Essex Property Trust to convert 4.875% series G cumulative preferreds

By Jennifer Chiou

New York, May 6 - Essex Property Trust, Inc. announced that it will convert all 178,249 shares of its 4.875% series G cumulative convertible preferred stock on May 13.

Each series G preferred will convert into 0.19301 Essex common shares.

The company noted in a press release that it will not issue fractional common shares upon conversion and will instead pay the value of fractional shares in cash. The amount will be equal to the fractional interest multiplied by the closing sale price per share of the common stock on May 12.

Essex's common shares (NYSE: ESS) closed at $177.31 on May 5.

The release stated that the conversion was triggered after the company's shares met or exceeded 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days.

The current conversion price is $129.53.

Under the articles governing the preferreds, holders will not be entitled to receive any accrued dividends on converted shares from April 30, which was the last dividend payment date, through the conversion date of May 13.

On and after the conversion date, holders will be able to receive 0.19301 common shares per $25 liquidation preference.

Computershare Trust Co., NA and Computershare, Inc. are the conversion agents (800 546-5141 or 781 575-2765).

Essex is a Palo Alto, Calif.-based real estate investment trust that acquires, develops, redevelops and manages multifamily residential properties in selected West Coast markets.

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