Apr. 1, 2014, 5:38 PM
Apr. 1, 2014, 4:15 PM
- 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.
- Source: Press Release
Mar. 26, 2014, 5:35 PM
- Essex Property Trust (ESS) +2.2% AH on news it will replace Cliffs Natural Resources (CLF) in the S&P 500 after the close of trading April 1.
- CLF will move down to the S&P MidCap 400, replacing ESS.
- FEI Co. (FEIC) will replace BRE Properties (BRE), which is being acquired by Essex, in the MidCap 400, and Fabrinet (FN) will replace FEI in the S&P SmallCap 600.
- Also, Albany Molecular Research (AMRI) will replace Supertex (SUPX), which is being acquired, in the SmallCap 600.
- AMRI +4.2%, FEIC +2%, FN +1.5%, CLF -1.3% AH.
Dec. 4, 2013, 5:37 PM
Dec. 4, 2013, 12:46 PM
Dec. 4, 2013, 10:59 AM
- Essex Property's (ESS -2.4%) offer for BRE Properties (BRE +13.3%) is higher than a rejected $60 bid from Land & Buildings earlier this year, reports Bloomberg, citing two sources. BRE has been working with Wells Fargo to explore strategic options, including a sale. Essex plans to pay for the purchase with bank financing, a stock offering, and the sale of assets.
- It's been a busy deal year in the REIT sector, with $78B of acquisitions YTD, up 41% from 2012.
- BRE's currently trading at $60.50.
- Earlier coverage
Dec. 4, 2013, 10:17 AM
- A check of other multi-family REITs amid news of a $5B bid for BRE Properties (BRE +12.8%) by Essex (ESS -1.8%).
- Equity Residential (EQR +2.2%), AvalonBay (AVB +2.5%), UDR (UDR +2.5%), Apartment Investment and Management (AIV +4%), Camden (CPT +3.2%), Home Properties (HME +3.3%), Mid-America (MAA +1.7%), Post (PPS +4.7%).
Dec. 4, 2013, 10:11 AM| Comment!
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BRE Properties, Inc., is a real estate investment trust. The Company develops, acquires, and manages multifamily apartment communities located in the metropolitan markets within the State of California, Seattle, and Washington region.
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