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Anne Morrison, the Executive Vice President, Chief Administrative Officer, and General Counsel of Essex Property Trust (NYSE:ESS), a $20.5 billion real estate investment trust trading near its 52-week high of $317.73, recently executed a significant stock transaction. According to InvestingPro data, the company has maintained dividend payments for 32 consecutive years, currently offering a 3.34% yield. On March 3, Morrison sold 2,571 shares of the company’s common stock at a price of $314.79 per share, totaling approximately $809,325. This transaction was conducted under a pre-established Rule 10b5-1 trading plan.
In addition to the sale, Morrison also exercised stock options to acquire 2,571 shares at a price of $214.79 per share, amounting to a total value of $552,225. Following these transactions, Morrison holds 3,389 shares of Essex Property Trust.
These activities reflect Morrison’s strategic management of her equity in the company, utilizing both the sale and acquisition of shares.
In other recent news, Essex Property Trust announced the issuance of $400 million in senior notes, due April 1, 2035, with an interest rate of 5.375%. The notes were priced at 99.604% of their principal amount and are intended to manage debt obligations, including the repayment of $500 million of 3.500% senior notes due in April 2025. The proceeds may also be used for general corporate purposes, such as acquisitions. Piper Sandler maintained an Overweight rating on Essex Property Trust, citing growth potential in Northern California and Seattle markets, and named it their top pick for 2025. In another analyst update, BMO Capital Markets upgraded Essex Property Trust from Market Perform to Outperform while adjusting the price target to $310, noting potential increased demand for multifamily housing in Los Angeles due to recent wildfires. The wildfires have caused significant displacement, potentially leading to higher occupancy rates in the area. These developments reflect Essex Property Trust’s strategic financial management and positioning within key markets.
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