Palo Alto, California, June 15, 1999-Essex Property Trust, Inc., recently hired Robert C. Talbott as its Senior Vice President of Operations. Mr. Talbott will assume direct and primary responsibility for management of Essex's 12,440 apartment homes and all leasing activities for its newly developed communities.

Mr. Talbott assumes his new responsibilities with extensive knowledge and experience in multifamily property operations and leasing. In previous positions, Mr. Talbott has operated large multifamily portfolios located in major metropolitan areas in the Western United States. Talbott's extensive experience includes value-added redevelopment, leasing and stabilization of newly developed communities, and corporate rental programs-which will be utilized immediately as Essex delivers its development pipeline consisting of 1,578 apartment homes and several redevelopment projects in its California markets.

Keith R. Guericke, Essex's President and Chief Executive Officer, commented that "Mr. Talbott assumes an essential role in Essex's management team. With Mr. Talbott's leadership, Essex expects to continue to generate among the best same-property revenue and net operating income growth rates in the multifamily REIT sector. Further, Mr. Talbott's experience in leasing new apartment communities will provide an opportunity to further accelerate the financial prospects of the company by leasing the apartment homes under development."

Robert Talbott said, "My new position at Essex allows me to utilize my experience to build the property management team and improve the operating and financial performance of Essex's portfolio. Essex has an established reputation for acquiring and developing properties in the strongest rental markets along the West Coast. I believe that my contributions can have a significant positive impact on the company's financial results."

Mr. Talbott joins Essex after having served as Vice President-Asset Management for BRE Properties, Inc., headquartered in San Francisco, California-and Partner/Chief Operating Officer for Trammell Crow Residential Services in San Mateo, California.