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 12-31-2012 - ESSEX PROPERTY TRUST, INC.	form8k.htm
EX-99.1 - EXHIBIT 99.1 - ESSEX PROPERTY TRUST, INC.	ex99_1.htm

EXHIBIT 99.2

Q4 2012 Supplemental

Table of Contents

	Page
Consolidated Operating Results	S-1 – S-2
Consolidated Funds From Operations	S-3
Consolidated Balance Sheets	S-4
Debt Summary – December 31, 2012	S-5
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios – December 31, 2012	S-6
Property Operating Results – Quarters ended December 31, 2012 and 2011	S-7
Property Operating Results – Year ended December 31, 2012 and 2011	S-7.1
Revenue by County – Quarters ended December 31, 2012, December 31, 2011 and September 30, 2012	S-8
Revenue by County – Year ended December 31, 2012 and 2011	S-8.1
Development Pipeline – December 31, 2012	S-9
Redevelopment Pipeline and Capital Expenditures – December 31, 2012	S-10
Co-Investments – December 31, 2012	S-11
Summary of Consolidated Co-Investments and Noncontrolling Interest – December 31, 2012	S-12
Income From Discontinued Operations and Selected Financial Data – December 31, 2012	S-13
Assumptions for 2013 FFO Guidance Range	S-14
Summary of Apartment Community Acquisitions and Dispositions Activity	S-15
2013 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions	S-16
New Residential Supply Data	S-17
Exhibit A - Property List by Region	1 - 3

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						Year Ended
(Dollars in thousands, except per share amounts)	December 31,						December 31,
	2012			2011			2012			2011

Revenues:
Rental and other property	$	141,628		$	122,373		$	531,936		$	465,713
Management and other fees		3,177			2,196			11,489			6,780
		144,805			124,569			543,425			472,493

Expenses:
Property operating		46,197			39,951			174,088			159,234
Depreciation		45,017			39,640			170,592			151,428
General and administrative		6,866			5,305			23,307			20,694
Cost of management and other fees		1,620			1,449			6,513			4,610
		99,700			86,345			374,500			335,966
Earnings from operations		45,105			38,224			168,925			136,527

Interest expense before amortization		(25,864	)		(25,082	)		(100,244	)		(91,694	)
Amortization expense		(2,963	)		(2,951	)		(11,644	)		(11,474	)
Interest and other income		2,963			4,782			13,833			17,139
Equity income (loss) from co-investments		32,747			(137	)		41,745			(467	)
Gain on remeasurement of co-investment		-			-			21,947			-
Loss on early retirement of debt		(2,348	)		(343	)		(5,009	)		(1,163	)
Income before discontinued operations		49,640			14,493			129,553			48,868
Income from discontinued operations		-			3,375			10,037			8,648
Net income		49,640			17,868			139,590			57,516
Net income attributable to noncontrolling interest		(4,479	)		(2,564	)		(14,306	)		(10,446	)
Net income attributable to controlling interest		45,161			15,304			125,284			47,070
Dividends to preferred stockholders		(1,368	)		(1,367	)		(5,472	)		(4,753	)
Excess of cash paid to redeem preferred stock and units over the carrying value		-			-			-			(1,949	)
Net income available to common stockholders	$	43,793		$	13,937		$	119,812		$	40,368

Net income per share - basic	$	1.22		$	0.42		$	3.42		$	1.24

Net income per share - diluted	$	1.22		$	0.42		$	3.41		$	1.24

See Company's 10-K and 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						Year Ended
Selected Line Item Detail	December 31,						December 31,
(Dollars in thousands)	2012			2011			2012			2011

Rental and other property
Rental	$	131,589		$	113,825		$	495,320		$	433,776
Other property		10,039			8,548			36,616			31,937
Rental and other property	$	141,628		$	122,373		$	531,936		$	465,713

Management and other fees
Management	$	2,264		$	1,778		$	8,457		$	5,428
Development and redevelopment		913			418			3,032			1,352
Management and other fees	$	3,177		$	2,196		$	11,489		$	6,780

Property operating expenses
Real estate taxes	$	13,181		$	11,086		$	48,651		$	43,706
Administrative and insurance		10,820			8,598			41,581			37,043
Maintenance and repairs		10,053			8,998			36,827			34,221
Utilities		8,984			8,179			34,386			32,298
Property management		3,159			3,090			12,643			11,966
Property operating expenses	$	46,197		$	39,951		$	174,088		$	159,234

General and administrative
General and administrative	$	13,367		$	11,007		$	48,651		$	41,601
Allocated to cost of management and other fees		(1,620	)		(1,449	)		(6,513	)		(4,610	)
Allocated to property operating expenses - administrative		(3,159	)		(3,090	)		(12,643	)		(11,966	)
Capitalized to real estate		(1,722	)		(1,163	)		(6,188	)		(4,331	)
Net general and administrative	$	6,866		$	5,305		$	23,307		$	20,694

Interest and other income
Marketable securities and other interest income	$	1,826		$	1,497		$	7,087		$	5,878
Notes receivable		839			1,189			3,628			4,443
Gain from sale of marketable securities		298			414			819			4,956
Co-investment promote fee		-			-			2,299			-
Tax benefit - taxable REIT subsidiary		-			1,682			-			1,682
Gain on sale of land		-			-			-			180
Interest and other income	$	2,963		$	4,782		$	13,833		$	17,139

Equity income (loss) from co-investments
Equity income (loss) from co-investments	$	230		$	(1,555	)	$	(814	)	$	(4,917	)
Income from preferred equity investments		3,405			1,418			13,447			3,531
Gain on sale of co-investment		29,112			-			29,112			919
Equity income (loss) from co-investments	$	32,747		$	(137	)	$	41,745		$	(467	)

Noncontrolling interest
Limited partners of Essex Portfolio, L.P.	$	2,781		$	1,027		$	7,950		$	3,229
DownREIT limited partners' distributions		1,074			1,071			4,367			4,207
Perpetual preferred distributions		-			-			-			1,650
Third-party ownership interest		624			466			1,989			1,360
Noncontrolling interest	$	4,479		$	2,564		$	14,306		$	10,446

See Company's 10-K and 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									Year Ended
(Dollars in thousands, except share and per share amounts)	December 31,									December 31,
	2012			2011			% Change			2012			2011			% Change

Funds from operations
Net income available to common stockholders	$	43,793		$	13,937					$	119,812		$	40,368
Adjustments:
Depreciation		45,017			39,863						170,686			152,544
Gains not included in FFO, net of internal disposition costs (1)		(29,112	)		(3,159	)					(60,842	)		(7,543	)
Depreciation add back from unconsolidated co-investments, and add back convertible preferred dividend - Series G		3,365			4,145						14,467			12,642
Noncontrolling interest related to Operating Partnership units		2,781			1,027						7,950			3,228
Depreciation attributable to noncontrolling interest		(319	)		(277	)					(1,223	)		(1,066	)
Funds from operations	$	65,525		$	55,536					$	250,850		$	200,173
FFO per share-diluted	$	1.72		$	1.55			10.7	%	$	6.71		$	5.74			16.9	%

Components of the change in FFO
Non-core items:
Loss on early retirement of debt		2,348			343						5,009			1,163
Acquisition costs		1,480			181						2,255			1,231
Gain on sales of marketable securities		(298	)		(414	)					(819	)		(4,956	)
Co-investment promote income		-			-						(2,299	)		-
Tax benefit - TRS activity		-			(1,682	)					-			(1,682	)
Gain on sale of co-investment		-			-						-			(919	)
Gain on sale of land		-			-						-			(180	)
Excess of cash paid to redeem preferred stock and units over the carrying value		-			-						-			1,949
Core funds from operations		69,055			53,964						254,996			196,779
Core FFO per share-diluted	$	1.81		$	1.51			20.0	%	$	6.82		$	5.64			20.9	%

Changes in core items:
Same-property NOI	$	5,301								$	26,707
Non-same property NOI		7,708									24,662
Management and other fees, net		810									2,806
Equity income (loss) from co-investments		2,992									15,844
Interest and other income		(21	)								394
Interest and amortization expense		(794	)								(8,720	)
General and administrative		(262	)								(1,589	)
Perpetual preferred distributions		-									1,650
Dividends to preferred stockholders		(1	)								(719	)
Discontinued operations		(439	)								(1,872	)
Other items, net		(203	)								(946	)
	$	15,091								$	58,217

Weighted average number of shares outstanding diluted (2)		38,182,569			35,818,631						37,377,986			34,860,521

(1)

In Q4 2012, the Company's pro-rata share of its gain from the sale of seven communities is net of costs related to a disposition incentive program attributable to the sale of certain communities and selling expenses. In Q1 2012, the gain from the sale of two communities is net of costs related to a 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-K and 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)
	December 31, 2012			December 31, 2011

Real Estate:
Land and land improvements	$	1,003,171		$	860,661
Buildings and improvements		4,030,501			3,452,403
		5,033,672			4,313,064
Less: accumulated depreciation		(1,081,517	)		(920,026	)
		3,952,155			3,393,038
Real estate for development		66,851			44,280
Co-investments		571,345			383,412
		4,590,351			3,820,730
Cash and cash equivalents		42,126			35,463
Marketable securities		92,713			74,275
Notes and other receivables		66,163			66,369
Other assets		55,870			40,127
Total assets	$	4,847,223		$	4,036,964

Mortgage notes payable	$	1,565,599		$	1,745,858
Unsecured debt		1,112,084			465,000
Lines of credit		141,000			150,000
Other liabilities		137,469			114,968
Derivative liabilities		6,606			3,061
Total liabilities		2,962,758			2,478,887

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		2,204,778			1,844,611
Distributions in excess of accumulated earnings		(444,466	)		(408,066	)
Accumulated other comprehensive loss		(69,261	)		(72,771	)
Total stockholders' equity		1,764,804			1,437,527
Noncontrolling interest		115,312			116,201
Total stockholders' equity and noncontrolling interest		1,880,116			1,553,728
Total liabilities and equity	$	4,847,223		$	4,036,964

See Company's 10-K and 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 - December 31 2012
(Dollars in thousands)


												Scheduled principal payments (excludes lines of credit)

	Percentage						Weighted Average															Weighted			Percentage
	of Total			Balance			Interest			Maturity				Balance Outstanding								Average Interest			of Total
	Debt			Outstanding			Rate			In Years				Secured			Unsecured			Total		Rate			Debt
Mortgage Notes Payable
Fixed rate - secured		48	%		$	1,363,731		6.0	%		5.8		2013		$	57,621		$	-	$	57,621		4.2	%		2.2	%
Variable rate - secured (1)		7	%			201,868		1.9	%		18.8		2014			65,342			-		65,342		5.4	%		2.4	%
Total mortgage notes payable		55	%			1,565,599		5.4	%		7.5		2015			68,926			-		68,926		5.2	%		2.6	%
													2016			12,656			350,000		362,656		3.5	%		13.5	%
Unsecured Debt													2017			185,301			190,000		375,301		4.4	%		14.0	%
Bonds private placement - fixed rate		17	%			465,000		4.5	%		6.2		2018			294,924			-		294,924		5.8	%		11.0	%
Bonds public offering - fixed rate		11	%			297,084		3.7	%		9.6		2019			260,946			75,000		335,946		5.6	%		12.5	%
Term loan (2)		12	%			350,000		2.7	%		4.2		2020			406,547			-		406,547		6.4	%		15.2	%
		40	%			1,112,084		3.7	%		6.5		2021			48,236			200,000		248,236		5.0	%		9.3	%
Unsecured Lines of Credit													2022			-			297,084		297,084		3.7	%		11.1	%
Line of credit (3)		5	%			141,000		2.3	%				2023			-			-		-		-			-
Line of credit (4)		-				-		2.3	%			Thereafter				165,100			-		165,100		1.5	%		6.2	%
Total lines of credit		5	%			141,000		2.3	%
												Total			$	1,565,599		$	1,112,084	$	2,677,683		4.7	%		100.0	%
Total debt		100	%		$	2,818,683		4.6	%

Capitalized interest for the three months and twelve months ended December 31, 2012 was approximately $3.6 million and $10.3 million, respectively.

(1)

$201.9 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 LIBOR plus 1.20%. The Company has entered into interest rate swap contracts for a term of five years with a notional amount totaling $300 million, which effectively converts the interest rate on $300 million of the term loan to a fixed rate.

(3)

The unsecured line of credit facility was $500 million and the facility was increased to $600 million in January 2013. The line matures in December 2015 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 1.075%.

(4)

The unsecured line of credit facility is $25 million and matures in January 2014 with a one-year extension, 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 1.075%.

See Company's 10-K and 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, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - December 31, 2012

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



Capitalization Data				Public Bond Covenants	Actual	Requirement
Total debt	$	2,818,683
				Debt to Total Assets:	48%	< 65%
Common stock and potentially dilutive securities
Common stock outstanding		36,443
Limited partnership units (1)		2,122
Options-treasury method		148		Secured Debt to Total Assets:	27%	< 40%
Total share of common stock and potentially dilutive securities		38,713

Common stock price per share as of December 31, 2012	$	146.65
				Interest Coverage:	331%	> 150%
Market value of common stock and potentially dilutive securities	$	5,677,261

Preferred stock	$	73,079		Unsecured Debt Ratio (1) :	260%	> 150%

Total equity capitalization	$	5,750,340
				Selected Credit Ratios	Actual
Total market capitalization	$	8,569,023

Ratio of debt to total market capitalization		32.9	%	Indebtedness Divided by Adjusted EBITDA (2):	7.2x

(1) Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock.				Unencumbered NOI to Total NOI:	55%

			(1) Unsecured Debt Ratio is unsecured assets excluding investments in joint ventures divided by unsecured indebtedness.
Credit Ratings
Rating Agency	Rating	Outlook	(2) Adjusted EBITDA is annualized current quarter NOI adjusted for non-recurring items and proforma NOI for current quarter acquisitions.
Fitch	BBB+	Stable
Moody's	Baa2	Stable
Standard & Poors	BBB	Stable

See Company's 10-K and 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 - Quarters ended December 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	$	57,918		$	55,698			4.0	%	$	41,338		$	38,024			8.7	%	$	21,977		$	20,431			7.6	%	$	-	$	-	$	121,233		$	114,153			6.2	%
Non-same property revenue (2)		7,350			2,244						6,190			1,809						3,651			1,040						3,204		3,127		20,395			8,220
Total Revenues	$	65,268		$	57,942					$	47,528		$	39,833					$	25,628		$	21,471					$	3,204	$	3,127	$	141,628		$	122,373

Property operating expenses:
Same-property operating expenses
Real estate taxes	$	4,903		$	4,799					$	3,738		$	3,511					$	1,892		$	1,705					$	-	$	-	$	10,533		$	10,015			5.2	%
Administrative and insurance		5,267			4,755						2,763			2,439						1,677			1,514						-		-		9,707			8,708			11.5	%
Maintenance and repairs		4,228			4,027						2,566			2,726						1,682			1,731						-		-		8,476			8,484			-0.1	%
Utilities		3,578			3,402						2,603			2,611						1,769			1,684						-		-		7,950			7,697			3.3	%
Management fees		1,353			1,353						848			831						604			604						-		-		2,805			2,788			0.6	%
Total same-property operating expenses		19,329			18,336			5.4	%		12,518			12,118			3.3	%		7,624			7,238			5.3	%		-		-	$	39,471		$	37,692			4.7	%
Non-same property operating expenses (2)		2,646			883						2,210			795						1,319			355						551		226		6,726			2,259
Total property operating expenses	$	21,975		$	19,219					$	14,728		$	12,913					$	8,943		$	7,593					$	551	$	226	$	46,197		$	39,951

Net operating income (NOI):
Same-property NOI	$	38,589		$	37,362			3.3	%	$	28,820		$	25,906			11.2	%	$	14,353		$	13,193			8.8	%	$	-	$	-	$	81,762		$	76,461			6.9	%
Non-same property NOI (2)
Redevelopment communities		-			-						-			-						566			484						-		-		566			484
Acquired communities - 2012 (3)		3,031			-						2,172			-						1,221			-						-		-		6,424			-
Acquired communities - 2011 (4)		-			-						550			434						545			201										1,095			635
Development communities (5)		1,673			1,361						1,258			580						-			-						-		-		2,931			1,941
Other real estate assets (1)		-			-						-			-						-			-						2,653		2,901		2,653			2,901
Total non-same property NOI		4,704			1,361						3,980			1,014						2,332			685						2,653		2,901		13,669			5,961
Total NOI	$	43,293		$	38,723					$	32,800		$	26,920					$	16,685		$	13,878					$	2,653	$	2,901	$	95,431		$	82,422

Same-property operating margin		67	%		67	%					70	%		68	%					65	%		65	%									67	%		67	%
Annualized same-property turnover percentage		48	%		45	%					45	%		41	%					41	%		34	%									46	%		42	%
Average same-property concessions per turn (6)	$	142		$	201					$	171		$	169					$	147		$	202									$	152		$	192

Reconciliation of apartment units at end of period
Same-property apartment units		12,556									7,701									5,743													26,000
Consolidated apartment units		13,656			13,205						8,987			8,106						6,598			6,108										29,241			27,419
Joint venture		1,788			1,909						1,236			1,895						1,237			1,530										4,261			5,334
Under development		492			371						1,728			589						275			275										2,495			1,235
Total apartment units at end of period		15,936			15,485						11,951			10,590						8,110			7,913										35,997			33,988
Percentage of total		44	%		46	%					33	%		31	%					23	%		23	%									100	%		100	%

Average same-property financial occupancy		95.9	%		96.4	%					96.4	%		96.8	%					96.0	%		96.3	%									96.1	%		96.6	%

(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 communities during 2012 includes Reed Square, Essex Skyline at MacArthur Place, Park Catalina, The Huntington, Montebello, Park West, Domaine, Ascent, Willow Lake, and Bennett Lofts.

(4)	Acquired communities during 2011 includes 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.

See Company's 10-K and 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.

Property Operating Results - Year ended December 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	$	227,768		$	218,626			4.2	%	$	159,993		$	146,008			9.6	%	$	85,373		$	78,785			8.4	%	$		$	-	$	473,134		$	443,419			6.7	%
Non-same property revenue (2)		21,756			4,678						15,332			3,449						9,335			3,182						12,379		10,985		58,802			22,294
Total Revenues	$	249,524		$	223,304					$	175,325		$	149,457					$	94,708		$	81,967					$	12,379	$	10,985	$	531,936		$	465,713

Property operating expenses:
Same-property operating expenses
Real estate taxes	$	19,202		$	18,966					$	15,105		$	14,775					$	7,230		$	6,848					$	-	$	-	$	41,537		$	40,589			2.3	%
Administrative and insurance		20,562			19,905						10,881			10,287						6,622			6,426						-		-		38,065			36,618			4.0	%
Maintenance and repairs		16,123			16,007						10,401			10,336						6,319			6,303						-		-		32,843			32,646			0.6	%
Utilities		14,059			14,060						10,323			10,173						6,837			6,645						-		-		31,219			30,878			1.1	%
Management fees		5,410			5,402						3,364			3,298						2,417			2,416						-		-		11,191			11,116			0.7	%
Total same-property operating expenses		75,356			74,340			1.4	%		50,074			48,869			2.5	%		29,425			28,638			2.7	%		-		-		154,855			151,847			2.0	%
Non-same property operating expenses (2)		8,006			2,445						4,711			1,541						3,207			1,156						3,309		2,245		19,233			7,387
Total property operating expenses	$	83,362		$	76,785					$	54,785		$	50,410					$	32,632		$	29,794					$	3,309	$	2,245	$	174,088		$	159,234

Net operating income (NOI):
Same-property NOI	$	152,412		$	144,286			5.6	%	$	109,919		$	97,139			13.2	%	$	55,948		$	50,147			11.6	%	$	-	$	-	$	318,279		$	291,572			9.2	%
Non-same property NOI (2)
Redevelopment communities		-			-						-			-						2,040			1,798						-		-		2,040			1,798
Acquired communities - 2012 (3)		7,358			-						2,943			-						1,859			-						-		-		12,160			-
Acquired communities - 2011 (4)		-			-						2,064			1,223						2,229			228						-		-		4,293			1,451
Development communities (5)		6,392			2,233						5,614			685						-			-						-		-		12,006			2,918
Other real estate assets (1)		-			-						-			-						-			-						9,070		8,740		9,070			8,740
Total non-same property NOI		13,750			2,233						10,621			1,908						6,128			2,026						9,070		8,740		39,569			14,907
Total NOI	$	166,162		$	146,519					$	120,540		$	99,047					$	62,076		$	52,173					$	9,070	$	8,740	$	357,848		$	306,479

Same-property operating margin		67	%		66	%					69	%		67	%					66	%		64	%									67	%		66	%
Annualized same-property turnover percentage		53	%		51	%					51	%		48	%					49	%		46	%									52	%		49	%
Average same-property concessions per turn (6)	$	130		$	153					$	133		$	153					$	115		$	116									$	128		$	146
Average same-property financial occupancy		96.1	%		96.1	%					96.7	%		96.7	%					96.1	%		96.1	%									96.3	%		96.3	%

(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 communities during 2012 includes Reed Square, Essex Skyline at MacArthur Place, Park Catalina, The Huntington, Montebello, Park West, Domaine, Ascent, Willow Lake, and Bennett Lofts.

(4)	Acquired communities during 2011 includes 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.

See Company's 10-K and 10-Q for additional disclosures

S-7.1

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 December 31, 2012, December 31, 2011 and September 30, 2012
(Dollars in thousands)


			Average Property Rental Rates							December 31, 2012					December 31, 2011
Region	Units		QTD 2012		QTD 2011		% Change			Property Revenue		Financial Occupancy			Property Revenue		Financial Occupancy			Property Revenue % Change			Property Revenue September 30, 2012		Sequential % Change

Southern California
Los Angeles County		4,420	$	1,712	$	1,623		5.5	%	$	23,196		96.1	%	$	22,004		96.7	%		5.4	%	$	22,839		1.6	%
Ventura County		2,898		1,377		1,328		3.7	%		12,323		96.4	%		11,941		96.5	%		3.2	%		12,207		1.0	%
San Diego County		2,213		1,205		1,180		2.1	%		8,274		96.1	%		8,096		96.9	%		2.2	%		8,180		1.1	%
Orange County		2,402		1,629		1,566		4.0	%		11,802		95.8	%		11,486		96.9	%		2.8	%		11,718		0.7	%
Santa Barbara County		347		1,668		1,657		0.7	%		1,679		92.1	%		1,541		87.6	%		9.0	%		1,614		4.0	%
Riverside County		276		797		771		3.4	%		644		91.9	%		630		94.8	%		2.2	%		665		-3.2	%
Total same-property		12,556		1,508		1,448		4.1	%		57,918		95.9	%		55,698		96.4	%		4.0	%		57,223		1.2	%
Los Angeles County		475		2,150							2,954					2,244
Orange County		625		2,401							4,396					-
Non-same property		1,100		2,596							7,350					2,244

Northern California
Santa Clara County		3,266		1,857		1,682		10.4	%		18,361		96.1	%		16,744		97.1	%		9.7	%		18,015		1.9	%
Contra Costa County		1,720		1,640		1,549		5.9	%		8,652		96.7	%		8,176		97.1	%		5.8	%		8,470		2.1	%
Alameda County		1,542		1,559		1,462		6.6	%		7,535		96.9	%		6,974		96.2	%		8.0	%		7,370		2.2	%
San Mateo County		768		1,922		1,710		12.4	%		4,571		96.9	%		4,075		97.2	%		12.2	%		4,425		3.3	%
San Francisco MSA		175		2,140		1,947		9.9	%		1,121		95.7	%		1,005		94.3	%		11.5	%		1,083		3.5	%
Other		230		1,573		1,523		3.3	%		1,098		97.1	%		1,050		96.3	%		4.6	%		1,064		3.2	%
Total same-property		7,701		1,753		1,612		8.7	%		41,338		96.4	%		38,024		96.8	%		8.7	%		40,427		2.3	%
San Francisco MSA		273		2,412							879					-
Santa Clara County		1,013		1,862							5,311					1,809
Non-same property		1,286		2,045							6,190					1,809

Seattle Metro
King County		5,278		1,234		1,146		7.7	%		20,643		96.1	%		19,214		96.4	%		7.4	%		20,248		2.0	%
Snohomish County		465		906		826		9.7	%		1,334		95.8	%		1,217		95.8	%		9.6	%		1,294		3.1	%
Total same-property		5,743		1,207		1,120		7.8	%		21,977		96.0	%		20,431		96.3	%		7.6	%		21,542		2.0	%
King County		855		1,262							3,651					1,040
Non-same property		855		1,262							3,651					1,040

Other real estate assets											3,204					3,127

Total same-property revenue		26,000	$	1,514	$	1,424		6.4	%	$	121,233		96.1	%	$	114,153		96.6	%		6.2	%	$	119,192		1.7	%

Total non-same property revenue		3,241	$	1,968						$	20,395				$	8,220

See Company's 10-K and 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.

Revenue by County - Year ended December 31, 2012 and 2011
(Dollars in thousands)


			Average Property Rental Rates							Year ended 2012					Year ended 2011
Region	Units		YTD 2012		YTD 2011		% Change			Property Revenue		Financial Occupancy			Property Revenue		Financial Occupancy			Property Revenue % Change

Southern California
Los Angeles County		4,420	$	1,677	$	1,596		5.1	%	$	90,805		96.4	%	$	86,003		96.3	%		5.6	%
Ventura County		2,898		1,357		1,316		3.1	%		48,589		96.4	%		46,955		96.2	%		3.5	%
San Diego County		2,213		1,194		1,163		2.7	%		32,652		96.1	%		31,886		96.5	%		2.4	%
Orange County		2,402		1,603		1,548		3.6	%		46,523		96.0	%		44,702		96.2	%		4.1	%
Santa Barbara County		347		1,667		1,664		0.2	%		6,642		91.6	%		6,579		91.3	%		1.0	%
Riverside County		276		788		755		4.4	%		2,557		92.5	%		2,501		94.3	%		2.2	%
Total same-property		12,556		1,484		1,429		3.8	%		227,768		96.1	%		218,626		96.1	%		4.2	%
Los Angeles County		475		2,149							10,617					4,678
Orange County		625		2,869							11,139					-
Non-same property		1,100		2,355							21,756					4,678

Northern California
Santa Clara County		3,266		1,788		1,600		11.8	%		70,981		96.8	%		63,816		97.2	%		11.2	%
Contra Costa County		1,720		1,606		1,500		7.1	%		33,675		96.4	%		31,367		96.4	%		7.4	%
Alameda County		1,542		1,515		1,419		6.8	%		29,270		96.8	%		27,176		96.1	%		7.7	%
San Mateo County		768		1,837		1,639		12.1	%		17,451		97.2	%		15,547		97.1	%		12.2	%
San Francisco MSA		175		2,046		1,899		7.7	%		4,292		95.9	%		3,962		95.6	%		8.3	%
Other		230		1,548		1,511		2.4	%		4,324		96.0	%		4,140		95.2	%		4.4	%
Total same-property		7,701		1,696		1,550		9.4	%		159,993		96.7	%		146,008		96.7	%		9.6	%
San Francisco MSA		273		2,411							912					-
Santa Clara County		1,013		1,954							14,420					3,449
Non-same property		1,286		2,106							15,332					3,449

Seattle Metro
King County		5,278		1,199		1,109		8.1	%		80,264		96.3	%		74,102		96.2	%		8.3	%
Snohomish County		465		876		801		9.4	%		5,109		95.1	%		4,683		95.3	%		9.1	%
Total same-property		5,743		1,173		1,084		8.2	%		85,373		96.1	%		78,785		96.1	%		8.4	%
King County		855		1,460							9,335					3,182
Non-same property		855		1,460							9,335					3,182

Other real estate assets											12,379					10,985

Total same-property revenue		26,000	$	1,478	$	1,388		6.5	%	$	473,134		96.3	%	$	443,419		96.3	%		6.7	%

Total non-same property revenue		3,241	$	1,974						$	58,802				$	22,294

See Company's 10-K and 10-Q for additional disclosures

S-8.1

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

Development Pipeline - December 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 - Consolidated
Project Name	Location
64th & Christie	Emeryville, CA		100	%		190		-	$	18.1	$	40.1	$	58.2	Jul-12	Aug-14	Feb-15
Valley Village	Valley Village, CA		(1	)		121		-		1.5		36.1		37.6	Jul-12	Jan-14	Jun-14
Total - Consolidated Development Projects						311		-		19.6		76.2		95.8


Development Projects - Joint Venture
Project Name	Location
Expo	Seattle, WA		50	%		275		17,000		64.5		5.5		70.0	May-11	Oct-12	Apr-13
Epic - Phase I and II	San Jose, CA		55	%		569		-		128.2		63.4		191.6	Aug-11	May-13	Dec-14
Connolly Station (fka Linc)	Dublin, CA		55	%		309		-		51.6		42.9		94.5	Aug-11	Aug-13	May-14
The Huxley (fka Fountain at La Brea)	West Hollywood, CA		50	%		187		18,200		46.2		28.8		75.0	Oct-11	Jan-14	Jul-14
The Dylan (fka Santa Monica at La Brea)	West Hollywood, CA		50	%		184		12,750		41.3		34.1		75.4	Dec-11	Apr-14	Oct-14
Folsom and Fifth	San Francisco, CA		55	%		463		9,300		88.5		161.5		250.0	Jun-12	Apr-14	Mar-15
Elkhorn	San Mateo, CA		55	%		197		-		24.6		51.5		76.1	Aug-12	Jun-14	Dec-14
Total - Joint Venture Development Projects						2,184		57,250		444.9		387.7		832.6

Predevelopment Projects
Project Name	Location
City Centre	Moorpark, CA		100	%		200		-		9.7		-		9.7
Epic - Phase III	San Jose, CA		55	%		200		-		19.8		-		19.8
Main Street	Walnut Creek, CA		50	%		49		35,000		28.5		-		28.5
Other Projects						-		-		1.6		-		1.6
Total - Joint Venture Predevelopment Projects						449		35,000		59.6		-		59.6

Land Held for Future Development or Sale
Project Name	Location
Park Boulevard	Palo Alto, CA		(2	)		50		-		7.5		-		7.5

Grand Total - Development Pipeline						2,994		92,250	$	531.6	$	463.9	$	995.5

(1)	The Company invested $1.0 million and has incurred $0.5 million of additional internal costs as part of an agreement to purchase the property upon receipt of temporary certificate of occupancy for

total estimated cost of $37.6 million, which is expected in the first quarter of 2014.

(2)	This property was sold in January 2013 for approximately $9.1 million, representing a gain on sale of approximately $1.5 million.

See Company's 10-K and 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 - December 31, 2012
(Dollars in thousands, except per unit amounts)

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

Same-property - Redevelopment Projects (1) (2)
Northern California
Marina Cove, Santa Clara, CA		292	$	6,356	$	3,502	$	9,858	Jun-07
Pointe at Cupertino, Cupertino, CA		116		7,221		2,732		9,953	Jan-10
Magnolia Square, Sunnyvale, CA		188		7,683		5,606		13,289	Sep-10
Southern California
CentrePointe, San Diego, CA		224		8,662		1,582		10,244	Oct-11
Total Same-property - Redevelopment Projects		820	$	29,922	$	13,422	$	43,344		$	12,033	$	10,261

Non-same property - Redevelopment Projects
Seattle Metro
Woodland Commons, Bellevue, WA (3)		236		14,268		7,306		21,574	Jun-07
Total Non-same property - Redevelopment Projects		236	$	14,268	$	7,306	$	21,574		$	2,040	$	1,798

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

(2)

The Company incurred $0.5 million and $1.7 million of vacancy loss, respectively, during the three and twelve months ended December 31, 2012 caused by the redevelopment of unit interiors which totaled 265 and 942 units during the three and twelve months ended December 31, 2012, respectively. The Company's co-investments incurred $0.2 million of vacancy loss during the twelve months ended December 31, 2012 related to the redevelopment of 106 unit interiors.

(3)

The Company finished construction of 66 additional apartment homes in September 2012, and the total estimated cost includes the completion of a new leasing office, pool area, fitness center, other common area amenities, and interior unit turns. All new homes are occupied or leased as of December 2012.

Non-revenue Generating Capital Expenditures		Q4 2012		Q3 2012		Q2 2012		Q1 2012		Q4 2011		Q3 2011		Q2 2011
Non-revenue generating capital expenditures	$	14,715	$	8,736	$	5,840	$	1,200	$	12,144	$	6,235	$	4,778
Average apartment units in quarter		28,269		27,815		27,457		27,221		27,241		26,964		26,944
Capital expenditures per apartment unit in the quarter	$	521	$	314	$	213	$	44	$	446	$	231	$	177
Capital expenditures per apartment unit-trailing four quarters	$	1,079	$	1,004	$	926	$	895	$	958	$	892	$	966

See Company's 10-K and 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 - December 31, 2012	Essex					Total				Essex		Weighted			Remaining		For the Quarter						For the
(Dollars in thousands)	Ownership					Undepreciated		Debt		Book		Average			Term of		Ended December 31,						Year Ended
	Percentage			Units		Book Value		Amount		Value		Borrowing Rate			Debt		2012			2011			2012			2011

Operating Joint Ventures																	Net Operating Income

Essex Apartment Value Fund II, L.P. (Fund II) (1)		28.2	%		1,284	$	246,218	$	111,080	$	53,601		4.5	%		1.5	$	7,268		$	8,500		$	33,936		$	31,958
Wesco I, LLC (2)		50.0	%		2,713		660,533		361,249		143,874		4.0	%		10.2		6,992			3,824			23,445			6,718
Wesco III, LLC (2) (3)		50.0	%		264		44,954		26,000		9,941		2.4	%		0.2		252			-			252			-
Total Operating Joint Ventures (4)					4,261	$	951,705	$	498,329	$	207,416		4.0	%		7.7	$	14,512		$	12,324		$	57,633		$	38,676

																	Essex Portion of NOI and Expenses
Essex portion of NOI																	$	5,672		$	5,151		$	24,143		$	15,008
Essex portion of depreciation																		(3,213	)		(4,145	)		(14,152	)		(12,642	)
Essex portion of interest expense and other																		(2,179	)		(2,561	)		(10,987	)		(7,283	)
Essex portion of gain																		29,112			-			29,112			919
Essex portion of net (income) loss from operating joint ventures																	$	29,392		$	(1,555	)	$	28,116		$	(3,998	)

Development Joint Ventures (5)		50/55	%		2,384	$	464,700	$	81,675		221,665		1.8	%		33.9	$	(50	)	$	-		$	182		$	-

Essex portion of net income (loss) from joint ventures																	$	29,342		$	(1,555	)	$	28,298		$	(3,998	)

												Weighted			Weighted
												Average			Average
												Preferred			Expected
												Return			Term
																	Income from Preferred Equity Investments
Preferred Equity Investments											142,264		10.2	%		4.9	$	3,405		$	1,418		$	13,447		$	3,531

Total Co-investments										$	571,345							32,747		$	(137	)	$	41,745		$	(467	)

(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. During Q4 2012, 7 of the 14 properties in Fund II were sold, and the fourth quarter NOI for the 7 remaining assets was $4.3 million.

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

(3)	The Company provided a $26.0 million short-term bridge loan to Wesco III at a rate of LIBOR + 250, permanent secured financing is expected to be placed on the property by the end of Q1 2013.

(4)	The Company had a 47% effective interest + promoted interest, and a 50% voting interest in Essex Skyline at MacArthur Place, until April 2012 when the Company acquired the joint venture partner's membership interest and for Q2 2012 the Company consolidated the community.

(5)

The Company has interests in seven development co-investments, which are developing projects located in Seattle, Washington, and San Francisco, San Mateo, Dublin, San Jose, and West Hollywood, California. NOI generated from the lease-up of Expo is included in Development Joint Ventures, and operations from Expo will be reclassified to Operating Joint Ventures in Q1 2013.

See Company's 10-K and 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 - December 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 year ended
	Balance as of December 31, 2012								December 31, 2012
	Investment in		Related		Noncontrolling		DownREIT				Operating
	Real Estate		Debt		Interest		Units Outstanding (1)		Revenue		Expenses		NOI

Noncontrolling Interest - DownREIT:
Barkley Apartments	$	8,569	$	16,784	$	1,992		76,205	$	2,506	$	921	$	1,585
Brentwood		13,832		19,283		2,568		58,884		2,500		710		1,790
Brookside Oaks		32,364		19,974		2,327		84,095		3,611		860		2,751
Capri at Sunny Hills		16,024		-		2,968		159,890		2,431		684		1,747
Hidden Valley (2)		38,276		30,602		6,089		62,647		5,423		1,678		3,745
Highridge Apartments		29,936		44,807		3,128		272,158		6,221		1,419		4,802
Montejo Apartments		8,115		13,307		1,216		29,319		1,890		486		1,404
The Elliot at Mukilteo		15,369		10,750		1,515		102,713		3,184		1,333		1,851
Magnolia Square		31,128		18,466		6,356		57,231		3,877		1,173		2,704
Treehouse Apartments		12,789		17,269		2,951		67,728		2,563		698		1,865
Valley Park Apartments		13,830		22,592		296		21,630		2,912		627		2,285
Villa Angelina Apartments		19,408		27,542		1,717		46,931		3,890		1,012		2,878

	$	239,640	$	241,376		33,123		1,039,431	$	41,008	$	11,601	$	29,407

Other Components of Noncontrolling Interest:
Hillsdale Garden Apartments (3)	$	111,813				21,219			$	15,742	$	5,365	$	10,377
Joint Venture - Development (4)	$	28,500				4,000
Operating Limited Partnership Units and Other						56,970
Total Noncontrolling Interest					$	115,312

(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-K and 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 - December 31, 2012

(Dollars in thousands)

Income from Discontinued Operations

During the twelve months ended December 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.

	Three Months Ended					Year Ended
	December 31,					Decemeber 31,
	2012		2011			2012			2011
Rental revenues	$	-	$	842		$	608		$	4,081
Property operating expenses		-		(403	)		(260	)		(1,861	)
Depreciation and amortization		-		(223	)		(94	)		(1,115	)
Income from real estate sold		-		216			254			1,105
Gain on sale, net of internal disposition costs and taxes		-		3,159			9,783			7,543
Income from discontinued operations	$	-	$	3,375		$	10,037		$	8,648

Shares Outstanding and Potentially Dilutive Securities

	Q4 2012		Actual		YTD 2012
	Weighted Avg.		As of 12/31/12		Weighted Avg.
Common Shares		35,914,593		36,442,994		35,032,491
Stock Options and Series G Preferred Stock		111,296		147,984		126,449
Weighted Avg. Shares Diluted - EPS		36,025,889		36,590,978		35,158,940
Operating Limited Partnership Units		2,156,680		2,122,381		2,219,046
Weighted Avg. Shares Diluted - FFO		38,182,569		38,713,359		37,377,986

See Company's 10-K and 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 2013 FFO Guidance Range

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

				Low - end of			High - end of
	Actual			Guidance range			Guidance range
	YTD 2012				2013			2013
Net Operating Income ("NOI")
Total NOI from consolidated communities	$	358,196		$	398,800		$	404,300

Accretion from external growth, net of dispositions	$	-		$	500		$	500

Management Fees	$	11,489		$	11,500		$	12,000

Interest Expense
Interest and amortization expense, before capitalized interest	$	(122,228	)	$	(127,200	)	$	(124,200	)
Projected interest capitalized		10,340			14,500			15,500
Net interest expense		(111,888	)		(112,700	)		(108,700	)

Recurring Income and Expenses
Interest and other income	$	10,715		$	8,900		$	9,900
FFO from co-investments		26,883			27,900			28,700
General and administrative expense		(21,052	)		(23,000	)		(24,000	)
Cost of management and other fees		(6,513	)		(6,800	)		(6,800	)
Preferred dividends and non-controlling interest		(12,834	)		(13,500	)		(13,500	)
		(2,801	)		(6,500	)		(5,700	)

Non-Core Income and Expenses
Promote income from co-investment	$	2,299		$	3,000		$	6,000
Gains on sales of marketable securities and land		819			3,300			3,300
Loss on early retirement of debt		(5,009	)		(1,000	)		-
Acquisition costs		(2,255	)		(1,400	)		(1,800	)
		(4,146	)		3,900			7,500

Funds from Operations	$	250,850		$	295,500		$	309,900

Funds from Operations per diluted Share	$	6.71		$	7.50		$	7.90

% Change - Funds from Operations		16.9	%		11.8	%		17.6	%

Funds from Operations excluding non-core items	$	254,996		$	291,600		$	302,400

Core Funds from Operations per diluted Share	$	6.82		$	7.40		$	7.70

% Change - Core Funds from Operations		20.9	%		8.5	%		12.9	%

Weighted average shares outstanding		37,377,986			39,400,000			39,250,000

See Company's 10-K and 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.

Summary of Apartment Community Acquisitions and Dispositions Activity

Twelve months ended December 31, 2012 and Q1 2013 to date

(Dollars in thousands)

Acquisitions				Essex
				Ownership						Assumed Debt		Assumed Debt	Assumed Debt	Price per		Average
Property Name	Location	Units		Percentage	Ownership	Date	Price			Principal		Stated Rate	Effective Rate	Unit		Rent
Bon Terra	Redmond, WA		60	100%	EPLP	Jan-12	$	16,000		$	-			$	267	$	1,403
Reed Square	Sunnyvale, CA		100	100%	EPLP	Jan-12		23,000			-				230		1,503
	Q1 2012 Total		160					39,000			-				244

Skyline (1)	Santa Ana, CA		349	100%	EPLP	Apr-12		85,000			-				487		3,042
Park Catalina	Los Angeles, CA		90	100%	EPLP	Jun-12		23,650			-				263		1,592
The Huntington	Huntington Beach, CA		276	100%	EPLP	Jun-12		48,250			30,300	5.7%	3.3%		175		1,254
	Q2 2012 Total		715					156,900			30,300				219

Montebello	Kirkland, WA		248	100%	EPLP	Jul-12		52,000			26,515	5.6%	3.1%		210		1,341
Riley Square	Santa Clara, CA		156	50%	Wesco I, LLC	Aug-12		38,250			17,500	5.2%	3.1%		245		1,644
Park West	San Francisco, CA		126	100%	EPLP	Sep-12		31,600			-				251		1,561
Domaine	Seattle, WA		92	100%	EPLP	Sep-12		34,000			14,600	5.7%	3.0%		370		1,910
	Q3 2012 Total		622					155,850			58,615				251

Ascent	Kirkland, WA		90	100%	EPLP	Oct-12		15,850			-				176		1,155
Willow Lake	San Jose, CA		508	100%	EPLP	Oct-12		148,000			-				291		1,758
Madrid (2)	Mission Viejo, CA		230	50%	Wesco I, LLC	Nov-12		(2	)		33,266	5.3%	2.6%		-		1,616
Haver Hill	Fullerton, CA		264	50%	Wesco III, LLC	Nov-12		45,600			-				173		1,283
Bennett Lofts	San Francisco, CA		113	100%	EPLP	Dec-12		73,730			-				652		3,028
Pacific Electric Lofts (2)	Los Angeles, CA		314	50%	Wesco I, LLC	Dec-12		(2	)		46,939	4.0%	2.5%		-		1,722
	Q4 2012 Total		1,519					450,180			80,205				296

	Total 2012		3,016				$	801,930		$	169,120			$	266

Annaliese	Seattle, WA		56	100%	EPLP	Jan-13	$	19,000		$	-			$	339	$	1,734
Bennett Lofts	San Francisco, CA		34	100%	EPLP	Jan-13		22,220			-				654		3,028
	Q1 2013 to date		90				$	41,220		$	-			$	458

Dispositions				Essex
				Ownership						Assumed		Assumed Debt	Assumed Debt	Price per		Average
Property Name	Location	Units		Percentage	Ownership	Date	Price			Debt		Stated Interest	Effective Interest	Unit		Rent
Tierra Del Sol/Norte	San Diego, CA		156	100%	EPLP	Mar-12	$	17,200		$	-	-	-	$	110	$	951
Alpine Country	San Diego, CA		108	100%	EPLP	Mar-12		11,100			-	-	-		103		947
Parcwood	Corona, CA		312	28.2%	Fund II	Oct-12		42,200			-	-	-		135		1,018
Regency Tower	Oakland, CA		178	28.2%	Fund II	Oct-12		31,000			-	-	-		174		1,401
Studio 40-41	Studio City, CA		149	28.2%	Fund II	Oct-12		56,300			-	-	-		378		1,977
Tower @ 801	Seattle, WA		173	28.2%	Fund II	Oct-12		50,100			-	-	-		290		1,448
Cielo	Chatsworth, CA		119	28.2%	Fund II	Nov-12		33,100			-	-	-		278		1,668
Echo Ridge	Snoqualmie, WA		120	28.2%	Fund II	Dec-12		26,500			-	-	-		221		1,380
The Enclave	San Jose, CA		637	28.2%	Fund II	Dec-12		173,750			-	-	-		273		1,627
	2012		1,952				$	441,250		$	-	-	-	$	226

(1)	In April 2012, the Company purchased the joint venture partner's remaining membership interest in the co-investment Essex Skyline at MacArthur Place for a purchase price of $85 million. The property is now consolidated.

(2)	In accordance with terms of the purchase agreements, purchase price of the properties are not being disclosed by the Company.

See Company's 10-K and 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

2013 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions

	Residential Supply (1)										Job Forecast (2)				Market Forecast (3)
Market	New MF Supply		New SF Supply		Total Supply		% of MF Supply to MF Stock		% of Total Supply to Total Stock		Est.New Jobs Dec-Dec		% Growth		Estimated Rent Growth		Estimated Year End Occupancy

Seattle		6,900		5,888		12,788		1.7%		1.1%		41,000		2.8%		6.5%		96.0%

San Francisco		4,000		441		4,441		1.1%		0.6%		25,500		2.5%		7.0%		96.7%
Oakland		1,800		2,563		4,363		0.6%		0.4%		18,000		1.8%		6.5%		96.5%
San Jose		4,100		1,475		5,575		1.9%		0.9%		25,000		2.7%		7.5%		96.7%
No. Cal.		9,900		4,479		14,379		1.1%		0.6%		68,500		2.4%		7.1%		96.6%

Ventura		500		224		724		0.8%		0.3%		3,500		1.2%		4.0%		95.5%
Los Angeles		5,000		2,667		7,667		0.3%		0.2%		70,000		1.8%		6.5%		96.0%
Orange		2,800		2,111		4,911		0.8%		0.5%		25,000		1.8%		5.3%		96.0%
San Diego		3,200		2,133		5,333		0.8%		0.5%		19,000		1.5%		4.0%		95.5%
So. Cal.		11,500		7,135		18,635		0.5%		0.3%		117,500		1.7%		5.4%		95.9%

Weighted Average (4)		28,300		17,502		45,802		0.8%		0.5%		227,000		2.0%		6.1%		96.0%

All data are based on Essex Property Trust, Inc. forecasts.

U.S. Economic Assumptions: 2013 G.D.P. Growth: 2.3% , 2013 Job Growth: 1.6%

(1) New Residential Supply: MF reflects Company's internal estimate of actual multifamily deliveries; SF is based on 12 month single family trailing permits reported by the US Census Bureau

(2) Job Forecast: refers to the difference between total non-farm industry employment (not seasonally adjusted) projected through Dec 2013 over estimated Dec 2012, expressed as total new jobs and growth rates.

(3) Market Forecast: the estimated rent growth represents the forecasted change in effective market rents for Q4 2013 vs Q4 2012 (excludes submarkets not targeted by Essex). The estimated year end occupancy represents the Company's forecast of physical market occupancy rates at Q4 2013.

(4) Weighted Average: markets weighted by economic rent in the Company's portfolio.

See Company's 10-K and 10-Q for additional disclosures

S-16

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 November 2012)

	Single Family Data												Multi-Family Data							All Residential Data
Market	Q3 2012 Median SF Price (1)		Q3 2012 SF Affordability (2)			SF Stock 2012		SF Permits Last 12 Months		% of Stock			MF Stock 2012		MF Permits Last 12 months		% of Stock			Total Residential Permits Last 12 Months		% of Stock
New York	$	467,800		61	%		1,163,000		1,404		0.1	%		3,536,000		13,664		0.4	%		15,068		0.3	%
Nassau-Suffolk	$	387,500		115	%		859,000		1,156		0.1	%		184,000		488		0.3	%		1,644		0.2	%
Chicago	$	184,400		169	%		2,299,000		5,596		0.2	%		1,506,000		3,794		0.3	%		9,390		0.2	%
Boston	$	365,800		97	%		1,035,000		3,981		0.4	%		863,000		4,041		0.5	%		8,022		0.4	%
Philadelphia	$	223,800		138	%		1,836,000		5,251		0.3	%		611,000		3,036		0.5	%		8,287		0.3	%
Baltimore	$	254,200		132	%		864,000		3,822		0.4	%		280,000		2,557		0.9	%		6,379		0.6	%
Atlanta	$	106,700		276	%		1,631,000		8,914		0.5	%		548,000		4,368		0.8	%		13,282		0.6	%
Miami/Ft. Lauderdale	$	209,200		121	%		1,345,000		5,155		0.4	%		1,132,000		6,962		0.6	%		12,117		0.5	%
Minneapolis	$	181,500		182	%		997,000		5,402		0.5	%		367,000		5,067		1.4	%		10,469		0.8	%
Las Vegas	$	137,900		209	%		554,000		6,080		1.1	%		299,000		1,152		0.4	%		7,232		0.8	%
Phoenix	$	153,400		187	%		1,393,000		11,781		0.8	%		430,000		2,502		0.6	%		14,283		0.8	%
Portland	$	239,200		121	%		669,000		4,464		0.7	%		267,000		3,117		1.2	%		7,581		0.8	%
Wash. D.C.	$	362,300		118	%		1,506,000		10,864		0.7	%		744,000		10,955		1.5	%		21,819		1.0	%
Orlando	$	135,400		192	%		692,000		6,924		1.0	%		265,000		4,539		1.7	%		11,463		1.2	%
Denver	$	260,300		119	%		742,000		5,499		0.7	%		349,000		6,799		1.9	%		12,298		1.1	%
Dallas-Ft. Worth	$	165,200		178	%		1,804,000		17,712		1.0	%		753,000		15,523		2.1	%		33,235		1.3	%
Houston	$	167,500		173	%		1,672,000		28,084		1.7	%		703,000		14,192		2.0	%		42,276		1.8	%
Austin	$	207,900		145	%		496,000		7,983		1.6	%		237,000		10,242		4.3	%		18,225		2.5	%
Totals/Averages	$	227,773		156	%		21,557,000		140,072		0.6	%		13,074,000		112,998		0.9	%		253,070		0.7	%

Seattle	$	327,865		103	%		745,000		5,888		0.8	%		403,000		8,309		2.1	%		14,197		1.2	%

San Francisco	$	725,500		53	%		384,000		441		0.1	%		380,000		3,690		1.0	%		4,131		0.5	%
Oakland	$	375,000		96	%		673,000		2,563		0.4	%		316,000		1,984		0.6	%		4,547		0.5	%
San Jose	$	627,000		66	%		437,000		1,475		0.3	%		217,000		3,842		1.8	%		5,317		0.8	%
No. Cal.	$	538,799		76	%		1,494,000		4,479		0.3	%		913,000		9,516		1.0	%		13,995		0.6	%

Los Angeles	$	350,000		81	%		1,991,000		2,667		0.1	%		1,469,000		8,582		0.6	%		11,249		0.3	%
Ventura	$	418,000		92	%		223,000		224		0.1	%		60,000		337		0.6	%		561		0.2	%
Orange	$	515,000		71	%		697,000		2,111		0.3	%		359,000		3,057		0.9	%		5,168		0.5	%
San Diego	$	375,000		85	%		750,000		2,133		0.3	%		424,000		3,134		0.7	%		5,267		0.4	%
So. Cal.	$	390,677		81	%		3,661,000		7,135		0.2	%		2,312,000		15,110		0.7	%		22,245		0.4	%

Average of Essex Markets	$	420,253		82	%		5,900,000		17,502		0.3	%		3,628,000		32,935		0.9	%		50,437		0.5	%

Permits: Single Family equals 1 unit, Multi-Family equals 5 or more units.

Sources: Single Family/Multi-Family Stock - US Census, Essex, Permits - U.S. Census, Axiometrics, Mortgage Rates - Freddie Mac, Essex.

(1) Median Home Prices - Axiometrics, National Association of Realtors, DataQuick, Essex.

(2) 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 30% of said income, assuming a 5% down payment and a 30-year fixed mortgage rate (3.5%).

Median household income: EASI.

See Company's 10-K and 10-Q for additional disclosures

S-17

ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES

Real Estate Information as of January 31, 2013

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


NORTHERN CALIFORNIA
Santa Clara County
The Commons	275 Union Avenue	Campbell	CA	264	153,168	2010	1973	EPLP	39
Pointe at Cupertino	19920 Olivewood Street	Cupertino	CA	116	135,200	1998	1963	EPLP	49
Bella Villagio	383 Vista Roma Way	San Jose	CA	231	227,511	2010	2004	EPLP	8
Epic - Phases I & II	545 River Oaks Parkway	San Jose	CA	569	472,236			JV-55%
Carlyle, The	2909 Nieman Boulevard	San Jose	CA	132	129,200	2000	2000	EPLP	12
Esplanade	350 East Taylor St.	San Jose	CA	278	279,000	2004	2002	EPLP	10
Waterford, The	1700 N. First Street	San Jose	CA	238	219,600	2000	2000	EPLP	12
101 San Fernando	99 S. Fourth Street	San Jose	CA	323	296,078	2010	2001	EPLP	11
Willow Lake	1331 Lakeshore Circle	San Jose	CA	508	471,744	2012	1989	EPLP	23
1000 Kiely	1000 Kiely Blvd.	Santa Clara	CA	121	128,486	2011	1971	EPLP	41
Le Parc	440 N. Winchester Avenue	Santa Clara	CA	140	113,200	1994	1975	EPLP	37
Marina Cove	3480 Granada Avenue	Santa Clara	CA	292	250,200	1994	1974	EPLP	38
Riley Square	3707 Poinciana Drive	Santa Clara	CA	156	126,900	2012	1972	Wesco I	40
Bristol Commons	732 E. Evelyn Avenue	Sunnyvale	CA	188	142,600	1995	1989	EPLP	23
Brookside Oaks	1651 Belleville Way	Sunnyvale	CA	170	119,900	2000	1973	DownREIT	39
Magnolia Lane	113 South Mary Avenue	Sunnyvale	CA	32	31,541	2007	2001	EPLP	11
Montclaire	450 N. Mathilda Avenue	Sunnyvale	CA	390	294,100	1988	1973	EPLP	39
Reed Square	1070 Reed Avenue	Sunnyvale	CA	100	95,440	2011	1970	EPLP	42
Summerhill Park	972 Corte Madera Avenue	Sunnyvale	CA	100	78,500	1988	1988	EPLP	24
Magnolia Square	107 South Mary Avenue	Sunnyvale	CA	156	110,824	2007	1969	DownREIT	43
Via	315 Tasman Drive	Sunnyvale	CA	284	309,421	2011	2011	EPLP	1
Windsor Ridge	825 E. Evelyn Avenue	Sunnyvale	CA	216	161,800	1989	1989	EPLP	23
			13%	4,435	3,874,413
Alameda County
Fourth & U	700 University Avenue	Berkeley	CA	171	146,255	2010	2010	EPLP	2
Briarwood	4200 Bay Street	Fremont	CA	160	111,160	2011	1978	Wesco I	34
Stevenson Place	4141 Stevenson Blvd.	Fremont	CA	200	146,200	2000	1975	EPLP	37
The Woods	40640 High Street	Fremont	CA	160	105,280	2011	1978	Wesco I	34
Boulevard	40001 Fremont Blvd.	Fremont	CA	172	131,200	1996	1978	EPLP	34
City View	25200 Carlos Bee Blvd.	Hayward	CA	572	462,400	1998	1975	EPLP	37
The Grand	100 Grand Avenue	Oakland	CA	243	205,026	2009	2009	EPLP	3
Bridgeport	36826 Cherry Street	Newark	CA	184	139,000	1987	1987	EPLP	25
Alderwood Park Apartments	37057 Magnolia Street	Newark	CA	96	74,624	2006	1987	Fund II	25
			6%	1,958	1,521,145
Contra Costa County
Connolly Station (formerly Linc)	6600 Golden Gate Drive	Dublin	CA	309	286,348			JV-55%
64th & Christie	64th and Christie Avenue	Emeryville	CA	190	148,935			EPLP
San Marcos	2601 Hilltop Drive	Richmond	CA	432	407,600	2003	2003	EPLP	9
Bel Air	2000 Shoreline Drive	San Ramon	CA	462	391,000	1995	1988	EPLP	24
Foothill Gardens	1110 Harness Drive	San Ramon	CA	132	155,100	1997	1985	EPLP	27
Twin Creeks	2711-2731 Morgan Drive	San Ramon	CA	44	51,700	1997	1985	EPLP	27
Canyon Oaks	1 Amberstone Lane	San Ramon	CA	250	237,894	2007	2005	EPLP	7
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
Carlmont Woods	2515 Carlmont Drive	Belmont	CA	195	107,200	2004	1971	Fund II	41
Belmont Terrace	1606 Continetals Way	Belmont	CA	71	72,951	2006	1974	EPLP	38
Harbor Cove	900 E. Hillsdale Blvd.	Foster City	CA	400	306,600	2004	1971	Fund II	41
Davey Glen	200 Davey Glen Road	Belmont	CA	69	65,974	2006	1962	Fund II	50
Hillsdale Garden	3421 Edison Avenue	San Mateo	CA	697	611,505	2006	1948	JV - 81.5%	64
Elkhorn	1950 Elkhorn Court	San Mateo	CA	197	140,547			JV - 55%
			4%	1,432	1,164,230

San Francisco and Marin Counties
Mt. Sutro Terrace Apartments	480 Warren Drive	San Francisco	CA	99	64,000	1999	1973	EPLP	39
Park West	121 Funston	San Francisco	CA	126	90,060	2012	1958	EPLP	54
Bennett Lofts	530, 542, 548 Brannan	San Francisco	CA	147	184,713	2012	2004	EPLP	8
	208 Pennsylvania and 1001 Mariposa
Folsom and Fifth	900 Folsom Street and 250 Fifth Street	San Francisco	CA	463	371,072			JV-55%
Vista Belvedere	15 Red Hill Circle	Tiburon	CA	76	78,300	2004	1963	EPLP	49
			1%	448	417,073

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

Total Northern California			30%	10,223	8,834,571				27

SOUTHERN CALIFORNIA
Los Angeles County
Regency at Encino	15506 Moorpark Street	Encino	CA	75	78,487	2009	1989	EPLP	23
416 on Broadway	412 East Broadway	Glendale	CA	115	126,782	2010	2009	EPLP	3
Hampton Court	1136 N. Columbus Avenue	Glendale	CA	83	71,500	1999	1974	EPLP	38
Hampton Place	245 W. Loraine Street	Glendale	CA	132	141,500	1999	1970	EPLP	42
Marbrisa	1809 Termino Ave.	Long Beach	CA	202	122,800	2002	1987	EPLP	25
Pathways	5945 E. Pacific Coast Hwy.	Long Beach	CA	296	197,700	1991	1975	EPLP	37
Bellerive	1921 Beloit Avenue	Los Angeles	CA	63	79,296	2011	2011	EPLP	1
Bunker Hill	222 and 234 S. Figueroa St.	Los Angeles	CA	456	346,600	1998	1968	EPLP	44
Cochran Apartments	612 South Cochran	Los Angeles	CA	58	51,400	1998	1989	EPLP	23
Kings Road	733 North Kings Road	Los Angeles	CA	196	132,100	1997	1979	EPLP	33
Marbella	600 South Detroit Street	Los Angeles	CA	60	50,108	2005	1991	EPLP	21
Belmont Station	1302 West 2nd St.	Los Angeles	CA	275	225,000	2009	2009	EPLP	3
Pacific Electric Lofts	610 South Main Street	Los Angeles	CA	314	277,980	2012	2006	Wesco I	6
Park Catalina	690 South Catalina Street	Los Angeles	CA	90	72,864	2012	2002	EPLP	10
Park Place	400 S. Detroit Street	Los Angeles	CA	60	48,000	1997	1988	EPLP	24
Windsor Court	401 S. Detroit Street	Los Angeles	CA	58	46,600	1997	1988	EPLP	24
Renaissance	630 South Masselin Avenue	Los Angeles	CA	169	154,268	2006	1990	Fund II	22
Santee Court	716 S. Los Angeles Street	Los Angeles	CA	165	132,040	2010	2004	EPLP	8
Santee Village	743 South Santee Street	Los Angeles	CA	73	69,817	2011	2011	EPLP	1
Marina City Club	4333 Admiralty Way	Marina Del Rey	CA	101	127,200	2004	1971	EPLP	41
Mirabella	13701 Marina Point Drive	Marina Del Rey	CA	188	176,800	2000	2000	EPLP	12
Muse	5451 Vineland Avenue	North Hollywood	CA	152	135,292	2011	2011	EPLP	1
Monterra del Mar	280 E. Del Mar Boulevard	Pasadena	CA	123	74,400	1997	1972	EPLP	40
Monterra del Rey	350 Madison	Pasadena	CA	84	73,100	1999	1972	EPLP	40
Monterra del Sol	280 South Euclid	Pasadena	CA	85	69,200	1999	1972	EPLP	40
Fountain Park	13141 Fountain Park Drive	Playa Vista	CA	705	608,900	2004	2002	EPLP	10

ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES

Real Estate Information as of January 31, 2013

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

Highridge	28125 Peacock Ridge Drive	Rancho Palos Verde	CA	255	290,200	1997	1972	DownREIT	40
Coldwater Canyon	4250 Codlwater Canyon	Studio City	CA	39	34,125	2007	1979	EPLP	33
Allegro	11945 Magnolia Blvd.	Valley Village	CA	97	127,812	2010	2010	EPLP	2
Valley Village	12005 Albers Street	Valley Village	CA	121	129,393			EPLP
Walnut Heights	20700 San Jose Hills Road	Walnut	CA	163	146,700	2003	1964	EPLP	48
The Huxley (formerly Fountain at La Brea)	1216-1234 North La Brea Avenue	West Hollywood	CA	187	154,776			JV - 50%
The Dylan (formerly Santa Monica at La Brea)	1111 North La Brea Avenue	West Hollywood	CA	184	150,678			JV - 50%
Avondale at Warner Center	22222 Victory Blvd.	Woodland Hills	CA	446	331,000	1999	1970	EPLP	42
Reveal	21201 Kittridge Street	Woodland Hills	CA	438	414,892	2011	2010	Wesco I	2
			17%	5,816	5,034,463
Ventura County
Camarillo Oaks	921 Paseo Camarillo	Camarillo	CA	564	459,000	1996	1985	EPLP	27
Camino Ruiz Square	105 Camino Ruiz	Camarillo	CA	160	105,448	2006	1990	EPLP	22
Arbors at Parc Rose	1500 Tulipan Circle	Oxnard	CA	373	503,196	2011	2001	Wesco I	11
Mariner's Place	711 South B Street	Oxnard	CA	105	77,200	2000	1987	EPLP	25
Tierra Vista	1750 Montevina Circle	Oxnard	CA	404	387,100	2001	2001	EPLP	11
Monterey Villas	1040 Kelp Lane	Oxnard	CA	122	122,100	1997	1974	EPLP	38
Meadowood	1733 Cochran Street	Simi Valley	CA	320	264,500	1996	1986	EPLP	26
Hidden Valley	5065 Hidden Park Court	Simi Valley	CA	324	310,900	2004	2004	DownREIT	8
Lofts at Pinehurst,The	1021 Scandia Avenue	Ventura	CA	118	71,100	1997	1971	EPLP	41
Hillcrest Park	1800 West Hillcrest Drive	Newbury Park	CA	608	521,900	1998	1973	EPLP	39
Pinehurst	3980 Telegraph Road	Ventura	CA	28	21,200	2004	1973	EPLP	39
Woodside Village	675 Providence Ave.	Ventura	CA	145	136,500	2004	1987	EPLP	25
			10%	3,271	2,980,144

Santa Barbara County
Chimney Sweep	775 Camino Del Sur Drive	Goleta	CA	91		2006	1967	EPLP	45
CBC	6721 El Colegio Drive	Goleta	CA	148		2006	1962	EPLP	50
Hope Ranch (Continental Apartments)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA	108		2007	1965	EPLP	47
Hope Ranch (Lucero Village)	3968-3974 & 3999 Via Lucero	Santa Barbara	CA			2007	1973	EPLP	39
			1%	347	306,608
Orange County
Anavia	2045 South State College Blvd.	Anaheim	CA	250	312,343	2010	2009	EPLP	3
Barkley Apartments	2400 E. Lincoln Ave.	Anahiem	CA	161	139,800	2000	1984	DownREIT	28
Valley Park Apartments	17300 Euclid Ave.	Fountain Valley	CA	160	169,700	2001	1969	DownREIT	43
Capri at Sunny Hills	2341 Daphne Place	Fullerton	CA	100	128,100	2001	1961	DownREIT	51
Haver Hill	3100 East Yorba Linda Boulevard	Fullerton	CA	264	224,130	2012	1973	Wesco III	39
Wilshire Promenade	141 West Wilshire Avenue	Fullerton	CA	149	128,000	1997	1992	EPLP	20
Montejo Apartments	12911 Dale St.	Garden Grove	CA	124	103,200	2001	1974	DownREIT	38
Huntington Breakers	21270 Beach Boulevard	Huntington Beach	CA	342	241,700	1997	1984	EPLP	28
The Huntington	8400 Edinger Avenue	Huntington Beach	CA	276	202,256	2012	1975	EPLP	37
Axis 2300	2300 DuPont Drive	Irvine	CA	115	170,714	2010	2010	EPLP	2
Hillsborough Park	1501 South Beach Boulevard	La Habra	CA	235	215,500	1999	1999	EPLP	13
Trabuco Villas	25362 Mosswood Way	Lake Forest	CA	132	131,000	1997	1985	EPLP	27
Madrid Apartments	28401 Los Alisos Boulevard	Mission Viejo	CA	230	228,099	2012	2000	Wesco I	12
Fairways Apartments	2 Pine Valley Lane	Newport Beach	CA	74	107,100	1999	1972	EPLP	40
Villa Angelina	201 E. Chapman Ave.	Placentia	CA	256	217,600	2001	1970	DownREIT	42
Brentwood Apartment Homes	2301 E. Santa Clara Ave.	Santa Ana	CA	140	154,800	2001	1970	DownREIT	42
Fairhaven Apartments	1300 E. Fairhaven	Santa Ana	CA	164	135,700	2001	1970	DownREIT	42
Essex Skyline at MacArthur Place	9 & 15 MacArthur Place	Santa Ana	CA	349	512,791	2010	2008	EPLP	4
			10%	3,521	3,522,533
San Diego County
Alpine Village	2055 Arnold Way	Alpine	CA	301	254,400	2002	1971	EPLP	41
Bonita Cedars	5155 Cedarwood Rd.	Bonita	CA	120	120,800	2002	1983	EPLP	29
Cambridge	660 F. St.	Chula Vista	CA	40	22,100	2002	1965	EPLP	47
Mesa Village	5265 Clairemont Mesa Blvd.	Clairemont	CA	133	43,600	2002	1963	EPLP	49
Mira Monte	10360 Maya Linda Rd.	Mira Mesa	CA	355	262,600	2002	1982	EPLP	30
Country Villas	283 Douglas Drive	Oceanside	CA	180	179,700	2002	1976	EPLP	36
Mission Hills	218 Rancho Del Oro	Oceanside	CA	282	244,000	2005	1984	EPLP	28
CentrePointe	6466 Friars Road	San Diego	CA	224	126,700	1997	1974	EPLP	38
Summit Park	8563 Lake Murray Blvd.	San Diego	CA	300	229,400	2002	1972	EPLP	40
Vista Capri - North	3277 Berger Ave.	San Diego	CA	106	51,800	2002	1975	EPLP	37
Shadow Point	9830 Dale Ave.	Spring Valley	CA	172	131,200	2002	1983	EPLP	29
			7%	2,213	1,666,300
Riverside County
Devonshire Apartments	2770 West Devonshire Ave.	Hemet	CA	276	207,200	2002	1988	EPLP	24
			1%	276	207,200

Total Southern California			46%	15,444	13,717,248				28

SEATTLE METRO AREA
Cedar Terrace	3205 115th Ave. NE	Bellevue	WA	180	174,200	2005	1984	EPLP	28
Courtyard Off Main	136 102nd Avenue SE	Bellevue	WA	109	108,388	2010	2000	EPLP	12
Emerald Ridge	3010 118th Avenue SE	Bellevue	WA	180	144,000	1994	1987	EPLP	25
Foothill Commons	13800 NE 9th Place	Bellevue	WA	388	288,300	1990	1978	EPLP	34
Palisades, The	13808 NE 12th	Bellevue	WA	192	159,700	1990	1977	EPLP	35
Sammamish View	16160 SE Eastgate Way	Bellevue	WA	153	133,500	1994	1986	EPLP	26
Woodland Commons	13700 NE 10th Place	Bellevue	WA	236	172,300	1990	1978	EPLP	34
Canyon Pointe	1630 228th St. SE	Bothell	WA	250	210,400	2003	1990	EPLP	22
Inglenook Court	14220 Juanita Drive, NE	Bothell	WA	224	183,600	1994	1985	EPLP	27
Salmon Run at Perry Creek	2109 228th Street SE	Bothell	WA	132	117,100	2000	2000	EPLP	12
Stonehedge Village	14690 143rd Blvd., NE	Bothell	WA	196	214,800	1997	1986	EPLP	26
Highlands at Wynhaven	1460 NE Hawthorne Street	Issaquah	WA	333	424,674	2008	2000	EPLP	12
Park Hill at Issaquah	22516 SE 56th Street	Issaquah	WA	245	277,700	1999	1999	EPLP	13
Wandering Creek	12910 SE 240th	Kent	WA	156	124,300	1995	1986	EPLP	26
Ascent	12062 Slater Avenue NE	Kirkland	WA	90	75,840	2012	1988	EPLP	24
Bridle Trails	6600 130th Avenue, NE	Kirkland	WA	108	99,700	1997	1986	EPLP	26
Evergreen Heights	12233 NE 131st Way	Kirkland	WA	200	188,300	1997	1990	EPLP	22
Corbella at Juanita Bay	9520 NE 120th Street	Kirkland	WA	169	103,339	2010	1978	EPLP	34
Montebello	12000 131st Lane NE	Kirkland	WA	248	272,734	2012	1996	EPLP	16
Laurels at Mill Creek	1110 164th Street SE	Mill Creek	WA	164	134,300	1996	1981	EPLP	31
Morning Run	18463 Blueberry Lane	Monroe	WA	222	221,786	2005	1991	Fund II	21
Anchor Village	9507 49th Avenue West	Mukilteo	WA	301	245,900	1997	1981	DownREIT	31
Castle Creek	7000 132nd Place, SE	Newcastle	WA	216	191,900	1998	1998	EPLP	14
Delano/Bon Terra	7805, 7903 and 7935 170th Place NE	Redmond	WA	126	116,340	2011	2011/2005	EPLP	1/7
Elevation	17202-17325 NE 85th Place	Redmond	WA	157	138,916	2010	1986	EPLP	26
Vesta (Redmond Hill East)	18666 Redmond Way	Redmond	WA	440	381,675	2011	1998	Wesco I	14
Redmond Hill West	6110 186th Place NE	Redmond	WA	442	350,275	2011	1985	Wesco I	27
Brighton Ridge	2307 NE 4th Street	Renton	WA	264	201,300	1996	1986	EPLP	26
Fairwood Pond	14700 SE Petrovitsky Rd.	Renton	WA	194	189,200	2004	1997	EPLP	15

ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES

Real Estate Information as of January 31, 2013

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

Forest View	650 Duvall Ave. NE	Renton	WA	192	182,500		2003	1998	EPLP	14
Annaliese	118 6th Ave. N	Seattle	WA	56	48,216		2013	2009	EPLP	4
Eastlake 2851	2833 - 2851 Eastlake Avenue	Seattle	WA	133	234,086		2008	2008	Fund II	4
Fountain Court	2400 4th Street	Seattle	WA	320	207,000		2000	2000	EPLP	12
Joule	523 Broadway Avenue, East	Seattle	WA	295	191,109		2010	2010	JV - 99%	2
Linden Square	13530 Linden Avenue North	Seattle	WA	183	142,200		2000	1994	EPLP	18
Domaine	2483 Birch Avenue N	Seattle	WA	92	79,421		2012	2009	EPLP	3
Expo	100 Republican	Seattle	WA	275	191,290		2012	2012	JV - 50%
The Bernard	115 Warren Avenue North	Seattle	WA	63	43,151		2011	2008	EPLP	4
The Cairns	420 Yale Avenue	Seattle	WA	100	70,806		2007	2006	EPLP	6
Wharfside Pointe	3811 14th Avenue West	Seattle	WA	142	119,200		1994	1990	EPLP	22
Total Seattle Metro Area			24%	7,891	6,962,156					19



164	Apartment Communities		100%	33,558	29,513,975	(1)
9	Apartment Communities Under Construction			2,495	2,045,275	(2)

Avg. square footage	879			Definitions for Property Ownership
Avg. units per property	205		EPLP	The Company has a 100% ownership in the community.
Avg. age of property	26		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.
			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 265,536 square feet of retail or commercial space			Wesco III	The community is owned by Wesco III, LLC. The Company has a 50% interest in Wesco III, LLC, which is accounted for using the equity method of accounting.
(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/Retail 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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