<SEC-DOCUMENT>0001140361-24-037822.txt : 20240819
<SEC-HEADER>0001140361-24-037822.hdr.sgml : 20240819
<ACCEPTANCE-DATETIME>20240819170435
ACCESSION NUMBER:		0001140361-24-037822
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240819
DATE AS OF CHANGE:		20240819

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:	333-281244
		FILM NUMBER:		241221469

	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>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20034228x4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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    <!-- Licensed to: Broadridge Financial Solutions, Inc.
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  <div style="text-align: right; text-indent: 36pt; font-size: 12pt;">Filed Pursuant to Rule 433</div>
  <div style="text-align: right; text-indent: 36pt; font-size: 12pt;">Registration Nos. 333-281244 and 333-281244-01</div>
  <div style="text-align: right; font-size: 12pt;">August 19, 2024</div>
  <div><br>
  </div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">Essex Portfolio, L.P.<br>
    $200,000,000 5.500% Senior Notes due 2034 (the &#8220;Notes&#8221;)<br>
    fully and unconditionally guaranteed by<br>
    Essex Property Trust, Inc.</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z57c1e6685e4c4bb99df1a8ba669cbfa8" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">Issuer:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">Essex Portfolio, L.P.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top;">
          <div style="font-size: 12pt;">Guarantor:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top;">
          <div style="font-size: 12pt;">Essex Property Trust, Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">Principal Amount:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">$200,000,000. The Notes will be issued as additional notes of, and will form a single series of securities with, the $350,000,000 5.500% Senior Notes due 2034 issued on March 14, 2024 (the &#8220;original notes&#8221;). The
            total aggregate principal amount of the 5.500% Senior Notes due 2034 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>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top;">
          <div style="font-size: 12pt;">Expected Ratings (Moody&#8217;s / S&amp;P)*</div>
        </td>
        <td style="width: 53.47%; vertical-align: top;">
          <div style="font-size: 12pt;">Baa1 / BBB+</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">Trade Date:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">August 19, 2024</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top;">
          <div style="font-size: 12pt;">Settlement Date:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top;">
          <div style="font-size: 12pt;">August 21, 2024 (T+2)</div>
          <div style="font-size: 12pt;"> <br>
          </div>
          <div style="font-size: 12pt;"> The Issuer expects that the delivery of the Notes will be made against payment therefor on or about August 21, 2024, which is the second business day following the date of the prospectus supplement (the settlement
            cycle being referred to as &#8220;T+2&#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 one business day, 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+2, 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: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">Maturity Date:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">April 1, 2034</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top;">
          <div style="font-size: 12pt;">Interest Payment Dates:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top;">
          <div style="font-size: 12pt;">April 1 and October 1, commencing October 1, 2024</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">Benchmark Treasury:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">3.875% due August 15, 2034<br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top;">
          <div style="font-size: 12pt;">Benchmark Treasury Price / Yield:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top;">
          <div style="font-size: 12pt;">100-04 / 3.860%<br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">Spread to Benchmark Treasury:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">T+125 basis points</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top;">
          <div style="font-size: 12pt;">Reoffer Yield:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top;">
          <div style="font-size: 12pt;">5.110%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">Coupon:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">5.500% per annum</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top;">
          <div style="font-size: 12pt;">Price to Public:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top;">
          <div style="font-size: 12pt;">102.871% of the Principal Amount, plus accrued interest in the amount of $4,797,222.22 for the period from and including March 14, 2024 up to but excluding the Settlement Date.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">Optional Redemption Provisions:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-size: 12pt;">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>
          <div style="font-size: 12pt;"> <br>
          </div>
          <div style="font-size: 12pt;">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: 46.53%; vertical-align: top;">
          <div style="font-size: 12pt;">CUSIP / ISIN:</div>
        </td>
        <td style="width: 53.47%; vertical-align: top;">
          <div style="font-size: 12pt;">29717P BA4 / US29717PBA49</div>
        </td>
      </tr>

  </table>
  <div><br>
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  <div style="font-size: 12pt;">
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-size: 12pt;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-size: 12pt;">Wells Fargo Securities, LLC</div>
            <div style="font-size: 12pt;">J.P. Morgan Securities LLC</div>
            <div style="font-size: 12pt;">PNC Capital Markets LLC</div>
            <div style="font-size: 12pt;">U.S. Bancorp Investments, Inc.</div>
            <div style="font-size: 12pt;">Scotia Capital (USA) Inc.<br>
            </div>
            <div style="font-size: 12pt;">TD Securities (USA) LLC<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.53%; vertical-align: top;">
            <div style="font-size: 12pt;">Senior Co-Managers:</div>
          </td>
          <td style="width: 53.47%; vertical-align: top;">
            <div style="font-size: 12pt;">BofA Securities, Inc.<br>
            </div>
            <div style="font-size: 12pt;">BMO Capital Markets Corp.<br>
            </div>
            <div style="font-size: 12pt;">Mizuho Securities USA LLC<br>
            </div>
            <div style="font-size: 12pt;">Truist Securities, Inc.<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-size: 12pt;">Co-Managers:</div>
          </td>
          <td style="width: 53.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-size: 12pt;"> Regions Securities LLC</div>
            <div style="font-size: 12pt;">Samuel A. Ramirez &amp; Company, Inc.<br>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </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>&#160;</div>
  <div style="text-align: justify; font-size: 12pt;">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-size: 12pt;"> <br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">
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