<SEC-DOCUMENT>0001140361-20-014062.txt : 20200617
<SEC-HEADER>0001140361-20-014062.hdr.sgml : 20200617
<ACCEPTANCE-DATETIME>20200617161612
ACCESSION NUMBER:		0001140361-20-014062
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200617
DATE AS OF CHANGE:		20200617

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:		20969906

	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>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>nt10012826x2_fwp.htm
<DESCRIPTION>FWP
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  <div style="text-align: right; text-indent: 104.15pt; margin-right: 5.8pt; margin-left: 245.9pt;">Filed Pursuant to Rule 433 </div>
  <div style="text-align: right; text-indent: 104.15pt; margin-right: 5.8pt; margin-left: 245.9pt;">Registration Nos. 333-227600 and 333-227600-01</div>
  <div style="text-align: right; margin-right: 5.9pt;">June 17, 2020</div>
  <div><br>
  </div>
  <div style="text-align: center; margin-right: 136.85pt; margin-left: 131pt; font-weight: bold;">Essex Portfolio, L.P.</div>
  <div style="text-align: center; margin-right: 136.85pt; margin-left: 131pt; font-weight: bold;">$150,000,000 2.650% Senior Notes due 2032 </div>
  <div style="text-align: center; margin-right: 136.85pt; margin-left: 131pt; font-weight: bold;">fully and unconditionally guaranteed by </div>
  <div style="text-align: center; margin-right: 136.85pt; margin-left: 131pt; font-weight: bold;">Essex Property Trust, Inc.</div>
  <div><br>
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          <div style="font-family: 'Times New Roman', Times, serif;">Issuer:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Essex Portfolio, L.P.</div>
        </td>
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          <div style="font-family: 'Times New Roman', Times, serif;">Guarantor:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Essex Property Trust, Inc.</div>
        </td>
      </tr>
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          <div style="margin-right: 16.4pt; font-family: 'Times New Roman', Times, serif;">Principal Amount:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="margin-right: 16.4pt; font-family: 'Times New Roman', Times, serif;">$150,000,000. The Notes will be issued as additional notes of, and will form a single series of securities with, the $500,000,000 2.650% Senior Notes due 2032 issued
            on February 11, 2020. The total aggregate principal amount of the 2.650% Senior Notes due 2032 that will be outstanding following this reopening will be $650,000,000. 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;">
          <div style="margin-right: 138.3pt; font-family: 'Times New Roman', Times, serif;">Expected Ratings (Moody&#8217;s / S&amp;P / Fitch)*:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="margin-right: 138.3pt; font-family: 'Times New Roman', Times, serif;">Baa1 / BBB+ / BBB+</div>
        </td>
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          <div style="margin-right: 138.3pt; font-family: 'Times New Roman', Times, serif;">Trade Date:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="margin-right: 138.3pt; font-family: 'Times New Roman', Times, serif;">June 17, 2020</div>
        </td>
      </tr>
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          <div style="font-family: 'Times New Roman', Times, serif;">Settlement Date:</div>
        </td>
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          <div style="font-family: 'Times New Roman', Times, serif;">June 19, 2020 (T+2)</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">Maturity Date:</div>
        </td>
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          <div style="font-family: 'Times New Roman', Times, serif;">March 15, 2032</div>
        </td>
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          <div style="margin-right: 47.45pt; font-family: 'Times New Roman', Times, serif;">Interest Payment Dates:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="margin-right: 47.45pt; font-family: 'Times New Roman', Times, serif;">March 15 and September 15, commencing September 15, 2020</div>
        </td>
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          <div style="font-family: 'Times New Roman', Times, serif;">Benchmark Treasury:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">UST 0.625% due May 15, 2030</div>
        </td>
      </tr>
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          <div style="font-family: 'Times New Roman', Times, serif;">Benchmark Treasury Price / Yield:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">98-28 / 0.743%</div>
        </td>
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          <div style="font-family: 'Times New Roman', Times, serif;">Spread to Benchmark Treasury:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">T+135 basis points</div>
        </td>
      </tr>
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          <div style="font-family: 'Times New Roman', Times, serif;">Reoffer Yield:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">2.093%</div>
        </td>
      </tr>
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          <div style="font-family: 'Times New Roman', Times, serif;">Coupon:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">2.650% per annum</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 style="margin-right: 19.4pt; font-family: 'Times New Roman', Times, serif;">Price to Public:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="margin-right: 19.4pt; font-family: 'Times New Roman', Times, serif;">105.660% of the Principal Amount, plus accrued interest in the amount of $1,413,333.33 for the period from and including February 11, 2020 up to but excluding the
            Settlement Date</div>
        </td>
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          <div style="font-family: 'Times New Roman', Times, serif;">Optional Redemption Provisions:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Prior to December 15, 2031, make-whole call as set forth in the preliminary prospectus supplement at Treasury + 20 basis points</div>
        </td>
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          <div style="margin-right: 10.6pt; font-family: 'Times New Roman', Times, serif;"><br>
          </div>
        </td>
        <td style="width: 50%; vertical-align: top;">On or after December 15, 2031, 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</td>
      </tr>

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        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">CUSIP / ISIN:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">29717P AV9 / US29717PAV94</div>
        </td>
      </tr>
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          <div style="font-family: 'Times New Roman', Times, serif;">Joint Book-Running Managers:</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">U.S. Bancorp Investments, Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: center; margin-right: 168.8pt; font-family: 'Times New Roman', Times, serif;"><br>
          </div>
        </td>
        <td style="width: 50%; vertical-align: top;">Jefferies LLC <br>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;"><br>
          </div>
        </td>
        <td style="width: 50%; vertical-align: top;">Regions Securities LLC</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;"><br>
          </div>
        </td>
        <td style="width: 50%; vertical-align: top;">SunTrust Robinson Humphrey, Inc.</td>
      </tr>

  </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>.</div>
  <div> <br>
  </div>
  <div style="text-align: justify;">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) U.S. Bancorp Investments, Inc. toll free
    at 1-877-558-2607, or (ii) Jefferies LLC toll free at 1-877-877-0696.</div>
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