<SEC-DOCUMENT>0001140361-21-005638.txt : 20210222
<SEC-HEADER>0001140361-21-005638.hdr.sgml : 20210222
<ACCEPTANCE-DATETIME>20210222161033
ACCESSION NUMBER:		0001140361-21-005638
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210222
DATE AS OF CHANGE:		20210222

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:		21660327

	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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<DESCRIPTION>FWP
<TEXT>
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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;">February&#160;22, 2021</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Essex Portfolio, L.P.</div>
    <div style="text-align: center;"><font style="font-weight: bold;">$450,000,000</font>&#160;<font style="font-weight: bold;">1.700% Senior Notes due 2028</font></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>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4ee90d557e994b4e9374eb1d651fd784" cellpadding="0" cellspacing="0">

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          <td style="width: 50%; vertical-align: top;">
            <div>Issuer:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Essex Portfolio, L.P.</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>Guarantor:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Essex Property Trust, Inc.</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>Principal Amount:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>$450,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Expected Ratings (Moody&#8217;s / S&amp;P)*:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Baa1 / BBB+</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>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Trade Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>February 22, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div>Settlement Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>March 1, 2021 (T+5)</div>
            <div>&#160;</div>
            <div>The Issuer expects that the delivery of the notes will be made against payment therefor on or about March 1, 2021, which is the fifth business day
              following the date of the prospectus supplement (the settlement cycle being referred to as &#8220;T+5&#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+5, 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>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div>Maturity Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>March 1, 2028</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>March 1 and September 1, commencing September 1, 2021</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>
        </tr>
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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 0.750% due January 31, 2028</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>
        </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>98-13 / 0.988%</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>Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>T+80 basis points</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>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Yield to Maturity:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>1.788%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Coupon:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>1.700% per annum</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Price to Public:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>99.423% of the Principal Amount, plus accrued interest, if any, from the Settlement Date if settlement occurs after the Settlement Date</div>
          </td>
        </tr>

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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 January 1, 2028, make-whole call as set forth in the preliminary prospectus supplement at Treasury + 15 basis points</div>
            <div>&#160;</div>
            <div>On or after January 1, 2028, 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>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div>CUSIP / ISIN:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>29717P AY3 / US29717PAY34</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <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>MUFG Securities Americas Inc.</div>
            <div>PNC Capital Markets LLC</div>
            <div>Regions Securities LLC</div>
            <div>Truist Securities, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Senior Co-Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Capital One Securities, Inc.</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>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Co-Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Barclays Capital Inc.</div>
            <div>BNP Paribas Securities Corp.</div>
            <div>Scotia Capital (USA) Inc.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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          <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>
    <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>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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