<SEC-DOCUMENT>0001140361-19-018057.txt : 20191007
<SEC-HEADER>0001140361-19-018057.hdr.sgml : 20191007
<ACCEPTANCE-DATETIME>20191007162858
ACCESSION NUMBER:		0001140361-19-018057
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191007
DATE AS OF CHANGE:		20191007

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSEX PROPERTY TRUST, INC.
		CENTRAL INDEX KEY:			0000920522
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				770369576
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-227600
		FILM NUMBER:		191141153

	BUSINESS ADDRESS:	
		STREET 1:		1100 PARK PLACE
		STREET 2:		SUITE 200
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403
		BUSINESS PHONE:		6506557800

	MAIL ADDRESS:	
		STREET 1:		1100 PARK PLACE
		STREET 2:		SUITE 200
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESSEX PORTFOLIO LP
		DATE OF NAME CHANGE:	20181211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESSEX PROPERTY TRUST INC
		DATE OF NAME CHANGE:	19940318

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSEX PORTFOLIO LP
		CENTRAL INDEX KEY:			0001053059
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				770369575
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		777 CALIFORNIA AVE
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
		BUSINESS PHONE:		4154943700

	MAIL ADDRESS:	
		STREET 1:		777 CALIFORNIA AVENUE
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
</SEC-HEADER>
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    <div style="text-align: right;">Filed Pursuant to Rule 433</div>
    <div style="text-align: right;">Registration Nos. 333-227600 and 333-227600-01</div>
    <div style="text-align: right;">October 7, 2019</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Essex Portfolio, L.P.</div>
    <div style="text-align: center; font-weight: bold;">$150,000,000 3.000% Senior Notes due 2030</div>
    <div style="text-align: center; font-weight: bold;">fully and unconditionally guaranteed by</div>
    <div style="text-align: center; font-weight: bold;">Essex Property Trust, Inc.</div>
    <div><br>
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            <div>Issuer:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Essex Portfolio, L.P.</div>
          </td>
        </tr>
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            <div>Guarantor:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Essex Property Trust, Inc.</div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Principal Amount:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>$150,000,000. The Notes will be issued as additional notes of, and will form a single series of securities with, the $400,000,000 3.000% Senior Notes due 2030 issued on August 7, 2019. The total aggregate principal amount of the 3.000%
              Senior Notes due 2030 that will be outstanding following this reopening will be $550,000,000. The original notes and the Notes will share the same CUSIP number and be fungible.</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>Expected Ratings (Moody&#8217;s / S&amp;P / Fitch)*:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Baa1 / BBB+ / BBB+</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Trade Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>October 7, 2019</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Settlement Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>October 9, 2019 (T+2)</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Maturity Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>January 15, 2030</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>January 15 and July 15, commencing January 15, 2020</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Benchmark Treasury:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>UST 1.625% due August 15, 2029</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div>Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>100-20 / 1.556%</div>
          </td>
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            <div>Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>T+125 basis points</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Reoffer Yield:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>2.806%</div>
          </td>
        </tr>
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            <div>Coupon:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>3.000% per annum</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div>Price to Public:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>101.685% of the Principal Amount, plus accrued interest in the amount of $775,000 for the period from and including August 7, 2019 up to but excluding the Settlement Date</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>Optional Redemption Provisions:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Prior to October 15, 2029, make-whole call as set forth in the preliminary prospectus supplement at Treasury +20 basis points</div>
            <div>&#160;</div>
            <div>On or after October 15, 2029, the redemption price will be 100% of the principal amount to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date, as set forth in the preliminary prospectus supplement</div>
          </td>
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            <div>CUSIP / ISIN:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>29717P AU1 / US29717PAU12</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Joint Book-Running Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Wells Fargo Securities, LLC</div>
            <div>Citigroup Global Markets Inc.</div>
            <div>J.P. Morgan Securities LLC</div>
            <div>U.S. Bancorp Investments, Inc.</div>
            <div>Jefferies LLC</div>
            <div>MUFG Securities Americas Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Senior Co-Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>BB&amp;T Capital Markets, a division of BB&amp;T Securities, LLC</div>
            <div>BNP Paribas Securities Corp.</div>
            <div>Mizuho Securities USA LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Co-Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Capital One Securities, Inc.</div>
            <div>Regions Securities LLC</div>
            <div>Scotia Capital (USA) Inc.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div>*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</div>
    <div><br>
    </div>
    <div>The issuer has filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you
      should read the prospectus supplement for this offering, the issuer&#8217;s prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get
      these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at <u>http://www.sec.gov</u>. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus
      supplement and prospectus if you request it from (i) Wells Fargo Securities, LLC toll free at 1-800-645-3751, (ii) Citigroup Global Markets Inc. toll free at 1-800-831-9146, (iii) J.P. Morgan Securities LLC collect at 1-212-834-4533, or (iv) U.S.
      Bancorp Investments, Inc. toll free at 1-877-558-2607.</div>
    <div><br>
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