Brief: Essex Property Trust Acquires JV Partner’s Interest In Four Communities Comprising 1,480 Apartment Homes

Essex Property Trust

25/03/2024 13:53

March 25 (Reuters) - Essex Property Trust Inc  ESS.N :
    * ESSEX PROPERTY TRUST ACQUIRES JOINT VENTURE PARTNER’S
INTEREST
IN FOUR COMMUNITIES COMPRISING 1,480 APARTMENT HOMES
    * ESSEX PROPERTY TRUST INC: ACQUIRED JV PARTNER'S 49.9%
INTEREST
IN BEXAEW PORTFOLIO FOR A TOTAL PURCHASE PRICE OF $505 MILLION
ON A GROSS BASIS
    * ESSEX PROPERTY TRUST INC: CONCURRENT WITH CLOSING, REPAID
$219.9
MILLION OF DEBT ENCUMBERING PROPERTIES
    * ESSEX PROPERTY TRUST INC: PORTFOLIO GENERATED AN 11.4% IRR
& CO
TO RECOGNIZE ABOUT $1.5 MILLION IN PROMOTE INCOME, WHICH WILL BE
EXCLUDED FROM CORE FFO

Source text for Eikon:  ID:nBw9vktXHa 
Further company coverage:  ESS.N 

 ((Reuters.Briefs@thomsonreuters.com;))