Essex Property Trust 8K Essex Announces First Quarter 2009 Earnings Results | ESS 30 Apr 09

Exhibit 99.2

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,
	2009			2008

Revenues:
Rental and other property	$	104,682		$	98,730
Management and other fees from affiliates		1,197			1,227
		105,879			99,957

Expenses:
Property operating, excluding real estate taxes		24,265			23,654
Real estate taxes		9,113			8,096
Depreciation and amortization		29,175			26,766
Interest		20,203			21,139
General and administrative		6,233			6,625
Write-off of investment in development joint venture		5,752			-
		94,741			86,280
Earnings from operations		11,138			13,677

Gain on early retirement of debt		6,124			-
Interest and other income		3,287			2,768
Equity income from co-investments		539			6,630
Income before discontinued operations		21,088			23,075
Income (loss) from discontinued operations		2,250			(226	)
Net income		23,338			22,849
Net income attributable to noncontrolling interest		(4,942	)		(5,759	)
Net income attributable to controlling interest		18,396			17,090
Dividends to preferred stockholders		(1,826	)		(2,310	)
Excess of the carrying amount of preferred stock redeemed over the cash paid to redeem preferred stock		25,695			-
Net income available to common stockholders	$	42,265		$	14,780

Net income per share - basic	$	1.61		$	0.60

Net income per share - diluted	$	1.53		$	0.59

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)	2009			2008

Rental and other property
Rental	$	98,104		$	93,165
Other property		6,578			5,565
Rental and other property	$	104,682		$	98,730

Management and other fees from affiliates
Management	$	871		$	780
Development and redevelopment		326			447
Management and other fees from affiliates	$	1,197		$	1,227

General and administrative
General and administrative	$	9,788		$	10,325
Allocated to property operating expenses - administrative		(2,418	)		(2,229	)
Capitalized to real estate		(1,137	)		(1,471	)
Net general and administrative	$	6,233		$	6,625

Interest and other income
Interest income	$	1,500		$	1,174
Lease income, net		185			1,594
Gain on sale of marketable securities		1,014			-
Income generated from TRS activities		588			-
Interest and other income	$	3,287		$	2,768

Noncontrolling interest
Limited partners of Essex Portfolio, L.P.	$	1,799		$	1,809
DownREIT limited partners' distributions		1,118			1,132
Perpetual preferred distributions		1,575			2,559
Third party ownership interests		450			259
Noncontrolling interest	$	4,942		$	5,759

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,
	2009			2008			% Change

Funds from operations
Net income available to common stockholders	$	42,265		$	14,780
Adjustments:
Depreciation and amortization		29,204			27,734
Gains not included in FFO, net of disposition costs (1)		(2,225	)		-
Noncontrolling interest and co-investments (2)		2,563			2,312
Funds from operations	$	71,807		$	44,826
FFO per share-diluted	$	2.50		$	1.64			53.0	%

Components of the change in FFO
Non-recurring items:
Redemption of Series G preferred stock at a discount		(25,695	)		-
Gain on early retirement of bonds		(6,124	)		-
Write-off of investment in development joint venture		5,752			-
Gain on sales of marketable securities		(1,014	)		-
Income generated from TRS activities		(588	)		-
Joint venture - preferred interest and fees		-			(6,318	)
Funds from operations excluding non-recurring items		44,138			38,508
FFO excluding non-recurring items per share-diluted	$	1.54		$	1.41			9.4	%

Changes in recurring items:
Same-property NOI	$	1,646
Non-same property NOI		2,678
Management and other fees from affiliates		(30	)
Interest expense		936
Other items, net		400
	$	5,630
Weighted average number of shares outstanding diluted (3)		28,692,959			27,398,605

(1)	Internal disposition costs relate to a disposition incentive program established to pay incremental bonuses for the sale of certain of the Company's communities that are part of the program.

(2)

Amount includes the following 2009 adjustments: (i) noncontrolling interest related to Operating Partnership units totaling $1.8 million, (ii) add back depreciation from unconsolidated co-investments and less depreciation attributable to third-party ownership of consolidated co-investments totaling $0.8 million.

(3)	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.

Condensed Consolidated Balance Sheets
(Dollars in thousands)
	March 31, 2009			December 31, 2008

Real Estate:
Land and land improvements	$	681,947		$	683,876
Buildings and improvements		2,594,339			2,595,912
		3,276,286			3,279,788
Less: accumulated depreciation		(666,552	)		(640,026	)
		2,609,734			2,639,762
Real estate under development		292,607			272,273
Co-investments		70,603			76,346
		2,972,944			2,988,381
Cash and cash equivalents		78,820			54,719
Marketable securities		30,143			23,886
Funds held by 1031 exchange faciliator		-			21,424
Notes and other receivables		46,141			47,637
Other assets		33,867			28,776
Total assets	$	3,161,915		$	3,164,823

Mortgage notes payable	$	1,529,571		$	1,468,931
Exchangeable bonds		97,245			165,457
Lines of credit		185,000			120,000
Cash flow hedge liabilities		54,825			73,129
Other liabilities		111,943			105,396
Total liabilities		1,978,584			1,932,913

Redeemable operating partnership units		143,221			186,514
Redeemable DownREIT units		69,318			90,389
Series G cumulative convertible preferred stock		87,735			145,912

Stockholders' equity and noncontrolling interest:
Common stock		2			2
Series F cumulative redeemable preferred stock, liquidation value		25,000			25,000
Additional paid-in-capital		946,660			880,773
Distributions in excess of accumulated earnings		(152,382	)		(142,103	)
Accumulated other comprehensive (loss) income		(57,391	)		(75,424	)
Total stockholders' equity		761,889			688,248
Noncontrolling interest		121,168			120,847
Total stockholders' equity and noncontrolling interest		883,057			809,095
Total liabilities and equity	$	3,161,915		$	3,164,823

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, 2009
(Dollars in thousands)

	Percentage of Total Debt			Balance Outstanding		Weighted Average Interest Rate			Weighted Average Maturity In Years
Mortgage notes payable
Fixed rate - secured		71	%	$	1,281,391		6.1	%		6.0
Variable rate debt (1)		14	%		248,180		2.5	%		21.4
Total mortgage notes payable		85	%		1,529,571		5.5	%		8.5

Exchangeable bonds (2)		5	%		97,245		5.8	%

Line of credit - secured (3)		8	%		140,000		2.0	%
Line of credit - unsecured (4)		2	%		45,000		2.7	%
Total lines of credit		10	%		185,000		2.0	%

Total debt		100	%	$	1,811,816		5.3	%

						Weighted
Scheduled principal payments (excludes lines of credit)						Average
						Interest Rate
	2009			$	14,548		2.2	%
	2010				249,049		7.3	%
	2011				150,608		6.4	%
	2012				31,642		5.4	%
	2013				191,817		5.8	%
	Thereafter				989,152		5.0	%
	Total			$	1,626,816		5.6	%

Capitalized interest for the three months ended March 31, 2009 was approximately $3.2 million.

(1)

$233.1 million of the variable rate debt is tax exempt, and $183.4 million of the tax exempt debt is subject to interest rate protection agreements.

(2)

Exchangeable bonds mature in November 2025, but the bonds are subject to a repurchase for cash at the option of the holder on November 1, 2010. The pay rate on the bonds is 3.625%, and effective January 2009 in accordance with the accounting pronouncement FSP No. APB 14-1, the weighted average interest rate is 5.75%. This is an unsecured obligation of the operating partnership, and is fully and unconditionally guaranteed by the Company.

(3)

Secured line of credit commitment is $150 million and is expandable to $250 million at any time during the first two years. This line is secured by ten of the Company's apartment communities and matures in December 2013. The underlying interest rate is currently the Freddie Mac Reference Rate plus .99% to 1.50%.

(4)

Unsecured line of credit commitment is $200 million and matures in March 2010. 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%.

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, 2009

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

Total debt	$	1,811,816


Common stock and potentially dilutive securities
Common stock outstanding		26,060
Limited partnership units (1)		2,450
Options-treasury method		13
Total common stock and potentially dilutive securities		28,523		shares

Common stock price per share as of March 31, 2009	$	57.34

Market value of common stock and potentially dilutive securities	$	1,635,509

Preferred units/stock	$	194,900

Total equity capitalization	$	1,830,409

Total market capitalization	$	3,642,225

Ratio of debt to total market capitalization		49.7	%

(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-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, 2009 and 2008
(Dollars in thousands)
	Southern California									Northern California									Seattle Metro									Other real estate assets (1)						Total
	2009			2008			% Change			2009			2008			% Change			2009			2008			% Change			2009			2008			2009			2008			% Change

Revenues:
Same-property revenue	$	47,945		$	48,053			-0.2	%	$	27,010		$	25,726			5.0	%	$	15,654		$	15,053			4.0	%	$	-		$	-		$	90,609		$	88,832			2.0	%
Non-same property revenue (2)		5,586			4,440						3,851			2,903						3,464			1,876						1,172			679			14,073			9,898
Total Revenues	$	53,531		$	52,493					$	30,861		$	28,629					$	19,118		$	16,929					$	1,172		$	679		$	104,682		$	98,730

Property operating expenses:
Same-property operating expenses	$	15,079		$	15,069			0.1	%	$	8,429		$	8,578			-1.7	%	$	5,220		$	4,950			5.5	%	$	-		$	-		$	28,728		$	28,597			0.5	%
Non-same property operating expenses (2)		1,925			1,391						1,035			1,004						1,212			605						478			153			4,650			3,153
Total property operating expenses	$	17,004		$	16,460					$	9,464		$	9,582					$	6,432		$	5,555					$	478		$	153		$	33,378		$	31,750

Net operating income (NOI):
Same-property NOI	$	32,866		$	32,984			-0.4	%	$	18,581		$	17,148			8.4	%	$	10,434		$	10,103			3.3	%	$	-		$	-		$	61,881		$	60,235			2.7	%
Non-same property NOI (2)
Redevelopment communities		3,231			3,042						2,493			1,899						1,251			1,271						-			-			6,975			6,212
Acquired communities		81			7						348			-						1,001			-						-			-			1,430			7
Development communities		349			-						(25	)		-						-			-						-			-			324			-
Other real estate assets (1)		-			-						-			-						-			-						694			526			694			526
Total non-same property NOI		3,661			3,049						2,816			1,899						2,252			1,271						694			526			9,423			6,745
Total NOI	$	36,527		$	36,033					$	21,397		$	19,047					$	12,686		$	11,374					$	694		$	526		$	71,304		$	66,980

Same-property operating margin		69	%		69	%					69	%		67	%					67	%		67	%											68	%		68	%

Same-property turnover percentage		51	%		43	%					53	%		50	%					51	%		37	%											52	%		44	%

Same-property concessions	$	301		$	458					$	119		$	202					$	68		$	60											$	488		$	721

Average same-property concessions per turn (3)	$	203		$	335					$	150		$	285					$	112		$	149											$	169		$	290

Net operating income percentage of total		51	%		54	%					30	%		28	%					18	%		17	%					1	%		1	%		100	%		100	%


Reconciliation of apartment units at end of period

Same-property apartment units		11,059									5,615									4,409															21,083

Consolidated Apartment Units		12,370			12,725						6,457			6,361						5,338			5,005												24,165			24,091
Joint Venture		480			480						1,575			1,575						642			515												2,697			2,570
Under Development (4)		268			543						409			693						295			422												972			1,658
Total apartment units at end of period		13,118			13,748						8,441			8,629						6,275			5,942												27,834			28,319

Percentage of total		47	%		49	%					30	%		30	%					23	%		21	%											100	%		100	%

Average same-property financial occupancy		96.5	%		95.1	%					97.6	%		96.7	%					97.3	%		96.8	%											97.0	%		95.9	%

(1)

Other real estate assets consists mainly of retail space and commercial properties and their operating results are classified in non-same property results. The Hollywood commercial property's operations are classified in other real assets for 2009 due to the extension of a three year lease with the tenant, operations for 2008 are classified in interest and other income.

(2)	Includes properties which subsequent to January 1, 2008 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)	Fund II owns 268 of the units under development as of March 31, 2009.

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.

Revenue by County - Quarters ended March 31, 2009, March 31, 2008 and December 31, 2008
(Dollars in thousands, except average property rental rates)

			Average Property Rental Rates							Property Revenue							Property Revenue
			March 31,		March 31,					March 31,		March 31,					December 31,		Sequential
Region	Units		2009		2008		% Change			2009		2008		% Change			2008		% Change

Southern California
Ventura County		3,004	$	1,348	$	1,393		-3.2	%	$	12,506	$	12,354		1.2	%	$	12,542		-0.3	%
Los Angeles County		2,754		1,790		1,838		-2.6	%		14,629		15,068		-2.9	%		14,717		-0.6	%
Orange County		2,037		1,513		1,548		-2.3	%		9,406		9,416		-0.1	%		9,528		-1.3	%
San Diego County		2,641		1,131		1,124		0.6	%		9,128		8,854		3.1	%		9,255		-1.4	%
Santa Barbara County		347		1,628		1,641		-0.8	%		1,638		1,729		-5.3	%		1,569		4.4	%
Riverside County		276		764		839		-8.9	%		638		632		0.9	%		654		-2.4	%
Total same-property		11,059		1,431		1,462		-2.1	%		47,945		48,053		-0.2	%		48,265		-0.7	%
Los Angeles County		1,311		1,598							5,586		4,440
Non-same property		1,311		1,598							5,586		4,440

Northern California
San Francisco MSA		175		1,841		1,766		4.2	%		968		926		4.5	%		959		0.9	%
Santa Clara County		2,058		1,671		1,595		4.8	%		10,571		10,000		5.7	%		10,640		-0.6	%
Alameda County		760		1,297		1,240		4.6	%		3,105		2,898		7.1	%		3,104		0.0	%
San Mateo County		768		1,675		1,577		6.2	%		3,944		3,662		7.7	%		3,968		-0.6	%
Contra Costa County		1,720		1,503		1,529		-1.7	%		7,860		7,714		1.9	%		8,036		-2.2	%
Other		134		1,358		1,361		-0.2	%		562		526		6.8	%		556		1.1	%
Total same-property		5,615		1,567		1,524		2.8	%		27,010		25,726		5.0	%		27,263		-0.9	%
Santa Clara County		390		1,514							1,835		1,661
Alameda County		356		1,363							1,528		1,242
Other		96		1,709							488		-
Non-same property		842		1,448							3,851		2,903

Seattle Metro
Total same-property		4,409		1,118		1,093		2.3	%		15,654		15,053		4.0	%		15,827		-1.1	%
Non-same property		929		1,192							3,464		1,876
Other Real Estate Assets											1,172		679

Total same-property revenue		21,083	$	1,402	$	1,402		0.0	%	$	90,609	$	88,832		2.0	%	$	91,355		-0.8	%
Total non-same property revenue		3,082	$	1,436						$	14,073	$	9,898

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 Pipeline - March 31, 2009

(Dollars in millions)


		Estimated Units		Estimated retail sq. feet (1)		Incurred to Date		Estimated Remaining Costs		Estimated Total Cost		Construction Start	Construction Complete	Initial Occupancy		Stabilized Operations

Development Projects
Project Name	Location

The Grand	Oakland, CA		238		7,800	$	93.1	$	3.1	$	96.2	Dec-06	Jan-09	Feb-09		Sep-09
Fourth Street	Berkeley, CA		171		15,500		31.5		39.1		70.6	Apr-08	Feb-10	Feb-10		Aug-10
Joule Broadway (2) (3)	Seattle, WA		295		29,100		40.7		63.6		104.3	May-08	Sep-10	Jul-10		May-11
Tasman Retail Pad	Sunnyvale, CA		-		14,100		1.5		7.0		8.5	Jun-09	Jun-10		-		-
Consolidated - Development Projects			704		66,500		166.8		112.8		279.6
Development Projects - Fund II (3)
Project Name	Location
Studio 40-41	Studio City, CA		149		-		54.4		6.2		60.6	Jun-07	Jun-09	Apr-09		Aug-09
Cielo	Chatsworth, CA		119		-		29.2		10.3		39.5	Jun-07	Jul-09	Jul-09		Oct-09
Fund II - Development Projects			268		-		83.6		16.5		100.1
Total - Development Projects			972		66,500		250.4		129.3		379.7
Predevelopment Projects
Project Name	Location
Main Street (2)	Walnut Creek, CA		-		-		-		-		-
Cadence Campus	San Jose, CA		-		-		-		-		-
Tasman Apts/Retail	Sunnyvale, CA		-		-		-		-		-
Total - Predevelopment Projects			1,104		34,200		101.7		271.1		372.8
Land Held for Future Development (4)
Project Name	Location
City Centre	Moorpark, CA		200		-		-		-		-
Citiplace	San Diego, CA		141		-		-		-		-
Park Boulevard (5)	Palo Alto, CA		27		-		-		-		-
View Pointe	Newcastle, WA		24		-		-		-		-

Total - Land Held for Future Development			392		-		24.1		-		24.1
Grand Total - Development Pipeline			2,468		100,700	$	376.2	$	400.4	$	776.6

(1)	Certain apartment community developments include retail space, and the Company has included the total estimated retail square footage for each development project.

(2)	The Company has entered into two joint venture development projects with third-parties to develop these properties. Essex has a 50% interest in the two projects.

(3)	There are construction loans in place for these development projects that provide financing for the majority of the estimated remaining costs to be incurred.

(4)	The Company owns land in various stages of entitlement that is being held for future development.

(5)	The Company has entered into an option agreement to sell this land parcel to a third-party. During the option period the Company will continue to complete the entitlement process.

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 Pipeline - March 31, 2009

(Dollars in thousands)


			Total		Estimated		Estimated			NOI
			Incurred		Remaining		Total		Redevelopment	For the quarter ended				Units
Region/Project Name	Units		To Date		Cost		Cost		Start Date		Q1 2009		Q1 2008	completed

Approved - Redevelopment Projects (1)
Marina Cove, Santa Clara, CA		292	$	3,550	$	6,308	$	9,858	Jun-07
		292		3,550		6,308		9,858

Active - Redevelopment Projects
Southern California
Avondale at Warner Center, Woodland Hills, CA		446		11,548		2,522		14,070	Oct-04	$	1,220	$	1,298		198
Pathways, Long Beach, CA		296		8,331		2,429		10,760	Jun-06		973		819		247
Highridge, Rancho Palos Verdes, CA		255		4,387		12,176		16,563	Jan-07		1,038		924		9
		997		24,266		17,127		41,393			3,231		3,041		454
Northern California
The Montclaire - Phase I - III, Sunnyvale, CA		390		14,139		993		15,132	Aug-06		1,423		1,123		390
Boulevard, Fremont, CA		172		8,887		-		8,887	Sep-06		500		271		137
Bridgeport, Newark, CA		184		4,373		213		4,586	Oct-06		572		507		12
		746		27,399		1,206		28,605			2,495		1,901		539
Seattle Metro
Foothill Commons, Bellevue, WA (2)		360		15,812		20,526		36,338	Jun-07		771		777		-
Woodland Commons, Bellevue, WA (2)		236		4,008		7,771		11,779	Jun-07		478		493		-
		596		19,820		28,297		48,117			1,249		1,270

Total Active - Redevelopment Projects		2,339		71,485		46,630		118,115			6,975		6,212		993

Consolidated - Redevelopment Projects		2,631	$	75,035	$	52,938	$	127,973		$	6,975	$	6,212		993

(1)	This project is approved and redevelopment activity has commenced but as of Q1 2009 the community has stabilized operations, and therefore is classified in same-property operations.

(2)	The Company is currently building a new leasing office and 34 additional apartment homes at the adjacent Foothill and Woodland Commons communities.

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.

Co-investments - March 31, 2009	Essex		Total Fund							Property Revenue for							NOI for the three
(Dollars in thousands)	Book		Original				Debt		Maturity	the three months ended				%			months ended				%
	Value		Cost		Units		Amount		Date	2009		2008		Change			2009		2008		Change

Joint Ventures
Essex Apartment Value Fund II, L.P. (Fund II) (1)
Southern California
Parcwood, Corona, CA						312	$	24,796	Dec-2013
Renaissance, Los Angeles, CA						168		22,898	May-2011
Total Southern California						480		47,694		$	2,059	$	1,993		3.3	%	$	1,271	$	1,173		8.4	%
Northern California
Alderwood Park, Newark, CA						96		6,929	Jun-2015
Carlmont Woods, Belmont, CA						195		12,630	Dec-2013
Davey Glen, Belmont, CA						69		6,654	Aug-2016
Enclave, San Jose, CA						637		18,811	Jan-2018
Enclave, San Jose, CA								60,000	Dec-2029
Harbor Cove, Foster City, CA						400		34,056	Dec-2013
Regency Tower, Oakland, CA						178		10,824	Mar-2014
Total Northern California						1,575		149,904			7,207		6,988		3.1	%		4,635		4,413		5.0	%
Seattle Metro
Echo Ridge, Snoqualmie, WA						120		12,982	Sep-2014
Morning Run, Monroe, WA						222		13,428	Oct-2014
Tower @ 801, Seattle, WA						173		18,905	Aug-2014
Total Seattle Metro						515		45,315			2,062		2,017		2.2	%		1,285		1,202		6.9	%

Total - Operating Communities						2,570		242,913		$	11,328	$	10,998		3.0	%	$	7,191	$	6,788		5.9	%

Fund II - Development Completed (initial occupancy May 2008)
Eastlake 2851, Seattle, WA						127		27,177	Jan-2010	$	566						$	388

Fund II - Development Pipeline (2)
Studio 40-41, Studio City, CA						149		29,751	Apr-2010
Cielo, Chatsworth, CA						119		15,689	Jun-2010
Total - Development Communities						268		45,440

Total - Fund II	$	69,383	$	569,209		2,965	$	315,530

Capitalized costs		720
		70,103
Other (3)		500
	$	70,603

(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)	During Q1 2009, the Company wrote-off its investment in a development joint venture in Southern California totaling $5.8 million, the remaining balance relates to a real estate technology investment.

See Company’s 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 and Noncontrolling Interest - March 31, 2009

(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 noncontrolling interests corresponding to the ownership interest of the third-party developer, owner or investor.

The following table summarizes the consolidated co-investments and noncontrolling interest:

									Operations for the quarter ended
	Balance as of March 31, 2009								March 31, 2009
	Investment in		Related		Noncontrolling		Down-REIT		Operating
	Real Estate		Debt		Interest		Units (1)		Revenue		Expenses		NOI

Redeemable DownREIT Units:
Anchor Village	$	14,231	$	10,750	$	6,315		110,133	$	804	$	323	$	481
Barkley Apartments		9,038		17,586		4,542		79,205		654		199		455
Brentwood		14,933		20,400		3,376		58,884		608		173		435
Brookside Oaks		33,930		13,840		5,601		97,673		787		186		601
Capri at Sunny Hills		17,463		18,856		9,597		167,365		615		144		471
Hidden Valley (2)		39,764		32,627		3,592		62,647		1,321		367		954
Highridge Apartments		24,444		44,807		17,107		298,341		1,395		357		1,038
Montejo Apartments		9,000		5,693		1,681		29,319		475		115		360
Thomas Jefferson		26,765		19,545		7,067		62,873		895		260		635
Treehouse Apartments		12,130		7,665		3,884		67,728		618		179		439
Valley Park Apartments		15,463		9,710		3,247		56,633		731		154		577
Villa Angelina Apartments		19,997		13,131		3,309		57,709		978		224		754
	$	237,158	$	214,610	$	69,318		1,148,510	$	9,881	$	2,681	$	7,200
Redeemable UpREIT and
Operating Partnership Units					$	143,221		2,450,002

Noncontrolling Interest:
Hillsdale Garden Apartments (3)	$	114,141		-		22,733			$	3,560	$	1,401	$	2,159
Joint Ventures - Development (4)	$	64,300	$	15,072		14,500
Perpetual Preferred Units (5)						80,000
Hidden Valley (2)						3,935
					$	121,168

(1)	Represents the number of DownREIT units that are currently outstanding. Generally, DownREIT units are redeemed for cash equal to the current price of Essex's common stock.

(2)	The DownREIT has a 75% interest in this community and a joint venture partner has a 25% interest.

(3)	The Company has an 81.5% interest in this community and the joint venture partner has an 18.5% interest.

(4)	The Company consolidates two joint venture developments that the Company has 50% interest, in accordance with GAAP.

(5)	Includes Series B Cumulative Redeemable Preferred Units with an existing distribution rate of 7.875% and can be redeemed at the Company's option on December 31, 2009.

See Company’s 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.

Discontinued Operations and Selected Financial Data - March 31, 2009

(Dollars in thousands)

Income (Loss) from Discontinued Operations

For the quarter ended March 31, 2009, the Company sold the Carlton Heights and Grand Regency apartment communities. Income from discontinued operations for the quarter ended March 31, 2008 also includes operating results for Coral Gardens, Cardiff by the Sea, and St. Cloud apartment communites sold in 2008. No properties were sold in the quarter ended March 31, 2008.

	Three Months Ended
	March 31,
	2009			2008
Rental revenues	$	157		$	2,746

Property operating expenses		(103	)		(1,229	)
Interest expense		-			(775	)
Depreciation and amortization		(29	)		(968	)
Income from real estate sold		25			(226	)
Gain on sale		2,472			-
Internal disposition costs		(247	)		-
Income (loss) from discontinued operations	$	2,250		$	(226	)

Common Stock Equivalents
	Q1 2009		Actual
	Weighted Avg.		As of 3/31/09
Common Shares		26,224,946		26,059,739
Stock Options		23,266		13,624
Exchangeable Bonds		-		-
Weighted Avg. Shares Diluted - EPS		26,248,212		26,073,363
Operating Limited Partnership Units		2,444,747		2,450,002
Weighted Avg. Shares Diluted - FFO		28,692,959		28,523,365

See Company’s 10-Q for additional disclosures

S-13

	ESSEX PROPERTY TRUST, INC.
	Real Estate Information as of March 31, 2009
									Square		Year	Year	Property	Age of
	Property Name	Address	City	State			Units		Footage		Acquired	Built	Ownership	Property

	APARTMENT COMMUNITIES

	NORTHERN CALIFOFNIRA
	Santa Clara County
1	Pointe at Cupertino	19920 Olivewood Street	Cupertino	CA				116		135,200	1998	1963	EPLP		46
1	Carlyle, The	2909 Nieman Boulevard	San Jose	CA				132		129,200	2000	2000	EPLP		9
1	Enclave, The	4355 Renaissance Drive	San Jose	CA				637		525,463	2005	1998	Fund II		11
1	Esplanade	350 East Taylor St.	San Jose	CA				278		279,000	2004	2002	EPLP		7
1	Waterford, The	1700 N. First Street	San Jose	CA				238		219,600	2000	2000	EPLP		9
1	Le Parc	440 N. Winchester Avenue	Santa Clara	CA				140		113,200	1994	1975	EPLP		34
1	Marina Cove	3480 Granada Avenue	Santa Clara	CA				292		250,200	1994	1974	EPLP		35
1	Bristol Commons	732 E. Evelyn Avenue	Sunnyvale	CA				188		142,600	1995	1989	EPLP		20
1	Brookside Oaks	1651 Belleville Way	Sunnyvale	CA				170		119,900	2000	1973	DownREIT		36
1	Magnolia Lane	113 South Mary Avenue	Sunnyvale	CA				32		31,541	2007	2001	EPLP		8
1	Montclaire	450 N. Mathilda Avenue	Sunnyvale	CA				390		294,100	1988	1973	EPLP		36
1	Summerhill Park	972 Corte Madera Avenue	Sunnyvale	CA				100		78,500	1988	1988	EPLP		21
	Tasman Place	315 Tasman Drive	Sunnyvale	CA				-		14,100			EPLP
1	Thomas Jefferson	107 South Mary Avenue	Sunnyvale	CA				156		110,824	2007	1969	DownREIT		40
1	Windsor Ridge	825 E. Evelyn Avenue	Sunnyvale	CA				216		161,800	1989	1989	EPLP		20
					11	%		3,085		2,591,128
	Alameda County
	Fourth Street	700 University Avenue	Berkeley	CA				171		146,255			EPLP
1	Stevenson Place	4141 Stevenson Blvd.	Fremont	CA				200		146,200	2000	1975	EPLP		34
1	Boulevard	40001 Fremont Blvd.	Fremont	CA				172		131,200	1996	1978	EPLP		31
1	City View	25200 Carlos Bee Blvd.	Hayward	CA				560		462,400	1998	1975	EPLP		34
1	Regency Tower	1130 Third Ave.	Oakland	CA				178		140,900	2005	1975	Fund II		34
	The Grand	100 Grand Avenue	Oakland	CA				238		205,026			EPLP
1	Bridgeport	36826 Cherry Street	Newark	CA				184		139,000	1987	1987	EPLP		22
1	Alderwood Park Apartments	37057 Magnolia Street	Newark	CA				96		74,624	2006	1987	Fund II		22
					5	%		1,390		1,094,324
	Contra Costa County
1	San Marcos	Hilltop Drive at Richmond Pkwy	Richmond	CA				432		407,600	2003	2003	EPLP		6
1	Bel Air	2000 Shoreline Drive	San Ramon	CA				462		391,000	1995	1988	EPLP		21
1	Foothill Gardens	1110 Harness Drive	San Ramon	CA				132		155,100	1997	1985	EPLP		24
1	Twin Creeks	2711-2731 Morgan Drive	San Ramon	CA				44		51,700	1997	1985	EPLP		24
1	Canyon Oaks	1 Amberstone Lane	San Ramon	CA				250		237,894	2007	2005	EPLP		4
1	Mill Creek at Windermere	2100 Waterstone Place	San Ramon	CA				400		381,060	2007	2005	EPLP		4
					6	%		1,720		1,624,354
	San Mateo County
1	Carlmont Woods	2515 Carlmont Drive	Belmont	CA				195		107,200	2004	1971	Fund II		38
1	Harbor Cove	900 E. Hillsdale Blvd.	Foster City	CA				400		306,600	2004	1971	Fund II		38
1	Davey Glen	200 Davey Glen Road	Belmont	CA				69		65,974	2006	1962	Fund II		47
1	Hillsdale Garden	3421 Edison Avenue	San Mateo	CA				697		611,505	2006	1948	JV - 81.5%		61
1	Belmont Terrace	1606 Continetals Way	Belmont	CA				71		72,951	2006	1974	EPLP		35
					6	%		1,432		1,164,230

	San Francisco and Marin Counties
1	Mt. Sutro Terrace Apartments	480 Warren Drive	San Francisco	CA				99		64,000	1999	1973	EPLP		36
1	Vista Belvedere	15 Red Hill Circle	Tiburon	CA				76		78,300	2004	1963	EPLP		46
					1	%		175		142,300

	Other
1	Tuscana	315 Mt. Oso	Tracy	CA				30		29,088	2007	2007	EPLP		2
1	Harvest Park	2327 Summercreek Drive	Santa Rosa	CA				104		116,628	2007	2004	EPLP		5
1	Chestnut Street Apartments	143 Chestnut Avenue	Santa Cruz	CA				96		87,640	2008	2002	EPLP		7
					1	%		230		233,356

36	Total Northern California				30	%		8,032		6,849,692					25

	SOUTHERN CALIFORNIA
	Los Angeles County
1	Hampton Court	1136 N. Columbus Avenue	Glendale	CA				83		71,500	1999	1974	EPLP		35
1	Hampton Place	245 W. Loraine Street	Glendale	CA				132		141,500	1999	1970	EPLP		39
1	Marbrisa	1809 Termino Ave.	Long Beach	CA				202		122,800	2002	1987	EPLP		22
1	Pathways	5945 E. Pacific Coast Hwy.	Long Beach	CA				296		197,700	1991	1975	EPLP		34
1	Bunker Hill	222 and 234 S. Figueroa St.	Los Angeles	CA				456		346,600	1998	1968	EPLP		41
1	Cochran Apartments	612 South Cochran	Los Angeles	CA				58		51,400	1998	1989	EPLP		20
1	Kings Road	733 North Kings Road	Los Angeles	CA				196		132,100	1997	1979	EPLP		30
1	Marbella	600 South Detroit Street	Los Angeles	CA				60		50,108	2005	1991	EPLP		18
1	Belmont Station	1302 West 2nd St.	Los Angeles	CA				275		225,000	2009	2009	EPLP		0
1	Park Place	400 S. Detroit Street	Los Angeles	CA				60		48,000	1997	1988	EPLP		21
1	Windsor Court	401 S. Detroit Street	Los Angeles	CA				58		46,600	1997	1988	EPLP		21
1	Renaissance	630 South Masselin Avenue	Los Angeles	CA				168		154,268	2006	1990	Fund II		19
1	Marina City Club	4333 Admiralty Way	Marina Del Rey	CA				101		127,200	2004	1971	EPLP		38
1	Mirabella	13701 Marina Point Drive	Marina Del Rey	CA				188		176,800	2000	2000	EPLP		9
1	Monterra del Mar	280 E. Del Mar Boulevard	Pasadena	CA				123		74,400	1997	1972	EPLP		37
1	Monterra del Rey	350 Madison	Pasadena	CA				84		73,100	1999	1972	EPLP		37
1	Monterra del Sol	280 South Euclid	Pasadena	CA				85		69,200	1999	1972	EPLP		37
1	Fountain Park	13141 Fountain Park Drive	Playa Vista	CA				705		608,900	2004	2002	EPLP		7
1	Highridge	28125 Peacock Ridge Drive	Rancho Palos Verde	CA				255		290,200	1997	1972	DownREIT		37
	Studio 40-41	4043 Radford Avenue	Studio City	CA				149		127,238			Fund II
1	Coldwater Canyon	4250 Codlwater Canyon	Studio City	CA				39		34,125	2007	1979	EPLP		30
1	Walnut Heights	20700 San Jose Hills Road	Walnut	CA				163		146,700	2003	1964	EPLP		45
1	Avondale at Warner Center	22222 Victory Blvd.	Woodland Hills	CA				446		331,000	1999	1970	EPLP		39
					16	%		4,233		3,519,201
	Ventura County
1	Camarillo Oaks	921 Paseo Camarillo	Camarillo	CA				564		459,000	1996	1985	EPLP		24
1	Camino Ruiz Square	105 Camino Ruiz	Camarillo	CA				160		105,448	2006	1990	EPLP		19
1	Mountain View	649 E. Las Posas Road	Camarillo	CA				106		83,900	2004	1980	EPLP		29
	Cielo	Topanga Blvd	Chatsworth	CA				119		125,400			Fund II
1	Mariner's Place	711 South B Street	Oxnard	CA				105		77,200	2000	1987	EPLP		22
1	Tierra Vista	Rice and Gonzales	Oxnard	CA				404		387,100	2001	2001	EPLP		8
1	Monterey Villas	1040 Kelp Lane	Oxnard	CA				122		122,100	1997	1974	EPLP		35
1	Meadowood	1733 Cochran Street	Simi Valley	CA				320		264,500	1996	1986	EPLP		23
1	Hidden Valley	5065 Hidden Park Court	Simi Valley	CA				324		310,900	2004	2004	DownREIT		5
1	Lofts at Pinehurst,The	1021 Scandia Avenue	Ventura	CA				118		71,100	1997	1971	EPLP		38
1	Hillcrest Park	1800 West Hillcrest Drive	Newbury Park	CA				608		521,900	1998	1973	EPLP		36
1	Pinehurst	3980 Telegraph Road	Ventura	CA				28		21,200	2004	1973	EPLP		36
1	Woodside Village	675 Providence Ave.	Ventura	CA				145		136,500	2004	1987	EPLP		22
					11	%		3,004		2,560,848

	SOUTHERN CALIFORNIA (cont'd)

	Santa Barbara County
1	Chimney Sweep	775 Camino Del Sur Drive	Goleta	CA			91			2006	1967	EPLP	42
1	CBC	6721 El Colegio Drive	Goleta	CA			148			2006	1962	EPLP	47
1	Hope Ranch (Continental Apartments)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA			108			2007	1965	EPLP	44
	Hope Ranch (Lucero Village)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA						2007	1973	EPLP	36
					1	%	347	306,608
	Orange County
1	Barkley Apartments	2400 E. Lincoln Ave.	Anahiem	CA			161	139,800		2000	1984	DownREIT	25
1	Valley Park Apartments	17300 Euclid Ave.	Fountain Valley	CA			160	169,700		2001	1969	DownREIT	40
1	Capri at Sunny Hills	2341 Daphne Place	Fullerton	CA			100	128,100		2001	1961	DownREIT	48
1	Wilshire Promenade	141 West Wilshire Avenue	Fullerton	CA			149	128,000		1997	1992	EPLP	17
1	Montejo Apartments	12911 Dale St.	Garden Grove	CA			124	103,200		2001	1974	DownREIT	35
1	Huntington Breakers	21270 Beach Boulevard	Huntington Beach	CA			342	241,700		1997	1984	EPLP	25
1	Hillsborough Park	1501 South Beach Boulevard	La Habra	CA			235	215,500		1999	1999	EPLP	10
1	Trabuco Villas	25362 Mosswood Way	Lake Forest	CA			132	131,000		1997	1985	EPLP	24
1	Fairways Apartments	2 Pine Valley Lane	Newport Beach	CA			74	107,100		1999	1972	EPLP	37
1	Villa Angelina	201 E. Chapman Ave.	Placentia	CA			256	217,600		2001	1970	DownREIT	39
1	Brentwood Apartment Homes	2301 E. Santa Clara Ave.	Santa Ana	CA			140	154,800		2001	1970	DownREIT	39
1	Treehouse Apartments	2601 N. Grand Ave.	Santa Ana	CA			164	135,700		2001	1970	DownREIT	39
					8	%	2,037	1,872,200
	San Diego County
1	Alpine Country	2660 Alpine Blvd.	Alpine	CA			108	81,900		2002	1986	EPLP	23
1	Alpine Village	2055 Arnold Way	Alpine	CA			306	254,400		2002	1971	EPLP	38
1	Bonita Cedars	5155 Cedarwood Rd.	Bonita	CA			120	120,800		2002	1983	EPLP	26
1	Cambridge	660 F. St.	Chula Vista	CA			40	22,100		2002	1965	EPLP	44
1	Woodlawn Colonial	245-255 Woodlawn Ave.	Chula Vista	CA			159	104,500		2002	1974	EPLP	35
1	Mesa Village	5265 Clairemont Mesa Blvd.	Clairemont	CA			133	43,600		2002	1963	EPLP	46
1	Tierra del Sol/Norte	989 Peach Ave.	El Cajon	CA			156	117,000		2002	1969	EPLP	40
1	Mira Monte	10360 Maya Linda Rd.	Mira Mesa	CA			355	262,600		2002	1982	EPLP	27
1	Country Villas	283 Douglas Drive	Oceanside	CA			180	179,700		2002	1976	EPLP	33
1	Mission Hills	218 Rancho Del Oro	Oceanside	CA			282	244,000		2005	1984	EPLP	25
1	Bluffs II, The	6466 Friars Road	San Diego	CA			224	126,700		1997	1974	EPLP	35
1	Summit Park	8563 Lake Murray Blvd.	San Diego	CA			300	229,400		2002	1972	EPLP	37
1	Vista Capri - North	3277 Berger Ave.	San Diego	CA			106	51,800		2002	1975	EPLP	34
1	Shadow Point	9830 Dale Ave.	Spring Valley	CA			172	131,200		2002	1983	EPLP	26
					10	%	2,641	1,969,700
	Riverside County
1	Parcwood	1700 Via Pacifica	Corona	CA			312	270,000		2004	1989	Fund II	20
1	Devonshire Apartments	2770 West Devonshire Ave.	Hemet	CA			276	207,200		2002	1988	EPLP	21
					2	%	588	477,200

65	Total Southern California				48	%	12,850	10,705,757					30

	SEATTLE METROPOLITAN AREA
1	Cedar Terrace	3205 115th Ave. NE	Bellevue	WA			180	174,200		2005	1984	EPLP	25
1	Emerald Ridge	3010 118th Avenue SE	Bellevue	WA			180	144,000		1994	1987	EPLP	22
1	Foothill Commons	13800 NE 9th Place	Bellevue	WA			360	288,300		1990	1978	EPLP	31
1	Palisades, The	13808 NE 12th	Bellevue	WA			192	159,700		1990	1977	EPLP	32
1	Sammamish View	16160 SE Eastgate Way	Bellevue	WA			153	133,500		1994	1986	EPLP	23
1	Woodland Commons	13700 NE 10th Place	Bellevue	WA			236	172,300		1990	1978	EPLP	31
1	Canyon Pointe	1630 228th St. SE	Bothell	WA			250	210,400		2003	1990	EPLP	19
1	Inglenook Court	14220 Juanita Drive, NE	Bothell	WA			224	183,600		1994	1985	EPLP	24
1	Salmon Run at Perry Creek	2109 228th Street SE	Bothell	WA			132	117,100		2000	2000	EPLP	9
1	Stonehedge Village	14690 143rd Blvd., NE	Bothell	WA			196	214,800		1997	1986	EPLP	23
1	Park Hill at Issaquah	22516 SE 56th Street	Issaquah	WA			245	277,700		1999	1999	EPLP	10
1	Highlands at Wynhaven	1460 NE Hawthorne Street	Issaquah	WA			333	424,674		2008	2000	EPLP	9
1	Wandering Creek	12910 SE 240th	Kent	WA			156	124,300		1995	1986	EPLP	23
1	Bridle Trails	6600 130th Avenue, NE	Kirkland	WA			108	99,700		1997	1986	EPLP	23
1	Evergreen Heights	12233 NE 131st Way	Kirkland	WA			200	188,300		1997	1990	EPLP	19
1	Morning Run	18463 Blueberry Lane	Monroe	WA			222	221,786		2005	1991	Fund II	18
1	Laurels at Mill Creek	1110 164th Street SE	Mill Creek	WA			164	134,300		1996	1981	EPLP	28
1	Anchor Village	9507 49th Avenue West	Mukilteo	WA			301	245,900		1997	1981	DownREIT	28
1	Castle Creek	7000 132nd Place, SE	Newcastle	WA			216	191,900		1998	1998	EPLP	11
1	Brighton Ridge	2307 NE 4th Street	Renton	WA			264	201,300		1996	1986	EPLP	23
1	Fairwood Pond	14700 SE Petrovitsky Rd.	Renton	WA			194	189,200		2004	1997	EPLP	12
1	Forest View	650 Duvall Ave. NE	Renton	WA			192	182,500		2003	1998	EPLP	11
	Joule Broadway	523 Broadway Avenue, East	Seattle	WA			295	191,109				JV - 50%
1	The Cairns	420 Yale Avenue	Seattle	WA			100	70,806		2007	2006	EPLP	3
1	Fountain Court	2400 4th Street	Seattle	WA			320	207,000		2000	2000	EPLP	9
1	Linden Square	13530 Linden Avenue North	Seattle	WA			183	142,200		2000	1994	EPLP	15
1	Eastlake 2851	2833 - 2851 Eastlake Avenue	Seattle	WA			127	234,086		2008	2008	Fund II	1
1	Maple Leaf	7415 5th Avenue, NE	Seattle	WA			48	35,500		1997	1986	EPLP	23
1	Spring Lake	12528 35th Avenue, NE	Seattle	WA			69	42,300		1997	1986	EPLP	23
1	Wharfside Pointe	3811 14th Avenue West	Seattle	WA			142	119,200		1994	1990	EPLP	19
1	Tower @ 801	801 Pine Street	Seattle	WA			173	118,500		2005	1970	Fund II	39
1	Echo Ridge	34907 SE Kinsey Street	Snoqualmie	WA			120	124,359		2005	2000	Fund II	9
31	Total Seattle Metropolitan Area				22	%	5,980	5,373,411					19


	132	Apartment Communities			100	%	26,862	22,928,860	(1)
	6	Apartment Communities Under Construction					972	809,128	(2)

Avg. square footage

854

Definitions for Property Ownership

Avg. units per property

204

EPLP

The Company has a 100% ownership in the community.

Avg. age of property

Fund II

The community is owned by Fund II. The Company has a 28.2% interest in Fund II which is accounted for using the equity method of accounting.

(1) Includes 44,318 square feet of retail or commercial space

(2) Includes 100,700 square feet of estimated retail or commercial space

DownREIT

The Company holds a 1% special limited partner interest in the partnerships which owns the community. In accordance with GAAP, the Company consolidates this community.

JV - 81.5%

The Company has a 81.5% ownership in this community and is consolidated.

OTHER REAL ESTATE ASSETS

JV - 50%

The Company has a 50% ownership in this development and is consolidated.

Office Buildings

Essex Corporate Headquarter Bldg.

925 / 935 E. Meadow Dr.

Palo Alto

31,900

1997 / 2007

1988 / 1962

EPLP

Derian Office Building

17461 Derian Av.

Irvine

110,000

2000

1983

EPLP

Essex Southern Cal. Office Building

22110-22120 Clarendon St.

Woodland Hills

38,940

2001

1982

EPLP

Hollywood

6230 Sunset Blvd.

Los Angeles

35,000

2006

1938

EPLP

215,840

New Residential Supply: Permits as % of Current Stock

12 Month Permit Period: Trailing 12 Months March 2009


	Single Family Data												Multi-Family Data							All Residential Data
Market	Median SF Price (2008est**)		2008 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	$	381,300		102	%		740,000		1,685		0.2	%		240,000		832		0.3	%		2,517		0.3	%
Boston	$	335,700		97	%		1,530,000		3,094		0.2	%		670,800		3,831		0.6	%		6,925		0.3	%
Miami/Ft. Lauderdale	$	234,200		92	%		717,000		2,571		0.4	%		876,000		3,158		0.4	%		5,729		0.4	%
Chicago	$	217,800		128	%		1,700,000		6,616		0.4	%		1,404,900		5,345		0.4	%		11,961		0.4	%
Philadelphia	$	212,500		124	%		1,532,000		6,009		0.4	%		515,100		2,174		0.4	%		8,183		0.4	%
Minneapolis	$	188,600		158	%		818,000		3,869		0.5	%		351,800		1,317		0.4	%		5,186		0.4	%
Baltimore	$	260,100		114	%		797,000		2,879		0.4	%		268,000		1,916		0.7	%		4,795		0.5	%
Wash. D.C. PMSA	$	295,100		127	%		1,299,000		8,591		0.7	%		644,300		3,885		0.6	%		12,476		0.6	%
Portland	$	264,500		101	%		561,000		3,534		0.6	%		225,335		2,608		1.2	%		6,142		0.8	%
Denver	$	200,800		144	%		582,000		3,380		0.6	%		274,900		3,340		1.2	%		6,720		0.8	%
New York PMSA	$	458,600		53	%		760,000		1,007		0.1	%		2,920,000		29,101		1.0	%		30,108		0.8	%
Atlanta	$	129,200		222	%		1,122,000		8,859		0.8	%		467,800		5,067		1.1	%		13,926		0.9	%
Phoenix	$	155,900		151	%		970,000		9,394		1.0	%		360,500		4,735		1.3	%		14,129		1.1	%
Orlando	$	175,200		133	%		482,000		4,177		0.9	%		201,500		3,947		2.0	%		8,124		1.2	%
Dallas-Ft. Worth	$	138,000		187	%		1,381,000		15,805		1.1	%		650,000		14,891		2.3	%		30,696		1.5	%
Las Vegas	$	181,700		124	%		440,000		5,206		1.2	%		215,700		5,636		2.6	%		10,842		1.7	%
Austin	$	184,800		148	%		326,000		7,042		2.2	%		169,900		4,653		2.7	%		11,695		2.4	%
Houston	$	142,100		176	%		1,027,000		24,525		2.4	%		547,700		12,978		2.4	%		37,503		2.4	%
Totals	$	230,907		135	%		16,784,000		118,243		0.7	%		11,004,235		109,414		1.0	%		227,657		0.8	%

Seattle	$	325,000		90	%		656,000		3,953		0.6	%		354,487		5,819		1.6	%		9,772		1.0	%

San Francisco	$	638,000		55	%		368,000		531		0.1	%		344,000		2,119		0.6	%		2,650		0.4	%
Oakland	$	406,000		86	%		625,000		1,607		0.3	%		270,000		1,564		0.6	%		3,171		0.4	%
San Jose	$	525,000		74	%		388,000		839		0.2	%		192,000		1,707		0.9	%		2,546		0.4	%

Los Angeles	$	313,000		76	%		1,877,000		2,725		0.1	%		1,392,963		6,653		0.5	%		9,378		0.3	%
Ventura	$	354,000		97	%		199,000		260		0.1	%		53,295		258		0.5	%		518		0.2	%
Orange	$	406,000		83	%		628,000		1,254		0.2	%		340,800		1,151		0.3	%		2,405		0.2	%
San Diego	$	332,800		79	%		664,000		1,983		0.3	%		375,664		2,393		0.6	%		4,376		0.4	%


No Cal	$	501,256		74	%		1,381,000		2,977		0.2	%		806,000		5,390		0.7	%		8,367		0.4	%

So Cal	$	336,667		79	%		3,368,000		6,222		0.2	%		2,162,722		10,455		0.5	%		16,677		0.3	%

ESSEX	$	377,304		79	%		5,405,000		13,152		0.2	%		3,323,208		21,664		0.7	%		34,816		0.4	%

Permits: Single Family equals 1 Unit, Multi-Family equals 5 or More Units

Sources: SF Prices - Economy.com: Permits, Total Residential Stock - U.S. Census, Axiometrics

**Median Home Prices - Average of Q4 2008 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 the actual Median Household Income to the Income required to purchase the Median Priced Home.

The required 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 (6.03%).

Median Household Income is estimated from US Census 2004 data and Income Growth from BEA and Population Growth from the US Census.

Essex Markets Forecast 2009: 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 Occupancy

Seattle		5,100		1.3	%		3,400		0.5	%		-40,000		-2.7	%		-12.50	%		93.50	%

San Francisco		2,600		0.7	%		500		0.1	%		-22,000		-2.2	%		-6.00	%		94.50	%
Oakland		2,300		0.8	%		1,600		0.3	%		-18,000		-1.8	%		-10.00	%		93.50	%
San Jose		1,800		0.9	%		700		0.2	%		-26,000		-2.9	%		-8.00	%		94.00	%
No. Cal.		6,700		0.8	%		2,800		0.2	%		-66,000		-2.2	%		-7.8	%		94.0	%

Ventura		400		0.8	%		200		0.1	%		-5,600		-2.0	%		-10.00	%		94.00	%
Los Angeles		7,600		0.5	%		2,300		0.1	%		-70,000		-1.7	%		-10.00	%		94.00	%
Orange		2,800		0.8	%		1,100		0.2	%		-38,000		-2.6	%		-10.00	%		93.00	%
San Diego		2,600		0.9	%		1,700		0.2	%		-26,000		-2.1	%		-7.50	%		94.25	%
So. Cal.		13,400		0.6	%		5,300		0.2	%		-139,600		-2.0	%		-9.5	%		94.00	%

All data is an Essex Forecast

U.S. Economic Assumptions: G.D.P.: -3.0% Growth, Jobs: - 2.6% Growth

* New Residential Supply: represents Essex's internal estimate of actual deliveries during the year, which are related to but can differ from the 12 Month trailing Permit Levels reported on New Residential Supply schedule.

** Job Forecast/Performance refers to the difference between Total Non-Farm Industry Employment (not Seasonally Adjusted) projected through December 2009 over the comparable actual figures for December 2008. The first column represents the current Essex forecast of the increase in Total Non-Farm Industry Employment. The second column represents these forecasted new jobs as a percent of the December 2008 base.

***The Forecast Market Conditions represents Essex's estimates of the Change in Rents/Occupancy Rates at the end of 2009. The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for December 2009 vs.December 2008 (where Market refers to the entire MSA apartment market, NOT the Essex portfolio). The estimated Year End Occupancy represents Essex's forecast of Market Occupancy Rates for December 2009.

Essex Property Trust (ESS) 8-KEssex Announces First Quarter 2009 Earnings Results