Summary
Essex Property Trust, Inc. (ESS) announced on March 10, 2016, a material modification to the rights of its security holders through the redemption of all outstanding shares of its 7.125% Series H Cumulative Redeemable Preferred Stock. This redemption, scheduled for April 15, 2016, will occur at a price of $25.00 per share. Holders of record on April 1, 2016, will also receive the regular quarterly dividend of $0.44531 per share before distributions on the redeemed stock cease to accumulate on the redemption date.
Key Highlights
- 1Redemption of all outstanding Series H Preferred Stock on April 15, 2016.
- 2Redemption price set at $25.00 per share.
- 3Holders of record on April 1, 2016, will receive the quarterly dividend of $0.44531 per share.
- 4Distributions on Series H Preferred Stock will cease on the redemption date.
- 5This action constitutes a material modification to the rights of security holders.
- 6Press release announcing the redemption is filed as an exhibit.
Frequently Asked Questions
Essex Property Trust, Inc. is redeeming all of its outstanding Series H Cumulative Redeemable Preferred Stock on April 15, 2016, at a price of $25.00 per share.
Yes, if you are a holder of record on April 1, 2016, you will receive the regular quarterly dividend of $0.44531 per share, which is due on April 15, 2016.
Distributions on the Series H Preferred Stock will cease to accumulate on the redemption date, which is April 15, 2016.
The company will redeem 2,950,000 shares at $25.00 per share, resulting in a total redemption value of $73,750,000, not including the final dividend payment.