|By Marketwired .||
|April 8, 2014 04:01 PM EDT||
PALO ALTO, CA -- (Marketwired) -- 04/08/14 -- Essex Property Trust, Inc. (NYSE: ESS) today announced that its operating partnership, Essex Portfolio, L.P., priced a private placement of $400 million aggregate principal amount of senior unsecured notes (the "Notes") at an interest rate per annum of 3.875%. The Notes were offered to investors at a price of 99.234% of par value with a yield to maturity of 3.968%. Interest is payable semiannually on May 1 and November 1with the first interest payment due November 1, 2014. The Notes mature on May 1, 2024. The Notes offering is expected to close on April 15, 2014, subject to certain closing conditions.
The operating partnership expects to use net proceeds to refinance existing senior unsecured indebtedness and for general corporate purposes.
The Notes are being offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and in offshore transactions pursuant to Regulation S under the Securities Act. In connection with the offering of the Notes, Essex Property Trust, Inc. and Essex Portfolio, L.P., expect to enter into a registration rights agreement pursuant to which they will agree to file a registration statement with respect to an offer to exchange the Notes for identical new notes registered under the Securities Act (or, under certain circumstances, a shelf registration statement covering resales of the Notes).
The Notes have not been registered under the Securities Act and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Essex Property Trust
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 233 apartment communities with an additional 15 properties in various stages of active development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements, including statements related to the private placement and the expected use of the net proceeds therefrom, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry; adverse economic or real estate developments in the target markets of Essex Property Trust, Inc. (the "Company"); risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; failure to maintain credit ratings with the rating agencies; risks and uncertainties affecting property acquisitions and developments, increases in interest rates, and volatility in the securities markets; and other risks detailed in the Company's filings with the Securities and Exchange Commission (SEC). All forward-looking statements are made as of today, and the Company assumes no obligation to update this information. For more details relating to risk and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including the Company's most recent Report on Form 10-K for the year ended December 31, 2013.
Director of Investor Relations
"This is specifically designed to accommodate some of the needs for high availability and failover in a network managed system for the major Korean corporations," stated Thomas Masters, Managing Director at InfranicsUSA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:21 AM EST
Dec. 8, 2016 11:00 AM EST Reads: 853
Dec. 8, 2016 11:00 AM EST Reads: 975
Dec. 8, 2016 10:30 AM EST Reads: 7,294
Dec. 8, 2016 10:30 AM EST Reads: 521
Dec. 8, 2016 10:05 AM EST Reads: 137
Dec. 8, 2016 10:00 AM EST Reads: 583
Dec. 8, 2016 10:00 AM EST Reads: 980
Dec. 8, 2016 09:45 AM EST Reads: 1,920
Dec. 8, 2016 09:30 AM EST Reads: 596
Dec. 8, 2016 09:15 AM EST Reads: 929
Dec. 8, 2016 09:12 AM EST Reads: 211
Dec. 8, 2016 09:00 AM EST Reads: 460
Dec. 8, 2016 09:00 AM EST Reads: 587
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Dec. 8, 2016 08:45 AM EST Reads: 890