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Fitch Rates Essex Property Trust's $65MM Series H Preferred Stock 'BB+'; Outlook Stable

^{Published on 2011-04-11 09:30:30 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has assigned a 'BB+' rating to the $65 million 7.125% coupon rate series H cumulative redeemable preferred stock issued by Essex Property Trust, Inc. (NYSE: ESS). Net proceeds from the offering of approximately $63 million before the exercise of the underwriters' overallotment option are expected to be used to redeem a portion of Essex Portfolio L.P.'s (the operating partnership of ESS) $80 million of 7.875% series B preferred units.

"Fitch Assigns Initial 'BBB' IDR to Essex Property Trust; Outlook Stable"

Essex Property Trust's Issuer Default Rating (IDR) is 'BBB'. The Rating Outlook is Stable.

For additional information, please refer to Fitch's March 23, 2011 press release, "Fitch Assigns Initial 'BBB' IDR to Essex Property Trust; Outlook Stable", available at '[ www.fitchratings.com ]'.

Essex Property Trust is a multifamily real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities in supply-constrained markets. The company went public in 1994 and currently has ownership interests in 147 apartment communities, and has an additional two properties in various stages of development.

Applicable Criteria and Related Research:

--Criteria for Rating U.S. Equity REITs and REOCs, March 15, 2011;

--Corporate Rating Methodology, Aug. 13, 2010;

--Equity Credit for Hybrids & Other Capital Securities - Amended, Dec. 29, 2009;

--Rating Hybrid Securities, Dec. 29, 2009;

--Recovery Rating and Notching Criteria for REITs, Dec. 23, 2009.

Applicable Criteria and Related Research:

Criteria for Rating U.S. Equity REITs and REOCs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=610687 ]

Corporate Rating Methodology

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646 ]

Equity Credit for Hybrids & Other Capital Securities - Amended

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=493112 ]

Rating Hybrid Securities

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=493086 ]

Recovery Rating and Notching Criteria for REITs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=492828 ]

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