Finance History|11 Wall Street — Nineteen Fifty for Six Million Apartment Shares
· 1994-6
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Finance History|11 Wall Street — Nineteen Fifty for Six Million Apartment Shares
kevin
People treat Essex as a San Mateo REIT that always printed ESS after a finished West Coast rent roll.
The June 1994 issuer was Essex Property Trust, Inc., a Maryland corporation formed in March 1994 to hold an interest in Essex Portfolio, L.P.
George M. Marcus had started Essex Property Corporation in 1971. The public vehicle was new. The apartments were not.
The company's later 10-K states that operations commenced on 13 June 1994 with an initial public offering of 6,275,000 common shares at 19.50 dollars a share in 1994 currency. Net proceeds were 112.1 million dollars. Those dollars bought about 77.2 percent of the Operating Partnership as general partner.
An August 2011 investor presentation repeats the same price and count and adds the book at the offering: ownership in 16 West Coast apartment communities. The New York Stock Exchange listed the shares as ESS from that session.
The mechanism is a UPREIT listing. Public common bought a controlling general-partner interest. Legacy owners kept operating-partnership units instead of an all-cash exit.
The pin is the Broad Street facade of the Exchange. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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