SOURCE: Essex Property Trust

September 18, 2007 16:50 ET

Essex Property Trust Declares Quarterly Distributions

PALO ALTO, CA--(Marketwire - September 18, 2007) - Essex Property Trust, Inc. (NYSE: ESS), a real estate investment trust (REIT) that invests in apartment communities located in highly desirable, supply-constrained markets, announced today that its Board of Directors has declared a regular quarterly cash dividend of $.93 per common share, payable October 15, 2007, to shareholders of record as of September 28, 2007. On an annualized basis, the dividend represents a distribution of $3.72 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 December 3, 2007 to shareholders of record as of November 16, 2007. Distributions for the 4.875% Series G Cumulative Convertible Preferred shares are payable on October 31, 2007 to shareholders of record as of October 1, 2007.

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 communities. Essex currently has ownership interests in 137 multifamily properties (28,208 units), and has 1,108 units in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.

The statements which are not historical facts contained in this release such as the Company's beliefs regarding its focused and disciplined approach and its dividend being one of the safest in the industry are forward-looking statements that involve risks and uncertainties which could cause actual results to be different than such forward-looking statements, including, but not limited to, downturns in the markets in which the Company owns property, unexpected delays and costs in connection with development and renovation projects, the impact of competition and competitive pricing, and other risks detailed in the Company's Securities and Exchange Commission filings.

Contact Information

  • Contact:
    Nicole Culbertson
    (650) 849-1649