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April 30, 2012

ESSEX PROPERTY TRUST, inc. April 30, 2012. Fisher Center Real Estate Conference. About Essex Property Trust. Multifamily REIT Supply-constrained coastal markets in California and Washington 160 properties containing +32,900 units $ 8.0 billion total market capitalization (1) Strategy

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April 30, 2012

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  1. ESSEX PROPERTY TRUST, inc. April 30, 2012 Fisher Center Real Estate Conference

  2. About Essex Property Trust Multifamily REIT • Supply-constrained coastal markets in California and Washington • 160 properties containing +32,900 units • $8.0 billion total market capitalization(1) Strategy • Drive rent growth on high occupancy • Add value through redevelopment • Acquire and develop West Coast properties with above-average growth characteristics • Maintain strong balance sheet and financial flexibility Seattle 17% of NOI Northern CA 33% of NOI Southern CA 50% of NOI (1) As of 4/24/12. 2

  3. Rents and NOI Accelerating • Now approaching pre-recession rent levels • Only Northern California rents are above prior peak Source: Peer group includes 11 multifamily REITs 3

  4. Essex Projected to Lead NOI Growth in 2012 • Northern California and Seattle continue to outperform • Southern California continues slow-steady recovery Avg. 6.5% Source: Midpoint of Company disclosures. Represents year-over-year growth. 4

  5. Essex Expects 28% Rent Growth Over the Next 5 Years Strong Job Growth • Tech jobs leading Favorable Demographics • Strong Demand From Echo Boomers (age 20-34) – the key renter cohort Rents Rebound from Recessionary Lows • Rents declined further and recovered later relative to other major U.S. metros Low Housing Supply • Below 1% annual addition to residential stock Headwinds to Homeownership • High cost of for-sale housing in coastal areas • Lending standards tightened 5

  6. Favorable Population and Job Trends in California • California population growth has outperformed the U.S. average for the last 3 years • California job growth now exceeding the US average CA Outperforms Source: US Census 6

  7. Job Growth - NOT Evenly Distributed • Job growth in many Essex markets outpaces U.S. average • LA job growth improving and expected to be 1% in 2012 % Job Growth: March Year-Over-Year Essex Markets Other Markets Source: BLS 7

  8. Favorable Demographic Factors • Echo Boomers will Drive Demand (Higher Propensity to Rent) Source: U.S. Census Bureau and Green Street Advisors. 8

  9. Supply: For-Sale Supply Risk Low Essex Portfolio 9

  10. Essex Markets are Renter Markets • Low homeownership rates compared to the national average due to unaffordable single family housing = more renters and better ability to increase rents Source: US Census 10

  11. Seattle Market Review • Strong job growth in 2011 from Technology and Manufacturing sectors • Expect above-average job growth for the next several years with limited new supply Job Growth vs. Total Residential Supply (% change) Source: US. Census, BLS, Essex Property Trust 11

  12. Northern California Market Review (San Jose MSA) • Above-average job growth in 2011 driven by Technology and Bio-Med Science sectors • Job growth expected to remain robust over the next 2 years while supply remains muted Job Growth vs. Total Residential Supply (% change) 12 Source: US. Census, BLS, Essex Property Trust

  13. Southern California Market Review (Los Angeles MSA) • Job growth improved in 2011 and is expected to be 1% in 2012 • Government and construction job losses abating • Office net absorption picking up Job Growth vs. Total Residential Supply (% change) 13 Source: US. Census, BLS, Essex Property Trust

  14. Safe Harbor Disclosure Certain statements in this presentation, which are not historical facts, may be considered forward-looking statements within the meaning of the federal securities laws. The forward looking statements, some of which can be identified by terms and phrases such as “forecast”, “estimate”, “expect”, “anticipate”, “should”, “could”, “may”, and similar expressions, reflect the current views of Essex Property Trust, Inc. (“Essex” or the “Company”) and its affiliates with respect to future events and are subject to risks and uncertainties. Such forward-looking statements involve the risk that actual results could be materially different from those described in such forward-looking statements. Factors that could cause actual results to be materially different are discussed under the caption “Risk Factors” in Item 1A of the Company’s Report on Form 10-K for the year ended December 31, 2011. All forward-looking statements and reasons why results may differ included in this presentation are made of the date hereof, and we assume no obligation to update any such forward-looking statements or reasons why actual results may differ. 14

  15. Arbors at Park Rose – Oxnard, CA 416 on Broadway – Glendale, CA Joule – Seattle, WA For additional information, please contact the Company’s Investor Relations department at (650) 849-1600. Via – Sunnyvale, CA Axis 2300 – Irvine, CA Fourth & U – Berkeley, CA

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