
							Initial cost				capitalized		Gross amount carried at close of period
									Buildings and		subsequent to		Land and		Buildings and				Accumulated		Date of		Date		Lives
Property		Units		Location	Encumbrance		Land		improvements		acquisition		improvements		improvements		Total(1)		depreciation		construction		acquired		(years)
	Encumbered communities
	Alpine Village		301	Alpine, CA		15,690		4,967		19,728		3,062		4,982		22,775		27,757		7,170		1971		12/02		3-30
	Anchor Village		301	Mukilteo, WA		10,750		2,498		10,595		10,541		2,824		20,810		23,634		8,070		1981		01/97		3-30
	Avondale at Warner Center		446	Woodland Hills, CA		47,396		10,536		24,522		13,764		10,601		38,221		48,822		17,483		1970		01/97		3-30
	Bridgeport		184	Newark, CA		22,051		1,608		7,582		5,605		1,525		13,270		14,795		8,870		1987		07/87		3-30
	Barkley, The(2)		161	Anaheim, CA		17,015		-		8,520		4,229		2,353		10,396		12,749		3,975		1984		04/00		3-30
	Bel Air		462	San Ramon, CA		56,759		12,105		18,252		19,590		12,682		37,265		49,947		17,133		1988		01/97		3-30
	Belmont Station		275	Los Angeles, CA		30,045		8,100		66,666		2,645		8,267		69,144		77,411		10,007		2008		12/08		3-30
	Bella Villagio		231	San Jose, CA		38,834		17,247		40,343		1,295		17,247		41,638		58,885		1,802		2004		09/10		3-30
	Brentwood		140	Santa Ana, CA		19,603		2,833		11,303		5,282		3,502		15,916		19,418		5,049		1970		11/01		3-30
	Brighton Ridge		264	Renton, WA		14,948		2,623		10,800		2,560		2,656		13,327		15,983		6,654		1986		12/96		3-30
	Brookside Oaks		170	Sunnyvale, CA		20,277		7,301		16,310		19,168		10,328		32,451		42,779		9,673		1973		06/00		3-30
	Camarillo Oaks		564	Camarillo, CA		48,622		10,953		25,254		2,362		11,075		27,494		38,569		14,171		1985		07/96		3-30
	Camino Ruiz Square		160	Camarillo, CA		21,110		6,871		26,119		685		6,931		26,744		33,675		4,555		1990		12/06		3-30
	Canyon Oaks		250	San Ramon, CA		29,389		19,088		44,473		1,028		19,088		45,501		64,589		7,191		2005		05/07		3-30
	Canyon Pointe		250	Bothell, WA		14,689		4,692		18,288		3,116		4,693		21,403		26,096		6,118		1990		10/03		3-30
	Capri at Sunny Hills		100	Fullerton, CA		18,132		3,337		13,320		5,639		4,048		18,248		22,296		6,026		1961		09/01		3-30
	Carlyle, The		132	San Jose, CA		18,936		3,954		15,277		9,718		5,801		23,148		28,949		8,372		2000		04/00		3-30
	City View		572	Hayward, CA		64,254		9,883		37,670		20,103		10,350		57,306		67,656		25,819		1975		03/98		3-30
	Coldwater Canyon		39	Studio City, CA		5,623		1,674		6,640		1,108		1,676		7,746		9,422		1,589		1979		05/07		3-30
	Courtyard off Main		109	Bellevue, WA		16,491		7,465		21,405		1,265		7,465		22,670		30,135		924		2000		10/10		3-30
	Devonshire		276	Hemet, CA		10,216		3,470		13,786		1,981		3,482		15,755		19,237		5,080		1988		12/02		3-30
	Elevation (Eagle Rim)		157	Redmond, WA		12,087		4,758		14,285		3,840		4,757		18,125		22,882		1,077		1986		06/10		3-30
	Emerald Ridge - North		180	Bellevue, WA		9,967		3,449		7,801		2,592		3,449		10,393		13,842		6,101		1987		11/94		3-30
	Esplanade		278	San Jose, CA		45,836		18,170		40,086		5,065		18,429		44,892		63,321		11,393		2002		11/04		3-30
	Evergreen Heights		200	Kirkland, WA		10,143		3,566		13,395		2,704		3,649		16,016		19,665		7,619		1990		06/97		3-30
	Fairwood Pond		194	Renton, WA		13,574		5,296		15,564		1,782		5,297		17,345		22,642		4,511		1997		10/04		3-30
	Fountain Park		705	Playa Vista, CA		97,747		25,073		94,980		20,409		25,203		115,259		140,462		31,693		2002		02/04		3-30
	Harvest Park		104	Santa Rosa, CA		10,895		6,700		15,479		720		6,690		16,209		22,899		2,769		2004		03/07		3-30
	Hampton Place		132	Glendale, CA		21,602		4,288		11,081		3,033		4,307		14,095		18,402		5,901		1970		06/99		3-30
	Hidden Valley		324	Simi Valley, CA		31,180		14,174		34,065		1,155		11,663		37,731		49,394		9,383		2004		12/04		3-30
	Highridge		255	Rancho Palos Verdes, CA		44,807		5,419		18,347		20,037		6,073		37,730		43,803		14,420		1972		05/97		3-30
	Highlands at Wynhaven		333	Issaquah, WA		33,859		16,271		48,932		3,595		16,271		52,527		68,798		6,280		2000		08/08		3-30
	Hillcrest Park		608	Newbury Park, CA		70,707		15,318		40,601		12,920		15,755		53,084		68,839		23,030		1973		03/98		3-30
	Hillsborough Park		235	La Habra, CA		38,566		6,291		15,455		1,029		6,272		16,503		22,775		6,820		1999		09/99		3-30
	Huntington Breakers		342	Huntington Beach, CA		39,321		9,306		22,720		4,601		9,315		27,312		36,627		12,592		1984		10/97		3-30
	Inglenook Court		224	Bothell, WA		8,300		3,467		7,881		5,251		3,474		13,125		16,599		7,262		1985		10/94		3-30
	Kings Road		196	Los Angeles, CA		29,863		4,023		9,527		7,148		4,031		16,667		20,698		6,856		1979		06/97		3-30
	Le Parc Luxury Apartments		140	Santa Clara, CA		12,678		3,090		7,421		10,704		3,092		18,123		21,215		7,834		1975		02/94		3-30
	Marbrisa		202	Long Beach, CA		19,391		4,700		18,605		2,026		4,760		20,571		25,331		6,506		1987		09/02		3-30
	Mirabella		188	Marina Del Rey, CA		47,154		6,180		26,673		12,220		6,270		38,803		45,073		12,680		2000		05/00		3-30
	Mill Creek at Windermere		400	San Ramon, CA		50,787		29,551		69,032		1,242		29,551		70,274		99,825		10,199		2005		09/07		3-30
	Park Place/Windsor Court/Cochran		176	Los Angeles, CA		20,299		4,965		11,806		7,613		5,015		19,369		24,384		9,093		1988		08/97		3-30
	Montclaire, The		390	Sunnyvale, CA		47,934		4,842		19,776		19,287		4,997		38,908		43,905		24,654		1973		12/88		3-30
	Montejo		124	Garden Grove, CA		13,538		1,925		7,685		2,029		2,194		9,445		11,639		3,351		1974		11/01		3-30
	Monterey Villas		122	Oxnard, CA		12,776		2,349		5,579		4,425		2,424		9,929		12,353		4,209		1974		07/97		3-30
	Park Hill at Issaquah		245	Issaquah, CA		29,956		7,284		21,937		1,488		7,284		23,425		30,709		5,965		1999		02/99		3-30

											Costs
							Initial cost				capitalized		Gross amount carried at close of period
									Buildings and		subsequent to		Land and		Buildings and				Accumulated		Date of		Date		Lives
Property		Units		Location	Encumbrance		Land		improvements		acquisition		improvements		improvements		Total(1)		depreciation		construction		acquired		(years)
	Encumbered communities (continued)
	Palisades, The		192	Bellevue, WA		21,596		1,560		6,242		9,390		1,565		15,627		17,192		9,084		1977		05/90		3-30
	Pathways		296	Long Beach, CA		38,747		4,083		16,757		17,418		6,239		32,019		38,258		18,707		1975		02/91		3-30
	Pointe at Cupertino, The		116	Cupertino, CA		12,173		4,505		17,605		7,383		4,505		24,988		29,493		5,141		1963		08/98		3-30
	101 San Fernando		323	San Jose, CA		35,261		4,173		58,961		2,332		4,173		61,293		65,466		3,059		2001		07/10		3-30
	Sammamish View		153	Bellevue, WA		10,020		3,324		7,501		5,255		3,331		12,749		16,080		7,296		1986		11/94		3-30
	Stevenson Place		200	Fremont, CA		22,320		996		5,582		6,594		1,001		12,171		13,172		8,074		1971		04/83		3-30
	Stonehedge Village		196	Bothell, WA		12,907		3,167		12,603		3,501		3,201		16,070		19,271		7,642		1986		10/97		3-30
	Summerhill Park		100	Sunnyvale, CA		13,971		2,654		4,918		956		2,656		5,872		8,528		4,253		1988		09/88		3-30
	Summit Park		300	San Diego, CA		19,457		5,959		23,670		2,984		5,977		26,636		32,613		8,564		1972		12/02		3-30
	The Bernard		63	Seattle, CA		10,344		3,699		11,345		5		3,699		11,350		15,049		108		2008		09/11		3-30
	Magnolia Square		156	Sunnyvale, CA		18,589		8,190		19,306		8,465		8,191		27,770		35,961		3,427		1969		09/07		3-30
	Tierra Vista		404	Oxnard, CA		58,462		13,652		53,336		1,837		13,661		55,164		68,825		14,308		2001		01/01		3-30
	Treehouse		164	Santa Ana, CA		17,568		2,626		10,485		3,863		2,957		14,017		16,974		4,371		1970		11/01		3-30
	Valley Park		160	Fountain Valley, CA		22,983		3,361		13,420		3,123		3,761		16,143		19,904		5,481		1969		11/01		3-30
	Villa Angelina		256	Placentia, CA		28,020		4,498		17,962		3,101		4,962		20,599		25,561		6,910		1970		11/01		3-30
	Vista Belvedere		76	Tiburon, CA		10,499		5,573		11,901		3,445		5,573		15,346		20,919		4,457		1963		08/04		3-30
	Wandering Creek		156	Kent, WA		5,300		1,285		4,980		3,144		1,296		8,113		9,409		4,499		1986		11/95		3-30
	Waterford, The		238	San Jose, CA		31,975		11,808		24,500		12,052		15,165		33,195		48,360		12,433		2000		06/00		3-30
	Wilshire Promenade		149	Fullerton, CA		18,560		3,118		7,385		6,395		3,797		13,101		16,898		5,288		1992		01/97		3-30
	Wharfside Pointe		142	Seattle, WA		7,277		2,245		7,020		5,531		2,258		12,538		14,796		6,155		1990		06/94		3-30
						1,729,822		442,136		1,391,045		398,435		459,766		1,771,849		2,231,615		557,187
	Unencumbered communities
	Allegro		97	Valley Village, CA				5,869		23,977		792		5,869		24,769		30,638		1,323		2010		10/10		3-30
	Alpine Country		108	Alpine, CA				1,741		6,914		869		1,746		7,778		9,524		2,413		1986		12/02		3-30
	Anavia		250	Anaheim, CA				15,925		63,712		5,243		15,925		68,955		84,880		2,360		2009		12/10		3-30
	Axis 2300		115	Irvine, CA				5,405		33,585		438		5,405		34,023		39,428		1,988		2010		08/10		3-30
	Bluffs II, The		224	San Diego, CA				3,405		7,743		8,622		3,442		16,328		19,770		4,995		1974		06/97		3-30
	Bellerive		63	Los Angeles, CA				5,401		21,803		363		5,401		22,166		27,567		325		2011		08/11		3-30
	Belmont Terrace		71	Belmont, CA				4,446		10,290		2,118		4,473		12,381		16,854		2,959		1974		10/06		3-30
	Bonita Cedars		120	Bonita, CA				2,496		9,913		1,418		2,503		11,324		13,827		3,643		1983		12/02		3-30
	Boulevard		172	Fremont, CA				3,520		8,182		9,707		3,580		17,829		21,409		8,521		1978		01/96		3-30
	Bridle Trails		108	Kirkland, WA				1,500		5,930		4,922		1,531		10,821		12,352		4,656		1986		10/97		3-30
	Bristol Commons		188	Sunnyvale, CA				5,278		11,853		1,537		5,293		13,375		18,668		6,789		1989		01/97		3-30
	416 on Broadway		115	Glendale, CA				8,557		34,235		425		8,557		34,660		43,217		1,207		2009		12/10		3-30
	Bunker Hill		456	Los Angeles, CA				11,498		27,871		3,632		11,639		31,362		43,001		14,263		1968		03/98		3-30
	Cairns, The		100	Seattle, WA				6,937		20,679		240		6,939		20,917		27,856		3,215		2006		06/07		3-30
	Cambridge		40	Chula Vista, CA				497		1,973		309		498		2,281		2,779		731		1965		12/02		3-30
	Castle Creek		216	Newcastle, WA				4,149		16,028		1,925		4,833		17,269		22,102		8,526		1997		12/97		3-30
	CBC Apartments		148	Goleta, CA				6,283		24,000		2,263		6,288		26,258		32,546		5,650		1962		01/06		3-30
	Cedar Terrace		180	Bellevue, WA				5,543		16,442		3,346		5,652		19,679		25,331		5,295		1984		01/05		3-30
	Chimney Sweep Apartments		91	Goleta, CA				5,558		21,320		1,738		5,618		22,998		28,616		5,691		1967		01/06		3-30
	Chestnut Street		96	Santa Cruz, CA				6,582		15,689		884		6,582		16,573		23,155		1,967		2002		07/08		3-30
	The Commons		264	Campbell, CA				12,555		29,307		3,438		12,556		32,744		45,300		1,710		1973		07/10		3-30
	Corbella at Juanita Bay		169	Kirkland, WA				5,801		17,415		645		5,801		18,060		23,861		706		1978		11/10		3-30
	Country Villas		180	Oceanside, CA				4,174		16,583		2,183		4,187		18,753		22,940		6,111		1976		12/02		3-30
	Delano		66	Redmond, WA				3,527		10,600		0		3,527		10,600		14,127		15		2005		12/11		3-30

											Costs
							Initial cost				capitalized		Gross amount carried at close of period
									Buildings and		subsequent to		Land and		Buildings and				Accumulated		Date of		Date		Lives
Property		Units		Location	Encumbrance		Land		improvements		acquisition		improvements		improvements		Total(1)		depreciation		construction		acquired		(years)
	Unencumbered communities (continued)
	Monterra del Mar/Rey/Sol		292	Pasadena, CA				2,202		4,794		27,733		8,385		26,344		34,729		10,915		1972		04/99		3-30
	Fairways(3)		74	Newport Beach, CA				-		7,850		2,106		9		9,947		9,956		4,112		1972		06/99		3-30
	Foothill Commons		388	Bellevue, WA				2,435		9,821		28,562		2,440		38,378		40,818		15,129		1978		03/90		3-30
	Foothill Gardens/Twin Creeks		176	San Ramon, CA				5,875		13,992		2,515		5,964		16,418		22,382		8,311		1985		02/97		3-30
	Forest View		192	Renton, WA				3,731		14,530		979		3,731		15,509		19,240		4,524		1998		10/03		3-30
	Fountain Court		320	Seattle, WA				6,702		27,306		2,741		6,985		29,764		36,749		12,332		2000		03/00		3-30
	Fourth & U		171	Berkeley, CA				8,879		52,351		1,271		8,879		53,622		62,501		3,275		2010		04/10		3-30
	Hampton Court		83	Glendale, CA				2,407		5,672		1,843		2,426		7,496		9,922		3,049		1974		06/99		3-30
	Hillsdale Garden Apartments		697	San Mateo, CA				22,000		94,681		13,308		22,244		107,745		129,989		18,625		1948		09/06		3-30
	Hope Ranch Collection		108	Santa Barbara, CA				4,078		16,877		2,011		4,208		18,758		22,966		2,645		1965		03/07		3-30
	Joule		295	Seattle, WA				14,558		69,417		1,910		14,558		71,327		85,885		4,467		2010		03/10		3-30
	1000 Kiely		121	Santa Clara, CA				9,359		21,845		1,167		9,359		23,012		32,371		601		1971		03/11		3-30
	Linden Square		183	Seattle, WA				4,374		11,588		1,721		4,202		13,481		17,683		5,091		1994		06/00		3-30
	Lofts at Pinehurst, The		118	Ventura, CA				1,570		3,912		3,851		1,618		7,715		9,333		3,120		1971		06/97		3-30
	Magnolia Lane(4)		32	Sunnyvale, CA				-		5,430		173		-		5,603		5,603		871		2001		06/07		3-30
	Marbella, The		60	Los Angeles, CA				2,826		11,269		2,870		2,871		14,094		16,965		3,874		1991		09/05		3-30
	Marina City Club(5)		101	Marina Del Rey, CA				-		28,167		4,845		-		33,012		33,012		9,046		1971		01/04		3-30
	Marina Cove(6)		292	Santa Clara, CA				5,320		16,431		6,403		5,324		22,830		28,154		12,103		1974		06/94		3-30
	Mariners Place		105	Oxnard, CA				1,555		6,103		1,601		1,562		7,697		9,259		3,105		1987		05/00		3-30
	Meadowood		320	Simi Valley, CA				7,852		18,592		4,380		7,898		22,926		30,824		11,000		1986		11/96		3-30
	Mesa Village		133	Clairemont, CA				1,888		7,498		936		1,894		8,428		10,322		2,536		1963		12/02		3-30
	Mira Monte		355	Mira Mesa, CA				7,165		28,459		7,336		7,186		35,774		42,960		12,507		1982		12/02		3-30
	Mission Hills		282	Oceanside, CA				10,099		38,778		3,554		10,167		42,264		52,431		10,092		1984		07/05		3-30
	Mt. Sutro		99	San Francisco, CA				2,334		8,507		2,504		2,809		10,536		13,345		4,445		1973		06/01		3-30
	Muse		152	Hollywood, CA				39,100		-		2,697		7,823		33,974		41,797		1,410		11/10		09/10		3-30
	Pinehurst(7)		28	Ventura, CA				355		1,356		364		6		2,069		2,075		628		1973		12/04		3-30
	Regency at Encino		75	Encino, CA				3,184		12,737		1,094		3,184		13,830		17,014		1,099		1989		12/09		3-30
	Salmon Run at Perry Creek		132	Bothell, WA				3,717		11,483		864		3,801		12,263		16,064		4,541		2000		10/00		3-30
	San Marcos		432	Richmond, CA				15,563		36,204		25,997		22,866		54,898		77,764		15,222		2003		11/03		3-30
	Santee Court		165	Los Angeles, CA				6,177		24,716		517		6,177		25,233		31,410		1,039		2004		10/10		3-30
	Santee Village		73	Los Angeles, CA				3,404		15,601		640		3,404		16,241		19,645		230		2011		07/11		3-30
	Shadow Point		172	Spring Valley, CA				2,812		11,170		1,666		2,820		12,828		15,648		4,062		1983		12/02		3-30
	The Laurels at Mill Creek		164	Mill Creek, WA				1,559		6,430		4,472		1,595		10,866		12,461		4,872		1981		12/96		3-30
	The Grand		243	Oakland, CA				4,531		89,208		3,755		4,531		92,963		97,494		9,851		2009		01/09		3-30
	Tierra del Sol/Norte		156	El Cajon, CA				2,455		9,753		1,033		2,463		10,778		13,241		3,440		1969		12/02		3-30
	Trabucco Villas		132	Lake Forest, CA				3,638		8,640		1,469		3,890		9,857		13,747		4,462		1985		10/97		3-30
	Tuscana		30	Tracy, CA				2,828		6,599		155		2,870		6,712		9,582		1,036		2007		02/07		3-30
	Via		284	Sunnyvale, CA				22,000		-		82,270		22,016		82,254		104,270		1,051		07/09		04/08		3-30
	Vista Capri - North		106	San Diego, CA				1,663		6,609		788		1,668		7,392		9,060		2,228		1975		12/02		3-30
	Walnut Heights		163	Walnut, CA				4,858		19,168		1,883		4,887		21,022		25,909		5,929		1964		10/03		3-30
	Windsor Ridge		216	Sunnyvale, CA				4,017		10,315		4,342		4,021		14,653		18,674		10,382		1989		03/89		3-30
	Woodland Commons		236	Bellevue, WA				2,040		8,727		9,235		2,044		17,958		20,002		8,915		1978		03/90		3-30
	Woodside Village		145	Ventura, CA				5,331		21,036		2,413		5,341		23,439		28,780		5,706		1987		12/04		3-30
			27,419			1,729,822		835,224		2,670,710		727,465		837,737		3,395,662		4,233,399		904,125

										Costs
	Rentable					Initial cost				capitalized		Gross amount carried at close of period
	Square							Buildings and		subsequent to		Land and		Buildings and				Accumulated		Date of		Date		Lives
Property	Footage		Location	Encumbrance		Land		improvements		acquisition		improvements		improvements		Total(1)		depreciation		construction		acquired		(years)
Other real estate assets
Office Buildings
Essex Hollywood		35,000	Los Angeles, CA				10,200		13,800		2,154		10,200		15,954		26,154		3,740		1938		07/06		3-30
Santa Clara Square		139,000	Santa Clara, CA		10,388		6,472		11,704		1,670		6,472		13,374		19,846		734		1970		09/11		3-30
925/935 East Meadow		31,900	Palo Alto, CA				1,401		3,172		7,985		3,147		9,411		12,558		3,173		1988		11/97		3-30
17461 Derian		110,000	Irvine, CA				3,079		12,315		5,713		3,105		18,002		21,107		8,254		1983		07/00		3-30
Consolidated Development Pipeline					5,648		25,139		-		19,147		44,280		-		44,280		-
Total apartment communities and other real estate assets				$	1,745,858	$	881,515	$	2,711,701	$	764,134	$	904,941	$	3,452,403	$	4,357,344	$	920,026

(1)  The aggregate cost for federal income tax purposes is approximately $3.0 billion (unaudited).

(2)  The land is leased pursuant to a ground lease expiring 2082.

(3)  The land is leased pursuant to a ground lease expiring 2027.

(4)  The land is leased pursuant to a ground lease expiring 2070.

(5)  The land is leased pursuant to a ground lease expiring 2067.

(6)  A portion of land is leased pursuant to a ground lease expiring in 2028.

(7)  The land is leased pursuant to a ground lease expiring in 2028.

A summary of activity for rental properties and accumulated depreciation is as follows:
	2011			2010		2009				2011			2010		2009
Rental properties:									Accumulated depreciation:
Balance at beginning of year	$	3,964,561		$	3,310,152	$	3,177,010		Balance at beginning of year	$	775,553		$	646,686	$	537,248
Improvements		68,338			51,101		79,094		Depreciation expense - Acquisitions		1,279			2,505		18
Acquisition of real estate		103,300			387,300		16,000		Depreciation expense - Discontinued operations		315			700		1,224
Development of real estate		195,634			216,008		74,590		Depreciation expense - Rental properties		148,337			125,662		116,033
Disposition of real estate		(18,769	)		-		(36,542	)	Dispositions		(5,458	)		-		(7,837	)
Balance at the end of year	$	4,313,064		$	3,964,561	$	3,310,152		Balance at the end of year	$	920,026		$	775,553	$	646,686

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Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2011

Quarterly Results of Operations (Unaudited) [Abstract]

Summary of quarterly results of operations

The following is a summary of quarterly results of operations for 2011 and 2010 ($ in thousands, except per share and dividend amounts):

	Quarter ended		Quarter ended		Quarter ended		Quarter ended
	December 31		September 30		June 30		March 31
2011:
Total property revenues	$	123,151	$	118,002	$	115,657	$	111,968
Income before discontinued operations	$	14,713	$	11,992	$	10,720	$	12,357
Net income	$	17,867	$	11,085	$	16,053	$	12,511
Net income available to common stockholders	$	13,937	$	7,688	$	10,325	$	8,418
Per share data:
Net income:
Basic	$	0.42	$	0.23	$	0.32	$	0.27
Diluted	$	0.42	$	0.23	$	0.32	$	0.27
Market price:
High	$	148.44	$	145.40	$	138.31	$	124.41
Low	$	111.25	$	119.15	$	122.67	$	109.98
Close	$	140.51	$	120.04	$	135.29	$	124.00
Dividends declared	$	1.04	$	1.04	$	1.04	$	1.04
2010:
Total property revenues	$	107,465	$	103,225	$	98,959	$	99,085
Income before discontinued operations	$	8,494	$	10,260	$	13,643	$	17,680
Net income	$	8,628	$	10,426	$	13,869	$	17,859
Net income available to common stockholders	$	4,778	$	6,377	$	9,482	$	13,127
Per share data:
Net income:
Basic	$	0.16	$	0.21	$	0.32	$	0.45
Diluted	$	0.16	$	0.21	$	0.32	$	0.45
Market price:
High	$	117.12	$	115.08	$	113.03	$	93.98
Low	$	105.60	$	92.62	$	89.23	$	76.35
Close	$	114.22	$	109.44	$	97.54	$	89.95
Dividends declared	$	1.03	$	1.03	$	1.03	$	1.03

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Net Income Per Common Share

12 Months Ended

Dec. 31, 2011

Net Income Per Common Share [Abstract]

Net Income Per Common Share

(12) Net Income Per Common Share

Basic and diluted income from continuing operations per share are calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts):

	2011						2010						2009
			Weighted-		Per				Weighted-		Per				Weighted-		Per
			average		Common				average		Common				average		Common
			Common		Share				Common		Share				Common		Share
	Income		Shares		Amount		Income		Shares		Amount		Income		Shares		Amount
Basic:
Income from continuing operations available to common stockholders	$	32,256		32,541,792	$	0.99	$	32,251		29,667,064	$	1.09	$	72,545		27,269,547	$	2.66
Income from discontinued operations available to common stockholders		8,112		32,541,792		0.25		1,513		29,667,064		0.05		9,655		27,269,547		0.35
		40,368			$	1.24		33,764			$	1.14		82,200				3.01
Effect of Dilutive Securities (1)		-		86,922				-		67,319				4,224		2,477,067
Diluted:
Income from continuing operations available to common stockholders (1)	$	32,256					$	32,251					$	72,545
Add: noncontrolling interests OP unitholders (2)		-						-						3,419
Adjusted income from continuing operations available to common stockholders (1)		32,256		32,628,714	$	0.99		32,251		29,734,383	$	1.09		75,964		29,746,614	$	2.56
Income (loss) from discontinued operations available to common stockholders		8,112						1,513						9,655
Add: noncontrolling interests OP unitholders (2)		-						-						805
Adjusted income from discontinued operations available to common stockholders		8,112		32,628,714		0.25		1,513		29,734,383		0.05		10,460		29,746,614		0.35
	$	40,368			$	1.24	$	33,764			$	1.14	$	86,424			$	2.91

(1) Weighted convertible limited partnership units of 2,231,807 and 2,293,886, which include vested Series Z incentive units, for the years ended December 31, 2011 and 2010, respectively, were not included in the determination of diluted EPS because they were anti-dilutive.  Weighted convertible limited partnership units of 2,447,751, which include vested Series Z incentive units, for the year ended December 31, 2009, were included in the determination of diluted EPS because they were dilutive.  The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities.

Stock options of 175,500; 123,164; and 260,736 for the years ended December 31, 2011, 2010, and 2009, respectively, were not included in the diluted earnings per share calculation because the exercise price of these options were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. 

All shares of cumulative convertible preferred stock Series G have been excluded from diluted earnings per share for the years ended 2011, 2010, and 2009 respectively, as the effect was anti-dilutive.

(2) For the year ended December 31, 2009, net income allocated to convertible limited partnership units including vested Series Z units have been included in income available to common stock holders for the calculation of net income per common share since these units are included in the diluted weighted average common shares for the that year as discussed in (1) above.