Essex Property to repurchase series B preferreds with offer proceeds

By Melissa Kory

Cleveland, April 7 - Essex Property Trust, Inc. plans to repurchase in whole or in part the operating partnership's series B preferred units with proceeds from its proposed offering of series H cumulative redeemable preferred stock.

There are 1.6 million units, or $80 million, outstanding. The unitholders are entitled to receive distributions at the rate of 7.875% per year of the $50 liquidation preference per unit.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.