Essex Reports Characteristics of 2009 Dividend

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

PALO ALTO, CA--(Marketwire - January 19, 2010) - 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 2009 distributions to shareholders. The 2009 distribution characteristics are as follows:

Common Stock - CUSIP Number 297178105: 

                                                               Unrecaptured
                         Cash                                     Section
                       Distrib-                                    1250
                        ution    Ordinary   Return    Capital     Capital
 Record      Payment     Per      Taxable     of        Gain       Gain
  Date        Date      Share    Dividend   Capital (15% rate)  (25% rate)
---------  ----------  --------  ---------- ------  ----------  ----------
1/2/2009    1/15/2009  $   1.02   $0.814130  $0.00   $0.160739   $0.045131
3/31/2009   4/15/2009  $   1.03   $0.822112  $0.00   $0.162315   $0.045573
6/30/2009   7/15/2009  $   1.03   $0.822112  $0.00   $0.162315   $0.045573
9/30/2009  10/15/2009  $   1.03   $0.822112  $0.00   $0.162315   $0.045573
                       --------  ---------- ------  ----------  ----------
               Totals: $   4.11   $3.280466  $0.00   $0.647683   $0.181851
          Percentages:      100%    79.8167%     0%    15.7587%     4.4246%

For purposes of calculating alternative minimum taxable income under Sec. 55 of the Internal Revenue Code of 1986, the Company apportions $0.19 per common share attributable to depreciation assuming a full year of ownership.

Series F Preferred - CUSIP Number 297178204: 

                                                               Unrecaptured
                         Cash                                     Section
                       Distrib-                                    1250
                        ution    Ordinary   Return    Capital     Capital
 Record      Payment     Per      Taxable     of        Gain       Gain
  Date        Date      Share    Dividend   Capital (15% rate)  (25% rate)
---------- ----------  --------- ---------- ------  ----------  ----------
 2/13/2009   3/2/2009  $0.488280  $0.389729  $0.00   $0.076947   $0.021604
 5/15/2009   6/1/2009  $0.488280  $0.389729  $0.00   $0.076947   $0.021604
 8/14/2009   9/1/2009  $0.488280  $0.389729  $0.00   $0.076947   $0.021604
11/13/2009  12/1/2009  $0.488280  $0.389729  $0.00   $0.076947   $0.021604
                       --------- ---------- ------  ----------  ----------
               Totals: $ 1.95312  $ 1.55892  $0.00   $ 0.30779   $ 0.08642
          Percentages:       100%   79.8167%     0%    15.7587%     4.4246%

For purposes of calculating alternative minimum taxable income under Sec. 55 of the Internal Revenue Code of 1986, the Company apportions $0.09 per preferred Series F share attributable to depreciation assuming a full year of ownership.

Series G Preferred - CUSIP Number 297178303: 

                                                               Unrecaptured
                         Cash                                     Section
                       Distrib-                                    1250
                        ution    Ordinary   Return    Capital     Capital
 Record      Payment     Per      Taxable     of        Gain       Gain
  Date        Date      Share    Dividend   Capital (15% rate)  (25% rate)
---------  ----------  --------- ---------- ------  ----------  ----------
 1/5/2009    2/2/2009  $0.304690  $0.243194  $0.00   $0.048015   $0.013481
 4/1/2009   4/30/2009  $0.304690  $0.243194  $0.00   $0.048015   $0.013481
 7/1/2009   7/31/2009  $0.304690  $0.243194  $0.00   $0.048015   $0.013481
10/5/2009   11/2/2009  $0.304690  $0.243194  $0.00   $0.048015   $0.013481
                       --------- ---------- ------  ----------  ----------
               Totals: $ 1.21876  $ 0.97277  $0.00   $ 0.19206   $ 0.05393
          Percentages:       100%   79.8167%     0%    15.7587%     4.4246%

For purposes of calculating alternative minimum taxable income under Sec. 55 of the Internal Revenue Code of 1986, the Company apportions $0.06 per preferred Series G share attributable to depreciation assuming a full year of ownership.

The Company did not incur any foreign taxes during 2009.

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 markets. Essex currently has ownership interests in 133 apartment communities (27,221 units), and has 581 units in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.

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

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