<SEC-DOCUMENT>0001140361-20-018006.txt : 20200810
<SEC-HEADER>0001140361-20-018006.hdr.sgml : 20200810
<ACCEPTANCE-DATETIME>20200810164948
ACCESSION NUMBER:		0001140361-20-018006
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200810
DATE AS OF CHANGE:		20200810

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:		201090071

	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>brhc10014290_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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  <div style="text-align: right;">
    <div>Filed Pursuant to Rule 433</div>
    <div>Registration Nos. 333-227600 and 333-227600-01</div>
    <div>August&#160;10, 2020</div>
    <div style="text-align: left;">&#160;</div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">Essex Portfolio, L.P.<br>
      $600,000,000</div>
    <div style="text-align: center; font-weight: bold;">$300,000,000<font style="color: #000000;"> 1.650</font>% Senior Notes due 2031<br>
      $300,000,000<font style="color: #000000;"> 2.650</font>% Senior Notes due 2050<br>
      fully and unconditionally guaranteed by<br>
      Essex Property Trust,&#160;Inc.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="4" border="0" id="za41803c9c8b743ac9f452cbda6f06f93" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Issuer:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>Essex Portfolio, L.P.</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Guarantor:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>Essex Property Trust, Inc.</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Expected Ratings (Moody&#8217;s / S&amp;P / Fitch)*:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>Baa1 / BBB+ / BBB+</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Trade Date:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>August&#160;10, 2020</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Settlement Date**:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>August&#160;24, 2020 (T+10)</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Joint Book-Running Managers:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>Wells Fargo Securities, LLC</div>
            <div style="color: #000000;">Citigroup Global Markets Inc.</div>
            <div style="color: #000000;">J.P. Morgan Securities LLC</div>
            <div style="color: #000000;">U.S. Bancorp Investments, Inc.</div>
            <div style="color: #000000;">Jefferies LLC</div>
            <div>MUFG Securities Americas Inc.</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Senior Co-Managers:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div style="color: #000000;">BNP Paribas Securities Corp.</div>
            <div style="color: #000000;">Mizuho Securities USA LLC</div>
            <div style="color: #000000;">Regions Securities LLC</div>
            <div style="color: #000000;">Truist Securities, Inc.</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Co-Managers:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div style="color: #000000;">Barclays Capital Inc.</div>
            <div style="color: #000000;">Capital One Securities, Inc.</div>
            <div style="color: #000000;">Scotia Capital (USA) Inc.</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">1.650% Senior Notes due 2031</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;"><font style="color: #000000;">2.650</font>% Senior Notes due 2050</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Principal Amount:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top; border-top: #000000 2px solid;">
            <div>$<font style="color: #000000;">300,000,000</font></div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top; border-top: #000000 2px solid;">
            <div>$<font style="color: #000000;">300,000,000</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Maturity Date:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div><font style="color: #000000;">January&#160;15</font>, 2031</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div><font style="color: #000000;">September&#160;1</font>, 2050</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div><font style="color: #000000;">January&#160;15 </font>and <font style="color: #000000;">July&#160;15</font>, commencing <font style="color: #000000;">January&#160;15,</font> 20<font style="color: #000000;">21</font></div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div><font style="color: #000000;">March&#160;1 </font>and September&#160;1, commencing <font style="color: #000000;">March&#160;1</font>, 20<font style="color: #000000;">21</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Benchmark Treasury:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>UST 0.625% due <font style="color: #000000;">May&#160;15</font>, 20<font style="color: #000000;">30</font></div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div>UST <font style="color: #000000;">2.000</font>% due February&#160;15, 2050</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>100-16 / 0.572%</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div>118-27+ / 1.235%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>T+118 basis points</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div>T+143 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Yield to Maturity:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>1.752%</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div><font style="color: #000000;">2.665</font>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Coupon:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div><font style="color: #000000;">1.650</font>% per annum</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div><font style="color: #000000;">2.650</font>% per annum</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Price to Public:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div><font style="color: #000000;">99.035</font>% of the Principal Amount, plus accrued interest, if any, from the
              Settlement Date if settlement occurs after the Settlement Date</div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div><font style="color: #000000;">99.691</font>% of the Principal Amount, plus accrued interest, if any, from the
              Settlement Date if settlement occurs after the Settlement Date</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>Optional Redemption Provisions:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div>Prior to <font style="color: #000000;">October&#160;15</font>, 20<font style="color: #000000;">30</font>, make-whole call as set forth in the preliminary prospectus supplement at Treasury + 20 basis points</div>
            <div>&#160;</div>
            <div>On or after <font style="color: #000000;">October&#160;15</font>, 20<font style="color: #000000;">30</font>, 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>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div>Prior to <font style="color: #000000;">March&#160;1, 2050</font>, make-whole call as set forth in the preliminary
              prospectus supplement at Treasury + 25 basis points</div>
            <div>&#160;</div>
            <div>On or after <font style="color: #000000;">March&#160;1, 2050</font>, 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>
        </tr>
        <tr>
          <td style="width: 32.69%; vertical-align: top;">
            <div>CUSIP / ISIN:</div>
          </td>
          <td style="width: 32.7%; vertical-align: top;">
            <div><font style="color: #000000;">29717P AW7 </font>/ <font style="color: #000000;">US29717PAW77</font></div>
          </td>
          <td style="width: 1.94%; vertical-align: top;">&#160;</td>
          <td style="width: 32.66%; vertical-align: top;">
            <div><font style="color: #000000;">29717P AX5 </font>/ <font style="color: #000000;">US29717PAX50</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za51d8d1b0ffb414eb7218dc368b175c7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;">*</td>
          <td style="width: auto; vertical-align: top;">
            <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>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd3be9cae07d14ac8a4e85089dd9d159e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;">**</td>
          <td style="width: auto; vertical-align: top;">
            <div>The Issuer expects that the delivery of the Notes will be made against payment therefor on or about August&#160;24, 2020, which is the tenth business day following the date of the
              prospectus supplement (the settlement cycle being referred to as &#8220;T+10&#8221;). Under Rule 15c6-1 of the SEC promulgated under the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the
              parties to that trade expressly agree otherwise at the time of the trade. Accordingly, purchasers who wish to trade the Notes prior to the second business day preceding the closing date for the Notes will be required, by virtue of the fact
              that the Notes initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own adviser.</div>
          </td>
        </tr>

    </table>
    <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>
      </div>
    <div>
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</SEC-DOCUMENT>
