Essex Property to buy back $95.4 million of 3.625% exchangeables

By Angela McDaniels

Tacoma, Wash., Nov. 30 - Essex Property Trust, Inc. agreed on Nov. 25 to repurchase approximately $95.4 million principal amount of its 3.625% exchangeable senior notes in a privately negotiated transaction, according to an 8-K filing with the Securities and Exchange Commission.

The total amount to be paid is about $94.5 million plus accrued interest.

The transaction is expected to be completed this week.

Essex is a Palo Alto, Calif.-based real estate investment trust. The majority of its real estate consists of apartment communities.

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