form8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
______________________
______________________
FORM
8-K
______________________
______________________
Current
Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of
1934
Date of
Report (Date of Earliest Event Reported): December 18, 2009
ESSEX
PROPERTY TRUST, INC.
(Exact
Name of Registrant as Specified in its Charter)
001-13106
(Commission
File Number)
|
Maryland
|
77-0369576
|
|
(State
or Other Jurisdiction of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
925
East Meadow Drive, Palo Alto, California 94303
(Address
of principal executive offices) (Zip Code)
(650)
494-3700
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report.)
ESSEX
PORTFOLIO, L.P.
(Exact
Name of Registrant as Specified in its Charter)
333-44467-01
(Commission
File Number)
|
California
|
77-0369575
|
|
(State
or Other Jurisdiction of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
925
East Meadow Drive, Palo Alto, California 94303
(Address
of principal executive offices) (Zip Code)
(650)
494-3700
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
£ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
£ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
1.01. Entry Into a Material Definitive Agreement
On
December 18, 2009, Essex Property Trust, Inc.’s operating partnership, Essex
Portfolio, L.P. a California limited partnership, entered into a new revolving
line of credit with the banks listed in schedule 1.1 hereto.
The
maximum commitment amount of $200 million has a one-year term with 2 one-year
extensions. The underlying interest rate interest rate on this line is based on
a tiered rate structure tied to the Company’s corporate rate and is currently
LIBOR plus 300 basis points. The credit line will be used to fund acquisitions,
development and redevelopment activities as well as general working capital
purposes.
Item 2.03. Creation of a Direct
Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of
a Registrant.
The
information set forth in Item 1.01 is incorporated in this Item 2.03 by
reference.
Item 9.01. Financial Statements and
Exhibits
(d)
Exhibits.
|
Exhibit
Number
|
Description
|
|
10.1
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Revolving
Credit Agreement dated as of December 18, 2009, by and among Essex
Portfolio, L.P., and PNC Bank, National Association as Administrative
Agent, PNC Bank, National Association as Sole Lead Arranger and PNC Bank,
National Association as Sole Book
Runner.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Essex
Property Trust
/s/Michael T.
Dance
Name:
Michael T.
Dance
Title:
Executive Vice President &
Chief Financial Officer
Date:
December 18, 2009
EXHIBIT
INDEX
|
Exhibit
Number
|
Description
|
|
|
Revolving
Credit Agreement dated as of December 18, 2009, by and among Essex
Portfolio, L.P., and PNC Bank, National Association as Administrative
Agent, PNC Bank, National Association as Sole Lead Arranger and Sole Book
Runner.
|