Essex Property buys back $54.6 million 4.875% convertible preferreds

By Angela McDaniels

Tacoma, Wash., Feb. 27 - Essex Property Trust, Inc. has repurchased $54.6 million in liquidation value of its $149.5 million 4.875% series G cumulative convertible preferred stock during the first quarter, according to the company's 10-K report for 2008 filed with the Securities and Exchange Commission Friday.

The company paid $30.1 million for the preferreds and said it may continue to purchase the securities.

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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