Fred Miller
http://profnet.
"We are pleased to report another quarter of strong operating results,"
said Keith Guericke, President and Chief Executive Officer.12 per share change in G+A expense and interest
costs.2% 9.5% 4.
Subsequent to December 31, 2005, the Company sold Casa Tiera and Vista
Capri-East for $7.com.8 million, of which approximately
$23.
-- Sammamish View -- a 153-unit apartment community located in Bellevue ,
Washington.81 per common share, payable a pass code is not required.

plumber remodels

Less than eight percent were somewhat or completely dissatisfied and only
14 percent reported feeling that way during the installation phase.
- January and June were the most favored months to decide to start a
kitchen remodeling project.8% 1.9% 1.
Avg.3% 95.
-- Tuscana is a 30-unit, townhouse-style community, located in Tracy,
California, which is owned by a taxable REIT subsidiary (TRS). Interior renovations of apartment units include new
cabinetry, flooring , appliances and fixtures. Apartment interior
upgrades will include cabinet re-facing, countertop replacements,
upgraded kitchen appliances, flooring and electrical fixtures.essexpropertytrust . If you are unable to obtain the information via
the Web, please contact the Investor Relations Department at 650-494-3700.21 $1.

drywall timers

For more
information about HIRI, visit http://www.1 million, or
$4 .48 per diluted share, compared to $114.20 $1.36 -1.


As of As of
December 31, 2005 December 31, 2004
Number of Number of
Apartment Homes % Apartment Homes %

Southern California 13,382 50 13,479 54
San Francisco Bay Area 6,557 25 5,284 21
Seattle Metro.3% 2.1
Same-Property Total $158.)
Subsequent to December 31, 2005, the Company acquired CBC and Chimney
Sweep Apartments, aggregating 239 units , located in Isla Vista, California,
which is adjacent to Santa Barbara, California for approximately $57. Construction commenced during the first quarter of
2006. The existing leasing office and fitness center
are anticipated to be remodeled, and carports are being built where
open parking currently exists. Subject to expected turnover, the
project will be completed during the fourth quarter of 2007. Leasing
office/clubhouse renovations will include a new state-of-the-art
fitness center and media room. The notes will also be exchangeable
prior to November 1, 2020, but only upon the occurrence of certain specified
events.5% and 5.
On December 23, 2005, Fund II acquired The Enclave Apartments, a 637-unit
apartment community located in San Jose, California for $127. A detailed calculation of such market
capitalization is included in the Company's supplemental financial
information, which can be obtained from the Company's web site.com
or by calling 650-494-3700., located in Palo Alto, California and traded on
the New York Stock Exchange (ESS), is a fully integrated real estate
investment trust (REIT) that acquires, develops , redevelops, and manages
multifamily residential properties in selected West Coast communities.

intake kohler

"Along
with its unique structural profile, we selected a heat resistant
engineered polymer that provides strength, rigidity and long term
performance which contractors have come to expect from WarmRite. "Half of the homeowners
who remodeled their kitchen said that they had done a bathroom remodel during
the preceding two years," said Fred Miller, HIRI managing director. Higher-end kitchen remodels take an average of 20 months.

The Kitchen + Bath Consumer Speaks Out About Bathroom Remodeling
- The average bathroom remodeling project includes new wall treatments,
flooring and faucets.org/press .7 million, or $0.3% 95.2 $108. Upon
completion , the luxury apartment community will offer 220 market-rate
units and 55 affordable-rate units . The
exterior upgrades are estimated to be completed during first half of
2006.

This project is scheduled to be
complete in early 2007. The Company's
mortgage notes payable had an average maturity of 8.


Three Months Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
Funds from operations
Net income (1) $5,213 $32,513 $79,716 $79,693
Adjustments:
Depreciation and
amortization 20,033 18,228 79,978 71,656
Co-investments (2) 685 685 1,188 2,501
Gain on sale of
real estate -- -- (5,000) (7,909)
Gain on sale of
real estate -
discontinued
operations -- -- (29,219) --
Gain on sale of
co-investment
activities, net (1,032) (25,173) (18,116) (39,242)
Minority interests 641 3,404 8,348 8,365
Depreciation -
discontinued
operations -- 212 148 1,268
Dividends to
preferred
stockholders -
Series F (488) (488 ) (1,953) (1,952)
Funds from
operations $25,052 $29 ,381 $115,090 $114,380

(1) Net income does not include the possible impact, if any, of the
Company's adoption of FIN 47 "Accounting for Conditional Asset Retirement
Obligations" for the quarter ended December 31, 2005. Jensen
Director of Investor Relations
650-849 -1656


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

This category does not include sites which sell goods and services online (Shopping: Home and Garden), sites for businesses that design or manufacture products (Business: Construction and Maintenance), or sites offering advice for purchasing decisions (Home: Consumer Information).

plunger sizing

org or call 813-627-6750.20 per diluted share compared
to $32.36 per diluted share for the twelve
months ended December 31, 2004.48 $4.
The table below illustrates the percentage change in same-property
revenue, operating expenses, and net operating income for the three and twelve
months ended December 31, 2005, compared to the three and twelve months ended
December 31, 2004, for the Company's multifamily properties:


Quarter ended Year Ended 2005 Original
12/31/05 12/31/05 Guidance

Ops. Ops.9% 7.8% 3.3% 6.6% 2. Most of the interiors
have been renovated -- the remaining units will be upgraded as they
become vacant in the normal course of turnover. Subject to expected
turnover , the project will be completed during the fourth quarter of
2006. Upgrades to the current leasing office are complete.

ESSEX APARTMENT VALUE FUND II, L.

Consolidated Operating Results Three Months Twelve Months
(Dollars in thousands , except per Ended Ended
share amounts) December 31 , December 31,
2005 2004 2005 2004

Revenues:
Rental and other property $81,489 $73,728 $316,340 $280,719
Management and other fees from
affiliates 1,843 4,828 10,951 23,146
83,332 78,556 327,291 303,865

Expenses:
Property operating, excluding
real estate taxes 20,769 18,744 77,967 71,237
Real estate taxes 6,867 6,742 27,384 24,563
Depreciation and amortization 20,033 18,228 79,978 71,656
Interest 18,748 17,238 73,614 63,023
Amortization of deferred
financing costs 480 408 1,970 1,587
General and administrative 5,574 4,099 19,148 18,084
Other expenses 2,927 -- 5,827 --
75 ,398 65,459 285,888 250,150

Gain on sale of real estate -- -- 6,391 7,909
Interest and other income, net 689 1,078 8,621 3,173
Equity income in co-investments 1,455 24,770 19,030 41,230
Minority interests (4,713) (6,885) (21,465) (27,473)
Income from continuing operations
before income tax provision 5,365 32,060 53,980 78,554
Income tax provision (152) (49) (2,538) (257)
Income from continuing operations 5 ,213 32,011 51,442 78,297

Income and gain from discontinued
operations, net of minority
interests -- 502 28,274 1,396
Net income 5,213 32,513 79,716 79,693
Dividends to preferred
stockholders - Series F (488) (488) (1,953) (1,952)
Net income available to common
stockholders $4,725 $32,025 $77,763 $77,741

Net income per share - basic $0.

kohler vapor

0 million, or $1.8 million, or $3.32 per diluted
share, compared to $77.S.0% $4.49 -0.9%
Same Prop.2%
Same-Property Average 1.

DISPOSITIONS
No dispositions occurred during the quarter.

DEVELOPMENT
During the fourth quarter, the Company had three development projects in
various stages of construction with combined estimated costs of $133.essexpropertytrust. Renovation initiatives commenced during the quarter to upgrade
the leasing office/clubhouse and unit interiors.

intake remodelling

- Whirlpools were purchased for 23 percent of higher-end bathroom
remodels.
- February, September and November were the most favored months to decide
to start a kitchen remodeling project.

Essex Announces 2005 Fourth Quarter and Annual Earnings Results

Net Operating Income Increases 6.38 -85.9 % -0.5% 3.6% -3. The
property's leasing office, clubroom and a new fitness center are
complete. Common area
hallway improvements are currently in progress and include new entry
doors, carpeting, lighting, as well as elevator upgrades.5%
to 7.

timers musts

With its
engineered thermoplastic and lightweight design, K-Tile can be quickly
and easily installed in new construction or renovation projects.

The Kitchen + Bath Consumer Speaks Out About Kitchen Remodeling
- The average kitchen remodel includes replacing the countertops,
painting and wallpapering .7%
Funds From
Operations
(FFO) $25,052 $29,381 -14.2%
FFO Per
Share $0. NOI Rev.9% 2.1% 3.0% 2.

redecorating caulk

K-Tile's one part 12 " x 12" modular design can be easily modified
to create 6" x 12" and 6" x 6" squares with no tools required.
- The average kitchen remodel lasts about 13 months from the time
homeowners first think seriously about the project until it was
completed.14 per diluted share for the three months ended December 31, 2004. generally
accepted accounting principles) as well as a more comprehensive definition of
FFO, and explanation as to why Essex believes this is a useful measure of the
Company's operating performance, is located in this press release.
-- An impairment loss in the amount of $1. Exp.0% 3.2% 3.6 for the
quarter ended December 31, 2005, compared to $422.0 million.

-- Northwest Gateway is a proposed 5-story apartment building aggregating
275 apartment homes, which is located in downtown Los Angeles. Upon
completion, this community will offer a combination of two and three
story townhouses. These amounts exclude redevelopment
projects owned by the Essex Apartment Value Fund II, L.

FINANCING ACTIVITIES
During October and November 2005, the Company's operating partnership,
Essex Portfolio, L. During the quarter, the Company paid-off ten
mortgage notes payable totaling $89 million with fixed rates ranging from 6.com. The effect of adoption,
which would be presented as a cumulative effect of change in accounting
principle, may reduce net income and earnings per share; however it has no
impact on FFO.

Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995:
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.

sizing hometime

"The Kitchen + Bath Consumer Speaks Out," from the Home Improvement
Research Institute (HIRI) commissioned by the National Kitchen + Bath
Association (NKBA), found that more than 80 percent of homeowners who
remodeled their kitchen or bathroom within the last year were somewhat or
completely satisfied with the outcome. NKBA kitchen and bath dealers derive an average of 80
percent of our annual revenue from repeat business and referrals ," said
Jeffrey Cannata, CMKBD, President of the National Kitchen + Bath Association. (NYSE: ESS) , announces its fourth quarter and annual operating results
for the three and twelve months ended December 31, 2005. Exp.7% 3.3% 1.6
Pacific Northwest 63.9 for the quarter ended December 31, 2004.2% 2. (Fund II activities can be
seen in a separate section below .5 million remains to be expended. Subject to turnover rates, are
estimated to be completed in the fourth quarter of 2006. Unit interiors will be upgraded as they become vacant in
the normal course of turnover. During the
quarter, common area upgrades commenced, and include the renovation of
the existing leasing office and addition of a new fitness center.

OTHER COMPANY INFORMATION
Essex's total market capitalization as of December 31, 2005 was
approximately $3.1 percent.
On December 8, 2005, the Company's Board of Directors declared a regular
quarterly cash dividend of $. Factors that might cause
such a difference include, but are not limited to, changes in market demand
for rental units and the impact of competition and competitive pricing,
changes in economic conditions, unexpected delays in the development and
stabilization of development and redevelopment projects, unexpected
difficulties in leasing of development and redevelopment projects, total costs
of renovation and development investments exceeding our projections and other
risks detailed in the Company's filings with the Securities and Exchange
Commission (SEC).

plumber remodels

HIRI is a not-for-profit trade association that conducts a broad range of
research on the U. Mr. Guericke continued, "Each of
our markets produced over 5% revenue growth and same-property NOI growth for
the Company's portfolio increased 6.
-- Pre-payment penalties and write-off of deferred charges in the amount
of $1.32 $3.3% 5.4% 3.8% 1.5%
San Francisco Bay Area 96.6 $294.7
million.

The Company 's development pipeline and stabilization assumptions can be
found in the Company's current Supplemental Financial Reporting Package, on
the "Development Communities" page, which is available at
http: //www.
On or after November 1, 2020, the notes will be exchangeable at the option
of the holder into cash and, in certain circumstances at Essex's option,
shares of Company's common stock at an initial exchange price of $103.25 per
share subject to certain adjustments. ("Fund II") to broaden the Company's capital alternatives.
This press release and accompanying supplemental financial information
will be filed electronically on Form 8-K with the Securities and Exchange
Commission and can be accessed from the Company's Web site at
http://www. The Company's actual results may differ materially from
those projected in such forward-looking statements.32 $3.

Consolidated Balance Sheets
(Dollars in thousands)
December 31, December 31,
2005 2004
Real Estate:
Land and land improvements $554,449 $536,600
Buildings and improvements 1,946,780 1,834,594
2,501,229 2,371,194
Less: accumulated depreciation (401,154) (329,652)
2,100,075 2,041,542
Real estate investment held for
sale, net of accumulated
depreciation of $496 as of
December 31, 2004 -- 14,445
Investments 27,228 49,712
Real estate under development 37,143 38,320
2,164,446 2,144,019
Cash and cash equivalents 28,274 31,899
Other assets 31,455 30,561
Deferred charges, net 15,115 10,738
Total assets $2,239,290 $2,217,217

Mortgage notes payable $1,104,918 $1,067,449
Exchangeable bonds 225,000 --
Lines of credit 25,000 249,535
Other liabilities 67,998 63,826
Deferred gain 2,193 5,000
Total liabilities 1,425,109 1,385,810

Minority interests 233,214 240,130

Stockholders' Equity:
Common stock 2 2
Series F cumulative redeemable
preferred stock, liquidation value 25,000 25,000
Additional paid-in -capital 632,646 646,744
Distributions in excess of
accumulated earnings (77,341) (80,469)
Accumulated other comprehensive
income 660 --
Total liabilities and
stockholders' equity $2,239,290 $2,217,217

vapor tiniest

49 per diluted
share for the twelve months ended December 31, 2004.5% for the quarter -- we anticipate that
rental demand will continue to improve in 2006, leading to above-average
growth."
FFO is a supplemental financial measurement defined by the National
Association of Real Estate Investment Trusts (NAREIT) to measure and compare
operating performance of equity REITs.0 million of tax-exempt bond financing, and will be drawn to fund
future construction costs.
-- Mira Woods -- a 355-unit apartment community located in Mira Mesa,
California (San Diego County), built in 1982, and acquired by Essex in
2002.
-- Avondale at Warner Center -- a 446-unit apartment community located in
Woodland Hills, California, built in 1970, and acquired by Essex in
1999.essexpropertytrust.

bathroom grout

About half of the projects were done by the
homeowners alone or with family and friends. About 60 percent of homeowners did their bathroom
remodeling by themselves or with friends and family.4 million,
or $1.22 per share. Area 5,471 21 4,776 19
Portland Metro. NOI Rev. 5.8 $380.3% 5.2%


ACQUISITIONS
No acquisitions were made during the quarter.
-- Palisades -- a 192-unit apartment community located in Bellevue,
Washington , built in 1977, and acquired by Essex in 1990. Management has consistently applied the
NAREIT definition of Funds from Operations to all periods presented, however,
Funds from Operations as disclosed by other REITs may not be comparable to the
Company's calculation of FFO.

intake plumber

38 per diluted share for the three months ended
December 31, 2004. Components of the change in FFO can be found on S-3 of the Company's
Supplemental Reporting Package.5% $3.14 -14. Ops.6% 1.5 168.1 103.
-- Moorpark is a proposed 200-unit, Mediterranean-style apartment
building, located in Moorpark, California. Redevelopment communities typically have apartment
units that are not available for rent and, as a result, may have less than
stabilized operations. Unit interior renovations include
upgraded appliances, fixtures, flooring, kitchen cabinets, and
resurfaced countertops.
Essex and several institutional partners formed the Essex Apartment Value
Fund II, L. The
Company's co-investment activities enhance its financial flexibility by
providing an alternative source of capital to fund new acquisition and
development transactions . For more
details relating to risk and uncertainties that could cause actual results to
differ materially from those anticipated in our forward-looking statements,
and risks to our business in general, please refer to our SEC filings,
including our most recent Report on Form 10-K for the year ended December 31,
2005.39

Net income per share - diluted $0.20 $1.

toilets sizing

The design and planning phase is the longest, typically lasting between
eight and 11 months .

About the Research
The Kitchen + Bath Consumer Speaks Out reports findings from surveys
completed during March 2005 from a representative sample of homeowners between
the ages of 25 and 70 who remodeled their kitchen or bathroom in the past 12
months.S. For the twelve months ended December 31, 2005, net income
available to common stockholders totaled $77.3%


A breakdown of the same-property financial occupancies for Essex's
multifamily properties is as follows:


For the Quarter Ended
12/31/05 09/30/05 12/31/04
Southern California 97.2% 96.0%
San Francisco Bay Area 1.7%
Pacific Northwest 0. However, the Company
continues to evaluate the sale of select apartment communities to condominium
conversion buyers. Subsequent to December 31, 2005, the Company
has renegotiated its joint venture agreement with Meta Housing Corp. Note holders may require the operating partnership to
repurchase all or a portion of the notes at a purchase price equal to the
principal amount plus accrued and unpaid interest (including additional
interest, if any) , on the notes on November 1, 2010, November 1, 2015 and
November 1, 2020. To
access the replay digitally, dial 888-203-1112 using the passcode, 322246.

COMPANY PROFILE
Essex Property Trust, Inc.

bathrooms renovators

"We wanted to offer our customers a faster and more efficient way
to install our hydronic radiant heating system in virtually any
situation and K -Tile is the solution," says Trevor Johnston, Business
Development Manager for IPEX Mechanical and Heating Systems."

When combined with 3/8" aluminum heat transfer plates and 3/8"
Kitec(R) XPA(TM) pipe, K-Tile provides a low profile radiant floor
heating substrate that is much easier to work with than wood
underlayment systems, with no carpentry or heavy materials required. With state -of-the-art
manufacturing facilities and distribution centers across North
America, the IPEX name is synonymous with quality and performance.
- Higher-end kitchen remodels, costing $20,000 on average, were more
likely to be professionally designed and/or installed and more than 90
percent include new countertops and cabinets.
The Company's fourth quarter results include the following items:

-- A promote distribution in the amount of $1.6%

Per Diluted
Share:
Net Income
Per Share $0.9% 1.6% 0.5


Concessions for the Company's consolidated portfolio were $324.,
and Essex now owns a 100% interest in the project. The Company has begun phase II of the unit
interiors , which will include upgraded countertops, flooring, kitchen
cabinets, upgraded appliances , fixtures. Framing and roofs have been completed on two
of the buildings where the Company is adding 16 additional units.39 $3.38 $3.

toilets timers

IPEX Expands its WarmRite Floor Product Line with K-Tile Underlayment

- Higher-end bathroom remodels, costing $6,300 on average, most
frequently include new faucets, flooring, shower heads, wall treatment,
lighting, and a toilet. Sachs, Inc. NOI
Southern
California 5.3% 4.3% 7.1
million.

REDEVELOPMENT
The Company defines redevelopment communities as existing properties owned
or recently acquired, which have been targeted for additional investment by
the Company with the expectation of increased financial returns through
property improvement . Interior renovations will include cabinet re-facing, countertop
replacements, upgraded kitchen appliances, flooring, electrical
fixtures and new plumbing.
Approximately $83. It should not be considered
as an alternative to net income as an indicator of the REIT's operating
performance or to cash flows as a measure of liquidity.

laying musts

"Those of us in the business have long known that people love their new
kitchens and bathrooms.
The National Kitchen + Bath Association (NKBA ) is a non-profit trade
association that has educated and led the kitchen and bath industry since
1963.nkba.com/ud_public. A reconciliation of FFO to net income
(the most directly comparable measure in accordance with U.12 per share increase in other
expenses (noted above), and $0.7% $115,090 $114,380 0.
The following is the sequential percentage change in same-property
revenues and expenses for the three months ended December 31, 2005 versus the
three months ended September 30, 2005:


Q4 vs. It was constructed in 1986 and acquired by Essex it in
1994.P.9 billion.7 years and an average
interest rate of 5. As of December 31, 2005, the Company's
debt-to-total-market-capitalization ratio was 35. FFO does not
represent net income or cash flows from operations as defined by generally
accepted accounting principles (GAAP) and is not intended to indicate whether
cash flows will be sufficient to fund cash needs.38 $3.

intake plumber

News Editors

TORONTO----IPEX introduces K-Tile(TM)
- a new and innovative underlayment designed specifically for use with
WarmRite Floor(R) - IPEX's hydronic radiant heating system. Industry trade groups find high levels of satisfaction; even installation
isn't so bad

LAS VEGAS, A majority of Americans who remodeled
their kitchen or bathroom in the last 12 months said they were satisfied with
entire process -- including the oft-dreaded installation phase -- according to
a new report being released at the annual National Kitchen + Bath Conference
here tomorrow. For more information, please visit the NKBA Press Room
at http://www.
Net income available to common stockholders for the three months ended
December 31, 2005, totaled $4.9% 97.2%
Pacific Northwest 96.9%


A breakdown of same-property concessions for Essex's multifamily
properties is as follows:


For the Quarter Ended
(in thousands)
12/31/05 09/30 /05 12/31/04
Southern California $68.6 for the quarter ended
September 30 , 2005, and $735. The site is adjacent to
City Hall and is approximately a three-minute walk to the town center
area and the Metrolink train station, which provides direct access to
the greater Los Angeles basin and downtown employment areas. Exterior enhancements to the building 's fagade and common
hallways are complete.625% due 2025.com and select the third quarter earnings link. FFO does not measure
whether cash flow is sufficient to fund all cash needs including principal
amortization, capital improvements and distributions to shareholders. Such forward-looking
statements include statements regarding 2006 earnings per share and 2006 FFO
per share estimates, trends in apartment fundamentals, future improvements in
our operating results and our same store results, anticipated timing and costs
of the completion and stabilization of property developments and
redevelopments , the Company's projected development projects in 2006,
potential sales of our properties to condominium conversion buyers, and future
construction costs.

Mary C.

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residential improvement and repair market.5 Percent for the Fourth Quarter

PALO ALTO, Calif. "Our markets
continue to benefit from improved economic conditions, as well as the inherent
benefits of our supply-constrained markets. However, the results were offset by
decreases of $0.2%


PORTFOLIO COMPOSITION
The following table compares Essex's regional concentrations for its
multifamily portfolio as of December 31, 2005 and 2004, which includes all
properties that are partially or wholly owned by the Company.2% 5.4% 5.3%
Pacific
Northwest 5 .8% 4.6 97. As part of
phase I, renovations to the property's exteriors, roof and outside
amenities are complete. The second
part of this project includes interior renovations, which include
cabinet re-facing, countertop replacements, upgraded kitchen
appliances, flooring, electrical fixtures and new plumbing.
-- Bridle Trails -- a 108-unit apartment community located in Kirkland,
Washington, built in 1986, and acquired by Essex in 1997.P.6%.P.2 million in debt was assumed by Fund II in connection with
the transaction. To access the replay online, go to
http://www.

Funds From Operations
Funds from Operations , as defined by the National Association of Real
Estate Investment Trusts ("NAREIT") is generally considered by industry
analysts as an appropriate measure of performance of an equity REIT.

plunger hometime

K -Tile is ideal for wood sub floors or concrete slabs in residential
or commercial buildings.
Homeowners who undertake kitchen and bathroom remodels are indeed frequent
consumers of home improvement products and services.98 per diluted share compared to $29.

FFO per diluted share for the quarter ended December 31, 2005 compared to
the quarter ended December 31, 2004 was positively impacted by an increase in
operating income of $0.11 in promote income, a $0.5% $316,340 $280,719 12.1 % 97. Q3 2005
Revenues Expenses
Southern California 1.4% 3. The project is a joint venture
between Essex and Meta Housing Corporation, which has obtained
$47. Upon
completion, this apartment community will offer a combination of three
story garden -style apartment homes with attached garages as well as
three-story podium buildings with covered garage parking. Common area renovations are expected to
be finished in early 2006. On or after November 4, 2010, the operating partnership may redeem all
or a portion of the notes at a redemption price equal to the principal amount
plus accrued and unpaid interest.
The Company originated two new mortgage notes payable totaling $35 million
with fixed rates of 5. If
you are unable to access the information via the Company's Web site, please
contact the Investor Relations department at investors@essexpropertytrust. Essex
currently has ownership interests in 126 multifamily properties (26,760
units), and has 505 units in various stages of development.
Generally, FFO adjusts the net income of equity REITS for non-cash charges
such as depreciation and amortization of rental properties , gains/ losses on
sales of real estate and extraordinary items. FFO also
does not represent cash flows generated from operating, investing or financing
activities as defined under GAAP.
(2) Amount includes the following: (i) depreciation addback for Fund II
assets and minority interests , (ii) joint venture NOI, and (iii) City Heights
land lease income not recognized for GAAP.36


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

bathroom musts

, Essex Property Trust,
Inc. For
the twelve months ended December 31, 2005, FFO totaled $115.6 million related to early termination of various mortgage notes
payable (included in FFO).
Rev.0% 4.9% 97. Construction
is anticipated to begin in the second quarter of 2006. As of December 31, 2005, the Company had ownership
interests in six redevelopment communities aggregating 1,450 apartment units
with estimated redevelopment costs of $36.

This category contains sites which assist with repairing, remodelling , and redecorating bathrooms.

bathrooms fixing

Remodeling Your Kitchen + Bath? Those Who've Been There Say There's Nothing to Fear

7 million, or $3.


QUARTERLY RESULTS SUMMARY

Three Months Ended Twelve Months Ended
December 31, December 31,
Percent Percent
2005 2004 Change 2005 2004 Change

Property
Revenues $81,489 $73,728 10.98 $1.
Comparable results may not be available for properties that have been recently
developed or redeveloped and properties that have not been owned for the
periods presented.3% -1.3% 95.5% 97 .8
San Francisco Bay Area 26.5 76.

-- Kings Road -- a 196-unit apartment community located in Los Angeles,
California, built in 1971 and purchased by Essex in 1997. Walk-in
closets will be upgraded with mirrored doors and built-in closet
organizers., raised $225 million from the sale of exchangeable
senior notes (the "Notes") with a coupon of 3. Upon redemption, if the Company's common
stock price exceeds the exchange price, it will issue shares of common stock
as additional interest.9%.9 percent.
A rebroadcast of the live call will be available online for 90 days and
digitally for 7 days. All forward-looking statements are made as of today, and
the Company assumes no obligation to update this information.

tiniest drywall

Each
K -Tile features integral tabs and slots for quick installation of the
system, designed to hold the tiles in place while allowing for any
expansion or contraction. About 70 percent of these bathroom remodels included the
services of a designer or contractor.hiri.prnewswire.
Funds From Operations (FFO) for the three months ended December 31, 2005,
totaled $25.1 million, or $0.3 million resulting from the
write-down of a property in Houston, Texas (included in FFO), which was
acquired in the merger with John M. Exp.8%
Northern
California 5.4%
Same-Property Average 96.5 $121.
These units will be comprised of four, 1-bedroom, 1-bath units,
totaling approximately 750 square feet each, and twelve, 2 -bedroom, 2-
bath units totaling approximately 1,000 square feet each.

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4 million, or $4.0 million , resulting from
the incentive distribution provisions of the Fund I agreement (included
in FFO). Area 875 3 875 4
Other 302 1 578 2
Total 26,587 100% 24,992 100%

PROPERTY OPERATIONS
The following operating results relate to the Company's same-property
portfolio, which excludes properties that do not have comparable results for
the three months and twelve months ended December 31, 2005 and 2004.1% 4.
Average same-property concessions totaled $70 per turn for the quarter ended
December 31, 2005, compared to $102 per turn for the quarter ended September
30, 2005, and $254 per turn for the quarter ended December 31, 2004.P. The
anticipated delivery date of the new units is scheduled for the first
half of 2006.
With the proceeds from the sale of the exchangeable senior notes, the
Company repurchased $25 million in common stock and paid down $135 million on
the outstanding lines of credit. Listed below are the Fund II activities that
occurred during the quarter.0 million . Management considers FFO to be a
useful financial performance measurement of an equity REIT because , together
with net income and cash flows, FFO provides investors with an additional
basis to evaluate the performance and ability of a REIT to incur and service
debt and to fund acquisitions and other capital expenditures.

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