SOURCE: Essex Property Trust, Inc.

Essex Property Trust, Inc.

February 27, 2009 18:37 ET

Essex Announces Changes to Its Board of Directors

PALO ALTO, CA--(Marketwire - February 27, 2009) - Essex Property Trust, Inc. (NYSE: ESS), a real estate investment trust (REIT) with apartment communities located in targeted West Coast markets, announced today that William A. Millichap will be retiring from the Company's Board of Directors immediately following the annual meeting of shareholders to be held on May 5, 2009.

Mr. Millichap has assisted in the management of the Company since the inception of Essex Property Corporation in 1971 and has served on the Board of Directors since the initial public offering in 1994. Mr. Millichap is currently the Chairman of Marcus and Millichap Real Estate Brokerage Company.

"William Millichap has been instrumental to our success over the past thirty years dating back to the time Essex was privately held. We have greatly benefited from his real estate expertise and his business acumen that has guided many investment decisions over the years. His contributions to the board will be missed and we wish him the best in all his future endeavors," stated George Marcus, Chairman and Founder of Essex Property Trust, Inc.

The Board of Directors has decided not to replace the position that will be vacated by Mr. Millichap, thereby reducing the size of the Board to nine members.

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 apartment communities in selected West Coast communities. Essex currently has ownership interests in 132 apartment communities 26,862 units, and has 1,256 units in various stages of active 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.