<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from Essex Portfolio, L.P. report for the year ended December 31, 1998. </LEGEND> <MULTIPLIER> 1,000 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> DEC-31-1998 <CASH> 18,080 <SECURITIES> 0 <RECEIVABLES> 29,259 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 42,217 <PP&E> 943,177 <DEPRECIATION> 77,789 <TOTAL-ASSETS> 931,796 <CURRENT-LIABILITIES> 45,047 <BONDS> 361,515 <PREFERRED-MANDATORY> 2 <PREFERRED> 0 <COMMON> 1 <OTHER-SE> 389,797 <TOTAL-LIABILITY-AND-EQUITY> 931,796 <SALES> 0 <TOTAL-REVENUES> 125,268 <CGS> 0 <TOTAL-COSTS> 59,881 <OTHER-EXPENSES> 4,227 <LOSS-PROVISION> 930 <INTEREST-EXPENSE> 20,092 <INCOME-PRETAX> 40,138 <INCOME-TAX> 0 <INCOME-CONTINUING> 40,138 <DISCONTINUED> 0 <EXTRAORDINARY> 4,718 <CHANGES> 0 <NET-INCOME> 35,420 <EPS-PRIMARY> 1.43 <EPS-DILUTED> 1.41