PALO ALTO, CA — 06/05/12 — Essex Property Trust, Inc. (NYSE: ESS) today announced that it has amended its $425 million unsecured revolving credit facility by increasing the borrowing capacity to $500 million. The amended facility, which matures in December 2015, contains two one-year extension options and an accordion feature that allows the Company to borrow up to $600 million. Based on the Company’s current BBB credit rating, the facility carries an interest rate of LIBOR plus 120 basis points and a facility fee of 20 basis points.
PNC Bank was the Lead Arranger for the facility. Additional lenders to the facility include: Union Bank, U.S. Bank, Wells Fargo Bank, Bank of Montreal, KeyBanc, Bank of the West, Comerica Bank, Capital One, Compass Bank, Citigroup and HSBC Bank USA.
About Essex Property Trust
Essex Property Trust, Inc., an S&P 400 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities located in highly desirable, supply-constrained markets. Essex currently has ownership interests in 158 multifamily properties with an additional 5 properties in various stages of development. Additional information about Essex can be found on the Company’s web site at www.essexpropertytrust.com. If you would like to receive future press releases via e-mail-please send a request to email@example.com.