Essex Property Trust (ESS) 8-K Essex Announces First Quarter 2005 Earnings 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
(Dollars in thousands, except per share amounts)	March 31,
	2005			2004
Revenues:
Rental	$	74,538		$	64,209
Other property		2,783			2,102
Total property revenues		77,321			66,311
Expenses:
Property operating		25,702			21,830
Depreciation and amortization		19,727			18,346
Interest		18,147			14,310
Amortization of deferred financing costs		476			273
General and administrative		4,542			2,930
Total expenses		68,594			57,689
Gain on sale of real estate		1,115			-
Interest and other income		2,226			1,851
Equity income in co-investments		19,584			1,100
Minority interests		(6,476	)		(5,530	)
Income from continuing operations		25,176			6,043
Income from discontinued operations, net of minority interests		1,701			407
Net income		26,877			6,450
Dividends to preferred stockholders - Series F		(488	)		(488	)
Net income available to common stockholders	$	26,389		$	5,962
Net income per share - basic	$	1.15		$	0.26
Net income per share - diluted	$	1.13		$	0.26

See Company's 10-Q for additional disclosures

S-1

E S S E X  P R O P E R T Y  T R U S T,  I N C.
Consolidated Operating Results	Three Months Ended
Selected Line Item Detail	March 31,
(Dollars in thousands)	2005			2004
Property operating expenses
Maintenance and repairs	$	5,658		$	4,381
Real estate taxes		6,930			5,540
Utilities		3,638			3,014
Administrative		7,319			6,912
Advertising		1,166			840
Insurance		991			1,143
Property operating expenses	$	25,702		$	21,830
General and administrative
Total general and administrative	$	6,055		$	4,231
Allocated to property operating expenses - administrative		(1,245	)		(1,046	)
Capitalized and incremental to real estate under development		(268	)		(255	)
Net general and administrative	$	4,542		$	2,930
Interest and other
Interest income	$	88		$	146
Lease income		416			417
Fee income		1,703			705
Miscellaneous - non-recurring		19			583
Interest and other	$	2,226		$	1,851
Equity income in co-investments
Equity income in co-investments	$	451		$	1,100
Gain on sale of co-investment activities, net		14,381			-
Promote distribution from Fund I - non-recurring		4,873			-
Early extinguishment of debt - non-recurring		(121	)		-
Equity income in co-investments	$	19,584		$	1,100
Minority interests
Limited partners of Essex Portfolio, L.P.	$	2,527		$	583
Perpetual preferred distributions		2,559			4,104
Series Z and Z-1 incentive units		100			75
Third party ownership interests		213			(372	)
Down REIT limited partners' distributions		1,077			1,140
Minority interests	$	6,476		$	5,530

See Company's 10-Q for additional disclosures

S-2

E S S E X  P R O P E R T Y  T R U S T,  I N C.
Consolidated Funds From Operations	Three Months Ended
(Dollars in thousands, except share and per share amounts)	March 31,
	2005			2004
Funds from operations
Net income	$	26,877		$	6,450
Adjustments:
Depreciation and amortization		19,727			18,346
Depr. and amort. - unconsolidated co-investments		149			834
Gain on sale of real estate		(1,115	)		-
Gain on sale of real estate - discontinued operations		(735	)		-
Gain on sale of co-investment activities, net		(14,381	)		-
Minority interests		2,798			698
Depreciation - discontinued operations		-			86
Dividends to preferred stockholders - Series F		(488	)		(488	)
Funds from operations	$	32,832		$	25,926
Components of the change in FFO
Same property NOI	$	1,000
Non-same property NOI		6,138
Other - corporate and unconsolidated co-investments		(1,080	)
Promote distribution from Fund I - non-recurring		4,873
Interest expense and amortization of deferred financing costs		(4,040	)
General and administrative		(1,612	)
Minority interests		1,023
Income from discontinued operations		690
Depreciation - discontinued operations		(86	)
Changes in Funds from operations	$	6,906
Funds from operations per share - diluted	$	1.28		$	1.02
Percentage increase		25.5	%
Weighted average number of shares outstanding diluted (1)		25,655,571			25,370,177

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

See Company's 10-Q for additional disclosures

S-3

E S S E X  P R O P E R T Y  T R U S T,  I N C.
Consolidated Balance Sheet
(Dollars in thousands)
	March 31, 2005			December 31, 2004
Real Estate:
Land and land improvements	$	546,867		$	536,600
Buildings and improvements		1,880,735			1,834,594
		2,427,602			2,371,194
Less: accumulated depreciation		(347,988	)		(329,652	)
		2,079,614			2,041,542
Real estate investment held for sale, net of accumulated depreciation of $496 as of December 31, 2004		-			14,445
Investments		66,409			49,712
Real estate under development		16,938			38,320
		2,162,961			2,144,019
Cash and cash equivalents		28,524			31,899
Other assets		28,788			30,561
Deferred charges, net		10,715			10,738
Total assets	$	2,230,988		$	2,217,217
Mortgage notes payable	$	1,079,920		$	1,067,449
Lines of credit		238,035			249,535
Other liabilities		70,575			63,826
Deferred gain		3,885			5,000
Total liabilities		1,392,415			1,385,810
Minority interests		232,138			240,130
Stockholders' Equity:
Common stock		2			2
Series F cumulative redeemable preferred stock, liquidation value		25,000			25,000
Additional paid-in-capital		653,026			646,744
Distributions in excess of accumulated earnings		(72,758	)		(80,469	)
Accumulated other comprehensive income		1,165			-
Total liabilities and stockholders' equity	$	2,230,988		$	2,217,217

See Company's 10-Q for additional disclosures

S-4

E S S E X  P R O P E R T Y  T R U S T,  I N C.
Debt Summary - March 31, 2005
(Dollars in thousands)
	Percentage of TotalDebt			Balance Outstanding		WeightedAverage Interest Rate (1)			Weighted Average Maturity In Years
Mortgage notes payable
Fixed rate - secured		68	%	$	890,306		6.6	%		5.6
Tax exempt variable (2)		14	%		189,614		3.8	%		25.0
Total mortgage notes payable		82	%		1,079,920		6.1	%		9.1
Line of credit - secured (3)		7	%		93,735		3.1	%
Line of credit - unsecured (4)		11	%		144,300		4.3	%
		18	%		238,035		3.8	%
Total debt		100	%	$	1,317,955		5.7	%

Scheduled principal payments (excludes lines of credit)
	2005	$	16,069
	2006		25,005
	2007		125,184
	2008		121,954
	2009		46,578
	Thereafter		745,130
	Total	$	1,079,920

Capitalized interest for the quarter ended March 31, 2005 was $57.

(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 six of Essex's multifamily communities. The underlying interest rate is currently the Freddie Mac Reference Rate plus .55% to .59%.
(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-Q for additional disclosures

S-5

E S S E X  P R O P E R T Y  T R U S T,  I N C.
Capitalization - March 31, 2005
(Dollars and shares in thousands, except per share amounts)
Total debt	$	1,317,955
Common stock and potentially dilutive securities
Common stock outstanding		23,060
Limited partnership units (1)		2,299
Options-treasury method		120
Total common stock and potentially dilutive securities		25,479		shares
Common stock price per share as of March 31, 2005	$	69.100
Market value of common stock and potentially dilutive securities	$	1,760,599
Perpetual preferred units/stock	$	155,000		7.865% weighted average pay rate
Total equity capitalization	$	1,915,599
Total market capitalization	$	3,233,554
Ratio of debt to total market capitalization		40.8	%

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

See Company's 10-Q for additional disclosures

S-6

E S S E X  P R O P E R T Y  T R U S T,  I N C.
Property Operating Results - Quarter ended March 31, 2005 and 2004
(Dollars in thousands)
	Southern California									Northern California									Pacific Northwest									Other real estate assets(1)								Total
	2005			2004			% Change			2005			2004			% Change			2005			2004			% Change			2005			2004			% Change		2005			2004			% Change
Revenues:
Same property revenues	$	31,457		$	29,999			4.9	%	$	13,052		$	13,127			-0.6	%	$	12,017		$	11,783			2.0	%	$	-		$	-			n/a	$	56,526		$	54,909			2.9	%
Non same property revenues(2)		14,072			7,650						3,867			2,692						1,995			417						861			643					20,795			11,402
Total Revenues	$	45,529		$	37,649					$	16,919		$	15,819					$	14,012		$	12,200					$	861		$	643				$	77,321		$	66,311
Property operating expenses:
Same property operating expenses	$	9,517		$	9,263			2.7	%	$	4,143		$	3,902			6.2	%	$	4,198		$	4,076			3.0	%	$	-		$	-			n/a	$	17,858		$	17,241			3.6	%
Non same property operating expenses(2)		5,016			2,712						1,350			1,173						822			166						656			538					7,844			4,589
Total property operating expenses	$	14,533		$	11,975					$	5,493		$	5,075					$	5,020		$	4,242					$	656		$	538				$	25,702		$	21,830
Net operating income:
Same property net operating income	$	21,940		$	20,736			5.8	%	$	8,909		$	9,225			-3.4	%	$	7,819		$	7,707			1.5	%	$	-		$	-			n/a	$	38,668		$	37,668			2.7	%
Non same property operating income(2)		9,056			4,938						2,517			1,519						1,173			251						205			105					12,951			6,813
Total net operating income	$	30,996		$	25,674					$	11,426		$	10,744					$	8,992		$	7,958					$	205		$	105				$	51,619		$	44,481
Same property operating margin		70	%		69	%					68	%		70	%					65	%		65	%													68	%		69	%
Same property turnover percentage		46	%		46	%					45	%		44	%					51	%		49	%													47	%		46	%
Same property concessions	$	144		$	162					$	285		$	167					$	102		$	178					$	-		$	-				$	531		$	507
Average same property concessions per turn	$	138		$	156					$	649		$	388					$	160		$	289					$	-		$	-				$	251		$	244
(In dollars)
Net operating income percentage of total		61	%		58	%					22	%		24	%					17	%		18	%					0	%		0	%				100	%		100	%
Loss to lease(3)	$	6,648								$	399								$	416								$	n/a							$	7,463
Loss to lease as a percentage of rental income		3.8	%								0.7	%								0.7	%								n/a								2.5	%
Reconciliation of apartment units at end of period
Same property consolidated apartment units		9,024			9,024						3,907			3,907						5,020			5,020						-			-					17,951			17,951
Consolidated Apartment Units		12,442			11,541						4,809			5,015						5,831			5,212						302			302					23,384			22,070
Joint Venture		598			4,590						1,299			116						-			741						-			-					1,897			5,447
Under Development		407			686						250			370						-			-						-			-					657			1,056
Total apartment units at end of period		13,447			16,817						6,358			5,501						5,831			5,953						302			302					25,938			28,573
Percentage of total		52	%		59	%					25	%		19	%					22	%		21	%					1	%		1	%				100	%		100	%
Average same property financial occupancy		96.2	%		95.9	%					96.9	%		95.7	%					96.7	%		95.5	%													96.4	%		95.8	%

(1)	Includes apartment communities located in other geographic areas, other rental properties and commercial properties.
(2)	Includes properties which subsequent to December 31, 2003 were 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-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 March 31, 2005, March 31, 2004 and December 31, 2004
(Dollars in thousands)
	Units		March 31, 2005		March 31, 2004		% Change			December 31, 2004		% Change
Southern California
Ventura County		1,229	$	4,239	$	4,169		1.7	%	$	4,241		0.0	%
Los Angeles County		2,930		11,387		10,672		6.7	%		11,284		0.9	%
Orange County		2,037		8,096		7,608		6.4	%		7,987		1.4	%
San Diego County		2,552		7,103		6,952		2.2	%		7,066		0.5	%
Riverside County		276		632		598		5.7	%		630		0.3	%
Total Southern California		9,024	$	31,457	$	29,999		4.9	%	$	31,208		0.8	%
Northern California
San Francisco County		99	$	353	$	340		3.8	%	$	349		1.1	%
Santa Clara County		1,866		6,384		6,436		-0.8	%		6,374		0.2	%
Alameda County		1,116		3,351		3,384		-1.0	%		3,261		2.8	%
Contra Costa County		826		2,964		2,967		-0.1	%		2,943		0.7	%
Total Northern California		3,907	$	13,052	$	13,127		-0.6	%	$	12,927		1.0	%
Pacific Northwest
Seattle		4,145	$	10,175	$	10,004		1.7	%	$	9,925		2.5	%
Portland		875		1,842		1,779		3.5	%		1,835		0.4	%
Total Pacific Northwest		5,020	$	12,017	$	11,783		2.0	%	$	11,760		2.2	%
Total same property revenues		17,951	$	56,526	$	54,909		2.9	%	$	55,895		1.1	%

See Company's 10-Q for additional disclosures

S-8

E S S E X P R O P E R T Y T R U S T, I N C.
Development Communities - March 31, 2005
(Dollars in millions)
Project Name	Location	Units		Estimated Cost		Total Incurred to Date		Estimated Remaining Cost		Initial Occupancy		Stabilized Operations		% Leased			% Occupied
Development Communities
Direct Development - Consolidated
Northwest Gateway(1)	Los Angeles, CA		275		62.6		13.8		48.8		Jul-07		Jan-08		n/a			n/a
Pre-development costs					3.1		3.1		-		-		-		n/a			n/a
Subtotal - direct development			275		65.7		16.9		48.8
Joint Venture Transactions - Unconsolidated(2)
Kelvin Avenue	Irvine, CA		132		6.5		6.5		-		-		-		n/a			n/a
Total - development			407	$	72.2	$	23.4	$	48.8
Stabilized Communities - First Quarter 2005
The San Marcos Phase II	Richmond, CA		120		23.9		23.2		0.7		Sep-04		Jan-05		99	%		97	%
Joint Venture Transactions - Unconsolidated(2)
River Terrace	Santa Clara, CA		250		57.9		55.2		2.7		Sep-04		Mar-05		98	%		94	%

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

See Company's 10-Q for additional disclosures

S-9

E S S E X P R O P E R T Y T R U S T, I N C.
Redevelopment Communities - March 31, 2005
(Dollars in thousands)
Project Name	Units		Estimated Cost		Total Incurred to date		Estimated Remaining Cost		Redevelopment Start
Hillcrest Park - Phase II		608	$	3,629	$	3,279	$	350		Apr-03
Kings Road		196		6,045		2,614		3,431		Jan-04
Mira Woods		355		4,870		377		4,493		Sep-04
Palisades		192		1,637		486		1,151		Sep-04
Avondale at Warner Center		446		5,525		681		4,844		Oct-04
Total		1,797	$	21,706	$	7,437	$	14,269

Re-stabilized Communities - First Quarter 2005

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.

See Company's 10-Q for additional disclosures

S-10

E S S E X P R O P E R T Y T R U S T, I N C.
Investments - March 31, 2005					Debt
(Dollars in thousands)	Book Value		Estimated Value(1)		Amount		Type		Interest Rate			Maturity Date		Value of Equity		Company Ownership			Essex Equity Value(2)
Joint Ventures
Essex Apartment Value Fund, L.P. (Fund I)
Kelvin Avenue, Irvine, CA (development)						-
Rivermark, Santa Clara, CA (development)						41,661		Var.		LIBOR+ 2	%		Jan-07
	$	6,875	$	66,800		41,661								$	25,139		21.4	%	$	5,380
Fund I distribution		10,490																		10,490
Essex Apartment Value Fund II, L.P. (Fund II)
Carlmont Woods, Belmont, CA						13,476		Fixed		4.89	%		Dec-13
Harbor Cove, Foster City, CA						36,338		Fixed		4.89	%		Dec-13
Parcwood, Corona, CA						26,458		Fixed		4.89	%		Dec-13
Regency Towers, Oakland, CA						11,500		Fixed		5.16	%		Mar-15
		16,994		151,225		87,772									63,453		28.2	%		17,894
Lend Lease
Coronado at Newport - South, Newport Beach, CA		25,244				55,983									55,983		49.9	%		27,936
Other		6,806																		6,806
	$	66,409																	$	68,505

(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-Q for additional disclosures

S-11

New Residential Supply: Permits as % of Current Stock
12 Month Permit Period: Trailing 12 Months March 2005
Single Family Data						Multi-Family Data			All Residential Data
Market	Median SF Price (2004**)	2004 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	4,057	0.5%	240,000	675	0.3%	4,732	0.5%
New York PMSA	$390,400	57%	760,000	2,371	0.3%	2,920,000	17,262	0.6%	19,633	0.5%
Boston	$398,900	72%	1,530,000	8,019	0.5%	670,800	5,999	0.9%	14,018	0.6%
Baltimore	$250,500	109%	797,000	7,516	0.9%	268,000	3,069	1.1%	10,585	1.0%
Philadelphia	$198,100	138%	1,532,000	15,117	1.0%	515,100	5,335	1.0%	20,452	1.0%
Chicago	$270,400	100%	1,700,000	35,911	2.1%	1,404,900	9,406	0.7%	45,317	1.5%
Wash. D.C. PMSA	$362,400	85%	1,299,000	26,820	2.1%	644,300	9,768	1.5%	36,588	1.9%
Minneapolis	$219,800	129%	818,000	19,670	2.4%	351,800	5,992	1.7%	25,662	2.2%
Denver	$241,800	109%	582,000	16,921	2.9%	274,900	4,186	1.5%	21,107	2.5%
Dallas-Ft. Worth	$137,000	179%	1,381,000	44,596	3.2%	650,000	9,242	1.4%	53,838	2.7%
Miami/Ft. Lauderdale	$292,000	73%	717,000	24,961	3.5%	876,000	19,669	2.2%	44,630	2.8%
Austin	$158,700	157%	326,000	14,286	4.4%	169,900	2,805	1.7%	17,091	3.4%
Houston	$137,500	171%	1,027,000	44,094	4.3%	547,700	11,431	2.1%	55,525	3.5%
Atlanta	$159,700	171%	1,122,000	57,809	5.2%	467,800	15,534	3.3%	73,343	4.6%
Phoenix	$172,700	136%	970,000	57,830	6.0%	360,500	5,907	1.6%	63,737	4.8%
Orlando	$180,500	121%	482,000	28,044	5.8%	201,500	6,201	3.1%	34,245	5.0%
Las Vegas	$283,200	78%	440,000	30,604	7.0%	215,700	2,846	1.3%	33,450	5.1%
Totals	$253,831	118%	16,223,000	438,626	2.7%	10,778,900	135,327	1.3%	573,953	2.1%
Seattle	$303,900	93%	656,000	11,843	1.8%	354,487	5,524	1.6%	17,367	1.7%
Portland	$215,100	112%	561,000	11,759	2.1%	225,335	4,397	2.0%	16,156	2.1%
San Francisco	$633,300	53%	368,000	1,245	0.3%	344,000	2,824	0.8%	4,069	0.6%
Oakland	$454,000	79%	625,000	6,492	1.0%	270,000	3,863	1.4%	10,355	1.2%
San Jose	$524,000	63%	388,000	2,741	0.7%	192,000	3,092	1.6%	5,833	1.0%
Los Angeles	$399,000	80%	1,877,000	12,086	0.6%	1,392,963	14,158	1.0%	26,244	0.8%
Ventura	$480,000	54%	199,000	2,079	1.0%	53,295	859	1.6%	2,938	1.2%
Orange	$536,000	62%	628,000	3,846	0.6%	340,800	3,911	1.1%	7,757	0.8%
San Diego	$578,300	49%	664,000	8,565	1.3%	375,664	7,091	1.9%	15,656	1.5%
PNW	$262,966	102%	1,217,000	23,602	1.9%	579,822	9,921	1.7%	33,523	1.9%
No Cal	$521,446	68%	1,381,000	10,478	0.8%	806,000	9,779	1.2%	20,257	0.9%
So Cal	$464,680	69%	3,368,000	26,576	0.8%	2,162,722	26,019	1.2%	52,595	1.0%
ESSEX	$436,672	75%	5,966,000	60,656	1.0%	3,548,543	45,719	1.3%	106,375	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 - Estimates from 3rd Quarter Data

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	1,400	0.4%	10,000	1.5%	27,000	2.0%	2.5% to 3.5%	94.75%
Portland	3,000	1.3%	10,000	1.8%	21,000	2.2%	Flat	94.25%
San Francisco	1,800	0.5%	1,100	0.3%	12,000	1.3%	3.0% to 4.0%	95.00%
Oakland	2,100	0.8%	6,500	1.0%	16,000	1.5%	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%	30,000	2.4%	2.5% to 3.5%	95.5%
So. Cal.	16,800	0.8%	26,300	0.8%	117,000	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 arerelated 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 (notSeasonally Adjusted) projected through December 2005 over the comparable actual figures for December 2004. The firstcolumn 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 theend of 2005. The Estimated Year-over-Year Rent Growth represents the forecast change in EffectiveMarket Rents forDecember 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.

	ESSEX PROPERTY TRUST, INC.
	REAL ESTATE INFORMATION
	31-Mar-05
	Property Name	Address	City	State	Units	SquareFootage		Year Acquired	Year 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	Waterstone at Fremont (Mountain Vista )	39600 Fremont Blvd	Fremont	CA	526	433,100		2000	1975
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	Regency Towers	1130 Third Ave.	Oakland	CA	178	140,900		2005	1975
1	Summerhill Commons	36826 Cherry Street	Newark	CA	184	139,000		1987	1987
				7%	1,820	1,452,800
	Contra Costa County
1	San Marcos (Vista del Mar)	Hilltop Drive at Richmond Pkwy	Richmond	CA	432	407,600		2003	2003	120 units 2005
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%	1,258	1,179,500
	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	CA	99	64,000		1999	1973
1	Vista Belvedere	15 Red Hill Circle	Tiburon	CA	76	78,300		2004	1963
				1%	175	142,300
26	Total San Francisco Bay Area			24%	6,108	5,111,700
	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
	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	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
				9%	2,323	2,114,600

	SOUTHERN CALIFORNIA (cont'd)
	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
				11%	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
64	Total Southern California			52%	13,040	10,704,000
	SEATTLE METROPOLITAN AREA
1	Cedar Terrace	3205 115th Ave. NE	Bellevue	WA	180	174,200		2005	1984
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
26	Total Seattle Metropolitan Area			20%	4,956	4,238,800
	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			3%	875	857,100
	OTHER AREAS
1	St. Cloud Apartments	6525 Hilcroft	Houston	TX	302	306,800		2002	1968
1				1%	302	306,800
	121	Multifamily Properties			25,281	21,218,400		1999	1982
	3	Multifamily Properties Under Construction			657	571,200
	Avg. square footage	839
	Avg. units per property	209
	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
	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
	Office Buildings
	Essex Corporate Headquarter Bldg.	925 E. Meadow Dr.	Palo Alto	CA		17,400		1997	1988
	Derian Office Building	17461 Derian Av.	Irvine	CA		110,000		2000	1983
	Essex Southern Cal. Office Building	22110-22120 Clarendon St.	Woodland Hills	CA		38,940		2001	1982
						166,340