Essex Announces First Quarter 2018 Results

San Mateo, California—May 2, 2018—Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its first quarter 2018 earnings results and related business activities.

Net Income and Funds from Operations (“FFO”) per diluted share for the quarter ended March 31, 2018 are detailed below. Core FFO excludes acquisition and investment related costs and certain non-routine items.

	Three Months Ended March 31,				%
	2018		2017		Change
Per Diluted Share
Net Income	$	1.38	$	2.72		-49.3	%
Total FFO	$	3.35	$	2.95		13.6	%
Core FFO	$	3.09	$	2.94		5.1	%

First Quarter 2018 Highlights:

Reported Net Income per diluted share for the first quarter of 2018 of $1.38, compared to $2.72 in the first quarter of 2017. In the first quarter of 2017, a gain on remeasurement of co-investment of $86.5 million was recognized. No such gain was recognized in the first quarter of 2018.

Grew Core FFO per diluted share by 5.1% compared to the first quarter of 2017, achieving the high-end of the guidance range.

Achieved same-property gross revenue and net operating income (“NOI”) growth of 3.3% and 3.6%, respectively, compared to the first quarter of 2017.

Realized a sequential quarterly increase in same-property revenue growth of 0.7%.

Increased the dividend by 6.3% to an annual distribution of $7.44 per common share.

Raised the midpoint of guidance for same-property revenue growth for the full-year by 15 basis points to 2.7% and NOI growth by 20 basis points to 2.7%.

Revised full-year Net Income per diluted share guidance range to $4.66 to $5.00. Provided Net Income guidance range for the second quarter of $1.02 to $1.12 per diluted share.

Revised full-year Total FFO per diluted share guidance range to $12.54 to $12.88, raising the midpoint by $0.28 per share, primarily attributable to promote income from co-investments. Provided Total FFO guidance range for the second quarter of $3.00 to $3.10 per diluted share.

Increased full-year Core FFO per diluted share guidance by $0.02 per share at the midpoint to a range of $12.28 to $12.64. Provided Core FFO guidance range for the second quarter of $3.00 to $3.10 per diluted share.

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810

www.essex.com

“We have experienced healthy momentum in the early part of 2018, leading to improving revenues driven by occupancy rates across our portfolio. As a result, we performed ahead of the midpoint of initial guidance for Core FFO and same-property revenue growth. Positive job growth in the coastal markets of California and Washington is generating strong demand for housing, demonstrated by extraordinary increases in for-sale housing values and steady rent growth for apartments. Consistent with our first quarter results, we anticipate periodic disruption in apartment pricing power during 2018 from deliveries of new apartment communities offering large lease concessions in certain urban submarkets. We are well-positioned as we enter peak leasing season and remain on track to achieve our 2018 operating plan,” commented Michael Schall, President and CEO of the Company.

Same-Property Operations

Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property gross revenues for the quarter ended March 31, 2018 compared to the quarter ended March 31, 2017, and the sequential percentage change for the quarter ended March 31, 2018 versus the quarter ended December 31, 2017, by submarket for the Company:

	Q1 2018 vs. Q1 2017			Q1 2018 vs. Q4 2017			% of Total
	Gross Revenues			Gross Revenues			Q1 2018 Revenues
Southern California
Los Angeles County		2.8	%		0.7	%		20.3	%
Orange County		3.2	%		0.4	%		11.2	%
San Diego County		3.8	%		0.8	%		9.4	%
Ventura County		5.1	%		1.6	%		4.4	%
Other Southern California		5.0	%		3.1	%		0.5	%
Total Southern California		3.3	%		0.8	%		45.8	%
Northern California
Santa Clara County		2.0	%		0.8	%		15.5	%
Alameda County		4.5	%		0.6	%		7.0	%
San Mateo County		1.9	%		1.4	%		5.0	%
Contra Costa County		2.8	%		0.7	%		5.0	%
San Francisco		3.3	%		-0.3	%		3.3	%
Other Northern California		6.9	%		-0.5	%		0.3	%
Total Northern California		2.7	%		0.7	%		36.1	%
Seattle Metro		4.5	%		0.7	%		18.1	%
Same-Property Portfolio		3.3	%		0.7	%		100.0	%

	Year-Over-Year Growth
	Q1 2018 compared to Q1 2017
	Gross Revenues			Operating Expenses			NOI
Southern California		3.3	%		3.7	%		3.2	%
Northern California		2.7	%		-0.7	%		4.0	%
Seattle Metro		4.5	%		5.7	%		4.0	%
Same-Property Portfolio		3.3	%		2.5	%		3.6	%

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	Sequential Growth
	Q1 2018 compared to Q4 2017
	Gross Revenues			Operating Expenses			NOI
Southern California		0.8	%		-0.9	%		1.4	%
Northern California		0.7	%		0.8	%		0.7	%
Seattle Metro		0.7	%		-2.8	%		2.1	%
Same-Property Portfolio		0.7	%		-0.7	%		1.3	%

	Financial Occupancies
	Quarter Ended
	3/31/2018			12/31/2017			3/31/2017
Southern California		96.9	%		96.8	%		96.4	%
Northern California		97.4	%		96.9	%		96.6	%
Seattle Metro		96.9	%		96.4	%		96.6	%
Same-Property Portfolio		97.1	%		96.8	%		96.5	%

Investment Activity

In March 2018, the BEXAEW, LLC joint venture operating agreement was amended, and the joint venture was extended. As part of the amendment, the Company received a cash payment for promote income of approximately $20.5 million, which has been included in Net Income and Total FFO but has been excluded from Core FFO.

Development Activity

The following table represents the development community in lease-up during the first quarter of 2018 and the current leasing status as of April 27, 2018.

Project Name

Location

Total Apartment Homes

ESS Ownership

% Leased as of 4/27/18

Status

Station Park Green – Phase I

San Mateo, CA

121

100

In Lease-Up

Liquidity and Balance Sheet

Common Stock

During the first quarter of 2018, the Company repurchased 16,834 shares of its common stock totaling $3.8 million, including commissions, at an average price of $224.13 per share. As of March 31, 2018, the Company had $245.2 million of purchase authority remaining under the stock repurchase plan.

The Company did not issue any shares of common stock through its equity distribution program in the first quarter of 2018.

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Balance Sheet

In January 2018, the Company amended one of its unsecured credit facilities, increasing the maximum amount available for borrowing from $1.0 billion to $1.2 billion and extending the maturity to December 2021.

In March 2018, the Company issued $300.0 million of 30-year senior unsecured notes due 2048 at an interest rate per annum of 4.500%.

As of April 27, 2018, the Company had $1.2 billion in undrawn capacity on its unsecured credit facilities.

Guidance

For the first quarter of 2018, the Company exceeded the midpoint of the guidance range provided in its fourth quarter 2017 earnings release for Core FFO by $0.05 per share.

The following table provides a reconciliation of first quarter 2018 Core FFO per share to the midpoint of the guidance provided in the fourth quarter 2017 earnings release, which was dated February 7, 2018.

	Per Diluted Share
Projected midpoint of Core FFO per share for Q1 2018	$	3.04
NOI from consolidated communities		0.05
FFO from Co-Investments		0.01
G&A and other income		(0.01	)
Core FFO per share for Q1 2018 reported	$	3.09

The table below provides key changes to the 2018 full-year assumptions for Net Income, Total FFO, Core FFO per diluted share, and same-property growth. For additional details regarding the Company’s 2018 assumptions, please see page S-14 of the accompanying supplemental financial information. For the second quarter of 2018, the Company has established a range for Core FFO per diluted share of $3.00 to $3.10.

2018 Full-Year Guidance

	Previous Range		Previous Midpoint			Revised Range		Revised Midpoint
Per Diluted Share
Net Income	$	4.42 - $4.81	$	4.62		$	4.66 - $5.00	$	4.83
Total FFO	$	12.23 - $12.62	$	12.43		$	12.54 - $12.88	$	12.71
Core FFO	$	12.24 - $12.64	$	12.44		$	12.28 - $12.64	$	12.46
Same-Property Growth
Gross Revenues	2.0% to 3.0%			2.5	%	2.3% to 3.0%			2.7	%
Operating Expenses	2.1% to 3.1%			2.6	%	2.1% to 3.1%			2.6	%
NOI	1.6% to 3.4%			2.5	%	2.0% to 3.4%			2.7	%

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Upcoming Events

The Company is scheduled to participate in the National Association of Real Estate Investment Trusts (“NAREIT”) Institutional Investor Forum in New York from June 5 through June 7, 2018, and the Company’s President and Chief Executive Officer, Michael J. Schall, will present at the conference on June 5 at 4:30 p.m. ET. The presentation will be webcast and can be accessed on the Investors section of the Company’s website at www.essex.com. A copy of any materials provided by the Company at the conference will also be made available on the Investors section of the Company’s website.

Conference Call with Management

The Company will host an earnings conference call with management to discuss its quarterly results on Thursday, May 3, 2018 at 9 a.m. PT (12 p.m. ET), which will be broadcast live via the Internet at www.essex.com, and accessible via phone by dialing toll-free, (877) 407-0784, or toll/international, (201) 689-8560. No passcode is necessary.

A rebroadcast of the live call will be available online for 30 days and digitally for 7 days. To access the replay online, go to www.essex.com and select the first quarter 2018 earnings link. To access the replay digitally, dial (844) 512-2921 using the replay pin number 13678159. If you are unable to access the information via the Company’s website, please contact the Investor Relations Department at investors@essex.com or by calling (650) 655-7800.

Corporate Profile

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. The Company currently has ownership interests in 247 apartment communities comprising more than 60,000 apartment homes with an additional 7 properties in various stages of active development. Additional information about the Company can be found on the Company’s website at www.essex.com.

This press release and accompanying supplemental financial information has been furnished to the SEC electronically on Form 8-K and can be accessed from the Company’s website at www.essex.com. If you are unable to obtain the information via the Internet, please contact the Investor Relations Department at (650) 655-7800.

Funds from Operations (“FFO”) Reconciliation

FFO, as defined by NAREIT, is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes merger, integration and acquisition costs and items that are not routine or not related to the Company’s core business activities, which is referred to as “Core FFO”, to be useful financial performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and the ability to pay dividends.

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

The following table sets forth the Company’s calculation of diluted FFO and Core FFO for the three months ended March 31, 2018 and 2017 (in thousands, except for share and per share amounts):

	Three Months Ended March 31,
Funds from Operations attributable to common stockholders and unitholders	2018			2017
Net income available to common stockholders	$	90,918		$	178,964
Adjustments:
Depreciation and amortization		119,105			115,503
Gains not included in FFO		-			(112,656	)
Depreciation and amortization add back from unconsolidated co-investments		15,859			12,854
Noncontrolling interest related to Operating Partnership units		3,132			6,146
Depreciation attributable to third party ownership and other		(232	)		(25	)
Funds from Operations attributable to common stockholders and unitholders	$	228,782		$	200,786
FFO per share – diluted	$	3.35		$	2.95
Expensed acquisition and investment related costs	$	57		$	556
Gain on sale of marketable securities		(680	)		(1,605	)
Unrealized losses on marketable securities		876			-
Interest rate hedge ineffectiveness ⁽¹⁾		56			(6	)
Co-investment promote income		(20,541	)		-
Income from early redemption of preferred equity investments		(24	)		-
Insurance reimbursements, legal settlements, and other, net		2,433			(25	)
Core Funds from Operations attributable to common stockholders and unitholders	$	210,959		$	199,706
Core FFO per share – diluted	$	3.09		$	2.94
Weighted average number of shares outstanding diluted ⁽²⁾		68,318,012			67,974,466

⁽¹⁾

Interest rate swaps are generally adjusted to fair value through other comprehensive income (loss). However, because certain of our interest rate swaps do not have a 0% LIBOR floor, while related hedged debt in these cases is subject to a 0% LIBOR floor, the portion of the change in fair value of these interest rate swaps attributable to this mismatch is recorded as noncash interest rate hedge ineffectiveness through interest expense.

⁽²⁾

Assumes conversion of all outstanding limited partnership units in Essex Portfolio, L.P. (the “Operating Partnership”) into shares of the Company’s common stock and excludes all DownREIT limited partnership units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents.

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Net Operating Income (“NOI”) and Same-Property NOI Reconciliations

NOI and Same-Property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s condensed consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups of communities. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenue less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented (dollars in thousands):

	Three Months Ended March 31,
	2018			2017
Earnings from operations	$	110,547		$	109,231
Adjustments:
Corporate-level property management expenses		7,770			7,509
Depreciation and amortization		119,105			115,503
Management and other fees from affiliates		(2,308	)		(2,236	)
General and administrative		14,813			10,601
Expensed acquisition and investment related costs		57			556
NOI		249,984			241,164
Less: Non-same property NOI		(17,255	)		(16,596	)
Same-Property NOI	$	232,729		$	224,568

Safe Harbor Statement Under The Private Litigation Reform Act of 1995:

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements which are not historical facts, including statements regarding the Company’s expectations, estimates, assumptions, hopes, intentions, beliefs and strategies regarding the future. Words such as “expects,” “assumes,” “anticipates,” “may,” “will,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, among other things, statements regarding the Company’s intent, beliefs or expectations with respect to the timing of completion of current development and redevelopment projects and the stabilization of such projects, the timing of lease-up and occupancy of its apartment communities, the anticipated operating performance of its apartment communities, the total projected costs of development and redevelopment projects, co-investment activities, qualification as a REIT under the Internal Revenue Code, the real estate markets in the geographies in which the Company’s properties are located and in the United States in general, the adequacy of future cash flows to meet anticipated cash needs, its financing activities and the use of proceeds from such activities, the availability of debt and equity financing, general economic conditions including the potential impacts from the economic conditions, trends affecting the Company’s financial condition or results of operations, changes to U.S. tax laws and regulations in general or specifically related to REITs or real estate, changes to laws and regulations in jurisdictions in which communities the Company owns are located, and other information that is not historical information.

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While the Company’s management believes the assumptions underlying its forward-looking statements are reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which could 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. The Company cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect the Company’s current expectations of the approximate outcomes of the matters discussed. Factors that might cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following: the Company may fail to achieve its business objectives; the actual completion of development and redevelopment projects may be subject to delays; the stabilization dates of such projects may be delayed; the Company may abandon or defer development projects for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; the total projected costs of current development and redevelopment projects may exceed expectations; such development and redevelopment projects may not be completed; development and redevelopment projects and acquisitions may fail to meet expectations; estimates of future income from an acquired property may prove to be inaccurate; occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions; there may be increased interest rates and operating costs; the Company may be unsuccessful in the management of its relationships with its co-investment partners; future cash flows may be inadequate to meet operating requirements and/or may be insufficient to provide for dividend payments in accordance with REIT requirements; there may be a downturn in general economic conditions, the real estate industry, and the markets in which the Company’s communities are located; changes in laws or regulations; the terms of any refinancing may not be as favorable as the terms of existing indebtedness; and those risks, special considerations, and other factors referred to in the Company’s quarterly reports on Form 10-Q, in the Company’s annual report on Form 10-K for the year ended December 31, 2017, and in the Company’s other filings with the Securities and Exchange Commission (the “SEC”). All forward-looking statements are made as of the date hereof, the Company assumes no obligation to update or supplement this information for any reason, and therefore, they may not represent the Company’s estimates and assumptions after the date of this press release.

Definitions and Reconciliations

Non-GAAP financial measures and certain other capitalized terms, as used in this earnings release, are defined and further explained on pages S-17.1 through S-17.4, “Reconciliations of Non-GAAP Financial Measures and Other Terms,” of the accompanying supplemental financial information. The supplemental financial information is available on the Company’s website at www.essex.com.

Contact Information

Barb Pak

Group Vice President of Finance & Investor Relations

(650) 655-7800

bpak@essex.com

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Q1 2018 Supplemental

Table of Contents

	Page(s)
Consolidated Operating Results	S-1 – S-2
Consolidated Funds From Operations	S-3
Consolidated Balance Sheets	S-4
Debt Summary – March 31, 2018	S-5
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios – March 31, 2018	S-6
Portfolio Summary by County – March 31, 2018	S-7
Operating Income by Quarter – March 31, 2018	S-8
Same-Property Revenue Results by County – Quarters ended March 31, 2018 and 2017, and December 31, 2017	S-9
Same-Property Operating Expenses – Quarter – to Date as of March 31, 2018 and 2017	S-10
Development Pipeline – March 31, 2018	S-11
Redevelopment Pipeline – March 31, 2018	S-12
Capital Expenditures – March 31, 2018	S-12.1
Co-investments and Preferred Equity Investments – March 31, 2018	S-13
Assumptions for 2018 FFO Guidance Range	S-14
Reconciliation of Projected EPS, FFO and Core FFO per diluted share	S-14.1
Summary of Apartment Community Acquisitions and Dispositions Activity	S-15
2018 MSA Level Forecast: Supply, Jobs and Apartment Market Conditions	S-16
LinkedIn Worker Migration Trends for the San Francisco Bay Area – April 2017-March 2018	S-16.1
Reconciliations of Non-GAAP Financial Measures and Other Terms	S-17.1 – S-17.4

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

Consolidated Operating Results		Three Months Ended
(Dollars in thousands, except share and per share amounts)		March 31,
			2018		2017

Revenues:
	Rental and other property	$	344,947	$	333,168
	Management and other fees from affiliates		2,308		2,236
			347,255		335,404

Expenses:
	Property operating		94,963		92,004
	Corporate-level property management expenses		7,770		7,509
	Depreciation and amortization		119,105		115,503
	General and administrative		14,813		10,601
	Expensed acquisition and investment related costs		57		556
			236,708		226,173
Earnings from operations			110,547		109,231

Interest expense, net ⁽¹⁾			(52,591)		(51,999)
Interest and other income			5,909		6,764
Equity income from co-investments			32,774		10,899
Gain on sale of real estate and land			-		26,174
Gain on remeasurement of co-investment			-		86,482
	Net income		96,639		187,551
Net income attributable to noncontrolling interest			(5,721)		(8,587)
	Net income available to common stockholders	$	90,918	$	178,964

Net income per share - basic		$	1.38	$	2.73

Shares used in income per share - basic			66,044,022		65,549,484

Net income per share - diluted		$	1.38	$	2.72

Shares used in income per share - diluted			66,082,517		65,859,490

⁽¹⁾Refer to page S-17.2, the section titled “Interest Expense, Net” for additional information.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-1

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

Consolidated Operating Results			Three Months Ended
Selected Line Item Detail			March 31,
(Dollars in thousands)				2018		2017

Rental and other property
	Rental		$	321,661	$	310,122
	Other property			23,286		23,046
		Rental and other property	$	344,947	$	333,168

Property operating expenses
	Real estate taxes		$	37,713	$	35,868
	Administrative and insurance			20,701		20,261
	Maintenance and repairs			19,624		19,220
	Utilities			16,925		16,655
		Property operating expenses	$	94,963	$	92,004


Interest and other income
	Marketable securities and other interest income		$	5,851	$	4,880
	Gain on sale of marketable securities			680		1,605
	Unrealized losses on marketable securities⁽¹⁾			(876)		-
	Insurance reimbursements, legal settlements, and other, net			254		279
		Interest and other income	$	5,909	$	6,764

Equity income from co-investments
	Equity income from co-investments		$	4,289	$	5,253
	Income from preferred equity investments			7,920		5,646
	Co-investment promote income			20,541		-
	Income from early redemption of preferred equity investments			24		-
		Equity income from co-investments	$	32,774	$	10,899

Noncontrolling interest
	Limited partners of Essex Portfolio, L.P.		$	3,132	$	6,146
	DownREIT limited partners’ distributions			1,590		1,550
	Third-party ownership interest			999		891
		Noncontrolling interest	$	5,721	$	8,587

⁽¹⁾The Company adopted ASU No. 2016-01 “Recognition and Measurement of Financial Assets and Financial Liabiliies”, as of January 1, 2018 using the modified-retrospective method. As a result of this adoption, the Company recognizes mark to market adjustments on equity securities through its income statement on a prospective basis. Prior period results have not been adjusted.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-2

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

Consolidated Funds From Operations ⁽¹⁾			Three Months Ended
(Dollars in thousands, except share and per share amounts and in footnotes)			March 31,
				2018		2017	% Change

Funds from operations attributable to common stockholders and unitholders (FFO)
Net income available to common stockholders			$	90,918	$	178,964
Adjustments:
	Depreciation and amortization			119,105		115,503
	Gains not included in FFO			-		(112,656)
	Depreciation and amortization add back from unconsolidated co-investments			15,859		12,854
	Noncontrolling interest related to Operating Partnership units			3,132		6,146
	Depreciation attributable to third party ownership and other ⁽²⁾			(232)		(25)
		Funds from operations attributable to common stockholders and unitholders	$	228,782	$	200,786
		FFO per share-diluted	$	3.35	$	2.95	13.6%

Components of the change in FFO
Non-core items:
Expensed acquisition and investment related costs			$	57	$	556
Gain on sale of marketable securities				(680)		(1,605)
Unrealized losses on marketable securities				876		-
Interest rate hedge ineffectiveness⁽³⁾				56		(6)
Co-investment promote income				(20,541)		-
Income from early redemption of preferred equity investments				(24)		-
Insurance reimbursements, legal settlements, and other, net				2,433		(25)
		Core funds from operations attributable to common stockholders and unitholders	$	210,959	$	199,706
		Core FFO per share-diluted	$	3.09	$	2.94	5.1%

Changes in core items:
Same-property NOI			$	8,161
Non-same property NOI				659
Management and other fees, net				72
FFO from co-investments				4,315
Interest and other income				971
Interest expense				(654)
General and administrative				(1,779)
Corporate-level property management expenses				261
Other items, net				(753)
			$	11,253

Weighted average number of shares outstanding diluted ⁽⁴⁾				68,318,012		67,974,466

⁽¹⁾	Refer to page S-17.1, the section titled “Funds from Operations (“FFO”) for additional information on the Company’s definition and use of FFO and Core FFO.
⁽²⁾	The Company consolidates certain co-investments. The noncontrolling interest’s share of net operating income in these investments for the three months ended March 31, 2018 was $1.2 million.
⁽³⁾	Interest rate swaps are generally adjusted to fair value through other comprehensive income (loss). However, because certain of our interest rate swaps do not have a 0% LIBOR floor, while related hedged debt in these cases is subject to a 0% LIBOR floor, the portion of the change in fair value of these interest rate swaps attributable to this mismatch, if any, is recorded as noncash interest rate hedge ineffectiveness through interest expense.
⁽⁴⁾	Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company’s common stock and excludes all DownREIT limited partnership units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-3

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

	Consolidated Balance Sheets
	(Dollars in thousands)
					March 31, 2018		December 31, 2017

	Real Estate:
		Land and land improvements		$	2,719,064	$	2,719,064
		Buildings and improvements			10,657,671		10,629,767
					13,376,735		13,348,831
		Less: accumulated depreciation			(2,888,130)		(2,769,297)
					10,488,605		10,579,534
	Real estate under development				395,710		355,735
	Co-investments				1,290,957		1,155,984
					12,175,272		12,091,253
	Cash and cash equivalents, including restricted cash				139,078		61,126
	Marketable securities				197,745		190,004
	Notes and other receivables				70,525		100,926
	Prepaid expenses and other assets				60,047		52,397
			Total assets	$	12,642,667	$	12,495,706

	Unsecured debt, net			$	3,797,923	$	3,501,709
	Mortgage notes payable, net				1,921,047		2,008,417
	Lines of credit				-		179,000
	Distributions in excess of investments in co-investments				-		36,726
	Other liabilities				390,379		333,823
			Total liabilities		6,109,349		6,059,675
	Redeemable noncontrolling interest				41,159		39,206
	Equity:
		Common stock			7		7
		Additional paid-in capital			7,127,248		7,129,571
		Distributions in excess of accumulated earnings			(743,773)		(833,726)
		Accumulated other comprehensive loss, net			(14,709)		(18,446)
			Total stockholders’ equity		6,368,773		6,277,406
		Noncontrolling interest			123,386		119,419
			Total equity		6,492,159		6,396,825
			Total liabilities and equity	$	12,642,667	$	12,495,706

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-4

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

Debt Summary - March 31, 2018
(Dollars in thousands, except in footnotes)


							Scheduled principal payments, unamortized premiums (discounts) and (debt issuance costs) are as follows - excludes lines of credit:
					Weighted Average
			Balance Outstanding		Interest Rate	Maturity in Years		Unsecured		Secured			Total	Weighted Average Interest Rate	Percentage of Total Debt
Unsecured Debt, net
	Bonds private - fixed rate		$	275,000	4.5%	2.8	2018	$	-	$	126,740	$	126,740	5.5%	2.2%
	Bonds public - fixed rate			3,200,000	3.8%	8.4	2019		75,000		552,016		627,016	4.1%	11.0%
	Term loan ⁽¹⁾			350,000	2.5%	3.9	2020		-		694,921		694,921	4.8%	12.2%
	Unamortized net discounts and debt issuance costs			(27,077)	-	-	2021		500,000		44,846		544,846	4.3%	9.5%
				3,797,923	3.7%	7.6	2022		650,000		42,466		692,466	3.1%	12.1%
Mortgage Notes Payable, net							2023		600,000		2,188		602,188	3.6%	10.5%
	Fixed rate - secured			1,626,714	4.5%	3.2	2024		400,000		2,317		402,317	4.0%	7.0%
	Variable rate - secured ⁽²⁾			270,083	2.1%	18.5	2025		500,000		16,056		516,056	3.6%	9.0%
	Unamortized premiums and debt issuance costs, net			24,250	-	-	2026		450,000		55,091		505,091	3.4%	8.8%
		Total mortgage notes payable		1,921,047	4.2%	5.3	2027		350,000		155,500		505,500	3.4%	8.8%
							2028		-		2,934		2,934	3.0%	0.1%
Unsecured Lines of Credit							Thereafter		300,000		201,722		501,722	3.7%	8.8%
	Line of credit ⁽³⁾			-	2.5%		Subtotal		3,825,000		1,896,797		5,721,797	3.9%	100.0%
	Line of credit ⁽⁴⁾			-	2.5%		Debt Issuance Costs		(20,472)		(4,958)		(25,430)	NA	NA
		Total lines of credit		-	2.5%		(Discounts)/Premiums		(6,605)		29,208		22,603	NA	NA
							Total	$	3,797,923	$	1,921,047	$	5,718,970	3.9%	100.0%
		Total debt, net	$	5,718,970	3.9%


Capitalized interest for the three months ended March 31, 2018 was approximately $4.2 million.

⁽¹⁾	The unsecured term loan has a variable interest rate of LIBOR plus 0.95%. The Company has interest rate swap contracts with an aggregate notional amount of $175 million, which effectively converts the interest rate on $175 million of the term loan to a fixed rate of 2.3%.
⁽²⁾	$270.1 million of variable rate debt is tax exempt to the note holders. $9.9 million is subject to interest rate cap protection agreements.
⁽³⁾	This unsecured line of credit facility has a capacity of $1.2 billion. The line matures in December 2021 with one 18-month extension, exercisable at the Company’s option. The underlying interest rate on this line is based on a tiered rate structure tied to the Company’s corporate ratings and is currently at LIBOR plus 0.875%.
⁽⁴⁾	This unsecured line of credit facility has a capacity $35.0 million and is scheduled to mature in January 2020. The underlying interest rate on this line is based on a tiered rate structure tied to the Company’s corporate ratings and is currently at LIBOR plus 0.875%.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-5

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

Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - March 31, 2018

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

Capitalization Data

Public Bond Covenants⁽¹⁾

Actual

Requirement

Total debt, net

5,718,970

Adjusted Debt to Adjusted Total Assets:

37%

< 65%

Common stock and potentially dilutive securities

Common stock outstanding

66,044

Limited partnership units ⁽¹⁾

2,235

Options-treasury method

Secured Debt to Adjusted Total Assets:

12%

< 40%

Total shares of common stock and potentially dilutive securities

68,332

Common stock price per share as of March 31, 2018

240.68

Interest Coverage:

427%

> 150%

Total equity capitalization

16,446,146

Total market capitalization

22,165,116

Unsecured Debt Ratio ⁽²⁾:

280%

> 150%

Ratio of debt to total market capitalization

25.8%

Selected Credit Ratios ⁽³⁾

Actual

Credit Ratings

Rating Agency

Rating

Outlook

Net IndebtednessDivided by Adjusted EBITDAre, normalized and annualized:

5.6

Fitch

BBB+

Stable

Moody’s

Baa1

Stable

Unencumbered NOI to Adjusted Total NOI:

72%

Standard & Poor’s

BBB+

Stable

⁽¹⁾

Refer to page S-17.3 for additional information on the Company’s Public Bond Covenants.

⁽¹⁾

Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company’s common stock.

⁽²⁾

Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness.

⁽³⁾

Refer to pages S-17.1 to S-17.4, the section titled “Reconciliations of Non-GAAP Financial Measures and Other Terms” for additional information on the Company’s Selected Credit Ratios.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-6

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

Portfolio Summary by County as of March 31, 2018


		Apartment Homes				Average Monthly Rental Rate ⁽¹⁾			Percent of NOI ⁽²⁾
Region - County		Consolidated⁽³⁾	Unconsolidated Co-investments ⁽⁴⁾	Apartment Homes in Development ⁽⁵⁾	Total	Consolidated	Unconsolidated Co-investments⁽⁶⁾	Total ⁽⁷⁾	Consolidated	Unconsolidated Co-investments ⁽⁶⁾	Total ⁽⁷⁾

Southern California
	Los Angeles County	9,387	1,563	200	11,150	$ 2,385	$ 2,053	$ 2,358	19.4%	12.5%	18.8%
	Orange County	5,553	1,149	-	6,702	2,131	1,844	2,104	10.6%	8.5%	10.4%
	San Diego County	5,203	616	-	5,819	1,882	1,736	1,873	8.9%	4.4%	8.4%
	Ventura County	2,577	693	-	3,270	1,759	2,082	1,800	4.4%	6.3%	4.6%
	Other Southern CA	623	249	-	872	1,597	1,594	1,596	0.8%	1.6%	0.9%
Total Southern California		23,343	4,270	200	27,813	2,122	1,932	2,106	44.1%	33.3%	43.1%

Northern California
	Santa Clara County	7,356	2,266	745	10,367	2,667	2,796	2,685	18.3%	24.9%	19.1%
	Alameda County	2,954	1,983	-	4,937	2,489	2,321	2,445	6.7%	19.5%	7.9%
	San Mateo County	1,951	197	371	2,519	2,880	2,871	2,871	4.9%	2.3%	4.6%
	Contra Costa County	2,270	49	-	2,319	2,279	4,557	2,303	4.9%	0.6%	4.5%
	San Francisco	1,343	463	545	2,351	3,062	3,250	3,092	3.6%	6.2%	3.8%
	Other Northern CA	96	-	-	96	2,885	-	2,885	0.3%	-	0.3%
Total Northern California		15,970	4,958	1,661	22,589	2,639	2,669	2,644	38.7%	53.5%	40.2%

Seattle Metro		10,238	1,582	-	11,820	1,800	1,797	1,800	17.2%	13.2%	16.7%

Total		49,551	10,810	1,861	62,222	$ 2,222	$ 2,255	$ 2,226	100.0%	100.0%	100.0%

⁽¹⁾	Average monthly rental rate is defined as the total potential monthly rental revenue (actual rent for occupied apartment homes plus market rent for vacant apartment homes) divided by the number of apartment homes.
⁽²⁾	Actual NOI for the quarter ended March 31, 2018. See the section titled “Net Operating Income (“NOI”) and Same-Property NOI Reconciliations” on page S-17.3.
⁽³⁾	Includes one rental income producing development community in lease-up which consists of 121 apartment homes.
⁽⁴⁾	Includes all apartment communities with rents.
⁽⁵⁾	Includes development communities with no rental income.
⁽⁶⁾	Co-investment amounts weighted for Company’s pro rata share.
⁽⁷⁾	At Company’s pro rata share.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-7

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

Operating Income by Quarter ⁽¹⁾
(Dollars in thousands)

	Apartment Homes	Q1 ‘18	Q4 ‘17	Q3 ‘17	Q2 ‘17	Q1 ‘17

Rental and other property revenues:
Same-property	47,242	$ 322,385	$ 320,004	$ 319,565	$ 314,813	$ 312,024
Acquisitions⁽²⁾	1,328	10,383	10,435	10,498	10,170	8,186
Development ⁽³⁾	121	19	-	-	-	-
Redevelopment	621	5,024	5,005	4,913	4,909	4,814
Non-residential/other, net⁽⁴⁾	239	7,136	6,973	6,998	6,874	8,144
Total rental and other property revenues	49,551	344,947	342,417	341,974	336,766	333,168

Property operating expenses:⁽⁵⁾
Same-property		89,656	90,273	90,935	87,480	87,456
Acquisitions⁽²⁾		3,074	3,116	3,220	2,926	2,600
Development ⁽³⁾		64	-	-	-	-
Redevelopment		1,469	1,528	1,529	1,392	1,452
Non-residential/other, net^{(4) (6)}		700	1,157	880	(1,054)	496
Total property operating expenses		94,963	96,074	96,564	90,744	92,004

Net operating income (NOI):
Same-property		232,729	229,731	228,630	227,333	224,568
Acquisitions⁽²⁾		7,309	7,319	7,278	7,244	5,586
Development ⁽³⁾		(45)	-	-	-	-
Redevelopment		3,555	3,477	3,384	3,517	3,362
Non-residential/other, net⁽⁴⁾		6,436	5,816	6,118	7,928	7,648
Total NOI		$ 249,984	$ 246,343	$ 245,410	$ 246,022	$ 241,164

Same-property metrics
Operating margin		72%	72%	72%	72%	72%
Annualized turnover ⁽⁷⁾		40%	46%	61%	54%	46%
Financial occupancy ⁽⁸⁾		97.1%	96.8%	96.7%	96.4%	96.5%

⁽¹⁾

Includes consolidated communities only.

⁽²⁾

Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2017.

⁽³⁾

Development includes properties developed which did not have comparable stabilized results as of January 1, 2017.

⁽⁴⁾

Other real estate assets consists mainly of retail space, commercial properties, boat slips, held for sale properties, disposition properties, and student housing.

⁽⁵⁾

Starting with the first quarter of 2018, the Company no longer includes corporate-level property management expenses in total property operating expenses. Prior period amounts have been reclassified to conform to the current year’s presentation.

⁽⁶⁾

Includes other expenses and intercompany eliminations pertaining to self-insurance. In Q2 ‘17, there were $2.0 million in reductions to operating expenses related to changes in prior period property tax estimates.

⁽⁷⁾

Annualized turnover is defined as the number of apartment homes turned over during the quarter, annualized, divided by the total number of apartment homes.

⁽⁸⁾

Financial occupancy is defined as the percentage resulting from dividing actual rental revenue by total potential rental revenue (actual rent for occupied apartment homes plus market rent for vacant apartment homes).

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-8

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

Same-Property Results by County - First Quarter 2018 vs. First Quarter 2017 and Fourth Quarter 2017
(Dollars in thousands, except average monthly rental rates)


				Average Monthly Rental Rate			Financial Occupancy			Gross Revenues			Sequential Gross Revenues
Region - County		Apartment Homes	Q1 ‘18 % of Actual NOI	Q1 ‘18	Q1 ‘17	% Change	Q1 ‘18	Q1 ‘17	% Change	Q1 ‘18	Q1 ‘17	% Change	Q4 ‘17	% Change

Southern California
	Los Angeles County	8,931	19.6%	$ 2,396	$ 2,356	1.7%	96.7%	96.1%	0.6%	$ 65,291	$ 63,530	2.8%	$ 64,811	0.7%
	Orange County	5,553	11.1%	2,131	2,072	2.8%	96.8%	96.5%	0.3%	36,074	34,962	3.2%	35,945	0.4%
	San Diego County	5,203	9.3%	1,882	1,823	3.2%	97.0%	96.4%	0.6%	30,211	29,100	3.8%	29,973	0.8%
	Ventura County	2,577	4.6%	1,759	1,692	4.0%	97.7%	97.2%	0.5%	14,293	13,593	5.1%	14,069	1.6%
	Other Southern CA	384	0.4%	1,274	1,226	3.9%	97.1%	95.9%	1.3%	1,549	1,475	5.0%	1,502	3.1%
Total Southern California		22,648	45.0%	2,121	2,069	2.5%	96.9%	96.4%	0.5%	147,418	142,660	3.3%	146,300	0.8%

Northern California
	Santa Clara County	6,028	16.3%	2,688	2,652	1.4%	97.6%	97.1%	0.5%	49,853	48,881	2.0%	49,455	0.8%
	Alameda County	2,954	7.0%	2,489	2,453	1.5%	97.1%	94.8%	2.4%	22,649	21,667	4.5%	22,504	0.6%
	San Mateo County	1,830	5.1%	2,838	2,797	1.5%	97.7%	97.7%	0.0%	16,158	15,861	1.9%	15,931	1.4%
	Contra Costa County	2,270	5.1%	2,279	2,242	1.7%	97.8%	97.2%	0.6%	16,072	15,635	2.8%	15,953	0.7%
	San Francisco	1,178	3.1%	2,953	2,921	1.1%	96.2%	95.7%	0.5%	10,666	10,327	3.3%	10,694	-0.3%
	Other Northern CA	96	0.3%	2,885	2,738	5.4%	99.6%	97.5%	2.2%	856	801	6.9%	860	-0.5%
Total Northern California		14,356	36.9%	2,625	2,587	1.5%	97.4%	96.6%	0.8%	116,254	113,172	2.7%	115,397	0.7%

Seattle Metro		10,238	18.1%	1,800	1,734	3.8%	96.9%	96.6%	0.3%	58,713	56,192	4.5%	58,307	0.7%

Total Same-Property		47,242	100.0%	$ 2,205	$ 2,154	2.4%	97.1%	96.5%	0.6%	$ 322,385	$ 312,024	3.3%	$ 320,004	0.7%

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-9

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

Same-Property Operating Expenses - Quarter-to-Date as of March 31, 2018 and 2017
(Dollars in thousands)


	Based on 47,242 apartment homes

	Q1 ‘18	Q1 ‘17	% Change	% of Op. Ex.

Same-property operating expenses:
Real estate taxes	$ 34,764	$ 33,394	4.1%	38.8%
Maintenance and repairs	18,410	18,145	1.5%	20.5%
Administrative	17,588	16,820	4.6%	19.6%
Utilities	15,799	15,413	2.5%	17.6%
Insurance	3,095	3,684	-16.0%	3.5%
Total same-property operating expenses	$ 89,656	$ 87,456	2.5%	100.0%

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-10

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

Development Pipeline - March 31, 2018
(Dollars in millions, except per apartment home amounts in thousands and except in footnotes)

	Project Name	Location	Ownership %	Estimated Apartment Homes	Estimated Commercial sq. feet	Incurred to Date	Remaining Costs	Estimated Total Cost	Essex Est. Total Cost ⁽¹⁾	Cost per Apartment Home ⁽²⁾	Average % Occupied	% Leased ⁽³⁾	Construction Start	Initial Occupancy	Stabilized Operations

Development Projects - Consolidated ⁽⁴⁾
	Station Park Green - Phase I ⁽⁵⁾	San Mateo, CA	100%	121	28,000	$ 96	$ 2	$ 98	$ 98	$ 661	3%	29%	Q3 2015	Q1 2018	Q3 2018
	Station Park Green - Phase II ⁽⁵⁾	San Mateo, CA	100%	199	-	69	72	141	141	709	0%	0%	Q2 2017	Q2 2019	Q4 2019
	Station Park Green - Phase III ⁽⁵⁾	San Mateo, CA	100%	172	-	51	73	124	124	721	0%	0%	Q3 2017	Q3 2019	Q1 2020
	Gateway Village ⁽⁶⁾	Santa Clara, CA	100%	476	-	96	130	226	226	475	0%	0%	Q3 2016	Q1 2019	Q1 2020
	Hollywood ⁽⁷⁾	Hollywood, CA	100%	200	4,700	29	76	105	105	500	0%	0%	Q4 2017	Q1 2020	Q3 2020
Total Development Projects - Consolidated				1,168	32,700	341	353	694	694	574

Land Held for Future Development - Consolidated
	Other Projects ⁽⁵⁾⁽⁷⁾	Various	100%			66	-	66	66
Total Development Pipeline - Consolidated				1,168	32,700	407	353	760	760

Development Projects - Joint Venture ⁽⁴⁾
	Ohlone	San Jose, CA	50%	269	-	41	95	136	68	506	0%	0%	Q3 2017	Q3 2019	Q2 2020
	500 Folsom ⁽⁸⁾	San Francisco, CA	50%	545	6,000	174	241	415	208	751	0%	0%	Q4 2015	Q2 2019	Q4 2020
Total Development Projects - Joint Venture				814	6,000	215	336	551	276	$ 670

Grand Total - Development Pipeline				1,982	38,700	$ 622	$ 689	$ 1,311	1,036
Essex Cost Incurred to Date - Pro Rata									(515)
Essex Remaining Commitment									$ 521

⁽¹⁾

The Company’s share of the estimated total costs of the project.

⁽²⁾

Net of the estimated allocation to the retail component of the project.

⁽³⁾

Calculations are based on multifamily operations only and are as of March 31, 2018. As of April 27, 2018, Station Park Green - Phase I was 40% leased and 23% occupied.

⁽⁴⁾

For the first quarter of 2018, the Company’s cost includes $4.1 million of capitalized interest, $1.9 million of capitalized overhead and $0.7 million of development fees (such development fees reduced G&A expenses).

⁽⁵⁾

Development of Station Park Green - Phases I, II, and III are reflected under Development Projects - Consolidated. Costs incurred for Station Park Green - Phase IV, which consists of 107 apartment homes, are included in Land Held for Future Development - Consolidated.

⁽⁶⁾

Cost incurred to date does not include a deduction of $4.7 million for accumulated depreciation recorded during the period when the property was held as a retail operating asset.

⁽⁷⁾

Cost incurred to date does not include a deduction of $6.3 million for accumulated depreciation recorded during the period when one property was held as a retail operating asset.

⁽⁸⁾

Estimated costs incurred to date and total cost is net of a projected value for low income housing tax credit proceeds and the value of the tax exempt bond structure.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-11

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

Redevelopment Pipeline - March 31, 2018
(Dollars in thousands)

		Total	Estimated	Estimated		NOI
	Apartment	Incurred	Remaining	Total	Project	Three Months Ended
Region/Project Name	Homes	To Date	Cost	Cost	Start Date	2018	2017

Same-Property - Redevelopment Projects ⁽¹⁾
Southern California
Hamptons	215	$ 19,300	$ 4,300	$ 23,600	Q1 2014
Kings Road	196	3,500	8,700	12,200	Q4 2016
The Palms at Laguna Niguel	460	3,400	4,800	8,200	Q4 2016
Northern California
Crow Canyon	400	5,500	1,900	7,400	Q1 2017
Total Same-Property - Redevelopment Projects	1,271	$ 31,700	$ 19,700	$ 51,400		$ 6,002	$ 5,719

Non-Same Property - Redevelopment Projects
Southern California
Bunker Hill Towers	456	$ 69,100	$ 18,300	$ 87,400	Q3 2013
Total Non-Same Property - Redevelopment Projects	456	$ 69,100	$ 18,300	$ 87,400		$ 2,156	$ 1,972

⁽¹⁾

Redevelopment activities are ongoing at these communities, but the communities have stabilized operations, therefore results are classified in same-property results.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-12

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

Capital Expenditures - March 31, 2018
(Dollars in thousands, except in footnotes and per apartment home amounts)


Revenue Generating Capital Expenditures^{(1) (2)}	Q1 ‘18	Q4 ‘17	Q3 ‘17	Q2 ‘17	Trailing 4 Quarters
Same-property portfolio	$ 9,916	$ 14,048	$ 18,091	$ 17,926	$ 59,981
Non-same property portfolio	2,863	3,146	1,884	2,580	10,473
Total revenue generating capital expenditures	$ 12,779	$ 17,194	$ 19,975	$ 20,506	$ 70,454

Number of same-property interior renovations completed	499	426	650	760	2,335
Number of total consolidated interior renovations completed	522	435	660	768	2,385

Non-Revenue Generating Capital Expenditures ⁽³⁾	Q1 ‘18	Q4 ‘17	Q3 ‘17	Q2 ‘17	Trailing 4 Quarters

Non-revenue generating capital expenditures ⁽⁴⁾	$ 11,567	$ 19,895	$ 20,875	$ 16,473	$ 68,810
Average apartment homes in quarter	49,490	49,429	49,429	49,429	49,444
Capital expenditures per apartment homes in the quarter	$ 234	$ 402	$ 422	$ 333	$ 1,392

⁽¹⁾	The Company incurred $0.1 million of capitalized interest, $2.7 million of capitalized overhead and $0.2 million of co-investment fees related to redevelopment in Q1 2018.
⁽²⁾	Represents revenue generating or expense saving expenditures, such as full-scale redevelopments shown on page S-12, interior unit turn renovations, enhanced amenities and certain resource management initiatives.
⁽³⁾	Represents roof replacements, paving, building and mechanical systems, exterior painting, siding, etc.
⁽⁴⁾	Non-revenue generating capital expenditures does not include expenditures incurred due to changes in governmental regulations that the Company would not have incurred otherwise, and expenditures in which the Company expects to be reimbursed.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-12.1

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

Co-investments and Preferred Equity Investments - March 31, 2018
(Dollars in thousands)
		Weighted Average Essex			Total				Essex	Weighted	Remaining		Three Months Ended March 31, 2018
		Ownership	Apartment		Undepreciated		Debt		Book	Average	Term of
		Percentage	Homes		Book Value		Amount		Value	Borrowing Rate	Debt (in Years)

Operating and Other Non-Consolidated Joint Ventures													NOI

	Wesco I, III, IV, and V	53%	4,578	$	1,306,668	$	730,517	$	214,650	3.7%	5.6	$	21,039
	BEXAEW, BEX II, and BEX III	50%	2,620		679,690		372,869		135,174	3.5%	3.7		10,354
	CPPIB	54%	2,483		949,891		-		496,512	-	-		13,715
	Other	52%	1,129		419,356		313,949		50,209	3.6%	6.3		5,749
	Total Operating and Other Non-Consolidated Joint Ventures		10,810	$	3,355,605	$	1,417,335	$	896,545	3.6%	5.3	$	50,857
Development Non-Consolidated Joint Ventures ⁽¹⁾		50%	814		215,136		87,605		75,092	3.6%	28.3	⁽²⁾	-
	Total Non-Consolidated Joint Ventures		11,624	$	3,570,741	$	1,504,940	$	971,637			$	50,857

													Essex Portion of NOI and Expenses
	NOI											$	26,743
	Depreciation												(15,859)
	Interest expense and other												(6,595)
	Promote income												20,541
	Net income from operating and other co-investments											$	24,830


										Weighted Average Preferred Return	Weighted Average Expected Term		Income from Preferred Equity Investments
	Income from preferred equity investments											$	7,920
	Income from early redemption of preferred equity investments												24
Preferred Equity Investments⁽³⁾								$	319,320	10.7%	3.2	$	7,944

	Total Co-investments							$	1,290,957			$	32,774

⁽¹⁾

The Company has interests in two development co-investments, which are detailed on page S-11.

⁽²⁾

$72.2 million of the debt related to 500 Folsom is financed by tax exempt bonds with a maturity date of January 2052.

⁽³⁾

As of March 31, 2018, the Company has invested in 17 preferred equity investments.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-13

E S S E X P R O P E R T Y T R U S T, I N C.
Assumptions for 2018 FFO Guidance Range
Q1 2018 Earnings Results Supplement

The guidance projections below are based on current expectations and are forward-looking. See page S-14.1 for the reconciliations of earnings per share (“EPS”) to FFO per share and Core FFO per share. The guidance on this page is given for Net Operating Income (“NOI”) and Total and Core FFO. See pages S-17.1 to S-17.4 for the definitions of non-GAAP financial measures and other terms.

($’s in thousands, except per share data)		Three Months
		Ended March 31,		2018 Full-Year Guidance Range
		2018⁽¹⁾		Low End		High End	Comments About Guidance Revisions

Total NOI from Consolidated Communities	$	249,984	$	996,900	$	1,011,400	Includes a range of same-property NOI growth of 2.0% to 3.4%, an increase from the prior range of 1.6% to 3.4%

Accretion from Acquisitions Net of Dispositions		-		1,100		2,100

Management Fees		2,308		8,700		9,700

Interest Expense
Interest expense, before capitalized interest		(56,705)		(233,800)		(230,400)	Updated to reflect the March 2018 unsecured bond offering
Interest capitalized		4,170		16,200		18,200	Updated for timing of development spend
Net interest expense		(52,535)		(217,600)		(212,200)

Recurring Income and Expenses
Interest and other income		6,105		25,200		26,200
FFO from co-investments		28,068		113,000		116,200
General and administrative		(12,380)		(43,600)		(45,600)
Corporate-level property management expenses		(7,770)		(30,500)		(31,600)
Non-controlling interest		(2,821)		(11,700)		(10,700)
Total recurring income and expenses		11,202		52,400		54,500

Non-Core Income and Expenses
Gain on sale of marketable securities		680		680		680
Unrealized losses on marketable securities		(876)		(876)		(876)
Co-investment promote income		20,541		20,541		20,541
Expensed acquisition and investment related costs		(57)		(500)		(1,200)
Insurance reimbursements, legal settlements, and other, net		(2,465)		(2,465)		(2,465)
Total non-core income and expenses		17,823		17,380		16,680

Funds from Operations⁽²⁾	$	228,782	$	858,880	$	882,180

Funds from Operations per diluted share	$	3.35	$	12.54	$	12.88

% Change - Funds from Operations		13.6%		5.3%		8.1%

Core Funds from Operations (excludes non-core items)	$	210,959	$	841,500	$	865,500

Core Funds from Operations per diluted share	$	3.09	$	12.28	$	12.64

% Change - Core Funds from Operations		5.1%		3.1%		6.1%

EPS - Diluted	$	1.38	$	4.66	$	5.00

Weighted average shares outstanding - FFO calculation		68,318		68,500		68,500

⁽¹⁾ All non-core items are excluded from the YTD actuals and included in the non-core income and expense section of the FFO reconciliation.
⁽²⁾ 2018 Guidance excludes projected gain on sale of marketable securities, loss on early retirement of debt, political/legislative costs, and promote income until they are realized within the reporting period presented in the report.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-14

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

Reconciliation of Projected EPS, FFO and Core FFO per diluted share


Projected EPS, FFO and Core FFO per diluted share

	With respect to the Company’s guidance regarding its projected FFO and Core FFO, which guidance is set forth in the earnings release and on page S-14 of this supplement, a reconciliation of projected net income per share to projected FFO per share and projected Core FFO per share, as set forth in such guidance, is presented in the table below.

					2018 Guidance Range⁽¹⁾
				Three Months Ended March 31, 2018		2nd Quarter 2018				Full-Year 2018
				Three Months Ended March 31, 2018		Low		High		Low		High
	EPS - diluted		$	1.38	$	1.02	$	1.12	$	4.66	$	5.00
		Conversion from GAAP share count		(0.05)		(0.03)		(0.03)		(0.16)		(0.16)
		Depreciation and amortization		1.98		1.97		1.97		7.88		7.88
		Noncontrolling interest related to Operating Partnership units		0.04		0.04		0.04		0.16		0.16
	FFO per share - diluted			3.35		3.00		3.10		12.54		12.88
		Gain on sale of marketable securities		(0.01)		-		-		(0.01)		(0.01)
		Unrealized losses on marketable securities		0.01		-		-		0.01		0.01
		Co-investment promote income		(0.30)		-		-		(0.30)		(0.30)
		Expensed acquisition and investment related costs		-		-		-		-		0.02
		Insurance reimbursements, legal settlements, and other, net		0.04		-		-		0.04		0.04
	Core FFO per share - diluted		$	3.09	$	3.00	$	3.10	$	12.28	$	12.64

	⁽¹⁾	2018 Guidance excludes projected gain on sale of real estate and land, gain on sale of marketable securities, loss on early retirement of debt, political/legislative costs, and promote income until they are realized within the reporting period presented in this report.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-14.1

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

Summary of Apartment Community Acquisitions and Dispositions Activity

Year to date as of March 31, 2018

(Dollars in thousands, except average rent amounts and in footnotes)

Acquisitions

Essex

Apartment

Ownership

Contract

Price per

Average

Property Name

Location

Homes

Percentage

Entity

Date

Price

Apartment Home

Rent

Neither Essex nor its unconsolidated joint ventures acquired any apartment communities during the first quarter of 2018.

Dispositions

Essex

Apartment

Ownership

Sales

Price per

Property Name

Location

Homes

Percentage

Entity

Date

Price

Apartment Home

Neither Essex nor its unconsolidated joint ventures sold any apartment communities during the first quarter of 2018.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-15

E S S E X P R O P E R T Y T R U S T, I N C.
2018 MSA Level Forecast: Supply, Jobs, and Apartment Market Conditions
	Residential Supply ⁽¹⁾					Job Forecast ⁽²⁾		Market Forecast ⁽³⁾
Market	New MF Supply	New SF Supply	Total Supply	% of MF Supply to MF Stock	% of Total Supply to Total Stock	Est. New Jobs	% Growth	Economic Rent Growth

Los Angeles	11,050	5,600	16,650	0.7%	0.5%	57,800	1.3%	2.8%
Orange	4,650	4,400	9,050	1.1%	0.8%	22,250	1.4%	2.7%
San Diego	4,500	3,500	8,000	1.0%	0.7%	26,000	1.8%	3.5%
Ventura	400	1,050	1,450	0.6%	0.5%	4,950	1.6%	3.2%
So. Cal.	20,600	14,550	35,150	0.9%	0.6%	111,000	1.5%	3.0%

San Francisco	3,100	550	3,650	0.8%	0.5%	20,100	1.8%	2.8%
Oakland	2,100	4,000	6,100	0.6%	0.6%	18,500	1.6%	3.0%
San Jose	2,400	2,100	4,500	1.0%	0.7%	16,300	1.5%	3.0%
No. Cal.	7,600	6,650	14,250	0.8%	0.6%	54,900	1.6%	3.0%

Seattle	9,900	7,550	17,450	2.1%	1.4%	35,450	2.1%	3.2%

Weighted Average ⁽⁴⁾	38,100	28,750	66,850	1.1%	0.8%	201,350	1.6%	3.0%

All data are based on Essex Property Trust, Inc. forecasts.

U.S. Economic Assumptions: 2018 G.D.P. Growth: 2.7%, 2018 Job Growth: 1.4%

⁽¹⁾

New Residential Supply: total supply includes the Company’s estimate of actual multifamily deliveries including properties with 50+ units and excludes student, senior and 100% affordable housing communities. Single family estimates based on an average trailing 12 month single family permit. Previous presentations had included multifamily deliveries of 100+ units and excluded student, senior and 100% affordable housing.

⁽²⁾	Job Forecast: refers to the difference between total non-farm industry employment (not seasonally adjusted) projected 4Q over 4Q, expressed as total new jobs and growth rates.

⁽³⁾	Market Forecast: the estimated rent growth represents the forecasted change in effective market rents for full year 2018 vs. 2017 (excludes submarkets not targeted by Essex).

⁽⁴⁾	Weighted Average: markets weighted by scheduled rent in the Company’s Portfolio.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-16

E S S E X P R O P E R T Y T R U S T, I N C.
LinkedIn Worker Migration Trends for the San Francisco Bay Area - April 2017-March 2018

• RECENT MIGRATION TRENDS REFLECT THE INFLUX OF WORKERS TO ESSEX’S WEST COAST MARKETS, PRIMARILY FROM MAJOR EAST COAST METROS



Note: LinkedIn defines migration as a member changing their location on their LinkedIn profile. The maps reflect the cities the most LinkedIn members moved to and from in the past 12 months. For every 10,000 LinkedIn members in the San Francisco Bay Area, 6 moved to the city in the last 12 months from New York City. Source: LinkedIn Workforce Report, April 2018.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-16.1

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

Reconciliations of Non-GAAP Financial Measures and Other Terms


Adjusted EBITDAre Reconciliation

	The National Association of Real Estate Investment Trusts (“NAREIT”) defines earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”) (September 2017 White Paper) as net income (computed in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”)) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, impairment write-downs of depreciated operating properties, impairment write-downs of investments in unconsolidated entities caused by a decrease in value of depreciated operating properties within the joint venture and adjustments to reflect the Company’s share of EBITDAre of investments in unconsolidated entities. The Company believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of the Company’s ability to incur and service debt because it is a recognized measure of performance by the real estate industry, and by excluding gains or losses related to sales or impairment of depreciated operating properties, EBITDAre can help compare the Company’s credit strength between periods or as compared to different companies. Adjusted EBITDAre represents EBITDAre further adjusted for non-comparable items and is a component of the credit ratio, “Net Indebtedness Divided by Adjusted EBITDAre,” presented on page S-6, in the section titled “Selected Credit Ratios,” and it is not intended to be a measure of free cash flow for our management’s discretionary use, as it does not consider certain cash requirements such as income tax payments, debt service requirements, capital expenditures and other fixed charges. Adjusted EBITDAre is an important metric in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Adjusted EBITDAre is useful to investors, creditors and rating agencies because it allows investors to compare the Company’s credit strength to prior reporting periods and to other companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual credit quality. EBITDAre and Adjusted EBITDAre are not recognized measurements under U.S. GAAP. Because not all companies use identical calculations, our presentation of EBITDAre and Adjusted EBITDAre may not be comparable to similarly titled measures of other companies.

	The reconciliations of Net Income available to common stockholders to EBITDAre and Adjusted EBITDAre are presented in the table below (Dollars in thousands):

					Three Months Ended
					March 31,
					2018
	Net income available to common stockholders			$	90,918
	Adjustments:
		Net income attributable to noncontrolling interest			5,721
		Interest expense, net ⁽¹⁾			52,591
		Depreciation and amortization			119,105
		Income tax provision			157
		Co-investment EBITDAre adjustments			22,521
			EBITDAre		291,013

		Gain on sale of marketable securities			(680)
		Unrealized losses on marketable securities			876
		Insurance reimbursements, legal settlements, and other, net			2,433
		Co-investment promote income			(20,541)
		Income from early redemption of preferred equity investments			(24)
		Expensed acquisition and investment related costs			57
	Adjusted EBITDAre			$	273,134

⁽¹⁾

Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.1

Encumbered

Encumbered means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.

Funds From Operations (“FFO”)

FFO, as defined by the NAREIT, is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes merger, integration and acquisition costs and items that are not routine or not related to the Company’s core business activities, which is referred to as “Core FFO”, to be useful financial performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and the ability to pay dividends. FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. GAAP and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as an alternative to net income as an indicator of the REIT’s operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to shareholders. FFO and Core FFO do not represent cash flows generated from operating, investing or financing activities as defined under U.S. GAAP. Management has consistently applied the NAREIT definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the NAREIT definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.

The reconciliations of diluted FFO and Core FFO are detailed on page S-3 in the section titled “Consolidated Funds From Operations”.

Interest Expense, Net

Interest expense, net is presented on page S-1 in the section titled “Consolidated Operating Results”. Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges and is presented in the table below (Dollars in thousands):

Three Months Ended

March 31,

2018

Interest expense

54,861

Adjustments:

Total return swap income

(2,270)

Interest expense, net

52,591

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.2


Net Indebtedness Divided by Adjusted EBITDAre

	This credit ratio is presented on page S-6 in the section titled “Selected Credit Ratios.” This credit ratio is calculated by dividing net indebtedness by Adjusted EBITDAre, as annualized based on the most recent quarter, and adjusted for estimated net operating income from properties acquired or disposed of during the quarter. This ratio is presented by the Company because it provides rating agencies and investors an additional means of comparing the Company’s ability to service debt obligations to that of other companies. Net indebtedness is total debt, net less unamortized premiums, discounts, debt issuance costs, unrestricted cash and cash equivalents, and marketable securities. The reconciliation of Adjusted EBITDAre is set forth in “Adjusted EBITDAre Reconciliation” on page S-17.1 The calculation of this credit ratio and a reconciliation of net indebtedness to total debt at pro rata share for co-investments, net is presented in the table below (Dollars in thousands):

	Total consolidated debt, net			$	5,718,970
	Total debt from co-investments at pro rata share				780,664
	Adjustments:
		Consolidated unamortized premiums, discounts, and debt issuance costs			2,827
		Pro rata co-investments unamortized premiums, discounts,
			and debt issuance costs		6,027
		Consolidated cash and cash equivalents-unrestricted			(121,954)
		Pro rata co-investment cash and cash equivalents-unrestricted			(41,526)
		Marketable securities			(197,745)
			Net Indebtedness	$	6,147,263

	Adjusted EBITDAre, annualized ⁽¹⁾			$	1,092,536

	Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized				5.6

	⁽¹⁾	Based on the amount for the most recent quarter, multiplied by four.

Net Operating Income (“NOI”) and Same-Property NOI Reconciliations

	Net Operating Income (“NOI”) and same-property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups of communities. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenue less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented (Dollars in thousands):
					Three Months Ended		Three Months Ended
					March 31,		March 31,
					2018		2017
	Earnings from operations			$	110,547	$	109,231
	Adjustments:
		Corporate-level property management expenses			7,770		7,509
		Depreciation and amortization			119,105		115,503
		Management and other fees from affiliates			(2,308)		(2,236)
		General and administrative			14,813		10,601
		Expensed acquisition and investment related costs			57		556
			NOI		249,984		241,164
		Less: Non-same property NOI			(17,255)		(16,596)
	Same-Property NOI			$	232,729	$	224,568

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.3

Public Bond Covenants

Public Bond Covenants refer to certain covenants set forth in instruments governing the Company’s unsecured indebtedness. These instruments require the Company to meet specified financial covenants, including covenants relating to net worth, fixed charge coverage, debt service coverage, the amounts of total indebtedness and secured indebtedness, leverage and certain investment limitations. These covenants may restrict the Company’s ability to expand or fully pursue its business strategies. The Company’s ability to comply with these covenants may be affected by changes in the Company’s operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events adversely impacting it. The breach of any of these covenants could result in a default under the Company’s indebtedness, which could cause those and other obligations to become due and payable. If any of the Company’s indebtedness is accelerated, it may not be able to repay it. For risks related to failure to comply with these covenants, see “Item 1A: Risk Factors - Risks Related to Our Indebtedness and Financings” in the Company’s annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”).

The ratios set forth on page S-6 in the section titled “Public Bond Covenants” are provided only to show the Company’s compliance with certain specified covenants that are contained in indentures related to the Company’s issuance of Senior Notes, which indentures are filed by the Company with the SEC. See, for example, the Indenture dated March 8, 2018, filed by the Company as Exhibit 4.1 to the Company’s Form 8-K, filed on March 8, 2018. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the indentures filed by the Company with the SEC and may differ materially from similar terms used by other companies that present information about their covenant compliance.

Secured Debt

Secured Debt means debt of the Company or any of its subsidiaries which is secured by an encumbrance on any property or assets of the Company or any of its subsidiaries. The Company’s total amount of Secured Debt is set forth on page S-5.

Unencumbered NOI to Adjusted Total NOI

This ratio is presented on page S-6 in the section titled “Selected Credit Ratios”. Unencumbered NOI means the sum of NOI for those real estate assets which are not subject to an encumbrance securing debt. The ratio of Unencumbered NOI to Adjusted Total NOI for the three months ended March 31, 2018, annualized, is calculated by dividing Unencumbered NOI, annualized for the three months ended March 31, 2018 and as further adjusted for pro forma NOI for properties acquired or sold during the recent quarter, by Adjusted Total NOI as annualized. The calculation and reconciliation of NOI is set forth in “Net Operating Income (“NOI”) and Same-Property NOI Reconciliation” above. This ratio is presented by the Company because it provides rating agencies and investors an additional means of comparing the Company’s ability to service debt obligations to that of other companies. The calculation of this ratio is presented in the table below (Dollars in thousands):

Annualized

Q1’18 ⁽¹⁾

NOI

999,936

Adjustments:

Other, net⁽²⁾

(7,197)

Adjusted Total NOI

992,739

Less: Encumbered NOI

(280,954)

Unencumbered NOI

711,785

Encumbered NOI

280,954

Unencumbered NOI

711,785

Adjusted Total NOI

992,739

Unencumbered NOI to Adjusted Total NOI

72%

⁽¹⁾

This table is based on the amounts for the most recent quarter, multiplied by four.

⁽²⁾

Includes intercompany eliminations pertaining to self-insurance and other expenses.

Maryland (Essex Property Trust, Inc.) California (Essex Portfolio, L.P.)	77-0369576 (Essex Property Trust, Inc.) 77-0369575 (Essex Portfolio, L.P.)
(State or Other Jurisdiction of Incorporation)	(I.R.S. Employer Identification No.)

Essex Property Trust, Inc.	Emerging growth company	☐
Essex Portfolio, L.P.	Emerging growth company	☐

	ESSEX PROPERTY TRUST, INC.

	/s/ Angela L. Kleiman
	Name:	Angela L. Kleiman
	Title:	Executive Vice President and Chief Financial Officer

	ESSEX PORTFOLIO, L.P.

	By: Essex Property Trust, Inc.,
	its General Partner

	/s/ Angela L. Kleiman
	Name:	Angela L. Kleiman
	Title:	Executive Vice President and Chief Financial Officer