X0304 4 2011-12-06 0 0000920522 ESSEX PROPERTY TRUST INC ESS 0001318689 Dance Michael T C/O ESSEX PROPERTY TRUST, INC. 925 EAST MEADOW DRIVE PALO ALTO CA 94303 0 1 0 0 Executive V.P./CFO Series Z-1 Incentive Units 2011-12-06 4 J 0 2000 1 A Series Z-1 Incentive Units 2000 2000 D Stock Option (right to purchase) 132.03 2011-12-06 4 A 0 12500 0 A 2021-12-06 Common Stock 12500 12500 D Represents the grant of Series Z-1 Incentive Units in Essex Portfolio, L.P. ("EPLP") in December 2011. On January 1, 2012, there will be a 10% conversion ratchet percentage for such units if the FFO target for Essex Property Trust, Inc. is achieved. Thereafter, the conversion ratchet percentage will be increased each year if certain defined criteria are met. These Z-1 Units generally will be convertible into operating partnership units in EPLP at the earliest of a change in control or after the entire 2011 grant reaches a 100% conversion ratchet percentage. A capital contribution of $1.00 per Series Z-1 Incentive Unit. 10% of these options vested on December 6, 2011, the date of grant, and thereafter 1/60 of the options vest each month. /s/ Michael T. Dance 2011-12-15