ESSEX PROPERTY TRUST, INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - ESSEX PROPERTY TRUST, INC 8-K 3-31-2012 - ESSEX PROPERTY TRUST, INC.	form8k.htm
EX-99.1 - EXHIBIT 99.1 - ESSEX PROPERTY TRUST, INC.	ex99_1.htm

Exhibit 99.2

First Quarter 2012

Supplemental Financial Information

In January, the Company acquired Bon Terra, a 60-unit community located in Redmond, Washington for $16 million. Bon Terra was built in 2005 and is located adjacent to our Delano community. The two properties are operated as one community. All units feature granite slab countertops, maple or cherry cabinetry, and stainless steel finish appliances. The community is conveniently located near major employers, shopping and freeways.

Table of Contents

	Page

Consolidated Operating Results	S-1 – S-2

Consolidated Funds From Operations	S-3

Consolidated Balance Sheets	S-4

Debt Summary – March 31, 2012	S-5

Capitalization Data, Debt Ratings, and Selected Debt Ratios – March 31, 2012	S-6

Property Operating Results – Quarters ended March 31, 2012 and 2011	S-7

Revenue by County – Quarters ended March 31, 2012, March 31, 2011 and December 31, 2011	S-8

Development Pipeline – March 31, 2012	S-9

Redevelopment Pipeline and Capital Expenditures – March 31, 2012	S-10

Co-Investments – March 31, 2012	S-11

Summary of Consolidated Co-Investments and Noncontrolling Interest – March 31, 2012	S-12

Income From Discontinued Operations and Selected Financial Data – March 31, 2012	S-13

Market Forecast (Supply, Jobs and Apartment Market Conditions)	S-14

New Residential Supply Data	S-15

Exhibit A - Property List by Region	1 - 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,
	2012			2011

Revenues:
Rental and other property	$	125,474		$	111,208
Management and other fees		2,444			1,224
		127,918			112,432

Expenses:
Property operating		40,164			38,424
Depreciation		40,734			36,658
General and administrative		5,400			5,274
Cost of management and other fees		1,640			925
		87,938			81,281
Earnings from operations		39,980			31,151

Interest expense before amortization		(24,658	)		(21,811	)
Amortization expense		(2,871	)		(2,851	)
Interest and other income		2,413			6,987
Equity income (loss) from co-investments		2,340			(1,373	)
Income before discontinued operations		17,204			12,103
Income from discontinued operations		10,037			404
Net income		27,241			12,507
Net income attributable to noncontrolling interest		(3,151	)		(3,546	)
Net income attributable to controlling interest		24,090			8,961
Dividends to preferred stockholders		(1,368	)		(543	)
Net income available to common stockholders	$	22,722		$	8,418

Net income per share - basic	$	0.67		$	0.27

Net income per share - diluted	$	0.67		$	0.27

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)	2012			2011

Rental and other property
Rental	$	116,794		$	103,640
Other property		8,680			7,568
Rental and other property	$	125,474		$	111,208

Management and other fees
Management	$	1,991		$	1,119
Development and redevelopment		453			105
Management and other fees	$	2,444		$	1,224

Property operating expenses
Real estate taxes	$	11,413		$	10,587
Administrative and insurance		9,405			9,147
Maintenance and repairs		8,109			7,799
Utilities		8,077			7,971
Property management		3,160			2,920
Property operating expenses	$	40,164		$	38,424

General and administrative
General and administrative	$	13,317		$	11,009
Allocated to cost of management and other fees		(1,640	)		(925	)
Allocated to property operating expenses - administrative		(3,160	)		(2,920	)
Capitalized to real estate		(1,477	)		(965	)
Net general and administrative	$	5,400		$	5,274

Interest and other income
Marketable securities and other interest income	$	1,499		$	1,462
Notes receivable		914			982
Gain from sale of marketable securities		-			4,543
Interest and other income	$	2,413		$	6,987

Equity income (loss) from co-investments
Equity (loss) from co-investments	$	(809	)	$	(1,139	)
Income (loss) from preferred equity investments		3,149			(234	)
Equity income (loss) from co-investments	$	2,340		$	(1,373	)

Noncontrolling interest
Limited partners of Essex Portfolio, L.P.	$	1,591		$	631
DownREIT limited partners' distributions		1,099			1,070
Perpetual preferred distributions		-			1,575
Third-party ownership interest		461			270
Noncontrolling interest	$	3,151		$	3,546

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,
	2012			2011			% Change

Funds from operations
Net income available to common stockholders	$	22,722		$	8,418
Adjustments:
Depreciation		40,828			37,031
Gains not included in FFO, net of internal disposition costs (1)		(9,783	)		-
Depreciation add back from unconsolidated co-investments		4,189			2,701
Noncontrolling interest related to Operating Partnership units		1,591			631
Depreciation attributable to noncontrolling interest		(289	)		(262	)
Funds from operations	$	59,258		$	48,519
FFO per share-diluted	$	1.63		$	1.44			13.4	%

Components of the change in FFO
Non-core items:
Gain on sales of marketable securities		-			(4,543	)
Acquisition costs		188			301
Funds from operations excluding non-core items		59,446			44,277
Core FFO per share-diluted	$	1.63		$	1.31			24.6	%

Changes in core items:
Same-property NOI	$	7,970
Non-same property NOI		4,556
Management and other fees		1,220
Equity income from co-investments		5,201
Interest and other income		(31	)
Interest and amortization expense		(2,867	)
Cost of management and other fees		(715	)
General and administrative		(239	)
Perpetual preferred distributions		1,575
Dividends to preferred stockholders		(825	)
Other items, net		(676	)
	$	15,169

Weighted average number of shares outstanding diluted (2)		36,396,641			33,787,332

(1)	Representes gain on the sale of two communities in Q1 2012, which is net of costs related to disposition incentive program attributable to the sale of certain communities and selling expenses.

(2)	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.

Consolidated Balance Sheets
(Dollars in thousands)
	March 31, 2012			December 31, 2011

Real Estate:
Land and land improvements	$	865,321		$	860,661
Buildings and improvements		3,477,935			3,452,403
		4,343,256			4,313,064
Less: accumulated depreciation		(954,243	)		(920,026	)
		3,389,013			3,393,038
Real estate for development		45,632			44,280
Co-investments		401,531			383,412
		3,836,176			3,820,730
Cash and cash equivalents		48,331			35,463
Marketable securities		80,000			74,275
Notes and other receivables		48,052			66,369
Other assets		38,819			40,127
Total assets	$	4,051,378		$	4,036,964

Mortgage notes payable	$	1,724,317		$	1,745,858
Unsecured debt		465,000			465,000
Lines of credit		153,566			150,000
Other liabilities		127,971			114,968
Derivative liabilities		2,725			3,061
Total liabilities		2,473,579			2,478,887

Series G cumulative convertible preferred stock, carrying value		4,349			4,349

Stockholders' equity and noncontrolling interest:
Common stock		3			3
Cumulative redeemable preferred stock, liquidation value		73,750			73,750
Additional paid-in-capital		1,877,373			1,844,611
Distributions in excess of accumulated earnings		(422,919	)		(408,066	)
Accumulated other comprehensive loss		(70,565	)		(72,771	)
Total stockholders' equity		1,457,642			1,437,527
Noncontrolling interest		115,808			116,201
Total stockholders' equity and noncontrolling interest		1,573,450			1,553,728

Total liabilities and equity	$	4,051,378		$	4,036,964

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, 2012
(Dollars in thousands)


	Percentage of			Weighted	Weighted
	Total	Balance		Average	Average Maturity
	Debt	Outstanding		Interest Rate	In Years
Mortgage notes payable
Fixed rate - secured	63%	$	1,485,702	5.9%	5.8
Variable rate - secured (1)	10%		238,615	1.8%	17.8
Total mortgage notes payable	73%		1,724,317	5.4%	7.4

Unsecured bonds - fixed rate	11%		265,000	4.5%	5.3

Unsecured term loan (2)	9%		200,000	2.4%	4.6

Line of credit - unsecured (3)	7%		153,566	2.2%
Total debt	100%	$	2,342,883	4.8%

				Weighted
Scheduled principal payments (excludes lines of credit)				Average
				Interest Rate
	2012	$	30,171	5.4%
	2013		215,318	4.9%
	2014		66,432	5.4%
	2015		69,962	5.2%
	2016		362,844	3.3%
	Thereafter		1,444,589	5.4%
	Total	$	2,189,317	5.0%

Capitalized interest for the three months ended March 31, 2012 was approximately $1.6 million.

(1)

$202.5 million of the variable rate debt is tax exempt to the note holders, and $187.8 million of the tax exempt debt is subject to interest rate protection agreements.

(2)

The unsecured term loan has a variable interest rate of 142.5 basis points over LIBOR. The Company has entered into interest rate swap contracts for a term of five years with a notional amount totaling $150 million, which effectively converted the interest rate on $150 million of the term loan to a fixed rate of 2.66%. During April 2012, the Company entered into additional interest rate swap contracts with a notional amount totaling $50 million, which effectively converted the interest rate on the final $50 million of the term loan to fixed rate of 2.46%.

(3)

The unsecured line of credit facility is $425 million with an accordion to $500 million. The line matures in December 2014 with two one-year extensions, exercisable at the Company's option. 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 1.25%.

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 Data, Debt Ratings, Selected Debt Ratios - March 31, 2012

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


Capitalization Data				Selected Debt Ratios
Total debt	$	2,342,883		Debt to Total Assets			Total
					Indebtedness		Assets (1)		Ratio
Common stock and potentially dilutive securities				12/31/2009		1,847,442		4,004,101		46	%
Common stock outstanding		34,133		12/31/2010		2,258,745		4,611,218		49	%
Limited partnership units (1)		2,240		12/31/2011		2,360,858		4,956,990		48	%
Options and Preferred Stock-treasury method		174		3/31/2012		2,342,883		5,005,621		47	%
Total share of common stock and potentially dilutive securities		36,547
				Secured Debt to Total Assets
Common stock price per share as of March 31, 2012	$	151.51			Secured		Total
					Indebtedness		Assets (1)		Ratio
Market value of common stock and potentially dilutive securities	$	5,537,163		12/31/2009		1,832,549		4,004,101		46	%
				12/31/2010		2,082,745		4,611,218		45	%
Preferred stock	$	73,079		12/31/2011		1,745,858		4,956,990		35	%
				3/31/2012		1,724,317		5,005,621		34	%
Total equity capitalization	$	5,610,242
				Total Interest Coverage	Adjusted		Total
Total market capitalization	$	7,953,125			EBITDA (2)		Interest (3)		Ratio
				12/31/2009		257,551		91,651		281	%
Ratio of debt to total market capitalization		29.5	%	12/31/2010		257,899		92,232		280	%
				12/31/2011		300,790		99,934		301	%
				3/31/2012(4)		316,947		102,175		310	%

(1)Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock.				Indebtedness Divided by Adjusted EBITDA			Adjusted
					Indebtedness		EBITDA (2)		Ratio
				12/31/2009		1,847,442		257,551		7.2
Debt Ratings				12/31/2010		2,258,745		257,899		8.8
Fitch BBB, Positive				12/31/2011		2,360,858		300,790		7.8
Moody's Baa2, Stable				3/31/2012(4)		2,342,883		316,947		7.4
Standard & Poors BBB, Stable

(1)	Total Assets is defined by the Company as GAAP total assets plus the add back of accumulated depreciation.

(2)

Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, excluding gain/loss on sale of real estate, gain/loss on early retirement of debt, gain/loss from sale of marketable securities, gain/loss of co-investment and impairment charges on the trailing 12 month period.

(3)	Total Interest is comprised of total interest expense, less amortization expense, plus capitalized interest.

(4)	3/31/12 values reflect trailing 12 month period.

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, 2012 and 2011

(Dollars in thousands, except per unit amounts)

	Southern California									Northern California									Seattle Metro									Other real estate assets (1)						Total
	2012			2011			% Change			2012			2011			% Change			2012			2011			% Change			2012				2011		2012			2011			% Change

Revenues:
Same-property revenue	$	56,191		$	53,696			4.6	%	$	38,807		$	35,304			9.9	%	$	20,794		$	19,082			9.0	%	$	-			$	-	$	115,792		$	108,082			7.1	%
Non-same property revenue (2)		2,369			167						2,815			13						1,515			674						2,983				2,272		9,682			3,126
Total Revenues	$	58,560		$	53,863					$	41,622		$	35,317					$	22,309		$	19,756					$	2,983			$	2,272	$	125,474		$	111,208

Property operating expenses:
Same-property operating expenses
Real estate taxes	$	4,734		$	4,684					$	3,750		$	3,740					$	1,779		$	1,745					$	-			$	-	$	10,263		$	10,169
Administrative and insurance		4,889			4,909						2,422			2,503						1,454			1,527						-				-		8,765			8,939
Maintenance and repairs		3,505			3,654						2,437			2,362						1,454			1,414						-				-		7,396			7,430
Utilities		3,451			3,533						2,479			2,552						1,651			1,659						-				-		7,581			7,744
Management fees		1,353			1,351						835			821						605			604						-				-		2,793			2,776
Total same-property operating expenses		17,932			18,131			-1.1	%		11,923			11,978			-0.5	%		6,943			6,949			-0.1	%		-				-	$	36,798		$	37,058			-0.7	%
Non-same property operating expenses (2)		798			348						757			-						535			250						1,276	(7	)		768		3,366			1,366
Total property operating expenses	$	18,730		$	18,479					$	12,680		$	11,978					$	7,478		$	7,199					$	1,276			$	768	$	40,164		$	38,424

Net operating income (NOI):
Same-property NOI	$	38,259		$	35,565			7.6	%	$	26,884		$	23,326			15.3	%	$	13,851		$	12,133			14.2	%	$	-			$	-	$	78,994		$	71,024			11.2	%
Non-same property NOI (2)
Redevelopment community		-			-						-			-						485			424						-				-		485			424
Acquired community - 2012 (3)		-			-						168			-						-			-						-				-		168			-
Acquired communities - 2011 (4)		-			-						511			13						495			-												1,006			13
Development communities (5)		1,571			(181	)					1,379			-						-			-						-				-		2,950			(181	)
Other real estate assets (1)		-			-						-			-						-			-						1,707				1,504		1,707			1,504
Total non-same property NOI		1,571			(181	)					2,058			13						980			424						1,707				1,504		6,316			1,760
Total NOI	$	39,830		$	35,384					$	28,942		$	23,339					$	14,831		$	12,557					$	1,707			$	1,504	$	85,310		$	72,784

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

Annualized same-property turnover percentage		48	%		41	%					44	%		38	%					41	%		34	%											45	%		40	%

Average same-property concessions per turn (6)	$	175		$	197					$	118		$	222					$	143		$	143											$	152		$	195

Reconciliation of apartment units at end of period

Same-property apartment units		12,556									7,701									5,743															26,000

Consolidated apartment units		12,941			13,227						8,206			7,817						6,168			5,979												27,315			27,023
Joint venture		1,909			1,097						1,895			1,575						1,530			648												5,334			3,320
Under development		371			73						878			564						275			275												1,524			912
Total apartment units at end of period		15,221			14,397						10,979			9,956						7,973			6,902												34,173			31,255

Percentage of total		45	%		46	%					32	%		32	%					23	%		22	%											100	%		100	%


Average same-property financial occupancy		96.7	%		96.1	%					97.3	%		97.1	%					96.8	%		96.7	%											96.9	%		96.5	%

(1)	Other real estate assets consists mainly of retail space, commercial properties, and boat slips and their operating results are classified in non-same property results.

(2)	Includes properties which subsequent to January 1, 2011 were, either acquired or in a stage of development or redevelopment without stabilized operations.

(3)	Acquired community during 2012 includes Reed Square.

(4)	Accquired communities during 2011 include 1000 Kiely, Bernard and Delano (which includes Bon Terra acquired in January 2012, but results are included as part of Delano).

(5)	Development communities include Allegro, Bellerive, Muse, Santee Village and Via.

(6)	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 for the quarter times the same-property apartment units.

(7)	Other real-estate asset expenses for 2012, include $0.3 million of non-routine expenses and supplemental property taxes related to prior periods.

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, 2012, March 31, 2011 and December 31, 2011

(Dollars in thousands)

			Average Property Rental Rates									March 31, 2012						March 31, 2011
Region	Units		QTD 2012			QTD 2011			% Change			Property Revenue			Financial Occupancy			Property Revenue			Financial Occupancy			Property Revenue % Change			Property Revenue December 31, 2011		Sequential % Change

Southern California
Los Angeles County		4,420		$	1,640		$	1,570		4.5	%		$	22,329		97.4	%		$	21,056		95.9	%		6.0	%	$	21,891		2.0	%
Ventura County		2,898			1,337			1,298		3.0	%			12,018		96.8	%			11,586		96.5	%		3.7	%		11,941		0.6	%
San Diego County		2,213			1,183			1,143		3.5	%			8,090		96.2	%			7,864		96.7	%		2.9	%		8,096		-0.1	%
Orange County		2,402			1,574			1,530		2.9	%			11,466		96.2	%			10,787		95.1	%		6.3	%		11,487		-0.2	%
Santa Barbara County		347			1,663			1,660		0.2	%			1,671		95.3	%			1,780		99.1	%		-6.1	%		1,541		8.4	%
Riverside County		276			778			738		5.4	%			617		90.6	%			623		93.8	%		-1.0	%		629		-1.9	%
Total same-property		12,556			1,474			1,423		3.6	%			56,191		96.7	%			53,696		96.1	%		4.6	%		55,585		1.1	%
Los Angeles County		385			2,068									2,369						167
Non-same property		385			2,068									2,369						167
		.
Northern California
Santa Clara County		3,266			1,709			1,524		12.1	%			17,107		97.6	%			15,265		97.7	%		12.1	%		16,744		2.2	%
Contra Costa County		1,720			1,566			1,455		7.6	%			8,249		96.8	%			7,583		96.0	%		8.8	%		8,176		0.9	%
Alameda County		1,542			1,476			1,384		6.6	%			7,157		96.7	%			6,670		96.7	%		7.3	%		6,974		2.6	%
San Mateo County		768			1,747			1,578		10.7	%			4,165		97.6	%			3,756		97.4	%		10.9	%		4,075		2.2	%
San Francisco MSA		175			1,948			1,853		5.1	%			1,045		97.9	%			995		98.1	%		5.0	%		1,005		4.0	%
Other		230			1,524			1,491		2.2	%			1,084		97.9	%			1,035		96.6	%		4.7	%		1,050		3.2	%
Total same-property		7,701			1,634			1,492		9.5	%			38,807		97.3	%			35,304		97.1	%		9.9	%		38,024		2.1	%
Santa Clara County		505			1,992									2,815						13
Non-same property		505			1,992									2,815						13

Seattle Metro
Total same-property		5,743			1,132			1,044		8.5	%			20,794		96.8	%			19,082		96.7	%		9.0	%		20,431		1.8	%
Non-same property		425			1,158									1,515						674

Other real estate assets														2,983						2,272

Total same-property revenue		26,000		$	1,439		$	1,353		6.4	%		$	115,792		96.9	%		$	108,082		96.5	%		7.1	%	$	114,040		1.5	%

Total non-same property revenue		1,315		$	1,745								$	9,682					$	3,126

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, 2012

(Dollars in millions)

		Ownership %			Estimated Units		Estimated retail Sq. Feet		Incurred to Date		Remaining Costs		Estimated Total Cost		Construction Start	Initial Occupancy	Stabilized Operations

Development Projects - Joint Venture
Project Name	Location

Expo (formerly Queen Anne)	Seattle, WA		50	%		275		17,000	$	42.4	$	36.7	$	79.1	May-11	Nov-12	Aug-13
Epic - Phase I and II	San Jose, CA		55	%		569		-		75.0		116.6		191.6	Aug-11	May-13	Jun-14
West Dublin	Dublin, CA		55	%		309		-		29.4		65.1		94.5	Aug-11	Jun-13	Mar-14
Fountain at La Brea	West Hollywood, CA		50	%		187		18,200		31.1		43.9		75.0	Oct-11	Feb-14	Oct-14
Santa Monica at La Brea	West Hollywood, CA		50	%		184		12,750		27.2		48.2		75.4	Dec-11	Jul-14	Mar-15
Total - Joint Venture Development Projects						1,524		47,950		205.1		310.5		515.6

Predevelopment Projects - Joint Venture
Project Name	Location
Epic - Phase III	San Jose, CA		55	%		192		-		19.5		-		19.5
Total - Joint Venture Predevelopment Projects						192		-		19.5		-		19.5

Land Held for Future Development or Sale
Project Name	Location

City Centre	Moorpark, CA					200		-		-		-		-
Main Street	Walnut Creek, CA					48		37,000		-		-		-
Park Boulevard	Palo Alto, CA					50		-		-		-		-

Total - Land Held for Future Development or Sale						298		37,000		45.7		-		45.7

Grand Total - Development Pipeline						2,014		84,950	$	270.3	$	310.5	$	580.8

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 and Capital Expenditures - March 31, 2012

(Dollars in thousands, except per unit amounts)

			Total		Estimated		Estimated			NOI
			Incurred		Remaining		Total		Project	For the quarter ended
Region/Project Name	Units		To Date		Cost		Cost		Start Date		Q1 2012		Q1 2011

Same-property - Redevelopment Projects (1) (2)
Northern California
Marina Cove, Santa Clara, CA		292	$	5,487	$	4,371	$	9,858	Jun-07
Pointe at Cupertino, Cupertino, CA		116		6,455		2,145		8,600	Jan-10
Magnolia Square, Sunnyvale, CA		188		6,146		4,247		10,393	Sep-10
Southern California
The Bluffs II, San Diego, CA		224		4,278		5,436		9,714	Oct-11
Total Approved - Redevelopment Projects		820	$	22,366	$	16,199	$	38,565

Non-same property - Redevelopment Projects

Seattle Metro
Woodland Commons, Bellevue, WA (3)		236		9,252		12,319		21,571	Jun-07	$	486	$	424
Total Active - Redevelopment Projects		236	$	9,252	$	12,319	$	21,571		$	486	$	424

(1)	Redevelopment activities are ongoing at these communities, but as of Q1 2012 the communities have stabilized operations, and therefore results are classified in same-property operations.

(2)	The Company incurred $0.2 milllion in vacancy loss during the quarter related to redevelopment of unit interiors which totaled 101 units during the quarter.

(3)	The Company is building 66 additional apartment homes expected to be available for lease in the third quarter of 2012.

Non-revenue Generating Capital Expenditures		Q1 2012		Q4 2011		Q3 2011		Q2 2011		Q1 2011

Non-revenue generating capital expenditures	$	1,200	$	12,144	$	6,235	$	4,778	$	2,933
Average apartment units in quarter		27,221		27,241		26,964		26,944		26,888
Capital expenditures per apartment unit in the quarter	$	44	$	446	$	231	$	177	$	109
Capital expenditures per apartment unit-trailing four quarters	$	895	$	958	$	892	$	966	$	1,054

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, 2012	Essex					Total				Essex		Weighted			Remaining		For the Quarter
(Dollars in thousands)	Ownership					Undepreciated		Debt		Book		Average			Term of		Ended March 31,
	Percentage			Units		Book Value		Amount		Value		Borrowing Rate			Debt		2012			2011

Operating Joint Ventures																	Net Operating Income

Essex Apartment Value Fund II, L.P. (Fund II) (1)		28.2	%		2,972	$	601,415	$	295,700	$	64,735		3.4	%		5.6	$	8,895		$	7,594
Wesco I, LLC (2)		50	%		2,013		427,864		279,851		74,697		3.8	%		6.5		5,304			-
Essex Skyline at MacArthur Place (3)		50	%		349		134,711		80,000		22,423		3.1	%		2.3		1,672			645
Total operating joint venture investments					5,334	$	1,163,990	$	655,551	$	161,855		3.5	%		5.6	$	15,871		$	8,239

																	Essex Portion of NOI and Expenses
Essex portion of NOI																	$	5,996		$	2,464
Essex portion of depreciation																		(4,189	)		(2,701	)
Essex portion of interest expense and other																		(2,720	)		(902	)
Essex portion of net loss from operating joint ventures																	$	(913	)	$	(1,139	)

Development Joint Ventures (4)		50/55	%		1,716	$	224,600	$	31,300		115,154		1.6	%		35.0	$	104		$	-

Essex portion of net loss from joint ventures																	$	(809	)	$	(1,139	)



												Weighted			Weighted
												Average			Average
												Preferred			Expected			Income from Preferred
												Return			Term			Equity Investments
Preferred Equity Investments											124,522		10.2	%		6.5	$	3,149		$	(234	)


Total Co-investments										$	401,531

(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 exceeds certain financial return benchmarks.

(2)	The Company has a 50% interest in Wesco I and the Company may earn promote income if the co-investment exceeds certain financial benchmarks.

(3)	The Company has a 47% effective interest + promoted interest, and a 50% voting interest in Skyline. During April, the Company acquired the joint venture partner's membership interest and for Q2 2012 the Company will consolidate the community.

(4)

The Company has interests in four development co-investments, which are developing projects located in Seattle, Washington, and Dublin, San Jose, and two projects in West Hollywood, California. The Company also contributed a note receivable for $12.4 million at an interest rate of 5% due in November 2012, secured by land located in San Mateo, California to a joint venture for a 55% interest. The joint venture has the option to acquire the property during 2012 and develop 197 units (these units are not included in the unit total above).

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.

Summary of Consolidated Co-Investments and Noncontrolling Interest - March 31, 2012

(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 three months ended
	Balance as of March 31, 2012								March 31, 2012
	Investment in		Related		Noncontrolling		DownREIT				Operating
	Real Estate		Debt		Interest		Units Outstanding (1)		Revenue		Expenses		NOI

Noncontrolling Interest - DownREIT:
Barkley Apartments	$	8,684	$	16,957	$	1,992		76,205	$	626	$	219	$	407
Brentwood		14,197		19,523		2,568		58,884		617		169		448
Brookside Oaks		32,816		20,201		2,327		84,095		864		191		673
Capri at Sunny Hills		16,138		18,059		2,968		159,890		600		156		444
Hidden Valley (2)		39,130		30,986		6,089		62,647		1,369		394		975
Highridge Apartments		29,190		44,807		3,752		276,158		1,543		343		1,200
Montejo Apartments		8,192		13,480		1,216		29,319		472		118		354
The Elliot at Mukilteo(fka Anchor V.)		15,552		10,750		1,515		102,713		767		357		410
Thomas Jefferson		30,959		18,699		6,426		57,714		773		226		547
Treehouse Apartments		12,468		17,494		2,951		67,728		636		158		478
Valley Park Apartments		14,268		22,886		304		34,564		719		145		574
Villa Angelina Apartments		18,463		27,900		2,421		51,931		968		216		752

	$	240,057	$	261,742		34,529		1,061,848	$	9,954	$	2,692	$	7,262

Other Components of Noncontrolling Interest:
Hillsdale Garden Apartments (3)	$	112,563		-		21,773			$	3,758	$	1,337	$	2,421
Joint Venture - Development (4)	$	26,800	$	-		4,000
Operating Limited Partnership Units and Other						55,506
Total Noncontrolling Interest					$	115,808

(1)	Generally, DownREIT units are redeemed for cash at a value equal to Essex's common stock price.

(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 one joint venture development located in Walnut Creek, California, in which the Company has a 50% interest.

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.

Income From Discontinued Operations and Selected Financial Data - March 31, 2012

(Dollars in thousands)

Income from Discontinued Operations

During the quarter ended March 31, 2012, the Company sold properties located in San Diego, California including Tierra del Sol/Norte, 156-units, and Alpine Country, 108-units, for gross proceeds of $28.3 million resulting in a gain of $9.8 million. No communities were sold or held for sale for the quarter ended March 31, 2011.

	Three Months Ended
	March 31,
	2012			2011
Rental revenues	$	608		$	1,340
Property operating expenses		(260	)		(563	)
Depreciation and amortization		(94	)		(373	)
Income from real estate sold		254			404
Gain on sale, net of internal disposition costs and taxes		9,783			-
Income from discontinued operations	$	10,037		$	404


Shares Outstanding and Potentially Dilutive Securities

		Q1 2012		Actual
	Weighted Avg.			As of 3/31/12
Common Shares		34,027,890			34,132,502
Stock Options and Series G Preferred Stock		123,585			173,521
Weighted Avg. Shares Diluted - EPS		34,151,475			34,306,023
Operating Limited Partnership Units		2,245,166			2,240,145
Weighted Avg. Shares Diluted - FFO		36,396,641			36,546,168

See Company's 10-Q for additional disclosures

S-13

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

Assumptions for Midpoint of 2012 FFO Guidance

Q1 2012 Earnings Results Supplement

($'s in thousands, except share and per share data)

				Low - end of			High - end of
	Actual			Guidance range			Guidance range
		Q1 2012			2012			2012		Key Assumptions for Low and High End of FFO Range
Net Operating Income ("NOI")
Total NOI from consolidated communities	$	85,658		$	347,000		$	351,400		Range of 7% to 9% same-property NOI growth, includes Essex Skyline and Q1 2012 acquisitions only.

Management Fees	$	2,444		$	9,700		$	10,700		Fees dependent on velocity of development expenditures.

Interest Expense
Interest and amortization expense, before capitalized interest	$	(29,145	)	$	(119,100	)	$	(116,500	)	Increase of 50 basis points in variable rates for low - end.
Projected interest capitalized		1,616			7,500			8,500		Capitalized interest based on velocity of expenditures.
Net interest expense		(27,529	)		(111,600	)		(108,000	)

Recurring Income and Expenses
Interest and other income	$	2,413		$	9,900		$	9,900
Income from co-investments		6,529			24,750			26,250		Range of 8% to 10% NOI Growth for Fund II.
General and administrative expense		(5,212	)		(19,600	)		(21,000	)	Bonuses based on performance- see 2012 proxy.
Cost of management and other fees		(1,640	)		(6,700	)		(6,700	)
Preferred dividends and non-controlling interest		(3,217	)		(12,800	)		(12,800	)
		(1,127	)		(4,450	)		(4,350	)

Non-Core Income and Expenses (1)
Acquisition costs	$	(188	)	$	(1,200	)	$	(1,200	)
		(188	)		(1,200	)		(1,200	)

Funds from Operations	$	59,258		$	239,450		$	248,550

Funds from Operations per diluted Share	$	1.63		$	6.52		$	6.77

% Change - Funds from Operations		13.4	%		13.7	%		18.0	%

Funds from Operations excluding non-core items	$	59,446		$	240,650		$	249,750

Core Funds from Operations per diluted Share	$	1.63		$	6.56		$	6.81

% Change - Core Funds from Operations		24.6	%		16.3	%		20.7	%
										Includes shares issued to match fund acquisition of joint
Weighted average shares outstanding		36,396,641			36,700,000			36,700,000		venture partner's interest in Essex Skyline.

(1)	Assumes promote income earned from JV partner in Essex Skyline will be offset with prepayment charges related to secured mortage repayments in 2012.

See Company's 10-Q for additional disclosures

S-14

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

MSA Level Forecasts 2012: Supply Jobs and Apartment Market Conditions

	Residential Supply*				Job Forecast**		Forecast Market Conditions***
Market	New MF Supply	% of MF Stock	New SF Supply	% of SF Stock	Est.New Jobs Dec-Dec	% Growth	Estimated Y-o-Y Rent Growth	Estimated Year End Occupancy

Seattle	1,800	0.5%	3,400	0.5%	28,000	2.0%	9.00%	95.50%

San Francisco	1,000	0.3%	300	0.1%	19,000	2.0%	8.50%	97.00%
Oakland	900	0.3%	1,200	0.2%	14,000	1.5%	7.70%	96.50%
San Jose	1,100	0.5%	700	0.2%	20,000	2.2%	9.25%	97.00%
No. Cal.	3,000	0.3%	2,200	0.2%	53,000	1.9%	8.6%	96.8%

Ventura	200	0.4%	200	0.1%	2,800	1.0%	4.50%	95.50%
Los Angeles	1,700	0.1%	1,800	0.1%	37,000	1.0%	7.00%	95.50%
Orange	1,700	0.5%	1,400	0.2%	20,000	1.4%	6.00%	95.50%
San Diego	1,800	0.4%	1,700	0.2%	12,000	1.0%	2.50%	95.50%
So. Cal.	5,400	0.2%	5,100	0.1%	71,800	1.1%	5.7%	95.50%

Weighted Average****	10,200	0.3%	10,700	0.2%	152,800	1.4%	7.3%	96.0%

All data are Essex Forecasts

U.S. Economic Assumptions: G.D.P.: Q4 '12 vs Q4 '11: 2.6% , Jobs: Q4 '12 vs Q4 '11 1.3%

* 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 Q4 2012 over the comparable actual figures for Q4 2011, expressed as expected new jobs and growth rates.

*** The Forecast Market Conditions represents Essex's estimates of the change in Market rents/occupancy rates for Q4 2012.

The Estimated Year-over-Year Rent Growth represents the forecast change in Effective Market Rents for Q4 2012 vs.Q4 2011 (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 Q4 2012.

**** Weighted Average: Markets weighted by Econ Rent in Essex portfolio.

See Company's 10-Q for additional disclosures

S-15

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

New Residential Supply: Permits as a % of Current Stock (12 Month Permit Period: Trailing 12 Months March 2012)

	Single Family Data												Multi-Family Data							All Residential Data
Market	Median SF Price (Q4 2011 est**)		Q2 2011 SF Affordability*			SF Stock 2010		SF Permits Last 12 Months		% of Stock			MF Stock 2010		MF Permits Last 12 months		% of Stock			Total Residential Permits Last 12 Months		% of Stock
Chicago	$	164,300		210	%		1,951,000		4,393		0.2	%		1,493,900		3,631		0.2	%		8,024		0.2	%
New York PMSA	$	362,700		82	%		796,000		616		0.1	%		3,084,000		8,598		0.3	%		9,214		0.2	%
Nassau-Suffolk	$	369,400		130	%		773,000		1,116		0.2	%		246,000		744		0.3	%		1,860		0.3	%
Philadelphia	$	201,000		162	%		1,652,000		4,655		0.3	%		546,100		2,257		0.4	%		6,912		0.3	%
Boston	$	325,000		124	%		1,551,000		3,489		0.2	%		708,800		2,790		0.4	%		6,279		0.3	%
Minneapolis	$	151,500		243	%		948,000		3,970		0.4	%		386,800		1,967		0.5	%		5,937		0.4	%
Atlanta	$	90,600		390	%		1,527,000		6,716		0.4	%		571,800		3,508		0.6	%		10,224		0.5	%
Miami/Ft. Lauderdale	$	184,700		144	%		873,000		4,718		0.5	%		987,000		4,680		0.5	%		9,398		0.5	%
Baltimore	$	228,800		160	%		863,000		3,309		0.4	%		286,000		2,790		1.0	%		6,099		0.5	%
Las Vegas	$	121,800		227	%		629,000		4,074		0.6	%		272,700		1,260		0.5	%		5,334		0.6	%
Phoenix	$	118,800		244	%		1,318,000		8,272		0.6	%		418,500		2,080		0.5	%		10,352		0.6	%
Portland	$	218,900		150	%		648,000		3,362		0.5	%		254,335		2,117		0.8	%		5,479		0.6	%
Denver	$	230,700		155	%		671,000		3,950		0.6	%		302,900		2,766		0.9	%		6,716		0.7	%
Orlando	$	127,500		226	%		644,000		5,019		0.8	%		255,500		1,284		0.5	%		6,303		0.7	%
Wash. D.C. PMSA	$	313,300		148	%		1,504,000		9,539		0.6	%		714,300		8,209		1.1	%		17,748		0.8	%
Dallas-Ft. Worth	$	146,200		218	%		1,722,000		14,526		0.8	%		744,000		11,594		1.6	%		26,120		1.1	%
Houston	$	155,900		198	%		1,388,000		23,935		1.7	%		647,700		10,362		1.6	%		34,297		1.7	%
Austin	$	188,300		180	%		441,000		6,454		1.5	%		214,900		6,569		3.1	%		13,023		2.0	%
Totals	$	223,197		217	%		17,948,000		112,113		0.6	%		10,641,335		77,206		0.7	%		189,319		0.7	%

Seattle	$	289,200		125	%		778,000		4,664		0.6	%		411,500		5,268		1.3	%		9,932		0.8	%

San Francisco	$	593,900		72	%		378,000		344		0.1	%		364,000		2,241		0.6	%		2,585		0.3	%
Oakland	$	442,100		98	%		677,000		1,674		0.2	%		294,000		1,577		0.5	%		3,251		0.3	%
San Jose	$	549,000		88	%		407,000		984		0.2	%		216,000		2,628		1.2	%		3,612		0.6	%

Los Angeles	$	302,500		97	%		1,956,000		2,354		0.1	%		1,472,000		8,148		0.6	%		10,502		0.3	%
Ventura	$	378,600		112	%		216,000		299		0.1	%		59,300		143		0.2	%		442		0.2	%
Orange	$	447,600		93	%		669,000		1,826		0.3	%		368,800		2,785		0.8	%		4,611		0.4	%
San Diego	$	358,000		91	%		727,000		2,144		0.3	%		413,700		2,142		0.5	%		4,286		0.4	%

No Cal	$	511,107		88	%		1,462,000		3,002		0.2	%		874,000		6,446		0.7	%		9,448		0.4	%

So Cal	$	345,622		96	%		3,568,000		6,623		0.2	%		2,313,800		13,218		0.6	%		19,841		0.3	%

ESSEX	$	379,720		98	%		5,808,000		14,289		0.2	%		3,599,300		24,932		0.7	%		39,221		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, Mortgage Rates: Freddie Mac

Single Family/Multi-Family Breakdown of Total Residences, 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.

**Median Home Prices - Q4 2011 National Association of Realtors, DataQuick, Essex.

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 (4.01%).

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

See Company's 10-Q for additional disclosures

S-16

ESSEX PROPERTY TRUST, INC.

Real Estate Information as of May 2, 2012

						Square	Year	Year	Property	Age of
	Property Name	Address	City	State	Units	Footage	Acquired	Built	Ownership	Property

	APARTMENT COMMUNITIES

	NORTHERN CALIFORNIA
	Santa Clara County
1	The Commons	275 Union Avenue	Campbell	CA	264	153,168	2010	1973	EPLP	39
1	Pointe at Cupertino	19920 Olivewood Street	Cupertino	CA	116	135,200	1998	1963	EPLP	49
1	Bella Villagio	383 Vista Roma Way	San Jose	CA	231	227,511	2010	2004	EPLP	8
1	Epic - Phase I and II	545 River Oaks Parkway	San Jose	CA	569	600,065			JV-55%
1	Carlyle, The	2909 Nieman Boulevard	San Jose	CA	132	129,200	2000	2000	EPLP	12
1	Enclave, The	4355 Renaissance Drive	San Jose	CA	637	525,463	2005	1998	Fund II	14
1	Esplanade	350 East Taylor St.	San Jose	CA	278	279,000	2004	2002	EPLP	10
1	Waterford, The	1700 N. First Street	San Jose	CA	238	219,600	2000	2000	EPLP	12
1	101 San Fernando	99 S. Fourth Street	San Jose	CA	323	296,078	2010	2001	EPLP	11
1	1000 Kiely	1000 Kiely Blvd.	Santa Clara	CA	121	128,486	2011	1971	EPLP	41
1	Le Parc	440 N. Winchester Avenue	Santa Clara	CA	140	113,200	1994	1975	EPLP	37
1	Marina Cove	3480 Granada Avenue	Santa Clara	CA	292	250,200	1994	1974	EPLP	38
1	Bristol Commons	732 E. Evelyn Avenue	Sunnyvale	CA	188	142,600	1995	1989	EPLP	23
1	Brookside Oaks	1651 Belleville Way	Sunnyvale	CA	170	119,900	2000	1973	DownREIT	39
1	Magnolia Lane	113 South Mary Avenue	Sunnyvale	CA	32	31,541	2007	2001	EPLP	11
1	Montclaire	450 N. Mathilda Avenue	Sunnyvale	CA	390	294,100	1988	1973	EPLP	39
1	Reed Square	1070 Reed Avenue	Sunnyvale	CA	100	95,440	2011	1970	EPLP	42
1	Summerhill Park	972 Corte Madera Avenue	Sunnyvale	CA	100	78,500	1988	1988	EPLP	24
1	Magnolia Square	107 South Mary Avenue	Sunnyvale	CA	156	110,824	2007	1969	DownREIT	43
1	Via	315 Tasman Drive	Sunnyvale	CA	284	309,421	2011	2011	EPLP	1
1	Windsor Ridge	825 E. Evelyn Avenue	Sunnyvale	CA	216	161,800	1989	1989	EPLP	23
				14%	4,408	3,801,232
	Alameda County
1	Fourth & U	700 University Avenue	Berkeley	CA	171	146,255	2010	2010	EPLP	2
1	Briarwood	4200 Bay Street	Fremont	CA	160	111,160	2011	1978	Wesco I	34
1	Stevenson Place	4141 Stevenson Blvd.	Fremont	CA	200	146,200	2000	1975	EPLP	37
1	The Woods	40640 High Street	Fremont	CA	160	105,280	2011	1978	Wesco I	34
1	Boulevard	40001 Fremont Blvd.	Fremont	CA	172	131,200	1996	1978	EPLP	34
1	City View	25200 Carlos Bee Blvd.	Hayward	CA	572	462,400	1998	1975	EPLP	37
1	Regency Tower	1130 Third Ave.	Oakland	CA	178	140,900	2005	1975	Fund II	37
1	The Grand	100 Grand Avenue	Oakland	CA	243	205,026	2009	2009	EPLP	3
1	Bridgeport	36826 Cherry Street	Newark	CA	184	139,000	1987	1987	EPLP	25
1	Alderwood Park Apartments	37057 Magnolia Street	Newark	CA	96	74,624	2006	1987	Fund II	25
				7%	2,136	1,662,045
	Contra Costa County
1	West Dublin	6600 Golden Gate Drive	Dublin	CA	309	286,348			JV-55%
1	San Marcos	2601 Hilltop Drive	Richmond	CA	432	407,600	2003	2003	EPLP	9
1	Bel Air	2000 Shoreline Drive	San Ramon	CA	462	391,000	1995	1988	EPLP	24
1	Foothill Gardens	1110 Harness Drive	San Ramon	CA	132	155,100	1997	1985	EPLP	27
1	Twin Creeks	2711-2731 Morgan Drive	San Ramon	CA	44	51,700	1997	1985	EPLP	27
1	Canyon Oaks	1 Amberstone Lane	San Ramon	CA	250	237,894	2007	2005	EPLP	7
1	Mill Creek at Windermere	2100 Waterstone Place	San Ramon	CA	400	381,060	2007	2005	EPLP	7
				5%	1,720	1,624,354
	San Mateo County
1	Carlmont Woods	2515 Carlmont Drive	Belmont	CA	195	107,200	2004	1971	Fund II	41
1	Harbor Cove	900 E. Hillsdale Blvd.	Foster City	CA	400	306,600	2004	1971	Fund II	41
1	Davey Glen	200 Davey Glen Road	Belmont	CA	69	65,974	2006	1962	Fund II	50
1	Hillsdale Garden	3421 Edison Avenue	San Mateo	CA	697	611,505	2006	1948	JV - 81.5%	64
1	Belmont Terrace	1606 Continetals Way	Belmont	CA	71	72,951	2006	1974	EPLP	38
				4%	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	39
1	Vista Belvedere	15 Red Hill Circle	Tiburon	CA	76	78,300	2004	1963	EPLP	49
				1%	175	142,300

	Other
1	Tuscana	315 Mt. Oso	Tracy	CA	30	29,088	2007	2007	EPLP	5
1	Harvest Park	2327 Summercreek Drive	Santa Rosa	CA	104	116,628	2007	2004	EPLP	8
1	Chestnut Street Apartments	143 Chestnut Avenue	Santa Cruz	CA	96	87,640	2008	2002	EPLP	10
				1%	230	233,356

46	Total Northern California			31%	10,101	8,627,517				27

	SOUTHERN CALIFORNIA
	Los Angeles County
	Cielo	9733 Topanga Canyon Blvd	Chatsworth	CA	119	125,400	2009	2009	Fund II	3
1	Regency at Encino	15506 Moorpark Street	Encino	CA	75	78,487	2009	1989	EPLP	23
1	416 on Broadway	412 East Broadway	Glendale	CA	115	126,782	2010	2009	EPLP	3
1	Hampton Court	1136 N. Columbus Avenue	Glendale	CA	83	71,500	1999	1974	EPLP	38
1	Hampton Place	245 W. Loraine Street	Glendale	CA	132	141,500	1999	1970	EPLP	42
1	Marbrisa	1809 Termino Ave.	Long Beach	CA	202	122,800	2002	1987	EPLP	25
1	Pathways	5945 E. Pacific Coast Hwy.	Long Beach	CA	296	197,700	1991	1975	EPLP	37
1	Bellerive	1921 Beloit Avenue	Los Angeles	CA	63	79,296	2011	2011	EPLP	1
1	Bunker Hill	222 and 234 S. Figueroa St.	Los Angeles	CA	456	346,600	1998	1968	EPLP	44
1	Cochran Apartments	612 South Cochran	Los Angeles	CA	58	51,400	1998	1989	EPLP	23
1	Kings Road	733 North Kings Road	Los Angeles	CA	196	132,100	1997	1979	EPLP	33
1	Marbella	600 South Detroit Street	Los Angeles	CA	60	50,108	2005	1991	EPLP	21
1	Belmont Station	1302 West 2nd St.	Los Angeles	CA	275	225,000	2009	2009	EPLP	3
1	Park Place	400 S. Detroit Street	Los Angeles	CA	60	48,000	1997	1988	EPLP	24
1	Windsor Court	401 S. Detroit Street	Los Angeles	CA	58	46,600	1997	1988	EPLP	24
1	Renaissance	630 South Masselin Avenue	Los Angeles	CA	169	154,268	2006	1990	Fund II	22
1	Santee Court	716 S. Los Angeles Street	Los Angeles	CA	165	132,040	2010	2004	EPLP	8
1	Santee Village	743 South Santee Street	Los Angeles	CA	73	69,817	2011	2011	EPLP	1
1	Marina City Club	4333 Admiralty Way	Marina Del Rey	CA	101	127,200	2004	1971	EPLP	41
1	Mirabella	13701 Marina Point Drive	Marina Del Rey	CA	188	176,800	2000	2000	EPLP	12
1	Muse	5451 Vineland Avenue	North Hollywood	CA	152	135,292	2011	2011	EPLP	1
1	Monterra del Mar	280 E. Del Mar Boulevard	Pasadena	CA	123	74,400	1997	1972	EPLP	40
1	Monterra del Rey	350 Madison	Pasadena	CA	84	73,100	1999	1972	EPLP	40
1	Monterra del Sol	280 South Euclid	Pasadena	CA	85	69,200	1999	1972	EPLP	40
1	Fountain Park	13141 Fountain Park Drive	Playa Vista	CA	705	608,900	2004	2002	EPLP	10
1	Highridge	28125 Peacock Ridge Drive	Rancho Palos Verde	CA	255	290,200	1997	1972	DownREIT	40
1	Studio 40-41	4043 Radford Avenue	Studio City	CA	149	127,238	2009	2009	Fund II	3
1	Coldwater Canyon	4250 Codlwater Canyon	Studio City	CA	39	34,125	2007	1979	EPLP	33
1	Allegro	11945 Magnolia Blvd.	Valley Village	CA	97	127,812	2010	2010	EPLP	2
1	Walnut Heights	20700 San Jose Hills Road	Walnut	CA	163	146,700	2003	1964	EPLP	48
1	Fountain at La Brea	1216-1234 North La Brea Avenue	West Hollywood	CA	187	154,776			JV - 50%
1	Santa Monica at La Brea	1111 North La Brea Avenue	West Hollywood	CA	184	150,678			JV - 50%
1	Avondale at Warner Center	22222 Victory Blvd.	Woodland Hills	CA	446	331,000	1999	1970	EPLP	42
1	Reveal	21201 Kittridge Street	Woodland Hills	CA	438	414,892	2011	2010	Wesco I	2
				17%	5,680	4,936,257
	Ventura County
1	Camarillo Oaks	921 Paseo Camarillo	Camarillo	CA	564	459,000	1996	1985	EPLP	27
1	Camino Ruiz Square	105 Camino Ruiz	Camarillo	CA	160	105,448	2006	1990	EPLP	22
1	Arbors at Parc Rose	1500 Tulipan Circle	Oxnard	CA	373	503,196	2011	2001	Wesco I	11
1	Mariner's Place	711 South B Street	Oxnard	CA	105	77,200	2000	1987	EPLP	25
1	Tierra Vista	1750 Montevina Circle	Oxnard	CA	404	387,100	2001	2001	EPLP	11
1	Monterey Villas	1040 Kelp Lane	Oxnard	CA	122	122,100	1997	1974	EPLP	38
1	Meadowood	1733 Cochran Street	Simi Valley	CA	320	264,500	1996	1986	EPLP	26
1	Hidden Valley	5065 Hidden Park Court	Simi Valley	CA	324	310,900	2004	2004	DownREIT	8
1	Lofts at Pinehurst,The	1021 Scandia Avenue	Ventura	CA	118	71,100	1997	1971	EPLP	41
1	Hillcrest Park	1800 West Hillcrest Drive	Newbury Park	CA	608	521,900	1998	1973	EPLP	39
1	Pinehurst	3980 Telegraph Road	Ventura	CA	28	21,200	2004	1973	EPLP	39
1	Woodside Village	675 Providence Ave.	Ventura	CA	145	136,500	2004	1987	EPLP	25
				10%	3,271	2,980,144

	SOUTHERN CALIFORNIA (cont'd)

	Santa Barbara County
1	Chimney Sweep	775 Camino Del Sur Drive	Goleta	CA	91			2006	1967	EPLP	45
1	CBC	6721 El Colegio Drive	Goleta	CA	148			2006	1962	EPLP	50
1	Hope Ranch (Continental Apartments)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA	108			2007	1965	EPLP	47
1	Hope Ranch (Lucero Village)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA				2007	1973	EPLP	39
				1%	347	306,608
	Orange County
1	Anavia	2045 South State College Blvd.	Anaheim	CA	250	312,343		2010	2009	EPLP	3
1	Barkley Apartments	2400 E. Lincoln Ave.	Anahiem	CA	161	139,800		2000	1984	DownREIT	28
1	Valley Park Apartments	17300 Euclid Ave.	Fountain Valley	CA	160	169,700		2001	1969	DownREIT	43
1	Capri at Sunny Hills	2341 Daphne Place	Fullerton	CA	100	128,100		2001	1961	DownREIT	51
1	Wilshire Promenade	141 West Wilshire Avenue	Fullerton	CA	149	128,000		1997	1992	EPLP	20
1	Montejo Apartments	12911 Dale St.	Garden Grove	CA	124	103,200		2001	1974	DownREIT	38
1	Huntington Breakers	21270 Beach Boulevard	Huntington Beach	CA	342	241,700		1997	1984	EPLP	28
1	Axis 2300	2300 DuPont Drive	Irvine	CA	115	170,714		2010	2010	EPLP	2
1	Hillsborough Park	1501 South Beach Boulevard	La Habra	CA	235	215,500		1999	1999	EPLP	13
1	Trabuco Villas	25362 Mosswood Way	Lake Forest	CA	132	131,000		1997	1985	EPLP	27
1	Fairways Apartments	2 Pine Valley Lane	Newport Beach	CA	74	107,100		1999	1972	EPLP	40
1	Villa Angelina	201 E. Chapman Ave.	Placentia	CA	256	217,600		2001	1970	DownREIT	42
1	Brentwood Apartment Homes	2301 E. Santa Clara Ave.	Santa Ana	CA	140	154,800		2001	1970	DownREIT	42
1	Fairhaven Apartment Homes (formerly Treehouse Apartments)	2601 N. Grand Ave.	Santa Ana	CA	164	135,700		2001	1970	DownREIT	42
1	Essex Skyline at MacArthur Place	9 & 15 MacArthur Place	Santa Ana	CA	349	512,791		2010	2008	EPLP	4
				8%	2,751	2,868,048
	San Diego County
1	Alpine Village	2055 Arnold Way	Alpine	CA	301	254,400		2002	1971	EPLP	41
1	Bonita Cedars	5155 Cedarwood Rd.	Bonita	CA	120	120,800		2002	1983	EPLP	29
1	Cambridge	660 F. St.	Chula Vista	CA	40	22,100		2002	1965	EPLP	47
1	Mesa Village	5265 Clairemont Mesa Blvd.	Clairemont	CA	133	43,600		2002	1963	EPLP	49
1	Mira Monte	10360 Maya Linda Rd.	Mira Mesa	CA	355	262,600		2002	1982	EPLP	30
1	Country Villas	283 Douglas Drive	Oceanside	CA	180	179,700		2002	1976	EPLP	36
1	Mission Hills	218 Rancho Del Oro	Oceanside	CA	282	244,000		2005	1984	EPLP	281
1	Centre Pointe (formerly Bluffs II, The)	6466 Friars Road	San Diego	CA	224	126,700		1997	1974	EPLP	38
1	Summit Park	8563 Lake Murray Blvd.	San Diego	CA	300	229,400		2002	1972	EPLP	40
1	Vista Capri - North	3277 Berger Ave.	San Diego	CA	106	51,800		2002	1975	EPLP	37
1	Shadow Point	9830 Dale Ave.	Spring Valley	CA	172	131,200		2002	1983	EPLP	29
				7%	2,213	1,666,300
	Riverside County
1	Parcwood	1700 Via Pacifica	Corona	CA	312	270,000		2004	1989	Fund II	23
1	Devonshire Apartments	2770 West Devonshire Ave.	Hemet	CA	276	207,200		2002	1988	EPLP	24
				2%	588	477,200

75	Total Southern California			45%	14,850	13,234,557					28

	SEATTLE METROPOLITAN AREA
1	Cedar Terrace	3205 115th Ave. NE	Bellevue	WA	180	174,200		2005	1984	EPLP	28
1	Courtyard Off Main	136 102nd Avenue SE	Bellevue	WA	109	108,388		2010	2000	EPLP	12
1	Emerald Ridge	3010 118th Avenue SE	Bellevue	WA	180	144,000		1994	1987	EPLP	25
1	Foothill Commons	13800 NE 9th Place	Bellevue	WA	388	288,300		1990	1978	EPLP	34
1	Palisades, The	13808 NE 12th	Bellevue	WA	192	159,700		1990	1977	EPLP	35
1	Sammamish View	16160 SE Eastgate Way	Bellevue	WA	153	133,500		1994	1986	EPLP	26
1	Woodland Commons	13700 NE 10th Place	Bellevue	WA	236	172,300		1990	1978	EPLP	34
1	Canyon Pointe	1630 228th St. SE	Bothell	WA	250	210,400		2003	1990	EPLP	22
1	Inglenook Court	14220 Juanita Drive, NE	Bothell	WA	224	183,600		1994	1985	EPLP	27
1	Salmon Run at Perry Creek	2109 228th Street SE	Bothell	WA	132	117,100		2000	2000	EPLP	12
1	Stonehedge Village	14690 143rd Blvd., NE	Bothell	WA	196	214,800		1997	1986	EPLP	26
1	Highlands at Wynhaven	1460 NE Hawthorne Street	Issaquah	WA	333	424,674		2008	2000	EPLP	12
1	Park Hill at Issaquah	22516 SE 56th Street	Issaquah	WA	245	277,700		1999	1999	EPLP	13
1	Wandering Creek	12910 SE 240th	Kent	WA	156	124,300		1995	1986	EPLP	26
1	Bridle Trails	6600 130th Avenue, NE	Kirkland	WA	108	99,700		1997	1986	EPLP	26
1	Evergreen Heights	12233 NE 131st Way	Kirkland	WA	200	188,300		1997	1990	EPLP	22
1	Corbella at Juanita Bay	9520 NE 120th Street	Kirkland	WA	169	103,339		2010	1978	EPLP	34
1	Laurels at Mill Creek	1110 164th Street SE	Mill Creek	WA	164	134,300		1996	1981	EPLP	31
1	Morning Run	18463 Blueberry Lane	Monroe	WA	222	221,786		2005	1991	Fund II	21
1	Elliot at Mulkiteo (formerly Anchor Village)	9507 49th Avenue West	Mukilteo	WA	301	245,900		1997	1981	DownREIT	31
1	Castle Creek	7000 132nd Place, SE	Newcastle	WA	216	191,900		1998	1998	EPLP	14
1	Delano/Bon Terra	7805, 7903 and 7935 170th Place NE	Redmond	WA	126	116,340		2011/2012	2011/2005	EPLP	1/7
1	Elevation	17202-17325 NE 85th Place	Redmond	WA	157	138,916		2010	1986	EPLP	26
1	Redmond Hill East	18666 Redmond Way	Redmond	WA	440	381,675		2011	1998	Wesco I	14
1	Redmond Hill West	6110 186th Place NE	Redmond	WA	442	350,275		2011	1985	Wesco I	27
1	Brighton Ridge	2307 NE 4th Street	Renton	WA	264	201,300		1996	1986	EPLP	26
1	Fairwood Pond	14700 SE Petrovitsky Rd.	Renton	WA	194	189,200		2004	1997	EPLP	15
1	Forest View	650 Duvall Ave. NE	Renton	WA	192	182,500		2003	1998	EPLP	14
1	Eastlake 2851	2833 - 2851 Eastlake Avenue	Seattle	WA	133	234,086		2008	2008	Fund II	4
1	Fountain Court	2400 4th Street	Seattle	WA	320	207,000		2000	2000	EPLP	12
1	Joule	523 Broadway Avenue, East	Seattle	WA	295	191,109		2010	2010	JV - 99%	2
1	Linden Square	13530 Linden Avenue North	Seattle	WA	183	142,200		2000	1994	EPLP	18
1	Expo (formerly Queen Anne)	100 Republican	Seattle	WA	275	191,290				JV - 50%
1	The Bernard	115 Warren Avenue North	Seattle	WA	63	43,151		2011	2008	EPLP	4
1	The Cairns	420 Yale Avenue	Seattle	WA	100	70,806		2007	2006	EPLP	6
1	Tower @ 801	801 Pine Street	Seattle	WA	173	118,500		2005	1970	Fund II	42
1	Wharfside Pointe	3811 14th Avenue West	Seattle	WA	142	119,200		1994	1990	EPLP	22
1	Echo Ridge	34907 SE Kinsey Street	Snoqualmie	WA	120	124,359		2005	2000	Fund II	12
37	Total Seattle Metropolitan Area			24%	7,698	6,728,804					20


	158	Apartment Communities		100%	32,649	28,590,878	(1)
		Apartment Communities Under Construction			1,524	1,383,157	(2)

	Avg. square footage	876		Definitions for Property Ownership
	Avg. units per property	207		EPLP	The Company has a 100% ownership in the community.
				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.

	Avg. age of property	26		Wesco I	The community is owned by Wesco I, LLC. The Company has a 50% interest in Wesco I, LLC, which is accounted for using the equity method of accounting.
	(1) Includes 243,436 square feet of retail or commercial space
	(2) Includes 47,950 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 - 99%	The Company has a 99% ownership in this development and is consolidated.
				JV - 81.5%	The Company has a 81.5% ownership in this community and is consolidated.
				JV-55%	The Company has a 55.0% ownership in this community and is not consolidated.
				JV - 50%	The Company has a 50% ownership in this community and is not consolidated.
	OTHER REAL ESTATE ASSETS
	Office Buildings
	Essex Corporate Headquarter Bldg.	925 / 935 E. Meadow Dr.	Palo Alto	CA		31,900		1997 / 2007	1988 / 1962	EPLP
	Derian Office Building	17461 Derian Av.	Irvine	CA		110,000		2000	1983	EPLP
	Hollywood	6230 Sunset Blvd.	Los Angeles	CA		35,000		2006	1938	EPLP
	Santa Clara Retail	3700 El Camino Real	Santa Clara	CA		139,000		2011	1970	EPLP
						315,900

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