PALO ALTO, CA--(Marketwire - January 17, 2011) - 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 2010 distributions to shareholders. The 2010 distribution characteristics are as follows:

Common Stock - CUSIP Number 297178105:

                                                               Unrecaptured
                                                                  Section
                        Cash                                        1250
                   Distribution  Ordinary              Capital    Capital
Record      Payment     Per      Taxable   Return of     Gain       Gain
Date         Date      Share     Dividend   Capital   (15% rate) (25% rate)
                      --------  ---------  ---------  ---------  ---------
1/4/2010    1/15/2010 $   1.03   0.849279  $0.122921  $0.057800  $0.000000
03/31/2010  4/15/2010 $ 1.0325   0.851340  $0.123220  $0.057940  $0.000000
6/30/2010   7/15/2010 $ 1.0325   0.851340  $0.123220  $0.057940  $0.000000
9/30/2010  10/15/2010 $ 1.0325   0.851340  $0.123220  $0.057940  $0.000000
                      --------  ---------  ---------  ---------  ---------
              Totals: $ 4.1275  $3.403299  $0.492581  $0.231620  $0.000000
         Percentages:      100%   82.4542%   11.9341%    5.6116%    0.0000%

For purposes of calculating alternative minimum taxable income under Sec. 55 of the Internal Revenue Code of 1986, the Company apportions $0.11 per common share attributable to depreciation assuming a full year of ownership.

Series F Preferred - CUSIP Number 297178204:

                                                               Unrecaptured
                                                                  Section
                        Cash                                        1250
                   Distribution  Ordinary              Capital    Capital
Record      Payment     Per      Taxable   Return of     Gain       Gain
Date         Date      Share     Dividend   Capital   (15% rate) (25% rate)
                     ---------  ---------  ---------  ---------  ---------
2/12/2010   3/1/2010 $0.488280  $0.457166  $0.000000  $0.031114  $0.000000
5/14/2010   6/1/2010 $0.488280  $0.457166  $0.000000  $0.031114  $0.000000
8/13/2010   9/1/2010 $0.488280  $0.457166  $0.000000  $0.031114  $0.000000
11/15/2010 12/1/2010 $0.488280  $0.457166  $0.000000  $0.031114  $0.000000
                     =========  =========  =========  =========  =========
             Totals: $ 1.95312  $ 1.82867  $0.000000  $ 0.12445  $0.000000
        Percentages:       100%   93.6279%         0%    6.3721%    0.0000%

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 F share attributable to depreciation assuming a full year of ownership.

Series G Preferred - CUSIP Number 297178303:

                                                               Unrecaptured
                                                                  Section
                        Cash                                        1250
                   Distribution  Ordinary              Capital    Capital
Record      Payment     Per      Taxable   Return of     Gain       Gain
Date         Date      Share     Dividend   Capital   (15% rate) (25% rate)
                     ---------  ---------  ---------  ---------  ---------
1/4/2010    2/1/2010 $0.304690  $0.285275  $0.000000  $0.019415  $0.000000
4/1/2010   4/30/2010 $0.304690  $0.285275  $0.000000  $0.019415  $0.000000
7/1/2010    8/2/2010 $0.304690  $0.285275  $0.000000  $0.019415  $0.000000
10/1/2010  11/1/2010 $0.304690  $0.285275  $0.000000  $0.019415  $0.000000
                     =========  =========  =========  =========  =========
             Totals: $ 1.21876  $1.141100  $0.000000  $ 0.07766  $0.000000
        Percentages:       100%   93.6279%         0%    6.3721%    0.0000%

For purposes of calculating alternative minimum taxable income under Sec. 55 of the Internal Revenue Code of 1986, the Company apportions $0.04 per preferred Series G share attributable to depreciation assuming a full year of ownership.

The Company did not incur any foreign taxes during 2010.

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 147 multifamily communities with an additional 2 properties 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: Nicole Culbertson (650) 849-1649