<SEC-DOCUMENT>0001140361-24-011976.txt : 20240307
<SEC-HEADER>0001140361-24-011976.hdr.sgml : 20240307
<ACCEPTANCE-DATETIME>20240307164002
ACCESSION NUMBER:		0001140361-24-011976
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240307
DATE AS OF CHANGE:		20240307

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSEX PROPERTY TRUST, INC.
		CENTRAL INDEX KEY:			0000920522
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				770369576
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-259777
		FILM NUMBER:		24730782

	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]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		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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<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20023289x3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <font style="font-weight: normal;">Filed Pursuant to Rule 433<br>
        Registration Nos. 333-259777 and 333-259777-01<br>
        March 7, 2024</font><br>
      <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Essex Portfolio, L.P.<br>
      $350,000,000 5.500% Senior Notes due 2034 (the &#8220;Notes&#8221;)<br>
      fully and unconditionally guaranteed by<br>
      Essex Property Trust, Inc.</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <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="zc097cc2fcaa0407ebe23b7e8e8a1116d" border="0" cellpadding="2" cellspacing="0">

        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Issuer:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Essex Portfolio, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Guarantor:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Essex Property Trust, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Principal Amount:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">$350,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Trade Date:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">March 7, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Settlement Date:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">March 14, 2024 (T+5)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">&#160;</td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">The Issuer expects that the delivery of the Notes will be made against payment therefor on or about March 14, 2024, which is the fifth business day following
              the date of the prospectus supplement (the settlement cycle being referred to as &#8220;T+5&#8221;).&#160; 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.&#160; 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: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Maturity Date:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">April 1, 2034</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Interest Payment Dates:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">April 1 and October 1, commencing October 1, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Benchmark Treasury:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">UST 4.000% due February 15, 2034</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">99-03 / 4.112%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">T+142 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Yield to Maturity:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">5.532%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Coupon:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">5.500% per annum</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Price to Public:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">99.752% 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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        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Optional Redemption Provisions:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Prior to January 1, 2034 (three months prior to the maturity date) (the &#8220;Par Call Date&#8221;), the Issuer may redeem the Notes at its option, in whole or in part,
              at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (i)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon
              discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Notes) plus 25 basis points less
              (b) interest accrued to but excluding the date of redemption; and (ii) 100% of the principal amount of the Notes being redeemed; plus, in either case, accrued and unpaid interest thereon to the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">&#160;</td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">On or after the Par Call Date, the Issuer may redeem the Notes, in whole or in part, at any time or from time to time, at a redemption price equal to 100% of
              the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">29717P BA4 / US29717PBA49</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Wells Fargo Securities, LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif;">J.P. Morgan Securities LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif;">PNC Capital Markets LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif;">U.S. Bancorp Investments, Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Citigroup Global Markets Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Senior Co-Managers:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">BMO Capital Markets Corp.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Mizuho Securities USA LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Scotia Capital (USA) Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">TD Securities (USA) LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Truist Securities, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Co-Managers:</div>
          </td>
          <td style="width: 52.83%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">BNP Paribas Securities Corp.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Capital One Securities, Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Morgan Stanley &amp; Co. LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Samuel A. Ramirez &amp; Company, Inc.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">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.&#160; 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.&#160; 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>.&#160; 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) J.P. Morgan Securities LLC collect at 1-212-834-4533, (iii) PNC Capital Markets LLC toll free at 855-881-0697 or (iv) U.S. Bancorp Investments, Inc. toll free at 1-877-558-2607.</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
      <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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