Essex Announces Credit Line, Equity Revamp

Essex Property Trust Inc., Palo Alto, Calif., has announced that it has obtained a five-year, $90 million credit facility from Freddie Mac and restructured two series of preferred stock.The maximum amount of the credit facility, which is secured by four of Essex's multifamily properties, will be increased to $100 million on July 1, the real estate investment trust said. The company said it has borrowed $80.6 million in two tranches under the facility. Regarding the equity restructuring, Essex said the distribution rate of its $50 million, 9.30% series D cumulative redeemable preferred units will change from 9.30% to 7.875% on July 27. The date that the series D units can first be redeemed at the company's option will be extended six years, to July 28, 2010, and the date that Essex's 7.875% series B cumulative redeemable preferred units can first be redeemed will be extended from Feb. 6, 2003, to Dec. 31, 2009. Essex can be found online at http://www.essexproperties.com.