The Board of Directors declared quarterly distributions of $0.48828 and $0.30469 per share on its 7.8125% Series F Cumulative Redeemable Preferred Shares and its 4.875% Series G Cumulative Convertible Preferred shares, respectively. Distributions for the 7.8125% Series F Cumulative Redeemable Preferred shares are payable on September 2, 2008 to shareholders of record as of August 15, 2008. Distributions for the 4.875% Series G Cumulative Convertible Preferred shares are payable on July 31, 2008 to shareholders of record as of July 1, 2008.

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 133 multifamily properties (26,963 units), and has 1,658 units in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.