PALO ALTO, CA--(Marketwire - Jun 30, 2011) - Essex Property Trust, Inc. (
| Issuer: | Essex Portfolio, L.P. | |
| Security Type: | Guaranteed Senior Unsecured Notes | |
| Structure: | Private Placement | |
| Size: | $115 million | |
| Term / Maturity date: | 6.25 years / September 30, 2017: $40 million 8.5 years / December 31, 2019: $75 million |
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| Pay Rate / Type: | 4.5% / semi-annual; 360 day: $40 million 4.92% / semi-annual; 360 day: $75 million |
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| Use of Proceeds: | Repay a portion of the outstanding indebtedness under its $275 million unsecured line of credit and for general corporate purposes. | |
| Lead placement agent: | Mitsubishi UFJ Securities (USA), Inc. | |
| Co-placement agents: | KeyBanc Capital Markets, Inc. | |
| PNC Capital Markets LLC |
Mark J. Mikl, Senior Vice President, Capital Markets for the Company, stated, "We are pleased to expand our fixed-income investor base and strengthen our corporate investment grade credit profile."
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Essex Property Trust, Inc., located in Palo Alto, California and traded on the New York Stock Exchange (ESS), is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 150 apartment communities with an additional 4 properties in various stages of active development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.
Contact Information:
Nicole Culbertson
(650) 849-1649