March 25 (Reuters) - Essex Property Trust Inc ( ESS ):

* ESSEX PROPERTY TRUST ACQUIRES JOINT VENTURE PARTNER'S

INTEREST

IN FOUR COMMUNITIES COMPRISING 1,480 APARTMENT HOMES

* ESSEX PROPERTY TRUST INC ( ESS ): ACQUIRED JV PARTNER'S 49.9%

INTEREST

IN BEXAEW PORTFOLIO FOR A TOTAL PURCHASE PRICE OF $505 MILLION

ON A GROSS BASIS

* ESSEX PROPERTY TRUST INC ( ESS ): CONCURRENT WITH CLOSING, REPAID

$219.9

MILLION OF DEBT ENCUMBERING PROPERTIES

* ESSEX PROPERTY TRUST INC ( ESS ): PORTFOLIO GENERATED AN 11.4% IRR

& CO

TO RECOGNIZE ABOUT $1.5 MILLION IN PROMOTE INCOME, WHICH WILL BE

EXCLUDED FROM CORE FFO

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