<SEC-DOCUMENT>0001140361-25-003427.txt : 20250206
<SEC-HEADER>0001140361-25-003427.hdr.sgml : 20250206
<ACCEPTANCE-DATETIME>20250206160124
ACCESSION NUMBER:		0001140361-25-003427
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250206
DATE AS OF CHANGE:		20250206

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-281244
		FILM NUMBER:		25597253

	BUSINESS ADDRESS:	
		STREET 1:		1100 PARK PLACE
		STREET 2:		SUITE 200
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403
		BUSINESS PHONE:		6506557800

	MAIL ADDRESS:	
		STREET 1:		1100 PARK PLACE
		STREET 2:		SUITE 200
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESSEX PORTFOLIO LP
		DATE OF NAME CHANGE:	20181211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESSEX PROPERTY TRUST INC
		DATE OF NAME CHANGE:	19940318

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSEX PORTFOLIO LP
		CENTRAL INDEX KEY:			0001053059
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				770369575
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		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
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20042839x2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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    <title></title>
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         Document created using Broadridge PROfile 25.1.1.5279
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    <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 433</div>
    <div style="text-align: right; font-weight: bold;">Registration Nos. 333-281244 and 333-281244-01</div>
    <div style="text-align: right; font-weight: bold;">February 6, 2025</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Essex Portfolio, L.P.</div>
    <div style="text-align: center; font-weight: bold;">$400,000,000 5.375% Senior Notes due 2035 (the &#8220;Notes&#8221;)</div>
    <div style="text-align: center; font-weight: bold;">fully and unconditionally guaranteed by</div>
    <div style="text-align: center; font-weight: bold;">Essex Property Trust, Inc.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7e3ee8fd07ad48169be926494ab18415" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Issuer:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Essex Portfolio, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Guarantor:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Essex Property Trust, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Principal Amount:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>$400,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Trade Date:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>February 6, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Settlement Date:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>February 18, 2025 (T+7)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">&#160;</td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>The Issuer expects that the delivery of the Notes will be made against payment therefor on or about February 18, 2025, which is the seventh business
              day following the date of the prospectus supplement (the settlement cycle being referred to as &#8220;T+7&#8221;).&#160; Under Rule 15c6-1 of the SEC promulgated under the Exchange Act, trades in the secondary market generally are required to settle in one
              business day, unless the parties to that trade expressly agree otherwise at the time of the trade.&#160; Accordingly, purchasers who wish to trade the Notes prior to the 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+7, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own adviser.</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Maturity Date:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>April 1, 2035</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>April 1 and October 1, commencing October 1, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Benchmark Treasury:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>4.250% due November 15, 2034</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>98-19 &#190; / 4.425%</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Spread to Benchmark Treasury:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>T+100 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Yield to Maturity:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>5.425%</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Coupon:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>5.375% per annum</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Price to Public:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>99.604% of the Principal Amount, plus accrued interest, if any, from the Settlement Date if settlement occurs after the Settlement Date.</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Optional Redemption Provisions:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Prior to January 1, 2035 (three months prior to the maturity date) (the &#8220;Par Call Date&#8221;), the Issuer may redeem the Notes at its option, in whole or
              in part, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (i)(a) the sum of the present values of the remaining scheduled payments of principal and interest
              thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Notes) plus 15 basis
              points less (b) interest accrued to but excluding the date of redemption; and (ii) 100% of the principal amount of the Notes being redeemed; plus, in either case, accrued and unpaid interest thereon to the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">&#160;</td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>On or after the Par Call Date, the Issuer may redeem the Notes, in whole or in part, at any time or from time to time, at a redemption price equal to
              100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>CUSIP / ISIN:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>29717PBB2 / US29717PBB22</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Joint Book-Running Managers:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>J.P. Morgan Securities LLC</div>
            <div>U.S. Bancorp Investments, Inc.</div>
            <div>Wells Fargo Securities, LLC</div>
            <div>BMO Capital Markets Corp.</div>
            <div>PNC Capital Markets LLC</div>
            <div>Truist Securities, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Senior Co-Managers:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>BofA Securities, Inc.</div>
            <div>Scotia Capital (USA) Inc.</div>
            <div>TD Securities (USA) LLC</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Co-Managers:</div>
          </td>
          <td style="vertical-align: top; width: 50%; padding: 6pt 0px;">
            <div>Mizuho Securities USA LLC</div>
            <div>Regions Securities LLC</div>
            <div>Samuel A. Ramirez &amp; Company, Inc.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The issuer has filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange
      Commission (SEC) for the offering to which this communication relates.&#160; Before you invest, you should read the prospectus supplement for this offering, the issuer&#8217;s prospectus in that registration statement and any other documents the issuer has
      filed with the SEC for more complete information about the issuer and this offering.&#160; You may get these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at <u>http://www.sec.gov</u>.&#160; Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it from (i) J.P.
      Morgan Securities LLC (collect) at 212-834-4533, (ii) U.S. Bancorp Investments, Inc. toll free at 1-877-558-2607 or (iii) Wells Fargo Securities, LLC toll free at 1-800-645-3751.</div>
    <div><br>
    </div>
    <div>
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