<SEC-DOCUMENT>0001140361-24-038068.txt : 20240821
<SEC-HEADER>0001140361-24-038068.hdr.sgml : 20240821
<ACCEPTANCE-DATETIME>20240821160332
ACCESSION NUMBER:		0001140361-24-038068
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20240819
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240821
DATE AS OF CHANGE:		20240821

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13106
		FILM NUMBER:		241228742

	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

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-44467-01
		FILM NUMBER:		241228743

	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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<div>UNITED STATES</div>
</div>

    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Washington, D.C. 20549</div>

    <div><br/>
    </div>

    <div>
      <hr style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; border: none; margin-left: auto; margin-right: auto;"/></div>

    <div><br/>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 18pt; font-weight: bold;">FORM <ix:nonNumeric name="dei:DocumentType" id="Fact_8f76a51e213e4594a5e3a92f1eb1e6f6" contextRef="c20240819to20240819">8-K</ix:nonNumeric></div>

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    <div><br/>
    </div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-weight: bold;"><span style="text-decoration: underline;"><ix:nonNumeric name="dei:EntityRegistrantName" id="Fact_6ce4a9d1d8604981949a489ec4dd8ad8" contextRef="c20240819to20240819">ESSEX PROPERTY TRUST, INC.</ix:nonNumeric></span><br/>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Exact Name of Registrant as Specified in Its Charter)</div>

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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityFileNumber" id="Fact_b8d1749073104c779c9bd21665886caa" contextRef="c20240819to20240819">001-13106</ix:nonNumeric> (Essex Property
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      Portfolio, L.P.)</div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Commission File Number)</div>

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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">(Essex Property Trust, Inc.)</div>
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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">(Essex Property Trust, Inc.)</div>
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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">(Essex Portfolio, L.P.)</div>
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  <tr>

    <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</div>
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    <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(I.R.S. Employer Identification No.)</div>
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  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">&#160;</td>

    <td style="width: 50%; vertical-align: top;">&#160;</td>

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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" id="Fact_e21145e7322d43bba5dd4d2834a50251" contextRef="c20240819to20240819">1100 Park Place</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressAddressLine2" id="Fact_56ff5289f085401496069b88f923a472" contextRef="c20240819to20240819">Suite 200</ix:nonNumeric></div>
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    <td style="width: 50%; vertical-align: top;">&#160;</td>

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    <td style="width: 50%; vertical-align: top;">
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  <tr>

    <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Address of principal executive offices)</div>
          </td>

    <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Zip Code)</div>
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</table>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">(<ix:nonNumeric name="dei:CityAreaCode" id="Fact_9c0b0b698bb247f691cbe3993e3016ca" contextRef="c20240819to20240819">650</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_7f1d4db88a474f099d0c136f8068c450" contextRef="c20240819to20240819">655-7800</ix:nonNumeric></div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Registrant&#8217;s telephone number, including area code)</div>

    <div><br/>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Not Applicable</div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Former name or former address, if changed since last report.)</div>

    <div><br/>
    </div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
      following provisions:</div>

    <div><br/>
    </div>

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    <td style="width: 96.15%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>

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    <div><br/>
    </div>

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


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    <td style="width: 3.85%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_b5f4c07ea4454a1593d42adb88256622" contextRef="c20240819to20240819" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></div>
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    <td style="width: 96.15%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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    <div><br/>
    </div>

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


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    <td style="width: 96.15%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>

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</table>
    <div><br/>
    </div>

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


  <tr>

    <td style="width: 3.85%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_3af764d675f94e5c97d2025a17050745" contextRef="c20240819to20240819" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></div>
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    <td style="width: 96.15%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>

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</table>
    <div><br/>
    </div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

    <div><br/>
    </div>

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    <td style="width: 40.1%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Title of each class</div>
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    <td style="width: 0.92%; vertical-align: bottom;">&#160;</td>

    <td style="width: 13.96%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Trading</div>
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Symbol(s)</div>
          </td>

    <td style="width: 0.92%; vertical-align: bottom;">&#160;</td>

    <td style="width: 44.1%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Name of each exchange on which registered</div>
          </td>

  </tr>

  <tr>

    <td style="width: 40.1%; vertical-align: top; background-color: #CCEEFF; border-top: #000000 2px solid;">
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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_f18f6babe0d0444eaff5897f29ead0de" contextRef="c20240819to20240819">Common Stock, $0.0001 par value (Essex Property Trust, Inc.)</ix:nonNumeric></div>
            </div>
          </td>

    <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 13.96%; vertical-align: bottom; background-color: #CCEEFF; border-top: #000000 2px solid;">
            <div style="background-color: #CCEEFF;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_fa712582cf4a41c9ade24da78319623a" contextRef="c20240819to20240819">ESS</ix:nonNumeric></div>
            </div>
          </td>

    <td style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 44.1%; vertical-align: bottom; background-color: #CCEEFF; border-top: #000000 2px solid;"><ix:nonNumeric name="dei:SecurityExchangeName" id="Fact_4576ad12b62747e98da7b12e96405c34" contextRef="c20240819to20240819" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></td>

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    <div><br/>
    </div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or
      Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter):</div>

    <div><br/>
    </div>

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  <tr>

    <td style="width: 33.31%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Essex Property Trust, Inc.</div>
          </td>

    <td style="width: 33.34%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Emerging growth company</div>
          </td>

    <td style="width: 33.34%; vertical-align: top;">
            <div>
              <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_19cd5c59f3184fda9e7b80b2d294bb5d" contextRef="c20240819to20240819" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></div>
            </div>
          </td>

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    <td style="width: 33.31%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Essex Portfolio, L.P.</div>
          </td>

    <td style="width: 33.34%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Emerging growth company</div>
          </td>

    <td style="width: 33.34%; vertical-align: top;">
            <div>
              <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_7e83b1d9535d4e2ca4b30213dd0a6288" contextRef="c20240819to20240819_LegalEntityAxis_ESSEXPORTFOLIOLPMember" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></div>
            </div>
          </td>

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    <div><br/>
    </div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
      revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">&#9744;</span></div>

      <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"/></div>

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    </div>

    <div><br/>
    </div>

    <div>
      <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item 8.01. Other Events.</div>

      <div><br/>
      </div>

    </div>

    <div>
      <div style="text-align: left; text-indent: 35.3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On August 19, 2024, Essex Property Trust, Inc. (the
          &#8220;Company&#8221;) and Essex Portfolio, L.P. (the &#8220;Operating Partnership&#8221;) entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp
          Investments, Inc., as representatives of the several underwriters named therein (the &#8220;Underwriters&#8221;), in connection with the public offering by the Operating Partnership of $200.0 million aggregate principal amount of the Operating Partnership&#8217;s
          additional 5.500% senior notes due 2034 (the &#8220;additional notes&#8221;). The additional notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by the Company.</span>&#160;<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The press release announcing the pricing of the additional notes is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.</span></div>

      <div><br/>
      </div>

      <div style="text-align: left; text-indent: 35.3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by the full
        text of the Underwriting Agreement, which is being filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.</div>

    </div>

    <div>
      <div><br/>
      </div>

    </div>

    <div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On August 21, 2024, the Operating Partnership issued the additional notes.</div>

    </div>

    <div>
      <div><br/>
      </div>

    </div>

    <div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The additional notes were issued as additional notes under
          an indenture, dated March 14, 2024 (the &#8220;Base Indenture&#8221;), among the Operating Partnership, as issuer, the Company, as guarantor (in such capacity, the &#8220;Guarantor&#8221;), and U.S. Bank Trust Company, National Association, as trustee (the &#8220;Trustee&#8221;),
          as supplemented by a first supplemental indenture, dated as of March 14, 2024 (the &#8220;First Supplemental Indenture&#8221; and, together with the Base Indenture, the &#8220;Indenture&#8221;), by and among the Operating Partnership, the Guarantor and the Trustee,
          pursuant to which the Operating Partnership previously issued $350.0 million aggregate principal amount of 5.500% senior notes due 2034 (the &#8220;initial notes&#8221;</span>&#160;<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and,
          together with the additional notes, unless the context requires otherwise, the &#8220;notes&#8221;). The Indenture contains various restrictive covenants, including limitations on the Operating Partnership&#8217;s ability to consummate a merger, consolidation or
          sale of all or substantially all of its assets and limitations on its ability to incur additional secured and unsecured indebtedness. </span>Copies of the Base Indenture and the First Supplemental Indenture<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, including the form of the notes and guarantee of the notes by the Guarantor, the terms of which are incorporated herein by reference, are attached as Exhibit 4.1 and 4.2, respectively, to the
          Company&#8217;s and the Operating Partnership&#8217;s Current Report on Form 8-K, filed on March 14, 2024. The additional notes will be treated as a single series of securities with the initial notes under the Indenture and will have the same CUSIP number
          as, and be fungible with, the initial notes.</span></div>

    </div>

    <div>
      <div><br/>
      </div>

    </div>

    <div>
      <div style="text-align: left; text-indent: 35.3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The net proceeds from the issuance of the additional notes was approximately $204.2 million, after deducting the underwriting discount
        and estimated offering expenses.</div>

      <div><br/>
      </div>

      <div style="text-align: left; text-indent: 35.3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Operating Partnership intends to use the net proceeds
          of this offering to repay </span>upcoming debt maturities, including to fund a portion of the repayment of its $500.0 million aggregate principal amount outstanding of 3.500% senior notes due April 2025 upon maturity thereof, and for other
        general corporate and working capital purposes. Pending application of the net proceeds from the offering for the foregoing purposes, such net proceeds initially may be used to repay borrowings outstanding under the Operating Partnership's
        unsecured credit facilities and/or invested in short-term securities.</div>

    </div>

    <div>
      <div><br/>
      </div>

      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Operating Partnership offered the additional notes at
          102.871% of the principal amount thereof. The notes are general unsecured senior obligations of the Operating Partnership and will rank equally in right of payment with all other senior unsecured obligations of the Operating Partnership. However,
          the notes are effectively subordinated in right of payment to all of the Operating Partnership&#8217;s existing and future secured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future
          secured and unsecured liabilities and preferred equity of the Operating Partnership&#8217;s subsidiaries, including guarantees by the Operating Partnership&#8217;s subsidiaries of the Operating Partnership&#8217;s other indebtedness. The notes bear interest at
          5.500% per annum. Interest is payable semi-annually in </span>arrears on April 1 and October 1 of each year, commencing October 1, 2024, until the maturity date of April 1, 2034<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</span></div>

      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br/>
        </span></div>

    </div>

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    </div>

    <div>
      <div><br/>
      </div>

    </div>

    <div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Prior to January 1, 2034 (the &#8220;Par Call Date&#8221;), the notes will be redeemable in whole at any time or in part from time to time, at the
        Operating Partnership&#8217;s option and in its sole discretion, at a redemption price equal to the greater of:</div>

    </div>

    <div>
      <div><br/>
      </div>

    </div>

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


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    <td style="width: 18pt;"><br/>
            </td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(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 Supplemental Indenture) plus 25 basis points less (b) interest accrued to but excluding the
                date of redemption; and</div>
            </td>

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    </div>

    <div>
      <div><br/>
      </div>

    </div>

    <div>
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    <td style="width: 18pt;"><br/>
            </td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">100% of the principal amount of the notes being redeemed;</div>
            </td>

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    </div>

    <div>
      <div><br/>
      </div>

      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">plus, in either case, accrued and unpaid interest thereon to the redemption date.</div>

    </div>

    <div>
      <div><br/>
      </div>

      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Notwithstanding the foregoing, if the notes are redeemed on or after the Par Call Date, the redemption price will be equal to 100% of the
        principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.</div>

      <div><br/>
      </div>

      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Certain events are considered events of default, which may result in the accelerated maturity of the notes, including:</div>

      <div><br/>
      </div>

    </div>

    <div>
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            </td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">default for 30 calendar days in the payment of any installment of interest under the notes;</div>
            </td>

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    </div>

    <div>
      <div><br/>
      </div>

    </div>

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


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            </td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">default in the payment of the principal amount or redemption price due with respect to the notes, when the same becomes due and payable; provided, however, that a
                valid extension of the maturity of the notes in accordance with the terms of the Indenture shall not constitute a default in the payment of principal;</div>
            </td>

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    </div>

    <div>
      <div><br/>
      </div>

    </div>

    <div>
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            </td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">failure by the Operating Partnership or the Guarantor to comply with any of the Operating Partnership&#8217;s or the Guarantor&#8217;s respective other agreements in the notes or
                the Indenture with respect to the notes upon receipt by the Operating Partnership or the Guarantor of notice of such default by the Trustee or by holders of not less than 25% in aggregate principal amount of the notes (which notice shall
                also be delivered to the Trustee if given by the holders of the notes) then outstanding and the Operating Partnership&#8217;s or the Guarantor&#8217;s failure to cure (or obtain a waiver of) such default within 60 calendar days after the Operating
                Partnership receives such notice;</div>
            </td>

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    </div>

    <div>
      <div><br/>
      </div>

    </div>

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


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    <td style="width: 18pt;"><br/>
            </td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">failure to pay any recourse indebtedness for monies borrowed (or guarantees in respect thereof) by the Operating Partnership or the Guarantor in an outstanding
                principal amount in excess of $50.0 million at final maturity or upon acceleration after the expiration of any applicable grace period, which recourse indebtedness (including any guarantee thereof) is, or has become, a primary obligation of
                the Operating Partnership or the Guarantor and is not discharged, or such default in payment or acceleration is not cured or rescinded, within 30 calendar days after written notice to the Operating Partnership from the Trustee (or to the
                Operating Partnership and the Trustee from holders of at least twenty five percent (25%) in principal amount of the outstanding notes); or</div>
            </td>

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    </div>

    <div>
      <div><br/>
      </div>

    </div>

    <div>
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    <td style="width: 18pt;"><br/>
            </td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">certain events of bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of the Operating Partnership, the Guarantor or
                certain of their respective subsidiaries or all or substantially all of their respective property.</div>
            </td>

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    </div>

    <div>
      <div><br/>
      </div>

    </div>

    <div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The foregoing description of the Indenture is a summary and is qualified in its entirety by the terms of the Indenture.</div>

      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/>
      </div>

    </div>

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    <div>
      <div><br/>
      </div>

      <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item 9.01. Financial Statements and Exhibits.</div>

    </div>

    <div><br/>
    </div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(d) Exhibits.</div>

    <div><br/>
    </div>

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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exhibit No.</div>
          </td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Description</div>
          </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: middle;">&#160;</td>

    <td style="vertical-align: middle;" colspan="2">&#160;</td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a href="ny20034228x5_ex1-1.htm">1.1</a></div>
          </td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Underwriting Agreement, dated <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">August 19, 2024</span>, among Essex
              Portfolio, L.P., Essex Property Trust, Inc., and <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments,
                Inc.,</span> as representatives of the Underwriters.</div>
          </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">&#160;</td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a href="ny20034228x5_ex5-1.htm">5.1</a></div>
          </td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Opinion of Latham &amp; Watkins LLP.</div>
          </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">&#160;</td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a href="ny20034228x5_ex5-2.htm">5.2</a></div>
          </td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Opinion of Venable LLP.</div>
          </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">&#160;</td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a href="ny20034228x5_ex5-1.htm">23.1</a></div>
          </td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">
            <div>
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consent of Latham &amp; Watkins LLP (included in Exhibit 5.1).</div>
            </div>
          </td>

  </tr>

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    <td style="width: 10%; vertical-align: top;">&#160;</td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a href="ny20034228x5_ex5-2.htm">23.2</a></div>
          </td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consent of Venable LLP (included in Exhibit 5.2).</div>
          </td>

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    <div style="text-align: left; text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrants have duly caused this report to be
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Date: August 21, 2024</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ESSEX PROPERTY TRUST, INC.</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">/s/ Barbara Pak</div>
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    <td style="width: 5%; vertical-align: top;">&#160;</td>

    <td style="width: 45%; vertical-align: top;">&#160;</td>

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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ESSEX PORTFOLIO, L.P.</div>
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    <td style="width: 45%; vertical-align: top;">&#160;</td>

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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">By: Essex Property Trust, Inc.</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">/s/ Barbara Pak</div>
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    <td style="width: 50%; vertical-align: top;">&#160;</td>

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<TYPE>EX-1.1
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<DESCRIPTION>EXHIBIT 1.1
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  <p style="margin: 0; text-align: right"><b>Exhibit 1.1</b></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Essex Portfolio, L.P.<br>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$200,000,000</font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.500% Senior Notes due 2034 <br>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fully and unconditionally guaranteed by<br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 19, 2024</font></p>
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        <td style="width: 50%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt;"><font style="font-family: Times New Roman, Times, Serif;">Wells Fargo Securities, LLC<br>
            550 South Tryon Street<br>
            Charlotte, North Carolina 28202</font></td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">J.P. Morgan Securities LLC</font><br>
            <font style="font-family: Times New Roman, Times, Serif;">383 Madison Avenue</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">New York, New York 10179</font></p>
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            214 North Tryon Street, 26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor<br>
            Charlotte, North Carolina 28202</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Representatives of the Several Underwriters listed on <u>Schedule A</u> hereto</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies and Gentlemen:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Essex Portfolio, L.P., a California limited partnership (the &#8220;<b>Operating


        Partnership</b>&#8221;), and Essex Property Trust, Inc., a Maryland corporation (the &#8220;<b>Company</b>&#8221; and, together with the Operating Partnership, the &#8220;<b>Transaction Entities</b>&#8221;), each confirms its agreement with Wells Fargo Securities, LLC, J.P.
      Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc., and each of the other underwriters named in <u>Schedule A</u> hereto (the &#8220;<b>Underwriters</b>&#8221;), for whom Wells Fargo Securities, LLC, J.P. Morgan Securities LLC,
      PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. are acting as representatives (the &#8220;<b>Representatives</b>&#8221;), with respect to the issue and sale by the Operating Partnership and the purchase by the Underwriters, acting severally and not
      jointly, of the respective principal amounts set forth in <u>Schedule A</u> of an additional $200,000,000 aggregate principal amount of 5.500% Senior Notes due 2034 (the &#8220;<b>Notes</b>&#8221;). The Notes will be additional notes issued pursuant to that
      certain indenture dated as of March 14, 2024 (the &#8220;<b>Base Indenture</b>&#8221;), as supplemented by the supplemental indenture dated as of March 14, 2024 (the &#8220;<b>Supplemental Indenture</b>&#8221; and, together with the Base Indenture, the &#8220;<b>Indenture</b>&#8221;),
      each among the Operating Partnership, as issuer, U.S. Bank Trust Company, National Association, as trustee (the &#8220;<b>Trustee</b>&#8221;), and the Company, as guarantor. This agreement by and among the Company, the Operating Partnership and the Underwriters
      shall be referred to as this &#8220;<b>Agreement</b>.&#8221; The Notes will be fully and unconditionally guaranteed as to the payment of principal and interest by the Company (the &#8220;<b>Guarantees</b>&#8221; and together with the Notes, the &#8220;<b>Securities</b>&#8221;) in
      accordance with the terms of the Notes and the Indenture. Notes issued in book-entry form will be issued to Cede &amp; Co. as nominee of The Depository Trust Company (&#8220;<b>DTC</b>&#8221;). Certain terms used in this Agreement are defined in <u>Section 10</u>
      hereof.</font></p>
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      Existing Securities. Holders of the Securities and the Existing Securities will vote as one class under the Indenture.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Transaction Entities have prepared and previously delivered to you a
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      incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act of 1933, as amended (the &#8220;<b>Act</b>&#8221; or &#8220;<b>1933 Act</b>&#8221;), are hereinafter called, collectively, the &#8220;<b>Pre-Pricing Prospectus</b>.&#8221;


      Promptly after the execution and delivery of this Agreement, the Transaction Entities will prepare and file with the Securities and Exchange Commission (the <b>&#8220;Commission</b>&#8221;) a prospectus supplement dated August 19, 2024 (the &#8220;<b>Prospectus
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      (financial and other) that will be set forth therein. The Prospectus Supplement and the Base Prospectus, in the form first furnished to the Underwriters for use in connection with the offering of the Securities (whether to meet the request of
      purchasers pursuant to Rule 173(d) or otherwise), including the documents incorporated or deemed to be incorporated by reference therein (in each case including the Rule 430B Information) pursuant to Item 12 of Form S-3 under the 1933 Act, are herein
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></p>
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      the date hereof, as of the Applicable Time referred to in <u>Section 2</u> hereof and as of the Closing Time referred to in <u>Section 2</u> hereof, and agree with each Underwriter, as follows:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</font></p>
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      the Registration Statement for the purposes of complying with Section 10(a)(3) of the 1933 Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934,
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      from the Commission any notice pursuant to Rule 401(g)(2) objecting to the use of an automatic shelf registration statement. Any written communication that was an offer relating to the Securities made by the Transaction Entities or any person acting
      on either of their behalf (within the meaning, for this sentence only, of Rule 163(c)) prior to the filing of the Registration Statement has been filed with the Commission in accordance with Rule 163 and otherwise complied with the requirements of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compliance with Registration Requirements</b>. Each of the Transaction Entities meets the requirements for use of Form S-3 under the 1933 Act, and the Securities have been duly registered under the 1933
      Act pursuant to the Registration Statement. The Registration Statement and any post-effective amendments thereto have become effective under the 1933 Act and no stop order suspending the effectiveness of the Registration Statement has been issued
      under the 1933 Act and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated by the Commission, and any request on the part of the Commission for additional information has been
      complied with. The Registration Statement was initially filed with the Commission on August 5, 2024.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration Statement, Prospectus and Disclosure at Time of Sale</b>. At the respective times that the Registration Statement and any amendments thereto became effective, at each time subsequent to the
      filing of the Registration Statement that either of the Transaction Entities filed an Annual Report on Form 10-K (or any amendment thereto) with the Commission, at each deemed effective date with respect to the Underwriters pursuant to Rule
      430B(f)(2), and at the Closing Time, the Registration Statement and any amendments to any of the foregoing complied and will comply in all material respects with the requirements of the 1933 Act, the 1933 Act Regulations and the 1939 Act and did not
      and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.</font></p>
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      thereto was filed pursuant to Rule 424(b) or issued, at the Closing Time, and at any time when a prospectus is required (or, but for the provisions of Rule 172, would be required) by applicable law to be delivered in connection with sales of
      Securities (whether to meet the requests of purchasers pursuant to Rule 173(d) or otherwise), neither the Prospectus nor any amendments or supplements thereto included or will include an untrue statement of a material fact or omitted or will omit to
      state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the Applicable Time and as of each time prior to the Closing Time
      that an investor agrees (orally or in writing) to purchase any Securities from the Underwriters, neither (x) the Pricing Term Sheet (as defined in <u>Section 3(I)</u> below), any other Issuer General Use Free Writing Prospectuses, if any, issued at
      or prior to the Applicable Time and the Pre-Pricing Prospectus as of the Applicable Time, all considered together (collectively, the &#8220;<b>General Disclosure Package</b>&#8221;), nor (y) any individual Issuer Limited Use Free Writing Prospectus, when
      considered together with the General Disclosure Package, included or will include an untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each preliminary prospectus and the Prospectus and any amendments or
      supplements to any of the foregoing filed as part of the Registration Statement or any amendment thereto, filed pursuant to Rule 424 under the 1933 Act, or delivered to the Underwriters for use in connection with the offering of the Securities,
      complied when so filed or when so delivered, as the case may be, in all material respects with the 1933 Act and the 1933 Act Regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The representations and warranties in the preceding paragraphs of this
      Section do not apply to statements in or omissions from the Registration Statement, any preliminary prospectus, the Prospectus or any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing made in reliance upon and in
      conformity with written information furnished to the Transaction Entities by any Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by the Underwriters as
      aforesaid consists of the information described as such in <u>Section 5(B)</u> hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the respective times that the Registration Statement or any amendment
      thereto was filed, as of the earliest time after the filing of the Registration Statement that either Transaction Entity or any other offering participant made a bona fide offer of the Securities within the meaning of Rule 164(h)(2), and at the date
      hereof, each Transaction Entity was not and is not an &#8220;ineligible issuer&#8221; as defined in Rule 405, in each case without taking into account any determination made by the Commission pursuant to paragraph (2) of the definition of such term in Rule 405;
      and without limitation as to the foregoing, each Transaction Entity has at all relevant times met, meets and will at all relevant times meet the requirements of Rule 164 for the use of a free writing prospectus (as defined in Rule 405) in connection
      with the offering contemplated hereby.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The copies of the Registration Statement and any amendment thereto and
      the copies of each preliminary prospectus, each Issuer Free Writing Prospectus that is required to be filed with the Commission pursuant to Rule 433 and the Prospectus and any amendments or supplements to any of the foregoing, that have been or
      subsequently are delivered to the Underwriters in connection with the offering of the Securities (whether to meet the request of purchasers pursuant to Rule 173(d) or otherwise) were and will be identical to the electronically transmitted copies
      thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T of the Commission. For purposes of this Agreement, references to the &#8220;delivery&#8221; or &#8220;furnishing&#8221; of any of the foregoing documents to the
      Underwriters, and any similar terms, include, without limitation, electronic delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Issuer Free Writing Prospectus, as of its issue date and at all
      subsequent times through the completion of the public offering and sale of the Securities did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement,
      any preliminary prospectus or the Prospectus that has not been superseded or modified.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">4</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Validity and Sufficiency of the Indenture and this Agreement</b>. The Indenture and this Agreement have been duly and validly authorized, executed and delivered by each of the Transaction Entities party
      thereto. The Indenture and the Fourth Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of December 20, 2018, as amended (the &#8220;<b>Operating Partnership Agreement</b>&#8221;) are valid and legally binding
      agreements of each of the Transaction Entities that are parties thereto, enforceable against such Transaction Entity in accordance with its respective terms, except (i) to the extent that such enforceability may be limited by applicable bankruptcy,
      insolvency, fraudulent transfer, moratorium, reorganization or other similar laws now or hereafter in effect relating to or affecting creditors&#8217; rights; (ii) as limited by the effect of general principles of equity, whether enforcement is considered
      in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts of materiality, reasonableness, good faith and fair dealing, and the discretion of the court before which any
      proceeding therefor may be brought; and (iii) for the unenforceability under certain circumstances under law or court decisions of provisions providing for the indemnification of or contribution to a party with respect to a liability where such
      indemnification or contribution is contrary to public policy. The Indenture has been duly qualified under the 1939 Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Authorization of Issuance of Notes; Conformity with
        Applicable Laws.</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization of the Notes</u>. The Notes have been
      duly authorized by the Operating Partnership, and, at the Closing Time, will have been duly executed by the Operating Partnership and, when authenticated, issued and delivered in the manner provided for in the Indenture and delivered against payment
      of the purchase price therefor as provided in this Agreement, will constitute valid and legally binding obligations of the Operating Partnership, enforceable against the Operating Partnership in accordance with their terms, except (i) to the extent
      that such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or other similar laws now or hereafter in effect relating to or affecting creditors&#8217; rights; (ii) as limited by the effect
      of general principles of equity, whether enforcement is considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts of materiality, reasonableness, good faith and fair
      dealing, and the discretion of the court before which any proceeding therefor may be brought; and (iii) for the unenforceability under certain circumstances under law or court decisions of provisions providing for the indemnification of or
      contribution to a party with respect to a liability where such indemnification or contribution is contrary to public policy; and will be in the form contemplated by, and entitled to the benefits of, the Indenture. With respect to the Operating
      Partnership, the Notes will rank pari passu with all unsecured and unsubordinated indebtedness of the Operating Partnership that is outstanding at the Closing Time or that may be incurred thereafter.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization of the Guarantees</u>. The Guarantees
      have been duly authorized by the Company and, when the Notes are issued and delivered in the manner provided for in the Indenture, will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance
      with their terms, except (i) to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or other similar laws now or hereafter in effect relating to or affecting
      creditors&#8217; rights; and (ii) as limited by the effect of general principles of equity, whether enforcement is considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts
      of materiality, reasonableness, good faith and fair dealing, and the discretion of the court before which any proceeding therefor may be brought, and such notations of the Guarantees will be in the form contemplated by the Indenture. With respect to
      the Company, the Guarantees will rank pari passu with all unsecured and unsubordinated indebtedness of the Company that is outstanding at the Closing Time or that may be incurred thereafter.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">5</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No Applicable Registration or Other Similar Rights</b>. There are no persons with registration or other similar rights to have any equity or debt securities registered pursuant to the Registration
      Statement or included in the offering contemplated by this Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering Materials</b>. Without limitation to the provisions of <u>Section 11</u> hereof, neither of the Transaction Entities have distributed and will not distribute, directly or indirectly (other than
      through the Underwriters), any &#8220;written communication&#8221; (as defined Rule 405 under the 1933 Act) or other offering materials in connection with the offering or sale of the Securities, other than the Pre-Pricing Prospectus, the Prospectus, any
      amendment or supplements to any of the foregoing that are filed with the Commission and any Permitted Free Writing Prospectuses (as defined in <u>Section 11</u>).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No Material Adverse Change</b>. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, subsequent to the respective dates as of which information is
      given in the Registration Statement, the General Disclosure Package and the Prospectus, (i) there has been no material adverse change, or any development that would reasonably be expected to result in a material adverse change, in the condition,
      financial or otherwise, or in the earnings, business, operations or prospects, whether or not arising from transactions in the ordinary course of business, of the Transaction Entities and their subsidiaries, considered as one entity (any such change
      is called a &#8220;<b>Material Adverse Change</b>&#8221;); (ii) the Transaction Entities and their subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of
      business nor entered into any material transaction or agreement not in the ordinary course of business: and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Transaction Entities (except for regular quarterly
      dividends publicly announced by the Guarantor or quarterly distributions related to such dividends, made by the Operating Partnership or except for dividends paid to the Transaction Entities or other subsidiaries) any of their subsidiaries on any
      class of capital stock or repurchase or redemption by the Transaction Entities or any of their subsidiaries of any class of capital stock.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent Accountants</b>. KPMG LLP, who have expressed their opinion with respect to the financial statements (which term as used in this Agreement includes the related notes thereto) and supporting
      schedules filed with the Commission or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, are, and during the periods covered by such financial statements were, an independent registered public
      accounting firm as required by the Act, the rules and regulations under the Act (the &#8220;<b>Securities Act Regulations</b>&#8221;), the Exchange Act, the rules and regulations of the Commission under the Exchange Act (the &#8220;<b>Exchange Act Regulations</b>&#8221;),
      and the Public Company Accounting Oversight Board (United States) (&#8220;<b>PCAOB</b>&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">6</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preparation of the Financial Statements</b>. The financial statements filed with the Commission as a part of or incorporated within the Registration Statement, the General Disclosure Package and the
      Prospectus fairly present the consolidated financial position of each of the Transaction Entities and their consolidated subsidiaries as of and at the dates indicated and the results of their operations and cash flows for the periods specified, and
      the supporting schedules relating thereto included in or incorporated in the Registration Statement, the General Disclosure Package and the Prospectus fairly present the information required to be stated therein. Any interactive data in eXtensible
      Business Reporting Language included or incorporated in the Registration Statement, the General Disclosure Package and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the
      Commission&#8217;s rules and guidelines applicable thereto in all material respects. Such financial statements and supporting schedules have been prepared in conformity with generally accepted accounting principles as applied in the United States (&#8220;<b>GAAP</b>&#8221;)


      applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. All non-GAAP financial measures included in or incorporated by reference into the Registration Statement, the General
      Disclosure Package or the Prospectus comply with the requirements of Regulation G and Item 10 of Regulation S-K under the Securities Act Regulations to the extent such rules are applicable to such financial statements. Other than the historical
      financial statements and financial statement schedule relating thereto included in or incorporated by reference into the Registration Statement, the General Disclosure Package and the Prospectus, no other historical or pro forma financial statements
      (or supporting schedules) are required by the Act or the Securities Act Regulations to be included therein or in any document required to be filed with the Commission under the Exchange Act or the Exchange Act Regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">K.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company Formation; Good Standing; Qualification</b>. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland and is in good
      standing with the State Department of Assessments and Taxation of Maryland and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure
      Package and the Prospectus and to enter into and perform its obligations under this Agreement and the Indenture and as general partner of the Operating Partnership to cause the Operating Partnership to enter into and perform the Operating
      Partnership&#8217;s obligations under this Agreement and the Indenture, and the Company is duly qualified to do business as a foreign corporation in good standing in California, Washington and all other jurisdictions in which its ownership or lease of
      property or the conduct of its business requires such qualification, except for such jurisdictions (other than the State of California or the State of Washington) where the failure to so qualify would not reasonably be expected to result,
      individually or in the aggregate, in a Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Subsidiaries Formation; Good Standing; Qualification; Interests in Operating Partnership</b>. The Operating Partnership and each other significant subsidiary of the Company (as defined in Rule
      1-02 (w) of the Commission&#8217;s Regulation S-X), if any, have been duly formed and are validly existing as a limited partnership or other entity in good standing under the laws of the jurisdiction of their organization. The Operating Partnership and
      each other significant subsidiary, if any, are duly qualified to do business and are in good standing in all other jurisdictions in which their ownership or lease of property or the conduct of their business requires such qualification, except where
      the failure to so qualify would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Change, and have all power and authority necessary to own their properties and conduct their business as described in the
      Registration Statement, the General Disclosure Package and the Prospectus and, in the case of the Operating Partnership, to enter into and perform its obligations under this Agreement and the Indenture. The Company is the sole general partner of the
      Operating Partnership and holds the number and/or percentage of units representing limited partnership interests in the Operating Partnership as disclosed in or incorporated by reference in the Registration Statement, the General Disclosure Package
      and the Prospectus, as of the dates set forth therein, free and clear of any security interests, liens, mortgages, encumbrances, pledges, claims, defects or other restrictions of any kind (collectively, &#8220;<b>Liens</b>&#8221;). The Operating Partnership
      Agreement is in full force and effect. The aggregate percentage interests of the Company and the limited partners in the Operating Partnership are as set forth in the Registration Statement, the General Disclosure Package and the Prospectus.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">7</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Subsidiary Formation; Good Standing; Qualification;
        Liens; Pre-Emptive Rights</b>. The Transaction Entities do not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit 21.1 to the Company&#8217;s Annual Report on Form 10-K for
      the fiscal year ended December 31, 2023 (each, a &#8220;<b>Subsidiary</b>&#8221; and together the &#8220;<b>Subsidiaries</b>&#8221;), other than (i) those subsidiaries not required to be listed on Exhibit 21.1 by Item 601 of Regulation S-K under the Exchange Act and (ii)
      those subsidiaries formed since December 31, 2023.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital Stock Matters</b>. The authorized capital stock of the Company is in all material respects as set forth in the Company&#8217;s most recent Annual Report on Form 10-K, incorporated by reference in the
      Registration Statement, the General Disclosure Package and the Prospectus. All of the issued and outstanding shares of capital stock of the Company have been duly authorized and validly issued, are fully paid and nonassessable and have been issued in
      compliance with federal and state securities laws. None of the outstanding shares of capital stock of the Company were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase
      securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital
      stock of the Company, the Operating Partnership or any of the Subsidiaries other than those accurately described in all material respects in the Registration Statement, the General Disclosure Package and the Prospectus. The description of the
      Company&#8217;s stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Registration Statement, the General Disclosure Package and the Prospectus accurately and fairly presents
      in all material respects the information required to be shown with respect to such plans, arrangements, options and rights.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">8</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required</b>. None of the Transaction Entities nor the Subsidiaries is in violation of its charter or by-laws or is in
      default (or, with the giving of notice or lapse of time, would be in default) (&#8220;<b>Default</b>&#8221;) under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which any Transaction Entity or
      Subsidiary is a party or by which it or any of them may be bound, or to which any of the property or assets of the Company or any of its subsidiaries is subject (each, an &#8220;<b>Existing Instrument</b>&#8221;), except for such Defaults as would not,
      individually or in the aggregate, result in a Material Adverse Change. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the execution, delivery and performance of this Agreement and the Indenture
      by the Transaction Entities and the consummation of the transactions contemplated hereby and thereby (including the issuance and sale of the Securities and the use of the proceeds from the sale of the Securities as described in the Pre-Pricing
      Prospectus and Prospectus under &#8220;Use of Proceeds&#8221;) (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the charter or by-laws of the Transaction Entities or any Subsidiary, (ii)
      will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Transaction Entities or any Subsidiary pursuant to, or require the
      consent of any other party to, any Existing Instrument, except for such conflicts, breaches, Defaults, liens, charges or encumbrances as would not, individually or in the aggregate, result in a Material Adverse Change and (iii) will not result in any
      violation of any law, administrative regulation or administrative or court decree applicable to the Transaction Entities or any Subsidiary. No consent, approval, authorization or other order of, or registration or filing with, any court or other
      governmental or regulatory authority or agency, is required for the Transaction Entities&#8217; execution, delivery and performance of this Agreement and the Indenture and consummation of the transactions contemplated hereby and thereby and by the
      Registration Statement, the General Disclosure Package and the Prospectus, except such as have been obtained or made by the Transaction Entities and are in full force and effect under the Securities Act, applicable state securities or blue sky laws
      and from the Financial Industry Regulatory Authority (&#8220;<b>FINRA</b>&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">O.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No Material Actions or Proceedings</b>. There are no legal or governmental actions, suits or proceedings pending or, to the best of the Transaction Entities&#8217; knowledge, threatened against or affecting the
      Transaction Entities or any Subsidiary which has as the subject thereof any officer or director of, or property owned or leased by, the Transaction Entities, where in any such case (A) there is a reasonable possibility that such action, suit or
      proceeding might be determined adversely to such Transaction Entity or Subsidiary and (B) any such action, suit or proceeding, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the
      consummation of the transactions contemplated by this Agreement and the Indenture. No material labor dispute with the employees of the Transaction Entities or any Subsidiary exists or, to the best of the Transaction Entities&#8217; knowledge, is threatened
      or imminent.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All Necessary Permits, etc</b>. The Transaction Entities and the Subsidiaries possess such valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign
      regulatory agencies or bodies necessary to conduct their respective businesses, other than those the failure to possess or own would not result in a Material Adverse Change, and neither Transaction Entity nor any Subsidiary has received any notice of
      proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a
      Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Q.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Law Compliance</b>. The Transaction Entities and each of the Subsidiaries (including any predecessor entities) have filed all necessary federal, state, local and foreign income, property and franchise
      tax returns and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate
      proceedings and except to the extent a failure to so file or pay would not, individually or in the aggregate, result in a Material Adverse Change. The Transaction Entities and each of the Subsidiaries (including any predecessor entities) have made
      adequate charges, accruals and reserves in the applicable financial statements referred to in <u>Section 1(J)</u> above in respect of all federal, state, local and foreign income, property and franchise taxes for all periods as to which any tax
      liability has not been finally determined, except to the extent of any inadequacy that would not, individually or in the aggregate, result in a Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">9</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company is a REIT</b>. Commencing with the Company&#8217;s taxable year ended December 31, 1994, the Company has been organized and has operated in conformity with the requirements for qualification and taxation
      as a &#8220;real estate investment trust&#8221; (a &#8220;<b>REIT</b>&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;<b>Code</b>&#8221;), and its organization and proposed method of operation will enable it to continue to meet the requirements for the
      qualification and taxation as a REIT under the Code.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company Not an &#8220;Investment Company&#8221;</b>. The Transaction Entities have been advised of the rules and requirements under the Investment Company Act of 1940, as amended (the &#8220;<b>Investment Company Act</b>&#8221;).
      Neither of the Transaction Entities is, or after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the General Disclosure Package and the Prospectus will be, an &#8220;investment company&#8221;
      within the meaning of Investment Company Act and each Transaction Entity will conduct its business in a manner so that it will not become subject to the Investment Company Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Insurance</b>. Except as otherwise described in the Registration Statement, the General Disclosure Package and the Prospectus, each of the Transaction Entities and the Subsidiaries are insured by insurers
      of recognized financial responsibility with policies in such amounts and with such deductibles and covering such risks as are generally deemed prudent and customary for the business for which it is engaged including, but not limited to, policies
      covering real and personal property owned or leased by the Transaction Entities and the Subsidiaries against theft, damage, destruction and acts of vandalism. The Transaction Entities have no reason to believe that it or any Subsidiary will not be
      able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would
      not result in a Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Transactions</b>. There are no business relationships or related-party transactions involving the Transaction Entities or any Subsidiary or any other person required to be described in a
      registration statement to be filed with the Commission and that is not so described in the Registration Statement, the General Disclosure Package and the Prospectus.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange Act Compliance</b>. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, at the time they were or
      hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the Exchange Act, and Exchange Act Regulations, as applicable, in effect at the time of the filing, and, when read together with the
      other information in the Registration Statement, the General Disclosure Package and the Prospectus, at the Applicable Time, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
      necessary to make the fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">10</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">W.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No Unlawful Contributions or Other Payments</b>. Neither Transaction Entity nor any Subsidiary or, to the knowledge of the Transaction Entities, any Subsidiary or any director, officer, agent, employee,
      affiliate or other person acting on behalf of the Transaction Entities or any Subsidiary has made any contribution or other payment to any official of, or candidate for, any federal, state or foreign office in violation of any applicable law or of
      the character required to be disclosed in the Registration Statement, the General Disclosure Package and the Prospectus.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">X.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transaction Entity&#8217;s Accounting Systems</b>. Each Transaction Entity maintains a system of accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance
      with management&#8217;s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain
      accountability for assets; (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and
      appropriate action is taken with respect to any differences. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, since the first day of the earliest fiscal year of the Transaction Entities for which
      audited financial statements are included in the Registration Statement, the General Disclosure Package and the Prospectus, there has been (1) no material weakness (as defined in Rule 1-02 of Regulation S-X of the Commission) in the internal control
      over financial reporting of the Transaction Entities (whether or not remediated), and (2) no fraud, whether or not material, involving management or other employees who have a role in the internal control over financial reporting of the Transaction
      Entities and, since the end of the earliest fiscal year of the Transaction Entities for which audited financial statements are included in the Registration Statement, the General Disclosure Package and the Prospectus, there has been no change in the
      internal control over financial reporting of the Transaction Entities that has materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Transaction Entities. The Company and its
      subsidiaries have established, maintained and periodically evaluate the effectiveness of &#8220;disclosure controls and procedures&#8221; (as defined in Rules 13a-15 and 15d-15 under the Exchange Act); such disclosure controls and procedures are designed to
      ensure that information required to be disclosed by the Transaction Entities in the reports that they are required to file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
      Commission&#8217;s rules and forms, and accumulated and communicated to the management of each of the Transaction Entities, including its respective principal executive officer or officers and principal financial officer or officers, as appropriate, to
      allow timely decisions regarding disclosure.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The independent public accountants of the Transaction Entities and the
      audit committee of the board of directors of each of the Transaction Entities have been advised of all material weaknesses, if any, and significant deficiencies (as defined in Rule 1-02 of Regulation S-X of the Commission), if any, in the internal
      control over financial reporting of the Transaction Entities and of all fraud, if any, whether or not material, involving management or other employees who have a role in the internal controls of the Transaction Entities, in each case that occurred
      or existed, or was first detected, at any time during the three most recent fiscal years covered by the audited financial statements of the Transaction Entities included in the Registration Statement, the General Disclosure Package and the Prospectus
      or at any time subsequent thereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">11</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Y.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title to Properties</b>. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, and except as would not result in a Material Adverse Change: (i) all
      properties and assets described in the Registration Statement, the General Disclosure Package and the Prospectus are owned with good and marketable title by the Transaction Entities or the Subsidiaries and/or a joint venture or partnership in which
      any such party is a participant (a &#8220;<b>Related Entity</b>&#8221;); (ii) all of the leases under which any of the Transaction Entities, Subsidiaries, or, to the knowledge of the Transaction Entities, Related Entities holds or uses real properties or assets
      as a lessee are in full force and effect, and neither the Transaction Entities, the Subsidiaries, or, to the knowledge of the Transaction Entities, Related Entities is in material default in respect of any of the terms or provisions of any of such
      leases and no claim has been asserted by anyone adverse to any such party&#8217;s rights as lessee under any of such leases, or affecting or questioning any such party&#8217;s right to the continued possession or use of the leased property or assets under any
      such leases; (iii) all liens, charges, encumbrances, claims or restrictions on or affecting the properties and assets of any of the Transaction Entities, Subsidiaries or Related Entities which are required to be disclosed in the Registration
      Statement, the General Disclosure Package and the Prospectus are disclosed therein; (iv) neither the Transaction Entities, the Subsidiaries or to the knowledge of the Transaction Entities, Related Entities, nor any lessee of any portion of any such
      party&#8217;s properties, is in default under any of the leases pursuant to which any of the Transaction Entities, Subsidiaries, or, to the knowledge of the Transaction Entities, Related Entities leases its properties and neither the Transaction Entities,
      Subsidiaries or, to the knowledge of the Transaction Entities, Related Entities, knows of any event which, but for the passage of time or the giving of notice, or both, would constitute a default under any of such leases; (v) no tenant under any of
      the leases pursuant to which any of the Transaction Entities, Subsidiaries or, to the knowledge of the Transaction Entities, Related Entities leases its properties has an option or right of first refusal to purchase the premises demised under such
      lease; (vi) each of the properties of any of the Transaction Entities, Subsidiaries or, to the knowledge of the Transaction Entities, Related Entities, complies with all applicable codes and zoning laws and regulations; and (vii) neither the
      Transaction Entities, Subsidiaries or, to the knowledge of the Transaction Entities, Related Entities, has knowledge of any pending or threatened condemnation, zoning change or other proceeding or action that will in any manner affect the size of,
      use of, improvements on, construction on, or access to the properties of any of the Transaction Entities, Subsidiaries or Related Entities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Z.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title Insurance</b>. Title insurance in favor of the mortgagee or the Transaction Entities, Subsidiaries, and/or their Related Entities is maintained with respect to each property owned by any such entity
      in an amount at least equal to (a) the cost of acquisition of such property or (b) the cost of construction of such property (measured at the time of such construction), except, in each case, where the failure to maintain such title insurance would
      not result in a Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AA.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No Convertible Mortgages</b>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, the mortgages and deeds of trust encumbering the properties and assets
      described in the Registration Statement, the General Disclosure Package and the Prospectus are not convertible nor does any of the Transaction Entities or Subsidiaries hold a participating interest therein.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">12</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BB.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valid Partnerships</b>. Each of the partnership and joint venture agreements to which the Transaction Entities or any Subsidiary is a party, and which relates to real property described in the Registration
      Statement, the General Disclosure Package and the Prospectus, has been duly authorized, executed and delivered by such applicable party and constitutes the valid agreement thereof, enforceable in accordance with its terms, except as limited by (a)
      the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting the rights or remedies of creditors or (b) the effect of general principles of equity, whether enforcement is
      considered in a proceeding in equity or at law, and the discretion of the court before which any proceeding therefor may be brought, and the execution, delivery and performance of any of such agreements did not, at the time of execution and delivery,
      and does not constitute a breach of, or default under, the charter or bylaws of such party or any material contract, lease or other instrument to which such party is a party or by which its properties may be bound or any law, administrative
      regulation or administrative or court order or decree, except for such breaches or defaults that would not result in a Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CC.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hazardous Materials</b>. Except as otherwise described in the Registration Statement, the General Disclosure Package and the Prospectus, none of the Transaction Entities or any Subsidiary has any knowledge
      of (a) the unlawful presence of any hazardous substances, hazardous materials, toxic substances or waste materials (collectively, &#8220;<b>Hazardous Materials</b>&#8221;) on any of the properties owned by it or the Related Entities, or (b) any unlawful spills,
      releases, discharges or disposal, of Hazardous Materials that have occurred or are presently occurring off such properties as a result of any construction on or operation and use of such properties which presence or occurrence would result in a
      Material Adverse Change; and in connection with the construction on or operation and use of the properties owned by the Transaction Entities or any Subsidiary, each of the Transaction Entities represents that it has no knowledge of any material
      failure to comply with all applicable foreign local, state and federal environmental laws, regulations, ordinances and administrative and judicial orders relating to the generation, recycling, reuse, sale, storage, handling, transport and disposal of
      any Hazardous Materials, except for such failures that would not result in a Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">13</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DD.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compliance with Environmental Laws</b>. Except as otherwise described in the Registration Statement, the General Disclosure Package and the Prospectus, and except as would not, individually or in the
      aggregate, result in a Material Adverse Change (i) none of the Transaction Entities or the Subsidiaries are in violation of any federal, state, local or foreign law or regulation relating to pollution or protection of human health or the environment
      (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases of
      chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively, &#8220;<b>Materials of Environmental Concern</b>&#8221;), or otherwise relating to the manufacture, processing, distribution,
      use, treatment, storage, disposal, transport or handling of Materials of Environment Concern (collectively, &#8220;<b>Environmental Laws</b>&#8221;), which violation includes, but is not limited to, noncompliance with any permits or other governmental
      authorizations required for the operation of the business of the Transaction Entities or the Subsidiaries under applicable Environmental Laws, or noncompliance with the terms and conditions thereof, nor have the Transaction Entities or any of the
      Subsidiaries received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that any of the Transaction Entities or Subsidiaries is in violation of any Environmental Law; (ii) there is
      no claim, action or cause of action filed with a court or governmental authority, no investigation with respect to which a Transaction Entity or Subsidiary has received written notice, and no written notice by any person or entity alleging potential
      liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries, attorneys&#8217; fees or penalties arising out of, based on or resulting from the presence, or release into the
      environment, of any Materials of Environmental Concern at any location owned, leased or operated by the Transaction Entities or the Subsidiaries, now or in the past (collectively, &#8220;<b>Environmental Claims</b>&#8221;), pending or, to the best of the
      Transaction Entities&#8217; knowledge, threatened against any Transaction Entity or Subsidiary or any person or entity whose liability for any Environmental Claim the Transaction Entities or Subsidiaries have retained or assumed either contractually or by
      operation of law; and (iii) to the best of the Transaction Entities&#8217; knowledge, there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission, discharge,
      presence or disposal of any Material of Environmental Concern, that reasonably could result in a violation of any Environmental Law or form the basis of a potential Environmental Claim against any Transaction Entity or Subsidiary or against any
      person or entity whose liability for any Environmental Claim a Transaction Entity or Subsidiary has retained or assumed either contractually or by operation of law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EE.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Environmental Compliance</b>. The description set forth under the caption &#8220;Risks Related to Our Real Estate Investments and Our Operations&#8212;The Company&#8217;s portfolio may have environmental liabilities&#8221; in
      Item 1A of the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 accurately describes the Transaction Entities&#8217; analysis of the compliance of their and the Subsidiaries&#8217; properties with Environmental Laws. On the basis
      of such analysis and the amount of its established reserves, the Transaction Entities have reasonably concluded that the costs and liabilities associated with the Transaction Entities&#8217; and Subsidiaries&#8217; properties&#8217; compliance with Environmental Laws
      would not reasonably be likely, individually or in the aggregate, to result in a Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FF.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Brokers</b>. Except as set forth in the General Disclosure Package and the Prospectus, there is no broker, finder or other party that is entitled to receive from the Transaction Entities any brokerage or
      finder&#8217;s fee or other fee or commission as a result of any transactions contemplated by this Agreement or the Indenture, except for underwriting discounts and commissions payable to the Underwriters in connection with the sale of the Securities
      pursuant to this Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GG.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No Officer or Director Outstanding Loans or Other Indebtedness</b>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, there are no outstanding loans,
      advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Transaction Entities to or for the benefit of any of the officers or directors of the Transaction Entities or any of the
      members of any of them.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">14</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HH.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No Reliance</b>. The Company has not relied upon the Representatives or Underwriters or their legal counsel for any legal, tax or accounting advice in connection with the offering and sale of the
      Securities and consummation of the transactions contemplated by this Agreement and the Indenture.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compliance with Laws</b>. The Transaction Entities have not been advised, and have no reason to believe, that they and each of the Subsidiaries are not conducting business in compliance with all applicable
      laws, rules and regulations of the jurisdictions in which they are conducting business, except where failure to be so in compliance would not result in a Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JJ.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OFAC</b>. Neither the Transaction Entities nor any of the Subsidiaries nor any director or officer of the Transaction Entities or any of the Subsidiaries nor, to the knowledge of the Transaction Entities,
      any agent, affiliate, employee or person acting on behalf of the Transaction Entities or any of the Subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. Government (including, without limitation,
      the fact that sanctions are administered and enforced by many arms of the U.S. government. the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#8220;<b>OFAC</b>&#8221;) or the U.S. Department of State and including, without limitation,
      the designation as a &#8220;specially designated national&#8221; or &#8220;blocked person&#8221;), the United Nations Security Council (&#8220;<b>UNSC</b>&#8221;), the European Union, HM Treasury, or other relevant sanctions authority (collectively, &#8220;<b>Sanctions</b>&#8221;), nor are the
      Transaction Entities or Subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Cuba, Iran, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk
      People&#8217;s Republic, the Crimea, Kherson and Zaporizhzhia regions of Ukraine, North Korea and Syria; and the Transaction Entities will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or
      otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or the
      target of Sanctions or (ii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.</font></p>
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      money laundering statutes and the rules and regulations thereunder and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;<b>Money Laundering Laws</b>&#8221;)
      and no action, suite or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Transaction Entities and the Subsidiaries with respect to the Money Laundering Laws is pending or, to the best
      knowledge of the Transaction Entities, threatened.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LL.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unlawful Payments</b>. Neither the Transaction Entities nor any of the Subsidiaries nor any director or officer of the Transaction Entities or any of the Subsidiaries nor, to the knowledge of the
      Transaction Entities, any agent, affiliate, employee or person acting on behalf of the Transaction Entities or any of the Subsidiaries has (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to
      political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including of any
      government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii)
      violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business
      Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption laws; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or
      other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MM.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of the Securities, the Guarantees and the Indenture</b>. The Securities, the Guarantees and the Indenture conform in all material respects to the respective statements relating thereto
      contained in the Registration Statement, the General Disclosure Package and the Prospectus.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NN.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual Property Rights</b>. The Transaction Entities and the Subsidiaries own, possess or can acquire on reasonable terms, adequate trademarks, trade names and other rights to inventions, know-how,
      patents, copyrights, confidential information and other intellectual property (collectively, &#8220;<b>Intellectual Property Rights</b>&#8221;) necessary to conduct the business now operated or presently intended to be operated by them, or presently employed by
      them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any Intellectual Property Rights that, if determined adversely to the Transaction Entities or any of the Subsidiaries, would
      reasonably be expected to result in, individually or in the aggregate, a Material Adverse Change.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OO.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cybersecurity</b>. (a) To the knowledge of the Company, there has been no security breach or incident, unauthorized access or disclosure, or other compromise of the Company&#8217;s or its subsidiaries&#8217;
      information technology and computer systems, networks, hardware, software, data and databases (including the data and information of their respective tenants, customers, employees, suppliers, vendors and any third party data maintained, processed or
      stored by the Company and its subsidiaries, and any such data processed or stored by third parties on behalf of the Company and its subsidiaries), equipment or technology (collectively, &#8220;IT Systems and Data&#8221;); (b) neither the Company nor its
      subsidiaries have been notified of, and have no knowledge of any event or condition that would result in, any security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data and (c) the Company and its
      subsidiaries have implemented controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards
      and practices, or as required by applicable regulatory standards, except with respect to clauses (a) and (b), for any such security breach or incident, unauthorized access or disclosure, or other compromises, as would not, individually or in the
      aggregate, result in a Material Adverse Change, or with respect to clause (c), where the failure to do so would not, individually or in the aggregate, result in a Material Adverse Change. The Company and its subsidiaries are presently in material
      compliance with all applicable laws and statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security
      of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PP.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Proceeds</b>. The Company and the Operating Partnership intend to apply the net proceeds from the sale of the Securities in accordance with the description set forth in the Pre-Pricing Prospectus
      and the Prospectus under the heading &#8220;Use of Proceeds.&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QQ.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compliance with the Sarbanes-Oxley Act</b>. There is and has been no failure on the part of the Company, the Operating Partnership and the Subsidiaries or any of such entities&#8217; directors or officers, in
      their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the &#8220;<b>Sarbanes-Oxley Act</b>&#8221;), including Section 402 related to
      loans and Sections 302 and 906 related to certifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RR.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Absence of Manipulation</b>. The Transaction Entities have not taken and will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause
      or result in the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Securities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SS.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pending Proceedings and Examinations; Comment Letters</b>. The Registration Statement is not the subject of a pending proceeding or examination under Section 8(d) or 8(e) of the 1933 Act, and neither of
      the Transaction Entities is the subject of a pending proceeding under Section 8A of the 1933 Act. The Transaction Entities have provided the Representatives with true, complete and correct copies of any written comments received from the Commission
      by the Transaction Entities or their legal counsel or accountants, and of any transcripts made by the Transaction Entities, their legal counsel or accountants of any oral comments received from the Commission, with respect to the Registration
      Statement, any preliminary prospectus, the Prospectus, any Issuer Free Writing Prospectus or any document incorporated or deemed to be incorporated by reference therein or any amendments or supplements to any of the foregoing and of all written
      responses thereto (in each case other than comment letters or written responses that are publicly available on EDGAR), and no such comments remain unresolved.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Purchase, Sale and Delivery of Securities</u></b>. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company
      and the Operating Partnership agree to issue and sell to the Underwriters, and the Underwriters agree, severally and not jointly, to purchase from the Company and the Operating Partnership, the aggregate principal amount of Securities set forth in <u>Schedule


        A</u> opposite the name of such Underwriter at a price equal to 102.221% of the principal amount thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and the Operating Partnership will deliver the Securities to
      the Representatives for the accounts of the Underwriters, through the facilities of DTC unless the Representatives shall otherwise instruct, against payment of the purchase price in federal (same day) funds by wire transfer to an account at a bank
      specified in writing to the Representatives by the Company by 10:00 a.m., New York time, on August 21, 2024, or at such other time not later than seven full business days thereafter as the Representatives and the Company determine, such time being
      herein referred to as the &#8220;<b>Closing Time</b>.&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">17</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Certain Agreements of the Company and the Operating Partnership</u></b>. The Company and the Operating Partnership agree with the several Underwriters that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delivery of Registration Statements</b>. The Company and the Operating Partnership has furnished or will deliver to the Representatives and counsel for the Underwriters, without charge, copies of the
      Registration Statement and of each amendment thereto (including exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein or otherwise deemed to be a part thereof) and
      copies of all consents and certificates of experts. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission
      pursuant to EDGAR, except to the extent permitted by Regulation S-T.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delivery of Prospectuses</b>. The Company and the Operating Partnership have delivered to each Underwriter, without charge, as many copies of each preliminary prospectus and any amendments or supplements
      thereto as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the 1933 Act. The Company will furnish to each Underwriter, without charge, during the period when the Prospectus is
      required (or, but for the provisions of Rule 172, would be required) to be delivered by applicable law (whether to meet the request of purchasers pursuant to Rule 173(d) or otherwise), such number of copies of the Pre-Pricing Prospectus, the
      Prospectus and any Issuer Free Writing Prospectus and any amendments or supplements to any of the foregoing as such Underwriter may reasonably request. Each preliminary prospectus, the Prospectus, each Issuer Free Writing Prospectus and any
      amendments or supplements to any of the foregoing furnished to the Underwriters were and will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compliance with Securities Regulations and Commission Requests</b>. The Company and the Operating Partnership, subject to <u>Section 3(J)</u>, will comply with the requirements of Rule 430B and Rule 433
      and will notify the Representatives immediately, and confirm the notice in writing, (i) when the Registration Statement or any post-effective amendment to the Registration Statement shall become effective, or when any preliminary prospectus, the
      Prospectus or any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing shall have been filed, (ii) of the receipt of any comments from the Commission (and shall promptly furnish the Representatives with a copy of any
      comment letters and any transcript of oral comments, and shall furnish the Representatives with copies of any written responses thereto a reasonable amount of time prior to the proposed filing thereof with the Commission and will not file any such
      response to which the Representatives or counsel for the Underwriters shall object), (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to any preliminary prospectus or the Prospectus
      or any Issuer Free Writing Prospectus or for additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of any
      preliminary prospectus, the Prospectus or any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing or any notice from the Commission objecting to the use of the form of the Registration Statement or any post-effective
      amendment thereto, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction or of the loss or suspension of any exemption from any such qualification, or of the initiation or threatening of any proceedings
      for any of such purposes, or of any examination pursuant to Section 8(e) of the 1933 Act concerning the Registration Statement and (v) if the Company or the Operating Partnership becomes the subject of a proceeding under Section 8A of the 1933 Act in
      connection with the offering of the Securities. The Company and the Operating Partnership will make every reasonable effort to prevent the issuance of any stop order and the suspension or loss of any qualification of the Securities for offering or
      sale and any loss or suspension of any exemption from any such qualification, and if any such stop order is issued, or any such suspension or loss occurs, to obtain the lifting thereof at the earliest possible moment. The Company or the Operating
      Partnership shall pay the required Commission filing fees relating to the Securities within the time required by Rule 456(b)(1)(i) of the 1933 Act Regulations without regard to the proviso therein and otherwise in accordance with Rules 456(b) and
      457(r) of the 1933 Act Regulations, except to the extent such filing fees have been paid prior to the date hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">18</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Continued Compliance with Securities Laws</b>. The Company and the Operating Partnership will comply with the 1933 Act, the 1933 Act Regulations, the Exchange Act and the Exchange Act Regulations so as to
      permit the completion of the distribution of the Securities as contemplated by this Agreement, the General Disclosure Package and the Prospectus. If at any time when a prospectus is required (or, but for the provisions of Rule 172, would be required)
      by the applicable law to be delivered in connection with sales of the Securities (whether to meet the request of purchasers pursuant to Rule 173(d) or otherwise), any event shall occur or condition shall exist as a result of which it is necessary (or
      if the Representatives or counsel for the Underwriters shall notify the Company that, in their judgment, it is necessary) to amend the Registration Statement or amend or supplement the General Disclosure Package or the Prospectus (or, in each case,
      any documents incorporated or deemed to be incorporated by reference therein) so that the Registration Statement, the General Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit
      to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made or then prevailing, not misleading or if it is necessary (or, if the Representatives or counsel for the
      Underwriters shall notify the Company or the Operating Partnership that, in their judgment, it is necessary) to amend the Registration Statement or amend or supplement the General Disclosure Package or the Prospectus (or, in each case, any documents
      incorporated or deemed to be incorporated by reference therein) in order to comply with the requirements of the 1933 Act, the 1933 Act Regulations, the Exchange Act or the Exchange Act Regulations, the Company and the Operating Partnership will
      promptly notify the Representatives of such event or condition and of its intention to file such amendment or supplement (or, if the Representatives or counsel for the Underwriters shall have notified the Company as aforesaid, the Company and the
      Operating Partnership will promptly notify the Representatives of their intention to prepare such amendment or supplement) and will promptly prepare and file with the Commission, subject to <u>Section 3(J)</u> hereof, such amendment or supplement as
      may be necessary to correct such untrue statement or omission or to comply with such requirements, and, in the case of an amendment or post-effective amendment to the Registration Statement, the Company and the Operating Partnership will use their
      best efforts to have such amendment declared or become effective as soon as practicable and the Company and the Operating Partnership will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may
      reasonably request. If at any time an Issuer Free Writing Prospectus conflicts with the information contained in the Registration Statement or if an event shall occur or condition shall exist as a result of which it is necessary (or if the
      Representatives or counsel for the Underwriters shall notify the Company or the Operating Partnership that, in their judgment, it is necessary) to amend or supplement such Issuer Free Writing Prospectus so that it will not include an untrue statement
      of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made or then prevailing, not misleading, or if it is necessary (or, if the Representatives
      or counsel for the Underwriters shall notify the Company or the Operating Partnership that, in their judgment, it is necessary) to amend or supplement such Issuer Free Writing Prospectus in order to comply with the requirements of the 1933 Act or the
      1933 Act Regulations, the Company and the Operating Partnership will promptly notify the Representatives of such event or condition and of their intention to file such amendment or supplement (or, if the Representatives or counsel for the
      Underwriters shall have notified the Company or the Operating Partnership as aforesaid, the Company and their Operating Partnership will promptly notify the Representatives of their intention to prepare such amendment or supplement) and will promptly
      prepare and, if required by the 1933 Act or the 1933 Act Regulations, file with the Commission, subject to <u>Section 3(J)</u> hereof, such amendment or supplement as may be necessary to eliminate or correct such conflict, untrue statement or
      omission or to comply with such requirements, and the Company and the Operating Partnership will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">19</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rule 158</b>. The Company and the Operating Partnership will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to its securityholders as soon as
      practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits contemplated by, the last paragraph of Section 11(a) of the 1933 Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reporting Requirements</b>. The Company and the Operating Partnership, during the period when the Prospectus is required (or, but for the provisions of Rule 172, would be required) by applicable law to be
      delivered (whether to meet the request of purchasers pursuant to Rule 173(d) or otherwise), will file all documents required to be filed with the Commission pursuant to the Exchange Act and the Exchange Act Regulations within the time periods
      required by the Exchange Act and the Exchange Act Regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preparation of Prospectus</b>. Immediately following the execution of this Agreement, the Company and the Operating Partnership will, subject to <u>Section 3(J)</u> hereof, prepare the Prospectus, which
      shall contain the public offering price and terms of the Securities, the plan of distribution thereof and such other information as may be required by the 1933 Act or the 1933 Act Regulations or as the Representatives and the Company may deem
      appropriate, and will file or transmit for filing with the Commission, in accordance with the provisions of Rule 430B and in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), the Prospectus.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Registration Statement</b>. If, immediately prior to the third anniversary of the initial effective date of the Registration Statement (the &#8220;<b>Renewal Deadline</b>&#8221;), any of the Securities remain
      unsold by the Underwriters, the Company and the Operating Partnership will, prior to the Renewal Deadline, if it has not already done so and is eligible to do so, file a new automatic shelf registration statement relating to the Securities, and
      notify the Representatives when such filing has been made. If the Company or the Operating Partnership is no longer eligible to file an automatic shelf registration statement, the Company and the Operating Partnership will, prior to the Renewal
      Deadline, if it has not already done so, file a new registration statement relating to the Securities, and notify the Representatives when such filing has been made and use its best efforts to cause such registration statement to be declared
      effective within 180 days after the Renewal Deadline. The Company and the Operating Partnership will furnish the Representatives with copies of any such new registration statement a reasonable amount of time prior to such proposed filing and,
      notwithstanding the foregoing provisions of this paragraph, will not file any such proposed registration statement to which the Representatives or counsel for the Underwriters shall object. In any such case, the Company and the Operating Partnership
      will take all other action as is necessary or appropriate to permit the public offering and sale of the Securities to continue from and after the Renewal Deadline as contemplated in the expired registration statement relating to the Securities.
      References in this Agreement to the &#8220;Registration Statement&#8221; shall include any such new registration statement from and after the time it is filed with the Commission, <u>mutatis mutandis</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">20</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pricing Term Sheet</b>. The Company and the Operating Partnership will prepare a pricing term sheet (the &#8220;<b>Pricing Term Sheet</b>&#8221;) reflecting the final terms of the Securities, in substantially the form
      attached hereto as <u>Schedule B</u> and otherwise in form and substance satisfactory to the Representatives, and shall file such Pricing Term Sheet as an &#8220;issuer free writing prospectus&#8221; pursuant to Rule 433 not later than the date of first use
      thereof; provided that the Company and the Operating Partnership shall furnish the Representatives with copies of any such Pricing Term Sheet a reasonable amount of time prior to such proposed filing and will not use or file any such document to
      which the Representatives or counsel to the Underwriters shall object.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Filing of Amendments</b>. The Company and the Operating Partnership will advise each Underwriter promptly of any proposal to amend or supplement the Registration Statement, any Issuer Free Writing
      Prospectus or any amendment, supplement or revision to any preliminary prospectus, the Prospectus or any Issuer Free Writing Prospectus, whether pursuant to the 1933 Act or otherwise, and the Company will furnish the Representatives with copies of
      any such documents within a reasonable amount of time prior to such proposed filing or use, as the case may be, and will not file or use any such document to which the Representatives or counsel for the Underwriters shall object. The Company has
      given the Representatives notice of any filings made pursuant to the Exchange Act or the Exchange Act Regulations (&#8220;<b>Exchange Act Filings</b>&#8221;) within 48 hours prior to the Applicable Time; the Company will give the Representatives notice of its
      intention to make any such filing from the Applicable Time through the Closing Time (or, if later, through the end of the period during which the Prospectus is required (or, but for the provisions of Rule 172, would be required) to be delivered by
      applicable law (whether to meet the requests of purchasers pursuant to Rule 173(d) or otherwise)) and will furnish the Representatives with copies of any such documents a reasonable amount of time prior to such proposed filing, as the case may be,
      and will not file or use any such document to which the Representatives or counsel for the Underwriters shall object. Neither the consent of the Underwriters, the Underwriters&#8217; delivery of any such amendment or supplement, nor the furnishing to the
      Underwriters of any such Exchange Act Filings shall constitute a waiver of any of the conditions set forth in <u>Section 4</u> hereof. The Company and the Operating Partnership will prepare the Pricing Supplement, in form and substance satisfactory
      to the Representatives, and shall furnish prior to the Applicable Time to each Underwriter, without charge, as many physical or electronic copies of the Pricing Supplement as such Underwriter may reasonably request.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">21</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">K.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Qualification of Securities for Offer and Sale</b>. The Company and the Operating Partnership will use their best efforts, in cooperation with the Underwriters, to qualify the Securities for offering and
      sale, or to obtain a valid exemption for the Securities to be offered and sold, under the applicable securities laws, including real estate syndication laws, of such states and other jurisdictions as the Underwriters may designate and to maintain
      such qualifications and exemptions in effect as long as required for the distribution of the Securities (but in no event for a period of not less than one year from the date of this Agreement); provided, however, that neither the Company nor the
      Operating Partnership shall be obligated to file any general consent to service of process or to qualify as a foreign entity or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect
      of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Securities have been so qualified or exempt, the Company and the Operating Partnership will file such statements and reports as may be
      required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution of the Securities (but in no event for a period of not less than one year from the date
      of this Agreement).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DTC</b>. The Company and the Operating Partnership will cooperate with the Underwriters and use their best efforts to permit the Securities to be eligible for clearance and settlement through the
      facilities of DTC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Proceeds</b>. The Company and the Operating Partnership will use the net proceeds received by the Operating Partnership from the sale of the Securities in the manner specified in the Pre-Pricing
      Prospectus and the Prospectus under &#8220;Use of Proceeds.&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restriction on Sale of Securities</b>. During the period commencing on the date hereof and ending at the Closing Time, neither the Company nor the Operating Partnership will, without the prior written
      consent of the Representatives (which consent may be withheld at the sole discretion of the Representatives), directly or indirectly issue, offer, sell, contract to sell, hypothecate, pledge, grant or sell any option, right or warrant to purchase, or
      establish an open &#8220;put equivalent position&#8221; within the meaning of Rule 16a-1(h) under the Exchange Act, or otherwise dispose of, or contract to dispose of, or file a registration statement under the Act or prospectus supplement with respect to any
      outstanding registration statement with the Commission with respect to, any debt securities of the Company, the Operating Partnership or any of their respective subsidiaries substantially similar to the Securities or any other securities convertible
      into or exercisable or exchangeable for the Securities or debt securities similar to the Securities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">O.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notification of Certain Events</b>. Prior to the Closing Time, each of the Company and the Operating Partnership will notify the Underwriters in writing immediately if any event occurs that renders any of
      the representations and warranties of the Company and the Operating Partnership contained herein inaccurate or incomplete.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REIT Qualification</b>. The Company will use its best efforts to maintain its qualification as a REIT under the Code.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Q.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compliance with Laws</b>. Until the offering of the Securities is complete, the Company will (1) comply with all provisions of the Act and the Securities Act Regulations and the Exchange Act and Exchange
      Act Regulations and (2) file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and the Exchange Act Regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Company</b>. The Company will take such steps as shall be necessary to ensure that neither the Company nor the Operating Partnership shall become an &#8220;investment company&#8221; within the meaning of
      such term under the Investment Company Act and the rules and regulations of the Commission thereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      representations and warranties on the part of the Transaction Entities herein, to the accuracy of the statements of Company officers made pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the
      following additional conditions precedent:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effectiveness of Registration Statement</b>. The Registration Statement shall have become effective, and no stop order suspending the effectiveness of the Registration Statement shall have been issued
      under the 1933 Act or proceedings therefor initiated or, to the knowledge of the Transaction Entities, threatened by the Commission, and any request on the part of the Commission for additional information shall have been complied with to the
      reasonable satisfaction of the Representatives and the Commission shall not have notified the Company or the Operating Partnership of any objection to the use of the form of the Registration Statement. The Prospectus shall have been filed with the
      Commission in the manner and within the time period required by Rule 424(b) (without reliance upon Rule 424(b)(8)) and each Issuer Free Writing Prospectus required to be filed with the Commission shall have been filed in the manner and within the
      time period required by Rule 433, and, prior to the Closing Time, the Company shall have provided evidence satisfactory to the Representatives of such timely filings.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, contained in this Agreement, or as the Representatives or
      counsel for the Underwriters may otherwise reasonably request; and all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein contemplated and in connection with the other transactions contemplated by
      this Agreement shall be satisfactory in form and substance to the Representatives.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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      Agreement, with respect to the financial statements and certain financial information set forth in or incorporated by reference in the Registration Statement, the General Disclosure Package, any Issuer Free Writing Prospectuses (other than any
      electronic roadshow) and the Prospectus and any amendments or supplements to any of the foregoing, which shall include substantially the following statements:</font></p>
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      with respect to the Company and the Operating Partnership within the meaning of the Act, the Securities Act Regulations and the rules and regulations of the PCAOB;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in their opinion the Company&#8217;s and the Operating
      Partnership&#8217;s consolidated financial statements and related financial statement schedules audited by them and included in or incorporated by reference into the Registration Statement, the General Disclosure Package, any Issuer Free Writing
      Prospectuses (other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing, comply as to form in all material respects with the applicable accounting requirements of the Act, the Securities Act
      Regulations, the Exchange Act and the Exchange Act Regulations;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if applicable, they have performed the procedures
      specified by the PCAOB for a review of interim financial information as described in Auditing Standard 4105: Reviews of Interim Financial Information, on the Company&#8217;s unaudited financial statements, if any, included in or incorporated by reference
      into the Registration Statement, the General Disclosure Package, any Issuer Free Writing Prospectuses (other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;on the basis of the review referred to in clause (3)
      above, a reading of the latest available interim financial statements of the Company and the Operating Partnership, inquiries of officials of the Company who have responsibility for financial and accounting matters, and other specified procedures,
      nothing came to their attention that caused them to believe that:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the unaudited financial statements, if any, included in or
      incorporated by reference into the Registration Statement, the General Disclosure Package, any Issuer Free Writing Prospectuses (other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing, do not
      comply as to form in all material respects with the applicable accounting requirements of the Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations or that any material modifications should be made to such unaudited
      financial statements for them to be in conformity with GAAP;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      balance sheet read by such accountants, and at a subsequent specified date not more than three business days prior to the date of this Agreement, there was: (aa) any change in the common stock of the Company, any increase in consolidated indebtedness
      or any decrease in consolidated stockholders&#8217; equity of the Company and its subsidiaries as compared with amounts shown on the latest consolidated balance sheet of the Company included in or incorporated by reference into the Registration Statement,
      the General Disclosure Package, any Issuer Free Writing Prospectuses (other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing; or (bb) any change in the general partner common units, any
      increase in consolidated indebtedness or any decrease in general partner&#8217;s common equity of the Operating Partnership and its subsidiaries as compared with amounts shown on the latest consolidated balance sheet of the Operating Partnership included
      in or incorporated by reference into the Registration Statement, the General Disclosure Package, any Issuer Free Writing Prospectuses (other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing;
      or (ii) for the period covered by the latest available consolidated income statement read by such accountants, and for the period beginning on the date immediately subsequent to the end of such period and ending on a subsequent specified date not
      more than three business days prior to the date of this Agreement, there were any decreases, as compared with the corresponding periods of the previous year, in consolidated revenue from rental operations, net income, or diluted net income available
      to common stockholders/unitholders per common share/unit of the Company/Operating Partnership except in all cases set forth in clauses (i) or (ii) for changes, increases or decreases which the Registration Statement, the General Disclosure Package,
      any Issuer Free Writing Prospectuses (other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing, disclose have occurred or may occur;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">24</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; they have read the unaudited pro forma financial
      statements, if any, included in or incorporated by reference into the Registration Statement, the General Disclosure Package, any Issuer Free Writing Prospectuses (other than any electronic road show) and the Prospectus and any amendments or
      supplements to any of the foregoing and inquired of certain officials of the Company who have responsibility for financial and accounting matters and proved the arithmetic accuracy of the application of the pro forma adjustments, and on the basis of
      the procedures, nothing came to their attention that caused them to believe that the pro forma financial statements included in or incorporated by reference into the Registration Statement, the General Disclosure Package, any Issuer Free Writing
      Prospectuses (other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing, do not comply as to form in all material respects with the applicable accounting requirements of the Exchange Act and the
      Exchange Act Regulations or that the pro forma adjustments have not been properly applied; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; they have compared specified dollar amounts (or
      percentages derived from such dollar amounts) and other financial information contained in the Registration Statement, the General Disclosure Package, any Issuer Free Writing Prospectuses (other than any electronic road show) and the Prospectus and
      any amendments or supplements to any of the foregoing (in each case to the extent that such dollar amounts, percentages and other financial information are derived from the general accounting records of the Company subject to the internal controls of
      the Company&#8217;s accounting system or are derived directly from such records by analysis or computation and to the extent that dollar amounts, percentages and other financial information included in such analysis or computation are derived from the
      general accounting records of the Company subject to the internal controls of the Company&#8217;s accounting system) with such general accounting records and have performed other procedures specified in such letter and have found such dollar amounts,
      percentages and other financial information to be in agreement with such general accounting records, except as otherwise specified in such letter.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      Package, any Issuer Free Writing Prospectuses (other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing, there shall not have occurred:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any change, or any development or event involving a
      prospective change, in the condition (financial or other), business, properties, earnings, results of operations or prospects of the Transaction Entities and the Subsidiaries taken as one enterprise, whether or not in the ordinary course, which,
      individually or in the aggregate, in the sole judgment of the Representatives, is material and adverse and makes it impractical or inadvisable to proceed with completion of the public offering or the sale of and payment for the Securities;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any change in U.S. or international financial, political
      or economic conditions or currency exchange rates or exchange controls as would, in the sole judgment of the Representatives, be likely to prejudice materially the success of the proposed issue, sale or distribution of the Securities, whether in the
      primary market or in respect of dealings in the secondary market;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any suspension or limitation of trading in securities
      generally on the New York Stock Exchange, or any setting of minimum prices for trading on such exchange;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any suspension of trading of any securities of the
      Transaction Entities on any exchange or in the over-the-counter market;</font></p>
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      York state authorities;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      clearance services in the United States;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any attack on or outbreak or escalation of hostilities or
      act of terrorism involving the United States, any declaration of war by Congress or any other national or international calamity, crisis or emergency if, in the sole judgment of the Representatives, the effect of any such attack, outbreak,
      escalation, act, declaration, calamity, crisis or emergency makes it impractical or inadvisable to proceed with completion of the public offering or the sale and delivery of the Securities; or</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any downgrading, nor shall any notice have been given of
      any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities of the Transaction Entities or Subsidiaries by any &#8220;nationally recognized
      statistical rating organization&#8221; as such term is defined for the purposes of Section 3(a)(62) under the Exchange Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer&#8217;s Counsel&#8217;s Opinion</b>. The Representatives shall have received opinion letters, dated as of the Closing Time, of Latham &amp; Watkins LLP, as legal and tax counsel for the Company, and of Venable
      LLP, as Maryland legal counsel for the Company, the forms of which are attached as Exhibit A, A-1 and A-2, respectively.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriters&#8217; Counsel&#8217;s Opinion</b>. At the Closing Time, the Representatives shall have received from Alston &amp; Bird LLP, counsel for the Underwriters, such opinion and other letters, dated as of the
      Closing Time, with respect to such matters as the Representatives may require, and the Transaction Entities shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">26</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.<b></b></font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Officers&#8217; Certificates</b>. Each Transaction Entity shall have furnished the Representatives a certificate, dated as of the Closing Time, of its, or its general partner&#8217;s or managing member&#8217;s chief
      executive officer(s) or chief financial officer and any vice president in which such officers shall state that, to the best of their knowledge after reasonable investigation:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the representations and warranties of the Transaction
      Entities set forth in this Agreement are true and correct;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Transaction Entities have complied with all
      agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Time;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; since the respective dates as of which information is
      given in the Registration Statement, the General Disclosure Package and the Prospectus (in each case exclusive of any amendments or supplements thereto subsequent to the date of this Agreement), there has been no Material Adverse Change, whether or
      not arising in the ordinary course; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no stop order suspending the effectiveness of the
      Registration Statement has been issued and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company or the Operating Partnership, as applicable, are contemplated by the Commission and the Commission has
      not notified the Company or the Operating Partnership, as applicable, of any objection to the use of the form of the Registration Statement, and to the effect set forth in <u>Section 4(D)(8)</u> above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accountant&#8217;s Letter</b>. The Representatives shall have received a letter, dated as of the Closing Time, of KPMG LLP which meets the requirements of <u>Section 4(C)</u>, except that the specified date
      referred to in such subsection will be a date not more than three days prior to the Closing Time, as applicable, for the purposes of this subsection.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indenture</b>. At or prior to the Closing Time, each of the Company, the Operating Partnership and the Trustee shall have executed and delivered the Indenture.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Satisfaction of Other Conditions</b>. At the Closing Time, counsel for the Underwriters shall have been furnished with such other documents as they may reasonably require for the purpose of enabling them
      to pass upon the issuance and sale of the Securities as herein contemplated and related proceedings, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and
      all proceedings taken by the Transaction Entities in connection with the issuance and sale of the Securities as herein contemplated shall be satisfactory in form and substance to the Underwriters and counsel for the Underwriters.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">K.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Satisfaction of Underwriters&#8217; Counsel</b>. All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof
      only if they are in form and substance reasonably satisfactory to counsel for the Underwriters.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">27</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Copies of Documents; Waiver of Compliance</b>. The Company will furnish the Representatives with such conformed copies of such opinions, certificates, letters and documents as the Representatives may
      reasonably request. The Representatives may in their sole discretion waive on behalf of the Underwriters compliance with any conditions to the obligations of the Underwriters hereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Indemnification and Contribution</u></b>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Transaction Entities, jointly and severally, will
      indemnify and hold harmless each Underwriter, its partners, members, directors, officers, employees, affiliates and agents and each person, if any, who controls such Underwriter within the meaning of the Act or the Exchange Act, against any losses,
      claims, damages, liabilities or expenses, joint or several, to which any of them may become subject under the Act, the Exchange Act or other federal or state statutory law or regulation or at common law, insofar as such losses, claims, damages,
      liabilities or expenses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, any related preliminary prospectus, any Issuer Free
      Writing Prospectus, the General Disclosure Package or the Prospectus, or in any &#8220;issuer information&#8221; (as defined in Rule 433) or &#8220;road show&#8221; (as defined in Rule 433) that does not constitute an Issuer Free Writing Prospectus, in each case as amended
      or supplemented, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and will
      reimburse each indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such loss, claim, damage, liability, action or expense as such expenses are incurred;
      provided, however, that the Transaction Entities will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement in or omission
      or alleged omission from any of such documents in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that the
      only such information furnished by any Underwriter consists of the information described as such in <u>Section 5(B)</u> below.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Underwriter severally and not jointly will indemnify
      and hold harmless each Transaction Entity, its directors and officers and each person, if any, who controls the Company within the meaning of the Act or the Exchange Act, against any losses, claims, damages, liabilities or expenses to which any of
      them may become subject, under the Act, the Exchange Act or other federal or state statutory law or regulation or at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) arise out
      of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, or in any related preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus, or in any &#8220;issuer
      information&#8221; (as defined in Rule 433) or &#8220;road show&#8221; (as defined in Rule 433) that does not constitute an Issuer Free Writing Prospectus, in each case as amended or supplemented, or arise out of or are based upon the omission or the alleged omission
      to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue
      statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Underwriter through the Representatives specifically for use therein, and will reimburse any legal or
      other expenses reasonably incurred by each indemnified party in connection with investigating or defending any such loss, claim, damage, liability, action or expense as such expenses are incurred, it being understood and agreed that the only such
      information furnished on behalf of each of the Underwriters consists of (i) the first, third and fourth sentences of the third paragraph under the caption &#8220;Underwriting&#8212;Conflicts of Interest&#8221; in the Pre-Pricing Prospectus and the Prospectus related
      to the public offering price, concession and reallowance, (ii) the second sentence of the fourth paragraph under the caption &#8220;Underwriting&#8212;Conflicts of Interest&#8221; in the Pre-Pricing Prospectus and the Prospectus related to the Underwriters&#8217; ability to
      make a market in the Notes, and (iii) the sixth and seventh paragraphs under the caption &#8220;Underwriting&#8212;Conflicts of Interest&#8221; in the Pre-Pricing Prospectus and the Prospectus related to stabilization, covering transactions and penalty bids appearing.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">28</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Promptly after receipt by an indemnified party under this
      Section of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under <u>Section 5(A)</u> or <u>5(B)</u> above, notify, in writing, the indemnifying party
      of the commencement thereof; but the omission to so notify the indemnifying party will not relieve it from any liability that it may have to any indemnified party under <u>Section 5(A)</u> or <u>5(B)</u> above unless and to the extent it did not
      otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of material substantive rights and defenses. In case any such action is brought against any indemnified party and it notifies the indemnifying party
      of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to
      such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof,
      the indemnifying party will not be liable to such indemnified party under this Section for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of
      investigation. Notwithstanding anything contained herein to the contrary, the indemnifying party shall be liable for the reasonable fees and expenses of not more than one counsel (in addition to any local counsel) separate from their own counsel for
      the indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent
      of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such
      settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to
      act by or on behalf of an indemnified party, and (iii) does not include any undertaking or obligation to act or to refrain from acting by the indemnified party.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">29</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the indemnification provided for in this Section is
      unavailable or insufficient to hold harmless an indemnified party under <u>Section 5(A)</u> or <u>5(B)</u>, above for any reason, then each indemnifying party (with respect to the Transaction Entities, jointly and severally) shall contribute to the
      amount paid or payable by such indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in <u>Section 5(A)</u> or <u>5(B)</u> above (i) in such proportion as is appropriate to reflect the relative benefits
      received by the Transaction Entities on the one hand and one or more of the Underwriters on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as
      is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Transaction Entities on the one hand and the Underwriters on the other in connection with the statements or omissions which
      resulted in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative benefits received by the Transaction Entities on the one hand and the Underwriters on the other shall be deemed to
      be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Transaction Entities bear to the total discounts and commissions received by the Underwriters under this Agreement. The relative fault
      shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Transaction Entities or the
      Underwriters and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages, liabilities
      or expenses referred to in the first sentence of this <u>Section 5(D)</u> shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is
      the subject of this <u>Section 5(D)</u>. Notwithstanding the provisions of this <u>Section 5(D)</u>, no Underwriter (except as may be provided in any agreement among Underwriters relating to the offering of the Securities) shall be required to
      contribute any amount in excess of the discount or commission applicable to the Securities purchased by such Underwriter hereunder. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to
      contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&#8217; obligations in this <u>Section 5(D)</u> to contribute are several in proportion to their respective obligations and not joint. The Transaction
      Entities and the Underwriters agree that it would not be just and equitable if contribution were determined by pro rata allocation or another method of allocation that does not take account of the equitable considerations referred to above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The obligations of the Transaction Entities under this
      Section shall be in addition to any liability that the Transaction Entities may otherwise have and shall extend, upon the same terms and conditions, to each partner, member, director, officer, employee or agent of any Underwriter and any person, if
      any, who controls any Underwriter within the meaning of the Act or the Exchange Act; and the obligations of the Underwriters under this Section shall be in addition to any liability that the respective Underwriters may otherwise have and shall
      extend, upon the same terms and conditions, to each director of the Transaction Entities, to each officer and to each person, if any, who controls the Transaction Entities within the meaning of the Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Default of Underwriters</u></b>. If any Underwriter or Underwriters default in their obligations to purchase Securities hereunder at the Closing Time and the total principal amount of Securities that
      such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the total principal amount of Securities that the Underwriters are obligated to purchase at the Closing Time, the Representatives may make arrangements
      satisfactory to the Company for the purchase of such Securities by other persons, including any of the Underwriters, but if no such arrangements are made by the Closing Time, the non-defaulting Underwriters shall be obligated severally, in proportion
      to their respective commitments hereunder, to purchase the Securities that such defaulting Underwriters agreed but failed to purchase at the Closing Time. If any Underwriter or Underwriters so default and the total principal amount of Securities with
      respect to which such default or defaults occur exceeds 10% of the total principal amount of Securities that the Underwriters are obligated to purchase at the Closing Time and arrangements satisfactory to the Representatives and the Company for the
      purchase of such Securities by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Underwriter or the Company, except as provided in <u>Section 5</u> above.
      Nothing herein will relieve a defaulting Underwriter from liability for its default. In the event of any such default which does not result in a termination of this Agreement, the Representatives shall have the right to postpone the Closing Time for
      a period not exceeding seven days in order to effect any required changes in the Registration Statement, the General Disclosure Package or Prospectus or in any other documents or arrangements. As used herein, the term &#8220;Underwriter&#8221; includes any
      person substituted for an Underwriter under this <u>Section 6</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">30</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Expenses</u></b>. Whether or not the transactions contemplated hereby are consummated or this Agreement is terminated, the Company agrees to pay or cause to be paid the following: (1) the fees,
      disbursements and expenses of the Company&#8217;s counsel and accountants in connection with the preparation, printing and filing of the Registration Statement and each amendment thereto (in each case including exhibits) and any costs associated with
      electronic delivery of the foregoing; (2) the preparation, printing and delivery to the Underwriters of copies of each preliminary prospectus, any Permitted Free Writing Prospectus and the Prospectus, or any amendment or supplement thereto and any
      costs associated with electronic delivery of any of the foregoing; (3) the printing and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of any Blue Sky memoranda, this Agreement and the
      Indenture and all amendments or supplements to any of them as may be reasonably requested for use in connection with the offering and sale of the Securities; (4) all expenses in connection with the qualification of the Securities for offering and
      sale under state securities laws or Blue Sky laws, including reasonable attorneys&#8217; fees and out-of-pocket expenses of the counsel for the Underwriters in connection therewith; (5) the filing fees and reasonable attorneys&#8217; fees incident to securing
      any required review by FINRA of the fairness of the terms of the sale of the Securities; (6) the cost of issuing and delivering the Securities, including printing costs; (7) the costs and charges of the Trustee, any other trustee, transfer agent or
      registrar; (8) the cost of all transfer taxes, if any, imposed in connection with the issuance and delivery of the Securities to the respective Underwriters; and (9) the transportation, lodging, graphics and other expenses incidental to the Company&#8217;s
      preparation for and participation in any &#8220;roadshow&#8221; for the offering contemplated hereby. Except as provided in this <u>Section 7</u> and in <u>Section 8</u> hereof, the Underwriters shall pay their own expenses, including the fees and
      disbursements of their counsel.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Survival of Certain Representations and Obligations</u></b>. The respective indemnities, agreements, representations, warranties and other statements of the Transaction Entities or their respective
      officers and of the several Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of any Underwriter, the
      Transaction Entities or any of their respective representatives, officers or directors or any controlling person, and will survive delivery of and payment for the Securities. If this Agreement is terminated pursuant to <u>Section 6</u> or if for any
      reason the purchase of the Securities by the Underwriters is not consummated, the Company shall remain responsible for the expenses to be paid or reimbursed by it pursuant to <u>Section 3</u> and <u>Section 7</u> and the respective obligations of
      the Transaction Entities and the Underwriters pursuant to <u>Section 5</u> shall remain in effect, and if any Securities have been purchased hereunder the representations and warranties in <u>Section 1</u> and all obligations under <u>Section 3</u>
      shall also remain in effect. If the purchase of the Securities by the Underwriters is not consummated for any reason other than solely because of the termination of this Agreement pursuant to <u>Section 6</u> or the occurrence of any event specified
      in <u>Sections 4(D)(2)</u>, <u>4(D)(3)</u>, <u>4(D)(5)</u>, <u>4(D)(6)</u>, or <u>4(D)(7)</u>, the Company will reimburse the Underwriters for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred by them
      in connection with the offering of the Securities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Notices</u></b>. All communications hereunder will be in writing and, if sent to the Underwriters, will be mailed, delivered or telegraphed and confirmed to the Representatives, c/o Wells Fargo
      Securities, LLC, 550 South Tryon Street, 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, Charlotte, North Carolina 28202, Attention: Transaction Management, Email: tmgcapitalmarkets@wellsfargo.com; J.P.
      Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk - 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> floor, Facsimile: (212) 834-6081; PNC Capital
      Markets LLC, 300 Fifth Ave, 10th Floor, Pittsburgh, Pennsylvania 15222, Attention: Debt Capital Markets, Fixed Income Transaction Execution, Facsimile: (412) 762-2760; U.S. Bancorp Investments, Inc., 214 North Tryon Street, 26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>Floor, Charlotte, North Carolina 28202, Attention: High Grade Syndicate, Facsimile: (877) 774-3462; with a copy to Alston &amp; Bird LLP, 90 Park Avenue, 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, New York, New York 10016, Attention: Michael Kessler, Email: Michael.Kessler@alston.com; or, if sent to the Transaction Entities, will be mailed, delivered or
      telegraphed and confirmed to Essex Property Trust, Inc., 1100 Park Place, Suite 200, San Mateo, California 94403, Attention: Barbara M. Pak, Chief Financial Officer and Executive Vice President, Email: bpak@essex.com; with a copy to Latham &amp;
      Watkins LLP, 555 Eleventh Street, NW, Washington, DC 20004, Attention: Abigail Smith, Email: Abigail.Smith@lw.com, Brent Epstein, Email: Brent.Epstein@lw.com; provided, however, that any notice to an Underwriter pursuant to <u>Section 5</u> will be
      mailed, delivered or emailed and confirmed to such Underwriter.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Certain Definitions</u></b>. As used in this Agreement, the following terms have the respective meanings set forth below:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Applicable Time</b>&#8221; means 2:45 p.m. (New York City time) on August
      19, 2024 or such other time as agreed by the Company and the Representatives.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Company Documents</b>&#8221; means (i) all Existing Instruments and (ii) all
      other contracts, indentures, mortgages, deeds of trust, loan or credit agreements, bonds, notes, debentures, evidences of indebtedness, swap agreements, leases or other instruments or agreements to which either of the Transaction Entities or any of
      their subsidiaries is a party or is bound or to which any of the property or assets of either of the Transaction Entities or any of their subsidiaries is subject that, solely in the case of this clause (ii), are material with respect to the
      Transaction Entities and their subsidiaries taken as a whole.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>EDGAR</b>&#8221; means the Commission&#8217;s Electronic Data Gathering, Analysis
      and Retrieval System.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Issuer Free Writing Prospectus</b>&#8221; means any &#8220;issuer free writing
      prospectus,&#8221; as defined in Rule 433, relating to the Securities that (i) is required to be filed with the Commission by the Company or the Operating Partnership, (ii) is a &#8220;road show&#8221; that is a &#8220;written communication&#8221; within the meaning of Rule
      433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Securities or of the offering that does not reflect the final terms, and all
      free writing prospectuses that are listed in Exhibit D hereto, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&#8217;s or the Operating Partnership&#8217;s records
      pursuant to Rule 433(g).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Issuer General Use Free Writing Prospectus</b>&#8221; means any Issuer Free
      Writing Prospectus that is intended for general distribution to prospective investors, as evidenced by its being specified in <u>Schedule C</u> hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Issuer Limited Use Free Writing Prospectus</b>&#8221; means any Issuer Free
      Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Organizational Documents</b>&#8221; means (a) in the case of a corporation,
      its charter and by-laws; (b) in the case of a limited or general partnership, its partnership certificate, certificate of formation or similar organizational document and its partnership agreement; (c) in the case of a limited liability company, its
      articles of organization, certificate of formation or similar organizational documents and its operating agreement, limited liability company agreement, membership agreement or other similar agreement; (d) in the case of a trust, its certificate of
      trust, certificate of formation or similar organizational document and its trust agreement or other similar agreement; and (e) in the case of any other entity, the organizational and governing documents of such entity.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>preliminary prospectus</b>&#8221; means any prospectus together with, if
      applicable, the accompanying prospectus supplement used in connection with the offering of the Securities that omitted the public offering price of the Securities or that was captioned &#8220;Subject to Completion,&#8221; together with the documents incorporated
      or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act. The term &#8220;preliminary prospectus&#8221; includes, without limitation, the Pre-Pricing Prospectus.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Registration Statement</b>&#8221; means the registration statement of the
      Company and the Operating Partnership on Form S-3 (Registration Nos. 333-259777 and 333-259777-01) as amended; including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act
      and the Rule 430B Information; provided that any Rule 430B Information shall be deemed part of the Registration Statement only from and after the time specified pursuant to Rule 430B.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Rule 163,</b>&#8221; &#8220;<b>Rule 164,</b>&#8221; &#8220;<b>Rule 172,</b>&#8221; &#8220;<b>Rule 173,</b>&#8221;
      &#8220;<b>Rule 405,</b>&#8221; &#8220;<b>Rule 424(b)</b>&#8221; &#8220;<b>Rule 430B</b>,&#8221; and &#8220;<b>Rule 433</b>&#8221; refer to such rules under the 1933 Act.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Rule 430B Information</b>&#8221; means the information included in any
      preliminary prospectus or the Prospectus or any amendment or supplement to any of the foregoing that was omitted from the Registration Statement at the time it first became effective but is deemed to be part of and included in the Registration
      Statement pursuant to Rule 430B.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Transaction Documents</b>&#8221; means this Agreement, the Indenture and the
      Securities, collectively.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
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  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>1933 Act Regulations</b>&#8221; means the rules and regulations of the
      Commission under the 1933 Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>1939 Act</b>&#8221; means the Trust Indenture Act of 1939, as amended, and
      the rules and regulations of the Commission thereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      preliminary prospectus, the Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the version thereof filed with the Commission pursuant to EDGAR and all versions thereof
      delivered (physically or electronically) to the Representatives or the Underwriters.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      and other information which is &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221; in the Registration Statement, any preliminary prospectus or the Prospectus (and all other references of like import) shall be deemed to include all such financial statements and
      schedules and other information, prior to the execution and delivery of this Agreement which is incorporated by reference in or otherwise deemed by 1933 Act Regulations to be a part of or included in the Registration Statement, any preliminary
      prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include the filing of any document
      under the Exchange Act upon or after the execution and delivery of this Agreement which is incorporated by reference in or otherwise deemed by 1933 Act Regulations to be a part of or included in the Registration Statement, such preliminary prospectus
      or the Prospectus, as the case may be.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Permitted Free Writing Prospectuses</u></b>. Each of the Transaction Entities represents, warrants and agrees that it has not made and, unless it obtains the prior written consent of the
      Representatives, it will not make, and each Underwriter, severally and not jointly, represents, warrants and agrees that it has not made and, unless it obtains the prior written consent of the Transaction Entities and the Representatives, it will not
      make, any offer relating to the Securities that constitutes or would constitute an &#8220;issuer free writing prospectus&#8221; (as defined in Rule 433) or that otherwise constitutes or would constitute a &#8220;free writing prospectus&#8221; (as defined in Rule 405) or
      portion thereof required, in the case of any Underwriters, to be filed with the Commission or, in the case of the Company or the Operating Partnership, whether or not required to be filed with the Commission; provided that the prior written consent
      of the Transaction and the Representatives shall be deemed to have been given in respect of the Issuer General Use Free Writing Prospectuses, if any, listed on <u>Schedule C</u> hereto and to any electronic road show in the form previously provided
      by the Transaction Entities to and approved by the Representatives. Any such free writing prospectus consented to or deemed to have been consented to as aforesaid is hereinafter referred to as a &#8220;<u>Permitted Free Writing Prospectus</u>.&#8221; Each of the
      Company and the Operating Partnership represents, warrants and agrees that it has treated and will treat each Permitted Free Writing Prospectus as an &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433, and has complied and will comply with the
      requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes of clarity, the parties hereto agree that all free writing
      prospectuses, if any, listed in <u>Schedule C</u> hereto are Permitted Free Writing Prospectuses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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      in <u>Section 5</u>, and no other person will have any right or obligation hereunder.</font></p>
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      determination of the offering price of the Securities and any related discounts and commissions, is an arm&#8217;s-length commercial transaction between the Company and the Operating Partnership, on the one hand, and the several Underwriters, on the other
      hand, (b) in connection with the offering contemplated hereby and the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Company or the Operating Partnership, or
      its stockholders, partners, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Company or the Operating Partnership with respect to the offering contemplated
      hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company or the Operating Partnership on other matters) and no Underwriter has any obligation to the Company or the Operating
      Partnership with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests
      that differ from those of each of the Company and the Operating Partnership, and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Company and the Operating
      Partnership have consulted with their own legal, accounting, regulatory and tax advisors to the extent the Company and the Operating Partnership deemed appropriate.</font></p>
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      investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters&#8217; research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to
      the Transaction Entities and/or the offering that differ from the views of their respective investment banking divisions. The Transaction Entities hereby waive and release, to the fullest extent permitted by applicable law, any claims that the
      Transaction Entities may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or
      inconsistent with the views or advice communicated to the Transaction Entities by such Underwriters&#8217; investment banking divisions. The Transaction Entities acknowledge that each of the Underwriters is a full service securities firm and as such from
      time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the
      transactions contemplated by this Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Representation of Underwriters</u></b>. The Representatives will act for the several Underwriters in connection with the transactions contemplated by this Agreement, and any action under this Agreement
      taken by the Representatives will be binding upon all the Underwriters.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">35</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Counterparts</u></b>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same
      Agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other
      applicable law, <i>e.g.</i>, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Applicable Law and Venue</u></b>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of laws. Each of the
      Company and the Operating Partnership hereby submits to the non-exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the
      transactions contemplated hereby.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Trial by Jury</u></b>. Each of the parties hereto (on its behalf and, to the extent permitted by applicable law, on behalf of its partners, stockholders, members, and affiliates) hereby irrevocably
      waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated thereby.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</font></p>
  <p style="margin: -12pt 0px 0pt; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 1in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Recognition of the U.S. Special Resolution Regimes</u></b>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event that any Underwriter that is a Covered Entity
      becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be
      effective under the U.S. Special Resolution Regime.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event that any Underwriter that is a Covered Entity
      or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent
      than such Default Rights could be exercised under the U.S. Special Resolution Regime.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes of this <u>Section 19</u>:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>BHC Act Affiliate</b>&#8221; has the meaning assigned to the term
      &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. Sec. 1841(k).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Covered Entity</b>&#8221; means any of the following:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a &#8220;covered entity&#8221; as that term is defined in, and
      interpreted in accordance with, 12 C.F.R. Sec. 252.82(b);</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a &#8220;covered bank&#8221; as that term is defined in, and
      interpreted in accordance with, 12 C.F.R. Sec. 47.3(b); or</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a &#8220;covered FSI&#8221; as that term is defined in, and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Default Rights</b>&#8221; has the meaning assigned to that term in, and
      shall be interpreted in accordance with, 12 C.F.R. Sec. 252.81, 47.2 or 382.1, as applicable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>U.S. Special Resolution Regime</b>&#8221; means each of (1) the Federal
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>[Signature Page Follows]</i></font></p>
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  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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        <td style="text-align: left">$</td>
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        <td>&#160;</td>
        <td style="text-align: left">$</td>
        <td style="text-align: right">6,000,000</td>
        <td style="text-align: left">&#160;</td>
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        <td style="padding-bottom: 1pt">&#160;</td>
        <td style="border-bottom: Black 1pt solid; text-align: left">$</td>
        <td style="border-bottom: Black 1pt solid; text-align: right">6,000,000</td>
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        <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td>
        <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">200,000,000</td>
        <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 52.98%; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Times New Roman, Times, Serif;">Essex Portfolio, L.P.</font></td>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">Essex Property Trust, Inc.</font></td>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">Principal Amount:</font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">$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%
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      </tr>
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">August 21, 2024 (T+2)</font></td>
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            business day following the date of the prospectus supplement (the settlement cycle being referred to as &#8220;T+2&#8221;).&#160;&#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;&#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.</font></td>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">April 1, 2034</font></td>
      </tr>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">April 1 and October 1, commencing October 1, 2024</font></td>
      </tr>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">3.875% due August 15, 2034</font></td>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">100-04 / 3.860%</font></td>
      </tr>
      <tr style="vertical-align: top">
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">T+125 basis points</font></td>
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      <tr style="vertical-align: top">
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 53%"><font style="font-family: Times New Roman, Times, Serif;">5.110%</font></td>
      </tr>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">5.500% per annum</font></td>
      </tr>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">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
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            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.</font></td>
      </tr>
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      </tr>
      <tr style="vertical-align: top">
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif;">29717P BA4 / US29717PBA49</font></td>
      </tr>
      <tr style="vertical-align: top">
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">Wells Fargo Securities, LLC</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">J.P. Morgan Securities LLC</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">PNC Capital Markets LLC</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">U.S. Bancorp Investments, Inc.</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">Scotia Capital (USA) Inc.</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">TD Securities (USA) LLC</font></p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">BofA Securities, Inc.</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">BMO Capital Markets Corp.</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">Mizuho Securities USA LLC</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">Truist Securities, Inc.</font></p>
        </td>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">Regions Securities LLC</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif;">Samuel A. Ramirez &amp; Company, Inc.</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
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  <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) 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.</font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pricing Term Sheet containing the terms of the Securities, substantially in the form of Schedule B hereto.</font></td>
      </tr>

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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ny20034228x5_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<body style="font: 10pt Times New Roman, Times, Serif">
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  <p style="margin: 0; text-align: right"><b>Exhibit 5.1</b></p>
  <p style="margin: 0; text-align: right">&#160;</p>
  <div style="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:59%">
    <p style="margin: 0; text-align: right">&#160;</p>
    <p style="margin: 0; text-align: right">&#160;</p>
    <p style="margin: 0; text-align: left">&#160;</p>
    <p style="margin: 0; text-align: left"><img src="ny20034228x5ex5-1_image01.jpg" alt="">&#160;</p>
    <p style="margin: 0; text-align: right">&#160;</p>
    <p style="margin: 0; text-align: right">&#160;</p>
    <p style="margin: 0; text-align: right">&#160;</p>
    <p style="margin: 0; text-align: right">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 21, 2024</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Essex Property Trust, Inc.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Essex Portfolio, L.P.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1100 Park Place, Suite 200&#160; <br>
    </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">San Mateo, CA 94403</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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  <div style="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:39%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">555
        Eleventh Street, N.W., Suite 1000</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">Washington, D.C. 20004-1304</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">Tel: +1.202.637.2200 Fax: +1.202.637.2201</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">www.lw.com</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">FIRM / AFFILIATE OFFICES</font></p>
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  <table style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">Re:</td>
        <td><u>Registration Statement Nos. 333-281244 and 333-281244-01;
            $200,000,000 Aggregate Principal Amount of 5.500% Senior Notes due 2034</u></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the addressees set forth above:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as special
    counsel to Essex Portfolio, L.P., a California limited partnership (the &#8220;<b><i>Operating Partnership</i></b>&#8221;), in
    connection with the issuance by the Operating Partnership of $200,000,000 aggregate principal amount of its 5.500% Senior Notes
    due 2034 (the &#8220;<b><i>Additional Notes</i></b>&#8221;) and the guarantee of the Additional Notes (the &#8220;<b><i>Guarantee</i></b>&#8221;)
    by Essex Property Trust, Inc., a Maryland corporation (the &#8220;<b><i>Guarantor</i></b>&#8221;), under an Indenture, dated as
    of March 14, 2024 (the &#8220;<b><i>Base Indenture</i></b>&#8221;), among the Operating Partnership, the Guarantor and U.S. Bank
    Trust Company, National Association, as trustee (the &#8220;<b><i>Trustee</i></b>&#8221;), as supplemented by the First Supplemental
    Indenture, dated as of March 14, 2024, among the Operating Partnership, the Guarantor and the Trustee (the &#8220;<b><i>Supplemental
        Indenture</i></b>&#8221; and, together with the Base Indenture, the &#8220;<b><i>Indenture</i></b>&#8221;), and pursuant to (i)
    a registration statement on Form S-3 under the Securities Act of 1933, as amended (the &#8220;<b><i>Act</i></b>&#8221;), filed
    with the Securities and Exchange Commission (the &#8220;<b><i>Commission</i></b>&#8221;) on August 5, 2024 (Registration Nos. 333-281244
    and 333-281244-01) (as amended, the &#8220;<b><i>Registration Statement</i></b>&#8221;), (ii) a base prospectus, dated August 5,
    2024, included as part of the Registration Statement (the &#8220;<b><i>Base Prospectus</i></b>&#8221;), (iii) a preliminary prospectus
    supplement, dated August 19, 2024, filed with the Commission pursuant to Rule 424(b) under the Act, (iv) a prospectus supplement,
    dated August 19, 2024, filed with the Commission pursuant to Rule 424(b) under the Act (together with the Base Prospectus, the
    &#8220;<b><i>Prospectus</i></b>&#8221;), and (v) an underwriting agreement, dated August 19, 2024, among Wells Fargo Securities,
    LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, and U.S. Bancorp Investments, Inc., as representatives of the several
    underwriters named in the underwriting agreement, the Operating Partnership and the Guarantor (the &#8220;<b><i>Underwriting Agreement</i></b>&#8221;).
    For the avoidance of doubt, it is understood and agreed that for purposes of this letter, the term &#8220;Additional Notes&#8221;
    shall exclude the $350,000,000 aggregate principle amount of 5.500% Notes due 2034 sold by the Company on March 14, 2024. This
    opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion
    is expressed herein as to any matter pertaining to the contents of the Registration Statement or Prospectus, other than as expressly
    stated herein with respect to the issue of the Additional Notes and the Guarantee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>August
      21, 2024</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>Page 2</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><img src="ny20034228x5ex5-1_image02.jpg" alt=""></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As such counsel, we
    have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your
    consent, we have relied upon certificates and other assurances of officers of the Operating Partnership, the Guarantor and others
    as to factual matters without having independently verified such factual matters.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are opining as to
    the internal laws of the State of New York, and we express no opinion with respect to the applicability to the opinion expressed
    herein, or the effect thereon, of the laws of any other jurisdiction, or as to any matters of municipal law or the laws of any
    local agencies within any state. Various issues pertaining to Maryland law are addressed in the opinion of Venable LLP, separately
    provided to you. We express no opinion with respect to those matters, and to the extent elements of those opinions are necessary
    to the conclusions expressed herein, we have, with your consent, assumed such matters.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the foregoing
    and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Additional Notes have been duly
    executed, issued and authenticated in accordance with the terms of the Indenture and delivered against payment therefor in the
    circumstances contemplated by the Underwriting Agreement, the Additional Notes and the Guarantee will be legally valid and binding
    obligations of the Operating Partnership and the Guarantor, respectively, enforceable against the Operating Partnership and the
    Guarantor in accordance with their respective terms.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion is subject
    to: (i) the effects of bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws
    relating to or affecting the rights or remedies of creditors; (ii) the effects of general principles of equity, whether considered
    in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts
    of materiality, reasonableness, good faith, fair dealing and the discretion of the court before which a proceeding is brought;
    (iii) the invalidity under certain circumstances under law or court decisions of provisions for the indemnification or exculpation
    of, or contribution to, a party with respect to a liability where such indemnification, exculpation or contribution is contrary
    to public policy; and (iv) we express no opinion with respect to (a) any provision for liquidated damages, default interest, late
    charges, monetary penalties, prepayment or make-whole premiums or other economic remedies to the extent such provisions are deemed
    to constitute a penalty; (b) consents to, or restrictions upon, governing law, jurisdiction, venue, service of process, arbitration,
    remedies or judicial relief; (c) the waiver of rights or defenses contained in Section 4.4 of the Base Indenture and Section 5.1(b)
    of the Supplemental Indenture (except, with respect to Section 5.1(b) of the Supplemental Indenture, to the extent such waiver
    is limited to the fullest extent that the Guarantor may do so under applicable law); (d) any provision requiring the payment of
    attorneys&#8217; fees, where such payment is contrary to law or public policy; (e) provisions purporting to make a guarantor primarily
    liable rather than as a surety and provisions purporting to waive modifications of any guaranteed obligation to the extent such
    modification constitutes a novation; (f) advance waivers of claims, defenses, rights granted by law, or notice, opportunity for
    hearing, evidentiary requirements, statutes of limitation, trial by jury or at law, or other procedural rights; (g) waivers of
    broadly or vaguely stated rights; (h) covenants not to compete; (i) provisions for exclusivity, election or cumulation of rights
    or remedies; (j) provisions authorizing or validating conclusive or discretionary determinations; (k) grants of setoff rights;
    (l) proxies, powers and trusts; (m) provisions prohibiting, restricting or requiring consent to assignment or transfer of any agreement,
    right or property; (n) provisions permitting, upon acceleration of any indebtedness (including the Additional Notes), collection
    of that portion of the stated principal amount thereof which might be determined to constitute unearned interest thereon; and (o)
    the severability, if invalid, of provisions to the foregoing effect.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
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      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>August
      21, 2024</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>Page 2</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><img src="ny20034228x5ex5-1_image02.jpg" alt=""></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With your consent,
    we have assumed (a) that the Indenture, the Guarantee and the Additional Notes (collectively, the &#8220;<b><i>Documents</i></b>&#8221;)
    have been duly authorized, executed and delivered by the parties thereto, (b) that the Documents constitute legally valid and binding
    obligations of the parties thereto other than the Operating Partnership and the Guarantor, enforceable against each of them in
    accordance with their respective terms, and (c) that the status of the Documents as legally valid and binding obligations of the
    parties is not affected by any (i) breaches of, or defaults under, agreements or instruments, (ii) violations of statutes, rules,
    regulations or court or governmental orders, or (iii) failures to obtain required consents, approvals or authorizations from, or
    make required registrations, declarations or filings with, governmental authorities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is for
    your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it
    pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Guarantor&#8217;s
    and the Operating Partnership&#8217;s Current Report on Form 8-K dated August 21, 2024 and to the reference to our firm contained
    in the Prospectus under the heading &#8220;Legal Matters.&#8221; In giving such consent, we do not thereby admit that we are in
    the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font-size: 10pt; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">/s/ Latham
    &amp; Watkins LLP</p>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>ny20034228x5_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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  <p style="margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
        5.2</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr>
        <td style="width: 40%; text-align: left; vertical-align: top"><img src="ny20034228x5ex5-2_image01.jpg" alt=""></td>
        <td style="width: 60%; text-align: right; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #061E3C"><font style="font-family: Arial, Helvetica, Sans-Serif;">750 E. PRATT STREET SUITE 900 BALTIMORE, MD 21202</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #061E3C"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>T </b>410.244.7400 <b>F</b> 410.244.7742 www.Venable.com</font></p>
        </td>
      </tr>
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        <td style="border-bottom: rgb(6,30,60) 1pt solid">&#160;</td>
        <td style="border-bottom: rgb(6,30,60) 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
      </tr>

  </table>
  <p style="margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
      21, 2024</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Essex
      Property Trust, Inc. <br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Essex
      Portfolio, L.P.</font><br>
    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1100 Park Place, Suite 200</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
      Mateo, California 94403</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 1in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Registration
              Statement on Form S-3</u></font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 35.3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
      and Gentlemen:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
      have served as Maryland counsel to Essex Property Trust, Inc., a Maryland corporation (the &#8220;Company&#8221;), in its own
      capacity and in its capacity as sole general partner of Essex Portfolio, L.P., a California limited partnership (the &#8220;Operating
      Partnership&#8221;), in connection with certain matters of Maryland law arising out of (i) the issuance and sale by the Operating
      Partnership of up to $200,000,000 aggregate principal amount of the Operating Partnership&#8217;s 5.500% Senior Notes due 2034
      (the &#8220;Notes&#8221;) and (ii) the guarantee by the Company (the &#8220;Guarantee&#8221;) of the obligations of the Operating
      Partnership under the Notes, covered by the above-referenced Registration Statement, and all amendments thereto (collectively,
      the &#8220;Registration Statement&#8221;), filed by the Company and the Operating Partnership with the United States Securities
      and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Prospectus Supplement, dated August 19, 2024, in the form in which it was
      transmitted to the Commission for filing pursuant
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The charter of the Company, certified by the State Department of Assessments and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Seventh Amended and Restated Bylaws of the Company, certified as of the date
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      and in its capacity as the sole general partner
      of the Operating Partnership, and by a duly authorized committee thereof, relating to, among other matters, (a) the sale and issuance
      of the Notes by the Operating Partnership and (b) the Guarantee of the Notes by the Company, certified as of the date hereof by
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      dated as of March 14, 2024 (the &#8220;First Supplemental Indenture&#8221; and, together with the Base Indenture, the &#8220;Indenture&#8221;
      and, together with the Guarantee, the &#8220;Transaction Documents&#8221;), by and among the Operating Partnership, the Company
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Guarantee by the Company, contained in the Indenture;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A certificate executed by an officer of the Company, dated as of the date hereof;
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Such other documents and matters as we have deemed necessary or appropriate to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each individual executing any of the Documents, whether on behalf of such individual
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All Documents submitted to us as originals are authentic. The form and content of all
      Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content
      of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original
      documents. All signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are
      true and complete. All representations, warranties, statements and information contained in the Documents are true and complete.
      There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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      foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning any federal
      or other state law. We express no opinion as to the applicability or effect of federal or state securities laws, including the
      securities laws of the State of Maryland, federal or state laws regarding fraudulent transfers or the laws, codes or regulations
      of any municipality or other local jurisdiction. We note that the Transaction Documents are each governed by the laws of the State
      of New York. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction
      other than the State of Maryland, we do not express any opinion on such matter. We express no opinion with respect to the actions
      which may be required for the Operating Partnership, under its organizational documents, to authorize, execute, deliver or perform
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
      opinion is being furnished to you for submission to the Commission as an exhibit to the Company&#8217;s Current Report on Form
      8-K relating to the Notes (the &#8220;Current Report&#8221;), which is incorporated by reference in the Registration Statement.
      Latham &amp; Watkins LLP, counsel to the Company, may rely on this opinion in connection with their opinion of even date herewith.
      We hereby consent to the filing of this opinion as an exhibit to the Current Report and the said incorporation by reference and
      to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons
      whose consent is required by Section 7 of the 1933 Act.</font></p>
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  <p style="margin: 0; text-align: right"><b>Exhibit 99.1</b></p>
  <p style="margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img src="ny20034228x5ex99-1_image01.jpg" alt=""></p>
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      its operating partnership, Essex Portfolio, L.P. (the &#8220;Issuer&#8221;), priced an underwritten public offering of $200 million
      in additional senior notes due 2034 with a reoffer yield of 5.110% (the &#8220;notes&#8221;). The notes will be issued as additional
      notes under the indenture pursuant to which the Issuer previously issued $350 million of 5.500% senior notes due 2034 (the &#8220;initial
      notes&#8221;). The notes will be treated as a single series of securities with the initial notes under the indenture and will
      have the same CUSIP number as, and be fungible with, the initial notes. The notes were priced at 102.871% of par value. Interest
      is payable semiannually at an interest rate per annum of 5.500% on April 1 and October 1 of each year with the first interest
      payment due October 1, 2024. The notes mature on April 1, 2034. The notes will be the senior unsecured obligations of the Issuer
      and will be fully and unconditionally guaranteed by Essex. The notes offering is expected to close on August 21, 2024, subject
      to the satisfaction of certain closing conditions. <br>
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      repayment of the Issuer&#8217;s $500.0 million aggregate principal amount outstanding of 3.500% senior notes due April 2025 upon
      maturity thereof, and for other general corporate and working capital purposes. Pending application of the net proceeds from the
      offering for the foregoing purposes, such net proceeds initially may be used to repay borrowings outstanding under the Issuer&#8217;s
      unsecured credit facilities and/or invested in short-term securities.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells
      Fargo Securities, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc., Scotia Capital
      (USA) Inc. and TD Securities (USA) LLC served as joint book-running managers for the offering. BofA Securities, Inc., BMO Capital
      Markets Corp., Mizuho Securities USA LLC and Truist Securities, Inc. served as senior co-managers and Regions Securities LLC and
      Samuel A. Ramirez &amp; Company, Inc. served as co-managers for the offering.</font></p>
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      Issuer and Essex have jointly filed a registration statement (including a preliminary prospectus supplement and a prospectus)
      with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) for the offering to which this communication relates. You
      may get these documents for free by searching the SEC online database on the SEC website at http://www.sec.gov. Alternatively,
      the Issuer, Essex, 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.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.1pt 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.8pt 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
      press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any
      sale of these securities in any jurisdiction in which, or to any person to whom, such offer, solicitation or sale would be unlawful.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>About
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.9pt 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Essex
      Property Trust, Inc., an S&amp;P 500 company, is a fully integrated real estate investment trust that acquires, develops, redevelops,
      and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 255
      apartment communities comprising over 62,000 apartment homes.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Safe
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
      press release includes &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act of 1933,
      as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements which
      are not historical facts, including statements regarding our expectations, estimates, assumptions, hopes, intentions, beliefs
      and strategies regarding the future. Words such as &#8220;expects,&#8221; &#8220;assumes,&#8221; &#8220;anticipates,&#8221; &#8220;may,&#8221;
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      &#8220;future,&#8221; &#8220;estimates,&#8221; and variations of such words and similar expressions are intended to identify such
      forward-looking statements. Such forward-looking statements include, among other things, statements related to the notes offering,
      including the terms, timing and completion of the offering and the expected use of the net proceeds therefrom. We cannot assure
      the future results or outcome of the matters described in these statements; rather, these statements merely reflect our current
      expectations of the approximate outcomes of the matters discussed. Factors that might cause our actual results, performance or
      achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited
      to, those associated with market risks and uncertainties and the satisfaction of customary closing conditions for an offering
      of the notes, as well as the risks referenced in our annual report on Form 10-K for the year ended December 31, 2023, our quarterly
      reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, as well as those risk factors and special considerations
      set forth in our other filings with the SEC that are incorporated by reference in such prospectus supplement and accompanying
      prospectus which may cause our actual results, performance or achievements to be materially different from any future results,
      performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements are made as
      of the date hereof, we assume no obligation to update or supplement this information for any reason, and therefore, they may not
      represent our estimates and assumptions after the date of this press release.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Contact
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 215pt 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loren
      Rainey</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 215pt 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(650)
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>lrainey@essex.com</u></font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>ess-20240819_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate" xml:lang="en-US" id="dei_DocumentPeriodEndDate">Document Period End Date</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitiesTable" xlink:label="EntitiesTable" xlink:title="EntitiesTable" />
    <link:label xlink:type="resource" xlink:label="dei_EntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntitiesTable" xml:lang="en-US" id="dei_EntitiesTable">Entities [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitiesTable" xlink:to="dei_EntitiesTable" xlink:title="label: EntitiesTable to dei_EntitiesTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LegalEntityAxis" xlink:label="LegalEntityAxis" xlink:title="LegalEntityAxis" />
    <link:label xlink:type="resource" xlink:label="dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_LegalEntityAxis" xml:lang="en-US" id="dei_LegalEntityAxis">Legal Entity [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalEntityAxis" xlink:to="dei_LegalEntityAxis" xlink:title="label: LegalEntityAxis to dei_LegalEntityAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityDomain" xlink:label="EntityDomain" xlink:title="EntityDomain" />
    <link:label xlink:type="resource" xlink:label="dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityDomain" xml:lang="en-US" id="dei_EntityDomain">Entity [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityDomain" xlink:to="dei_EntityDomain" xlink:title="label: EntityDomain to dei_EntityDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInformationLineItems" xlink:label="EntityInformationLineItems" xlink:title="EntityInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="dei_EntityInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityInformationLineItems" xml:lang="en-US" id="dei_EntityInformationLineItems">Entity Information [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityInformationLineItems" xlink:to="dei_EntityInformationLineItems" xlink:title="label: EntityInformationLineItems to dei_EntityInformationLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName" xml:lang="en-US" id="dei_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey" xml:lang="en-US" id="dei_EntityCentralIndexKey">Entity Central Index Key</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber" xml:lang="en-US" id="dei_EntityFileNumber">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="dei_EntityFileNumber" xlink:title="label: EntityFileNumber to dei_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber">Entity Tax Identification Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode">Entity Incorporation, State or Country Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1" xml:lang="en-US" id="dei_EntityAddressAddressLine1">Entity Address, Address Line One</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2" xml:lang="en-US" id="dei_EntityAddressAddressLine2">Entity Address, Address Line Two</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3" xml:lang="en-US" id="dei_EntityAddressAddressLine3">Entity Address, Address Line Three</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown" xml:lang="en-US" id="dei_EntityAddressCityOrTown">Entity Address, City or Town</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
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    <link:label xlink:type="resource" xlink:label="dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_LocalPhoneNumber" xml:lang="en-US" id="dei_LocalPhoneNumber">Local Phone Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>ess-20240819_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<DOCUMENT>
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<SEQUENCE>10
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>ny20034228x5ex5-1_image02.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
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<html>
<head>
<title></title>
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<span style="display: none;">v3.24.2.u1</span><table class="report" border="0" cellspacing="2" id="idm140609329449040">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Aug. 19, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug. 19,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-13106<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ESSEX PROPERTY TRUST, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000920522<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">77-0369576<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1100 Park Place<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">San Mateo<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">94403<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">650<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">655-7800<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.0001 par value (Essex Property Trust, Inc.)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ESS<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ess_ESSEXPORTFOLIOLPMember', window );">ESSEX PORTFOLIO, L.P. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">333-44467-01<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ESSEX PORTFOLIO, L.P.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001053059<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">77-0369575<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:employerIdItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:tradingSymbolItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="ess-20240819.xsd" xlink:type="simple"/>
    <context id="c20240819to20240819">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000920522</identifier>
        </entity>
        <period>
            <startDate>2024-08-19</startDate>
            <endDate>2024-08-19</endDate>
        </period>
    </context>
    <context id="c20240819to20240819_LegalEntityAxis_ESSEXPORTFOLIOLPMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000920522</identifier>
            <segment>
                <xbrldi:explicitMember dimension="dei:LegalEntityAxis">ess:ESSEXPORTFOLIOLPMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-08-19</startDate>
            <endDate>2024-08-19</endDate>
        </period>
    </context>
    <dei:AmendmentFlag
      contextRef="c20240819to20240819"
      id="Fact_b8d9e7c194d44729b6268b29bd8bf17a">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey
      contextRef="c20240819to20240819"
      id="Fact_5de8018dd7c0464ba6e504ccc2c34d1c">0000920522</dei:EntityCentralIndexKey>
    <dei:EntityCentralIndexKey
      contextRef="c20240819to20240819_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_bbca3da6bc054572bc0abcef62257d71">0001053059</dei:EntityCentralIndexKey>
    <dei:DocumentType
      contextRef="c20240819to20240819"
      id="Fact_8f76a51e213e4594a5e3a92f1eb1e6f6">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate
      contextRef="c20240819to20240819"
      id="Fact_aadc517d114647a1ab5fd462b937499d">2024-08-19</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName
      contextRef="c20240819to20240819"
      id="Fact_6ce4a9d1d8604981949a489ec4dd8ad8">ESSEX PROPERTY TRUST, INC.</dei:EntityRegistrantName>
    <dei:EntityRegistrantName
      contextRef="c20240819to20240819_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_5afe09a6e71e45f08fbc87b31e3c30a7">ESSEX PORTFOLIO, L.P.</dei:EntityRegistrantName>
    <dei:EntityFileNumber
      contextRef="c20240819to20240819"
      id="Fact_b8d1749073104c779c9bd21665886caa">001-13106</dei:EntityFileNumber>
    <dei:EntityFileNumber
      contextRef="c20240819to20240819_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_7124af96add447b29ce5ab10aed7405d">333-44467-01</dei:EntityFileNumber>
    <dei:EntityIncorporationStateCountryCode
      contextRef="c20240819to20240819"
      id="Fact_984be4be10c747ef925120cb027d0439">MD</dei:EntityIncorporationStateCountryCode>
    <dei:EntityTaxIdentificationNumber
      contextRef="c20240819to20240819"
      id="Fact_2d093d0833f44b30ae55fda94c0c2ae2">77-0369576</dei:EntityTaxIdentificationNumber>
    <dei:EntityIncorporationStateCountryCode
      contextRef="c20240819to20240819_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_40987107ce04477bb92f8387a679d2eb">CA</dei:EntityIncorporationStateCountryCode>
    <dei:EntityTaxIdentificationNumber
      contextRef="c20240819to20240819_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_7c4ce03b2596470d8995cf57e1d2b98c">77-0369575</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="c20240819to20240819"
      id="Fact_e21145e7322d43bba5dd4d2834a50251">1100 Park Place</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2
      contextRef="c20240819to20240819"
      id="Fact_56ff5289f085401496069b88f923a472">Suite 200</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown
      contextRef="c20240819to20240819"
      id="Fact_d9d1f79ccc214b08aabf32ff20379bc7">San Mateo</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="c20240819to20240819"
      id="Fact_82bad91c98ca445f961e624b7f871a67">CA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="c20240819to20240819"
      id="Fact_95d13d4044044e01861147fb2cbacb9a">94403</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="c20240819to20240819"
      id="Fact_9c0b0b698bb247f691cbe3993e3016ca">650</dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="c20240819to20240819"
      id="Fact_7f1d4db88a474f099d0c136f8068c450">655-7800</dei:LocalPhoneNumber>
    <dei:WrittenCommunications
      contextRef="c20240819to20240819"
      id="Fact_7990b0a57fd846ea8f5d2edb6f3f4259">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="c20240819to20240819"
      id="Fact_b5f4c07ea4454a1593d42adb88256622">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="c20240819to20240819"
      id="Fact_68bfe6bb3a25466089dbade914c763f0">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="c20240819to20240819"
      id="Fact_3af764d675f94e5c97d2025a17050745">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="c20240819to20240819"
      id="Fact_f18f6babe0d0444eaff5897f29ead0de">Common Stock, $0.0001 par value (Essex Property Trust, Inc.)</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="c20240819to20240819"
      id="Fact_fa712582cf4a41c9ade24da78319623a">ESS</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="c20240819to20240819"
      id="Fact_4576ad12b62747e98da7b12e96405c34">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany
      contextRef="c20240819to20240819"
      id="Fact_19cd5c59f3184fda9e7b80b2d294bb5d">false</dei:EntityEmergingGrowthCompany>
    <dei:EntityEmergingGrowthCompany
      contextRef="c20240819to20240819_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_7e83b1d9535d4e2ca4b30213dd0a6288">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
