Essex Property Trust (ESS) 8-K Regulation FD Disclosure

Essex Property Trust, Inc.

NAREITInstitutional Investor Forum

June 3-5, 2009

Job Growth

New construction

Income Growth

Population Growth

Household Growth

Estimate Future
Supply & Demand

Ranking of 27
Submarkets to
Determine
Allocation of
Capital

Project Future

Rents & Occupancy

Factor in Current Market
Dynamics

Proprietary Research Model

Ticker	ESS: NYSE
Founded	1971
Initial Public Offering	1994 ($19.50 per share)
Properties	132
Market Capitalization	$3.6 billion
Current Dividend Yield	6.6%
10-Year Total Return	212.9%
Debt/ Total Market Cap	49.7%

Why Essex….

•Highest total return in the sector over a 10-year period

•Strong balance sheet

•Reputable & experienced management team

•15 consecutive years of dividend growth

•Research driven strategy

Essex Property Trust, Inc.

Seattle Metro Area

Units: 5,980

Portfolio Percentage: 22%

Occupancy: 97.3%*

NOI % of Total: 18%

Average Same-Store Rent: $1,118*

Northern California

Units: 8,032

Portfolio Percentage: 30%

Occupancy: 97.6%*

NOI % of Total: 30%

Average Same-Store Rent: $1,567*

Southern California

Units: 12,850

Portfolio Percentage: 48%

Occupancy: 96.5%*

NOI % of Total: 52%

Average Same-Store Rent: $1,431*

* As of March 31, 2009

West Coast Focus

Average Rent as a % of Median Household Income

(in 000’s)

Avg. Value 1990 - 2008

3 Bedroom Rentvs.

Median Monthly Home Payment

Growth: Jobs vs. Total Residential Supply

Seattle

Growth: Jobs vs. Total Residential Supply

3 Bedroom Rentvs.

Median Monthly Home Payment

Avg. Value 1990 - 2008

Average Rent as a % of Median Household Income

(in 000’s)

Northern California

Growth: Jobs vs. Total Residential Supply

3 Bedroom Rentvs.

Median Monthly Home Payment

Avg. Value 1990 - 2008

Average Rent as a % of Median Household Income

(in 000’s)

Southern California

ØLimited total residential supply during ALL periods, not just recessions

ØHigh Ownership costs vs. renting

ØLimited exposure to high apartment vacancy during periods of job losses

ØAbility for Apartment markets to recover relatively quickly, due to lower starting vacancy at the
point of recovery

ØAbility to sustain rent growth over longer periods due to limited supply response with longer lag
times to job growth.

ØConstruction, both residential and non-residential (i.e. infrastructure to support new residential,
other commercial ) is not a market driver.Jobs and Gross Metro Product (and thus income) not reliant
on single family construction.

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

Stable Occupancy

Low Supply in Essex Markets

(Supply as a % of total housing stock)*

Essex Markets

Major U.S. Metros

AFFORDABILITY: Equals the ratio of the Median Household Income to the Income Required to purchase the
Median Priced Home.A value of 100% implies the Median Household Income just qualifies to purchase the
Median Priced Home.Values less (more) than 100% indicate that the Median Household Income is less (more)
than required to purchase the Median priced Home.

The Affordability number is based on a 30-year Mortgage with a 10% Down Payment at an interest rate of 5.07%

* Supply represents all housing units to include multifamily and single family

Essex Market Dynamics

Essex Markets

Lower Homeowner Default Rates in
Essex Markets

Same-Store NOI Growth

Same-Store Revenue Growth

Same-Property Financial Occupancy

*Data from SNL Financial & Keybanc Report - The Leaderboard: 5/22/2009

10-Year Total Return

•Self-Funded through 10-year secured financings

•Bank facility only debt with financial covenants

•Match funding strategy for external growth

Sources & Uses of Capital ($ in millions)

Fixed-Rate (Secured)

$1,281

71%

2%

14%

8%

5%

Line of Credit (Unsecured)

$45

Line of Credit (Secured)

$140

Exchangeable Bonds

$97

Variable Rate

$248

Strong Balance Sheet

Dividends Per Share

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

Proven Results