Essex Property Trust, Inc. (Essex) operates as a self-administered and self-managed real estate investment trust (REIT). The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of apartment communities. As of December 31, 2012, the Company owned or held an interest in 163 communities, aggregating 33,468 units, located along the West Coast, as well as five commercial buildings (totaling approximately 315,900 square feet), and five active development projects with 2,495 units in various stages of development (collectively, the Portfolio). The Company owns all of its interest in its real estate investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Company is the sole general partner of the Operating Partnership and as of December 31, 2012 owns a 94.5% general partnership interest. During the year ended December 31, 2012, the Company acquired 15 communities.