Key Developments: Essex Property Trust Inc (ESS)
168.25USD
17 May 2013
$1.57 (+0.94%)
$166.68
$167.26
$168.33
$166.14
167,142
268,102
$168.33
$136.38
Latest Key Developments (Source: Significant Developments)
Essex Property Trust Inc Declares Quarterly Distributions
Essex Property Trust Inc announced that its Board of Directors has declared a regular quarterly cash dividend of $1.21 per common share, payable July 15, 2013 to shareholders of record as of June 28, 2013. Full Article
Essex Property Trust Inc Issues Q2 2013 FFO Guidance In Line With Analysts' Estimates
Essex Property Trust Inc announced that for second quarter of 2013, it expects funds from operations (FFO) in the range of $1.79 to $1.87, which includes the impact of the $300 million unsecured bond offering on April 15, 2013, and the impact of the repayment and redemption of notes and preferred equity investments aggregating $39.2 million. According to I/B/E/S estimates analysts' are expecting the Company to report FFO of $1.88 for the second quarter of 2013. Full Article
Essex Property Trust Inc Prices $300 Million Of 3.25% Senior Unsecured Notes Due 2023
Essex Property Trust Inc announced that its operating partnership, Essex Portfolio, L.P., priced $300 million aggregate principal amount of senior unsecured notes at an interest rate per annum of 3.25%. The Notes were offered to investors at a price of 99.152% of par value with a yield to maturity of 3.35%. Interest is payable semiannually on May 1st and November 1st with the first interest payment due November 1, 2013. The Notes mature on May 1, 2023. The Notes will be the senior unsecured obligations of the operating partnership and will be fully and unconditionally guaranteed by Essex Property Trust, Inc. The Notes offering is expected to close on April 15, 2013, subject to certain closing conditions. The operating partnership expects to use net proceeds to repay indebtedness under its unsecured line of credit facility, its unsecured working capital line of credit facility and for other general corporate and working capital purposes. Citigroup, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Mitsubishi UFJ Securities (USA), Inc. and U.S. Bancorp Investments, Inc. served as joint book-running managers. Barclays Capital Inc. and BNP Paribas Securities Corp. served as senior co-managers and BMO Capital Markets Corp., HSBC Securities (USA) Inc., PNC Capital Markets LLC and Sandler O'Neill & Partners, L.P. served as co-managers for the offering. Full Article
Essex Property Trust Inc Approves Annual Dividends
Essex Property Trust Inc announced that its Board of Directors has approved a $0.44 per share annualized increase to its regular cash dividend. The first quarter dividend distribution, payable on April 15, 2013 to shareholders of record as of March 28, 2013, will be $1.21 per share. The declared dividend represents a 10% increase over the Company's prior quarterly dividend of $1.10 per share. On an annualized basis, the dividend represents a distribution of $4.84 per common share. The Board of Directors has also declared regular quarterly distributions for its preferred share issuances for G Series of $0.30469 payable on April 30, 2013 and H Series of $44531 payable on April 15, 2013. The Record date for both G and H series is on April 1, 2013. Full Article
Essex Property Trust Inc Issues Q1 2013 FFO Guidance In Line With Analysts' Estimates
Essex Property Trust Inc announced that for the first quarter of 2013, it has established a range for total Funds From Operations (FFO) per diluted share of $1.85 to $1.95 and Core FFO per diluted share of $1.77 to $1.87. According to I/B/E/S estimates analysts' are expecting the Company to report FFO of $1.81 for the first quarter of 2013. Full Article
Essex Property Trust Inc Declares Quarterly Distributions
Essex Property Trust Inc announced that its Board of Directors has declared a regular quarterly cash dividend of $1.10 per common share, payable January 15, 2013 to shareholders of record as of January 2, 2013. Full Article
Essex Property Trust Inc Declares Quarterly Distributions
Essex Property Trust Inc announced that its Board of Directors has declared a regular quarterly cash dividend of $1.10 per common share, payable October 15, 2012 to shareholders of record as of September 28, 2012. The Board of Directors has also declared regular quarterly distributions for its preferred share issuances as follows: Series G of $0.30469 per share payable on October 31, 2012 to the shareholder of record date October 1, 2012 and Series H of $0.44531 payable on October 15, 2012 to the shareholder of record date October 1, 2012. Full Article
Essex Property Trust, Inc. Prices $300 Million Senior Unsecured Notes Due 2022
Essex Property Trust, Inc. announced that its operating partnership, Essex Portfolio, L.P., priced a private placement of $300 million aggregate principal amount of senior unsecured notes at an interest rate per annum of 3.625%. The Notes were offered to investors at a price of 98.99% of par value with a yield to maturity of 3.747%. Interest is payable semiannually on February 15 and August 15 with the first interest payment due February 15, 2013. The Notes mature in August 2022. The Notes offering is expected to close on August 15, 2012, subject to certain closing conditions. The operating partnership expects to use net proceeds to refinance existing senior unsecured indebtedness and for general corporate purposes. Full Article
Essex Property Trust, Inc. Issues Q3 2012 FFO Guidance In Line With Analysts' Estimates; Raises FY 2012 FFO Guidance
Essex Property Trust, Inc. announced that for the third quarter of 2012, it expects FFO and Core FFO per diluted share range of $1.63 to $1.69, and $1.66 to $1.72 per diluted share, respectively. For fiscal 2012, it Increased FFO guidance range from $6.60 to $6.80 and Core FFO from $6.63 to $6.83 per diluted share. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $1.69 for the third quarter of 2012; FFO of $6.72 for fiscal 2012. Full Article
Essex Property Trust, Inc. Purchases and Begins Construction on Two Communities in Downtown San Francisco
Essex Property Trust, Inc. announced the purchase of two adjacent land parcels in San Francisco, California for the development of two nine story apartment communities containing a total of 463 apartment homes and approximately 9,300 square feet of retail space. The two development communities are located near Moscone Center in the SOMA district of San Francisco. The Company expects the properties to open in the spring of 2014 for a total cost of approximately $250 million. The Company has entered into a co-investment partnership with an institutional investor for the development of the two communities. The Company will have a 55% interest in the venture and will earn development, asset and property management fees and may earn a promoted interest. Full Article
Fitch Rates Essex Portfolio L.P.'s $300MM 3.25% Sr. Unsecured Notes due 2023 'BBB+'; Outlook Stable
(The following statement was released by the rating agency) NEW YORK, April 09 (Fitch) Fitch Ratings has assigned a credit rating of 'BBB+' to the $300 million 3.25% senior unsecured notes due May 1, 2023 issued by Essex Portfolio L.P., the operating partnership of Essex Property Trust, Inc. (NYSE: ESS). The notes were issued at 99.152% of par to yield 3.35%. Proceeds will be used to repay balances under ESS' unsecured credit facilities and for general corporate purposes. Fitch currently ra
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