Essex Property Trust to sell $50 million perpetual preferred stock

By Andrea Heisinger

New York, April 7 - Essex Property Trust, Inc. announced a $50 million, or 2 million share, sale of perpetual cumulative preferred stock priced at $25.00 per share, according to a 424B5 filing with the Securities and Exchange Commission and an informed source.

The shares are being talked in the range of 7.125% to 7.25%, with pricing expected Friday morning, the source said. It's possible there could be 4 million shares sold.

The preferreds are callable on or after April 2016.

Wells Fargo Securities LLC and Raymond James & Associates are the bookrunners.

Co-managers are Barclays Capital Inc., RBC Capital Markets Corp., Robert W. Baird & Co. Inc., FBR, Janney Montgomery Scott, Morgan Keegan & Co. Inc. and Stifel Nicolaus & Co. Inc.

Proceeds are being contributed to the operating partnership to repurchase series B preferred stock and used for general corporate purposes.

The real estate investment trust for apartment communities is based in Palo Alto, Calif.

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