SOURCE: Essex Property Trust, Inc.

Essex Property Trust, Inc.

February 23, 2011 17:08 ET

Essex Announces Its 17th Consecutive Annual Dividend Increase

Establishes Record Date for the Annual Shareholders' Meeting

PALO ALTO, CA--(Marketwire - February 23, 2011) - Essex Property Trust, Inc., (NYSE: ESS) a real estate investment trust (REIT) with apartment communities located in targeted West Coast markets, announced that its Board of Directors has approved a $0.03 per share annualized increase to its regular cash dividend. Accordingly, the first quarter dividend distribution, payable on April 15, 2011 to shareholders of record as of March 31, 2011, will be $1.04 per share. On an annualized basis, the dividend represents a distribution of $4.16 per common share.

The Board of Directors declared quarterly distributions of $0.48828 and $0.30469 per share, which represent annual distributions of $1.9531 and $1.2188 per share, on its 7.8125% Series F Cumulative Redeemable Preferred Shares and its 4.875% Series G Cumulative Convertible Preferred shares, respectively. Distributions for the 7.8125% Series F Cumulative Redeemable Preferred shares are payable on June 1, 2011 to shareholders of record as of May 13, 2011. Distributions for the 4.875% Series G Cumulative Convertible Preferred shares are payable on May 2, 2011 to shareholders of record as of April 1, 2011.

The Annual Meeting of Shareholders will be held on Tuesday, May 17, 2011 at 1:00 p.m., at the Stanford Park Hotel, located at 100 El Camino Real, Menlo Park, CA 94025. Shareholders of record as of February 28, 2011 will be entitled to vote at the meeting.

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 147 apartment communities with an additional 2 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