Essex Property Trust (ESS) 8-K Essex Announces 2004 Fourth Quarter and Annual Results

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				Twelve Months Ended
(Dollars in thousands, except per share amounts)			December 31,				December 31,
			2004			2003 (1)	2004			2003 (1)
Revenues:
	Rental		$	71,918	$	62,235	$	273,878	$	243,412
	Other property			2,494		2,096		9,605		8,164
		Total property revenues		74,412		64,331		283,483		251,576
Expenses:
	Property operating			25,773		21,493		96,856		81,781
	Depreciation and amortization			18,376		16,415		72,616		57,190
	Interest			17,238		13,340		63,023		52,410
	Amortization of deferred financing costs			408		235		1,587		1,197
	General and administrative			4,148		2,675		18,341		9,637
		Total expenses		65,943		54,158		252,423		202,215
Gain on sale of real estate				-		-		7,909		-
Interest and other income				2,109		1,969		8,027		6,715
Equity income in co-investments				28,567		752		59,522		3,296
Minority interests				(6,908)		(6,404)		(27,542)		(25,845)
Income from continuing operations				32,237		6,490		78,976		33,527
Income (loss) from discontinued operations, net of minority interests				276		426		717		1,563
Net income				32,513		6,916		79,693		35,090
Write off of Series C preferred unit offering costs				-		(625)		-		(625)
Amortization of discount on Series F preferred stock				-		(336)		-		(336)
Dividends to preferred stockholders - Series F				(488)		(195)		(1,952)		(195)
Net income available to common stockholders			$	32,025	$	5,760	$	77,741	$	33,934
Net income per share - basic			$	1.39	$	0.25	$	3.39	$	1.58
Net income per share - diluted			$	1.38	$	0.25	$	3.36	$	1.57

(1) The results for the three and twelve months ended December 31, 2003 have been restated to reflect the retroactive adoption of FIN 46 Revised and SFAS 123. Certain prior period balances have been reclassified to conform to the current year presentation.

See Company's 10-K and 10-Q for additional disclosures

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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				Twelve Months Ended
Selected Line Item Detail			December 31,				December 31,
(Dollars in thousands)				2004		2003	2004			2003
Property operating expenses
	Maintenance and repairs		$	5,639	$	4,918	$	21,057	$	18,623
	Real estate taxes			6,840		5,117		24,920		19,490
	Utilities			3,289		3,483		12,992		12,664
	Administrative			7,666		5,853		28,934		22,912
	Advertising			919		1,093		4,169		4,174
	Insurance			1,420		1,029		4,784		3,918
		Property operating expenses	$	25,773	$	21,493	$	96,856	$	81,781
General and administrative
	Total general and administrative		$	5,243	$	3,879	$	19,480	$	14,130
	Incentive compensation attributable to Fund I sale			-		-		4,000		-
	Employee-related litigation costs			500		-		500		-
	Allocated to property operating expenses - administrative			(1,189)		(994)		(4,508)		(3,833)
	Capitalized and incremental to real estate under development			(406)		(210)		(1,131)		(660)
		Net general and administrative	$	4,148	$	2,675	$	18,341	$	9,637
Interest and other
	Interest income		$	357	$	137	$	951	$	564
	Lease income			416		197		1,665		-
	Fee income			1,031		1,323		4,854		5,366
	Miscellaneous - non-recurring			305		312		557		785
		Interest and other	$	2,109	$	1,969	$	8,027	$	6,715
Equity income in co-investments
	Equity income (loss) in co-investments		$	(68)	$	752	$	2,493	$	3,296
	Gain on sale of co-investment activities, net			25,173		-		39,242		-
	Promote distribution from Fund I - non-recurring			3,797		-		18,292		-
	Early extinguishment of debt - non-recurring			(335)		-		(505)		-
		Equity income in co-investments	$	28,567	$	752	$	59,522	$	3,296
Minority interests
	Limited partners of Essex Portfolio, L.P.		$	3,300	$	568	$	8,011	$	3,541
	Perpetual preferred distributions			2,559		4,257		14,174		17,997
	Series Z and Z-1 incentive units			75		43		281		174
	Third party ownership interests			(90)		290		(944)		(440)
	Down REIT limited partners' distributions			1,064		1,246		4,445		4,573
	Write off of Series E preferred unit offering costs			-		-		1,575		-
		Minority interests	$	6,908	$	6,404	$	27,542	$	25,845

See Company's 10-K and 10-Q for additional disclosures

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E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Funds From Operations			Three Months Ended				Twelve Months Ended
(Dollars in thousands, except share and per share amounts)			December 31,				December 31,
				2004		2003 (1)		2004		2003 (1)
Funds from operations
Net income			$	32,513	$	6,916	$	79,693	$	35,090
Adjustments:
	Depreciation and amortization			18,376		16,415		72,616		57,190
	Depr. and amort. - unconsolidated co-investments			685		705		2,501		2,469
	Gain on sale of real estate			-		-		(7,909)		-
	Gain on sale of co-investment activities, net			(25,173)		-		(39,242)		-
	Minority interests			3,404		657		8,365		3,880
	Depreciation - discontinued operations			63		72		308		397
	Write off of Series C preferred unit offering costs			-		(625)		-		(625)
	Amortization of discount on Series F preferred stock			-		(336)		-		(336)
	Dividends to preferred stockholders - Series F			(488)		(195)		(1,952)		(195)
		Funds from operations	$	29,380	$	23,609	$	114,380	$	97,870
Components of the change in FFO
Same property NOI			$	579			$	690
DESIGNTIMESP=20140> Non-same property NOI				5,222				16,142
Other - corporate and unconsolidated co-investments				(1,035)				36
Promote distribution from Fund I - non-recurring				3,797				18,292
Interest expense and amortization of deferred financing costs				(4,071)				(11,003)
General and administrative				(1,473)				(8,704)
Minority interests				2,260				2,880
Income from discontinued operations				(167)				(938)
Depreciation - discontinued operations				(9)				(89)
Write off of Series C preferred unit offering costs				625				625
Amortization of discount on Series F preferred stock				336				336
Dividends to preferred stockholders - Series F				(293)				(1,757)
		Changes in Funds from operations	$	5,771			$	16,510
Funds from operations per share - diluted			$	1.14	$	0.94	$	4.49	$	4.09
		Percentage increase		21.3%				9.8%
Weighted average number of shares outstanding diluted (2)				25,665,019		25,211,207		25,490,265		23,947,931

(1)	DESIGNTIMESP=9043>The results for the three and twelve months ended December 31, 2003 have been restated to reflect the retroactive adoption of FIN 46 Revised and SFAS 123.
(2)	Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock.

See Company's 10-K and 10-Q for additional disclosures

S-3

E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Balance Sheet
(Dollars in thousands)
				December 31, 2004		December 31, 2003 (1)
Real Estate:
	Land and land improvements		$	536,600	$	469,347
	Buildings and improvements			1,834,594		1,514,775
				2,371,194		1,984,122
	Less: accumulated depreciation			(335,242)		(265,763)
				2,035,952		1,718,359
	Real estate investment held for sale, net of accumulated depreciation of
		$496 as of December 31, 2004		14,445		-
	Investments			49,712		79,567
	Real estate under development			38,320		55,183
				2,138,429		1,853,109
Cash and cash equivalents				31,899		25,943
Other assets				36,151		29,185
Deferred charges, net				10,738		8,574
		Total assets	$	2,217,217	$	1,916,811
Mortgage notes payable			$	1,067,449	$	891,798
Lines of credit				249,535		93,100
Other liabilities				63,826		57,371
Deferred gain				5,000		-
Total liabilities				1,385,810		1,042,269
Minority interests				240,130		293,143
Common distributions declared
Stockholders' Equity:
	Common stock			2		2
	Series F cumulative redeemable preferred stock, liquidation value			25,000		25,000
	Additional paid-in-capital			646,744		642,643
	Distributions in excess of accumulated earnings			(80,469)		(86,246)
		Total liabilities and stockholders' equity	$	2,217,217	$	1,916,811

(1)	The December 31, 2003 consolidated balance sheet has been restated for the retroactive adoption of the
	provisions of FIN 46 Revised and SFAS 123.

See Company's 10-K and 10-Q for additional disclosures

S-4

E S S E X P R O P E R T Y T R U S T, I N C.
Debt Summary - December 31, 2004
(Dollars in thousands)
			Percentage of			Weighted	Weighted
			Total		Balance	Average	Average Maturity
			Debt		Outstanding	Interest Rate (1)	In Years
Mortgage notes payable
	Fixed rate - secured		67%	$	878,617	6.7%	5.8
	Tax exempt variable (2)		14%		188,832	2.7%	25.0
		Total mortgage notes payable	81%		1,067,449	5.9%	9.1
Line of credit - secured (3)			7%		93,735	1.7%
Line of credit - unsecured (4)			12%		155,800	2.4%
			19%		249,535	2.1%
		Total debt	100%	$	1,316,984	5.2%
		Scheduled principal payments (excludes lines of credit)
			2005	$	18,721
			2006		24,683
			2007		124,846
			2008		154,452
			2009		46,209
			Thereafter		698,538
			Total	$	1,067,449
Capitalized interest for the quarter ended December 31, 2004 was $73.

(1)	Weighted average interest rate for variable rate debt are approximate current values.
(2)	Subject to interest rate protection agreements.
(3)	Secured line of credit commitment is $100 million and matures in January 2009.
	This line is secured by five of Essex's multifamily communities. The underlying interest rate is currently the Freddie Mac Reference Rate plus .55% to .60%.
(4)	Unsecured line of credit commitment is $185 million and matures in May 2007.
	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 1.00%.

See Company's 10-K and 10-Q for additional disclosures

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E S S E X P R O P E R T Y T R U S T, I N C.
Capitalization - December 31, 2004
(Dollars and shares in thousands, except per share amounts)
Total debt	$	1,316,984
Common stock and potentially dilutive securities
Common stock outstanding		23,034
Limited partnership units (1)		2,477
Options-treasury method		154
Total common stock and potentially dilutive securities		25,665	shares
Common stock price per share as of December 31, 2004	$	83.800
Market value of common stock and potentially dilutive securities	$	2,150,727
Perpetual preferred units/stock	$	155,000	7.865% weighted average pay rate
Total equity capitalization	$	2,305,727
Total market capitalization	$	3,622,711
Ratio of debt to total market capitalization		36.4%

(1) Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock.

See Company's 10-K and 10-Q for additional disclosures

S-6

E S S E X P R O P E R T Y T R U S T, I N C.
Property Operating Results - Quarter ended December 31, 2004 and 2003
(Dollars in thousands)
			Southern California					Northern California					Pacific Northwest					Other real estate assets(1)					Total
			2004		2003		% Change	2004		2003		% Change	2004		2003		% Change	2004		2003		% Change		2004	2003		% Change
Revenues:
	Same property revenues		$	22,798	$	22,144	3.0%	$	12,389	$	12,677	-2.3%	$	9,863	$	9,743	1.2%	$	-	$	-	n/a	$	45,050	$	44,564	1.1%
	Non same property revenues(2)			21,060		12,799			3,483		3,156			3,404		2,180			1,415		1,632			29,362		19,767
		Total Revenues	$	43,858	$	34,943		$	15,872	$	15,833		$	13,267	$	11,923		$	1,415	$	1,632		$	74,412	$	64,331
Property operating expenses:
	Same property operating expenses		$	6,704	$	6,959	-3.7%	$	4,289	$	4,246	1.0%	$	3,704	$	3,585	3.3%	$	-	$	-	n/a	$	14,697	$	14,790	-0.6%
	Non same property operating expenses(2)			7,334		3,757			1,414		1,236			1,479		731			849		979			11,076		6,703
		Total property operating expenses	$	14,038	$	10,716		$	5,703	$	5,482		$	5,183	$	4,316		$	849	$	979		$	25,773	$	21,493
Common distributions declared
Net operating income:
	Same property net operating income		$	16,094	$	15,185	6.0%	$	8,100	$	8,431	-3.9%	$	6,159	$	6,158	0.0%	$	-	$	-	n/a	$	30,353	$	29,774	1.9%
	Non same property operating income(2)			13,726		9,042			2,069		1,920			1,925		1,449			566		653			18,286		13,064
		Total net operating income	$	29,820	$	24,227		$	10,169	$	10,351		$	8,084	$	7,607		$	566	$	653		$	48,639	$	42,838
Same property operating margin				71%		69%			65%		67%			62%		63%		n/a		n/a				67%		67%
Same property turnover percentage				50%		51%			48%		46%			45%		47%		n/a		n/a				48%		49%
Same property concessions			$	109	$	120		$	169	$	347		$	103	$	315		$	-	$	-		$	381	$	782
Average same property concessions per turn			$	133	$	143		$	376	$	808		$	218	$	638		$	-	$	-		$	219	$	445
	(In dollars)
Net operating income percentage of total				61%		56%			21%		24%			17%		18%			1%		2%			100%		100%
Loss to lease(3)			$	6,916				$	214				$	419				$	n/a				$	7,549
	Loss to lease as a percentage
	of rental income			4.1%					0.3%					0.8%					n/a					2.5%
Reconciliation of apartment units at end of period
	Same property consolidated apartment units			6,538		6,538			3,737		3,737			4,210		4,210			-		-			14,485		14,485
	Consolidated Apartment Units			12,166		9,666			4,689		4,489			5,651		5,145			578		578			23,084		19,878
	Joint Venture			1,313		5,277			595		116			-		741			-		-			1,908		6,134
	Under Development			407		686			370		370			-		-			-		-			777		1,056
		Total apartment units at end of period		13,886		15,629			5,654		4,975			5,651		5,886			578		578			25,769		27,068
		Percentage of total		54%		58%			22%		18%			22%		22%			2%		2%			100%		100%
Average same property financial occupancy				96.5%		97.0%			95.2%		96.4%			95.4%		95.9%		n/a		n/a				95.9%		96.6%

(1)	Includes apartment communities located in other geographic areas, other rental properties and commercial properties.
(2)	Includes properties which subsequent to September 30, 2003 were consolidated pursuant to FIN46(R), or either acquired or in a stage of development or redevelopment without stabilized operations.
(3)	Loss to lease represents the annualized difference between market rents (without considering the impact of rental concessions) and contractual rents. These numbers include the Company's pro-rata interest in unconsolidated properties.

See Company's 10-K and 10-Q for additional disclosures

S-7

E S S E X P R O P E R T Y T R U S T, I N C.
Same Property Revenue by County - Quarters ended December 31, 2004, December 31, 2003 and September 30, 2004
(Dollars in thousands)
				December 31,		December 31,			September 30,
			Units	2004		2003		% Change	2004		% Change
Southern California
	Ventura County		1,229	$	4,241	$	4,291	-1.2%	$	4,217	0.6%
	Los Angeles County		1,825		7,405		7,032	5.3%		7,373	0.4%
	Orange County		932		4,087		3,924	4.2%		4,082	0.1%
	San Diego County		2,552		7,065		6,897	2.4%		6,964	1.5%
		Total Southern California	6,538	$	22,798	$	22,144	3.0%	$	22,636	0.7%
Northern California
	San Francisco County		99	$	349	$	332	5.1%	$	342	2.0%
	Santa Clara County		1,696		5,836		6,009	-2.9%		5,921	-1.4%
	Alameda County		1,116		3,261		3,384	-3.6%		3,405	-4.2%
	Contra Costa County		826		2,943		2,952	-0.3%		3,035	-3.0%
		Total Northern California	3,737	$	12,389	$	12,677	-2.3%	$	12,703	-2.5%
Pacific Northwest
	Seattle		3,335	$	8,028	$	8,035	-0.1%	$	8,132	-1.3%
	Portland		875		1,835		1,708	7.4%		1,828	0.4%
		Total Pacific Northwest	4,210	$	9,863	$	9,743	1.2%	$	9,960	-1.0%
Total same property revenues			14,485	$	45,050	$	44,564	1.1%	$	45,299	-0.5%

See Company's 10-K and 10-Q for additional disclosures

S-8

E S S E X P R O P E R T Y T R U S T, I N C.
Development Communities - December 31, 2004
(Dollars in millions)
							Total		Estimated
					Estimated		Incurred		Remaining	Initial	Stabilized	%	%
Project Name			Location	Units	Cost		to Date	Cost		Occupancy	Operations	Leased	Occupied
Development Communities
Direct Development - Consolidated
	The San Marcos Phase II		Richmond, CA	120	23.9		21.9		2.0	Sep-04	Jan-05	31%	22%
	Northwest Gateway(1)		Los Angeles, CA	275	62.6		13.3		49.3	Jul-07	Jan-08	n/a	n/a
	Pre-development costs				3.1		3.1		-	-	-	n/a	n/a
		Subtotal - direct development		395	89.6		38.3		51.3
Joint Venture Transactions - Unconsolidated(2)
	River Terrace		Santa Clara, CA	250	57.9		54.3		3.6	Sep-04	Jun-05	68%	55%
	Kelvin Avenue		Irvine, CA	132	6.2		6.2		-	-	-	n/a	n/a
		Total - development		777	153.7	$	98.8	$	54.9
Stabilized Communities - Fourth Quarter 2004
	Hidden Valley-Parker Ranch(3)		Simi Valley, CA	324	48.3	$	48.0	$	0.3	Dec-03	Dec-04	95%	91%

(1)	The Company will receive 75% of the cash flow up to a 22.67% priority return, and 50% of cash flow thereafter.
(2)	The Company has a 21.4% interest in development projects owned by Fund I.
(3)	The Company has a 75% interest in this development project.

See Company's 10-K and 10-Q for additional disclosures

S-9

E S S E X P R O P E R T Y T R U S T, I N C.
Redevelopment Communities - December 31, 2004
(Dollars in thousands)
				Total		Estimated
		Estimated		Incurred		Remaining		Redevelopment
Project Name	Units	Cost		to date		Cost		Start
Hillcrest Park - Phase II	608	$	3,626	$	2,891	$	735	Apr-03
Kings Road	196		6,044		2,174		3,870	Jan-04
Coronado at Newport - South (1)	715		13,257		4,378		8,879	Jan-04
Mira Woods	355		4,870		75		4,795	Sep-04
Palisades	192		1,637		264		1,373	Sep-04
Avondale	446		5,524		285		5,239	Oct-04
Total	2,512	$	34,958	$	10,067	$	24,891
Re-stabilized Communities - Fourth Quarter 2004
None

	Restabilized operations is defined as the month that the property reaches at least 95% occupancy after completion of the redevelopment project.
	A component of these redevelopments are upgrades to unit interiors. These will be completed in the normal course of unit turnover.
(1)	The Company has an approximate 49.9% direct ownership interest in this asset. The Fund has an approximate 49.9% direct ownership interest
	in this asset, of which the Company owns 21.4%. This asset is part of the announced UDR transaction anticipated to be sold in 2005.

See Company's 10-K and 10-Q for additional disclosures

S-10

E S S E X P R O P E R T Y T R U S T, I N C.
Investments - December 31, 2004							Debt								Essex
(Dollars in thousands)				Book	Estimated				Interest	Maturity	Value of		Company		Equity
				Value	Value(1)		Amount	Type	Rate	Date	Equity		Ownership		Value(2)
Joint Ventures
	Essex Apartment Value Fund, L.P. (Fund I)
		Coronado at Newport - South, Newport Beach, CA - 49.9% (3)					-
		Kelvin Avenue, Irvine, CA (development)					-
		Rivermark, Santa Clara, CA (development)					26,578	Var.	LIBOR+ 2%	Jan-07
			$	14,140	$	84,394	26,578				$	57,816		21.4%	$	12,373
	Essex Apartment Value Fund II, L.P. (Fund II)
		Harbor Cove, Foster City, CA					36,473	Fixed	4.89%	Dec-13
		Carlmont Woods, Belmont, CA					13,526	Fixed	4.89%	Dec-13
		Parcwood, Corona, CA					26,556	Fixed	4.89%	Dec-13
				17,242		130,000	76,555					53,445		28.2%		15,071
	Lend Lease
		Coronado at Newport - South, Newport Beach, CA					48,697	Fixed	5.30%	Dec-12
				11,524		95,404	48,697					46,707		49.9%		23,307
Other				6,806												6,806
			$	49,712											$	57,557

(1)	Estimated value for properties in contract to sell are based on the anticipated sales price less the anticipated cost of sales.
(2)	Although the Company generally intends to hold these properties for use, the Company equity value assumes liquidation at December 31, 2004.
(3)	The Fund accounts for its investment in this property under the equity method of accounting.

See Company's 10-K and 10-Q for additional disclosures

S-11

	ESSEX PROPERTY TRUST, INC.
	REAL ESTATE INFORMATION
	31-Dec-04
						Square	Year	Year
	Property Name	Address	City	State	Units	Footage	Acquired	Built
	MULTIFAMILY COMMUNITIES
	SAN FRANCISCO BAY AREA
	Santa Clara County
1	Pointe at Cupertino, The (Westwood)	19920 Olivewood Street	Cupertino	CA	116	135,200	1998	1963
1	Carlyle, The	2909 Nieman Boulevard	San Jose	CA	132	129,200	2000	2000
1	Esplanade	350 East Taylor St.	San Jose	CA	278	279,000	2004	2002
1	Waterford, The	1700 N. First Street	San Jose	CA	238	219,600	2000	2000
1	Le Parc (Plumtree)	440 N. Winchester Avenue	Santa Clara	CA	140	113,200	1994	1975
1	Marina Cove	3480 Granada Avenue	Santa Clara	CA	292	250,200	1994	1974
	River Terrace	N.E. corner Montague/Agnew	Santa Clara	CA	250	223,800
1	Bristol Commons	732 E. Evelyn Avenue	Sunnyvale	CA	188	142,600	1995	1989
1	Brookside Oaks	1651 Belleville Way	Sunnyvale	CA	170	119,900	2000	1973
1	Oak Pointe	450 N. Mathilda Avenue	Sunnyvale	CA	390	294,100	1988	1973
1	Summerhill Park	972 Corte Madera Avenue	Sunnyvale	CA	100	78,500	1988	1988
1	Windsor Ridge	825 E. Evelyn Avenue	Sunnyvale	CA	216	161,800	1989	1989
				9%	2,260	1,923,300
	Alameda County
1	Stevenson Place (The Apple)	4141 Stevenson Blvd.	Fremont	CA	200	146,200	1983	1971
1	Treetops	40001 Fremont Blvd.	Fremont	CA	172	131,200	1996	1978
1	Wimbeldon Woods	25200 Carlos Bee Blvd.	Hayward	CA	560	462,400	1998	1975
1	Summerhill Commons	36826 Cherry Street	Newark	CA	184	139,000	1987	1987
				4%	1,116	878,800
	Contra Costa County
1	San Marcos (Vista del Mar)	Hilltop Drive at Richmond Pkwy	Richmond	CA	312	292,700	2003	2003
	San Marcos (Vista del Mar) - Phase II	Hilltop Drive at Richmond Pkwy	Richmond	CA	120	114,900
1	Bel Air (The Shores)	2000 Shoreline Drive	San Ramon	CA	462	391,000	1995	1988	114 units 2000
1	Eastridge Apartments	235 East Ridge Drive	San Ramon	CA	188	174,100	1996	1988
1	Foothill Gardens	1110 Harness Drive	San Ramon	CA	132	155,100	1997	1985
1	Twin Creeks	2711-2731 Morgan Drive	San Ramon	CA	44	51,700	1997	1985
				5%	1,138	1,064,600
	San Mateo County
1	Carlmont Woods	2515 Carlmont Drive	Belmont	CA	195	107,200	2004	1971
1	Harbor Cove	900 E. Hillsdale Blvd.	Foster City	CA	400	306,600	2004	1971
				2%	595	413,800
	San Francisco and Marin County
1	Mt. Sutro Terrace Apartments	480 Warren Drive	San Francisco	CA	99	64,000	1999	1973
1	Vista Belvedere	15 Red Hill Circle	Tiburon	CA	76	78,300	2004	1963
				1%	175	142,300
24	Total San Francisco Bay Area			21%	5,284	4,422,800
	SOUTHERN CALIFORNIA
	Los Angeles County
1	Hampton Court (Columbus)	1136 N. Columbus Avenue	Glendale	CA	83	71,500	1999	1974
1	Hampton Place (Loraine)	245 W. Loraine Street	Glendale	CA	132	141,500	1999	1970
1	Marbrisa	1809 Termino Ave.	Long Beach	CA	202	122,800	2002	1987
1	Pathways	5945 E. Pacific Coast Hwy.	Long Beach	CA	296	197,700	1991	1975
1	Bunker Hill	222 and 234 S. Figueroa St.	Los Angeles	CA	456	346,600	1998	1968
1	City Heights	209 S. Westmoreland	Los Angeles	CA	687	424,100	2000	1968
1	Cochran Apartments	612 South Cochran	Los Angeles	CA	58	51,400	1998	1989
1	Kings Road	733 North Kings Road	Los Angeles	CA	196	132,100	1997	1979
	Northwest Gateway	1302 West 2nd St.	Los Angeles	CA	275	225,000
1	Park Place	400 S. Detroit Street	Los Angeles	CA	60	48,000	1997	1988
1	Windsor Court	401 S. Detroit Street	Los Angeles	CA	58	46,600	1997	1988
1	Marina City Club	4333 Admiralty Way	Marina Del Rey	CA	101	127,200	2004	1971
1	Mirabella (Marina View)	13701 Marina Point Drive	Marina Del Rey	CA	188	176,800	2000	2000
1	Hillcrest Park (Mirabella)	1800 West Hillcrest Drive	Newbury Park	CA	608	521,900	1998	1973
1	Monterra del Mar (Windsor Terrace)	280 E. Del Mar Boulevard	Pasadena	CA	123	74,400	1997	1972
1	Monterra del Rey (Glenbrook)	350 Madison	Pasadena	CA	84	73,100	1999	1972
1	Monterra del Sol (Euclid)	280 South Euclid	Pasadena	CA	85	69,200	1999	1972
1	Fountain Park	13141 Fountain Park Drive	Playa Vista	CA	705	608,900	2004	2002
1	Highridge	28125 Peacock Ridge Drive	Rancho Palos Verde	CA	255	290,200	1997	1972
1	Walnut Heights	20700 San Jose Hills Road	Walnut	CA	163	146,700	2003	1964
1	Avondale at Warner Center	22222 Victory Blvd.	Woodland Hills	CA	446	331,000	1999	1970
				20%	4,986	4,001,700
	Ventura County
1	Camarillo Oaks	921 Paseo Camarillo	Camarillo	CA	564	459,000	1996	1985
1	Mountain View	649 E. Las Posas Road	Camarillo	CA	106	83,900	2004	1980
1	Mariner's Place	711 South B Street	Oxnard	CA	105	77,200	2000	1987
1	Tierra Vista	Rice and Gonzales	Oxnard	CA	404	387,100	2001	2001
1	Monterey Villas (Village Apartments)	1040 Kelp Lane	Oxnard	CA	122	122,100	1997	1974
1	Meadowood	1733 Cochran Street	Simi Valley	CA	320	264,500	1996	1986
1	Hidden Valley (Parker Ranch)	5065 Hidden Park Court	Simi Valley	CA	324	310,900	2004	2004
1	Lofts at Pinehurst,The (Villa Scandia)	1021 Scandia Avenue	Ventura	CA	118	71,100	1997	1971
1	Pinehurst	3980 Telegraph Road	Ventura	CA	28	21,200	2004	1973
1	Woodside Village	675 Providence Ave.	Ventura	CA	145	136,500	2004	1987
				9%	2,236	1,933,500

S-12

	Orange County
1	Barkley Apartments	2400 E. Lincoln Ave.	Anahiem	CA	161	139,800		2000	1984
1	Vista Pointe	175-225 S. Rio Vista	Anahiem	CA	286	242,400		1985	1968
1	Valley Park Apartments	17300 Euclid Ave.	Fountain Valley	CA	160	169,700		2001	1969
1	Capri at Sunny Hills	2341 Daphne Place	Fullerton	CA	100	128,100		2001	1961
1	Wilshire Promenade	141 West Wilshire Avenue	Fullerton	CA	149	128,000	(1)	1997	1992
1	Montejo Apartments	12911 Dale St.	Garden Grove	CA	124	103,200		2001	1974
1	Huntington Breakers	21270 Beach Boulevard	Huntington Beach	CA	342	241,700		1997	1984
	Irvine development	2552 Kelvin Ave.	Irvine	CA	132	122,400
1	Hillsborough Park	1501 South Beach Boulevard	La Habra	CA	235	215,500		1999	1999
1	Trabuco Villas	25362 Mosswood Way	Lake Forest	CA	132	131,000		1997	1985
1	Coronado At Newport-South	1700 16th Street	Newport Beach	CA	715	498,700		1999	1969
1	Fairways Apartments	2 Pine Valley Lane	Newport Beach	CA	74	107,100		1999	1972
1	Villa Angelina	201 E. Chapman Ave.	Placentia	CA	256	217,600		2001	1970
1	Hearthstone Apartments	2301 E. Santa Clara Ave.	Santa Ana	CA	140	154,800		2001	1970
1	Treehouse Apartments	2601 N. Grand Ave.	Santa Ana	CA	164	135,700		2001	1970
				12%	3,038	2,613,300
	San Diego County
1	Alpine Country	2660 Alpine Blvd.	Alpine	CA	108	81,900		2002	1986
1	Alpine Village	2055 Arnold Way	Alpine	CA	306	254,400		2002	1971
1	Bonita Cedars	5155 Cedarwood Rd.	Bonita	CA	120	120,800		2002	1983
1	Cambridge	660 F. St.	Chula Vista	CA	40	22,100		2002	1965
1	Woodlawn Colonial	245-255 Woodlawn Ave.	Chula Vista	CA	159	104,500		2002	1974
1	Mesa Village	5265 Clairemont Mesa Blvd.	Clairemont	CA	133	43,600		2002	1963
1	Casa Tierra	355 Orlando St.	El Cajon	CA	40	28,700		2002	1972
1	Coral Gardens	425 East Bradley	El Cajon	CA	200	182,000		2002	1976
1	Tierra del Sol/Norte	989 Peach Ave.	El Cajon	CA	156	117,000		2002	1969
1	Grand Regacy	2050 E. Grand Ave.	Escondido	CA	60	42,400		2002	1967
1	Mira Woods Villa	10360 Maya Linda Rd.	Mira Mesa	CA	355	262,600		2002	1982
1	Country Villas	283 Douglas Drive	Oceanside	CA	180	179,700		2002	1976
1	Bluffs II, The	6466 Friars Road	San Diego	CA	224	126,700		1997	1974
1	Emerald Palms	2271 Palm Ave.	San Diego	CA	152	133,000		2002	1986
1	Summit Park	8563 Lake Murray Blvd.	San Diego	CA	300	229,400		2002	1972
1	Vista Capri - East	4666 63rd St.	San Diego	CA	26	16,800		2002	1967
1	Vista Capri - North	3277 Berger Ave.	San Diego	CA	106	51,800		2002	1975
1	Carlton Heights	9705 Carlton Hills Blvd.	Santee	CA	70	48,400		2002	1979
1	Shadow Point	9830 Dale Ave.	Spring Valley	CA	172	131,200		2002	1983
				12%	2,907	2,177,000
	Riverside County
1	Parcwood	1700 Via Pacifica	Corona	CA	312	270,000		2004	1989
1	Devonshire Apartments	2770 West Devonshire Ave.	Hemet	CA	276	207,200		2002	1988
				2%	588	477,200
65	Total Southern California			55%	13,755	11,202,700
	SEATTLE METROPOLITAN AREA
1	Emerald Ridge	3010 118th Avenue SE	Bellevue	WA	180	144,000		1994	1987
1	Foothill Commons	13800 NE 9th Place	Bellevue	WA	360	288,300		1990	1978
1	Palisades, The	13808 NE 12th	Bellevue	WA	192	159,700		1990	1977
1	Sammamish View	16160 SE Eastgate Way	Bellevue	WA	153	133,500		1994	1986
1	Woodland Commons	13700 NE 10th Place	Bellevue	WA	236	172,300		1990	1978
1	Canyon Pointe	1630 228th St. SE	Bothell	WA	250	210,400		2003	1990
1	Inglenook Court	14220 Juanita Drive, NE	Bothell	WA	224	183,600		1994	1985
1	Salmon Run at Perry Creek	2109 228th Street SE	Bothell	WA	132	117,100		2000	2000
1	Stonehedge Village	14690 143rd Blvd., NE	Bothell	WA	196	214,800		1997	1986
1	Park Hill at Issaquah	22516 SE 56th Street	Issaquah	WA	245	277,700		1999	1999
1	Peregrine Point	21209 SE 42nd Street	Issaquah	WA	67	85,900		2003	2003
1	Wandering Creek	12910 SE 240th	Kent	WA	156	124,300		1995	1986
1	Bridle Trails	6600 130th Avenue, NE	Kirkland	WA	92	73,400		1997	1986
1	Evergreen Heights	12233 NE 131st Way	Kirkland	WA	200	188,300		1997	1990
1	Laurels at Mill Creek	1110 164th Street SE	Mill Creek	WA	164	134,300		1996	1981
1	Anchor Village	9507 49th Avenue West	Mukilteo	WA	301	245,900		1997	1981
1	Castle Creek	7000 132nd Place, SE	Newcastle	WA	216	191,900		1998	1998
1	Brighton Ridge	2307 NE 4th Street	Renton	WA	264	201,300		1996	1986
1	Fairwood Pond	14700 SE Petrovitsky Rd.	Renton	WA	194	189,200		2004	1997
1	Forest View	650 Duvall Ave. NE	Renton	WA	192	182,500		2003	1998
1	Fountain Court	2400 4th Street	Seattle	WA	320	207,000		2000	2000
1	Linden Square	13530 Linden Avenue North	Seattle	WA	183	142,200		2000	1994
1	Maple Leaf	7415 5th Avenue, NE	Seattle	WA	48	35,500		1997	1986
1	Spring Lake	12528 35th Avenue, NE	Seattle	WA	69	42,300		1997	1986
1	Wharfside Pointe	3811 14th Avenue West	Seattle	WA	142	119,200	(2)	1994	1990
25	Total Seattle Metropolitan Area			19%	4,776	4,064,600
	PORTLAND METROPOLITAN AREA
1	Jackson School Village	300 NE Autumn Rose Way	Hillsboro	OR	200	196,800		1996	1996
1	Landmark Apartments	3120 NW John Olsen Ave.	Hillsboro	OR	285	282,900		1996	1990
1	Meadows @ Cascade Park	314 SE 19th Street	Vancouver	WA	198	199,300		1997	1989
1	Village @ Cascade Park	501 SE 123rd Avenue	Vancouver	WA	192	178,100		1997	1989
4	Total Portland Metropolitan Area			4%	875	857,100
	OTHER AREAS
1	St. Cloud Apartments	6525 Hilcroft	Houston	TX	302	306,800		2002	1968
1				1%	302	306,800
	119	Multifamily Properties			24,992	20,854,000		1999	1982
	4	Multifamily Properties Under Construction			777	686,100
	Avg. square footage	834
	Avg. units per property	210
	Avg. age of property	22
	(1) Also has 11,836 square feet of commercial/retail space.
	(2) Also has 9,512 square feet of commercial space.
	OTHER REAL ESTATE ASSETS
	Manufactured Housing Communities
	Green Valley	2130 Sunset Dr.	Vista	CA	157	pads		2002	1973
	Riviera	2038 Palm St.	Las Vegas	NV	450	pads		2002	1969
	Recreational Vehicle Parks
	Circle RV	1835 E. Main St.	El Cajon	CA	179	spaces		2002	1977
	Vacationer	1581 E. Main St.	El Cajon	CA	159	spaces		2002	1973
	Diamond Valley	344 N. State St.	Hemet	CA	224	spaces		2002	1974
	Riviera RV	2200 Palm St.	Las Vegas	NV	136	spaces		2002	1969
	Office Buildings
	Essex Corporate Headquarter Bldg.	925 E. Meadow Dr.	Palo Alto	CA		17,400		1997	1988
	Valley Financial Office Building	2399 Camino Del Rio South	San Diego	CA		5,200		2002	1978
	Moore Street Office Building	3205 Moore St.	San Diego	CA		2,000		2002	1957
	Essex Southern Cal. Office Building	22110-22120 Clarendon St.	Woodland Hills	CA		38,940		2001	1982

S-13

Essex Markets Forecast 2005: Supply, Jobs and Apartment Market Conditions
	Residential Supply*				Job Forecast**		Forecast Market Conditions***
Market	New MF Supply	% of Total Stock	New SF Supply	% of Total Stock	Est.New Jobs Dec-Dec	% Growth	Estimated Y-o-Y Rent Growth	Estimated Year End Vacancy
Seattle	1,600	0.4%	9,600	1.5%	27,000	2.0%	2.5% to 3.5%	94.75%
Portland	2,600	1.1%	10,000	1.8%	19,000	2.0%	Flat	93.75%
San Francisco	1,800	0.5%	1,100	0.3%	14,500	1.5%	3.0% to 4.0%	95.00%
Oakland	2,100	0.8%	6,500	1.0%	18,500	1.8%	2.0% to 3.0%	95.00%
San Jose	1,200	0.6%	2,200	0.6%	10,000	1.2%	2.5% to 3.5%	95.00%
Ventura	500	1.0%	2,500	1.3%	5,000	1.7%	2.0%	95.00%
Los Angeles	9,000	0.6%	8,500	0.5%	50,000	1.2%	3.0% to 4.0%	96.00%
Orange	3,000	0.8%	6,000	1.0%	32,000	2.3%	3.5% to 4.5%	96.00%
San Diego	4,300	1.1%	9,300	1.4%	35,000	2.8%	2.5% to 3.5%	95.5%
So. Cal.	16,800	0.8%	26,300	0.8%	122,000	1.7%	2.75% to 3.75%	95.75%
All data is an Essex Forecast
*New Residential Supply: represents Essex's internal estimate ofactual deliveries during the year, which are
related to but can differ from the 12 Month trailingPermit Levels reported on Appendix A.
**Job Forecast/Performance refers to the difference between Total Non-Farm Industry Employment (not
Seasonally Adjusted) projected through December 2005 over the comparable actual figures for December 2004. The first
column represents thecurrentEssexforecast of the increase in Total Non-Farm Industry Employment. The second column
represents these forecasted new jobs as a percent of the December 2004 base.
***TheForecast Market Conditions represents Essex's estimates of the Change in Rents/Vacancy Rates at the
end of 2005. The Estimated Year-over-Year Rent Growth represents the forecast change in EffectiveMarket Rents for
December 2005 vs.December 2004 (whereMarket refers to the entire MSA apartment market, NOT the Essex portfolio).
The estimated Year End Vacancy represents Essex's forecast ofMarket Vacancy Rates for December 2005.

S-14

New Residential Supply: Permits as % of Current Stock
12 Month Permit Period: Trailing 12 Months December 2004
	Single Family Data					Multi-Family Data			All Residential Data
Market	Median SF Price (2004**)	2003 SF Affordability*	SF Stock 2000	SF Permits Last 12 Months	% of Stock	MF Stock 2000	MF Permits Last 12 months	% of Stock	Total Residential Permits Last 12 Months	% of Stock
Nassau-Suffolk	$414,800	88%	740,000	3,628	0.5%	240,000	668	0.3%	4,296	0.4%
New York PMSA	$390,400	57%	760,000	2,459	0.3%	2,920,000	15,377	0.5%	17,836	0.5%
Boston	$398,900	72%	1,530,000	7,994	0.5%	670,800	5,410	0.8%	13,404	0.6%
Baltimore	$250,500	109%	797,000	7,446	0.9%	268,000	2,672	1.0%	10,118	1.0%
Philadelphia	$198,100	138%	1,532,000	15,364	1.0%	515,100	5,143	1.0%	20,507	1.0%
Chicago	$270,400	100%	1,700,000	35,904	2.1%	1,404,900	8,758	0.6%	44,662	1.4%
Wash. D.C. PMSA	$362,400	85%	1,299,000	26,894	2.1%	644,300	9,785	1.5%	36,679	1.9%
Denver	$241,800	109%	582,000	16,380	2.8%	274,900	4,199	1.5%	20,579	2.4%
Minneapolis	$219,800	129%	818,000	20,091	2.5%	351,800	6,284	1.8%	26,375	2.3%
Dallas-Ft. Worth	$137,000	179%	1,381,000	44,707	3.2%	650,000	7,686	1.2%	52,393	2.6%
Miami/Ft. Lauderdale	$292,000	73%	717,000	24,494	3.4%	876,000	20,011	2.3%	44,505	2.8%
Houston	$137,500	171%	1,027,000	42,471	4.1%	547,700	10,427	1.9%	52,898	3.4%
Austin	$158,700	157%	326,000	13,800	4.2%	169,900	3,098	1.8%	16,898	3.4%
Atlanta	$159,700	171%	1,122,000	57,727	5.1%	467,800	16,179	3.5%	73,906	4.6%
Phoenix	$172,700	136%	970,000	56,896	5.9%	360,500	5,831	1.6%	62,727	4.7%
Orlando	$180,500	121%	482,000	27,485	5.7%	201,500	6,210	3.1%	33,695	4.9%
Las Vegas	$283,200	78%	440,000	31,741	7.2%	215,700	2,969	1.4%	34,710	5.3%
Totals	$253,831	118%	16,223,000	435,481	2.7%	10,778,900	130,707	1.2%	566,188	2.1%
Seattle	$303,900	93%	656,000	11,795	1.8%	354,487	5,141	1.5%	16,936	1.7%
Portland	$215,100	112%	561,000	11,300	2.0%	225,335	3,979	1.8%	15,279	1.9%
San Francisco	$633,300	53%	368,000	1,330	0.4%	344,000	2,831	0.8%	4,161	0.6%
Oakland	$454,000	79%	625,000	6,795	1.1%	270,000	3,958	1.5%	10,753	1.2%
San Jose	$524,000	63%	388,000	2,786	0.7%	192,000	2,497	1.3%	5,283	0.9%
Los Angeles	$399,000	80%	1,877,000	11,933	0.6%	1,392,963	14,182	1.0%	26,115	0.8%
Ventura	$480,000	54%	199,000	1,742	0.9%	53,295	898	1.7%	2,640	1.0%
Orange	$536,000	62%	628,000	4,914	0.8%	340,800	3,695	1.1%	8,609	0.9%
San Diego	$578,300	49%	664,000	9,008	1.4%	375,664	5,335	1.4%	14,343	1.4%
PNW	$262,966	102%	1,217,000	23,095	1.9%	579,822	9,120	1.6%	32,215	1.8%
No Cal	$521,446	68%	1,381,000	10,911	0.8%	806,000	9,286	1.2%	20,197	0.9%
So Cal	$464,680	69%	3,368,000	27,597	0.8%	2,162,722	24,110	1.1%	51,707	0.9%
ESSEX	$436,672	75%	5,966,000	61,603	1.0%	3,548,543	42,516	1.2%	104,119	1.1%
Permits: Single Family equals 1 Unit, Multi-Family equals 5 or More Units
Sources: SF Prices - National Association of Realtors,Rosen Consulting Group : Permits, Total Residential Stock - U.S. Census, Axiometrics
Median Home Prices - National Association of Realtors; DataQuick, Mortgage Rates - Freddie Mac, Median Household Incomes - US Census; BEA; Essex
Single Family - Multi-Family Breakdown of Total Resdiences, Rosen Consulting Group, US Census, EASI, Essex
*Single Family Affordability - Equals the ratio of theactual Median Household Income to the Incomerequired to purchase the Median Priced Home.
Therequired Income is defined such that the Mortgage Payment is 35% of said Income, assuming a 10% Down Payment and a 30-year fixed mortgage rate (5.75%).
Median Household Income is estimated from US Census 2000 data and Income Growth from BEA and Popultation Growth from the US Census.
**2004 Median Home Prices - Estimated from 3rd Quarter 2004 data

S-15