com
For those who cannot listen to the live broadcast, an audio replay
of the call will be available on these web sites for 14 days. The Company's product lines include replacement
kitchen cabinetry, kitchen cabinet refacing and countertop products
utilized in kitchen remodeling , bathroom refacing and related products
utilized in bathroom remodeling, wood decks and related accessories ,
replacement windows and patio doors. (NYSE: ESS), announces its fourth quarter and annual operating results
for the three and twelve months ended December 31, 2005.36 per diluted share for the twelve
months ended December 31, 2004.
Funds From Operations (FFO) for the three months ended December 31, 2005,
totaled $25.1 million, or $0. Guericke continued, "Each of
our markets produced over 5% revenue growth and same-property NOI growth for
the Company's portfolio increased 6.12 per share change in G+A expense and interest
costs. Components of the change in FFO can be found on S-3 of the Company's
Supplemental Reporting Package.1% 4.5 168.7%
Pacific Northwest 0. As part of
phase I, renovations to the property's exteriors , roof and outside
amenities are complete. Unit interiors will be upgraded as they become vacant in
the normal course of turnover.
-- Sammamish View -- a 153-unit apartment community located in Bellevue,
Washington.

FINANCING ACTIVITIES
During October and November 2005, the Company's operating partnership,
Essex Portfolio, 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.81 per common share, payable a pass code is not required.
A rebroadcast of the live call will be available online for 90 days and
digitally for 7 days.

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.

backsplashes maximizing

, Essex Property Trust,
Inc.98 per diluted share compared to $29. For
the twelve months ended December 31, 2005 , FFO totaled $115.48 per diluted share, compared to $114.22 per share.5% $3. Ops .4% 3.9% 2.5% 3.7
million. The project is a joint venture
between Essex and Meta Housing Corporation, which has obtained
$47. Subsequent to December 31, 2005, the Company
has renegotiated its joint venture agreement with Meta Housing Corp. Leasing
office/clubhouse renovations will include a new state-of-the-art
fitness center and media room.625% due 2025 . The notes will also be exchangeable
prior to November 1, 2020, but only upon the occurrence of certain specified
events.7 years and an average
interest rate of 5.1 percent.
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.

countertop remodeling

S.ushomesystems. The Company manufactures its own
cabinet refacing products, bathroom cabinetry and wood decks. For the twelve months ended December 31, 2005, net income
available to common stockholders totaled $77.14 per diluted share for the three months ended December 31, 2004. Mr.0% 4.5%
San Francisco Bay Area 96.3% 95. Exterior enhancements to the building's fagade and common
hallways are complete. Apartment interior
upgrades will include cabinet re-facing, countertop replacements ,
upgraded kitchen appliances, flooring and electrical fixtures.36

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

sinks budgeting

To participate in the call, please dial 800-798-2884
(international callers dial 617-614-6207) at least five minutes prior
to the start time of the call.S.

Essex Announces 2005 Fourth Quarter and Annual Earnings Results

20 per diluted share compared
to $32. Sachs, Inc . 5.6 for the quarter ended
September 30, 2005, and $735.2%

ACQUISITIONS
No acquisitions were made during the quarter. Common area
hallway improvements are currently in progress and include new entry
doors, carpeting, lighting , as well as elevator upgrades.
Approximately $83.

kitchens hanging

S. CST that same day, Tuesday,
March 29, 2005 .

About U. The Company's
home improvement products are marketed directly to consumers through a
variety of media sources under nationally recognized brands, including
The Home Depot(R) Kitchen and Bathroom Refacing, The Home Depot
Installed Decks and Century 21 Home Improvement, and under our
Facelifters brand.

This press release may contain 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.0 million, resulting from
the incentive distribution provisions of the Fund I agreement (included
in FFO). Exp.3% 95.8
San Francisco Bay Area 26.6
Pacific Northwest 63.1 103. The
anticipated delivery date of the new units is scheduled for the first
half of 2006. If
you are unable to access the information via the Company's Web site, please
contact the Investor Relations department at investors@essexpropertytrust. 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. All forward-looking statements are made as of today, and
the Company assumes no obligation to update this information.

demolition sinks

Net Operating Income Increases 6.4 million,
or $1.11 in promote income, a $0.32 $3. NOI Rev. Exp.6% 0.1% 3.4%
Same-Property Average 96.5 76.

-- Northwest Gateway is a proposed 5-story apartment building aggregating
275 apartment homes, which is located in downtown Los Angeles. Construction commenced during the first quarter of
2006. The
property's leasing office, clubroom and a new fitness center are
complete. Framing and roofs have been completed on two
of the buildings where the Company is adding 16 additional units. 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.5%
to 7. FFO does not measure
whether cash flow is sufficient to fund all cash needs including principal
amortization, capital improvements and distributions to shareholders.
(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.

countertop hgtv

(Nasdaq:USHS) will report its 2004 year-end results, for the period
ended December 31, 2004, before the opening of the stock market on
Tuesday, March 29, 2005. A
telephone replay of the call will also be available through April 6,
2005. A reconciliation of FFO to net income
(the most directly comparable measure in accordance with U.

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 10.0% $4. NOI Rev.9% 7.2% 96 .2%
Pacific Northwest 96.2 $108.1
Same-Property Total $158.
-- Tuscana is a 30-unit, townhouse-style community, located in Tracy,
California , which is owned by a taxable REIT subsidiary (TRS). Most of the interiors
have been renovated -- the remaining units will be upgraded as they
become vacant in the normal course of turnover . The Company has begun phase II of the unit
interiors, which will include upgraded countertops , flooring, kitchen
cabinets, upgraded appliances, fixtures. Subject to turnover rates, are
estimated to be completed in the fourth quarter of 2006. Walk-in
closets will be upgraded with mirrored doors and built-in closet
organizers.25 per
share subject to certain adjustments.6%.

remodelling dimensions

Home Systems, Inc. Area 5,471 21 4,776 19
Portland Metro.4% 5.9%
Same Prop.6 97.2%
Same-Property Average 1. As of December 31, 2005, the Company had ownership
interests in six redevelopment communities aggregating 1,450 apartment units
with estimated redevelopment costs of $36.5 million remains to be expended.

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. 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 .

hgtv redecorating

Management of USHS will hold a conference
call to discuss those results at 9:30 a.
The call will also be simulcast and can be accessed on the Internet at
www."
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.7% 3.8%
Northern
California 5.0% 3. (Fund II activities can be
seen in a separate section below.,
and Essex now owns a 100% interest in the project.com.
-- Avondale at Warner Center -- a 446-unit apartment community located in
Woodland Hills, California, built in 1970, and acquired by Essex in
1999 . To access the replay online, go to
http://www. The Company's actual results may differ materially from
those projected in such forward-looking statements.38 $3.

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m.

U.1 million, or
$4. 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 2004.9% 1. Interior renovations will include cabinet re-facing, countertop
replacements, upgraded kitchen appliances , flooring, electrical
fixtures and new plumbing. 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.

kitchens decorating

U.S. Home Systems Schedules 2004 Year-End Results Release and Conference Call

If the industry's or the Company's
performance differs materially from these assumptions or estimates,
U.0 million, or $1.3 million resulting from the
write-down of a property in Houston, Texas (included in FFO), which was
acquired in the merger with John M.3%
Pacific
Northwest 5. Q3 2005
Revenues Expenses
Southern California 1.0 million of tax-exempt bond financing, and will be drawn to fund
future construction costs. 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.P.9 percent.com.

remodeling countertop

Business Editors

DALLAS- ---U. To listen to the telephone replay, dial 888-286-8010
(617-801-6888 outside the U. The
Company 's consumer financing business purchases retail installment
obligations from residential remodeling contractors throughout the
United States, including contracts originated by our own home
improvement operations.7%
Funds From
Operations
(FFO) $25,052 $29,381 -14 .38 -85.0% 2.9% 97.

-- Kings Road -- a 196-unit apartment community located in Los Angeles,
California, built in 1971 and purchased by Essex in 1997.
-- Palisades -- a 192-unit apartment community located in Bellevue,
Washington, built in 1977, and acquired by Essex in 1990.

COMPANY PROFILE
Essex Property Trust , Inc. 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.20 $1.

hometime hgtv

32 per diluted
share, compared to $77.5% for the quarter -- we anticipate that
rental demand will continue to improve in 2006, leading to above-average
growth .

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 $0.12 per share increase in other
expenses (noted above), and $0.
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.
Rev.2% 3.6% 1. However, the Company
continues to evaluate the sale of select apartment communities to condominium
conversion buyers.

DEVELOPMENT
During the fourth quarter, the Company had three development projects in
various stages of construction with combined estimated costs of $133.

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. 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. It was constructed in 1986 and acquired by Essex it in
1994. ("Fund II") to broaden the Company's capital alternatives.com
or by calling 650-494-3700 . If you are unable to obtain the information via
the Web, please contact the Investor Relations Department at 650-494-3700.21 $1.

refacing backsplash

Home Systems, Inc.) and enter conference passcode
60019064. Although the Company believes these assumptions are
reasonable, no assurance can be given that they will prove correct.38 per diluted share for the three months ended
December 31, 2004.
-- An impairment loss in the amount of $1.36 -1.3% 5.8% 1.9% 97.9%

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 $68.8 million, of which approximately
$23. During the
quarter, common area upgrades commenced, and include the renovation of
the existing leasing office and addition of a new fitness center. The
exterior upgrades are estimated to be completed during first half of
2006.
The Company originated two new mortgage notes payable totaling $35 million
with fixed rates of 5.5% and 5.P.39 $3.

backsplash cabinets

Such forward-looking statements are based on a number of assumptions,
including expectations for continued market growth and anticipated
revenue levels .
Net income available to common stockholders for the three months ended
December 31, 2005 , totaled $4.6 million related to early termination of various mortgage notes
payable (included in FFO).
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.2% 5.3% -1 .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 97.6 for the
quarter ended December 31, 2005, compared to $422.0 million.
-- Moorpark is a proposed 200-unit, Mediterranean-style apartment
building, located in Moorpark , California.essexpropertytrust. The existing leasing office and fitness center
are anticipated to be remodeled, and carports are being built where
open parking currently exists. 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. As of December 31, 2005, the Company's
debt-to -total-market-capitalization ratio was 35.com and select the third quarter earnings link.

Mary C.

budgeting renovating

The passcode for the call is 41077484.S.S. However, the results were offset by
decreases of $0.14 -14.8% 4. Construction
is anticipated to begin in the second quarter 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. 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.

redecorating budgeting

Home Systems' actual results could vary significantly from the
estimated performance reflected in any forward-looking statements.

9% 1.8% 1.6 % 2.3% 95.5 $121.
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, 2004.4% 3.
-- Bridle Trails -- a 108-unit apartment community located in Kirkland,
Washington, built in 1986, and acquired by Essex in 1997.
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. 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.
On December 23, 2005, Fund II acquired The Enclave Apartments , a 637-unit
apartment community located in San Jose, California for $127. The Company's
mortgage notes payable had an average maturity of 8. Essex
currently has ownership interests in 126 multifamily properties (26,760
units), and has 505 units in various stages of development. 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.

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.

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).

demolition repairing

streetevents. (www.49 per diluted
share for the twelve months ended December 31, 2004.
"We are pleased to report another quarter of strong operating results,"
said Keith Guericke, President and Chief Executive Officer.S.6%

Per Diluted
Share:
Net Income
Per Share $0.20 $1.3% 5 .

ESSEX APARTMENT VALUE FUND II, L.
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.

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Home Systems , Inc.4 million, or $4. "Our markets
continue to benefit from improved economic conditions, as well as the inherent
benefits of our supply-constrained markets.48 $4.2% 2. Subject to expected
turnover, the project will be completed during the fourth quarter of
2006 . Renovation initiatives commenced during the quarter to upgrade
the leasing office/clubhouse and unit interiors., 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. During the quarter, the Company paid -off ten
mortgage notes payable totaling $89 million with fixed rates ranging from 6.
Essex and several institutional partners formed the Essex Apartment Value
Fund II, L.32 $3.

dimensions decorating

com) manufactures or
procures, designs, sells and installs custom quality specialty home
improvement products and provides financing services to customers of
residential contractors throughout the United States .7 million, or $0.5% $316,340 $280,719 12.
Avg.0%
San Francisco Bay Area 1.1
million. 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. Unit interior renovations include
upgraded appliances, fixtures, flooring, kitchen cabinets, and
resurfaced countertops .P.
On December 8, 2005, the Company's Board of Directors declared a regular
quarterly cash dividend of $. 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. 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.

refacing hanging

The Company's fourth quarter results include the following items:

-- A promote distribution in the amount of $1.
-- Pre-payment penalties and write-off of deferred charges in the amount
of $1.7% $115 ,090 $114,380 0.3% 1.
Subsequent to December 31, 2005, the Company sold Casa Tiera and Vista
Capri-East for $7. These amounts exclude redevelopment
projects owned by the Essex Apartment Value Fund II, L. Common area renovations are expected to
be finished in early 2006. Subject to expected turnover, the
project will be completed during the fourth quarter of 2007.9 billion .

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. 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).39

Net income per share - diluted $0.

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

renovating kitchens

The Company's ability to continue to grow sales and to expand
geographically and through new products and acquisitions will be key
to its success in the future . 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.2%
FFO Per
Share $0.49 -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. Ops. Exp.9% -0 .5% 4.1% 97.9 for the quarter ended December 31, 2004.
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. Upon
completion, the luxury apartment community will offer 220 market-rate
units and 55 affordable-rate units.P. Upgrades to the current leasing office are complete. This project is scheduled to be
complete in early 2007.
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. Listed below are the Fund II activities that
occurred during the quarter.0 million.

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NOI
Southern
California 5.3% 2.8% 3.8 $380.5

Concessions for the Company's consolidated portfolio were $324.6% -3. Interior renovations of apartment units include new
cabinetry, flooring, appliances and fixtures.2 million in debt was assumed by Fund II in connection with
the transaction.

OTHER COMPANY INFORMATION
Essex's total market capitalization as of December 31, 2005 was
approximately $3.essexpropertytrust . To
access the replay digitally, dial 888-203-1112 using the passcode, 322246.essexpropertytrust . FFO also
does not represent cash flows generated from operating, investing or financing
activities as defined under GAAP.

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5 Percent for the Fourth Quarter

PALO ALTO, Calif.

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.2% 9.6 $294.)
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.

DISPOSITIONS
No dispositions occurred during the quarter. Upon
completion, this community will offer a combination of two and three
story townhouses. Redevelopment communities typically have apartment
units that are not available for rent and, as a result, may have less than
stabilized operations., 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.

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8 million, or $3.7 million, or $3.98 $1.3% 4.3% 7.3% 6.5% 97.

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.
-- Mira Woods -- a 355-unit apartment community located in Mira Mesa,
California (San Diego County), built in 1982, and acquired by Essex in
2002.9%.38 $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