Essex Reports Characteristics of 2007 Dividend

| Source: Essex Property Trust, Inc. Essex Property Trust, Inc.

PALO ALTO, CA--(Marketwire - January 15, 2008) - Essex Property Trust, Inc., (NYSE: ESS) a real estate investment trust (REIT) that invests in apartment communities located in highly desirable, supply-constrained markets, announced today the income tax treatment for its 2007 distributions to shareholders. The 2007 distribution characteristics are as follows: 

Common Stock - CUSIP Number 297178105:

                                                               Unrecaptured
                                                                  Section
                                                                    1250
                      Cash      Ordinary              Capital     Capital
Record     Payment Distribution Taxable    Return of    Gain        Gain
Date         Date    Per Share  Dividend    Capital   (15% rate) (25% rate)
                     ---------- ---------- ---------- ---------- ----------
3/30/2007  4/16/2007 $ 0.930000 $ 0.703509 $ 0.000000 $ 0.180407 $ 0.046084

6/29/2007  7/16/2007 $ 0.930000 $ 0.703509 $ 0.000000 $ 0.180407 $ 0.046084

9/28/2007 10/15/2007 $ 0.930000 $ 0.703509 $ 0.000000 $ 0.180407 $ 0.046084

12/28/2007 1/15/2008 $ 0.930000 $ 0.703509 $ 0.000000 $ 0.180407 $ 0.046084
                     ---------- ---------- ---------- ---------- ----------
            Totals: $ 3.720000  $ 2.814037 $ 0.000000 $ 0.721629 $ 0.184334
       Percentages:     100%      75.65%         0%     19.40%      4.96%





Series F Preferred - CUSIP Number 297178204:

                                                               Unrecaptured
                                                                  Section
                                                                    1250
                      Cash      Ordinary              Capital     Capital
Record     Payment Distribution Taxable    Return of    Gain        Gain
Date         Date    Per Share  Dividend    Capital   (15% rate) (25% rate)
                     ---------- ---------- ---------- ---------- ----------
2/14/2007   3/1/2007 $ 0.488280 $ 0.369365 $ 0.000000 $ 0.094720 $ 0.024195

5/17/2007   6/1/2007 $ 0.488280 $ 0.369365 $ 0.000000 $ 0.094720 $ 0.024195

8/17/2007   9/3/2007 $ 0.488280 $ 0.369365 $ 0.000000 $ 0.094720 $ 0.024195

11/16/2007 12/3/2007 $ 0.488280 $ 0.369365 $ 0.000000 $ 0.094720 $ 0.024195
                     ---------- ---------- ---------- ---------- ----------
            Totals: $ 1.95312  $  1.47746  $ 0.00000  $ 0.37888  $ 0.09678
       Percentages:    100%        75.65%      0%       19.40%      4.96%




Series G Preferred - CUSIP Number 297178303:

                                                               Unrecaptured
                                                                  Section
                                                                    1250
                      Cash      Ordinary              Capital     Capital
Record     Payment Distribution Taxable    Return of    Gain        Gain
Date         Date    Per Share  Dividend    Capital   (15% rate) (25% rate)
                     ---------- ---------- ---------- ---------- ----------
1/2/2007  1/31/2007  $ 0.304690 $ 0.230486 $ 0.000000 $ 0.059106 $ 0.015098

4/2/2007  4/30/2007  $ 0.304690 $ 0.230486 $ 0.000000 $ 0.059106 $ 0.015098

7/2/2007  7/31/2007  $ 0.304690 $ 0.230486 $ 0.000000 $ 0.059106 $ 0.015098

10/1/2007 10/31/2007 $ 0.304690 $ 0.230486 $ 0.000000 $ 0.059106 $ 0.015098
                     ---------- ---------- ---------- ---------- ----------
            Totals: $  1.21876  $ 0.92195  $ 0.00000  $ 0.23642  $ 0.06039
       Percentages:     100%     75.65%         0%     19.40%      4.96%

The Company did not incur any foreign taxes during 2007. In addition, only for purposes of calculating alternative minimum taxable income under Sec. 55 of the Internal Revenue Code of 1986, the Company apportions $0.07 per share attributable to depreciation assuming a full year of ownership.

Shareholders are encouraged to consult with their tax advisors as to their specific tax treatment of Essex Property Trust, Inc. dividends.

Essex Property Trust, Inc., 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. Essex currently has ownership interests in 134 multifamily properties (27,489 units), and has 1,108 units in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com. If you would like to receive future press releases via e-mail-please send a request to investors@essexpropertytrust.com.

Contact Information: Contact: Nicole Christian (650) 849-1649