Essex Property Trust 8K Essex Announces fourth Quarter 2007 and annual Earnings Results | ESS 7 Feb 08

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,
		2007		2006		2007		2006

Revenues:
	Rental and other property	$	101,138	$	88,118	$	383,433	$	334,770
	Management and other fees from affiliates		1,428		1,504		5,090		5,030
			102,566		89,622		388,523		339,800

Expenses:
	Property operating, excluding real estate taxes		25,977		22,457		95,849		85,811
	Real estate taxes		8,608		7,475		32,575		28,587
	Depreciation and amortization		29,550		20,503		100,389		78,094
	Interest		22,003		17,621		80,995		72,898
	Amortization of deferred financing costs		1,008		774		3,071		2,745
	General and administrative		7,754		7,045		26,273		22,234
	Other expenses		800		-		800		1,770
			95,700		75,875		339,952		292,139
Earnings from operations			6,866		13,747		48,571		47,661

Interest and other income			2,856		1,448		10,310		6,176
Equity income (loss) co-investments			353		(319)		3,120		(1,503)
Minority interests			(4,512)		(4,822)		(19,937)		(18,807)
Income before discontinued operations and
	income tax provision		5,563		10,054		42,064		33,527
Income tax provision			(400)		(200)		(400)		(525)
Income before discontinued operations			5,163		9,854		41,664		33,002

Income and gain from discontinued operations,
	net of minority interests		48,434		7,583		73,974		29,746
Net income			53,597		17,437		115,638		62,748
Dividends to preferred stockholders			(2,310)		(2,377)		(9,174)		(5,145)
Net income available to common stockholders		$	51,287	$	15,060	$	106,464	$	57,603

Net income per share - basic		$	2.04	$	0.64	$	4.34	$	2.50

Net income per share - diluted		$	2.02	$	0.63	$	4.24	$	2.45

See Company's 10-K and 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				Twelve Months Ended
Selected Line Item Detail			December 31,				December 31,
(Dollars in thousands)			2007		2006		2007		2006

Rental and other property
	Rental		$	95,786	$	83,144	$	362,244	$	316,022
	Other property			5,352		4,974		21,189		18,748
		Rental and other property	$	101,138	$	88,118	$	383,433	$	334,770

Management and other fees from affiliates
	Property management		$	934	$	1,118	$	3,457	$	3,523
	Development and redevelopment fees			494		208		1,294		329
	Promote interest from Fund I			-		178		339		1,178
		Management and other fees from affiliates	$	1,428	$	1,504	$	5,090	$	5,030

General and administrative
	General and administrative		$	10,730	$	9,875	$	37,302	$	32,138
	Allocated to property operating expenses - administrative			(1,537)		(1,429)		(5,970)		(5,455)
	Capitalized to real estate			(1,439)		(1,401)		(5,059)		(4,449)
		Net general and administrative	$	7,754	$	7,045	$	26,273	$	22,234

Interest and other income
	Interest income		$	1,290	$	1,056	$	3,947	$	2,719
	Lease income, net			1,566		392		6,363		1,570
	Gain from sale of marketable securities			-		-		-		1,687
	Miscellaneous			-		-		-		200
		Interest and other income	$	2,856	$	1,448	$	10,310	$	6,176

Equity income (loss) in co-investments
	Equity income (loss) in co-investments		$	353	$	(319)	$	1,074	$	(1,503)
	Gain on sale of co-investment activities, net			-		-		2,046		-
		Equity income (loss) in co-investments	$	353	$	(319)	$	3,120	$	(1,503)

Minority interests
	Limited partners of Essex Portfolio, L.P.		$	464	$	876	$	4,060	$	2,985
	Perpetual preferred distributions			2,559		2,559		10,238		10,238
	Series Z and Z-1 incentive units			198		151		793		605
	Third party ownership interests			225		180		687		718
	DownREIT limited partners' distributions			1,066		1,056		4,159		4,261
		Minority interests	$	4,512	$	4,822	$	19,937	$	18,807

See Company's 10-K and 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					Twelve Months Ended
(Dollars in thousands, except share and per share amounts)			December 31,					December 31,
			2007		2006		% Change	2007		2006		% Change

Funds from operations
Net income available to common stockholders			$	51,287	$	15,060		$	106,464	$	57,603
Adjustments:
	Depreciation and amortization			29,754		21,602			102,250		83,034
	Gains not included in FFO			(51,905)		(7,090)			(66,470)		(19,666)
	Minority interests and co-investments (1)			5,563		2,023			11,665		9,547
		Funds from operations	$	34,699	$	31,595		$	153,909	$	130,518
		FFO per share-diluted	$	1.25	$	1.19	4.6%	$	5.58	$	5.01	11.2%

Components of the change in FFO
Non-recurring items:
Fund I - promote interest				-		(178)			(339)		(1,178)
Income generated from TRS activities, net of taxes and expenses				-		(381)			(413)		(837)
Joint venture - promote interest and fees				-		-			(10,068)		(8,221)
Net gain on sale of marketable securities				-		-			-		(717)
Impairment of assets				500		-			500		800
Miscellaneous				-		-			-		(200)
		Funds from operations excluding non-recurring items		35,199		31,036			143,589		120,165
		FFO excluding non-recurring items per share-diluted	$	1.26	$	1.17	8.0%	$	5.20	$	4.62	12.7%

Changes in recurring items:
Same-property NOI			$	3,668				$	14,917
Non-same property NOI				4,699					19,720
Management fees from joint ventures				102					899
Interest expense and amortization of deferred financing costs				(4,616)					(8,423)
Other items, net				310					(3,689)
			$	4,163				$	23,424

Weighted average number of shares outstanding-diluted (2)				27,838,516		26,508,994			27,596,668		26,029,774


(1)	For Q4 2007, the amount includes the following adjustments: (i) minority interest related to Operating Partnership units totaling $5.0 million, and (ii) depreciation add back for co-investments totaling $0.6 million.
(2)	Assumes conversion of the weighted average operating partnership interests in the Operating Partnership into shares of the Company's common stock, see S-13 for more detail.

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 Sheets
(Dollars in thousands)
				December 31, 2007		December 31, 2006

Real Estate:
	Land and land improvements		$	670,494	$	560,880
	Buildings and improvements			2,447,265		2,108,307
				3,117,759		2,669,187
	Less: accumulated depreciation			(541,987)		(465,015)
				2,575,772		2,204,172
Real estate - held for sale, net				-		41,221
Real estate under development				233,445		107,620
Investments				64,191		56,318
				2,873,408		2,409,331
Cash and cash equivalents				22,483		23,610
Notes and other receivables				50,536		19,404
Other assets				33,896		33,495
		Total assets	$	2,980,323	$	2,485,840

Mortgage notes payable			$	1,262,873	$	1,060,704
Mortgage notes payable - held for sale				-		32,850
Exchangeable bonds				225,000		225,000
Lines of credit				169,818		93,000
Other liabilities				102,250		77,852
Deferred gain				2,193		2,193
		Total liabilities		1,762,134		1,491,599

Minority interests				261,420		236,120
Series G cumulative convertible preferred stock, liquidation value				145,912		145,912

Stockholders' Equity:
	Common stock			2		2
	Series F cumulative redeemable preferred stock, liquidation value			25,000		25,000
	Additional paid-in-capital			877,649		686,937
	Distributions in excess of accumulated earnings			(82,806)		(97,457)
	Accumulated other comprehensive (loss) income			(8,988)		(2,273)
		Total stockholders' equity		810,857		612,209

		Total liabilities and stockholders' equity	$	2,980,323	$	2,485,840

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, 2007
(Dollars in thousands)


				Percentage of			Weighted	Weighted
				Total	Balance		Average	Average Maturity
				Debt	Outstanding		Interest Rate	In Years
Mortgage notes payable
	Fixed rate - secured			62%	$	1,029,735	6.3%	5.0
	Tax exempt variable (1)			14%		233,138	4.5%	22.4
		Total mortgage notes payable		76%		1,262,873	6.0%	8.2

Exchangeable bonds (2)				14%		225,000	3.6%

Line of credit - secured (3)				6%		100,000	5.4%
Line of credit - unsecured (4)				3%		61,000	6.2%
Line of credit - unsecured (5)				1%		8,818	5.6%
		Total lines of credit		10%		169,818	5.4%

		Total debt		100%	$	1,657,691	5.7%

							Weighted
			Scheduled principal payments (excludes lines of credit)				Average
							Interest Rate
				2008	$	116,357	6.8%
				2009		24,689	7.2%
				2010		154,813	8.0%
				2011		166,545	6.3%
				2012		32,183	5.2%
				Thereafter		993,286	5.1%
				Total	$	1,487,873	5.7%


Capitalized interest for the twelve months ended December 31, 2007 was approximately $5.1 million.

(1)	Substianally all tax exempt variable debt is subject to interest rate protection agreements.
(2)	Exchangeable bonds total $225 million and mature in November 2025. This is an unsecured obligation of the operating partnership, and is
	fully and unconditionally guaranteed by Essex Property Trust, Inc.
(3)	Secured line of credit commitment is $100 million and matures in January 2009. This line is secured by eight of Essex's apartment communities.
	The underlying interest rate is currently the Freddie Mac Reference Rate plus .55% to .59%.
(4)	Unsecured line of credit commitment is $200 million and matures in March 2009.
	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 0.80%.
(5)	Unsecured revolving line of credit commitment is $10 million and matures in March 2008.
	The underlying interest rate on this line is based on the bank's Prime Rate less 2.0%.

See Company's 10-K and 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 - December 31, 2007
(Dollars and shares in thousands, except per share amounts)



Total debt		$	1,657,691


Common stock and potentially dilutive securities
	Common stock outstanding		24,877
	Limited partnership units (1)		2,486
	Options-treasury method		150
Total common stock and potentially dilutive securities			27,513	shares

Common stock price per share as of December 31, 2007		$	97.49

Market value of common stock and potentially dilutive securities		$	2,682,242

Perpetual preferred units/stock		$	304,500

Total equity capitalization		$	2,986,742

Total market capitalization		$	4,644,433

Ratio of debt to total market capitalization			35.7%



(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, 2007 and 2006
(Dollars in thousands)																											��
			Southern California					Northern California					Seattle Metro					Other real estate assets (1)						Total
			2007		2006		% Change	2007		2006		% Change	2007		2006		% Change	2007		2006		% Change		2007	2006			% Change

Revenues:
	Same-property revenue		$	46,751	$	45,732	2.2%	$	18,686	$	16,465	13.5%	$	15,058	$	13,598	10.7%	$	522	$	505	3.4%	$	81,017	$	76,300		6.2%
	Non-same property revenue (2)			8,080		5,605			9,684		4,674			1,724		921			633		618			20,121		11,818
		Total Revenues	$	54,831	$	51,337		$	28,370	$	21,139		$	16,782	$	14,519		$	1,155	$	1,123		$	101,138	$	88,118

Property operating expenses:
	Same-property operating expenses		$	14,794	$	14,340	3.2%	$	6,379	$	5,870	8.7%	$	5,003	$	4,869	2.8%	$	319	$	367	-13.1%	$	26,495	$	25,446		4.1%
	Non-same property operating expenses (2)			2,588		1,510			3,516		1,731			487		258			1,499		987			8,090		4,486
		Total property operating expenses	$	17,382	$	15,850		$	9,895	$	7,601		$	5,490	$	5,127		$	1,818	$	1,354		$	34,585	$	29,932

Net operating income (NOI):
	Same-property NOI		$	31,957	$	31,392	1.8%	$	12,307	$	10,595	16.2%	$	10,055	$	8,729	15.2%	$	203	$	138	47.1%	$	54,522	$	50,854		7.2%
	Non-same property NOI (2)
	Redevelopment communities			3,927		4,082			3,291		2,826			922		663			-		-			8,140		7,571
	Acquired communities			1,565		13			2,877		117			315		-			-		-			4,757		130
	Other real estate assets (1)			-		-			-		-			-		-			(866)		(369)			(866)		(369)
		Total non-same property NOI		5,492		4,095			6,168		2,943			1,237		663			(866)		(369)			12,031		7,332
		Total NOI	$	37,449	$	35,487		$	18,475	$	13,538		$	11,292	$	9,392		$	(663)	$	(231)		$	66,553	$	58,186

Same-property operating margin				68%		69%			66%		64%			67%		64%			39%		27%			67%		67%

Same-property turnover percentage				51%		50%			46%		64%			45%		59%			41%		37%			49%		54%

Same-property concessions			$	259	$	107		$	52	$	92		$	51	$	40		$	13	$	14		$	375	$	253

Average same-property concessions per turn (3)			$	189	$	80		$	112	$	165		$	98	$	60		$	403	$	496		$	157	$	97

Net operating income percentage of total				56%		61%			27%		23%			17%		16%			0%		0%			100%		100%

Loss to lease (4)			$	2,698				$	5,302				$	647				$	n/a				$	8,647
	Loss to lease as a percentage
	of rental income			1.2%					4.8%					0.9%					n/a					2.3%

Reconciliation of apartment units at end of period

	Same-property apartment units			10,766					4,012					4,560					302					19,640

	Consolidated Apartment Units			12,725		12,965			6,361		5,389			5,005		4,905			302		302			24,393		23,561
	Joint Venture			480		480			2,101		2,101			515		515			-		-			3,096		3,096
	Under Development (5)			543		543			409		238			127		127			-		-			1,079		908
		Total apartment units at end of period		13,748		13,988			8,871		7,728			5,647		5,547			302		302			28,568		27,565

		Percentage of total		48%		51%			31%		28%			20%		20%			1%		1%			100%		100%


Average same-property financial occupancy				95.7%		96.3%			97.5%		94.6%			96.7%		96.1%			94.8%		88.1%			96.3%		95.9%

(1)	Other real estate assets consists of one community in Houston, TX, that is classified in same-property results and several other properties including consolidated commercial assets that are classified in non-same property results. Included in fourth quarter 2007 non-same property operating expenses are $1.1 million for supplemental taxes for prior periods, $0.4 million for commercial office expenses, and $0.5 million for miscellaneous expenses not charged directly to the communities, less $0.5 million for the elimination of earthquake insurance expense paid to a wholly owned captive insurance company.
(2)	Includes properties which subsequent to September 1, 2006 were either acquired or in a stage of development or redevelopment without stabilized operations.
(3)	Average same-property concessions per turn is the dollar amount per unit resulting from the same-property concessions divided by the product of the same-property turnover percentage times the same-property apartment units.
(4)	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.
(5)	Fund II owns 395 of the units under development as of December 31, 2007.

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.

Property Operating Results - Twelve months ended December 31, 2007 and 2006
(Dollars in thousands)
				Southern California					Northern California					Seattle Metro					Other real estate assets (1)				Total
			2007		2006		% Change	2007		2006		% Change	2007		2006		% Change	2007		2006		% Change	2007		2006		% Change

Revenues:
	Same-property revenue		$	185,060	$	177,336	4.4%	$	60,024	$	54,887	9.4%	$	56,427	$	50,852	11.0%	$	2,015	$	1,980	1.8%	$	303,526	$	285,055	6.5%
	Non-same property revenue (2)			30,030		21,593			39,710		20,737			7,652		4,869			2,515		2,516			79,907		49,715
		Total Revenues	$	215,090	$	198,929		$	99,734	$	75,624		$	64,079	$	55,721		$	4,530	$	4,496		$	383,433	$	334,770

Property operating expenses:
	Same-property operating expenses		$	58,356	$	56,741	2.8%	$	19,192	$	18,075	6.2%	$	19,740	$	18,883	4.5%	$	1,378	$	1,413	-2.5%	$	98,666	$	95,112	3.7%
	Non-same property operating expenses (2)			9,394		6,219			15,399		7,642			2,202		1,700			2,763		3,725			29,758		19,286
		Total property operating expenses	$	67,750	$	62,960		$	34,591	$	25,717		$	21,942	$	20,583		$	4,141	$	5,138		$	128,424	$	114,398

Net operating income (NOI):
	Same-property NOI		$	126,704	$	120,595	5.1%	$	40,832	$	36,812	10.9%	$	36,687	$	31,969	14.8%	$	637	$	567	12.3%	$	204,860	$	189,943	7.9%
	Non-same property NOI (2)
		Redevelopment communities		15,918		15,361			12,868		11,282			4,430		3,169			-		-			33,216		29,812
		Acquired communities		4,718		13			11,443		1,813			1,020		-			-		-			17,181		1,826
		Other real estate assets (1)		-		-			-		-			-		-			(248)		(1,209)			(248)		(1,209)
		Total non-same property NOI		20,636		15,374			24,311		13,095			5,450		3,169			(248)		(1,209)			50,149		30,429
		Total NOI	$	147,340	$	135,969		$	65,143	$	49,907		$	42,137	$	35,138		$	389	$	(642)		$	255,009	$	220,372



Same-property operating margin				68%		68%			68%		67%			65%		63%			32%		29%			67%		67%

Same-property turnover percentage				55%		53%			48%		56%			58%		59%			34%		46%			54%		55%

Same-property concessions			$	985	$	517		$	173	$	158		$	109	$	121		$	57	$	79		$	1,323	$	875

Average same-property concessions per turn (3)			$	169	$	91		$	95	$	82		$	41	$	46		$	100	$	134		$	122	$	81

Average same-property financial occupancy				95.6%		96.3%			96.8%		96.7%			96.3%		96.8%			92.5%		90.6%			95.9%		96.5%

(1)	Included in Other real estate assets is one community in Houston, TX, that is classified in same-property results and other rental properties including commercial properties that are classified in non-same property results. Included in 2007 non-same property operating expenses are $0.5 million for supplemental taxes for prior periods, $1.3 million for commercial office expenses, and $3.1 million for miscellaneous expenses not charged directly to the communities, less $2.1 million for the elimination of earthquake insurance expense paid to a wholly owned captive insurance company.
(2)	Includes properties which subsequent to January 1, 2006 were either acquired or in a stage of development or redevelopment without stabilized operations.
(3)	Average same-property concessions per turn is the dollar amount per unit resulting from the same-property concessions divided by the product of the same-property turnover percentage times the same-property apartment units.

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

S-7.1

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

Revenue by County - Quarters ended December 31, 2007, December 31, 2006 and September 30, 2007
(Dollars in thousands)

				Average Property Rental Rates					Property Revenue					Property Revenue
				December 31,		December 31,			December 31,		December 31,			September 30,		Sequential
		Region	Units	2007		2006		% Change	2007		2006		% Change	2007		% Change

Southern California
	Ventura County		2,844	$	1,392	$	1,364	2.1%	$	11,902	$	11,759	1.2%	$	11,929	-0.2%
	Los Angeles County		2,754		1,741		1,645	5.8%		14,895		14,453	3.1%		14,856	0.3%
	Orange County		2,037		1,534		1,490	3.0%		9,389		9,175	2.3%		9,368	0.2%
	San Diego County		2,616		1,068		1,039	2.8%		8,556		8,389	2.0%		8,447	1.3%
	Santa Barbara County		239		1,750		1,663	5.2%		1,324		1,259	5.2%		1,208	9.6%
	Riverside County		276		830		811	2.3%		685		697	-1.7%		673	1.8%

		Total same-property	10,766		1,423		1,373	3.6%		46,751		45,732	2.2%		46,481	0.6%

	Ventura County		160		1,317					616		13			635	-3.0%
	Los Angeles County		1,036		1,569					4,325		4,345			4,340	-0.3%
	San Diego County		655		1,365					2,697		1,247			2,634	2.4%
	Santa Barbara County		108		1,366					442		-			426	3.8%

		Non-same property	1,959		1,469					8,080		5,605			8,035	0.6%

Northern California
	San Francisco MSA		175		1,747		1,596	9.5%		930		831	11.9%		894	4.0%
	Santa Clara County		1,870		1,581		1,437	10.0%		9,027		8,080	11.7%		8,904	1.4%
	San Mateo County		697		1,518		1,244	22.0%		3,182		2,461	29.3%		2,983	6.7%
	Alameda County		200		1,286		1,168	10.1%		800		707	13.2%		765	4.6%
	Contra Costa County		1,070		1,476		1,417	4.2%		4,747		4,386	8.2%		4,724	0.5%

		Total same-property	4,012		1,535		1,392	10.3%		18,686		16,465	13.5%		18,270	2.3%

	Santa Clara County		578		1,452					2,537		1,311			1,857	36.6%
	San Mateo County		71		1,626					356		203			333	6.9%
	Alameda County		916		1,219					3,296		3,160			3,171	3.9%
	Contra Costa County		650		1,586					2,966		-			1,545	92.0%
	Other		134		1,324					529		-			532	-0.6%

		Non-same property	2,349		1,396					9,684		4,674			7,438	30.2%

Seattle Metro
		Total same-property	4,560		1,048		949	10.4%		15,058		13,598	10.7%		14,729	2.2%

		Non-same property	445		1,234					1,724		921			1,675	2.9%

Other real estate assets			302		576		578	-0.3%		522		505	3.4%		508	2.8%

Total same-property revenue			19,640	$	1,346	$	1,266	6.3%	$	81,017	$	76,300	6.2%	$	79,988	1.3%

Total non-same property revenue			4,753	$	1,411				$	19,488	$	11,200		$	17,148	13.6%

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.

Revenue by County - Twelve months ended December 31, 2007 and 2006
(Dollars in thousands)

				Average Property Rental Rates					Property Revenue
		Region	Units	YTD 2007		YTD 2006		% Change	YTD 2007		YTD 2006		% Change

Southern California
	Ventura County		2,844	$	1,391	$	1,331	4.5%	$	47,659	$	46,250	3.0%
	Los Angeles County		2,754		1,694		1,592	6.4%		58,723		55,562	5.7%
	Orange County		2,037		1,517		1,445	5.0%		37,190		35,886	3.6%
	San Diego County		2,616		1,055		1,020	3.4%		33,733		32,470	3.9%
	Santa Barbara County		239		1,716		1,530	12.2%		5,000		4,437	12.7%
	Riverside County		276		820		812	1.0%		2,755		2,731	0.9%

		Total same-property	10,766		1,403		1,335	5.1%		185,060		177,336	4.4%

	Ventura County		160		1,281					2,443		13
	Los Angeles County		1,036		1,537					17,386		16,719
	San Diego County		655		1,337					8,920		4,861
	Santa Barbara County		108		1,338					1,281		-

		Non-same property	1,959		1,438					30,030		21,593

Northern California
	San Francisco MSA		175		1,694		1,540	10.0%		3,558		3,267	8.9%
	Santa Clara County		1,870		1,529		1,373	11.4%		34,917		31,219	11.8%
	Alameda County		200		1,244		1,127	10.4%		3,039		2,783	9.2%
	Contra Costa County		1,070		1,454		1,377	5.6%		18,510		17,618	5.1%

		Total same-property	3,315		1,496		1,368	9.4%		60,024		54,887	9.4%

	Santa Clara County		578		1,404					7,158		5,348
	San Mateo County		768		1,412					12,859		3,163
	Alameda County		916		1,176					12,930		12,227
	Contra Costa County		650		1,586					5,220		-
	Other		134		1,349					1,544		-

		Non-same property	3,046		1,374					39,711		20,738

Seattle Metro
		Total same-property	4,452		1,008		899	12.1%		56,427		50,852	11.0%

		Non-same property	553		1,175					7,652		4,869

Other real estate assets			302		578		577	0.2%		2,015		1,980	1.8%

Total same-property revenue			18,835	$	1,314	$	1,225	7.3%	$	303,526	$	285,055	6.5%

Total non-same property revenue			5,558	$	1,377				$	77,393	$	47,200

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

S-8.1

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

Development Pipeline - December 31, 2007
(Dollars in millions)


			Estimated Units	Total Costs Incurred to Date	Estimated Remaining Costs	Estimated Total Cost	Construction Start	Construction Complete	Initial Occupancy	Stabilized Operations

Development Projects
Project Name		Location

	Belmont Station	Los Angeles, CA	275	$ 55.5	$ 15.6	$ 71.1	Jan-06	May-08	Apr-08	Dec-08
	The Grand (1)	Oakland, CA	238	42.0	54.2	96.2	Dec-06	Dec-08	Dec-08	May-09
	Fourth Street (2)	Berkeley, CA	171	13.4	56.0	69.4	Apr-08	Feb-10	Feb-10	Aug-10
	Consolidated - Development Projects		684	110.9	125.8	236.7

Development Projects - Fund II
Project Name		Location
	Eastlake 2851	Seattle, WA	127	24.7	10.7	35.4	Aug-06	Apr-08	Mar-08	Jul-08
	Studio 40-41	Studio City, CA	149	30.7	29.9	60.6	Jun-07	Jun-09	Mar-09	Aug-09
	Cielo	Chatsworth, CA	119	12.3	27.1	39.4	Jun-07	May-09	May-09	Sep-09

	Fund II - Development Projects		395	67.7	67.7	135.4

		Total - Development Projects	1,079	178.6	193.5	372.1

Predevelopment Projects

Project Name		Location
	Broadway Heights (3)	Seattle, WA	-	-	-	-	Apr-08	Jan-10	Jan-10	Nov-10
	Essex-Hollywood	Hollywood, CA	-	-	-	-	Jun-08	Jun-10	Jun-10	Dec-10
	Tasman Place (4)	Sunnyvale, CA	-	-	-	-	Jun-08	Jun-10	Jun-10	Sep-11
	Cadence Campus	San Jose, CA	-	-	-	-	Jan-10	Sep-13	Jan-12	Jul-14
	Main Street (3)	Walnut Creek, CA	-	-	-	-	Jan-10	Jan-12	Jan-12	Jul-12

	Total - Predevelopment Projects		1,658	97.1	411.3	508.4

Land Held for Future Development (5)

Project Name		Location
	City Centre	Moorpark, CA	200	-	-	-
	Citiplace	San Diego, CA	141	-	-	-
	Park Boulevard (6)	Palo Alto, CA	27	-	-	-
	90 Archer	San Jose, CA	42	-	-	-
	View Pointe	Newcastle, WA	24	-	-	-

			434	25.5	-	25.5


	Grand Total - Development Pipeline		3,171	$ 301.2	$ 604.8	$ 906.0


(1)	Development project includes approximately 7,800 square feet of retail space.
(2)	Development project includes approximately 15,500 square feet of retail space.
(3)	The Company has entered into a joint venture development project with a third-party to develop this property. Essex will have a 50% interest in the project.
(4)	Property in contract to be purchased by the Company with non-refundable deposits and option payments.
(5)	The Company owns land in various stages of entitlement that is being held for future development.
(6)	The Company has entered into an option agreement to sell a land parcel to the City of Palo Alto. During the option period the Company will continue to complete the entitlement process.

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 Pipeline - December 31, 2007
(Dollars in thousands)


			Total	Estimated	Estimated		NOI		YTD 2007	Units completed
			Incurred	Remaining	Total	Redevelopment	For the twelve months ended		Rehab	and available
	Region/Project Name	Units	To Date	Cost	Cost	Start Date	2007	2006	Vacancy Loss	for rent

	Approved - Redevelopment Projects (1)
	Woodland Commons, Bellevue, WA	236	$ 1,240	$ 10,539	$ 11,779	Jun-07
	Foothill Commons, Bellevue, WA	360	1,298	17,506	18,804	Jun-07
	Marina Cove, Santa Clara, CA	292	805	9,053	9,858	Jun-07
		888	3,343	37,098	40,441
	Active - Redevelopment Projects
	Southern California
	Mira Monte, Mira Mesa, CA (2)	355	5,900	160	6,060	Sep-04	$ 3,705	$ 3,271	$ 27	350
	Avondale at Warner Center, Woodland Hills, CA	446	11,188	2,882	14,070	Oct-04	5,001	4,751	124	198
	Pathways, Long Beach, CA	296	5,788	4,933	10,721	Jun-06	3,419	3,591	423	162
	Highridge, Rancho Palos Verdes, CA	255	1,976	14,087	16,063	Jan-07	3,793	3,749	46	7
		1,352	24,852	22,062	46,914		15,918	15,362	620	717
	Northern California
	The Montclaire - Phase I - III, Sunnyvale, CA	390	5,688	9,418	15,106	Aug-06	4,330	3,753	266	169
	Boulevard (Treetops), Fremont, CA	172	5,757	2,630	8,387	Sep-06	1,455	1,424	140	46
	Bridgeport (Summerhill Commons), Newark, CA	184	3,869	717	4,586	Oct-06	2,038	1,651	8	-
	Wimbledon Woods, Hayward, CA (3)	560	7,195	2,155	9,350	Oct-06	5,044	4,454	8	3
		1,306	22,509	14,920	37,429		12,867	11,282	422	218
	Seattle Metro (4)
	Palisades - Phase I and II, Bellevue, WA (2)	192	6,461	490	6,951	Sep-04	1,812	1,133	9	192
	Sammamish View, Bellevue, WA (3)	153	3,875	-	3,875	Dec-05	1,521	1,251	166	153
		345	10,336	490	10,826		3,333	2,384	175	345

	Total Active - Redevelopment Projects	3,003	57,697	37,472	95,169		32,118	29,028	1,217	1,280

	Consolidated - Redevelopment Projects	3,891	61,040	74,570	135,610		32,118	29,028	1,217	1,280

	Redevelopment Projects - Fund II
	Regency Tower - Phase I - II, Oakland, CA	178	3,727	�� 749	4,476	Nov-05	1,551	1,101	30	96
	The Renaissance, Los Angeles, CA	168	3,632	1,368	5,000	Oct-06	2,175	666	299	137
	Fund II - Redevelopment Projects	346	7,359	2,117	9,476		3,726	1,767	329	233

	Grand Total - Redevelopment Pipeline	4,237	$ 68,399	$ 76,687	$ 145,086		$ 35,844	$ 30,795	$ 1,546	1,513

(1)	Operations at these communities were not destabilized as of Q4 2007, and therefore the communities are classified in Same-Property operations.
(2)	This community was restabilized during the end of first quarter of 2007, and will be included in Same-Property operations starting the second quarter of 2008.
(3)	This community was restabilized during the end of third quarter of 2007, and will be included in Same-Property operations starting the fourth quarter of 2008.
(4)	Bridle Trails, a 108-unit community in Kirkland, WA, was added back to Same-Property results in Q3 2007, and will be added to YTD Same-Property results in 2008.

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, 2007					Essex		Total Fund					Property Revenue					NOI
(Dollars in thousands)					Book		Original			Debt		For the twelve months ended					For the twelve months ended
					Value		Cost	Units		Amount		2007		2006	% Change		2007		2006	% Change

Joint Ventures

	Essex Apartment Value Fund II, L.P. (Fund II) (1)
		Southern California
			Parcwood, Corona, CA					312	$	25,353
			Renaissance, Los Angeles, CA					168		23,236
			Total Southern California					480		48,589	$	7,784	$	5,125	51.9%	$	4,673	$	2,943	58.8%
		Northern California
			Alderwood Park, Newark, CA					96		7,062
			Carlmont Woods, Belmont, CA					195		12,913
			Davey Glen, Belmont, CA					69		6,654
			Enclave, San Jose, CA					637		80,606
			Harbor Cove, Foster City, CA					400		34,821
			Regency Tower, Oakland, CA					178		11,052
			Total Northern California					1,575		153,108		26,696		22,342	19.5%		15,775		12,418	27.0%
		Seattle Metro
			Echo Ridge, Snoqualmie, WA					120		13,253
			Morning Run, Monroe, WA					222		13,703
			Tower @ 801, Seattle, WA					173		19,310
			Total Seattle Metro					515		46,266		7,820		7,200	8.6%		4,739		4,270	11.0%

			Total - Operating Communities					2,570		247,963	$	42,300	$	34,667	22.0%	$	25,187	$	19,631	28.3%

	Fund II - Development Pipeline (2)
			Eastlake 2851 on Lake Union, Seattle, WA					127		15,159
			Studio 40-41, Studio City, CA					149		8,650
			Cielo, Chatsworth, CA					119		1,071
			Total - Development Communities					395		24,880

			Line of credit							4,400

			Total - Fund II	$	57,699	$	513,383	2,965	$	277,243

			Capitalized costs		720
					58,419
	Waterstone at Fremont (formerly
			known as Mountain Vista) (3)		1,182
	Other (4)				4,590

				$	64,191

	(1)		The Company has a 28.2% interest as a general partner and limited partner in Fund II, and may earn promote income if Fund II exceds cetain financial return benchmarks.
	(2)		See S-9 for more detail about the Fund II Development Pipeline.
	(3)		The Company recorded $0.2 milion in preferred interest payments in Q4 2007, and unpaid preferred interest of approximately $7.5 million was paid in January 2008.
	(4)		Other investments include one development joint venture in preliminary stages located in Southern California totaling $4.1 million and a real estate technology investment.

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

S-11

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

Consolidated Co-Investments - December 31, 2007
(Dollars in thousands)


The Company enters into co-investment transactions with third party developers, owners and investors of apartment communities. In accordance with GAAP, the Company consolidates certain of these co-investment transactions, resulting in minority interests corresponding to the ownership interest of the third-party developer, owner or investor.

The following table summarizes the consolidated co-investment transactions for operating properties:

						Operations for the quarter ended
		Balance as of December 31, 2007				December 31, 2007
		Investment in	Related	Minority	DownREIT		Operating
		Real Estate	Debt	Interest	Units (1)	Revenue	Expenses	NOI

DownREITs:
Anchor Village		$ 11,433	$ 10,750	$ 2,578	117,154	$ 757	$ 296	$ 461
Barkley Apartments		9,244	4,883	2,369	80,302	646	233	413
Brookside Oaks		35,091	14,130	3,974	99,073	711	229	482
Capri at Sunny Hills		17,175	19,150	4,314	179,366	620	148	472
Brentwood Apartments		15,679	9,334	2,568	58,884	615	167	448
Hidden Valley (Parker Ranch)		44,192	33,303	6,089	62,647	1,324	315	1,009
Highridge Apartments		22,609	44,807	6,484	312,633	1,363	396	967
Montejo Apartments		8,984	5,812	1,596	38,038	479	154	325
Thomas Jefferson Apartments		27,248	19,859	7,067	62,873	707	225	482
Treehouse Apartments		11,845	7,825	3,299	75,700	604	198	406
Valley Park Apartments		16,324	9,913	1,275	56,633	745	181	564
Villa Angelina Apartments		21,037	13,405	3,003	57,709	997	267	730

		240,861	193,171	44,616	1,201,012	9,568	2,809	6,759

Other Co-investments:
Derian Office Building (2)		16,087	-	-	n/a	483	144	339
Hillsdale Garden Apartments (3)		115,537	-	21,662	n/a	3,182	1,289	1,893

(1)	Represents the number of DownREIT units that are currently outstanding. Generally, DownREIT units can be redeemed at the holder's election for cash equal to the current price of Essex's common stock.
(2)	Essex has mortgage loans to the owners of this property with an aggregate principal balance in excess of the book value of the property as of December 31, 2007.
(3)	During the second quarter of 2007, the Company entered into a joint venture partnership with a third-party, and the Company contributed the improvements to the property for a 81.5% interest and the joint venture partner contributed the title to the land for an 18.5% interest in the partnership.

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

S-12

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

Income From Discontinued Operations and Selected Financial Data - December 31, 2007
(Dollars in thousands)


Income from Discontinued Operations

For the three months ended December 31, 2007, the Company sold four apartment communities in the Portland metro, and during the nine months ended September 30, 2007, the Company sold condominium units at Peregrine Point, and during the three months ended March 31, 2007, the Company sold the City Heights property which was held for sale as of December 31, 2006. For the year ended December 31, 2006, the Company sold the Vista Capri East, Casa Tierra, Vista Pointe, and Emerald Palms apartment communities, as well as the Diamond Valley Recreational RV park, and condominium units at Peregrine Point.

				Three Months Ended				Twelve Months Ended
				December 31,				December 31,
				2007		2006	$	2007	$	2006
		Rental revenues	$	1,558	$	4,600		9,466		19,537
		Interest and other income		-		20		290		41
		Revenues		1,558		4,620		9,756		19,578

		Property operating expenses		(470)		(1,754)		(3,779)		(7,611)
		Interest expense		-		(580)		(416)		(2,314)
		Depreciation and amortization		(204)		(1,099)		(1,861)		(4,940)
		Minority interests		(73)		(284)		(129)		(1,199)
		Expenses		(747)		(3,717)		(6,185)		(16,064)
		Gain on sale (1)		51,905		7,471		52,874		20,503
		Gain on sale - City Heights		-		-		78,306		-
		Equity income co-investments		-		-		-		238
		Promote interest and subordination fees		-		-		10,290		8,221
		Minority interests - OP units		(4,282)		(791)		(6,443)		(2,730)
		Minority interests - City Heights		-		-		(64,624)		-
		Net gain on sale of real estate		47,623		6,680		70,403		26,232

		Income from discontinued operations	$	48,434	$	7,583		73,974		29,746

Common Stock Equivalents

				Q4 2007		Actual		YTD 2007
				Weighted Avg.		As of 12/31/07		Weighted Avg.
		Common Shares		25,082,481		24,876,737		24,548,003
		Stock Options		149,556		149,556		234,340
		Exchangeable Bonds		119,621		-		318,631
		Weighted Avg. Shares Diluted - EPS		25,351,658		25,026,293		25,100,974
		Vested Series Z Incentive Units		213,205		213,205		213,126
		Operating Limited Partnership Units		2,273,653		2,273,472		2,282,568
		Weighted Avg. Shares Diluted - FFO		27,838,516		27,512,970		27,596,668

(1)	For 2007, amount includes gain on sale of the four Portland properties and Peregrine Point condominum units. The gain on sale and related minority interest recorded in Q1 2007 for City Heights is presented separately.

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

S-13

Essex Property Trust (ESS) 8-KEssex Announces fourth Quarter 2007 and annual Earnings Results