Essex Property to redeem $3.22 million 3.625% exchangeables due 2025

By Susanna Moon

Chicago, Oct. 6 - Essex Property Trust, Inc. said it began a redemption of Essex Portfolio, LP's $3,215,000 outstanding 3.625% exchangeable senior notes due 2025.

The notes will be redeemed on Nov. 5 at par plus accrued interest to the redemption date.

Holders may exchange the notes at a rate of 9.95242 common shares for each $1,000 principal amount of notes until 5 p.m. ET on Nov. 3. Essex stock closed at $109.47 on Wednesday.

Questions may be directed to Wells Fargo Bank, NA (800 344-5128).

Essex is a Palo Alto, Calif.-based real estate investment trust. The majority of its real estate consists of apartment communities.

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