Essex closes acquisition of BRE Properties

The combined company has an equity market cap of about $11.1B and a total market cap of $16.2B. BRE Properties shareholders have received 0.2971 newly issued shares of Essex (ESS) common stock and $7.18 in cash - $58.87 at today's closing price. The cash consideration was adjusted to reflect the authorization of a $5.15 per share special distribution to BRE shareholders.

BRE is up 3.7% AH to $63.25. Essex is off 1.5% to $171.40.

Essex anticipates the deal with be accretive to core FFO per share of about $0.05-$0.08 annually.

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