S&P affirms Essex Property

Standard & Poor's said it affirmed Essex Property Trust Inc. and Essex Portfolio LP's BBB corporate credit rating and BBB- unsecured debt rating.

The outlook is stable.

Ratings reflect a disciplined investment strategy, strong core portfolio of multifamily communities, moderate financial profile and solid debt coverage metrics, according to S&P.

Ratings also acknowledge the company's geographically concentrated portfolio, high level of encumbered properties and use of leveraged joint ventures, the agency noted.

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