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 9-30-2013 - ESSEX PROPERTY TRUST, INC.	form8k.htm
EX-99.1 - EXHIBIT 99.1 - ESSEX PROPERTY TRUST, INC.	ex99_1.htm

EXHIBIT 99.2

Q3 2013 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 – September 30, 2013	S-5

Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios – September 30, 2013	S-6

Property Operating Results – Quarters ended September 30, 2013 and 2012	S-7

Property Operating Results – Nine months ended September 30, 2013 and 2012	S-7.1

Revenue by County – Quarters ended September 30, 2013, September 30, 2012 and June 30, 2013	S-8

Revenue by County – Nine months ended September 30, 2013 and September 30, 2012	S-8.1

Development Pipeline – September 30, 2013	S-9

Redevelopment Pipeline and Capital Expenditures – September 30, 2013	S-10

Co-Investments – September 30, 2013	S-11

Summary of Consolidated Co-Investments and Noncontrolling Interest – September 30, 2013	S-12

Income From Discontinued Operations and Selected Financial Data – September 30, 2013	S-13

Assumptions for 2013 FFO Guidance Range	S-14

Summary of Apartment Community Acquisitions and Dispositions Activity	S-15

2014 Preliminary MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions	S-16

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						Nine Months Ended
(Dollars in thousands, except per share amounts)	September 30,						September 30,
	2013			2012			2013			2012

Revenues:
Rental and other property	$	152,945		$	134,518		$	448,318		$	388,642
Management and other fees		2,957			3,072			9,139			8,312
		155,902			137,590			457,457			396,954

Expenses:
Property operating		50,563			45,073			145,642			127,154
Depreciation		48,438			42,897			143,320			125,137
General and administrative		6,075			5,276			18,925			16,440
Cost of management and other fees		1,613			1,642			5,047			4,893
		106,689			94,888			312,934			273,624
Earnings from operations		49,213			42,702			144,523			123,330

Interest expense before amortization		(26,187	)		(25,064	)		(77,724	)		(74,380	)
Amortization expense		(3,005	)		(2,927	)		(8,937	)		(8,681	)
Interest and other income		2,387			3,003			9,326			10,869
Equity income from co-investments		40,802			3,547			52,295			8,998
(Loss) gain on early retirement of debt		(178	)		(1,211	)		846			(2,661	)
Gain on sale of land		-			-			1,503			-
Gain on remeasurement of co-investment		-			-			-			21,947
Income before discontinued operations		63,032			20,050			121,832			79,422
Income from discontinued operations		12,843			172			13,321			10,528
Net income		75,875			20,222			135,153			89,950
Net income attributable to noncontrolling interest		(5,719	)		(2,635	)		(12,112	)		(9,827	)
Net income attributable to controlling interest		70,156			17,587			123,041			80,123
Dividends to preferred stockholders		(1,368	)		(1,368	)		(4,104	)		(4,104	)
Net income available to common stockholders	$	68,788		$	16,219		$	118,937		$	76,019

Net income per share - basic	$	1.84		$	0.46		$	3.20		$	2.19

Net income per share - diluted	$	1.84		$	0.45		$	3.19		$	2.18

See Company’s 10-Q for additional disclosure

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						Nine Months Ended
Selected Line Item Detail	September 30,						September 30,
(Dollars in thousands)	2013			2012			2013			2012

Rental and other property
Rental	$	142,339		$	125,585		$	418,014		$	362,255
Other property		10,606			8,933			30,304			26,387
Rental and other property	$	152,945		$	134,518		$	448,318		$	388,642

Management and other fees
Management	$	1,771		$	2,154		$	5,812		$	6,193
Development and redevelopment		1,186			918			3,327			2,119
Management and other fees	$	2,957		$	3,072		$	9,139		$	8,312

Property operating expenses
Real estate taxes	$	14,561		$	12,310		$	42,852		$	35,326
Administrative and insurance		12,034			10,645			33,775			30,524
Maintenance and repairs		10,512			9,794			30,378			26,574
Utilities		9,759			9,130			27,927			25,246
Property management		3,697			3,194			10,710			9,484
Property operating expenses	$	50,563		$	45,073		$	145,642		$	127,154

General and administrative
General and administrative	$	13,198		$	11,635		$	39,785		$	35,283
Allocated to cost of management and other fees		(1,613	)		(1,642	)		(5,047	)		(4,893	)
Allocated to property operating expenses - administrative		(3,697	)		(3,194	)		(10,710	)		(9,484	)
Capitalized to real estate		(1,813	)		(1,523	)		(5,103	)		(4,466	)
Net general and administrative	$	6,075		$	5,276		$	18,925		$	16,440

Interest and other income
Marketable securities and other interest income	$	2,346		$	2,110		$	5,833		$	5,260
Notes receivable		41			893			882			2,789
Gain from sale of marketable securities and note prepayment		-			-			2,611			521
Co-investment promote fee		-			-			-			2,299
Interest and other income	$	2,387		$	3,003		$	9,326		$	10,869

Equity income from co-investments
Equity income (loss) from co-investments	$	277		$	(13	)	$	822		$	(1,042	)
Income from preferred equity investments		3,727			3,560			11,363			10,040
Gain on sale of co-investment, net		36,386			-			38,752			-
Income from early redemption of preferred equity investments		412			-			1,358			-
Equity income from co-investments	$	40,802		$	3,547		$	52,295		$	8,998

Noncontrolling interest
Limited partners of Essex Portfolio, L.P.	$	3,989		$	1,077		$	7,037		$	5,169
DownREIT limited partners' distributions		1,148			1,095			3,492			3,293
Third-party ownership interest		582			463			1,583			1,365
Noncontrolling interest	$	5,719		$	2,635		$	12,112		$	9,827

See Company’s 10-Q for additional disclosure

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 (Dollars in thousands, except share and per share amounts)	Three Months Ended September 30,									Nine Months Ended September 30,
	2013			2012			% Change			2013			2012			% Change

Funds from operations
Net income available to common stockholders	$	68,788		$	16,219					$	118,937		$	76,019
Adjustments:
Depreciation		48,487			43,041						143,662			125,669
Gains not included in FFO, net of internal disposition costs		(49,044	)		-						(51,410	)		(31,730	)
Depreciation add back from unconsolidated co-investments,and add back convertible preferred dividend - Series G		3,723			3,352						11,342			11,102
Noncontrolling interest related to Operating Partnership units		3,989			1,077						7,037			5,169
Depreciation attributable to noncontrolling interest		(327	)		(312	)					(981	)		(904	)
Funds from operations	$	75,616		$	63,377					$	228,587		$	185,325
FFO per share-diluted	$	1.91		$	1.67			14.4	%	$	5.79		$	4.99			16.0	%

Components of the change in FFO
Non-core items:
Loss (gain) on early retirement of debt		178			1,211						(846	)		2,661
Income from early redemption of preferred equity investments		(412	)		-						(1,358	)		-
Acquisition costs		237			277						792			775
Gain on sales of marketable securities and note prepayment		-			-						(2,611	)		(521	)
Gain on sale of land		-			-						(1,503	)		-
Co-investment promote income		-			-						-			(2,299	)
Core funds from operations		75,619			64,865						223,061			185,941
Core FFO per share-diluted	$	1.91		$	1.71			11.8	%	$	5.65		$	5.01			12.8	%

Changes in core items:
Same-property NOI	$	6,851								$	17,437
Non-same property NOI		6,086									23,751
Management and other fees, net		(86	)								673
Equity income from co-investments		828									3,427
Interest and other income		(616	)								(1,334	)
Interest and amortization expense		(1,201	)								(3,600	)
General and administrative		(839	)								(2,468	)
Discontinued operations		(82	)								(273	)
Other items, net		(187	)								(493	)
	$	10,754								$	37,120

Weighted average number of shares outstanding diluted (1)		39,583,912			37,969,407						39,456,163			37,108,021

(1)	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 disclosure

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)

	September 30, 2013			December 31, 2012

Real Estate:
Land and land improvements	$	1,057,355		$	1,003,171
Buildings and improvements		4,237,557			4,030,501
		5,294,912			5,033,672
Less: accumulated depreciation		(1,214,092	)		(1,081,517	)
		4,080,820			3,952,155
Real estate under development		45,804			66,851
Co-investments		674,075			571,345
		4,800,699			4,590,351
Cash and cash equivalents		55,994			42,126
Marketable securities		89,899			92,713
Notes and other receivables		67,628			66,163
Other assets		71,382			55,870
Total assets	$	5,085,602		$	4,847,223

Mortgage notes payable	$	1,495,521		$	1,565,599
Unsecured debt		1,409,883			1,112,084
Lines of credit		15,352			141,000
Other liabilities		163,632			137,469
Derivative liabilities		3,161			6,606
Total liabilities		3,087,549			2,962,758

Cumulative convertible preferred stock, carrying value		4,349			4,349

Equity:
Common stock		3			3
Cumulative redeemable preferred stock, liquidation value		73,750			73,750
Additional paid-in-capital		2,330,041			2,204,778
Distributions in excess of accumulated earnings		(461,005	)		(444,466	)
Accumulated other comprehensive loss		(62,589	)		(69,261	)
Total stockholders' equity		1,880,200			1,764,804
Noncontrolling interest		113,504			115,312
Total equity		1,993,704			1,880,116
Total liabilities and equity	$	5,085,602		$	4,847,223

See Company’s 10-Q for additional disclosure

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 - September 30, 2013

(Dollars in thousands)



											Scheduled principal payments (excludes lines of credit)

	Percentage					Weighted Average													Weighted Average			Percentage
	of Total			Balance		Interest			Maturity				Balance Outstanding						Interest			of Total
	Debt			Outstanding		Rate			In Years				Secured		Unsecured		Total		Rate			Debt
Mortgage Notes Payable
Fixed rate - secured		45	%	$	1,308,306		6.0	%		5.2		2013	$	19,420	$	-	$	19,420		1.3	%		0.7	%
Variable rate - secured (1)		6	%		187,215		1.6	%		18.0		2014		47,179		-		47,179		5.2	%		1.6	%
Total mortgage notes payable		51	%		1,495,521		5.5	%		6.8		2015		67,837		-		67,837		5.2	%		2.3	%
												2016		12,459		350,000		362,459		3.4	%		12.5	%
Unsecured Debt												2017		183,389		190,000		373,389		4.3	%		12.9	%
Bonds private - fixed rate		16	%		465,000		4.5	%		5.5		2018		291,342		-		291,342		5.8	%		10.0	%
Bonds public - fixed rate		20	%		594,883		3.6	%		9.2		2019		257,451		75,000		332,451		5.6	%		11.4	%
Term loan (2)		12	%		350,000		2.5	%		3.4		2020		400,762		-		400,762		6.5	%		13.8	%
		48	%		1,409,883		3.6	%		6.6		2021		47,888		200,000		247,888		5.0	%		8.5	%
Unsecured Lines of Credit												2022		-		297,235		297,235		3.8	%		10.2	%
Line of credit (3)		-			-		-					2023		-		297,648		297,648		3.4	%		10.2	%
Line of credit (4)		1	%		15,352		2.2	%			Thereafter			167,794		-		167,794		1.6	%		5.9	%
Total lines of credit		1	%		15,352		2.2	%
											Total		$	1,495,521	$	1,409,883	$	2,905,404		4.6	%		100.0	%
Total debt		100	%	$	2,920,756		4.5	%

Capitalized interest for the three months and nine months ended September 30, 2013 was approximately $4.6 million and $12.7 million, respectively.

(1)

This variable rate debt is tax exempt to the note holders and 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 of 2.29%.

(3)

The unsecured line of credit facility is $600 million and 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-Q for additional disclosure

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 - September 30, 2013

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

Capitalization Data

Public Bond Covenants

Actual

Requirement

Total debt

2,920,756

Debt to Total Assets:

47%

< 65%

Common stock and potentially dilutive securities

Common stock outstanding

37,323

Limited partnership units (1)

2,146

Options-treasury method

127

Secured Debt to Total Assets:

24%

< 40%

Total shares of common stock and potentially dilutive securities

39,596

Common stock price per share as of September 30, 2013

147.70

Interest Coverage:

339%

> 150%

Market value of common stock and potentially dilutive securities

5,848,329

Preferred stock

73,079

Unsecured Debt Ratio (1) :

247%

> 150%

Total equity capitalization

5,921,408

Selected Credit Ratios

Actual

Total market capitalization

8,842,164

Ratio of debt to total market capitalization

33.0

Indebtedness Divided by Adjusted EBITDA (2):

6.9x

(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:

58%

Credit Ratings

(1) Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness.

Rating Agency

Rating

Outlook

Fitch

BBB+

Stable

(2) Adjusted EBITDA is annualized current quarter NOI adjusted for non-recurring items and proforma NOI for current quarter acquisitions.

Moody's

Baa2

Stable

Standard & Poors

BBB

Stable

See Company’s 10-Q for additional disclosure

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 September 30, 2013 and 2012

(Dollars in thousands, except per unit amounts)

	Southern California									Northern California									Seattle Metro									Other real estate assets (1)				Total
	2013			2012			% Change			2013			2012			% Change			2013			2012			% Change			2013		2012		2013			2012			% Change

Revenues:
Same-property revenue	$	59,854		$	57,382			4.3	%	$	46,838		$	43,096			8.7	%	$	23,663		$	21,865			8.2	%	$	-	$	-	$	130,355		$	122,343			6.5	%
Non-same property revenue (2)		7,260			6,957						7,917			509						3,549			1,694						3,864		3,015		22,590			12,175
Total Revenues	$	67,114		$	64,339					$	54,755		$	43,605					$	27,212		$	23,559					$	3,864	$	3,015	$	152,945		$	134,518

Property operating expenses:
Same-property operating expenses
Real estate taxes	$	5,215		$	5,000					$	4,384		$	4,144					$	2,133		$	1,813					$	-	$	-	$	11,732		$	10,957			7.1	%
Administrative and insurance		5,697			5,360						2,963			3,116						1,774			1,748						-		-		10,434			10,224			2.1	%
Maintenance and repairs		4,372			4,342						2,916			2,864						1,580			1,672						-		-		8,868			8,878			-0.1	%
Utilities		3,360			3,392						2,918			2,854						1,909			1,764						-		-		8,187			8,010			2.2	%
Management fees		1,367			1,374						902			886						613			613						-		-		2,882			2,873			0.3	%
Total same-property operating expenses		20,011			19,468			2.8	%		14,083			13,864			1.6	%		8,009			7,610			5.2	%		-		-	$	42,103		$	40,942			2.8	%
Non-same property operating expenses (2)		3,019			2,939						2,850			169						1,156			538						1,435		485		8,460			4,131
Total property operating expenses	$	23,030		$	22,407					$	16,933		$	14,033					$	9,165		$	8,148					$	1,435	$	485	$	50,563		$	45,073

Net operating income (NOI):
Same-property NOI	$	39,843		$	37,914			5.1	%	$	32,755		$	29,232			12.1	%	$	15,654		$	14,255			9.8	%	$	-	$	-	$	88,252		$	81,401			8.4	%
Non-same property NOI (2)
Redevelopment communities		1,228			1,275						-			-						775			517						-		-		2,003			1,792
Acquired communities - 2013 (3)		-			-						1,466			-						224			-						-		-		1,690			-
Acquired communities - 2012 (4)		3,013			2,743						3,601			340						1,394			639										8,008			3,722
Other real estate assets (1)		-			-						-			-						-			-						2,429		2,530		2,429			2,530
Total non-same property NOI		4,241			4,018						5,067			340						2,393			1,156						2,429		2,530		14,130			8,044
Total NOI	$	44,084		$	41,932					$	37,822		$	29,572					$	18,047		$	15,411					$	2,429	$	2,530	$	102,382		$	89,445

Same-property operating margin		67	%		66	%					70	%		68	%					66	%		65	%									68	%		67	%

Annualized same-property turnover percentage		65	%		63	%					61	%		61	%					60	%		66	%									62	%		63	%

Average same-property concessions per turn (5)	$	104		$	93					$	114		$	127					$	71		$	84									$	100		$	100

Reconciliation of apartment units at end of period

Same-property apartment units		12,485									8,106									5,749													26,340

Consolidated apartment units		13,656			13,656						9,427			8,332						6,645			6,508										29,728			28,496
Joint venture		1,870			1,560						1,661			2,051						1,157			1,530										4,688			5,141
Under development		492			492						2,009			1,728						-			275										2,501			2,495
Total apartment units at end of period		16,018			15,708						13,097			12,111						7,802			8,313										36,917			36,132

Percentage of total		44	%		43	%					35	%		34	%					21	%		23	%									100	%		100	%


Average same-property financial occupancy		95.7	%		95.9	%					95.8	%		96.4	%					95.8	%		95.7	%									95.7	%		96.0	%

(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, 2012 were either acquired or in a stage of development or redevelopment without stabilized operations.

(3)	Acquired communities during 2013 includes Annaliese, Fox Plaza, and Slater 116.

(4)	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.

(5)	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-Q for additional disclosure

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 - Nine Months ended September 30, 2013 and 2012

(Dollars in thousands, except per unit amounts)

	Southern California									Northern California									Seattle Metro									Other real estate assets (1)				Total
	2013			2012			% Change			2013			2012			% Change			2013			2012			% Change			2013		2012		2013			2012			% Change

Revenues:
Same-property revenue	$	177,538		$	170,314			4.2	%	$	136,835		$	126,560			8.1	%	$	69,146		$	64,234			7.6	%	$	-	$	-	$	383,519		$	361,108			6.2	%
Non-same property revenue (2)		21,639			13,941						21,779			1,237						10,297			3,202						11,084		9,154		64,799			27,534
Total Revenues	$	199,177		$	184,255					$	158,614		$	127,797					$	79,443		$	67,436					$	11,084	$	9,154	$	448,318		$	388,642

Property operating expenses:
Same-property operating expenses
Real estate taxes	$	15,209		$	14,795					$	12,792		$	12,165					$	6,603		$	5,439					$	-	$	-	$	34,604		$	32,399			6.8	%
Administrative and insurance		15,961			15,322						8,553			8,543						5,074			4,938						-		-		29,588			28,803			2.7	%
Maintenance and repairs		12,314			11,626						8,609			8,129						4,648			4,600						-		-		25,571			24,355			5.0	%
Utilities		9,799			9,601						8,402			8,110						5,298			5,048						-		-		23,499			22,759			3.3	%
Management fees		4,101			4,123						2,696			2,645						1,839			1,840						-		-		8,636			8,608			0.3	%
Total same-property operating expenses		57,384			55,467			3.5	%		41,052			39,592			3.7	%		23,462			21,865			7.3	%		-		-		121,898			116,924			4.3	%
Non-same property operating expenses (2)		8,810			5,920						7,995			465						3,528			1,090						3,411		2,755		23,744			10,230
Total property operating expenses	$	66,194		$	61,387					$	49,047		$	40,057					$	26,990		$	22,955					$	3,411	$	2,755	$	145,642		$	127,154

Net operating income (NOI):
Same-property NOI	$	120,154		$	114,847			4.6	%	$	95,783		$	86,968			10.1	%	$	45,684		$	42,369			7.8	%	$	-	$	-	$	261,621		$	244,184			7.1	%
Non-same property NOI (2)
Redevelopment communities		3,788			3,695						-			-						2,243			1,473						-		-		6,031			5,168
Acquired communities - 2013 (3)		-			-						3,289			-						554			-						-		-		3,843			-
Acquired communities - 2012 (4)		9,041			4,326						10,495			772						3,972			639						-		-		23,508			5,737
Other real estate assets (1)		-			-						-			-						-			-						7,673		6,399		7,673			6,399
Total non-same property NOI		12,829			8,021						13,784			772						6,769			2,112						7,673		6,399		41,055			17,304
Total NOI	$	132,983		$	122,868					$	109,567		$	87,740					$	52,453		$	44,481					$	7,673	$	6,399	$	302,676		$	261,488



Same-property operating margin		68	%		67	%					70	%		69	%					66	%		66	%									68	%		68	%

Annualized same-property turnover percentage		55	%		55	%					54	%		53	%					51	%		52	%									54	%		54	%

Average same-property concessions per turn (5)	$	112		$	127					$	133		$	122					$	87		$	106									$	113		$	121

Average same-property financial occupancy		96.0	%		96.2	%					96.3	%		96.8	%					96.1	%		96.2	%									96.1	%		96.4	%

(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, 2012 were either acquired or in a stage of development or redevelopment without stabilized operations.

(3)	Acquired communities during 2013 includes Annaliese, Fox Plaza, and Slater 116.

(4)	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.

(5)	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-Q for additional disclosure

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 September 30, 2013, September 30, 2012 and June 30, 2013

(Dollars in thousands, except average property rental rates)

			Average Property Rental Rates							Three months ended September 30, 2013					Three months ended September 30, 2012
Region	Units		QTD 2013		QTD 2012		% Change			Property Revenue		Financial Occupancy			Property Revenue		Financial Occupancy			Property Revenue % Change			Property Revenue June 30, 2013		Sequential % Change

Southern California
Los Angeles County		4,349	$	1,841	$	1,751		5.1	%	$	24,206		95.9	%	$	22,998		96.1	%		5.3	%	$	23,697		2.1	%
Ventura County		2,898		1,409		1,364		3.3	%		12,616		96.2	%		12,208		96.6	%		3.3	%		12,496		1.0	%
Orange County		2,402		1,684		1,615		4.3	%		12,242		96.1	%		11,718		96.3	%		4.5	%		12,054		1.6	%
San Diego County		2,213		1,238		1,200		3.2	%		8,426		95.2	%		8,180		96.0	%		3.0	%		8,343		1.0	%
Santa Barbara County		347		1,716		1,664		3.1	%		1,747		88.8	%		1,613		86.1	%		8.3	%		1,775		-1.6	%
Riverside County		276		798		793		0.6	%		617		88.8	%		665		95.8	%		-7.2	%		640		-3.6	%
Total same-property		12,485		1,577		1,514		4.2	%		59,854		95.7	%		57,382		95.9	%		4.3	%		59,005		1.4	%
Los Angeles County		546		1,691							2,743					2,707
Orange County		625		2,302							4,517					4,250
Non-same property		1,171		2,025							7,260					6,957

Northern California
Santa Clara County		3,671		2,032		1,867		8.8	%		22,480		95.6	%		20,683		96.5	%		8.7	%		21,821		3.0	%
Contra Costa County		1,720		1,727		1,626		6.2	%		9,088		96.7	%		8,470		96.1	%		7.3	%		8,776		3.6	%
Alameda County		1,542		1,679		1,528		9.9	%		8,075		96.1	%		7,370		96.9	%		9.6	%		7,826		3.2	%
San Mateo County		768		2,070		1,877		10.3	%		4,908		96.7	%		4,426		97.1	%		10.9	%		4,799		2.3	%
San Francisco MSA		175		2,343		2,081		12.6	%		1,181		90.8	%		1,083		95.7	%		9.0	%		1,116		5.8	%
Other		230		1,646		1,561		5.4	%		1,106		91.7	%		1,064		92.2	%		3.9	%		1,122		-1.4	%
Total same-property		8,106		1,900		1,748		8.7	%		46,838		95.8	%		43,096		96.4	%		8.7	%		45,460		3.0	%
San Francisco MSA		713		2,279							4,382					34
Santa Clara County		608		2,029							3,535					475
Non-same property		1,321		2,081							7,917					509

Seattle Metro
King County		5,284		1,331		1,236		7.7	%		22,265		96.1	%		20,571		95.9	%		8.2	%		21,681		2.7	%
Snohomish County		465		968		889		8.9	%		1,398		94.7	%		1,294		95.6	%		8.0	%		1,334		4.8	%
Total same-property		5,749		1,301		1,208		7.7	%		23,663		95.8	%		21,865		95.7	%		8.2	%		23,015		2.8	%
King County		896		1,521							3,549					1,694
Non-same property		896		1,521							3,549					1,694

Other real estate assets											3,864					3,015

Total same-property revenue		26,340	$	1,616	$	1,519		6.4	%	$	130,355		95.7	%	$	122,343		96.0	%		6.5	%	$	127,480		2.3	%

Total non-same property revenue		3,388	$	1,876						$	22,590				$	12,175

See Company’s 10-Q for additional disclosure

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 - Nine Months ended September 30, 2013 and 2012

(Dollars in thousands, except average property rental rates)

			Average Property Rental Rates							Nine months ended September 30, 2013					Nine months ended September 30, 2012
Region	Units		YTD 2013		YTD 2012		% Change			Property Revenue		Financial Occupancy			Property Revenue		Financial Occupancy			Property Revenue % Change

Southern California
Los Angeles County		4,349	$	1,811	$	1,723		5.1	%	$	71,519		96.1	%	$	68,075		96.6	%		5.1	%
Ventura County		2,898		1,396		1,351		3.3	%		37,557		96.5	%		36,267		96.5	%		3.6	%
San Diego County		2,213		1,223		1,190		2.8	%		25,054		95.6	%		24,376		96.1	%		2.8	%
Orange County		2,402		1,662		1,594		4.3	%		36,219		96.1	%		34,720		96.1	%		4.3	%
Santa Barbara County		347		1,688		1,667		1.3	%		5,302		94.5	%		4,963		91.4	%		6.8	%
Riverside County		276		799		785		1.8	%		1,887		89.8	%		1,913		92.7	%		-1.4	%

Total same-property		12,485		1,556		1,495		4.1	%		177,538		96.0	%		170,314		96.2	%		4.2	%

Los Angeles County		546		1,676							8,327					3,527
Orange County		625		2,257							13,312					10,414
Non-same property		1,171		1,997							21,639					13,941

Northern California
Santa Clara County		3,671		1,973		1,809		9.1	%		65,694		96.2	%		60,526		97.1	%		8.5	%
Contra Costa County		1,720		1,684		1,595		5.6	%		26,483		96.5	%		25,023		96.2	%		5.8	%
Alameda County		1,542		1,627		1,501		8.4	%		23,545		96.7	%		21,735		96.7	%		8.3	%
San Mateo County		768		2,011		1,808		11.2	%		14,362		97.1	%		12,880		97.3	%		11.5	%
San Francisco MSA		175		2,256		2,014		12.0	%		3,430		91.8	%		3,171		96.0	%		8.2	%
Other		230		1,605		1,540		4.2	%		3,321		94.8	%		3,225		95.6	%		3.0	%

Total same-property		8,106		1,845		1,702		8.4	%		136,835		96.3	%		126,560		96.8	%		8.1	%

San Francisco MSA		713		2,071							11,518					34
Santa Clara County		608		1,914							10,261					1,203
Non-same property		1,321		2,008							21,779					1,237

Seattle Metro
King County		5,284		1,295		1,203		7.6	%		65,067		96.4	%		60,459		96.5	%		7.6	%
Snohomish County		465		945		866		9.1	%		4,079		95.1	%		3,775		94.6	%		8.1	%
Total same-property		5,749		1,267		1,176		7.7	%		69,146		96.1	%		64,234		96.2	%		7.6	%
King County		896		1,519							10,297					3,202
Non-same property		896		1,519							10,297					3,202

Other real estate assets											11,084					9,154

Total same-property revenue		26,340	$	1,582	$	1,489		6.2	%	$	383,519		96.1	%	$	361,108		96.4	%		6.2	%

Total non-same property revenue		3,388	$	1,775						$	64,799				$	27,534

See Company’s 10-Q for additional disclosure

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 - September 30, 2013

(Dollars in millions, except per unit amounts in thousands)

		Ownership %			Estimated Units		Estimated Retail sq. feet		Incurred to Date		Remaining Costs		Estimated Total Cost		Essex Share of Estimated Total Cost			Apartment Cost per Unit		Construction Start		Initial Occupancy		Stabilized Operations
Development Projects - Consolidated
Project Name	Location
64th & Christie	Emeryville, CA		100	%		190		-	$	30.6	$	31.0	$	61.6	$	61.6		$	324		Q3 2012		Q3 2014		Q1 2015
The Avery (1)	Los Angeles, CA		100	%		121		-		2.1		35.5		37.6		37.6			311		Q3 2012		Q1 2014		Q2 2014
Total Development Projects - Consolidated						311		-		32.7		66.5		99.2		99.2			319

Predevelopment Projects - Consolidated
Project Name	Location
City Centre	Moorpark, CA		100	%		200		-		11.5		-		11.5		11.5
Other Projects	various		100	%		-		-		1.6		-		1.6		1.6
Total Predevelopment Projects - Consolidated						200		-		13.1		-		13.1		13.1
Total Development Pipeline - Consolidated						511		-		45.8		66.5		112.3		112.3

Development Projects - Joint Venture
Project Name	Location
Epic - Phase II	San Jose, CA		55	%		289		-		77.4		19.9		97.3		53.5			337		Q1 2012		Q4 2013		Q4 2014
Epic - Phase III	San Jose, CA		55	%		200		-		24.9		71.4		96.3		53.0			482		Q3 2013		Q3 2015		Q1 2016
Connolly Station	Dublin, CA		55	%		309		-		82.1		12.4		94.5		52.0			306		Q3 2011		Q3 2013		Q2 2014
The Huxley (2)	West Hollywood, CA		50	%		187		18,200		64.3		10.7		75.0		37.5			339		Q4 2011		Q1 2014		Q3 2014
The Dylan (2)	West Hollywood, CA		50	%		184		12,750		57.4		18.0		75.4		37.7			363		Q4 2011		Q2 2014		Q4 2014
Mosso I and Mosso II (2)	San Francisco, CA		55	%		463		9,300		168.1		81.9		250.0		137.5			530		Q2 2012		Q2 2014		Q1 2015
Elkhorn	San Mateo, CA		55	%		197		-		41.6		34.5		76.1		41.9			386		Q3 2012		Q3 2014		Q1 2015
One South Market (2)	San Jose, CA		55	%		312		6,000		24.2		120.9		145.1		79.8			458		Q2 2013		Q3 2015		Q2 2016
The Village (2)	Walnut Creek, CA		50	%		49		35,000		32.4		48.6		81.0		40.5			769		Q3 2013		Q3 2015		Q1 2016
Total Development Projects - Joint Venture						2,190		81,250		572.4		418.3		990.7		533.3		$	420

Grand Total - Development Pipeline						2,701		81,250	$	618.2	$	484.8	$	1,103.0		645.6
Essex Cost Incurred to Date																(352.9	)
Essex Remaining Commitment															$	292.7

(1)	The Company invested $1.0 million and has incurred $1.1 million of additional internal costs as part of an agreement to purchase the property upon receipt of certificate of occupancy for total estimated cost of $37.6 million, which is expected in the first quarter of 2014.

(2)	Excludes the estimated allocation to retail square feet.

See Company’s 10-Q for additional disclosure

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 - September 30, 2013

(Dollars in thousands, except per unit amounts)

			Total Incurred		Estimated Remaining		Estimated Total		Project		NOI For the nine months ended
Region/Project Name	Units		To Date		Cost		Cost		Start		2013		2012

Same-property - Redevelopment Projects (1) (2)
Northern California
Marina Cove, Santa Clara, CA		292	$	7,604	$	6,450	$	14,054		Q2 2007
Magnolia Square, Sunnyvale, CA		188		9,328		3,965		13,293		Q3 2010
Southern California
Fairway @ Big Canyon		74		2,368		3,448		5,816		Q4 2012
Total Same-property - Redevelopment Projects		554	$	19,300	$	13,863	$	33,163			$	6,782	$	6,070


Same-Property Redevelopment Vacancy Loss											$	1,893	$	1,179

Non-same property - Redevelopment Projects
Seattle Metro
Woodland Commons, Bellevue, WA		302		15,298		105		15,403		Q2 2007
Southern California
Bunker Hill Towers, Los Angeles		456		2,950		73,198		76,148		Q3 2013
Total Non-same property - Redevelopment Projects		758	$	18,248	$	73,303	$	91,551			$	6,031	$	5,168

(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 $0.7 million and $1.9 million of vacancy loss for the same-property portfolio, and $1.2 million and $2.9 million of vacancy loss for the total portfolio during the three and nine months ended September 30, 2013, respectively. The Company completed the redevelopment of interiors totaling 582 and 1,287 units for the same- property portfolio and 623 and 1,353 units for the total portfolio, during the three and nine months ended September 30, 2013, respectively. The Company's co-investments incurred $0.1 million of vacancy loss during the nine months ended September 30, 2013 related to the redevelopment of 80 unit interiors.

Non-revenue Generating Capital Expenditures	Q3 2013		Q2 2013		Q1 2013		Q4 2012		Q3 2012		Q2 2012		Q1 2012		Q4 2011

Non-revenue generating capital expenditures	$	9,536	$	8,330	$	4,019	$	14,715	$	8,736	$	5,840	$	1,200	$	12,144
Average apartment units in quarter		29,646		29,338		28,900		28,269		27,815		27,457		27,221		27,241
Capital expenditures per apartment unit in the quarter	$	322	$	284	$	139	$	521	$	314	$	213	$	44	$	446
Capital expenditures per apartment unit-trailing four quarters	$	1,235	$	1,220	$	1,153	$	1,079	$	1,004	$	926	$	895	$	958

See Company’s 10-Q for additional disclosure

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 - September 30, 2013

(Dollars in thousands)	Essex Ownership					Total Undepreciated Book		Debt		Essex Book		Weighted Average Borrowing			Remaining Term of Debt/(in		For the Quarter Ended September 30,						For the Nine Months Ended September 30,
	Percentage			Units		Value		Amount		Value		Rate			Years)		2013			2012			2013			2012

Operating Non-consolidated Joint Ventures																	Net Operating Income

Essex Apartment Value Fund II, L.P. (Fund II) (1)		28.2	%		165	$	30,894	$	12,782	$	4,301		5.8	%		0.7	$	595		$	9,038		$	1,764		$	26,668
Wesco I, LLC (2)		50.0	%		2,713		667,609		357,298		142,362		4.0	%		9.5		8,369			5,751			24,824			16,453
Wesco III, LLC (2) (3)		50.0	%		657		162,299		84,080		37,766		2.8	%		6.4		1,869			-			3,299			-
Expo (4)		50.0	%		275		64,188		45,000		18,356		3.7	%		6.9		1,190			-			2,495			-
Total Operating Non-consolidated Joint Ventures					3,810	$	924,990	$	499,160	$	202,785		3.8	%		8.5	$	12,023		$	14,789		$	32,382		$	43,121

																	Essex Portion of NOI and Expenses
Essex portion of NOI																	$	5,882		$	5,424		$	15,806		$	16,766
Essex portion of depreciation																		(3,723	)		(3,297	)		(11,342	)		(10,940	)
Essex portion of interest expense and other																		(1,584	)		(2,164	)		(3,316	)		(7,100	)
Essex portion of gain (Fund II)																		36,386			-			38,752			-
Essex portion of net income (loss) from operating co-investments																	$	36,961		$	(37	)	$	39,900		$	(1,274	)

Development Joint Ventures (5) (6) (7)		50/55	%		2,470	$	666,206	$	88,900		329,476		1.6	%		33.2	$	(298	)	$	24		$	(326	)	$	232

												Weighted Average Preferred Return			Weighted Average Expected Term		Income from Preferred Equity Investments
																	Equity Investments
Preferred Equity Investments (8)											141,814		10.0	%		4.3	$	4,139		$	3,560		$	12,721		$	10,040

Total Co-investments										$	674,075						$	40,802		$	3,547		$	52,295		$	8,998

(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. As of Q3 2013, 12 of the 14 properties in Fund II were sold. The two remaining properties are expected to be sold in 2014. The three and nine months ended September 30, 2012 reflect NOI results for the 14 properties.

(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 has provided two bridge loans totaling $56.8 million to Wesco III at a rate of LIBOR + 250, permanent financing is expected to be placed on the Gas Company Lofts and Regency at Mt. View by the end of Q4 2013.

(4)	NOI generated from the lease-up of Expo was included in Development Joint Ventures in the prior year; operations from Expo were reclassified to Operating Joint Ventures in Q1 2013.

(5)	The Company has interests in nine development co-investments, which are detailed on S-9. NOI generated from the lease-up of Epic and Connolly Station are included in Development Joint Ventures.

(6)	The Huxley and The Dylan have a combined $88.9 million of long-term tax-exempt bond debt that are subject to total return swaps that mature in 2016.

(7)	Includes Phase I of Epic which stabilized in October 2013.

(8)	Included in preferred equity income are early redemption fees earned totaling $0.4 million and $1.4 million for the three and nine months ended September 30, 2013.

See Company’s 10-Q for additional disclosure

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 - September 30, 2013

(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:

	Balance as of September 30, 2013								Operations for the nine months ended September 30, 2013
	Investment in Real Estate		Related Debt		Noncontrolling Interest		DownREIT Units Outstanding (1)		Revenue		Operating Expenses		NOI

Noncontrolling Interest - DownREIT:
Barkley Apartments	$	8,386	$	16,599	$	1,696		74,248	$	1,960	$	725	$	1,235
Brentwood		13,377		19,030		2,568		58,884		1,932		542		1,390
Brookside Oaks		31,665		19,734		2,327		84,095		2,908		602		2,306
Capri at Sunny Hills		15,891		-		2,945		158,665		1,874		541		1,333
Hidden Valley (2)		37,250		30,221		6,089		62,647		4,187		1,312		2,875
Highridge Apartments		30,415		44,807		2,826		270,158		4,966		1,072		3,894
Montejo Apartments		7,935		13,126		1,216		29,319		1,438		388		1,050
The Elliot at Mukilteo		15,888		10,750		1,212		100,713		2,537		1,051		1,486
Magnolia Square		31,262		18,219		6,356		57,231		2,683		732		1,951
Fairhaven Apartments		12,829		17,035		2,951		67,728		1,999		551		1,448
Valley Park Apartments		13,425		22,285		53		3,831		2,258		623		1,635
Villa Angelina Apartments		19,618		27,168		1,593		43,552		3,030		773		2,257

	$	237,941	$	238,974		31,832		1,011,071	$	31,772	$	8,912	$	22,860

Other Components of Noncontrolling Interest:
Hillsdale Garden Apartments (3)	$	108,454				20,576			$	12,962	$	4,113	$	8,849
Joint Venture - Development (4)	$	32,400				4,000
Operating Limited Partnership Units and Other						57,096
Total Noncontrolling Interest					$	113,504

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

See Company’s 10-Q for additional disclosure

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 - September 30, 2013

(Dollars in thousands)

Income from Discontinued Operations

For the quarter ended September 30, 2013, the Company sold Linden Square, a 183 unit property located in Seattle, Washington for gross proceeds of $25.3 million resulting in a net gain of $12.7 million. During the nine months ended September 30, 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 net gain of $9.8 million.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Rental revenues	$	385		$	552		$	1,578		$	2,275
Property operating expenses		(151	)		(236	)		(573	)		(997	)
Depreciation and amortization		(49	)		(144	)		(342	)		(533	)
Income from real estate sold		185			172			663			745
Gain on sale, net of internal disposition costs and taxes		12,658			-			12,658			9,783
Income from discontinued operations	$	12,843		$	172		$	13,321		$	10,528

Shares Outstanding and Potentially Dilutive Securities

	Q3 2013 Weighted Avg.			Actual As of 9/30/13			YTD 2013 Weighted Avg.
Common Shares		37,320,562			37,323,297			37,206,895
Stock Options and Series G Preferred Stock		116,421			127,300			123,064
Weighted Avg. Shares Diluted - EPS		37,436,983			37,450,597			37,329,959
Operating Limited Partnership Units		2,146,929			2,146,293			2,126,204
Weighted Avg. Shares Diluted - FFO		39,583,912			39,596,890			39,456,163

See Company’s 10-Q for additional disclosure

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

Q3 2013 Earnings Results Supplement

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

	Actual YTD 2013			Low - end of Guidance range 2013			High - end of Guidance range 2013			Changes from Original 2013 Guidance
Net Operating Income ("NOI")
Total NOI from consolidated communities	$	302,676		$	407,250		$	407,850		Raised the midpoint of same-property NOI growth from 7.2% to 7.3%.

Discontinued Operations NOI		1,005		$	1,005		$	1,005		Reflects the sale of Linden Square.

Management Fees		9,139			11,600			11,700

Interest Expense
Interest and amortization expense, before capitalized interest		(99,361	)		(133,000	)		(132,200	)
Projected interest capitalized		12,700			16,400			17,000		Capitalized interest updated for timing of development spend, and higher borrowing cost.
Net interest expense		(86,661	)		(116,600	)		(115,200	)

Recurring Income and Expenses
Interest and other income		6,715			8,700			9,100
FFO from co-investments		23,365			30,600			31,200		Equity income updated for preferred equity investments.
General and administrative expense		(18,133	)		(23,900	)		(24,500	)
Cost of management and other fees		(5,047	)		(6,800	)		(6,800	)
Preferred dividends and non-controlling interest		(9,998	)		(13,200	)		(13,200	)
		(3,098	)		(4,600	)		(4,200	)

Non-Core Income and Expenses
Promote income from co-investment		-			-			-		Promote income expected to be realized in 2014.
Gains on sales of marketable securities, land, note prepayment		4,114			4,114			4,114
Gains from early redemption of preferred equity investments		1,358			1,358			1,358
Gain (Loss) on early retirement of debt		846			846			846
Acquisition costs		(792	)		(1,500	)		(1,700	)
		5,526			4,819			4,619

Funds from Operations	$	228,587		$	303,474		$	305,774

Funds from Operations per diluted Share	$	5.79		$	7.68		$	7.74

% Change - Funds from Operations		16.0	%		14.4	%		15.3	%

Funds from Operations excluding non-core items	$	223,061		$	298,654		$	301,154

Core Funds from Operations per diluted Share	$	5.65		$	7.56		$	7.62

% Change - Core Funds from Operations		12.8	%		10.8	%		11.7	%

Weighted average shares outstanding		39,456,163			39,525,000			39,525,000

See Company’s 10-Q for additional disclosure

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

Nine months ended September 30, 2013 and Q4 2013 to date

(Dollars in thousands)


Acquisitions				Essex
				Ownership					Purchase		Price per		Average
Property Name	Location	Units		Percentage			Ownership	Date	Price		Unit		Rent

Annaliese	Seattle, WA		56		100	%	EPLP	Jan-13	$	19,000	$	339	$	1,734
Bennett Lofts (1)	San Francisco, CA		34		100	%	EPLP	Jan-13		22,220		654		3,028
Fox Plaza (2)	San Francisco, CA		444		100	%	EPLP	Feb-13		135,000		257		1,878
	Q1 2013 Total		534							176,220		291

Regency at Mountain View	Mountain View, CA		142		50	%	Wesco III, LLC	May-13		42,500		299		2,012
Gas Company Lofts	Los Angeles, CA		251		50	%	Wesco III, LLC	Jun-13		71,000		283		2,017
	Q2 2013 Total		393							113,500		289

Slater 116	Kirkland, WA		108		100	%	EPLP	Sep-13		29,600		274		1,502
	Q3 2013 Total		108							29,600		274

Vox	Seattle, WA		58		100	%	EPLP	Oct-13		22,235		383		2,051
	Q4 2013 to date		58						$	22,235	$	383

Dispositions				Essex
				Ownership					Sales		Price per
		Units		Percentage			Ownership	Date	Price		Unit


	Q2 2013 Total		222		28.2	%	Fund II	May-13	$	26,400	$	119

			897		28.2	%	Fund II	Various		294,000		328
			183		100	%	EPLP	Sep-13		25,300		138
	Q3 2013 Total		1,080						$	319,300	$	296

(1)	The 147 unit apartment community was acquired in two phases for $96.0 million. Approximately 75% was acquired in December 2012 with the remainder acquired on January 8, 2013.

(2)	The price per unit excludes $21.0 million attributed to the allocation of cost of the retail and parking garage at the community.

See Company’s 10-Q for additional disclosure

S-15

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

2014 Preliminary 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

Seattle		8,500		6,500		15,000		1.9	%		1.3	%		39,000		2.6	%		5.4	%

San Francisco		4,500		525		5,025		1.2	%		0.7	%		26,200		2.5	%		6.4	%
Oakland		2,000		2,900		4,900		0.6	%		0.5	%		20,300		2.0	%		5.4	%
San Jose		4,300		1,800		6,100		1.7	%		0.9	%		26,500		2.8	%		7.9	%
No. Cal.		10,800		5,225		16,025		1.3	%		0.7	%		73,000		2.5	%		6.8	%

Ventura		650		1,200		1,850		1.0	%		0.7	%		4,800		1.7	%		4.3	%
Los Angeles		9,000		3,300		12,300		0.6	%		0.4	%		75,500		1.9	%		5.3	%
Orange		3,250		3,500		6,750		0.8	%		0.6	%		28,700		2.0	%		4.6	%
San Diego		2,500		2,500		5,000		0.6	%		0.4	%		23,400		1.8	%		3.7	%
So. Cal.		15,400		10,500		25,900		0.7	%		0.5	%		132,400		1.9	%		4.7	%

Weighted Average ⁽⁴⁾		34,700		22,225		56,925		1.1	%		0.7	%		244,400		2.2	%		5.6	%

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

U.S. Economic Assumptions: 2014 G.D.P. Growth: 2.8% , 2013 Job Growth: 1.8%

(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 2014 over estimated Dec 2013, 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 2014 vs Q4 2013 (excludes submarkets not targeted by Essex).

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

See Company’s 10-Q for additional disclosure

S-16

ESSEX PROPERTY TRUST, INC. APARTMENT COMMUNITIES

Real Estate Information as of October 30, 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	40
Pointe at Cupertino	19920 Olivewood Street	Cupertino	CA	116	135,200	1998	1963	EPLP	50
Regency at Mountain View	333 Escuela Avenue	Mountain View	CA	142	127,600	2013	1970	Wesco III	43
Bella Villagio	383 Vista Roma Way	San Jose	CA	231	227,511	2010	2004	EPLP	9
Epic - Phase III	545 River Oaks Parkway	San Jose	CA	200	187,794			JV-55%
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	13
Esplanade	350 East Taylor St.	San Jose	CA	278	279,000	2004	2002	EPLP	11
One South Market	1 S. Market Street	San Jose	CA	312	283,268			JV-55%
Waterford, The	1700 N. First Street	San Jose	CA	238	219,600	2000	2000	EPLP	13
101 San Fernando	99 S. Fourth Street	San Jose	CA	323	296,078	2010	2001	EPLP	12
Willow Lake	1331 Lakeshore Circle	San Jose	CA	508	471,744	2012	1989	EPLP	24
1000 Kiely	1000 Kiely Blvd.	Santa Clara	CA	121	128,486	2011	1971	EPLP	42
Le Parc	440 N. Winchester Avenue	Santa Clara	CA	140	113,200	1994	1975	EPLP	38
Marina Cove	3480 Granada Avenue	Santa Clara	CA	292	250,200	1994	1974	EPLP	39
Riley Square	3707 Poinciana Drive	Santa Clara	CA	156	126,900	2012	1972	Wesco I	41
Bristol Commons	732 E. Evelyn Avenue	Sunnyvale	CA	188	142,600	1995	1989	EPLP	24
Brookside Oaks	1651 Belleville Way	Sunnyvale	CA	170	119,900	2000	1973	DownREIT	40
Magnolia Lane	113 South Mary Avenue	Sunnyvale	CA	32	31,541	2007	2001	EPLP	12
Montclaire	450 N. Mathilda Avenue	Sunnyvale	CA	390	294,100	1988	1973	EPLP	40
Reed Square	1070 Reed Avenue	Sunnyvale	CA	100	95,440	2011	1970	EPLP	43
Summerhill Park	972 Corte Madera Avenue	Sunnyvale	CA	100	78,500	1988	1988	EPLP	25
Magnolia Square	107 South Mary Avenue	Sunnyvale	CA	156	110,824	2007	1969	DownREIT	44
Via	315 Tasman Drive	Sunnyvale	CA	284	309,421	2011	2011	EPLP	2
Windsor Ridge	825 E. Evelyn Avenue	Sunnyvale	CA	216	161,800	1989	1989	EPLP	24
			14%	4,577	4,002,013
Alameda County
Fourth & U	700 University Avenue	Berkeley	CA	171	146,255	2010	2010	EPLP	3
Briarwood	4200 Bay Street	Fremont	CA	160	111,160	2011	1978	Wesco I	35
Stevenson Place	4141 Stevenson Blvd.	Fremont	CA	200	146,200	2000	1975	EPLP	38
The Woods	40640 High Street	Fremont	CA	160	105,280	2011	1978	Wesco I	35
Boulevard	40001 Fremont Blvd.	Fremont	CA	172	131,200	1996	1978	EPLP	35
City View	25200 Carlos Bee Blvd.	Hayward	CA	572	462,400	1998	1975	EPLP	38
The Grand	100 Grand Avenue	Oakland	CA	243	205,026	2009	2009	EPLP	4
Bridgeport	36826 Cherry Street	Newark	CA	184	139,000	1987	1987	EPLP	26
Alderwood Park Apartments	37057 Magnolia Street	Newark	CA	96	74,624	2006	1987	Fund II	26
			6%	1,958	1,521,145
Contra Costa County
Connolly Station	7550 St. Patrick Way	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	10
Bel Air	2000 Shoreline Drive	San Ramon	CA	462	391,000	1995	1988	EPLP	25
Foothill Gardens	1110 Harness Drive	San Ramon	CA	132	155,100	1997	1985	EPLP	28
Twin Creeks	2711-2731 Morgan Drive	San Ramon	CA	44	51,700	1997	1985	EPLP	28
Canyon Oaks	1 Amberstone Lane	San Ramon	CA	250	237,894	2007	2005	EPLP	8
Mill Creek at Windermere	2100 Waterstone Place	San Ramon	CA	400	381,060	2007	2005	EPLP	8
The Village	1500 Newell Avenue	Walnut Creek	CA	49	106,228			JV - 50%
			5%	1,720	1,624,354
San Mateo County
Belmont Terrace	1606 Continetals Way	Belmont	CA	71	72,951	2006	1974	EPLP	39
Davey Glen	200 Davey Glen Road	Belmont	CA	69	65,974	2006	1962	Fund II	51
Hillsdale Garden	3421 Edison Avenue	San Mateo	CA	697	611,505	2006	1948	JV - 81.5%	65
Elkhorn	1950 Elkhorn Court	San Mateo	CA	197	140,547			JV - 55%
			2%	837	750,430

San Francisco and Marin Counties
Mt. Sutro Terrace Apartments	480 Warren Drive	San Francisco	CA	99	64,000	1999	1973	EPLP	40
Park West	121 Funston	San Francisco	CA	126	90,060	2012	1958	EPLP	55
Bennett Lofts	530, 542, 548 Brannan	San Francisco	CA	147	184,713	2012	2004	EPLP	9
	208 Pennsylvania and 1001 Mariposa
Mosso I and Mosso II	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	50
Fox Plaza	1390 Market Street	San Francisco	CA	444	230,017	2013	1968	EPLP	45
			3%	892	647,090

Other
Tuscana	315 Mt. Oso	Tracy	CA	30	29,088	2007	2007	EPLP	6
Harvest Park	2327 Summercreek Drive	Santa Rosa	CA	104	116,628	2007	2004	EPLP	9
Chestnut Street Apartments	143 Chestnut Avenue	Santa Cruz	CA	96	87,640	2008	2002	EPLP	11
			1%	230	233,356

Total Northern California			31%	10,214	8,778,388				28

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

SOUTHERN CALIFORNIA
Los Angeles County
Regency at Encino	15506 Moorpark Street	Encino	CA	75	78,487	2009	1989	EPLP	24
416 on Broadway	412 East Broadway	Glendale	CA	115	126,782	2010	2009	EPLP	4
Hampton Court	1136 N. Columbus Avenue	Glendale	CA	83	71,500	1999	1974	EPLP	39
Hampton Place	245 W. Loraine Street	Glendale	CA	132	141,500	1999	1970	EPLP	43
Marbrisa	1809 Termino Ave.	Long Beach	CA	202	122,800	2002	1987	EPLP	26
Pathways at Bixby Village	5945 E. Pacific Coast Hwy.	Long Beach	CA	296	197,700	1991	1975	EPLP	38
Bellerive	1921 Beloit Avenue	Los Angeles	CA	63	79,296	2011	2011	EPLP	2
Bunker Hill	222 and 234 S. Figueroa St.	Los Angeles	CA	456	346,600	1998	1968	EPLP	45
Cochran Apartments	612 South Cochran	Los Angeles	CA	58	51,400	1998	1989	EPLP	24
Gas Company Lofts	810 S. Flower Street	Los Angeles	CA	251	226,666	2013	2004	Wesco III	9
Kings Road	733 North Kings Road	Los Angeles	CA	196	132,100	1997	1979	EPLP	34
Marbella	600 South Detroit Street	Los Angeles	CA	60	50,108	2005	1991	EPLP	22
Belmont Station	1302 West 2nd St.	Los Angeles	CA	275	225,000	2009	2009	EPLP	4
Pacific Electric Lofts	610 South Main Street	Los Angeles	CA	314	277,980	2012	2006	Wesco I	7
Park Catalina	690 South Catalina Street	Los Angeles	CA	90	72,864	2012	2002	EPLP	11
Park Place	400 S. Detroit Street	Los Angeles	CA	60	48,000	1997	1988	EPLP	25
Windsor Court	401 S. Detroit Street	Los Angeles	CA	58	46,600	1997	1988	EPLP	25
Santee Court	716 S. Los Angeles Street	Los Angeles	CA	165	132,040	2010	2004	EPLP	9
Santee Village	743 South Santee Street	Los Angeles	CA	73	69,817	2011	2011	EPLP	2
Marina City Club	4333 Admiralty Way	Marina Del Rey	CA	101	127,200	2004	1971	EPLP	42
Mirabella	13701 Marina Point Drive	Marina Del Rey	CA	188	176,800	2000	2000	EPLP	13
Muse	5451 Vineland Avenue	North Hollywood	CA	152	135,292	2011	2011	EPLP	2
Monterra del Mar	280 E. Del Mar Boulevard	Pasadena	CA	123	74,400	1997	1972	EPLP	41
Monterra del Rey	350 Madison	Pasadena	CA	84	73,100	1999	1972	EPLP	41
Monterra del Sol	280 South Euclid	Pasadena	CA	85	69,200	1999	1972	EPLP	41
Fountain Park	13141 Fountain Park Drive	Playa Vista	CA	705	608,900	2004	2002	EPLP	11

Highridge	28125 Peacock Ridge Drive	Rancho Palos Verde	CA	255	290,200	1997	1972	DownREIT	41
Coldwater Canyon	4250 Codlwater Canyon	Studio City	CA	39	34,125	2007	1979	EPLP	34
Allegro	11945 Magnolia Blvd.	Valley Village	CA	97	127,812	2010	2010	EPLP	3
The Avery	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	49
The Huxley	1216-1234 North La Brea Avenue	West Hollywood	CA	187	154,776			JV - 50%
The Dylan	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	43
Reveal	21201 Kittridge Street	Woodland Hills	CA	438	414,892	2011	2010	Wesco I	3
			18%	5,898	5,106,861
Ventura County
Camarillo Oaks	921 Paseo Camarillo	Camarillo	CA	564	459,000	1996	1985	EPLP	28
Camino Ruiz Square	105 Camino Ruiz	Camarillo	CA	160	105,448	2006	1990	EPLP	23
Arbors at Parc Rose	1500 Tulipan Circle	Oxnard	CA	373	503,196	2011	2001	Wesco I	12
Mariner's Place	711 South B Street	Oxnard	CA	105	77,200	2000	1987	EPLP	26
Tierra Vista	1750 Montevina Circle	Oxnard	CA	404	387,100	2001	2001	EPLP	12
Monterey Villas	1040 Kelp Lane	Oxnard	CA	122	122,100	1997	1974	EPLP	39
Meadowood	1733 Cochran Street	Simi Valley	CA	320	264,500	1996	1986	EPLP	27
Hidden Valley	5065 Hidden Park Court	Simi Valley	CA	324	310,900	2004	2004	DownREIT	9
Lofts at Pinehurst,The	1021 Scandia Avenue	Ventura	CA	118	71,100	1997	1971	EPLP	42
Hillcrest Park	1800 West Hillcrest Drive	Newbury Park	CA	608	521,900	1998	1973	EPLP	40
Pinehurst	3980 Telegraph Road	Ventura	CA	28	21,200	2004	1973	EPLP	40
Woodside Village	675 Providence Ave.	Ventura	CA	145	136,500	2004	1987	EPLP	26
			10%	3,271	2,980,144

Santa Barbara County
The Sweeps	775 Camino Del Sur Drive	Goleta	CA	91		2006	1967	EPLP	46
CBC	6721 El Colegio Drive	Goleta	CA	148		2006	1962	EPLP	51
Hope Ranch	3968-3974 & 3999 Via Lucero	Santa Barbara	CA	108		2007	1965/73	EPLP	48/40
			1%	347	306,608
Orange County
Anavia	2045 South State College Blvd.	Anaheim	CA	250	312,343	2010	2009	EPLP	4
Barkley Apartments	2400 E. Lincoln Ave.	Anahiem	CA	161	139,800	2000	1984	DownREIT	29
Valley Park Apartments	17300 Euclid Ave.	Fountain Valley	CA	160	169,700	2001	1969	DownREIT	44
Capri at Sunny Hills	2341 Daphne Place	Fullerton	CA	100	128,100	2001	1961	DownREIT	52
Haver Hill	3100 East Yorba Linda Boulevard	Fullerton	CA	264	224,130	2012	1973	Wesco III	40
Wilshire Promenade	141 West Wilshire Avenue	Fullerton	CA	149	128,000	1997	1992	EPLP	21
Montejo Apartments	12911 Dale St.	Garden Grove	CA	124	103,200	2001	1974	DownREIT	39
Huntington Breakers	21270 Beach Boulevard	Huntington Beach	CA	342	241,700	1997	1984	EPLP	29
The Huntington	8400 Edinger Avenue	Huntington Beach	CA	276	202,256	2012	1975	EPLP	38
Axis 2300	2300 DuPont Drive	Irvine	CA	115	170,714	2010	2010	EPLP	3
Hillsborough Park	1501 South Beach Boulevard	La Habra	CA	235	215,500	1999	1999	EPLP	14
Trabuco Villas	25362 Mosswood Way	Lake Forest	CA	132	131,000	1997	1985	EPLP	28
Madrid Apartments	28401 Los Alisos Boulevard	Mission Viejo	CA	230	228,099	2012	2000	Wesco I	13
Fairway Apartments at Big Canyon	2 Pine Valley Lane	Newport Beach	CA	74	107,100	1999	1972	EPLP	41
Villa Angelina	201 E. Chapman Ave.	Placentia	CA	256	217,600	2001	1970	DownREIT	43
Brentwood Apartment Homes	2301 E. Santa Clara Ave.	Santa Ana	CA	140	154,800	2001	1970	DownREIT	43
Fairhaven Apartments	1300 E. Fairhaven	Santa Ana	CA	164	135,700	2001	1970	DownREIT	43
Essex Skyline at MacArthur Place	9 & 15 MacArthur Place	Santa Ana	CA	349	512,791	2010	2008	EPLP	5
			10%	3,521	3,522,533
San Diego County
Alpine Village	2055 Arnold Way	Alpine	CA	301	254,400	2002	1971	EPLP	42
Bonita Cedars	5155 Cedarwood Rd.	Bonita	CA	120	120,800	2002	1983	EPLP	30
Mesa Village	5265 Clairemont Mesa Blvd.	Clairemont	CA	133	43,600	2002	1963	EPLP	50
Mira Monte	10360 Maya Linda Rd.	Mira Mesa	CA	355	262,600	2002	1982	EPLP	31
Country Villas	283 Douglas Drive	Oceanside	CA	180	179,700	2002	1976	EPLP	37
Mission Hills	218 Rancho Del Oro	Oceanside	CA	282	244,000	2005	1984	EPLP	29
CentrePointe	6466 Friars Road	San Diego	CA	224	126,700	1997	1974	EPLP	39
Summit Park	8563 Lake Murray Blvd.	San Diego	CA	300	229,400	2002	1972	EPLP	41
Vista Capri - North	3277 Berger Ave.	San Diego	CA	106	51,800	2002	1975	EPLP	38
Shadow Point	9830 Dale Ave.	Spring Valley	CA	172	131,200	2002	1983	EPLP	30
			6%	2,173	1,644,200
Riverside County
Devonshire Apartments	2770 West Devonshire Ave.	Hemet	CA	276	207,200	2002	1988	EPLP	25
			1%	276	207,200

Total Southern California			46%	15,486	13,767,546				28

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

SEATTLE METRO AREA
Cedar Terrace	3205 115th Ave. NE	Bellevue	WA	180	174,200	2005	1984	EPLP	29
Courtyard Off Main	136 102nd Avenue SE	Bellevue	WA	109	108,388	2010	2000	EPLP	13
Emerald Ridge	3010 118th Avenue SE	Bellevue	WA	180	144,000	1994	1987	EPLP	26
Foothill Commons	13800 NE 9th Place	Bellevue	WA	388	288,300	1990	1978	EPLP	35
Palisades, The	13808 NE 12th	Bellevue	WA	192	159,700	1990	1977	EPLP	36
Sammamish View	16160 SE Eastgate Way	Bellevue	WA	153	133,500	1994	1986	EPLP	27
Woodland Commons	13700 NE 10th Place	Bellevue	WA	302	217,878	1990	1978	EPLP	35
Canyon Pointe	1630 228th St. SE	Bothell	WA	250	210,400	2003	1990	EPLP	23
Inglenook Court	14220 Juanita Drive, NE	Bothell	WA	224	183,600	1994	1985	EPLP	28
Salmon Run at Perry Creek	2109 228th Street SE	Bothell	WA	132	117,100	2000	2000	EPLP	13
Stonehedge Village	14690 143rd Blvd., NE	Bothell	WA	196	214,800	1997	1986	EPLP	27
Highlands at Wynhaven	1460 NE Hawthorne Street	Issaquah	WA	333	424,674	2008	2000	EPLP	13
Park Hill at Issaquah	22516 SE 56th Street	Issaquah	WA	245	277,700	1999	1999	EPLP	14
Wandering Creek	12910 SE 240th	Kent	WA	156	124,300	1995	1986	EPLP	27
Ascent	12062 Slater Avenue NE	Kirkland	WA	90	75,840	2012	1988	EPLP	25
Bridle Trails	6600 130th Avenue, NE	Kirkland	WA	108	99,700	1997	1986	EPLP	27
Evergreen Heights	12233 NE 131st Way	Kirkland	WA	200	188,300	1997	1990	EPLP	23
Corbella at Juanita Bay	9520 NE 120th Street	Kirkland	WA	169	103,339	2010	1978	EPLP	35
Montebello	12000 131st Lane NE	Kirkland	WA	248	272,734	2012	1996	EPLP	17
Slater 116	11415 Slater Avenue NE	Kirkland	WA	108	81,415	2013	2013	EPLP	0
Laurels at Mill Creek	1110 164th Street SE	Mill Creek	WA	164	134,300	1996	1981	EPLP	32
The Elliot at Mukilteo (fka Anchor Village)	9507 49th Avenue West	Mukilteo	WA	301	245,900	1997	1981	DownREIT	32
Castle Creek	7000 132nd Place, SE	Newcastle	WA	216	191,900	1998	1998	EPLP	15
Delano	7805, 7903 and 7935 170th Place NE	Redmond	WA	126	116,340	2011	2011/2005	EPLP	2/8
Elevation	17202-17325 NE 85th Place	Redmond	WA	157	138,916	2010	1986	EPLP	27
Vesta	18666 Redmond Way	Redmond	WA	440	381,675	2011	1998	Wesco I	15
Redmond Hill	6110 186th Place NE	Redmond	WA	442	350,275	2011	1985	Wesco I	28
Brighton Ridge	2307 NE 4th Street	Renton	WA	264	201,300	1996	1986	EPLP	27
Fairwood Pond	14700 SE Petrovitsky Rd.	Renton	WA	194	189,200	2004	1997	EPLP	16
Forest View	650 Duvall Ave. NE	Renton	WA	192	182,500	2003	1998	EPLP	15

Annaliese	118 6th Ave. N	Seattle	WA	56	48,216	2013	2009	EPLP	4
Fountain Court	2400 4th Street	Seattle	WA	320	207,000	2000	2000	EPLP	13
Joule	523 Broadway Avenue, East	Seattle	WA	295	191,109	2010	2010	JV - 99%	3
Domaine	2483 Birch Avenue N	Seattle	WA	92	79,421	2012	2009	EPLP	4
Expo	100 Republican	Seattle	WA	275	190,176	2012	2012	JV - 50%	1
The Bernard	115 Warren Avenue North	Seattle	WA	63	43,151	2011	2008	EPLP	5
The Cairns	420 Yale Avenue	Seattle	WA	100	70,806	2007	2006	EPLP	7
Wharfside Pointe	3811 14th Avenue West	Seattle	WA	142	119,200	1994	1990	EPLP	23
Vox Apartments	1527 15th Avenue	Seattle	WA	58	42,173	2013	2013	EPLP	0
Total Seattle Metro Area			23%	7,860	6,723,426				19

163	Apartment Communities		100%	33,560	29,269,360(1)
11	Apartment Communities Under Construction			2,781	2,431,275(2)

				Definitions for Property Ownership
Avg. square footage	872		EPLP	The Company has a 100% ownership in the community.
Avg. units per property	206		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.
Avg. age of property	26		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.
			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.
(1) Includes 349,465 square feet of retail or commercial space			JV - 99%	The Company has a 99% ownership in this development and is consolidated.
(2) Includes 36,225 square feet of estimated retail or commercial space			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		39,600	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
					323,600

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