ESSEX PROPERTY TRUST, INC. - FORM 10-Q - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
EXCEL - IDEA: XBRL DOCUMENT - ESSEX PROPERTY TRUST, INC.	Financial_Report.xls
EX-32.4 - EXHIBIT 32.4 - ESSEX PROPERTY TRUST, INC.	ex32_4.htm
EX-32.3 - EXHIBIT 32.3 - ESSEX PROPERTY TRUST, INC.	ex32_3.htm
EX-12.1 - EXHIBIT 12.1 - ESSEX PROPERTY TRUST, INC.	ex12_1.htm
EX-31.4 - EXHIBIT 31.4 - ESSEX PROPERTY TRUST, INC.	ex31_4.htm
EX-99.1 - EXHIBIT 99.1 - ESSEX PROPERTY TRUST, INC.	ex99_1.htm
EX-99.3 - EXHIBIT 99.3 - ESSEX PROPERTY TRUST, INC.	ex99_3.htm
EX-32.2 - EXHIBIT 32.2 - ESSEX PROPERTY TRUST, INC.	ex32_2.htm
EX-31.3 - EXHIBIT 31.3 - ESSEX PROPERTY TRUST, INC.	ex31_3.htm
EX-31.2 - EXHIBIT 31.2 - ESSEX PROPERTY TRUST, INC.	ex31_2.htm
EX-32.1 - EXHIBIT 32.1 - ESSEX PROPERTY TRUST, INC.	ex32_1.htm
EX-31.1 - EXHIBIT 31.1 - ESSEX PROPERTY TRUST, INC.	ex31_1.htm
10-Q - ESSEX PROPERTY TRUST, INC 10-Q 9-30-2014 - ESSEX PROPERTY TRUST, INC.	form10q.htm

Exhibit 99.2

Q2 2014 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 – June 30, 2014	S-5
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios – June 30, 2014	S-6
Property Operating Results – Quarters ended June 30, 2014 and 2013	S-7
Property Operating Results – Six Months ended June 30, 2014 and 2013	S-7.1
Revenue by County – Quarters ended June 30, 2014, June 30, 2013, and March 31, 2014	S-8
Revenue by County – Six Months ended June 30, 2014 and 2013	S-8.1
Revenue by County for Legacy BRE Portfolio – Quarters ended June 30, 2014 and proforma for June 30, 2013.	S-8.2
Development Pipeline – June 30, 2014	S-9
Redevelopment Pipeline and Capital Expenditures – June 30, 2014	S-10
Co-Investments – June 30, 2014	S-11
Summary of Consolidated Co-Investments and Noncontrolling Interest – June 30, 2014	S-12
Assumptions for 2014 FFO Guidance Range	S-13
Summary of Apartment Community Acquisitions and Dispositions Activity	S-14
2014 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions	S-15

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

Consolidated Operating Results (Dollars in thousands, except share and per share amounts)	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013

Revenues:
Rental and other property	$	256,614		$	148,781		$	415,631		$	293,839
Management and other fees		2,836			2,034			4,495			4,041
		259,450			150,815			420,126			297,880

Expenses:
Property operating		83,220			48,296			135,192			94,623
Depreciation		97,510			47,673			147,822			94,459
General and administrative		9,558			6,589			17,142			13,588
Merger expenses		26,497			-			42,556			-
Acquisition and disposition costs		529			168			1,504			555
		217,314			102,726			344,216			203,225
Earnings from operations		42,136			48,089			75,910			94,655

Interest expense		(42,151	)		(29,327	)		(71,192	)		(57,468	)
Interest and other income		2,814			1,917			5,693			6,939
Equity income from co-investments		5,629			7,282			16,155			11,493
Gain on early retirement of debt		-			1,024			-			1,024
Gain on sale of real estate and land		-			-			8,268			1,503
Income before discontinued operations		8,428			28,985			34,834			58,146
Income from discontinued operations		-			590			-			1,132
Net income		8,428			29,575			34,834			59,278
Net income attributable to noncontrolling interest		(2,125	)		(3,261	)		(5,251	)		(6,393	)
Net income attributable to controlling interest		6,303			26,314			29,583			52,885
Dividends to preferred stockholders		(1,314	)		(1,368	)		(2,682	)		(2,736	)
Net income available to common stockholders	$	4,989		$	24,946		$	26,901		$	50,149

Net income per share - basic	$	0.08		$	0.67		$	0.54		$	1.35

Shares used in income per share - basic		61,884,963			37,292,720			49,857,233			37,149,120

Net income per share - diluted	$	0.08		$	0.67		$	0.54		$	1.35

Shares used in income per share - diluted		62,059,762			37,390,987			50,087,161			37,241,968

See Company's 10-Q for additional disclosures

S-1

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

Consolidated Operating Results Selected Line Item Detail	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2014		2013		2014		2013

Rental and other property
Rental	$	237,920	$	138,746	$	385,914	$	274,258
Other property		18,694		10,035		29,717		19,581
Rental and other property	$	256,614	$	148,781	$	415,631	$	293,839

Property operating expenses
Real estate taxes	$	30,345	$	14,165	$	45,684	$	28,238
Administrative and insurance		17,567		11,313		31,064		22,029
Maintenance and repairs		15,740		10,397		25,961		19,748
Utilities		14,538		9,123		24,007		18,065
Property management		5,030		3,298		8,476		6,543
Property operating expenses	$	83,220	$	48,296	$	135,192	$	94,623

Interest and other income
Marketable securities and other interest income	$	2,314	$	1,863	$	4,725	$	3,487
Notes receivable		41		54		82		841
Gain from sale of marketable securities and note prepayment		459		-		886		2,611
Interest and other income	$	2,814	$	1,917	$	5,693	$	6,939

Equity income from co-investments
Equity income from co-investments	$	1,061	$	586	$	1,043	$	545
Income from preferred equity investments		3,512		3,807		6,997		7,636
Gain on sale of co-investment		-		2,366		3,211		2,366
Co-investment promote income		1,056		-		4,904		-
Income from early redemption of preferred equity investments		-		523		-		946
Equity income from co-investments	$	5,629	$	7,282	$	16,155	$	11,493

Noncontrolling interest
Limited partners of Essex Portfolio, L.P.	$	209	$	1,547	$	1,626	$	3,048
DownREIT limited partners' distributions		1,211		1,169		2,355		2,344
Third-party ownership interest		705		545		1,270		1,001
Noncontrolling interest	$	2,125	$	3,261	$	5,251	$	6,393

See Company's 10-Q for additional disclosures

S-2

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

Consolidated Funds From Operations (Dollars in thousands, except share and per share amounts)	Three Months Ended June 30,									Six Months Ended June 30,
	2014			2013			% Change			2014			2013			% Change

Funds from operations
Net income available to common stockholders	$	4,989		$	24,946					$	26,901		$	50,149
Adjustments:
Depreciation		97,510			48,031						147,822			95,175
Gains not included in FFO, net of internal disposition costs		-			(2,366	)					(10,292	)		(2,366	)
Depreciation add back from unconsolidated co-investments		8,314			3,777						13,074			7,619
Noncontrolling interest related to Operating Partnership units		209			1,547						1,626			3,048
Depreciation attributable to third party ownership		(332	)		(327	)					(661	)		(654	)
Funds from operations	$	110,690		$	75,608					$	178,470		$	152,971
FFO per share-diluted	$	1.72		$	1.91			-9.8	%	$	3.41		$	3.88			-12.2	%

Components of the change in FFO
Non-core items:
Acquisition and disposition costs		529			168						717			555
Gain on sale of marketable securities and note prepayment		(459	)		-						(886	)		(2,611	)
Gain on sale of land		-			-						(400	)		(1,503	)
Utility reimbursement income accrual		(1,807	)		-						(1,807	)		-
Earthquake related and other		-			-						1,571			-
Loss on early retirement of debt add back from unconsolidated co-investments		-			-						197			-
Gain on early retirement of debt		-			(1,024	)					-			(1,024	)
Acquisition fee income		(500	)		-						(500	)		-
Merger expenses		26,497			-						42,556			-
Co-investment promote income		(1,056	)		-						(4,904	)		-
Income from early redemption of preferred equity investments		-			(523	)					-			(946	)
Core funds from operations		133,894			74,229						215,014			147,442
Core FFO per share-diluted	$	2.08		$	1.88			11.1	%	$	4.11		$	3.74			9.7	%

Changes in core items:
Same-property NOI	$	8,552								$	16,320
Non-same property NOI		62,550									64,667
Management and other fees, net		302									(46	)
Equity income from co-investments		4,717									5,511
Interest and other income		438									479
Interest expense		(12,824	)								(13,724	)
General and administrative		(2,969	)								(3,554	)
Discontinued operations		(947	)								(1,847	)
Other items, net		(154	)								(234	)
	$	59,665								$	67,572

Weighted average number of shares outstanding diluted (1)		64,233,304			39,576,663						52,357,189			39,391,820

(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 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)
	June 30, 2014			December 31, 2013

Real Estate:
Land and land improvements	$	2,354,585		$	1,083,552
Buildings and improvements		8,517,728			4,360,205
		10,872,313			5,443,757
Less: accumulated depreciation		(1,384,726	)		(1,254,886	)
		9,487,587			4,188,871
Real estate under development		422,372			50,430
Co-investments		964,970			677,133
Real estate held for sale, net		107,772			-
		10,982,701			4,916,434
Cash and cash equivalents		47,538			53,766
Marketable securities		106,358			90,084
Notes and other receivables		66,522			68,255
Acquired in place lease value and other assets		145,244			58,300
Total assets	$	11,348,363		$	5,186,839

Mortgage notes payable	$	2,250,510		$	1,404,080
Unsecured debt		2,748,494			1,410,023
Lines of credit		66,975			219,421
Other liabilities		286,636			150,728
Total liabilities		5,352,615			3,184,252

Redeemable noncontrolling interest		23,566			-
Cumulative convertible preferred stock, carrying value		-			4,349

Equity:
Common stock		6			4
Cumulative redeemable preferred stock, liquidation value		73,750			73,750
Additional paid-in-capital		6,414,258			2,345,763
Distributions in excess of accumulated earnings		(575,772	)		(474,426	)
Accumulated other comprehensive loss		(53,794	)		(60,472	)
Total stockholders' equity		5,858,448			1,884,619
Noncontrolling interest		113,734			113,619
Total equity		5,972,182			1,998,238

Total liabilities and equity	$	11,348,363		$	5,186,839

See Company's 10-Q for additional disclosures

S-4

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

Debt Summary - June 30, 2014

(Dollars in thousands)


											Scheduled principal payments and unamortized premiums (excludes lines of credit) are as follows:
																			Weighted
	Percentage					Weighted Average													Average			Percentage
	of Total			Balance		Interest			Maturity										Interest			of Total
	Debt			Outstanding		Rate			In Years				Secured		Unsecured		Total		Rate			Debt
Mortgage Notes Payable
Fixed rate - secured		41	%	$	2,061,321		4.9	%		5.0		2014	$	-	$	-	$	-		-			-
Variable rate - secured (1)		4	%		189,189		1.8	%		18.7		2015		66,694		-		66,694		5.3	%		1.3	%
Total mortgage notes payable		45	%		2,250,510		4.6	%		6.1		2016		12,250		350,000		362,250		3.3	%		7.2	%
												2017		181,396		518,888		700,284		3.0	%		14.0	%
Unsecured Debt												2018		317,634		-		317,634		5.6	%		6.4	%
Bonds private - fixed rate		9	%		465,000		4.5	%		4.7		2019		633,433		75,000		708,433		4.3	%		14.2	%
Bonds public - fixed rate		38	%		1,933,494		3.5	%		7.5		2020		805,983		-		805,983		4.8	%		16.1	%
Term loan (2)		7	%		350,000		2.4	%		2.7		2021		47,377		524,410		571,787		4.3	%		11.4	%
		54	%		2,748,494		3.5	%		6.4		2022		-		297,462		297,462		3.8	%		6.0	%
Unsecured Lines of Credit												2023		-		585,733		585,733		3.7	%		11.7	%
Line of credit (3)		1	%		60,000		1.7	%				2024		-		397,000		397,000		4.0	%		8.0	%
Line of credit (4)		-			6,975		1.7	%			Thereafter			174,168		11,576		185,744		1.7	%		3.7	%
Total lines of credit		1	%		66,975		1.7	%
											Total		$	2,238,935	$	2,760,069	$	4,999,004		4.0	%		100.0	%
Total debt		100	%	$	5,065,979		4.0	%

Capitalized interest for the three and six months ended June 30 2014 was approximately $8.3 million and $11.7 million, respectively.

(1)	Variable rate debt of $179.2 million is tax exempt to the note holders and $156.9 million is subject to interest rate protection agreements.

(2)	The unsecured term loan has a variable interest rate of LIBOR plus 1.05%. The Company has entered into interest rate swap contracts 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 2.4%.

(3)

The unsecured line of credit facility is $1 billion and the line matures in December 2017 with one 18-month 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 0.95%.

(4)	The unsecured line of credit facility is $25 million and matures in January 2016. 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 0.95%.

See Company's 10-Q for additional disclosures

S-5

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

Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - June 30, 2014

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

Capitalization Data

Public Bond Covenants

Actual

Requirement

Total debt

5,065,979

Debt to Total Assets:

40%

< 65%

Common stock and potentially dilutive securities

Common stock outstanding

62,301

Limited partnership units (1)

2,171

Options-treasury method

204

Secured Debt to Total Assets:

18%

< 40%

Total shares of common stock and potentially dilutive securities

64,676

Common stock price per share as of June 30, 2014

184.91

Interest Coverage:

356%

> 150%

Market value of common stock and potentially dilutive securities

11,959,239

Preferred stock

73,750

Unsecured Debt Ratio (1) :

286%

> 150%

Total equity capitalization

12,032,989

Selected Credit Ratios

Actual

Total market capitalization

17,098,968

Ratio of debt to total market capitalization

29.6%

Indebtedness Divided by Adjusted EBITDA (2):

7.4x

(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:

63%

Credit Ratings

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

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-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 June 30, 2014 and 2013

(Dollars in thousands, except per unit amounts)

	Southern California									Northern California									Seattle Metro									Other real estate assets (1)
	2014			2013			% Change			2014			2013			% Change			2014			2013			% Change			2014			2013		2014			2013			% Change

Revenues:
Same-property revenue	$	66,176		$	62,808			5.4	%	$	54,159		$	49,528			9.4	%	$	28,418		$	26,480			7.3	%	$	-		$	-	$	148,753		$	138,816			7.2	%
Non-same property revenue (2)(8)		4,571			2,295						4,024			3,561						2,126			-						6,505			4,109		17,226			9,965
Legacy BRE portfolio property revenue (3)		44,096			-						30,015			-						13,838			-						2,686			-		90,635			-
Total Revenues	$	114,843		$	65,103					$	88,198		$	53,089					$	44,382		$	26,480					$	9,191		$	4,109	$	256,614		$	148,781

Property operating expenses:
Same-property operating expenses
Real estate taxes	$	5,689		$	5,496					$	4,973		$	4,825					$	2,891		$	2,539					$	-		$	-	$	13,553		$	12,860			5.4	%
Administrative and insurance		5,785			5,668						3,120			3,159						1,951			1,981						-			-		10,856			10,808			0.4	%
Maintenance and repairs		4,509			4,409						3,323			3,181						1,846			1,892						-			-		9,678			9,482			2.1	%
Utilities		3,689			3,464						3,021			2,966						1,991			1,952						-			-		8,701			8,382			3.8	%
Management fees		1,422			1,394						1,028			971						750			706						-			-		3,200			3,071			4.2	%
Total same-property operating expenses		21,094			20,431			3.2	%		15,465			15,102			2.4	%		9,429			9,070			4.0	%		-			-		45,988			44,603			3.1	%
Non-same property operating expenses (2)		2,141			976						1,483			1,525						658			-						696			1,192		4,978			3,693
Legacy BRE portfolio property operating expenses (3)		16,277			-						10,027			-						4,931			-						1,019			-		32,254			-
Total property operating expenses	$	39,512		$	21,407					$	26,975		$	16,627					$	15,018		$	9,070					$	1,715		$	1,192	$	83,220		$	48,296

Net operating income (NOI):
Same-property NOI	$	45,082		$	42,377			6.4	%	$	38,694		$	34,426			12.4	%	$	18,989		$	17,410			9.1	%	$	-		$	-	$	102,765		$	94,213			9.1	%
Non-same property NOI (2)
Legacy BRE portfolio (3)		27,819			-						19,988			-						8,907			-						1,667			-		58,381			-
Redevelopment communities		1,457			1,319						-			-						-			-						-			-		1,457			1,319
Development communities - 2014 (4)		95			-						-			-						-			-						-			-		95			-
Acquired communities - 2013 (5)		878			-						2,541			2,036						598			-						-			-		4,017			2,036
Acquired communities - 2014 (6)		-			-						-			-						870			-											870			-
Other real estate assets (1)		-			-						-			-						-			-						5,809			2,917		5,809			2,917
Total non-same property NOI		30,249			1,319						22,529			2,036						10,375			-						7,476			2,917		70,629			6,272
Total NOI	$	75,331		$	43,696					$	61,223		$	36,462					$	29,364		$	17,410					$	7,476		$	2,917	$	173,394		$	100,485

Same-property operating margin		68	%		67	%					71	%		70	%					67	%		66	%										69	%		68	%

Annualized same-property turnover percentage		56	%		55	%					52	%		55	%					48	%		57	%										53	%		56	%

Average same-property concessions per turn (7)	$	140		$	90					$	129		$	117					$	98		$	72										$	128		$	94

Reconciliation of apartment units at end of period

Same-property apartment units		12,914									8,840									6,537									-					28,291

Consolidated apartment units		13,870			13,656						9,430			9,431						7,175			6,720											30,475			29,807
Legacy BRE portfolio (3)		8,337			-						4,339			-						2,821			-						902			-		16,399			-
Joint venture (9)		4,957			2,039						2,066			1,378						1,958			1,290						-			-		8,981			4,707
Under development		184			492						2,035			1,728						-			-						-			-		2,219			2,220
Total apartment units at end of period		27,348			16,187						17,870			12,537						11,954			8,010						902			-		58,074			36,734

Percentage of total		46	%		44	%					31	%		34	%					21	%		22	%					2	%		-		100	%		100	%


Average same-property financial occupancy		96.3	%		95.8	%					96.0	%		96.1	%					96.0	%		96.1	%										96.1	%		96.0	%

(1)	Other real estate assets consists mainly of retail space, commercial properties, boat slips, two Phoenix properties acquired as part of the merger with BRE and properties sold during 2014. The operating results are classified in non-same property results.

(2)	Includes properties which subsequent to January 1, 2013 were either acquired or in a stage of development or redevelopment without stabilized operations.

(3)	Properties acquired as part of the BRE Properties merger on April 1, 2014, excluding 17 properties contributed to joint ventures.

(4)	In March 2014, the Company purchased The Avery, a pre sale development community that is in lease up.

(5)	Acquired communities during 2013 includes Fox Plaza, Bennett Lofts, Slater 116, Vox, and Domain.

(6)	Acquired communities during 2014 includes Collins on Pine and Piedmont.

(7)	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.

(8)	Other real estate asset revenues for the three months ended June 30, 2014, includes $1.8 million related to a change in accounting policy related to accrual of utility reimbursement revenue.

(9)	Includes BRE properties contributed to joint ventures.

See Company's 10-Q for additional disclosures

S-7

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

Property Operating Results - Six months ended June 30, 2014 and 2013

(Dollars in thousands, except per unit amounts)

	Southern California									Northern California									Seattle Metro									Other real estate assets (1)				Total
	2014			2013			% Change			2014			2013			% Change			2014			2013			% Change			2014		2013		2014			2013			% Change

Revenues:
Same-property revenue	$	131,651			125,239			5.1	%	$	107,213			97,989			9.4	%	$	56,313			52,231			7.8	%	$	-		-	$	295,177		$	275,459			7.2	%
Non-same property revenue (2)(8)		8,783			4,604						7,915			5,870						2,872			-						10,249		7,906		29,819			18,380
Legacy BRE portfolio property revenue (3)		44,096			-						30,015			-						13,838			-						2,686		-		90,635			-
Total Revenues	$	184,530		$	129,843					$	145,143		$	103,859					$	73,023		$	52,231					$	12,935	$	7,906	$	415,631		$	293,839

Property operating expenses:
Same-property operating expenses
Real estate taxes	$	11,410			11,007					$	9,963			9,643					$	5,800			5,137					$	-		-	$	27,173		$	25,787			5.4	%
Administrative and insurance		11,541			11,264						6,104			6,118						3,821			3,815						-		-		21,466			21,197			1.3	%
Maintenance and repairs		8,835			8,520						6,463			6,176						3,649			3,529						-		-		18,947			18,225			4.0	%
Utilities		7,319			6,814						5,999			5,817						4,011			3,932						-		-		17,329			16,563			4.6	%
Management fees		2,843			2,788						2,050			1,938						1,500			1,412						-		-		6,393			6,138			4.2	%
Total same-property operating expenses		41,948			40,393			3.8	%		30,579			29,692			3.0	%		18,781			17,825			5.4	%		-		-		91,308			87,910			3.9	%
Non-same property operating expenses (2)(8)		3,908			2,045						2,960			2,421						902			-						3,860		2,247		11,630			6,713
Legacy BRE portfolio property operating expenses (3)		16,277			-						10,027			-						4,931			-						1,019		-		32,254			-
Total property operating expenses	$	62,133		$	42,438					$	43,566		$	32,113					$	24,614		$	17,825					$	4,879	$	2,247	$	135,192		$	94,623

Net operating income (NOI):
Same-property NOI	$	89,703		$	84,846			5.7	%	$	76,634		$	68,297			12.2	%	$	37,532		$	34,406			9.1	%	$	-	$	-	$	203,869		$	187,549			8.7	%
Non-same property NOI (2)
Legacy BRE portfolio (3)		27,819			-						19,988			-						8,907			-						1,667		-		58,381			-
Redevelopment communities		2,911			2,559						-			-						-			-						-		-		2,911			2,559
Development communities - 2014 (4)		82			-						-			-						-			-						-		-		82			-
Acquired communities - 2013 (5)		1,882			-						4,955			3,449						1,100			-						-		-		7,937			3,449
Acquired communities - 2014 (6)		-			-						-			-						870			-										870			-
Other real estate assets (1)		-			-						-			-						-			-						6,389		5,659		6,389			5,659
Total non-same property NOI		32,694			2,559						24,943			3,449						10,877			-						8,056		5,659		76,570			11,667
Total NOI	$	122,397		$	87,405					$	101,577		$	71,746					$	48,409		$	34,406					$	8,056	$	5,659	$	280,439		$	199,216



Same-property operating margin		68	%		68	%					71	%		70	%					67	%		66	%									69	%		68	%

Annualized same-property turnover percentage		51	%		50	%					49	%		50	%					43	%		47	%									48	%		49	%

Average same-property concessions per turn (7)	$	130			116					$	149			145					$	111			95									$	132			121

Average same-property financial occupancy		96.4	%		96.2	%					96.3	%		96.3	%					96.3	%		96.3	%									96.3	%		96.3	%

(1)	Other real estate assets consists mainly of retail space, commercial properties, boat slips, two Phoenix properties acquired as part of the merger with BRE and properties sold during 2014. The operating results are classified in non-same property results.

(2)	Includes properties which subsequent to January 1, 2013 were either acquired or in a stage of development or redevelopment without stabilized operations.

(3)	Properties acquired as part of the BRE Properties merger on April 1, 2014, excluding 17 properties contributed to joint ventures.

(4)	In March 2014, the Company purchased The Avery, a pre sale development community that is in lease up.

(5)	Acquired communities during 2013 includes Fox Plaza, Slater 116, Vox, and Domain.

(6)	Acquired communities during 2014 includes Collins on Pine and Piedmont.

(7)	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.

(8)

Other real estate asset revenues for the six months ended June 30, 2014, includes $1.8 million related to a change in accounting policy related to accrual of utility reimbursement revenue. Other real estate asset expenses for the six moths ended June 30, 2014, includes $1.6 million related to earthquake and flood damage at two communities.

See Company's 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 June 30, 2014, June 30, 2013 and March 31, 2014

(Dollars in thousands, except average property rental rates)

										Three months ended					Three months ended								Three months ended
			Average Property Rental Rates							June 30, 2014					June 30 2013								March 31, 2014
Region	Units		QTD 2014		QTD 2013		% Change			Property Revenue		Financial Occupancy			Property Revenue		Financial Occupancy			Property Revenue % Change			Property Revenue		Sequential % Change

Southern California
Los Angeles County		4,439	$	1,891	$	1,810		4.5	%	$	25,517		96.4	%	$	24,186		95.6	%		5.5	%	$	25,237		1.1	%
Ventura County		2,898		1,467		1,394		5.2	%		13,185		96.5	%		12,496		96.5	%		5.5	%		13,016		1.3	%
Orange County		2,887		1,917		1,821		5.3	%		16,582		95.8	%		15,840		95.7	%		4.7	%		16,467		0.7	%
San Diego County		2,067		1,294		1,235		4.8	%		8,334		96.4	%		7,870		95.5	%		5.9	%		8,186		1.8	%
Santa Barbara County		347		1,762		1,679		4.9	%		1,880		98.3	%		1,775		97.3	%		5.9	%		1,892		-0.6	%
Riverside County		276		800		801		-0.1	%		678		96.1	%		641		91.3	%		5.8	%		677		0.1	%
Total same-property		12,914		1,679		1,602		4.8	%		66,176		96.3	%		62,808		95.8	%		5.4	%		65,475		1.1	%
Los Angeles County		3,499		2,034							18,842					2,295
Orange County		2,899		1,680							14,631					-
San Diego County		2,895		1,785							15,194					-
Non-same property		9,293		1,846							48,667					2,295
		.
Northern California
Santa Clara County		4,279		2,136		1,960		9.0	%		27,539		95.6	%		25,231		95.8	%		9.1	%		26,992		2.0	%
Contra Costa County		1,720		1,806		1,677		7.7	%		9,446		95.9	%		8,776		96.4	%		7.6	%		9,305		1.5	%
Alameda County		1,542		1,806		1,619		11.6	%		8,719		97.2	%		7,826		97.1	%		11.4	%		8,504		2.5	%
San Mateo County		768		2,198		2,003		9.7	%		5,189		96.3	%		4,799		97.4	%		8.1	%		5,106		1.6	%
San Francisco MSA		301		2,278		2,058		10.7	%		2,064		95.5	%		1,774		91.7	%		16.3	%		1,968		4.9	%
Other		230		1,712		1,596		7.3	%		1,202		97.3	%		1,122		97.1	%		7.1	%		1,179		2.0	%
Total same-property		8,840		2,014		1,843		9.3	%		54,159		96.0	%		49,528		96.1	%		9.4	%		53,054		2.1	%
Santa Clara County		1,229		2,505							8,458					-
Contra Costa County		550		2,125							3,355					-
Alameda County		1,295		2,225							8,417					-
San Mateo County		1,094		2,683							8,533					-
San Francisco MSA		590		2,336							4,024					3,561
Other		171		2,344							1,252					-
Non-same property		4,929		2,403							34,039					3,561

Seattle Metro
King County		6,072		1,402		1,306		7.4	%		26,903		95.9	%		25,146		96.2	%		7.0	%		26,409		1.9	%
Snohomish County		465		1,012		949		6.6	%		1,515		96.9	%		1,334		93.1	%		13.6	%		1,487		1.9	%
Total same-property		6,537		1,374		1,280		7.4	%		28,418		96.0	%		26,480		96.1	%		7.3	%		27,896		1.9	%
King County		2,951		1,526							13,507					-
Snohomish County		508		1,549							2,457					-
Non-same property		3,459		1,529							15,964					-

Other real estate assets (1) (2)		902									9,191					4,109

Total same-property revenue		28,291	$	1,713	$	1,603		6.9	%	$	148,753		96.1	%	$	138,816		96.0	%		7.2	%	$	146,425		1.6	%

Total non-same property revenue		18,583	$	1,845						$	107,861				$	9,965

(1)	Other real estate assets consists mainly of retail space, commercial properties, boat slips, and two Phoenix properties acquired as part of the merger with BRE.

(2)	Other real estate asset revenues for the three months ended June 30, 2014, includes $1.8 million related to a change in accounting policy related to accrual of utility reimbursement revenue.

See Company's 10-Q for additional disclosures

S-8

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

Revenue by County - Six months ended June 30, 2014 and 2013

(Dollars in thousands, except average property rental rates)

										Six months ended					Six months ended
			Average Property Rental Rates							June 30, 2014					June 30, 2013
Region	Units		YTD 2014		YTD 2013		% Change			Property Revenue		Financial Occupancy			Property Revenue		Financial Occupancy			Property Revenue % Change

Southern California
Los Angeles County		4,439	$	1,878	$	1,796		4.6	%	$	50,755		96.5	%	$	48,293		96.2	%		5.1	%
Ventura County		2,898		1,454		1,389		4.7	%		26,201		96.7	%		24,941		96.7	%		5.1	%
Orange County		2,887		1,903		1,808		5.3	%		33,049		95.8	%		31,484		96.0	%		5.0	%
San Diego County		2,067		1,284		1,228		4.6	%		16,519		96.3	%		15,697		95.9	%		5.2	%
Santa Barbara County		347		1,756		1,674		4.9	%		3,772		98.9	%		3,554		97.4	%		6.1	%
Riverside County		276		796		800		-0.5	%		1,355		95.9	%		1,270		90.4	%		6.7	%

Total same-property		12,914		1,667		1,592		4.7	%		131,651		96.4	%		125,239		96.2	%		5.1	%

Los Angeles County		3,499		2,098							21,228					4,604
Orange County		2,899		1,680							14,630					-
San Diego County		2,895		1,788							17,021					-
Non-same property		9,293		1,871							52,879					4,604

Northern California
Santa Clara County		4,279		2,106		1,934		8.9	%		54,531		96.1	%		49,941		96.2	%		9.2	%
Contra Costa County		1,720		1,789		1,662		7.6	%		18,750		96.1	%		17,395		96.4	%		7.8	%
Alameda County		1,542		1,782		1,600		11.4	%		17,223		97.2	%		15,470		97.1	%		11.3	%
San Mateo County		768		2,172		1,982		9.6	%		10,295		96.5	%		9,454		97.3	%		8.9	%
San Francisco MSA		301		2,257		2,026		11.4	%		4,033		94.5	%		3,515		91.9	%		14.7	%
Other		230		1,698		1,584		7.2	%		2,381		96.8	%		2,214		96.5	%		7.5	%

Total same-property		8,840		1,988		1,821		9.2	%		107,213		96.3	%		97,989		96.3	%		9.4	%

Santa Clara County		1,229		2,505							8,458					-
Contra Costa County		550		2,125							3,355					-
Alameda County		1,295		2,225							8,417					-
San Mateo County		1,094		2,683							8,533					-
San Francisco MSA		590		2,304							7,915					5,870
Other		171		2,344							1,252					-
Non-same property		4,929		2,399							37,930					5,870

Seattle Metro
King County		6,072		1,386		1,289		7.5	%		53,311		96.2	%		49,549		96.4	%		7.6	%
Snohomish County		465		1,001		934		7.2	%		3,002		97.3	%		2,682		94.9	%		11.9	%
Total same-property		6,537		1,358		1,264		7.4	%		56,313		96.3	%		52,231		96.3	%		7.8	%
King County		2,951		1,526							14,252					-
Snohomish County		508		1,549							2,458					-
Non-same property		3,459		1,529							16,710					-

Other real estate assets (1) (2)		902									12,935					7,906

Total same-property revenue		28,291	$	1,696	$	1,588		6.8	%	$	295,177		96.3	%	$	275,459		96.3	%		7.2	%

Total non-same property revenue		18,583	$	1,544						$	120,454				$	18,380

(1)	Other real estate assets consists mainly of retail space, commercial properties, boat slips, and two Phoenix properties acquired as part of the merger with BRE.

(2)	Other real estate asset revenues for the three months ended June 30, 2014, includes $1.8 million related to a change in accounting policy related to accrual of utility reimbursement revenue.

See Company's 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 - June 30, 2014

(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 (2) (3)
Project Name	Location
MB 360 (4) (5)	San Francisco, CA		100	%		360		11,500		195		80		275		275		(1)		744
Radius	Redwood City, CA		100	%		264		-		151		20		171		171				649		Q2 2012		Q3 2014		Q1 2015
Total Development Projects - Consolidated						624		11,500		346		100		446		446				715

Land Held for Future Development - Consolidated
Project Name	Location
Other Projects	various		100	%		-		-		76		-		76		76
Total Development Pipeline - Consolidated						624		11,500		422		100		522		522

Development Projects/Land Held for Future Development - Joint Venture (2) (3)
Project Name	Location
Epic - Phase III	San Jose, CA		55	%		200		-		44		52		96		53				480		Q3 2013		Q3 2015		Q1 2016
The Dylan	West Hollywood, CA		50	%		184		12,750		75		-		75		38		(1)		363		Q4 2011		Q3 2014		Q4 2014
Mosso I	San Francisco, CA		55	%		181		5,030		86		15		101		56		(1)		538		Q2 2012		Q2 2014		Q1 2015
Mosso II	San Francisco, CA		55	%		282		4,270		134		16		150		82		(1)		525		Q2 2012		Q3 2014		Q2 2015
Park 20	San Mateo, CA		55	%		197		-		60		16		76		42				386		Q3 2012		Q4 2014		Q1 2015
One South Market	San Jose, CA		55	%		312		6,000		63		82		145		80		(1)		458		Q2 2013		Q3 2015		Q2 2016
The Village	Walnut Creek, CA		50	%		49		35,000		50		31		81		41		(1)		769		Q3 2013		Q3 2015		Q4 2015
Emme	Emeryville, CA		55	%		190		-		46		16		62		34				326		Q3 2012		Q4 2014		Q1 2015
Total Development Projects - Joint Venture						1,595		63,050		558		228		786		426			$	449

Grand Total - Development Pipeline						2,219		74,550	$	980	$	328	$	1,308		948
Essex Cost Incurred to Date																(722	)
Essex Remaining Commitment															$	226

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

(2)	The company incurred $8.0 million of capitalized interest, $1.8M of capitalized overhead and $1.3M of co-investment development fees related to development in Q2 2014.

(3)

Epic Phase II, Avery and the Huxley were completed during Q2 2014 and transferred from development to land and building. The total cost of such transfers was approximately $210M. Solstice and Wilshire La Brea, development properties acquired as part of the BRE transaction, were completed during Q2 2014 and transferred from development to land and building. The total cost of such transfers was approximately $437M.

(4)	The cost incurred to date includes $45M of expected insurance proceeds related to the fire.

(5)

Construction Start

Initial Occupancy

Stabilized Operations

MB Phase I

Q2 2012

Q4 2014

Q2 2015

MB Phase II

Q3 2014

Q3 2015

Q1 2016

See Company's 10-Q for additional disclosures

S-9

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

Redevelopment Pipeline and Capital Expenditures - June 30, 2014

(Dollars in thousands, except per unit amounts)

			Total		Estimated		Estimated				NOI
			Incurred		Remaining		Total		Project		For the six months ended
Region/Project Name	Units		To Date		Cost		Cost		Start Date		2014		2013

Same-property - Redevelopment Projects (1) (2) (3)
Southern California
Hamptons		215	$	120	$	19,361	$	19,481		Q1 2014
Monterras		292		2,209		24,174		26,383		Q1 2014
Total Same-Property - Redevelopment Projects		507	$	2,329	$	43,535	$	45,864			$	3,721	$	3,581


Same-Property Redevelopment Vacancy Loss											$	1,269	$	1,309

Non-same property - Redevelopment Projects
Southern California
Bunker Hill Towers, Los Angeles		456		5,353		70,791		76,144		Q3 2013
Total Non-Same Property - Redevelopment Projects		456	$	5,353	$	70,791	$	76,144			$	2,959	$	2,560

(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 $0.8 million of vacancy loss for the same-property portfolio, and $1.0 million of vacancy loss for the total portfolio during the three months ended June 30, 2014. The Company completed the redevelopment of interiors totaling 437 units for the same-property portfolio and 693 units for the total portfolio, during the three months ended June 30, 2014.

(3)	The company incurred $0.4 million of capitalized interest, $1.8M of capitalized overhead and $0.1M of co-investment redevelopment fees related to redevelopment in Q2 2014.

Non-revenue Generating Capital Expenditures		Q2 2014		Q1 2014		Q4 2013		Q3 2013

Non-revenue generating capital expenditures	$	10,623	$	4,416	$	5,153	$	9,536
Average apartment units in quarter		34,158		29,886		29,833		29,646
Capital expenditures per apartment unit in the quarter	$	311	$	148	$	173	$	322
Capital expenditures per apartment unit-trailing four quarters	$	870	$	918	$	906	$	1,235

See Company's 10-Q for additional disclosures

S-10

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

Co-investments - June 30, 2014	Essex					Total				Essex		Weighted			Remaining		For the Quarter						For the Six Months Ended
(Dollars in thousands)	Ownership					Undepreciated		Debt		Book		Average			Term of		Ended June 30,						Ended June 30,
	Percentage			Units		Book Value		Amount		Value		Borrowing Rate			Debt/(in Years)		2014			2013			2014			2013

Operating Non-consolidated Joint Ventures																	Net Operating Income

Essex Apartment Value Fund II, L.P. (Fund II) (1)		28.2	%		96	$	14,428	$	6,261	$	2,484		5.6	%		0.4	$	312		$	4,042		$	617		$	8,067
Wesco I, LLC (2)		50.0	%		2,713		676,638		367,241		136,100		4.0	%		9.0		9,185			8,363			18,124			16,455
Wesco III, LLC (2)		50.0	%		993		228,369		119,830		54,059		3.2	%		6.4		2,911			801			4,880			1,430
Wesco IV, LLC (2)		50.0	%		1,116		297,683		148,000		97,840		3.2	%		6.7		3,757			-			3,813			-
BEXAEW, LLC (2)		50.0	%		2,723		516,105		295,000		94,958		3.2	%		6.7		6,922			-			7,030			-
CPPIB (3)		55.0	%		878		253,544		-		168,447		-			-		3,175			-			5,027			-
Other (4)		50.0	%		462		135,680		105,535		23,146		2.0	%		6.2		1,403			920			2,519			1,305
Total Operating Non-consolidated Joint Ventures					8,981	$	2,122,447	$	1,041,867		577,034		3.4	%		7.4	$	27,665		$	14,126		$	42,010		$	27,257

																	Essex Portion of NOI and Expenses
NOI																	$	13,923		$	6,182		$	21,122		$	11,870
Depreciation																		(8,314	)		(3,777	)		(13,074	)		(7,619	)
Interest expense and other																		(4,548	)		(1,804	)		(7,005	)		(3,691	)
Gain and promote income																		1,056			2,366			8,115			2,366
Net income from operating co-investments																	$	2,117		$	2,967		$	9,158		$	2,926

Development Joint Ventures (5) (6)		50/55	%		1,595	$	558,240	$	59,900		243,127		1.5	%		32.4	$	-		$	(15	)	$	-		$	(15	)

												Weighted			Weighted
												Average			Average
												Preferred			Expected
												Return			Term		Income from Preferred Equity Investments
																	Income from Preferred Equity Investments
Preferred Equity Investments											144,809		10.2	%		3.6	$	3,512		$	4,330		$	6,997		$	8,582

Total Co-investments										$	964,970						$	5,629		$	7,282		$	16,155		$	11,493

(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 Q2 2014, 13 of the 14 properties in Fund II were sold. The remaining property is expected to be sold in 2014.

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

(3)	The Company has a 55% interest in CPPIB, and the Company may earn promote income if the co-investment exceeds certain financial benchmarks.

(4)	The Company has a 50% interest in other various joint ventures, and the Company may earn promote income if the co-investment exceeds certain financial benchmarks.

(5)	The Company has interests in eight development co-investments, which are detailed on S-9.

(6)	The Dylan has a $59.9 million long-term tax-exempt bond debt that is subject to a total return swap that will mature in 2016.

See Company's 10-Q for additional disclosures

S-11

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

Summary of Consolidated Co-Investments and Noncontrolling Interest - June 30, 2014

(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 six months ended
	Balance as of June 30, 2014								June 30, 2014
	Investment in		Related		Noncontrolling		DownREIT				Operating
	Real Estate		Debt		Interest		Units Outstanding (1)		Revenue		Expenses		NOI

Noncontrolling Interest - DownREIT:
Barkley Apartments	$	8,170	$	16,402	$	1,696		74,248	$	1,373	$	477	$	896
Avery (2)		36,558		10,000		2,568		58,884		402		319		83
Brookside Oaks		31,526		19,483		2,183		78,903		2,083		402		1,681
Capri at Sunny Hills		15,782		-		2,945		158,665		1,319		356		963
Hidden Valley (3)		36,343		30,040		6,089		62,647		2,863		882		1,981
Highridge Apartments		29,459		44,807		2,746		262,505		3,528		752		2,776
Montejo Apartments		7,684		12,938		1,216		29,319		978		261		717
The Elliot at Mukilteo		15,102		10,750		1,212		100,713		1,888		660		1,228
Magnolia Square		36,771		17,958		6,101		54,938		2,039		519		1,520
Fairhaven Apartments		12,296		16,791		2,951		67,728		1,386		378		1,008
Valley Park Apartments		13,042		21,966		30		2,156		1,579		565		1,014
Villa Angelina Apartments		18,935		26,779		1,593		43,552		2,129		513		1,616

	$	261,668	$	227,914		31,330		994,258	$	21,567	$	6,084	$	15,483

Other Components of Noncontrolling Interest:
Hillsdale Garden Apartments (4)	$	106,027				21,645			$	9,278	$	2,831	$	6,447
Operating Partnership Units and Other						60,759
Total Noncontrolling Interest					$	113,734

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

(2)	Avery was acquired on March 28, 2014 as the replacement property for Brentwood which completed a 1031 exchange transaction. Attributable to the 1031 exchange, the partnership underlying the noncontrolling interest remains in place. The Avery is in lease-up.

(3)	The DownREIT has a 75% interest in this community and a joint venture partner has a 25% interest.

(4)	The Company has an 81.5% interest in this community and the joint venture partner has an 18.5% interest.

See Company's 10-Q for additional disclosures

S-12

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

Assumptions for 2014 FFO Guidance Range

Q2 2014 Earnings Results Supplement

($'s in thousands, except share and per share data)	YTD			2014 Revised Guidance Range
	Actuals			Low End			High End			Changes from Q1 '14 Guidance
Net Operating Income ("NOI")
Total NOI from consolidated communities	$	280,203		$	636,700			641,700		Increased same-property revenue growth to a range of 6.4% to 6.8% and NOI range to 7.7% to 8.4%. Updated to reflect acquisitions occurring subsequent to quarter end.

Management Fees		3,995			8,100			8,700		Excludes dev. and redev. fees which are now an offset to G&A.

Interest Expense
Interest expense, before capitalized interest		(82,856	)		(187,400	)		(185,400	)	Interest expense dependent on timing of capital markets activities.
Projected interest capitalized		11,664			20,300			21,700
Net interest expense		(71,192	)		(167,100	)		(163,700	)

Recurring Income and Expenses
Interest and other income		4,807			9,600			10,000
FFO from co-investments		21,311			51,700			53,100		Updated to reflect investment made through July.
General and administrative expense		(17,142	)		(36,600	)		(38,000	)	Reduced G&A by dev. and redev. fees from co-investments which were previously recorded as mgmt fee revenues.
Preferred dividends and non-controlling interest		(6,968	)		(14,000	)		(14,000	)
		2,008			10,701			11,101

Non-Core Income and Expenses
Promote income from co-investment		4,904			6,000			7,000
Gains on sales of marketable securities, land, note prepayment		1,286			1,286			1,286
Earthquake related and other		(1,571	)		(1,571	)		(1,571	)
Loss on early retirement of debt		(197	)		(197	)		(197	)
Merger and integration expenses		(42,556	)		(73,000	)		(67,000	)
Utility reimbursement income accrual and acquisition fee		2,307			2,307			2,307
Acquisition costs		(717	)		(1,100	)		(1,600	)
		(36,544	)		(66,275	)		(59,775	)

Funds from Operations	$	178,470			422,126			438,026

Funds from Operations per diluted Share	$	3.41			7.18			7.45

% Change - Funds from Operations		-55.1	%		-5.4	%		-1.9	%

Funds from Operations excluding non-core items	$	215,014			488,401			497,801

Core Funds from Operations per diluted Share	$	4.11			8.31			8.47

% Change - Core Funds from Operations		-46.0	%		9.3	%		11.4	%

Weighted average shares outstanding		52,357			58,800			58,800

See Company's 10-Q for additional disclosures

S-13

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

Summary of Apartment Community Acquisitions and Dispositions Activity

Six months ended June 30, 2014 and Q3 2014 to date

(Dollars in thousands)

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

The Avery	Los Angeles, CA		121		100	%	EPLP	Mar-14		35,000		289		2,386
Q1 2014 Total			121						$	35,000	$	289

Piedmont	Bellevue, WA		396		100	%	EPLP	May-14		76,750		194		1,386
Collins on Pine	Seattle, WA		76		100	%	EPLP	May-14		29,200		384		1,884
Q2 2014 Total			472						$	105,950	$	224

Paragon	Fremont, CA		301		100	%	EPLP	Jul-14		111,000		369		2,090
Q3 2014 to date			301						$	111,000	$	369

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

Vista Capri			106		100.0	%	EPLP	Jan-14		14,350		135
Davey Glen			69		28.2	%	Fund II	Mar-14		23,750		344
Q1 2014 Total			175						$	38,100	$	218

Pinnacle at Queen's Creek			252		35.0	%	EPLP	Jun-14		33,300		132
Q2 2014 Total			252						$	33,300	$	132

BRE Properties Contributed to Joint Ventures as of April 1, 2014				Essex
				Ownership
Location		Units		Percentage			Entity	MSA	Purchase Price

Regency at Palm Court	Los Angeles, CA		116		50.0	%	Wesco III	Los Angeles
The Summit	Chino Hills, CA		125		50.0	%	Wesco III	Los Angeles
Windsor Court	Los Angeles, CA		95		50.0	%	Wesco III	Los Angeles
Wesco III Total			336
Bridgeport Coast	Santa Clarita, CA		188		50.0	%	Wesco IV	Los Angeles
City Centre	Hayward, CA		192		50.0	%	Wesco IV	San Francisco
Fairways at Westridge	Valencia, CA		234		50.0	%	Wesco IV	Los Angeles
Verandas	Union City, CA		282		50.0	%	Wesco IV	San Francisco
Vistas of West Hills	Valencia, CA		220		50.0	%	Wesco IV	Los Angeles
Wesco IV Total			1,116
Ballinger Commons	Seattle, WA		485		50.0	%	AEW	Seattle
Bothell Ridge	Bothell, WA		214		50.0	%	AEW	Seattle
Canyon Creek	Northridge, CA		200		50.0	%	AEW	Los Angeles
City Walk	Seattle, WA		102		50.0	%	AEW	Seattle
Enclave at Town Square	Chino Hills, CA		124		50.0	%	AEW	Los Angeles
Esplanade	San Diego, CA		616		50.0	%	AEW	San Diego
Parkside Court	Santa Ana, CA		210		50.0	%	AEW	Orange County
The Havens	Fountain Valley, CA		440		50.0	%	AEW	Orange County
The Heights	Chino Hills, CA		332		50.0	%	AEW	Los Angeles
AEW Total			2,723
Total Joint Ventures			4,175						$ 888,000

See Company's 10-Q for additional disclosures

S-14

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

2014 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

Los Angeles		9,000		4,100		13,100		0.6	%		0.4	%		87,000		2.2	%		5.3	%
Ventura		650		400		1,050		1.0	%		0.4	%		5,100		1.8	%		4.3	%
Orange		3,550		3,600		7,150		0.9	%		0.7	%		29,000		2.0	%		4.6	%
San Diego		4,000		2,700		6,700		0.9	%		0.6	%		29,000		2.3	%		4.4	%
So. Cal.		17,200		10,800		28,000		0.8	%		0.5	%		150,100		2.1	%		4.8	%

San Francisco		4,500		600		5,100		1.2	%		0.7	%		32,650		3.1	%		8.0	%
Oakland		2,000		3,100		5,100		0.6	%		0.5	%		20,850		2.1	%		8.1	%
San Jose		4,300		1,800		6,100		1.7	%		0.9	%		33,300		3.5	%		7.9	%
No. Cal.		10,800		5,500		16,300		1.3	%		0.7	%		86,800		3.0	%		8.0	%

Seattle^(2a)		8,500		6,500		15,000		1.9	%		1.3	%		42,600		2.8	%		5.6	%

Weighted Average (4)		36,500		22,800		59,300		1.2	%		0.7	%		279,500		2.6	%		6.2	%

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

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

(2a) Seattle Job Forecast: Includes Microsoft layoffs announced July 2014, of which 1,500 loss of jobs is anticipated to impact Seattle.

(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 disclosures

S-15

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