ESSEX PROPERTY TRUST

Essex Property Trust, Inc., is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast communities. The Company currently has ownership interests in 133 multifamily properties (26,790 apartment homes), and has 1,658 units in various stages of development. The properties are located in the San Francisco Bay Area, Southern California, and the Pacific Northwest. Since the Company was founded in... 1971, it has become the only multifamily REIT with a diversified portfolio located in strong West Coast markets which have significant constraints on the production of housing. Essex's investment strategy has two components: constant monitoring of existing markets, and evaluation of new markets to identify areas with the characteristics that underlie rental growth. Essex's strong financial condition supports its investment strategy by providing access to a wide range of capital alternatives. This enhances Essex's ability to quickly shift its acquisition, development, and disposition activities to markets that will optimize the performance of the portfolio, thereby increasing shareholder value. Essex's investment approach and financial strength have produced solid returns for shareholders through dividend increases and stock price appreciation. Essex Property Trust, Inc., became a public company in 1994 to better expand its real estate activities and grow its portfolio in selected markets along the West Coast. The Company is based in Palo Alto,More