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Essex Property Trust, Inc. | 7.125% Series H Cumulative Redeemable Preferred Stock (ESS.PRH)
Prospectus exerpt: We are offering 2,600,000 shares of our 7.125% Series H Cumulative Redeemable Preferred Stock, par value $0.0001 per share (the “Series H Preferred Stock”). Dividends on the Series H Preferred Stock will be payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. The dividend rate is 7.125% per annum of the $25.00 liquidation preference, which is equivalent to $1.78125 per annum per share of Series H Preferred Stock. The first dividend on the Series H Preferred Stock sold in this offering will be paid on July 15, 2011. Generally, we may not redeem the Series H Preferred Stock prior to April 13, 2016. On and after April 13, 2016, we may, at our option, redeem the Series H Preferred Stock, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. In addition, upon the occurrence of a change of control the result of which our shares of common stock, par value $0.0001 per share (“common stock”), and the common securities of the acquiring or surviving entity (or American Depositary Receipts (“ADRs”) representing such securities) are not listed on the New York Stock Exchange (the “NYSE”), the NYSE Amex Equities (the “NYSE Amex”) or the NASDAQ Stock Market (“NASDAQ”) or listed or quoted on a successor exchange or quotation system, we may, at our option, redeem the Series H Preferred Stock, in whole or in part and within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the Series H Preferred Stock, the holders of Series H Preferred Stock will not have the conversion right described below. The Series H Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed by us or converted in connection with a change of control by the holders of Series H Preferred Stock. Full Prospectus PDF », ESS Page »
| Series: | H | | Redeemable?: | Yes | | Call Date: | 4/13/2016 | | Perpetual?: | Yes | | Cumulative?: | Yes | | Shares Offered: | 2,600,000 | | Overallotment: | 390,000 | | Liquidation Preference: | $25 | | Recent Market Price: | $27.00 | Premium to Liquidation Preference:
(More Preferreds Trading at a Premium ») | $2.00 (8.00%) | | Annualized Dividend: | 1.78125 | | Recent Ex-Date: | 6/27/2013 | | Current Yield: | 6.60% | | Original Coupon: | 7.125% | | Pay Period: | Quarterly | | Pay Dates: | 15-Jan, 15-Apr, 15-Jul, 15-Oct |
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Essex Property Trust is a self-administered and self-managed real estate investment trust. Co. owns all of its interest in its real estate investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). Co. is the sole general partner of the Operating Partnership. Co. is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities. As of Dec 31 2012, Co. owned or held an interest in 163 communities, aggregating 33,468 units, located along the West Coast, as well as five commercial, and nine active development projects with 2,495 units in various stages of development. Preferred: ESS.PRH
Open the ESS Information Page »
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| Name: |
Essex Property Trust, Inc. |
| Website: |
www.essexpropertytrust.com |
| Sector: |
REITs |
| Number of ETFs Holding ESS: |
66 (see which ones) |
| Total Market Value Held by ETFs: |
$870,657,794 |
| Total Market Capitalization: |
$6,393,000,000 |
| % of Market Cap. Held by ETFs: |
13.62% |
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