Contact Information: Contact: Nicole Christian (650) 849-1649
Essex Property Trust Declares Quarterly Distributions
| Source: Essex Property Trust, Inc.
PALO ALTO, CA--(Marketwire - December 7, 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 January 15, 2008 to shareholders of
record as of December 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 March 3, 2008 to shareholders of record as
of February 15, 2008. Distributions for the 4.875% Series G Cumulative
Convertible Preferred shares are payable on January 31, 2008 to
shareholders of record as of January 2, 2008.
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 134 multifamily properties
(27,489 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.