Business News • MarketWire • Essex Announces Preferred Equity Investment and 2011 Fourth Quarter Earnings Conference Call Information |
Essex Announces Preferred Equity Investment and 2011 Fourth Quarter Earnings Conference Call Information |
|
|
Essex Announces Preferred Equity Investment and 2011 Fourth Quarter Earnings Conference Call Information
PALO ALTO, CA--(Marketwire - Jan 5, 2012) - Essex Property Trust, Inc. (NYSE: ESS) announced today that on December 8, 2011, the Company made a preferred equity investment in Parkmerced, a 3,221 unit apartment rental property located in San Francisco, CA. The $175 million investment was made through Wesco II a joint venture owned 50% by the Company and 50% by an institutional partner. The preferred equity investment has a stated term of 7 years. Essex's portion of the investment was funded with the issuance of common stock from the "at the Market" equity distribution program and asset sales. The investment is expected to positively impact 2012 Earnings per Share and Funds from Operations by approximately 12 cents per share.
View More : http://www.marketwire.com/mw/release.do?id=1603875&sourceType=3
|
|
|