Essex Property bought back $4.9 million of 4.875% convertible preferreds during fourth quarter

By Jennifer Chiou

New York, Feb. 26 - Essex Property Trust, Inc. repurchased a further $4.9 million of its 4.875% series G cumulative convertible preferred stock during the fourth quarter of 2009, according to a 10-K filing with the Securities and Exchange Commission.

In all last year, the company bought back $145 million of liquidation value of the preferreds at a cost of $50 million, the filing said.

At the end of the year, the carrying value of the remaining series G preferreds amounted to $4.3 million.

Specifically, Essex repurchased $58.2 million of the securities during the first quarter of 2009 and an additional $81.9 million during the third quarter of 2009, according to the company's previous 10-Q filed with the SEC.

The company sold 5.98 million of the preferreds for gross proceeds of $149.5 million during 2006.

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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