S. 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. Exp.3%
Pacific
Northwest 5.5% 97.9% 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. 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 . 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.htm , the premier online shopping
site. For example, Carrell says the most important thing you need to know
about home plumbing repair is how to turn off the water supply to your house. "If it's a complete drain clog, avoid the use of
drain chemicals," he says.com.

sizing laying

1 million, or $0. 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 $0.32 $3. Area 5,471 21 4,776 19
Portland Metro.
Rev.3% 4.1 103.,
and Essex now owns a 100% interest in the project.
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. To access the replay online, go to
http://www. To
access the replay digitally , dial 888-203-1112 using the passcode, 322246.36

E S S E X P R O P E R T Y T R U S T, I N C. "They should be used as a preventive measure at the
first sign of a slow running sink or toilet drain. He also has a weekly
radio show in the Dallas-Fort Worth market.

vapor sizing

36 per diluted share for the twelve
months ended December 31, 2004."
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.20 $1.3% 7.9% 1.9% -0.8% 3.9% 97.
(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.prwebdirect . Topics will include plumbing, energy saving
measures, painting, furniture refinishing, patio deck building and how to
assemble a basic tool kit.

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Ops.3% 5.4% 3.3% 6.9 for the quarter ended December 31, 2004.0%
San Francisco Bay Area 1.

DISPOSITIONS
No dispositions occurred during the quarter. The project is a joint venture
between Essex and Meta Housing Corporation, which has obtained
$47. 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. 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. During the quarter, the Company paid-off ten
mortgage notes payable totaling $89 million with fixed rates ranging from 6.
On December 23, 2005, Fund II acquired The Enclave Apartments, a 637-unit
apartment community located in San Jose, California for $127.81 per common share, payable a pass code is not required.

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.38 $3.superpages.6 billion in revenues from products including:
Verizon SuperPages yellow pages; Verizon SuperPages.com

This press release distributed by PRWEB ( http://www . He will
also participate in radio and television interviews in Top 25 markets, voice a
series of radio spots to be aired on 600 stations coast to coast and mention
the campaign in his popular Super Handyman column syndicated to more than 100
newspapers throughout the United States and Canada ." He has written seven books, the most recent of which, "Home Fix-
It 101," is co-authored by his daughter, Kelly Carrell, the Super Handy Mom.com get together to provide do-it-yourself home and
apartment repair and improvement ideas, along with a convenient way to find
local sources for tools and supplies .

laying bathroom

Net income available to common stockholders for the three months ended
December 31, 2005 , totaled $4. Components of the change in FFO can be found on S-3 of the Company's
Supplemental Reporting Package.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 97.3% 5.1
million. Exterior enhancements to the building's fagade and common
hallways are complete. It was constructed in 1986 and acquired by Essex it in
1994 . All forward-looking statements are made as of today, and
the Company assumes no obligation to update this information.

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

com), the nation's number 1 Internet directory and a
leading online shopping resource; and the SuperPages On the Go information
directory offered through Verizon Wireless Get It Now services and on other
wireless carriers.

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Mr.

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 10.2% 5.5%
San Francisco Bay Area 96.5 $121.6 for the quarter ended
September 30, 2005, and $735.7%
Pacific Northwest 0.
-- Tuscana is a 30-unit, townhouse-style community, located in Tracy,
California, which is owned by a taxable REIT subsidiary (TRS). Subject to expected
turnover , the project will be completed during the fourth quarter of
2006.
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.
Approximately $83. 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." He is also co-founder of the syndicated television
show "Your New House " and also hosted and produced "Great Possibilities in
Remodeling.

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4 million, or $4.3 million resulting from the
write-down of a property in Houston, Texas (included in FFO), which was
acquired in the merger with John M. NOI
Southern
California 5.4% 5.8%
Northern
California 5.8% 1.2% 3.2% 96. Subject to turnover rates, are
estimated to be completed in the fourth quarter of 2006. Leasing
office/clubhouse renovations will include a new state-of-the-art
fitness center and media room.essexpropertytrust.21 $1.32 $3.

Verizon SuperPages.com Super Handyman Al Carrell Share Home Improvement Tips and Do-It-Yourself Plumbing Repair Ideas

"You can't make plumbing repairs or improvements, such as replacing
kitchen and bathroom waterspouts, faucets and fixtures, unless the water is
off," says Carrell , the nationally known expert on home repair, water leak
detection and sewer drain cleaning as well as a former spokesman for The Home
Depot.

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20 per diluted share compared
to $32.4 million ,
or $1.38 -85.8% 1.6% 1.4%
Same-Property Average 96.6
Pacific Northwest 63.2%

ACQUISITIONS
No acquisitions were made during the quarter. Subsequent to December 31, 2005, the Company
has renegotiated its joint venture agreement with Meta Housing Corp.essexpropertytrust.
-- Palisades -- a 192 -unit apartment community located in Bellevue,
Washington, built in 1977, and acquired by Essex in 1990.P.
A rebroadcast of the live call will be available online for 90 days and
digitally for 7 days.

COMPANY PROFILE
Essex Property Trust, Inc.

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 . Online Shopping Site to Feature Advice from Nationally Known Expert on Home
Repair, Water Leak Detection and Sewer Drain Cleaning

DALLAS, Verizon SuperPages.

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7 million, or $0.
"We are pleased to report another quarter of strong operating results,"
said Keith Guericke , President and Chief Executive Officer. Sachs, Inc.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% 9.0% 4.0 million.

-- Kings Road -- a 196-unit apartment community located in Los Angeles,
California, built in 1971 and purchased by Essex in 1997. Unit interiors will be upgraded as they become vacant in
the normal course of turnover. This project is scheduled to be
complete in early 2007., raised $225 million from the sale of exchangeable
senior notes (the "Notes") with a coupon of 3.9%.com and select the third quarter earnings link.

Essex
currently has ownership interests in 126 multifamily properties (26,760
units), and has 505 units in various stages of development.
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.
Carrell's newspaper column, "The Super Handyman," appears in about 100
cities including Boston, Chicago, Dallas, Fort Worth, Houston, Phoenix,
Tucson, Orlando, Fort Wayne, St. Louis and Nashville.S.

Dana Benton Russell
972-453-7014
dana.com/ ), a
service of eMediawire.
Carrell 's articles will be spotlighted on a special spring projects page
accessed directly from the home page of http://www. He has hosted radio call-in
shows in the Dallas-Fort Worth area for 15 years and has been a guest on NBC's
"Today" show;" ABC's "Good Morning America;" and two cable TV shows , "Home
Matters" and "Our Home.

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7 million, or $3. NOI Rev.
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.2% 2. Walk-in
closets will be upgraded with mirrored doors and built-in closet
organizers.5%
to 7.6%. It has $3.

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

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

-- A promote distribution in the amount of $1.7% $115,090 $114,380 0.6%

Per Diluted
Share:
Net Income
Per Share $0.
-- Moorpark is a proposed 200-unit, Mediterranean-style apartment
building, located in Moorpark, California. As part of
phase I, renovations to the property 's exteriors, roof and outside
amenities are complete. Common area
hallway improvements are currently in progress and include new entry
doors, carpeting, lighting, as well as elevator upgrades.25 per
share subject to certain adjustments. Listed below are the Fund II activities that
occurred during the quarter.

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. 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).

bathroom laying

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). However, the results were offset by
decreases of $0.5% $316,340 $280,719 12 .14 -14.5% 3.6 for the
quarter ended December 31, 2005, compared to $422.
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 .

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. Interior renovations of apartment units include new
cabinetry, flooring, appliances and fixtures.
-- Mira Woods -- a 355-unit apartment community located in Mira Mesa,
California (San Diego County), built in 1982, and acquired by Essex in
2002. The Company has begun phase II of the unit
interiors, which will include upgraded countertops, flooring, kitchen
cabinets, upgraded appliances, fixtures.P.

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.com/espanol ).
(NYSE: VZ), is the nation's most advanced provider of yellow pages and related
shopping information.

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For the twelve months ended December 31, 2005, net income
available to common stockholders totaled $77. Guericke continued, "Each of
our markets produced over 5% revenue growth and same-property NOI growth for
the Company's portfolio increased 6.5% for the quarter -- we anticipate that
rental demand will continue to improve in 2006 , leading to above-average
growth.5% $3. 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% 7.3% 2.1% 3.1% 97.3% 95.9%

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 $68.2 $108.6 $294.6% -3.7
million. Upon
completion, the luxury apartment community will offer 220 market-rate
units and 55 affordable-rate units.com. These amounts exclude redevelopment
projects owned by the Essex Apartment Value Fund II, L.9 billion.com
or by calling 650-494-3700. 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. The company is the largest publisher of Hispanic
directories in the U.S.

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49 -0.7% 3.3% -1.6% 2.5

Concessions for the Company's consolidated portfolio were $324. Subject to expected turnover, the
project will be completed during the fourth quarter of 2007. 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. 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. 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.20 $1.com and Super Handyman
Al Carrell share home improvement tips and do-it-yourself plumbing repair
ideas in the first of six home improvement project guides available on
http://www.

About Verizon SuperPages.com will feature a series of
Super Handyman home projects that can be completed in one weekend.superpages.

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49 per diluted
share for the twelve months ended December 31, 2004.22 per share.
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.0% 3.4% 3. 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. Construction
is anticipated to begin in the second quarter of 2006. Renovation initiatives commenced during the quarter to upgrade
the leasing office/clubhouse and unit interiors. Apartment interior
upgrades will include cabinet re-facing, countertop replacements ,
upgraded kitchen appliances, flooring and electrical fixtures. The notes will also be exchangeable
prior to November 1, 2020, but only upon the occurrence of certain specified
events.9 percent . 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.com
Verizon Information Services, a division of Verizon Communications Corp . Carrell
will provide tips and ideas, plus suggestions on how to find the right tools
and building or repair materials.

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1 million, or
$4.0% $4.

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. 5. However, the Company
continues to evaluate the sale of select apartment communities to condominium
conversion buyers. Construction commenced during the first quarter of
2006.P.
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. ("Fund II") to broaden the Company's capital alternatives . As of December 31, 2005, the Company's
debt-to-total-market-capitalization ratio was 35.
On December 8, 2005, the Company's Board of Directors declared a regular
quarterly cash dividend of $., 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. 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.com/Release/index."
Larger drain clogs, caused by roots invading the sewer drain, often
require help from a plumber or rooter service, easily found in a search of
local services on SuperPages.com
( http://www.superpages . The company is the largest publisher of Hispanic
directories in the U."
Carrell said the campaign was a natural: "What could be better? The Super
Handyman and SuperPages.6 billion in revenues from products
including: Verizon SuperPages yellow pages; Verizon SuperPages.

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-- An impairment loss in the amount of $1.

DEVELOPMENT
During the fourth quarter, the Company had three development projects in
various stages of construction with combined estimated costs of $133. 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. The existing leasing office and fitness center
are anticipated to be remodeled, and carports are being built where
open parking currently exists. Interior renovations will include cabinet re-facing , countertop
replacements, upgraded kitchen appliances, flooring, electrical
fixtures and new plumbing. The Company's
mortgage notes payable had an average maturity of 8.com.com, or in your Verizon yellow pages, Carrell
says.com ), the nation's number 1 Internet directory and a
leading online shopping resource; and the SuperPages On the Go information
directory offered through Verizon Wireless Get It Now services and on other
wireless carriers.
"We are proud to have an expert of Al's caliber share his home repair and
home remodeling expertise on our Web site," said Eric Chandler , vice president
of e-commerce marketing for SuperPages."

About Verizon SuperPages.

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Net Operating Income Increases 6. (NYSE: ESS), announces its fourth quarter and annual operating results
for the three and twelve months ended December 31, 2005.2%
FFO Per
Share $0.6% 0.0% 2. (Fund II activities can be
seen in a separate section below.0 million of tax -exempt bond financing, and will be drawn to fund
future construction costs.8 million, of which approximately
$23. The
property's leasing office, clubroom and a new fitness center are
complete. Common area renovations are expected to
be finished in early 2006. Upgrades to the current leasing office are complete.

FINANCING ACTIVITIES
During October and November 2005, the Company's operating partnership,
Essex Portfolio, L .

OTHER COMPANY INFORMATION
Essex's total market capitalization as of December 31, 2005 was
approximately $3. FFO does not measure
whether cash flow is sufficient to fund all cash needs including principal
amortization, capital improvements and distributions to shareholders.russell@verizon.com
Verizon SuperPages.com .com
(http://www. and the first to provide a Hispanic online shopping
resource ( http://www.

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38 per diluted share for the three months ended
December 31, 2004. Exp.8% 4.3% 95. 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.5% and 5.com
Verizon Information Services, a division of Verizon Communications Corp.

bathrooms intake

48 per diluted share, compared to $114 .

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 $0.3% 95.6 97.1
Same-Property Total $158.8 $380. 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. 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.39 $3.38 $3.
(NYSE: VZ), is the nation 's most advanced provider of yellow pages and related
shopping information.
Carrell served for eight years as national spokesman for The Home Depot,
the world's largest home improvement retailer .

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98 per diluted share compared to $29.36 -1.3% 1.5% 4.2%
Pacific Northwest 96.5 76. Q3 2005
Revenues Expenses
Southern California 1.
Subsequent to December 31, 2005, the Company sold Casa Tiera and Vista
Capri-East for $7.

-- Northwest Gateway is a proposed 5-story apartment building aggregating
275 apartment homes, which is located in downtown Los Angeles.
Another problem that may require professional help from a plumber or
plumbing specialist is leak detection, especially if the water leak is
underground or in a pipe beneath the foundation of your home.
For six weeks starting March 21, SuperPages. "His knowledge and experience,
coupled with our unique ability to provide local shopping information, is an
unbeatable combination for people needing springtime tips and ideas for fixing
up their homes or apartments .superpages.

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Essex Announces 2005 Fourth Quarter and Annual Earnings Results

32 per diluted
share , compared to $77.
Funds From Operations (FFO) for the three months ended December 31, 2005,
totaled $25. "Our markets
continue to benefit from improved economic conditions, as well as the inherent
benefits of our supply-constrained markets.
-- Pre-payment penalties and write-off of deferred charges in the amount
of $1.7%
Funds From
Operations
(FFO) $25,052 $29,381 -14.48 $4.
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.9% 2.2%
Same-Property Average 1. Upon
completion , this community will offer a combination of two and three
story townhouses.5 million remains to be expended.
-- Bridle Trails -- a 108-unit apartment community located in Kirkland,
Washington, built in 1986, and acquired by Essex in 1997. Framing and roofs have been completed on two
of the buildings where the Company is adding 16 additional units.

ESSEX APARTMENT VALUE FUND II, L.
Carrell also discusses home sewer drain cleaning , including the use of
plungers, snakes and rooters.superpages.

SuperPages.com and Super Handyman Al Carrell Share Springtime Tips and Ideas for Do-It-Yourself Home Improvement Home Repair and Home Remodeling

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).

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0 million, or $1.8 million, or $3.12 per share change in G+A expense and interest
costs. Exp.9% 1.9%
Same Prop.
Avg. Most of the interiors
have been renovated -- the remaining units will be upgraded as they
become vacant in the normal course of turnover.
-- Avondale at Warner Center -- a 446-unit apartment community located in
Woodland Hills, California, built in 1970, and acquired by Essex in
1999.P. Upon redemption, if the Company's common
stock price exceeds the exchange price, it will issue shares of common stock
as additional interest.7 years and an average
interest rate 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. If you are unable to obtain the information via
the Web, please contact the Investor Relations Department at 650-494-3700. FFO also
does not represent cash flows generated from operating, investing or financing
activities as defined under GAAP.

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.com include energy saving
measures, painting, furniture refinishing , patio deck building and how to
assemble a basic tool kit. It has $3.

caulk duct

0 million, resulting from
the incentive distribution provisions of the Fund I agreement (included
in FFO).1% 4.8
San Francisco Bay Area 26.5 168.
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.0 million.2 million in debt was assumed by Fund II in connection with
the transaction.essexpropertytrust.

Mary C.
In addition to plumbing repairs, other topics to be covered in the
six-week do-it-yourself series on SuperPages.b.

superpages .com/espanol ).

bathrooms duct

5 Percent for the Fourth Quarter

PALO ALTO, Calif., Essex Property Trust,
Inc.14 per diluted share for the three months ended December 31, 2004.98 $1. NOI Rev.)
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. The
anticipated delivery date of the new units is scheduled for the first
half of 2006.
-- Sammamish View -- a 153-unit apartment community located in Bellevue ,
Washington.625% due 2025.1 percent. 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.39

Net income per share - diluted $0. and the first to provide a Hispanic online shopping
resource ( http:/ /www. Online Shopping Site to Feature Tips and Ideas From Nationally Known Expert
on Bathroom, Kitchen and General Home Repair

DALLAS, SuperPages.com, the premier online
shopping destination, is teaming with nationally known home improvement, home
repair and home remodeling expert Al Carrell to share springtime tips and
ideas for do-it-yourself home or apartment projects.