Essex Property swaps 2 million preferred units for stock and cash

By Susanna Moon

Chicago, Nov. 25 - Essex Property Trust Inc. exchanged 2 million 7 7/8% series D cumulative redeemable preferred units of Essex Portfolio, L.P. for 363,000 Essex Property common shares and $10 million plus accrued dividends on November 21, according to an 8-K filing with the Securities and Exchange Commission.

Essex is a Palo Alto, Calif.-based real estate investment trust

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