Essex Property Trust 8K Regulation FD Disclosure | ESS 4 Mar 09

ESSEX PROPERTY TRUST, INC.

SAFE HARBOR STATEMENT UNDER THE PRIVATE LITIGATION REFORM ACT OF 1995:

This presentation by Essex Property Trust, Inc. (the “Company”) includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements include statements regarding future trends and “market drivers” in our market
locations, our future operations and financial strategy, anticipated yields on development, opportunities provided by the
economic downturn or by distressed properties, and future capital needs and capital availability. The Company's actual
results may differ materially from those projected in such forward-looking statements.

Factors that might cause such a difference include, but are not limited to, changes in market demand for rental units and
the impact of competition and competitive pricing, changes in economic conditions, unexpected delays in the
development and stabilization of development and redevelopment projects, unexpected difficulties in leasing of
development and redevelopment projects, total costs of renovation and development investments exceeding our
projections and other risks detailed in the Company's filings with the Securities and Exchange Commission (SEC). All
forward-looking statements are made as of today, and the Company assumes no obligation to update this
information. For more details relating to risk and uncertainties that could cause actual results to differ materially from
those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings,
including our most recent report on Form 10-K for the year ended December 31, 2008.

Forward-Looking Statement

About Essex

• Founded in 1971

• IPO in 1994 at $19.50 per share

• One of the strongest balance sheets in the multifamily sector

• Cycle-tested West Coast focus

• Experienced management team

• 15 consecutive years of dividend growth

• Highest 10-year total return of any multifamily REIT

• Current share price approximately $56

Southern California

Northern California

Seattle Metro Area

Units	8,032
% of Portfolio	30%
Occupancy	97.6%*
NOI % of total	30%
Average Same-Store Rent	$1,588*
Same-Store Revenue Growth	7.6%**

Units	12,980
% of Portfolio	48%
Occupancy	95.8%*
NOI % of total	52%
Average Same-Store Rent	$1,442*
Same-Store Revenue Growth	0.5%**

Units	5,980
% of Portfolio	22%
Occupancy	97.3%*
NOI % of total	18%
Average Same-Store Rent	$1,118*
Same-Store Revenue Growth	6.6%**

*As of December 31, 2008 **Q4 2008 vs. Q4 2007

Portfolio Concentration

Stable Markets

* Source: Occupancy - Annual Average, Realfacts (buildings completed before 2007); Job Growth: BLS, Annual Average growth.

*Affordability: the ratio of the estimated median household income to the “required income” (three times the mortgage payment) to purchase the media-priced Q4 2008
home. Assumes 10% down payment, 5.86% interest rate, 1% tax rate, 0.25% insurance rate. Source Median Price: Realtor.org/Axiometrics, Median HH Income: Essex

Essex Markets

Major U.S. Metros

Low Single Family Affordability

Essex Markets vs. U.S.*

Decreasing New Supply in Essex Markets

2008 Accomplishments

Financial

• Issued 1.2 million common shares for total proceeds of $148 million

• Obtained $100 million in construction financing to fund joint venture development projects

• Entered into a $250 million five year secured line of credit with Freddie Mac

• Originated $378 million in secured financing and used proceeds to pay off $110 million in
maturing debt and $50 million of exchangeable bonds at a discount to par value

Operations

• $100 million in dispositions of non-core assets and reinvestment into higher growth markets

• Completed implementation of system upgrades such as Yardi, Yield Star & Level One

• As of December 31, overall portfolio occupancy of 96.6% was one of the highest in the sector

• Reported FFO growth of 10.2% in 2008 placing us in the top quartile of the multifamily REITs

2009 Forecast

FFO Projection

• $5.50 - $5.90 (After adjusting for APB 14-1)

Occupancy

• Expected to range from 94% - 95% throughout each of the Company’s markets

Dispositions

• $100 million - - proceeds used to reduce commitments

Development

• $110 million in costs on balance sheet and $30 million in Fund II

• Two communities reach stabilization - The Grand & Belmont Station

• Two communities begin lease-up - Cielo & Studio 40-41

2009 Market Forecast

	Revenue	Expenses	NOI
Northern California	(0.5%)	(1.2%)	(0.1%)
Seattle Metro	(1.5%)	5.7%	(5.2%)
Southern California	(2.5%)	3.2%	(5.2%)
Total Same-Property Portfolio	(1.8%)	2.3%	(3.8%)

Northern California

Rent to Median Income

Average Value '90-'07

Seattle Metro

Rent to Median Income

Average Value '90-'07

Southern California

Rent to Median Income

Average Value '90-'07

Development Projects

The Grand - Oakland, CA

238 Units

Fourth Street - Berkeley, CA

171 Units

Tasman Place - Sunnyvale, CA

284 Units

Cielo - Chatsworth, CA (Fund II)

119 Units

Studio 40-41 - Studio City, CA (Fund II)

149 Units

Belmont Station - Los Angeles, CA

275 Units

Development Projects

Joule Broadway - Seattle, WA

295 Units

Eastlake - Seattle, WA (Completed)

127 Units (Fund II)

Redevelopment

FFO Per Share*

* Does not include the adoption of APB 14-1 in 2008 which would retroactively alter 2007 FFO by $0.15 per share, 2008 FFO by $0.10 per share
and 2009 forecasted FFO midpoint by $0.11 per share

Consistent Dividend Growth

Current Debt Structure*

Secured Lines

of Credit

Variable Rate

14%

Exchangeable

Bonds

10%

As of December 31, 2008

Secured Debt

69%

Investment Considerations

Proven Cycle-Tested Strategy

Seasoned
Management
Team

Conservative

Operating

Philosophy

Stable

Dividend
Growth

10-Year Total Return of 210.4%*

Supply

Constrained

Markets

Source - Keybanc Capital Markets - The Leaderboard, February 20, 2009

Essex Property Trust (ESS) 8-KRegulation FD Disclosure