SOURCE: Essex Property Trust, Inc.

Essex Property Trust, Inc.

November 03, 2014 18:38 ET

Essex Announces Recent Transaction Activity

PALO ALTO, CA--(Marketwired - Nov 3, 2014) - Essex Property Trust, Inc. (NYSE: ESS) announced transactional activity that occurred subsequent to its third quarter earnings release dated October 30, 2014.

Acquisition
The Company has purchased a 50% interest in Palm Valley Apartments located in San Jose, California for a contract price of $180 million. The property is encumbered by a mortgage loan, bearing interest at 5.5% per annum and maturing in February 2017, of which Essex's pro-rata share is approximately $110 million.

Palm Valley is comprised of four adjacent communities totaling 1,098 apartment homes which were developed between 2000 and 2008. The property has an array of amenities including: five resort style pools, multiple fitness centers, a central leasing office with a concierge, a gourmet coffee bar, and a yoga studio. Palm Valley Apartments is located within walking distance to public transportation and several retail and dining venues in the San Jose area.

Preferred Equity Redemption
The Company received cash of approximately $101 million for its share of the redemption of the Wesco II preferred equity investment located in San Francisco, CA. In the fourth quarter, the Company will record $5.3 million of income from redemption penalties due to the early redemption of the preferred equity investment. The redemption penalties will be excluded from Core FFO.

About Essex Property Trust, Inc.
Essex Property Trust, Inc., an S&P 500 company, 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 240 apartment communities with an additional 14 properties in various stages of active development. Additional information about Essex can be found on the Company's web site at www.essex.com.

Contact Information

  • Contact Information
    Barb Pak
    Director of Investor Relations
    (650) 494-3700
    bpak@essex.com