<SEC-DOCUMENT>0001140361-25-045386.txt : 20251212
<SEC-HEADER>0001140361-25-045386.hdr.sgml : 20251212
<ACCEPTANCE-DATETIME>20251212160945
ACCESSION NUMBER:		0001140361-25-045386
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20251212
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251212
DATE AS OF CHANGE:		20251212

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
		EIN:				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:		251568189

	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
		EIN:				770369575
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-44467-01
		FILM NUMBER:		251568190

	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>
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<div style="line-height: initial;">
  <div><span style="font-size: 10pt;"> </span></div>

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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</div>

      <div><span style="font-size: 14pt;"> </span></div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

    </div>

    <div style="font-size: 10pt;">
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 12pt;">Washington, D.C. 20549</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
      </div>

    </div>

    <div style="font-size: 10pt;">
      <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center; margin-left: auto; margin-right: auto;"/></div>

    <div style="font-size: 10pt; text-align: center;"> <br/>
    </div>

    <div style="font-size: 10pt; text-align: center;">
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">FORM <ix:nonNumeric name="dei:DocumentType" id="Fact_baaab6ef5ff94d6785bb462e9d377d48" contextRef="c20251212to20251212">8-K</ix:nonNumeric></div>

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      </div>

      <div>
        <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center; margin-left: auto; margin-right: auto;"/></div>

      <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
      </div>

      <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

    </div>

    <div style="font-size: 10pt; text-align: center;"> <br/>
    </div>

    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Date of Report (Date of Earliest Event Reported): <ix:nonNumeric name="dei:DocumentPeriodEndDate" id="Fact_d1480829052a44e98e2e5a60e9e72fbe" contextRef="c20251212to20251212" format="ixt:date-monthname-day-year-en">December 12, 2025</ix:nonNumeric></div>

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    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 24pt; font-weight: bold;"><span style="text-decoration: underline;"><ix:nonNumeric name="dei:EntityRegistrantName" id="Fact_9a54c45833ec4a5381ec9c1f8518c649" contextRef="c20251212to20251212">ESSEX PROPERTY TRUST, INC.</ix:nonNumeric><br/>
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    <div style="font-size: 10pt;"><br/>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(Exact Name of Registrant as Specified in Its Charter)</div>

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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityFileNumber" id="Fact_1e275c76276642308adfdf7061ed80d9" contextRef="c20251212to20251212">001-13106</ix:nonNumeric> (Essex
      Property Trust, Inc.)</div>

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      Portfolio, L.P.)</div>

    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(Commission File Number)</div>

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    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Essex Property Trust, Inc.)</div>
          </td>

    <td style="width: 2%; vertical-align: middle; font-size: 10pt;"><br/>
          </td>

    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Essex Property Trust, Inc.)</div>
          </td>

  </tr>

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            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"><span style="text-decoration: underline;"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_a1df894b8f714c1e8acc9096b97b8964" contextRef="c20251212to20251212_LegalEntityAxis_ESSEXPORTFOLIOLPMember" format="ixt-sec:stateprovnameen">California</ix:nonNumeric><br/>
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    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Essex Portfolio, L.P.)</div>
          </td>

    <td style="width: 2%; vertical-align: middle; font-size: 10pt;"><br/>
          </td>

    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Essex Portfolio, L.P.)</div>
          </td>

  </tr>

  <tr>

    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">(State or Other Jurisdiction of Incorporation)</div>
          </td>

    <td style="width: 2%; vertical-align: middle; font-size: 10pt;"><br/>
          </td>

    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">(I.R.S. Employer Identification No.)</div>
          </td>

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    <div style="font-size: 10pt;"><br/>
    </div>

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    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" id="Fact_4fcabe3b595a4ec3be0dd71f5e5257aa" contextRef="c20251212to20251212">1100 Park Place</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressAddressLine2" id="Fact_f803bd668f4f44229d02e24d3c6565f7" contextRef="c20251212to20251212">Suite 200</ix:nonNumeric></div>
          </td>

    <td style="width: 2%; vertical-align: middle; font-size: 10pt;"><br/>
          </td>

    <td style="width: 49%; vertical-align: top; font-size: 10pt;"><br/>
          </td>

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    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressCityOrTown" id="Fact_5426fd29d4d24224907ba78dfc95e73c" contextRef="c20251212to20251212">San Mateo</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressStateOrProvince" id="Fact_85c7060ffe2a477086fd3e16b3344b7c" contextRef="c20251212to20251212">CA</ix:nonNumeric></div>
          </td>

    <td style="width: 2%; vertical-align: middle; font-size: 10pt;"><br/>
          </td>

    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressPostalZipCode" id="Fact_c1268f92eb1149009ae74f731862a534" contextRef="c20251212to20251212">94403</ix:nonNumeric><br/>
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          </td>

  </tr>

  <tr>

    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">(Address of principal executive offices)</div>
          </td>

    <td style="width: 2%; vertical-align: middle; font-size: 10pt;"><br/>
          </td>

    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">(Zip Code)</div>
          </td>

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    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(<ix:nonNumeric name="dei:CityAreaCode" id="Fact_4925eaac763f418da45fa48e62be567d" contextRef="c20251212to20251212">650</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_cbbf590e56a94beb9775aa588a71adf4" contextRef="c20251212to20251212">655-7800</ix:nonNumeric></div>

    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(Registrant&#8217;s telephone number, including area code)</div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Not Applicable</div>

    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(Former name or former address, if changed since last report.)</div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; 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 style="font-size: 10pt;"><br/>
    </div>

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    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>

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    <div style="font-size: 10pt;"><br/>
    </div>

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


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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_07ce9f9154a041e2a2ca94f802e6905a" contextRef="c20251212to20251212" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
          </td>

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    <div style="font-size: 10pt;"><br/>
    </div>

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


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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementTenderOffer" id="Fact_7f59269d9a454a30b72ce08c2563012e" contextRef="c20251212to20251212" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">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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    <div style="font-size: 10pt;"><br/>
    </div>

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


  <tr>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_b83940be755a45379ffc15d1af546076" contextRef="c20251212to20251212" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>

  </tr>


</table>
    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

    <div style="font-size: 10pt;"><br/>
    </div>

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            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Title of each class</div>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trading</div>
            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Symbol(s)</div>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 40%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Name of each exchange on which registered</div>
          </td>

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    <td style="width: 44%; vertical-align: top; font-size: 10pt;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_78e9d6949b4841e999f63fa1c539a165" contextRef="c20251212to20251212">Common Stock, $0.0001 par value (Essex Property Trust, Inc.)</ix:nonNumeric><br/>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 14%; vertical-align: bottom; font-size: 10pt;"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_499a4e3ff98747349b6705d46aab2752" contextRef="c20251212to20251212">ESS</ix:nonNumeric><br/>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 40%; vertical-align: bottom; font-size: 10pt;"><ix:nonNumeric name="dei:SecurityExchangeName" id="Fact_224a364014b84bf88f798e22f942e099" contextRef="c20251212to20251212" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></td>

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    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; 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>

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    </div>

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    <td style="width: 48%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Essex Property Trust, Inc.</div>
          </td>

    <td style="width: 47%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Emerging growth company</div>
          </td>

    <td style="width: 5%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_5071dc1eae934bcdb8798b760286130a" contextRef="c20251212to20251212" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
            </div>
          </td>

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    <td style="width: 48%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Essex Portfolio, L.P.</div>
          </td>

    <td style="width: 47%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Emerging growth company</div>
          </td>

    <td style="width: 5%; vertical-align: top; font-size: 10pt;"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_30d87617342a4bb18c882ae2fa80575c" contextRef="c20251212to20251212_LegalEntityAxis_ESSEXPORTFOLIOLPMember" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
          </td>

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    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">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. &#9744;</div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> <br/>
      </span></div>

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      <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>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Item 1.01. Entry Into a Material Definitive Agreement.</div>

    </div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On December 12, 2025, Essex Portfolio, L.P. (the &#8220;Operating Partnership&#8221;), the operating partnership of Essex Property Trust, Inc. (the
      &#8220;Company&#8221;), issued $350.0 million aggregate principal amount of its 4.875% senior notes due 2036 (the &#8220;Notes&#8221;).</div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The terms of the Notes are governed by 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 third supplemental indenture, dated as of December 12, 2025 (the &#8220;Third
      Supplemental Indenture&#8221; and, together with the Base Indenture, the &#8220;Indenture&#8221;), by and among the Operating Partnership, the Guarantor and the Trustee. 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. Copies of the Base Indenture and the Third
      Supplemental Indenture, 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 this report. See Item 2.03 below for
      additional information.</div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The net proceeds from the issuance of the Notes was approximately $344.2
        million, after deducting the underwriting discount and estimated offering expenses. The Operating Partnership intends to use the net proceeds of this offering to repay upcoming debt maturities,</span><span style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">including to fund a portion of the repayment of the Operating Partnership&#8217;s $450.0 million aggregate principal amount outstanding of 3.375%
        senior notes due April 2026, and for other general corporate and working capital purposes, which may include the funding of potential acquisition opportunities. Pending application of the net proceeds from the offering for the foregoing purposes,
        such proceeds initially may be used to fund the repayment of outstanding indebtedness under the Operating Partnership&#8217;s commercial paper program and unsecured credit facilities and/or invested in short-term securities.</span></div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</div>

    </div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On December 12, 2025, the Operating Partnership issued $350.0 million aggregate principal amount of Notes. The Operating Partnership
      offered the Notes at 99.093% 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 4.875% per annum. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2026, until the maturity date of February 15, 2036. The Operating Partnership&#8217;s obligations under the Notes
      are fully and unconditionally guaranteed by the Guarantor.</div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Prior to November 15, 2035 (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 style="font-size: 10pt;"><br/>
    </div>

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          </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">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 15 basis points less (b) interest accrued to but excluding the date of redemption;
              and</div>
          </td>

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          </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">100% of the principal amount of the Notes being redeemed;</div>
          </td>

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    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">plus, in either case, accrued and unpaid interest thereon to the redemption date.</div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
      </span></div>

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      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

    </div>

    <div style="text-align: left; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; 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 style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Certain events are considered events of default, which may result in the accelerated maturity of the Notes, including:</div>

    <div style="font-size: 10pt;"><br/>
    </div>

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          </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">default for 30 calendar days in the payment of any installment of interest under the Notes;</div>
          </td>

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    <div style="font-size: 10pt;"><br/>
    </div>

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          </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">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 style="font-size: 10pt;"><br/>
    </div>

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          </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">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>
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    <div style="font-size: 10pt;"><br/>
    </div>

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          </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">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 $75.0 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 style="font-size: 10pt;"><br/>
    </div>

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    <td style="width: 18pt; font-size: 10pt;"><br/>
          </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">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>
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    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The foregoing description of the Indenture does not purport to be complete and is qualified in its entirety by the full text of the
      Indenture, including the form of the Notes and guarantee of the Notes by the Company, which is being filed herewith as Exhibit 4.1 and 4.2, respectively, and the terms of which are incorporated herein by reference.</div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Item 9.01 Financial Statements and Exhibits.</div>

    </div>

    <div style="font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(d) Exhibits.</div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
      </span></div>

    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

    </div>

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    <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit</div>
            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">No.</div>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;">&#160;</td>

    <td style="width: 91%; vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Description</div>
          </td>

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    <td style="width: 8%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td style="vertical-align: middle; font-size: 10pt;" colspan="2">&#160;</td>

  </tr>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; font-family: 'Times New Roman';"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036124013247/ny20023289x7_ex4-1.htm">4.1</a></div>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Base Indenture, dated March 14, 2024, by and among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank Trust Company, National Association, as
              trustee (previously filed on Form 8-K filed on March 14, 2024).</div>
          </td>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-size: 10pt;">&#160;</td>

  </tr>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; font-family: 'Times New Roman';"><a href="ef20061109_ex4-2.htm">4.2</a></div>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Third Supplemental Indenture, dated December 12, 2025, by and among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank Trust Company, National
              Association, as trustee, including the form of 4.875% Senior Notes due 2036 and the guarantee thereof.</div>
          </td>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-size: 10pt;">&#160;</td>

  </tr>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; font-family: 'Times New Roman';"><a href="ef20061109_ex5-1.htm">5.1</a></div>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Opinion of Latham &amp; Watkins LLP.</div>
          </td>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-size: 10pt;">&#160;</td>

  </tr>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; font-family: 'Times New Roman';"><a href="ef20061109_ex5-2.htm">5.2</a></div>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Opinion of Venable LLP.</div>
          </td>

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    <div style="text-align: left; text-indent: 24.5pt; color: #000000; font-family: 'Times New Roman'; 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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    <td style="width: 29.93%; vertical-align: top; font-size: 10pt;">&#160;</td>

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    <td style="width: 29.93%; vertical-align: top; font-size: 10pt;">&#160;</td>

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            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">By: Essex Property Trust, Inc.</div>
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    <td style="width: 29.93%; vertical-align: top; font-size: 10pt;">&#160;</td>

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    <td style="width: 29.93%; vertical-align: top; font-size: 10pt;">&#160;</td>

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    <td style="width: 29.93%; vertical-align: top; font-size: 10pt;">&#160;</td>

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            <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">/s/ Barbara Pak</div>
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    <td style="width: 29.93%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 5%; vertical-align: top; font-size: 10pt;">
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    <td style="width: 29.93%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 5%; vertical-align: top; font-size: 10pt;">
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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>ef20061109_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
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      <div style="font-weight: bold; text-align: right;">Exhibit 4.2<br>
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        <div style="text-align: center; font-weight: bold;">ESSEX PORTFOLIO, L.P.</div>
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        <div style="text-align: center; font-weight: bold;">THIRD SUPPLEMENTAL INDENTURE</div>
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        <div style="text-align: center;">Dated as of December 12, 2025</div>
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              <td style="width: 6%; vertical-align: top;">&#160;</td>
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                <div style="text-align: right;"><u>Page</u></div>
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              <td style="width: 6%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
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                <div style="font-weight: bold;">Article I RELATION TO BASE INDENTURE; DEFINITIONS</div>
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                <div style="text-align: right; font-weight: bold;">1</div>
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              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 1.1</div>
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                <div>Relation to Base Indenture.</div>
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                <div style="text-align: right;">1</div>
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              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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                <div>Definitions.</div>
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                <div>Other Definitions.</div>
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                <div style="text-align: right;">7</div>
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              <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="3" rowspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
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                <div style="text-align: right; font-weight: bold;">7</div>
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              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
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                <div>Title of the Securities.</div>
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                <div>Limitation on Initial Aggregate Principal Amount; Further Issuances.</div>
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              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
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                <div>Additional Notes.</div>
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              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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                <div>No Sinking Fund.</div>
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                <div style="text-align: right; font-weight: bold;">10</div>
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            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 4.1</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Optional Redemption of Notes.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">16</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 4.2</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Notice of Optional Redemption, Selection of Notes.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">17</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 4.3</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Payment of Notes Called for Redemption by the Company.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">18</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="3">
                <div style="font-weight: bold;">Article V GUARANTEE</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right; font-weight: bold;">18</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 5.1</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Note Guarantee.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">18</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 5.2</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Execution and Delivery of Note Guarantee.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">20</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 5.3</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Limitation of Guarantor&#8217;s Liability.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">20</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 5.4</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Application of Certain Terms and Provisions to the Guarantor.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">20</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="3">
                <div style="font-weight: bold;">Article VI ADDITIONAL COVENANTS</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right; font-weight: bold;">21</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 6.1</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Limitations on Incurrence of Debt.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">21</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 6.2</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Existence.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">22</td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 6.3</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Merger, Consolidation or Sale.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">23</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 6.4</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Provision of Financial Information.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">23</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 6.5</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Insurance.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">24</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="3" rowspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top;" colspan="3">
                <div style="font-weight: bold;">Article VII DEFAULTS AND REMEDIES</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right; font-weight: bold;">24</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 7.1</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Events of Default.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">24</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 7.2</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Acceleration of Maturity; Rescission and Annulment.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">26</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">i</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" id="z218030cc3c094bc99a198c339a4f3e19" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="3">
                <div style="font-weight: bold;">Article VIII AMENDMENTS AND WAIVERS</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right; font-weight: bold;">27</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 8.1</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Without Consent of Holders.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">27</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 8.2</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>With Consent of Holders.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">28</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top; text-align: right;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="3">
                <div style="font-weight: bold;">Article IX MEETINGS OF HOLDERS OF NOTES</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right; font-weight: bold;">30</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 9.1</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Purposes for Which Meetings May Be Called.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">30</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 9.2</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Call, Notice and Place of Meetings.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">30</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 9.3</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Persons Entitled to Vote at Meetings.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">30</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 9.4</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Quorum; Action.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">31</td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 9.5</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Determination of Voting Rights; Conduct and Adjournment of Meetings.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">31</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 9.6</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Counting Votes and Recording Action of Meetings.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">32</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top; text-align: right;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="3">
                <div style="font-weight: bold;">Article X MISCELLANEOUS</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right; font-weight: bold;">32</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 10.1</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>No Recourse Against Others.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">32</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 10.2</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Trust Indenture Act Controls.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">33</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 10.3</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Governing Law.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">33</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 10.4</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Counterparts.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">33</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 10.5</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Successors.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">34</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 10.6</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Severability.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">34</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 10.7</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Table of Contents, Headings, Etc.</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: right;">34</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 10.8</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Ratifications.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">34</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">
                <div>Section 10.9</div>
              </td>
              <td style="width: 79%; vertical-align: top;">
                <div>Effectiveness.</div>
              </td>
              <td style="width: 5%; vertical-align: top; text-align: right;">34</td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Section 10.10</div>
              </td>
              <td style="width: 79%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>The Trustee.</div>
              </td>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">35</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">ii</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <!--PROfilePageNumberReset%Num%1%%%-->
        <div style="text-align: justify; text-indent: 36pt;">THIS THIRD SUPPLEMENTAL INDENTURE (this &#8220;<font style="font-style: italic;">Third Supplemental Indenture</font>&#8221;) is entered into as of December 12, 2025 among Essex Portfolio, L.P., a California
          limited partnership (the &#8220;<font style="font-style: italic;">Company</font>&#8221;), Essex Property Trust, Inc., a Maryland corporation (the &#8220;<font style="font-style: italic;">Guarantor</font>&#8221; or, in its capacity as the sole general partner of the
          Company, the &#8220;<font style="font-style: italic;">General Partner</font>&#8221;), each having its principal office at Essex Portfolio, L.P., 1100 Park Place, Suite 200, San Mateo, California 94403, and U.S. Bank Trust Company, National Association, a
          national banking association organized under the laws of the United States, as trustee (the &#8220;<font style="font-style: italic;">Trustee</font>&#8221;).</div>
        <div>&#160;</div>
        <div style="text-align: center;">WITNESSETH:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Company has delivered to the Trustee an Indenture, dated as of March 14, 2024 (the &#8220;<font style="font-style: italic;">Base Indenture</font>&#8221;), providing for the issuance by the
          Company from time to time of Securities in one or more Series;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">WHEREAS, Section 2.2 of the Base Indenture provides for various matters with respect to any Series of Securities issued under the Base Indenture to be established in an indenture supplemental to
          the Base Indenture;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">WHEREAS, each of the Company and the Guarantor desires to execute this Third Supplemental Indenture to establish the form and to provide for the issuance of a Series of the Company&#8217;s senior notes
          designated as 4.875% Senior Notes due 2036 (the &#8220;<font style="font-style: italic;">Notes</font>&#8221;), in an initial aggregate principal amount of $350,000,000;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the board of directors of the General Partner has duly adopted resolutions authorizing the Company and the Guarantor, as applicable, to execute and deliver this Third Supplemental
          Indenture;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">WHEREAS, pursuant to Section 9.1(h) of the Base Indenture, this Third Supplemental Indenture is authorized and permitted without the consent of holders; and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">WHEREAS, all of the other conditions and requirements necessary to make this Third Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its
          terms and for the purposes herein expressed, have been performed and fulfilled.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">THEREFORE, for and in consideration of the premises and the purchase of the Series of Securities provided for herein by the Holders thereof, it is mutually covenanted and agreed, for the equal
          and proportionate benefit of all Holders of Securities of such Series, as follows:</div>
        <div>&#160;</div>
        <div style="text-align: center;">ARTICLE I</div>
        <div style="text-align: center;">RELATION TO BASE INDENTURE; DEFINITIONS</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 1.1&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <u>Relation to Base Indenture.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">This Third Supplemental Indenture constitutes an integral part of the Base Indenture. Notwithstanding any other provision of this Third Supplemental Indenture, all provisions of this Third
          Supplemental Indenture are expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other Securities issued under the Base Indenture and shall not be deemed to amend, modify or
          supplement the Base Indenture for any purpose other than with respect to the Notes.&#160; Where the provisions of this Third Supplemental Indenture conflict with the provisions of the Base Indenture with respect to the terms and conditions of the
          Notes, the provisions of this Third Supplemental Indenture shall apply.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">1</font></div>
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        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 1.2&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Definitions.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">For all purposes of this Third Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture; and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160; &#160;&#160;&#160; All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Third Supplemental Indenture as they amend or
          supplement the Base Indenture, and not the Base Indenture or any other document.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Acquired Debt</font>&#8221; means Debt of a person (i) existing at the time such person becomes a Subsidiary of the Company or (ii) assumed in connection with the
          acquisition of assets from such person, in each case, other than Debt incurred in connection with, or in contemplation of, such person becoming such a subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the
          related acquisition of assets from any person or the date the acquired person becomes such a Subsidiary, as applicable.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Additional Notes</font>&#8221; means additional Notes (other than the Initial Notes) issued under the Indenture in accordance with Sections 2.3, 2.7 and 6.1 hereof,
          as part of the same series as the Initial Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">&#8220;<font style="font-style: italic;">Annual Debt Service Charge</font>&#8221; for any period means the maximum amount which is payable during such period for interest on, and
          original issue discount of, Debt of the Company and its Subsidiaries and the amount of any dividends which are payable during such period in respect of any Disqualified Stock.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Applicable Procedures</font>&#8221; means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the
          Depositary, Euroclear and Clearstream that apply to such transfer or exchange.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Authentication Order</font>&#8221; means a Company Order to the Trustee to authenticate and deliver the Notes, signed in the name of the Company by an Officer of the
          General Partner.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Clearstream</font>&#8221; means Clearstream Banking, <font style="font-style: italic;">Soci&#233;t&#233; Anonyme</font>.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">&#8220;<font style="font-style: italic;">Consolidated Income Available for Debt Service</font>&#8221; for any period means Earnings from Operations of the Company and its Subsidiaries
          plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest on Debt of the Company and its Subsidiaries, (ii) provision for taxes of the Company and its Subsidiaries based
          on income, (iii) amortization of debt discount and other deferred financing costs, (iv) provisions for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting from a change in
          accounting principles in determining Earnings from Operations for such period and (vi) amortization of deferred charges.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">2</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Corporate Trust Office</font>&#8221; means the designated office of the Trustee at which at any time its corporate trust business as it relates to this Indenture
          shall be administered, which office at the date hereof is located at Global Corporate Trust Services, 1 California Street, Suite 1000, San Francisco, California 94111, Attention: David Jason (Essex Portfolio), or such other address as the Trustee
          may designate from time to time by notice to the Holders and the Company, or the designated corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders
          and the Company).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Debt</font>&#8221; <font style="color: rgb(0, 0, 0);">means, without duplication, any indebtedness of the Company and its Subsidiaries, whether or not contingent, in
            respect of (i) borrowed money or evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness for borrowed money secured by any Encumbrance existing on property owned by the Company or any of its Subsidiaries, (iii) the
            reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued to provide credit enhancement or support with respect to other indebtedness of the Company or any
            of its Subsidiaries otherwise reflected as Debt hereunder) or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable,
            or all conditional sale obligations or obligations under any title retention agreement, (iv) the principal amount of all obligations of the Company or any of its Subsidiaries with respect to redemption, repayment or other repurchase of any
            Disqualified Stock, (v) any lease of property by the Company or any of its Subsidiaries as lessee which is reflected on the consolidated balance sheet of the Company and its Subsidiaries as a financing lease in accordance with GAAP, or (vi)
            interest rate swaps, caps or similar agreements and foreign exchange contracts, currency swaps or similar agreements, to the extent, in the case of items of indebtedness under (i) through (iii) above, that any such items (other than letters of
            credit) would appear as a liability on the consolidated balance sheet of the Company and its Subsidiaries in accordance with GAAP, and also includes, to the extent not otherwise included, any obligation by the Company or any of its Subsidiaries
            to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of another person (other than the Company or any of its Subsidiaries) (it being understood that
            Debt shall be deemed to be incurred by the Company or any of its Subsidiaries whenever the Company or any of its Subsidiaries shall create, assume, guarantee or otherwise become liable in respect thereof).&#160; In the case of items of indebtedness
            under clause (v) above, &#8220;Debt&#8221; excludes operating lease liabilities on the Company&#8217;s consolidated balance sheet in accordance with GAAP.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Definitive Note</font>&#8221; means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 3.2, substantially in the
          form of Exhibit A hereto except that such Note shall not bear the Global Note legend and shall not have the &#8220;Schedule of Exchanges of Interests in the Global Note&#8221; attached thereto.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Depositary</font>&#8221; means, with respect to the Notes, The Depository Trust Company and any successor thereto.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">3</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
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        </div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Disqualified Stock</font>&#8221;<font style="font-weight: bold;">&#160;</font>means any Capital Stock of the Company or any of its Subsidiaries which by the terms of such
          Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund
          obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for common stock), (ii) is convertible into or exchangeable or exercisable for Debt or Disqualified Stock or (iii) is redeemable at the option of the holder
          thereof, in whole or in part (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock), in each case on or prior to the maturity of the Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">DTC</font>&#8221; means The Depository Trust Company.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">&#8220;<font style="font-style: italic;">Earnings from Operations</font>&#8221; for any period means net earnings excluding gains and losses on sales of investments, extraordinary items,
          and property valuation gains and losses, as reflected in the financial statements of the Company and any of its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">&#8220;<font style="font-style: italic;">Encumbrance</font>&#8221; means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of
          any kind.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Euroclear</font>&#8221; means Euroclear S.A./N.V., as operator of the Euroclear system.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Global Note Legend</font>&#8221; means the legend set forth in Section 3.2(f), which is required to be placed on all Global Notes issued under the Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Global Notes</font>&#8221; means, individually and collectively, each of the Notes deposited with or on behalf of and registered in the name of the Depositary or its
          nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the &#8220;Schedule of Exchanges of Interests in the Global Note&#8221; attached thereto, issued in accordance with the Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Indenture</font>&#8221; means the Base Indenture, as supplemented by this Third Supplemental Indenture, and as further supplemented, amended or restated.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Indirect Participant</font>&#8221; means a person who holds a beneficial interest in a Global Note through a Participant.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Initial Notes</font>&#8221; means the $350,000,000 aggregate principal amount of Notes issued under this Third Supplemental Indenture on the date hereof.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">interest</font>&#8221; means, when used with reference to the Notes, any interest payable under the terms of the Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Note Guarantee</font>&#8221; means the Guarantee by the Guarantor of the Company&#8217;s obligations under the Indenture and the Notes, executed pursuant to the provisions
          of this Third Supplemental Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Notes</font>&#8221; has the meaning assigned to it in the preamble to this Third Supplemental Indenture. The Initial Notes and the Additional Notes shall be treated
          as a single class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">4</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
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        </div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Notice Date</font>&#8221; has the meaning assigned to it in the definition of Treasury Rate.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Par Call Date</font>&#8221; means November 15, 2035.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Participant</font>&#8221; means, with respect to the Depositary, Euroclear or Clearstream, a person who has an account with the Depositary, Euroclear or Clearstream,
          respectively (and with respect to the Depository Trust Company, shall include Euroclear and Clearstream).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Prospectus</font>&#8221; means collectively the prospectus supplement dated December 3, 2025 relating to the Notes and the related prospectus dated August 5, 2024,
          including the documents incorporated or deemed to be incorporated by reference therein.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Redemption Date</font>&#8221; means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 4.1, the date fixed for
          such redemption in accordance with the provisions of Section 4.1.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Remaining Life</font>&#8221; means, with respect to any Notes to be redeemed, the remaining term of such Notes, calculated as if the maturity date of such Notes were
          the Par Call Date.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Securities Act</font>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Significant Subsidiary</font>&#8221; means any Subsidiary of the Company in which the Company has invested at least $50,000,000 in capital.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">&#8220;<font style="font-style: italic;">Total Assets</font>&#8221; as of any date means the sum of (without duplication) (i) Undepreciated Real Estate Assets and (ii) all other assets
          (excluding accounts receivable, intangibles and operating lease assets) of the Company and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">&#8220;<font style="font-style: italic;">Total Unencumbered Assets</font>&#8221; means the sum of (without duplication) (i) those Undepreciated Real Estate Assets which are not subject
          to an Encumbrance securing Debt and (ii) all other assets (excluding accounts receivable, intangibles and unconsolidated equity interests in funds and joint ventures) of the Company and its Subsidiaries not subject to an Encumbrance securing
          Debt, all determined on a consolidated basis in accordance with GAAP.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Treasury Rate</font>&#8221; means, with respect to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs:</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">5</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
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        </div>
        <div style="text-align: justify; text-indent: 36pt;">The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of
          the Federal Reserve System), on the third business day preceding the date the notice of redemption is sent to Holders (the &#8220;Notice Date&#8221;) based upon the yield or yields for the most recent day that appear after such time on such day in the most
          recent statistical release published by the Board of Governors of the Federal Reserve System designated as &#8220;Selected Interest Rates (Daily) - H.15&#8221; (or any successor designation or publication) (&#8220;<font style="font-style: italic;">H.15</font>&#8221;)
          under the caption &#8220;U.S. government securities&#8211;Treasury constant maturities&#8211;Nominal&#8221; (or any successor caption or heading) (&#8220;<font style="font-style: italic;">H.15 TCM</font>&#8221;). In determining the Treasury Rate, the Company shall select, as
          applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the &#8220;<font style="font-style: italic;">Remaining Life</font>&#8221;); or (2) if there is no such Treasury
          constant maturity on H.15 exactly equal to the Remaining Life, the two yields &#8211; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15
          immediately longer than the Remaining Life &#8211; and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such
          Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant
          maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">If on the third business day preceding the Notice Date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual
          equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such Notice Date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If
          there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call
          Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on
          the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is
          trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the
          semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States
          Treasury security, and rounded to three decimal places.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">&#8220;<font style="font-style: italic;">Undepreciated Real Estate Assets</font>&#8221; means, as of any date, the cost (original cost plus capital improvements) of real estate assets of
          the Company and its Subsidiaries on such date, right of use assets associated with financing leases in accordance with GAAP, before depreciation and amortization, all determined on a consolidated basis in accordance with GAAP; provided, however,
          that Undepreciated Real Estate Assets shall not include right of use assets associated with operating leases in accordance with GAAP.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Uniform Fraudulent Conveyance Act</font>&#8221; means any applicable federal, provincial or state fraudulent conveyance legislation and any successor legislation.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">6</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Uniform Fraudulent Transfer Act</font>&#8221; means any applicable federal, provincial or state fraudulent transfer legislation and any successor legislation.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Unsecured Debt</font>&#8221; <font style="color: rgb(0, 0, 0);">means Debt of the Company or any of its Subsidiaries which is not secured by an Encumbrance on any
            property or assets of the Company or any of its Subsidiaries</font>.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 1.3&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <u>Other Definitions.</u></div>
        <div>&#160;</div>
        <div style="margin-left: 36pt;">
          <table cellspacing="0" cellpadding="0" border="0" align="left" id="z498c28d03ac848f7a785170b06fea537" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div style="text-align: justify;"><u>TERM</u></div>
                </td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: center;">DEFINED IN</div>
                  <div style="text-align: center;"><u>SECTION</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify;">&#8220;<font style="font-style: italic;">Bankruptcy Law&#8221;</font></div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">7.1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div>&#8220;<font style="font-style: italic;">Confidential Datasite</font>&#8221;</div>
                </td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: center;">6.4</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>&#8220;<font style="font-style: italic;">Defaulted Interest</font>&#8221;</div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2.5</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div>&#8220;<font style="font-style: italic;">Event of Default</font>&#8221;</div>
                </td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: center;">7.1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>&#8220;<font style="font-style: italic;">Holders</font>&#8221;</div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2.4</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div>&#8220;<font style="font-style: italic;">Interest Payment Date</font>&#8221;</div>
                </td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: center;">2.4</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>&#8220;<font style="font-style: italic;">Paying Agent</font>&#8221;</div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2.10</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div>&#8220;<font style="font-style: italic;">Record Date</font>&#8221;</div>
                </td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: center;">2.4</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>&#8220;<font style="font-style: italic;">Redemption Price</font>&#8221;</div>
                </td>
                <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">4.1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; vertical-align: top;">
                  <div>&#8220;<font style="font-style: italic;">Signature Law</font>&#8221;</div>
                </td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: center;">10.4</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="clear: both;"><br>
        </div>
        <div style="text-align: center;">ARTICLE II</div>
        <div style="text-align: center;">TERMS OF THE SECURITIES</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.1&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <u>Title of the Securities.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">There shall be a Series of Securities designated the &#8220;4.875% Senior Notes due 2036.&#8221;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.2&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Price.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Initial Notes shall be issued at a public offering price of 99.093% of the principal amount thereof, other than any offering discounts pursuant to the initial offering and resale of the
          Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.3&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Limitation on Initial Aggregate Principal Amount; Further Issuances.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The aggregate principal amount of the Notes initially shall be limited to $350,000,000. The Company may, without the consent of the Holders, issue Additional Notes from time to time in the future
          in an unlimited principal amount, subject to compliance with the terms of Section 6.1 hereto and the Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Nothing contained in this Section 2.3 or elsewhere in this Third Supplemental Indenture, or in the Notes, is intended to or shall limit execution by the Company or authentication or delivery by
          the Trustee of Notes under the circumstances contemplated by Sections 2.7, 2.8, 2.11, 3.6 or 9.6 of the Base Indenture.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">7</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.4&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Interest and Interest Rates; Stated Maturity of Notes.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160; &#160; &#160; The Notes shall bear interest at the rate of 4.875% per year. Interest on the Notes will accrue from December 12, 2025 and will be payable semi-annually in arrears on February 15 and
          August 15 of each year, commencing on August 15, 2026 (each such date being an &#8220;<font style="font-style: italic;">Interest Payment Date</font>&#8221;), to the persons in whose names the Notes are registered in the security register (the &#8220;<font style="font-style: italic;">Holders</font>&#8221;) on the preceding February 1 or August 1, whether or not a Business Day, as the case may be (each such date being a &#8220;<font style="font-style: italic;">Record Date</font>&#8221;). Interest on the Notes will
          be computed on the basis of a 360-day year consisting of twelve 30-day months.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If any Interest Payment Date, Stated Maturity or Redemption Date falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were
          made on the date the payment was due and no interest shall accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity or Redemption Date, as the case may be, until the next Business Day.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Stated Maturity of the Notes shall be February 15, 2036.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.5&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160; <u>Method of Payment.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Principal, premium, if any, and interest shall be payable at the Corporate Trust Office of the Trustee. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the
          address of the Holder entitled thereto; provided, however, that a Holder of any Notes in certificated form in the aggregate principal amount of more than $2,000,000 may specify by written notice to the Company (with a copy to the Trustee) that it
          pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. Any
          interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called &#8220;<font style="font-style: italic;">Defaulted Interest</font>&#8221;) shall forthwith cease to be payable to the Holder
          registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the Company, at its election in each case, as provided in clause (a) or (b) below:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may elect to make payment of any Defaulted Interest to the persons in whose names the Notes are registered at 5:00 p.m., New York City time, on a special record date for
          the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which
          shall be not less than twenty-five (25) calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal
          to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for
          the benefit of the persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Interest which shall be not more than fifteen (15) calendar days
          and not less than ten (10) calendar days prior to the date of the proposed payment, and not less than ten (10) calendar days after the receipt by the Trustee of the written notice of the proposed payment (unless the Trustee shall consent to an
          earlier date). The Company shall promptly notify the Trustee, in writing, of such special record date and shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be sent, in accordance with
          the Applicable Procedures, to each Holder at its address as it appears in the register, not less than ten (10) calendar days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date
          therefor having been so mailed, such Defaulted Interest shall be paid to the persons in whose names the Notes are registered at 5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to the following
          clause (b) of this Section 2.5.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">8</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on
          which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this
          clause, such manner of payment shall be deemed practicable by the Trustee.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.6&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <u>Currency.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Principal and interest on the Notes shall be payable in U.S. Dollars.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.7&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Additional Notes.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Company will be entitled, without the consent of any Holders of the Notes, upon delivery of an Officer&#8217;s Certificate, Opinion of Counsel and Authentication Order, subject to its compliance
          with Section 6.1, to issue Additional Notes under the Indenture that will have identical terms to the Initial Notes issued on the date of the Indenture other than with respect to the date of issuance, issue price and, if applicable, the date from
          which interest on such Additional Notes will begin to accrue and the initial interest payment date; provided, however, that if such Additional Notes will not be fungible with the Initial Notes for U.S. federal income tax or securities law
          purposes, such Additional Notes will have a separate CUSIP number. Such Additional Notes will rank equally and ratable in right of payment and will be treated as a single series for all purposes under the Indenture, and in circumstances in which
          this Indenture provides for the Holders of Notes to vote or take any action, the Holders of Initial Notes and the Holders of any such Additional Notes will vote or take the action as a single class.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">With respect to any Additional Notes, the Company will set forth in a resolution of the board of directors of the General Partner acting on behalf of the Company and an Officer&#8217;s Certificate, a
          copy of each of which will be delivered to the Trustee, the following information:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture; and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the issue price, the issue date and the CUSIP number of such Additional Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.8&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Redemption.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Notes may be redeemed at the option of the Company prior to the Stated Maturity as provided in Article IV.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">9</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.9&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; <u>No Sinking Fund.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The provisions of Article XI of the Base Indenture shall not be applicable to the Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 2.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Registrar and Paying Agent.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Trustee shall initially serve as Registrar and Paying Agent for the Notes.</div>
        <div>&#160;</div>
        <div style="text-align: center;">ARTICLE III</div>
        <div style="text-align: center;">FORM OF THE SECURITIES</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 3.1&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Global Form.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Notes shall initially be issued in the form of one or more fully registered Global Notes that will be deposited with, or on behalf of the Depositary, and registered in the name of the
          Depositary or its nominee, as the case may be, subject to Sections 2.7 and 2.14 of the Base Indenture. So long as the Depositary, or its nominee, is the registered owner of the Global Note, the Depositary or its nominee, as the case may be, will
          be considered the sole Holder of the Notes represented by the Global Note for all purposes under the Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Notes shall not be issuable in definitive form except as provided in Section 3.2(a) of this Third Supplemental Indenture. The Notes and the Trustee&#8217;s certificate of authentication shall be
          substantially in the form attached as Exhibit A hereto. The Company shall execute and the Trustee shall, in accordance with Section 2.3 of the Base Indenture, authenticate and hold each Global Note as custodian for the Depositary. Each Global
          Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal
          amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the
          aggregate principal amount of outstanding Notes represented thereby will be made by the Registrar or the custodian, at the direction of the Trustee. The terms and provisions contained in the form of Note attached as Exhibit A hereto shall
          constitute, and are hereby expressly made, a part of the Indenture and, to the extent applicable, the Company, the Guarantor and the Trustee, by their execution and delivery of this Third Supplemental Indenture, expressly agree to such terms and
          provisions and to be bound thereby.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Participants of the Depositary shall have no rights either under the Indenture or with respect to the Global Notes. The Depositary or its nominee, as applicable, shall be treated by the Company,
          the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee as the absolute owner and Holder of such Global Notes for all purposes under the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the
          Company, the Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or its nominee, as applicable, or impair, as between the Depositary and its participants, the
          operation of customary practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">10</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 3.2&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Transfer and Exchange.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Transfer and Exchange of Global Note</font>s. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
          Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged
          by the Company for Definitive Notes if:</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; text-indent: 72pt;">(1)&#160;&#160;&#160; &#160;&#160; the Company delivers to the Trustee written notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a
          clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within one hundred and twenty (120) calendar days after the date of such notice from the Depositary; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(2)&#160;&#160;&#160;&#160; &#160; the Company, at its option, determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such
          effect to the Trustee; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(3)&#160;&#160;&#160; &#160; &#160; upon request from the Depositary if there has occurred and is continuing a Default or Event of Default with respect to the Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify;">Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in registered form in such names as the Depositary in accordance with the Applicable Procedures shall
          instruct the Trustee, in writing. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global
          Note or any portion thereof, pursuant to this Section 3.2 or Section 2.8 and 2.11 of the Base Indenture, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other
          than as provided in this Section 3.2(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.2(b) or (c).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Transfer and Exchange of Beneficial Interests in the Global Notes</font>. The transfer and exchange of beneficial interests in the Global Notes will
          be effected through the Depositary, in accordance with the provisions of the Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as
          applicable, as well as one or more of the other following subparagraphs, as applicable:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(1)&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Transfer of Beneficial Interests in the Same Global Note</font>. Beneficial interests in any Global Note may be transferred to
          persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 3.2(b)(1).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">All Other Transfers and Exchanges of Beneficial Interests in Global Notes</font>. In connection with all transfers and exchanges of
          beneficial interests that are not subject to Section 3.2(b)(1) above, any such transfer or exchange must comply with the Applicable Procedures and Section 3.2(c) below if applicable and the transferor of such beneficial interest must deliver to
          the Registrar either:</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">11</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"> both:</div>
        <br>
        <div style="text-align: justify; margin-left: 72pt; text-indent: 72pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit
          or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt;">(B)&#160; &#160;&#160; &#160;&#160; instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">both:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause
          to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160; instructions given by the Depositary to the Registrar containing information regarding the person in whose name such Definitive Note shall be registered to effect
          the transfer or exchange referred to in (b)(1) above.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Third Supplemental Indenture and the Notes or otherwise applicable
          under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.2(g).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes</font>. If any holder of a beneficial interest in a Global Note
          proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section
          3.2(b)(2) and written notice to the Trustee, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.2(g) hereof, and the Company will execute and, upon the receipt of an
          Authentication Order, the Trustee will authenticate and deliver to the person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
          Section 3.2(c) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the
          Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the persons in whose names such Notes are so registered.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">12</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Transfer and Exchange of Definitive Notes for Beneficial Interests</font>&#160;<font style="font-style: italic;">in Global Notes</font>. A Holder of a
          Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a
          written request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. If any such exchange or transfer from a
          Definitive Note to a beneficial interest is effected pursuant to the previous sentence at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 3.2, the
          Trustee will authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Transfer and Exchange of Definitive Notes for Definitive Notes</font>. Upon request by a Holder of Definitive Notes and such Holder&#8217;s compliance with
          the provisions of this Section 3.2(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive
          Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any
          additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 3.2(e). A Holder of Definitive Notes may transfer such Notes to a person who takes delivery thereof in the form of
          a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Legend</font>. Each Global Note issued under the Indenture, unless specifically stated otherwise in the applicable provisions of the Indenture, will
          bear a legend in substantially the following form:</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt;">&#8220;THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE THIRD SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
          NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE THIRD SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
          NOT IN PART PURSUANT TO SECTION 3.2(a) OF THE THIRD SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
          SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF ESSEX PORTFOLIO, L.P. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
          THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
          PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (&#8220;DTC&#8221;), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
          THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
          PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.&#8221;</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">13</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(g)&#160; &#160;&#160; &#160; &#160; <font style="font-style: italic;">Cancellation and/or Adjustment of Global Notes</font>. At such time as all beneficial interests in a particular Global Note have been exchanged for
          Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.12 of the Base
          Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
          Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
          reduction; and if the beneficial interest is being exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an
          endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">General Provisions Relating to Transfers and Exchanges</font>.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(1)&#160; &#160; &#160;&#160; To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an
          Authentication Order or at the Registrar&#8217;s request.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or
          exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or
          transfer pursuant to Sections 2.11 and 9.6 of the Base Indenture and Section 4.3 of this Third Supplemental Indenture).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(3)&#160;&#160;&#160;&#160;&#160; The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of
          any Note being redeemed in part.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160; All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the
          Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Neither the Registrar nor the Company will be required:</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">14</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; margin-left: 72pt; text-indent: 72pt;">(A)&#160;&#160;&#160;&#160; &#160; to issue or register the transfer or exchange of any Note during a period beginning at the opening of business fifteen (15) calendar days before the mailing of a
          notice of redemption of the Notes selected for redemption under Article IV and ending at the close of business on the day of such mailing;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160; to register the transfer or exchange of any Note so selected for redemption, in whole or in part, except the unredeemed portion of any Note being redeemed in part;
          or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to register the transfer of or to exchange a Note between a record date and the next succeeding Interest Payment Date.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160; Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company shall deem and treat the person in whose name any Note
          is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the
          contrary.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 3.1 hereof.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(8)&#160;&#160;&#160;&#160;&#160;&#160;&#160; All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 3.2 to effect a registration of transfer
          or exchange may be submitted by facsimile.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The transferor shall also provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations,
          including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may conclusively rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of
          such information.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(j)&#160; &#160;&#160; &#160; &#160;&#160; None of the Trustee or any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or
          under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates
          and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
          hereof.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; None of the Trustee or any Agent shall have any responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depositary or other person
          with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner
          or other person (other than the Depositary) of any notice (including any notice of optional redemption) or the payment of any amount, under or with respect to such Notes.&#160; All notices and communications to be given to the Noteholders and all
          payments to be made to the Noteholders under the Notes shall be given or made only to or upon the order of the registered Noteholders (which shall be the Depositary or its nominee in the case of a Global Note).&#160; The rights of beneficial owners in
          any such Global Note shall be exercised only through the Depositary subject to the customary procedures of the Depositary.&#160; The Trustee may conclusively rely and shall be fully protected in relying upon information furnished by the Depositary
          with respect to its participants.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">15</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;">ARTICLE IV</div>
        <div style="text-align: center;">REDEMPTION</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The provisions of Article III of the Base Indenture, as amended by the provisions of this Third Supplemental Indenture, shall apply to the Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 4.1&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160; <u>Optional Redemption of Notes</u>.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Prior to the Par Call Date, the Company may redeem the Notes at its option for cash, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of
          principal amount and rounded to three decimal places) (the &#8220;<font style="font-style: italic;">Redemption Price</font>&#8221;) 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 plus 15 basis points less (b) interest accrued
          to, but excluding the Redemption Date; and (ii) 100% of the principal amount of the Notes to be redeemed; plus, in either case, accrued and unpaid interest thereon to the Redemption Date.&#160; Notwithstanding the foregoing, if the Notes are redeemed
          on or after the Par Call Date, the Company may redeem the Notes, in whole or in part, for cash, at any time and 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. Notwithstanding the foregoing, if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid
          interest, if any (plus additional interest, if applicable) on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Notes for redemption). The Company
          shall not redeem the Notes pursuant to this Section 4.1 if on any date the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded or cured on or prior to such date (except in the case of an acceleration
          resulting from a default by the Company in payment of the Redemption Price with respect to the Notes to be redeemed). The Company&#8217;s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes,
          absent manifest error.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">16</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 4.2&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Notice of Optional Redemption, Selection of Notes.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the Company shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes pursuant to Section 4.1, it shall fix a date for redemption and it
          or, at its written request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of redemption is to be sent, the Trustee in the name of and
          at the expense of the Company, shall mail or cause to be mailed, or sent by electronic transmission (or otherwise transmitted in accordance with the Depositary&#8217;s procedures), a notice of such redemption not fewer than ten (10) days but not more
          than sixty (60) days prior to the Redemption Date to each Holder of Notes to be redeemed at its last address as the same appears on the Register; provided that if the Company makes such request of the Trustee, it shall, together with such
          request, also give written notice of the Redemption Date to the Trustee, provided further that the text of the notice shall be prepared by the Company, and the Company shall have delivered to the Trustee an Officer&#8217;s Certificate requesting that
          the Trustee give such notice and containing the information to be set forth in such notice. Such mailing shall be by first class mail or by electronic transmission. The notice, if sent in the manner herein provided, shall be conclusively presumed
          to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or electronic submission or any defect in the notice to the Holder of any Note designated for redemption as a whole or in
          part shall not affect the validity of the proceedings for the redemption of any other Note.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each such notice of redemption shall specify: (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number or numbers of the Notes being redeemed, (iii) the
          Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of payment and that payment will be made upon presentation and surrender of such Notes and (vi) that interest
          accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest thereon or on the portion thereof to be redeemed will cease to accrue. If fewer than all the Notes are to
          be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to
          be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Note in principal amount equal to the unredeemed portion thereof will be issued.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On or prior to the Redemption Date specified in the notice of redemption given as provided in this Section 4.2, the Company will deposit with the Paying Agent (or, if the Company is
          acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.5 of the Base Indenture) an amount of money in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or portions
          thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on the Redemption Date, it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date. The Company shall be
          entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 4.2 in excess of amounts required hereunder to pay the Redemption Price (it being acknowledged that the Trustee has no obligation
          to invest any such deposit).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; If less than all of the outstanding Notes are to be redeemed, the Trustee will select, on a <font style="font-style: italic;">pro rata</font> basis, by lot or such other method it
          deems fair and appropriate or as required by the Depositary for Global Notes, subject to Applicable Procedures (in the case of Global Notes), the Notes or portions thereof of the Global Notes or the Notes in certificated form to be redeemed (in
          minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof). The Notes (or portions thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof.&#160; Without limiting the generality
          of Section 1.1, this Section 4.2(d) shall replace Section 3.2 of the Base Indenture with respect to the Notes only.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">17</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 4.3&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <u>Payment of Notes Called for Redemption by the Company.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160; &#160;&#160; &#160; &#160; If notice of redemption has been given as provided in Section 4.2, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable and if
          the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and unless the Company defaults in the payment of the Redemption
          Price, then on and after such date (i) such Notes will cease to be outstanding on and after the Redemption Date, (ii) interest will cease to accrue on any Notes called for redemption at the Redemption Date, (iii) on and after the Redemption Date
          (unless the Company defaults in the payment of the Redemption Price) such Notes shall cease to be entitled to any benefit or security under the Indenture and (iv) the Holders thereof shall have no right in respect of such Notes except the right
          to receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Company at the Redemption
          Price, together with interest accrued thereon to, but excluding, the Redemption Date. Such will be the case whether or not book-entry transfer of the Notes in book-entry form is made and whether or not the Notes in certificated form, together
          with necessary endorsements, are delivered to the Paying Agent; provided, however, if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and
          unpaid interest and premium, if any, due on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon presentation of any Note redeemed in part only, the Company shall execute and, upon receipt of a Company Order, the Trustee shall authenticate and make available for delivery to
          the Holder thereof, at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented.</div>
        <div>&#160;</div>
        <div style="text-align: center;">ARTICLE V</div>
        <div style="text-align: center;">GUARANTEE</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Sections 5.1, 5.2 and 5.3 hereof shall replace Sections 12.1, 12.2 and 12.3 of the Base Indenture with respect to the Notes and the Note Guarantee.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 5.1&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; <u>Note Guarantee.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; By its execution hereof, the Guarantor acknowledges and agrees that it receives substantial benefits from the Company and that the Guarantor is providing its Guarantee for good and
          valuable consideration, including, without limitation, such substantial benefits.&#160; Accordingly, subject to the provisions of this Article 5, the Guarantor hereby fully and unconditionally guarantees to each Holder of a Note authenticated and
          delivered by the Trustee and to the Trustee and its successors and assigns, that:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160; The principal of (including the Redemption Price upon redemption pursuant to Article 4 hereof), premium, if any, and interest, if any, on the Notes shall be duly and
          punctually paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, irrespective of the validity and enforceability of the Indenture, the Notes or the
          obligations of the Company under the Indenture or the Notes, and interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee under the Indenture or the Notes (including fees, expenses and
          other obligations) shall be promptly paid in full or performed, all in accordance with the terms under the Indenture or the Notes; and</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">18</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(2)&#160;&#160;&#160; &#160; &#160; in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed
          in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration, call for redemption or otherwise (collectively, the &#8220;<font style="font-style: italic;">Guarantee Obligations</font>&#8221;).</div>
        <div>&#160;</div>
        <div style="text-align: justify;">Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor will be obligated to pay the same immediately. The Guarantor agrees that this is a guarantee
          of payment and not a guarantee of collection.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160; &#160;&#160;&#160; The Guarantor hereby agrees that its obligations under the Indenture and the Notes are full and unconditional, irrespective of the validity, regularity or enforceability of the
          Indenture or the Notes, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions of the Indenture or the Notes, the entry of any judgment against the Company, any action to
          enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor hereby agrees that in the event of a default in payment of the principal of or interest on the
          Notes entitled to the Guarantee, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.7 of the
          Base Indenture, by the Holders, on the terms and conditions set forth in the Indenture, directly against the Guarantor to enforce the Guarantee without first proceeding against the Company. The Guarantor hereby (i) waives diligence, presentment,
          demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever, (ii) acknowledges that any
          agreement, instrument or document evidencing the Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it and
          (iii) covenants that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Indenture and the Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160; &#160; &#160; If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantor or any custodian, trustee, liquidator or other similar official acting in
          relation to either the Company or the Guarantor, any amount paid by either the Company or the Guarantor to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all
          obligations guaranteed hereby. The Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided
          in Article VII for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of
          acceleration of such obligations as provided in Article VII, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purpose of this Note Guarantee.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">19</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 5.2&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Execution and Delivery of Note Guarantee.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">To evidence its Note Guarantee set forth in Section 5.1, the Guarantor hereby agrees that this Third Supplemental Indenture will be executed on its behalf by one of its Officers. If an Officer of
          the Guarantor whose signature is on this Third Supplemental Indenture no longer holds that office at the time the Trustee authenticates the Note on which the Note Guarantee of the Guarantor is endorsed, such Note Guarantee will be valid
          nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in this Third Supplemental Indenture on behalf of the Guarantor.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 5.3&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <u>Limitation of Guarantor&#8217;s Liability.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of the Guarantor not constitute a fraudulent
          transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to the Note Guarantee. To effectuate the foregoing
          intention, the Trustee, the Holders and the Guarantor hereby irrevocably agree that the obligations of the Guarantor will be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of the
          Guarantor that are relevant under such laws, result in the obligations of the Guarantor under its Note Guarantee constituting a fraudulent transfer or conveyance.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 5.4&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Application of Certain Terms and Provisions to the Guarantor.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of any provision of the Indenture which provides for the delivery by the Guarantor of an Officer&#8217;s Certificate and/or an Opinion of Counsel, the definitions of such terms
          in Section 1.2 shall apply to the Guarantor as if references therein to the Company were references to the Guarantor.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any notice or demand which by any provision of the Indenture is required or permitted to be given or served by the Trustee or by the Holders of Notes to or on the Guarantor may be
          given or served as described in Section 10.2 of the Base Indenture as if references therein to the Company were references to the Guarantor.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon any demand, request or application by the Guarantor to the Trustee to take any action under the Indenture, the Guarantor shall furnish to the Trustee such Officer&#8217;s Certificate
          and Opinion of Counsel as are required in Section 10.1 as if all references therein to the Company were references to the Guarantor.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">20</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;">ARTICLE VI</div>
        <div style="text-align: center;">ADDITIONAL COVENANTS</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The covenants set forth in Sections 4.1, 4.3 and 4.4 of the Base Indenture and the following additional covenants shall apply with respect to the Notes so long as any of the Notes remain
          outstanding:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 6.1&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160; <u>Limitations on Incurrence of Debt.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Limitation on Total Outstanding Debt</font>. The Company will not, and will not cause or permit any of its Subsidiaries to, incur any Debt
          (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount of all outstanding Debt of the
          Company and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) is greater than sixty five percent (65%) of the sum of (without duplication) (i) the Total Assets as of the last day of the then most recently ended fiscal
          quarter for which financial statements are available and (ii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such
          proceeds were not used to acquire real estate assets or <font style="color: rgb(0, 0, 0);">mortgages receivable or used to reduce Debt) in each case, by the </font>Company<font style="color: rgb(0, 0, 0);"> or any of its Subsidiaries since the
            end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt, determined on a consolidated basis in accordance with GAAP.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Limitation on Secured Debt</font>. The Company will not, and will not cause or permit any of its Subsidiaries to, incur any Debt (including, without
          limitation, Acquired Debt) secured by any Encumbrance on any property or assets of the Company or any of its Subsidiaries, whether owned on the date of this Indenture or thereafter acquired, if, immediately after giving effect to the incurrence
          of such Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with GAAP) of all outstanding Debt of the Company and its Subsidiaries which is
          secured by any Encumbrance on any property or assets of the Company or any of its Subsidiaries is greater than 40% of the sum of (without duplication) (i) the Total Assets as of the last day of the then most recently ended fiscal quarter for
          which financial statements are available and (ii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not
          used to acquire real estate assets or mortgages receivable or used to reduce Debt), in each case, by the Company or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such
          additional Debt, determined on a consolidated basis in accordance with GAAP.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge</font>. The Company will not, and will not cause or permit
          any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal
          quarters most recently ended for which financial statements are available prior to the date on which such additional Debt is to be incurred shall have been less than 1.5:1.0 on a pro forma basis after giving effect to the incurrence of such Debt
          and the application of the proceeds therefrom, and calculated on the assumption that:</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">21</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Company or any of its Subsidiaries since the first day of such four
          quarter period had been incurred, and the application of the proceeds therefrom (including to repay or retire other Debt) had occurred, on the first day of such period;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(2)&#160;&#160;&#160;&#160;&#160; &#160; the repayment or retirement of any other Debt of the Company or any of its Subsidiaries since the first day of such four quarter period had occurred on the first day
          of such period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt during such period); and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160; in the case of any acquisition or disposition by the Company or any of its Subsidiaries of any asset or group of assets, in any such case with a fair market value
          (determined in good faith by the Guarantor&#8217;s Board of Directors) in excess of $1,000,000, since the first day of such four quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition or
          disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Debt giving rise to the need to make the foregoing calculation described in this Section 6.1 or any other Debt incurred after the first day of the relevant four quarter period
          bears interest at a floating rate then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average rate which would have been in effect during such entire
          four quarter period had been the applicable rate for such entire such period.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Maintenance of Total Unencumbered Assets</font>. The Company, together with its Subsidiaries, will have at all times Total Unencumbered Assets of
          not less than one hundred and fifty percent (150%) of the aggregate principal amount of all outstanding Unsecured Debt of the Company and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Existence.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Subject to Section 6.3, each of the Company and the Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and
          statutory); provided that neither the Company nor the Guarantor shall be required to preserve any right if the Company or the Guarantor, as applicable, shall determine that (i) the preservation thereof is no longer desirable in the conduct of the
          business of the Company or the Guarantor, as applicable, and (ii) that the loss thereof is not disadvantageous in any material respect to the Holders.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">22</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 6.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Merger, Consolidation or Sale.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Company and Guarantor may consolidate with, or sell, lease or convey all or substantially all of the Company&#8217;s or the Guarantor&#8217;s assets to, or merge with or into, any other entity, provided
          that the following conditions are met:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Company or the Guarantor, as the case may be, shall be the continuing entity, or the successor entity (if other than the Company or the Guarantor, as the case may be) formed by
          or resulting from any consolidation or merger or which shall be organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia and (i) in the case of the Company, shall expressly
          assume payment of the principal of and interest on all of the Notes and the due and punctual performance and observance of all of the covenants and conditions in the Indenture and (ii) in the case of the Guarantor, shall expressly assume the
          obligations of the Guarantor under the Note Guarantee and the due and punctual performance and observance of all of the covenants and conditions in the Indenture</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160; &#160; &#160; immediately after giving effect to the transaction, no Event of Default under the Indenture, and no event which, after notice or the lapse of time, or both, would become an Event of
          Default, shall have occurred and be continuing; and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an Officer&#8217;s Certificate and an Opinion of Counsel stating that the proposed transaction complies with the foregoing conditions of this Section 6.3 and the Indenture, and that the
          proposed transaction and any supplemental indenture comply with the Indenture, shall be delivered to the Trustee.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">In the event of any transaction described in and complying with the conditions listed in this Section 6.3 in which the Company or the Guarantor, as the case may be, is not the continuing entity,
          the successor person formed or remaining shall succeed, and be substituted for, and may exercise every right and power of the Company or the Guarantor, as the case may be, and the Company or the Guarantor shall be discharged from its obligations
          under the Notes and the Indenture and, in the case of the Guarantor, the Note Guarantee.&#160; Without limiting the generality of Section 1.1, this Section 6.3 shall replace Article V of the Base Indenture with respect to the Notes only.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 6.4&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; <u>Provision of Financial Information.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Whether or not subject to Section 13 or 15(d) of the Exchange Act and for so long as any Notes are outstanding within fifteen (15) calendar days of the date on which such filing is
          made with the SEC (or would have been required to have been made with the SEC), each of the Company and Guarantor will furnish to the Trustee:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; all quarterly and annual reports that are or would be required to be filed by them with the SEC on Forms 10-Q and 10-K; and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; all current reports that are or would be required to be filed by them with the SEC on Form 8-K.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing, during any period in which the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company may satisfy
          its obligation to furnish the reports described above by furnishing reports for the Guarantor.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">23</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each of the Company and the Guarantor shall comply with the provisions of Section 314(a)(1) of the TIA.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Reports and other documents filed by the Company with the SEC and publicly available via the EDGAR system, a publicly available website or IntraLinks or any comparable password
          protected online data system requiring user identification and a confidentiality acknowledgement (a &#8220;<font style="font-style: italic;">Confidential Datasite</font>&#8221;) will be deemed to be delivered to the Trustee as of the time such filing is
          publicly available via EDGAR, such publicly available website or such Confidential Datasite for purposes of this covenant; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information,
          documents or reports have been filed pursuant to the EDGAR system (or its successor).&#160; Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee&#8217;s receipt of such shall not constitute
          constructive notice of any information contained therein or determinable from information contained therein, including the Company&#8217;s or the Guarantor&#8217;s compliance with any of its covenants under the Indenture (as to which the Trustee is entitled
          to rely exclusively on Officer&#8217;s Certificate).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 6.5&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Insurance.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Company will, and will cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance companies against such risks and in such amounts as is customarily
          maintained by persons engaged in similar businesses or as may be required by applicable law.</div>
        <div>&#160;</div>
        <div style="text-align: center;">ARTICLE VII</div>
        <div style="text-align: center;">DEFAULTS AND REMEDIES</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Sections 7.1 and 7.2 hereof shall replace Sections 6.1 and 6.2 of the Base Indenture with respect to the Notes only.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 7.1&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Events of Default.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-style: italic;">Event of Default</font>,&#8221; wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following events (whatever the reason
          for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;default for thirty (30) calendar days in the payment of any installment of interest under the Notes;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 Stated Maturity of the Notes in accordance with the terms of the Indenture shall not constitute a default in the payment of principal;</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">24</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 0.5pt;">(c)&#160;&#160;&#160; &#160; &#160;&#160; failure by the Company or the Guarantor to comply with any of the Company&#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 Company or the Guarantor of notice of such default by the Trustee or by <font style="color: rgb(0, 0, 0);">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) then outstanding and the Company&#8217;s or the Guarantor&#8217;s failure to cure (or obtain a waiver of) such default within sixty (60) calendar days after it receives such notice;</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;failure to pay any recourse indebtedness for monies borrowed (or guarantees in respect thereof) by the Company or the Guarantor in an outstanding principal amount in excess of
          $75,000,000 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 Company or the Guarantor and is
          not discharged, or such default in payment or acceleration is not cured or rescinded, within thirty (30) calendar days after written notice to the Company from the Trustee (or to the Company and the Trustee from Holders of at least twenty five
          percent (25%) in principal amount of the outstanding Notes); or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(e)&#160; &#160;&#160; &#160;&#160;&#160;&#160; the Company, the Guarantor or any of their respective Significant Subsidiaries pursuant to or under or within meaning of any Bankruptcy Law:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor or any such Significant
          Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or any such Significant Subsidiary or any substantial part of the property of the Company,
          the Guarantor or any such Significant Subsidiary; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the
          Company, the Guarantor or any such Significant Subsidiary; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; consents to the appointment of a custodian of it or for all or substantially all of its property; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160; makes a general assignment for the benefit of creditors; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;an involuntary case or other proceeding shall be commenced against the Company, the Guarantor or any of their respective Significant Subsidiaries seeking liquidation, reorganization
          or other relief with respect to the Company, the Guarantor or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
          liquidator, custodian or other similar official of the Company, the Guarantor or any such Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or any such Significant Subsidiary, and such involuntary case
          or other proceeding shall remain undismissed and unstayed for a period of sixty (60) calendar days; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">25</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; is for relief against the Company, the Guarantor or a Significant Subsidiary in an involuntary case or proceeding;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(2)&#160;&#160; &#160; &#160; appoints a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the
          property of the Company, the Guarantor or a Significant Subsidiary; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; orders the liquidation of the Company, the Guarantor or a Significant Subsidiary, in each case in this clause (g), the order or decree remains unstayed and in effect
          for sixty (60) calendar days.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The term &#8220;<font style="font-style: italic;">Bankruptcy Law</font>&#8221; means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.&#160; Without limiting the generality of
          Section 1.1, this Section 7.1 shall replace Section 6.1 of the Base Indenture with respect to the Notes only.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 7.2&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Acceleration of Maturity; Rescission and Annulment.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">If an Event of Default with respect to the Notes occurs and is continuing (other than an Event of Default referred to in Sections 7.1(e), 7.1(f) or 7.1(g), which shall result in an automatic
          acceleration), then in every such case, the Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes may declare the principal amount of, premium, if any, and accrued and unpaid interest, if any, on all of the
          outstanding Notes to be due and payable immediately, by a written notice thereof to the Company and the General Partner (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) of,
          premium, if any, and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Sections 7.1(e), 7.1(f) or 7.1(g) shall occur, the principal amount (or specified amount) of, premium, if any,
          and accrued and unpaid interest, if any, on all outstanding Notes shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">At any time after the principal amount of and premium, if any, and interest on the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the
          monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders of all of the Notes then outstanding, by written notice to the
          Company and to the Trustee, may rescind and annul such declaration and its consequences, if: (a) the Company or the Guarantor has deposited with the Trustee all required payments of the principal of, and premium, if any, and interest on, the
          Notes, plus the reasonable compensation and reimbursement for the Trustee&#8217;s expenses, disbursements and advances pursuant to Section 7.7 of the Base Indenture; and (b) all Events of Default, other than the non-payment of accelerated principal of
          (or specified portion thereof), or premium, if any, and interest on, the Notes that have become due solely because of such acceleration, have been cured or waived, subject in all respects to Section 6.13 of the Base Indenture. No such rescission
          and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Company shall notify, in writing, a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, in an&#160; Officer&#8217;s Certificate specifying with
          particularity such default or Event of Default and further stating what action the Company has taken, is taking or proposes to take with respect thereto.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">26</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Without limiting the generality of Section 1.1, this Section 7.2 shall replace Section 6.2 of the Base Indenture with respect to the Notes only.</div>
        <div>&#160;</div>
        <div style="text-align: center;">ARTICLE VIII</div>
        <div style="text-align: center;">AMENDMENTS AND WAIVERS</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Without limiting the generality of Section 1.1, Sections 8.1 and 8.2 hereof shall replace Sections 9.1 and 9.2, respectively, of the Base Indenture with respect to the Notes only.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 8.1&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Without Consent of Holders.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Company, when authorized by resolutions of the board of directors of the General Partner, and the Trustee may, from time to time and at any time, enter into an indenture or indentures
          supplemental without the consent of any Holder of the Notes hereto for one or more of the following purposes:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to cure any ambiguity, defect or inconsistency in the Indenture; provided<font style="font-style: italic;">&#160;</font>that this action shall not adversely affect the interests of the
          Holders of the Notes in any material respect;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to comply with Article V of the Base Indenture;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to provide for uncertificated Notes in addition to or in place of certificated Notes;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to add guarantors with respect to the Notes or secure the Notes;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; to evidence a successor to the Company as obligor or to any Guarantor as guarantor under the Indenture with respect to the Notes;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; to surrender any of the Company&#8217;s or the Guarantor&#8217;s rights or powers under the Indenture;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to add covenants or events of default for the benefit of the Holders of the Notes;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to comply with the applicable procedures of the Depositary;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to amend or supplement any provisions of the Indenture; provided that no amendment or supplement shall adversely affect the interests of the Holders of any Notes then outstanding in
          any material respect;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(j)&#160;&#160;&#160;&#160;&#160; &#160; &#160; to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture, or change any of the provisions of the Indenture as may be necessary to
          provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts hereunder by a successor Trustee;</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">27</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(k)&#160;&#160;&#160;&#160; &#160; &#160; to supplement any provisions of this Indenture to the extent necessary to permit or facilitate defeasance and discharge of the Notes; provided that this action shall not adversely
          affect the interests of the Holders of the Notes in any material respect;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to effect the appointment of a successor Trustee with respect to the Notes and to add to or change any of the provisions of the Indenture to provide for or facilitate administration
          by more than one Trustee;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to reflect the release of the Guarantor as guarantor, in accordance with the provisions of the Indenture; and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to conform the text of the Indenture, the Guarantee or the Notes to any provision of the description thereof set forth in the Prospectus to the extent that such provision in the
          Prospectus was intended to be a verbatim recitation of a provision of the Indenture, such Note Guarantee or the Notes (as certified in an Officer&#8217;s Certificate).</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Upon the written request of the Company, accompanied by a copy of the resolutions of the board of directors of the General Partner certified by the corresponding Secretary or Assistant Secretary,
          authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Company and the Guarantor in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations
          that may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee&#8217;s
          own rights, duties or immunities under the Indenture or otherwise.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Any supplemental indenture authorized by the provisions of this Section 8.1 may be executed by the Company, the Guarantor and the Trustee without the consent of the Holders of any of the Notes at
          the time outstanding, notwithstanding any of the provisions of Section 8.2.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 8.2&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; <u>With Consent of Holders.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">With the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, the Company, the Guarantor and the Trustee may, from time to time
          and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or any supplemental indenture or modifying in
          any manner the rights of the Holders of the Notes; provided<font style="font-style: italic;">&#160;</font>that no such supplemental indenture shall, without the consent of each Holder of the Notes so affected:</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">28</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; change the Stated Maturity of the principal of or any installment of interest on the Notes, reduce the principal amount of, or the rate or amount of interest on, or any premium
          payable on redemption of, the Notes, or adversely affect any right of repayment of the Holders of the Notes, change the place of payment, or the coin or currency, for payment of principal of or interest on any Note or impair the right to
          institute suit for the enforcement of any payment on or with respect to the Notes;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reduce the percentage in principal amount of the outstanding Notes necessary to modify or amend this Indenture, to waive compliance with certain provisions of this Indenture or
          certain defaults and their consequences provided in this Indenture, or to reduce the requirements of quorum or change voting requirements set forth in this Indenture;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; modify or affect in any manner adverse to the Holders the terms and conditions of the obligations of the Company or the Guarantor in respect of the due and punctual payments of
          principal and interest; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; &#160; modify any of Section 8.1, this Section 8.2, Section 6.8 of the Base Indenture or Section 6.13 of the Base Indenture or any of the requirements for waiver of certain past Defaults or
          amendment or waiver of certain covenants, except to increase the required percentage to effect the action or to provide that certain other provisions may not be modified or waived without the consent of the Holders of the Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Upon the written request of the Company, accompanied by a copy of the resolutions of the board of directors of the General Partner certified by the corresponding Secretary or Assistant Secretary,
          authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid, the Trustee shall join with the Company and the Guarantor in the execution of such supplemental
          indenture unless such supplemental indenture affects the Trustee&#8217;s own rights, duties or immunities under the Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental
          indenture. In executing or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by the Indenture, the Trustee shall receive, and shall be fully
          protected in conclusively relying upon, an Opinion of Counsel or an Officer&#8217;s Certificate or both, delivered prior to entering into any supplemental indenture pursuant to this Article 8, stating that the execution of such supplemental indenture
          is authorized or permitted by the Indenture, that all conditions precedent to the execution of such supplemental indenture have been complied with, and that the supplemental indenture is a legal, valid and binding obligation of the Company and
          the Guarantor, as applicable, enforceable against it in accordance with its terms.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">It shall not be necessary for the consent of the Holders under this Section 8.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent
          shall approve the substance thereof.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">29</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;">ARTICLE IX</div>
        <div style="text-align: center;">MEETINGS OF HOLDERS OF NOTES</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 9.1&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Purposes for Which Meetings May Be Called.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">A meeting of Holders may be called at any time and from time to time pursuant to this Article IX to make, give or take any request, demand, authorization, direction, notice, consent, waiver or
          other act provided by the Indenture to be made, given or taken by Holders.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 9.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Call, Notice and Place of Meetings.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Trustee may at any time call a meeting of Holders for any purpose specified in Section 9.1, to be held at such time and at such place in The City of New York, New York as the
          Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 10.2 of the
          Base Indenture, not less than twenty-one (21) nor more than one hundred and eighty (180) calendar days prior to the date fixed for the meeting.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case at any time the Company, the Guarantor or the Holders of at least 10% in principal amount of the outstanding Notes shall have requested the Trustee to call a meeting of the
          Holders for any purpose specified in Section 9.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the notice of
          such meeting within twenty-one (21) calendar days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company, the Guarantor, if applicable, or the Holders in the amount above
          specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section 9.2.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 9.3&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Persons Entitled to Vote at Meetings.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">To be entitled to vote at any meeting of Holders, a person shall be (a) a Holder of one or more outstanding Notes, or (b) a person appointed by an instrument in writing as proxy for a Holder or
          Holders of one or more outstanding Notes by such Holder or Holders; provided, that none of the Company, any other obligor upon the Notes or any Affiliate of the Company shall be entitled to vote at any meeting of Holders or be counted for
          purposes of determining a quorum at any such meeting in respect of any Notes owned by such persons. The only persons who shall be entitled to be present or to speak at any meeting of Holders shall be the persons entitled to vote at such meeting
          and their counsel, any representatives of the Trustee and its counsel, any representatives of any Guarantor and its counsel and any representatives of the Company and its counsel.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">30</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 9.4&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160; <u>Quorum; Action.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders; provided, however, that if any action is to be taken at
          the meeting with respect to a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount of the outstanding Notes, the persons holding or representing the specified percentage in principal
          amount of the outstanding Notes will constitute a quorum. In the absence of a quorum within thirty (30) minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders, be dissolved. In any other
          case the meeting may be adjourned for a period of not less than ten (10) calendar days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned
          meeting may be further adjourned for a period of not less than ten (10) calendar days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be
          given as provided in Section 9.2, except that such notice need be given only once not less than five (5) days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state
          expressly the percentage, as provided above, of the principal amount of the outstanding Notes which shall constitute a quorum.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Except as limited by the proviso to Section 8.2, any resolution presented at a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the
          affirmative vote of the Holders of a majority in principal amount of the outstanding Notes; provided, however, that, except as limited by the proviso to Section 8.2, any resolution with respect to any request, demand, authorization, direction,
          notice, consent, waiver or other action which the Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes may be adopted at a
          meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes. Any such resolution passed or decision
          taken at any meeting of Holders duly held in accordance with this Section 9.4 shall be binding on all the Holders, whether or not such Holders were present or represented at the meeting.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 9.5&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Determination of Voting Rights; Conduct and Adjournment of Meetings.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding any other provisions of the Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders in regard to proof of the
          holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters
          concerning the conduct of the meeting as it shall deem appropriate.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in
          Section 9.2(b), in which case the Company, the Guarantor or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by
          vote of the persons entitled to vote a majority in principal amount of the outstanding Notes of such series represented at the meeting.</div>
        <div style="text-align: justify; text-indent: 72pt;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At any meeting, each Holder or proxy shall be entitled to one vote for each $1,000 principal amount of Notes held or represented by him; provided, however, that no vote shall be cast
          or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote, except as a Holder or proxy.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">31</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any meeting of Holders duly called pursuant to Section 9.2 at which a quorum is present may be adjourned from time to time by persons entitled to vote a majority in principal amount of
          the outstanding Notes represented at the meeting; and the meeting may be held as so adjourned without further notice.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 9.6&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <u>Counting Votes and Recording Action of Meetings.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The vote upon any resolution submitted to any meeting of Holders shall be by written ballots on which shall be subscribed the signatures of the Holders or of their representatives by proxy and
          the principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution
          and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders shall be prepared by the
          secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of
          the notice of the meeting and showing that said notice was given as provided in Section 9.2 and, if applicable, Section 9.4. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one
          such copy shall be delivered to the Company and the Guarantor, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive
          evidence of the matters therein stated.</div>
        <div>&#160;</div>
        <div style="text-align: center;">ARTICLE X</div>
        <div style="text-align: center;">MISCELLANEOUS</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Recourse Against Others.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Without limiting the generality of Section 1.1, this Section 10.1 shall replace Section 10.8 of the Base Indenture with respect to the Notes only.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Except as otherwise expressly provided in Article V of this Third Supplemental Indenture, no recourse for the payment of the principal of (including the Redemption Price upon redemption pursuant
          to Article IV) or premium, if any, or interest on any Note or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Third Supplemental Indenture or
          in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent, officer, director or Subsidiary, as such, past, present or future, of
          the Guarantor, the Company or any of the Company&#8217;s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the Company or any of the Company&#8217;s Subsidiaries or any successor thereto, whether by virtue of any
          constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for,
          the execution of this Third Supplemental Indenture and the issue of the Notes.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">32</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Trust Indenture Act Controls.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">If any provision of this Third Supplemental Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Third Supplemental Indenture by the
          TIA, such required or deemed provision shall control.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">THIS THIRD SUPPLEMENTAL INDENTURE AND THE NOTES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIRD SUPPLEMENTAL INDENTURE OR THE NOTES, SHALL BE GOVERNED
          BY THE LAWS OF THE STATE OF NEW YORK.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">This Third Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
          original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
          delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes. The words &#8220;execution,&#8221; &#8220;signed,&#8221; &#8220;signature,&#8221; and words of like import in this Third
          Supplemental Indenture shall include images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, &#8220;pdf,&#8221; &#8220;tif&#8221; or &#8220;jpg&#8221;) and other electronic signatures (including without
          limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of
          the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and
          National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without
          limitation to the foregoing, and anything in this Third Supplemental Indenture to the contrary notwithstanding, (a) any Officer&#8217;s Certificate, Company Order, Opinion of Counsel, Note, Note Guarantee, opinion of counsel, instrument, agreement or
          other document delivered pursuant to this Third Supplemental Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats, (b) all references in Section 2.3 of the Base Indenture, Section 5.2 of this
          Third Supplemental Indenture or elsewhere in the Indenture to the execution, attestation or authentication of any Note, any Guarantee endorsed on any Note, or any certificate of authentication appearing on or attached to any Note by means of a
          manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in this Indenture that any signature be made under a corporate seal (or
          facsimile thereof) shall not be applicable to the Notes or any Note Guarantees. Each of the Company and the General Partner agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit
          communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">33</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">This Third Supplemental Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any
          electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant
          provisions of the Uniform Commercial Code/UCC (collectively, &#8220;<font style="font-style: italic;">Signature Law</font>&#8221;); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or
          faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall
          have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This
          Third Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual
          signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">All agreements of the Company and the Guarantor in this Third Supplemental Indenture and the Notes shall bind their respective successors and assigns. All agreements of the Trustee in this Third
          Supplemental Indenture shall bind its successor.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">In case any provision in this Third Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall
          not in any way be affected or impaired thereby.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Table of Contents, Headings, Etc.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Table of Contents and headings of the Articles and Sections of this Third Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof,
          and shall in no way modify or restrict any of the terms or provisions hereof.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ratifications.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Base Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all respects ratified and confirmed. The Indenture shall be read, taken and construed as one and the
          same instrument. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effectiveness.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The provisions of this Third Supplemental Indenture shall become effective as of the date hereof.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">34</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Section 10.10&#160;&#160;&#160;&#160;&#160;&#160; <u>The Trustee.</u></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. The Trustee shall not be responsible in any manner
          whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or the due execution thereof by the Company. The recitals contained herein shall be taken as the statements solely of the Company, and the Trustee
          assumes no responsibility for the correctness thereof. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor relationship listed in TIA Section 311(b), the Trustee shall
          be subject to the provisions of the TIA regarding the collection of the claims against the Company (or any such other obligor). If the Trustee has or shall acquire a conflicting interest within the meaning of the TIA, the Trustee shall either
          eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the TIA and the Indenture.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">35</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed by their respective officers hereunto duly authorized, all as of the day and year first
          written above.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" border="0" id="zb5f52fd3c07f4cbea0bf932422007085" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div>ESSEX PORTFOLIO, L.P.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div>By: Essex Property Trust, Inc.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="text-align: justify;">Its Sole General Partner</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="text-align: justify;">By:</div>
              </td>
              <td style="width: 47%; vertical-align: top; border-bottom: 2px solid black;">
                <div style="text-align: justify;">/s/ Barbara Pak</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" border="0" id="z956db011aefd48539e79272242d904b5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 53%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="text-align: justify;">Name: Barbara Pak</div>
              </td>
            </tr>
            <tr>
              <td style="width: 53%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="text-align: justify;">Its: Executive Vice President,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 53%; vertical-align: top;">&#160;</td>
              <td style="width: 2%; vertical-align: top;">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: justify;">Chief Financial Officer</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" id="zab0bcdec48ce44608ba98e1e91e8b3c9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div>ESSEX PROPERTY TRUST, INC.,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="text-align: justify; margin-left: 9pt;">as Guarantor</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="text-align: justify;">By:</div>
              </td>
              <td style="width: 47%; vertical-align: top; border-bottom: 2px solid black;">
                <div style="text-align: justify;">/s/ Barbara Pak</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" border="0" id="z808ca81ccc684a79a68caba409b785ca" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 53%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="text-align: justify;">Name: Barbara Pak</div>
              </td>
            </tr>
            <tr>
              <td style="width: 53%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="text-align: justify;">Its: Executive Vice President,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 53%; vertical-align: top;">&#160;</td>
              <td style="width: 2%; vertical-align: top;">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: justify;">Chief Financial Officer</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" id="zc835319cef5649bf9ea2b35888bc0640" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div>U.S. BANK TRUST COMPANY,</div>
                <div>NATIONAL ASSOCIATION,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="margin-left: 9pt;">as Trustee</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="text-align: justify;">By:</div>
              </td>
              <td style="width: 47%; vertical-align: top; border-bottom: 2px solid black;">
                <div style="text-align: justify;">/s/ David Jason</div>
              </td>
            </tr>

        </table>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" id="z65eb2bb3e3374c8ba8be7a6d6c82c3d6" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 53%; vertical-align: top;">&#160;</td>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Name: David Jason</div>
                </td>
              </tr>
              <tr>
                <td style="width: 53%; vertical-align: top;">&#160;</td>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Its: Vice President</div>
                </td>
              </tr>

          </table>
        </div>
        <div> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center; font-weight: bold;">EXHIBIT A</div>
        <div>&#160;</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ESSEX PORTFOLIO, L.P.</div>
        <div>&#160;</div>
        <div style="text-align: justify;">THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE THIRD SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO
          ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE THIRD SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
          TO SECTION 3.2(a) OF THE THIRD SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY
          WITH THE PRIOR WRITTEN CONSENT OF <font style="color: rgb(0, 0, 0);">ESSEX PORTFOLIO, L.P.</font> UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
          DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (&#8220;DTC&#8221;), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
          ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
          OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</div>
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        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageBreak" style="page-break-after: always;">
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        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ESSEX PORTFOLIO, L.P.</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">4.875% SENIOR NOTES DUE 2036</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Certificate No. [ ]</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">CUSIP No.: 29717PBD8</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">ISIN: US29717PBD87</div>
        <div style="font-weight: bold;"> <br>
        </div>
        <div style="text-align: center; font-weight: bold;">$[ ]</div>
        <div>&#160;</div>
        <div style="text-align: justify;">Essex Portfolio, L.P., a California limited partnership (herein called the &#8220;<font style="font-style: italic;">Company</font>,&#8221; which term includes any successor corporation under the Indenture referred to on the
          reverse hereof), for value received hereby promises to pay to Cede &amp; Co., or its registered assigns, the principal sum of [ ] MILLION DOLLARS ($[ ])[, or such other amount as is set forth in the Schedule of Exchanges of Interests in the
          Global Note on the other side of this Note,] on February 15, 2036 at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the
          time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026, to the Holder in whose name the Note is
          registered in the security register on the preceding February 1 or August 1, whether or not a Business Day, as the case may be, in accordance with the terms of the Indenture. Interest on the Notes will be computed on the basis of a 360-day year
          consisting of twelve 30-day months. The Company shall pay interest on any Notes in certificated form by check mailed to the address of the Holder entitled thereto; provided, however, that a Holder of any Notes in certificated form in the
          aggregate principal amount of more than $2,000,000 may specify by written notice to the Company that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or on any Global Notes by
          wire transfer of immediately available funds to the account of the Depositary or its nominee.</div>
        <div>&#160;</div>
        <div style="text-align: justify;">The Company promises to pay interest on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable under such applicable law) interest at the rate per annum borne by the
          Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify;">Reference is made to the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note.&#160; Such further provisions shall for all purposes have the same effect as though fully
          set forth at this place.</div>
        <div>&#160;</div>
        <div style="text-align: justify;">This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the
          Indenture.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.</div>
        <div>&#160;</div>
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              <td style="width: 50%; vertical-align: top;">
                <div>Dated: [ ], 20[ ]</div>
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              <td style="vertical-align: top;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
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                <div style="color: rgb(0, 0, 0);">ESSEX PORTFOLIO, L.P.</div>
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            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="color: rgb(0, 0, 0);">By:&#160; Essex Property Trust, Inc.,</div>
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            <tr>
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                <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Its Sole General Partner</div>
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            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0);">By:</div>
              </td>
              <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="color: rgb(0, 0, 0);">Name:</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="color: rgb(0, 0, 0);">Title:</div>
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        <div> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageBreak" style="page-break-after: always;">
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        <div style="text-align: center; font-weight: bold;">TRUSTEE&#8217;S CERTIFICATE OF AUTHENTICATION</div>
        <div>&#160;</div>
        <div>This is one of the Notes described in the within-named Indenture.</div>
        <div> <br>
        </div>
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              <td style="width: 50%; vertical-align: top;">
                <div>Dated: [ ], 20[ ]</div>
              </td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div>U.S. BANK TRUST COMPANY, NATIONAL</div>
                <div>ASSOCIATION,</div>
              </td>
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            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div>as Trustee</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0);">By:</div>
              </td>
              <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="text-align: center; margin-right: 36pt; color: rgb(0, 0, 0);">Authorized Signatory</div>
              </td>
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        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageBreak" style="page-break-after: always;">
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        <div style="text-align: center; font-weight: bold;">[FORM OF REVERSE SIDE OF NOTE]</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">ESSEX PORTFOLIO, L.P.</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">4.875% SENIOR NOTES DUE 2036</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">This Note is one of a duly authorized issue of Securities of the Company, designated as its 4.875% Senior Notes due 2036 (herein called the &#8220;<font style="font-style: italic;">Notes</font>&#8221;),
          issued under and pursuant to an Indenture dated as of March 14, 2024 (herein called the &#8220;<font style="font-style: italic;">Base Indenture</font>&#8221;), among the Company, the Guarantor and U.S. Bank Trust Company, National Association, as trustee
          (herein called the &#8220;<font style="font-style: italic;">Trustee</font>&#8221;), as supplemented by the Third Supplemental Indenture, dated as of December 12, 2025 (herein called the &#8220;<font style="font-style: italic;">Third Supplemental Indenture</font>,&#8221;
          and together with the Base Indenture, the &#8220;<font style="font-style: italic;">Indenture</font>&#8221;), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights,
          obligations, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the Holders of the Notes. Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the
          Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">If an Event of Default (other than an Event of Default specified in Sections 7.1(e), 7.1(f) and 7.1(g) of the Third Supplemental Indenture with respect to the Company) occurs and is continuing,
          the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, and, upon said
          declaration the same shall be immediately due and payable. If an Event of Default specified in Sections 7.1(e), 7.1(f) and 7.1(g) of the Third Supplemental Indenture occurs, the principal of and premium, if any, and interest accrued and unpaid on
          all the Notes shall be immediately and automatically due and payable without necessity of further action.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Indenture contains provisions permitting the Company, the Guarantor and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at
          the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the
          Holders of the Notes, subject to exceptions set forth in Section 8.2 of the Third Supplemental Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time
          outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Company and the Holder of the Notes, the obligation of the Company, which is
          absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein and in the Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.</div>
        <div style="text-align: justify; text-indent: 36pt;"> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageBreak" style="page-break-after: always;">
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        <div style="text-align: justify; text-indent: 36pt;">The Notes are issuable in fully registered form, without coupons, in minimum denominations of $2,000 principal amount and any multiple of $1,000. At the office or agency of the Company referred
          to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be
          imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Company shall have the right to redeem the Notes under certain circumstances as set forth in Section 4.1, Section 4.2 and Section 4.3 of the Third Supplemental Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The Notes are not subject to redemption through the operation of any sinking fund.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article V of the Third Supplemental
          Indenture and reference is hereby made to such Indenture for the precise terms of the Note Guarantee.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;">Except as expressly provided in Article V of the Third Supplemental Indenture, no recourse for the payment of the principal of (including the Redemption Price (as defined in Section 4.1 of the
          Third Supplemental Indenture) upon redemption pursuant to Article IV of the Third Supplemental Indenture) or any premium, if any, or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or
          upon any obligation, covenant or agreement of the Company in the Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner, member, manager, employee,
          agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Company or any of the Company&#8217;s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the Company or any of the
          Company&#8217;s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby
          expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note.</div>
        <div style="text-align: justify; text-indent: 36pt;"> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div style="text-align: center;">ASSIGNMENT FORM</div>
        <div>&#160;</div>
        <div style="text-align: justify;">To assign this Note, fill in the form below:</div>
        <div>&#160;
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                <td style="width: 28%; padding-bottom: 2px;">
                  <div style="text-align: left;">(I) or (we) assign and transfer this Note to: <br>
                  </div>
                </td>
                <td style="width: 72%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 28%;" rowspan="1"><br>
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                <td style="width: 72%; text-align: center;" rowspan="1">(Insert assignee&#8217;s legal name)</td>
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                <td style="width: 100%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 100%;">
                  <div style="text-align: center;">(Insert assignee&#8217;s soc. sec. or tax I.D. no.)</div>
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                <td style="width: 100%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 100%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 100%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
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              <tr>
                <td style="width: 100%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
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              <tr>
                <td style="width: 100%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 100%;" rowspan="1">
                  <div style="text-align: center;">(Print or type assignee&#8217;s name, address and zip code)</div>
                </td>
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        <div style="text-indent: 229.5pt;"><br>
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        <div>
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                <td style="width: 15%; padding-bottom: 2px;">
                  <div style="text-align: left;">and irrevocably appoint<br>
                  </div>
                </td>
                <td style="width: 85%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" colspan="2">
                  <div style="text-align: left;">to transfer this Note on the books of the Company. The agent may substitute another to act for him.</div>
                </td>
              </tr>

          </table>
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        <div>&#160;
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                  <div style="text-align: left;">Date:<br>
                  </div>
                </td>
                <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 10%; padding-bottom: 2px;"><br>
                </td>
                <td style="padding-bottom: 2px;" colspan="2"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-bottom: 2px;" colspan="2"><br>
                </td>
                <td style="width: 10%; padding-bottom: 2px;"><br>
                </td>
                <td style="width: 10%; padding-bottom: 2px;">
                  <div style="text-align: left;">Your Signature:<br>
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                </td>
                <td style="width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td colspan="2"><br>
                </td>
                <td style="width: 10%;"><br>
                </td>
                <td style="width: 10%;"><br>
                </td>
                <td style="width: 40%;">(Sign exactly as your name appears on the face of this Note)</td>
              </tr>

          </table>
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        <br>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zdc1b73a0ae414fa68126b1db970d1bfc">

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                <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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                <td style="width: 50%; padding-bottom: 2px;"><br>
                </td>
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        <div style="margin-left: 216pt;"><br>
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        <div>* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).</div>
        <div>&#160;</div>
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        <div style="text-align: center;">SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE *</div>
        <div>&#160;</div>
        <div>The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:</div>
        <div>&#160;</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">Amount of</div>
                <div style="text-align: center; color: rgb(0, 0, 0);">decrease in</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">at maturity of</div>
                <div style="text-align: center; color: rgb(0, 0, 0);"><u>this Global Note</u> </div>
              </td>
              <td style="width: 20.85%; vertical-align: bottom;">
                <div style="text-align: center; color: rgb(0, 0, 0);">Amount of</div>
                <div style="text-align: center; color: rgb(0, 0, 0);">increase in</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">at maturity of</div>
                <div style="text-align: center; color: rgb(0, 0, 0);"><u>this Global Note</u></div>
              </td>
              <td style="width: 21.05%; vertical-align: bottom;">
                <div style="text-align: center; color: rgb(0, 0, 0);">Principal amount</div>
                <div style="text-align: center; color: rgb(0, 0, 0);">at maturity of</div>
                <div style="text-align: center; color: rgb(0, 0, 0);">this Global Note</div>
                <div style="text-align: center; color: rgb(0, 0, 0);">following such</div>
                <div style="text-align: center; color: rgb(0, 0, 0);">decrease</div>
                <div style="text-align: center; color: rgb(0, 0, 0);"><u>(or increase)</u></div>
              </td>
              <td style="width: 15.08%; vertical-align: bottom;">
                <div style="text-align: center; color: rgb(0, 0, 0);">Signature of</div>
                <div style="text-align: center; color: rgb(0, 0, 0);">authorized</div>
                <div style="text-align: center; color: rgb(0, 0, 0);">officer of</div>
                <div style="text-align: center; color: rgb(0, 0, 0);">Trustee or</div>
                <div style="text-align: center; color: rgb(0, 0, 0);"><u>Custodian</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zba2b0697b59a42e3b4ce4841c09f09bd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 19.2pt; vertical-align: top; color: rgb(0, 0, 0);">*</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Signatures must be guaranteed by an &#8220;eligible guarantor institution&#8221; meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent
                  Medallion Program (&#8220;<font style="font-style: italic;">STAMP</font>&#8221;) or such other &#8220;signature guarantee program&#8221; as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
                  Exchange Act of 1934, as amended.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ef20061109_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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         Document created using Broadridge PROfile 25.10.1.5333
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    <div>
      <div style="font-weight: bold; text-align: right;"> Exhibit 5.1<br>
      </div>
    </div>
    <div> <br>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 60%; font-size: 10pt;"><br>
            </td>
            <td style="width: 40%; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">555 Eleventh Street, N.W., Suite 10<font style="font-family: 'Times New Roman';">00</font></div>
              <div style="text-align: left; font-family: 'Times New Roman';">Washington, D.C.&#160; 20004-1304</div>
              <div style="text-align: left; font-family: 'Times New Roman';">Tel: +1.202.637.2200&#160; Fax: +1.202.637.2201</div>
              <div style="text-align: left; font-family: 'Times New Roman';">www.lw.com</div>
            </td>
          </tr>

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

            <tr>
              <td style="width: 60%; vertical-align: top; text-align: left;" rowspan="15" colspan="1">
                <div>
                  <div style="font-family: 'Times New Roman'; font-size: 10pt;"><img src="image03.jpg">
                    <div><br>
                      <div>
                        <div style="font-size: 10pt;"> <br>
                        </div>
                        <div style="font-size: 10pt;"> <br>
                        </div>
                        <div style="font-size: 10pt;"><br>
                          <div><br>
                          </div>
                          <div><br>
                          </div>
                          <div><br>
                          </div>
                          December 12, 2025</div>
                      </div>
                    </div>
                  </div>
                </div>
              </td>
              <td style="vertical-align: top;" colspan="2">
                <div>FIRM / AFFILIATE OFFICES</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 15%; vertical-align: top;">Austin</td>
              <td rowspan="1" style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">Milan</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Beijing</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">Munich</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Boston</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">New York</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Brussels</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">Orange County</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Chicago</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">Paris</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Dubai</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">Riyadh</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>D&#252;sseldorf</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">San Diego</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Frankfurt</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">San Francisco</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Hamburg</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">Seoul</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Hong Kong</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Silicon Valley</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Houston</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">Singapore</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>London</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Tel Aviv</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Los Angeles</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">Tokyo</div>
              </td>
            </tr>
            <tr>
              <td style="width: 15%; vertical-align: top;">
                <div>Madrid</div>
              </td>
              <td style="width: 25%; vertical-align: top;">
                <div style="font-size: 10pt;">Washington, D.C.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div> <br>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Essex Property Trust, Inc.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Essex Portfolio, L.P.</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">1100 Park Place, Suite 200</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">San Mateo, CA 94403</div>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc614dc340d434c82b46d0349f484f477">

          <tr>
            <td style="width: 36pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">Re:</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';"><u>Registration Statement Nos. 333-281244 and 333-281244-01; $350,000,000 Aggregate Principal Amount of 4.875% Senior Notes due 2036</u></div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">To the addressees set forth above:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">We have acted as special counsel to Essex Portfolio, L.P., a California limited partnership (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Operating Partnership</font>&#8221;), in connection with the issuance by the Operating Partnership of $350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2036 (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Notes</font>&#8221;) and the guarantee of the Notes (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Guarantee</font>&#8221;) by Essex Property Trust, Inc.,
        a Maryland corporation (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Guarantor</font>&#8221;), under an Indenture, dated as of March 14, 2024 (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Base Indenture</font>&#8221;), among the Operating Partnership, the Guarantor and U.S. Bank Trust Company, National Association, as trustee (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Trustee</font>&#8221;), as supplemented by the Third Supplemental Indenture, dated as of December 12, 2025, among the Operating Partnership, the Guarantor and the Trustee (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Supplemental Indenture</font>&#8221; and, together with the Base Indenture, the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Indenture</font>&#8221;), and pursuant to (i) a registration statement
        on Form S&#8209;3 under the Securities Act of 1933, as amended (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Act</font>&#8221;), filed with the Securities and Exchange Commission (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Commission</font>&#8221;) on August 5, 2024 (Registration Nos. 333&#8209;281244 and 333-281244-01) (as amended, the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Registration Statement</font>&#8221;), (ii) a base prospectus, dated August 5, 2024, included as part of the Registration Statement (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Base Prospectus</font>&#8221;),


        (iii) a preliminary prospectus supplement, dated December 3, 2025, filed with the Commission pursuant to Rule 424(b) under the Act, (iv) a prospectus supplement, dated December 3, 2025, filed with the Commission pursuant to Rule 424(b) under the
        Act (together with the Base Prospectus, the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Prospectus</font>&#8221;), and (v) an underwriting agreement, dated December 3, 2025, among Wells Fargo Securities, LLC and
        J.P. Morgan Securities LLC, as representatives of the several underwriters named in the underwriting agreement, the Operating Partnership and the Guarantor (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Underwriting


          Agreement</font>&#8221;).&#160; This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S&#8209;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 Notes and the Guarantee.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">December 12, 2025</div>
          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Page 2</div>
          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
          </div>
          <div> <img src="image01.jpg">
            <div><br>
            </div>
          </div>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter.&#160; 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.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.&#160; Various issues pertaining to Maryland law are addressed in the opinion of
        Venable LLP, separately provided to you.&#160; 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.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the 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 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.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Our opinion is subject to:&#160; (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 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.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">December 12, 2025</div>
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Page 3</div>
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
        </div>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><img src="image01.jpg"> </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">With your consent, we have assumed (a) that the Indenture, the Guarantee and the Notes (collectively, the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Documents</font>&#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)&#160;&#160;
        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.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.&#160; 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 December 12, 2025 and to the reference to our firm contained
        in the Prospectus under the heading &#8220;Legal Matters.&#8221;&#160; 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.</div>
      <div style="font-size: 10pt;">&#160; </div>
      <div style="font-size: 10pt;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z427e465ce36b46ac9f29a139d9eb29af">

            <tr>
              <td style="width: 45%;">
                <div>&#160;</div>
              </td>
              <td style="width: 55%;">Sincerely,</td>
            </tr>
            <tr>
              <td style="width: 45%;">
                <div>&#160;</div>
              </td>
              <td style="width: 55%;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 45%;">
                <div>&#160;</div>
              </td>
              <td style="width: 55%;">/s/ Latham &amp; Watkins LLP</td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;"> <br>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>ef20061109_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using Broadridge PROfile 25.10.1.5333
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <font style="font-size: 10pt;"> </font>
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    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right;"> <font style="font-weight: bold;">Exhibit 5.2<br>
      </font></div>
    <div><font style="font-weight: bold;"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="text-align: center;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z13dd673bc2d14fe19fa94a55fda2dfc4">

          <tr>
            <td style="width: 50.00%;"><img src="image02.jpg"></td>
            <td style="width: 50%; text-align: right; vertical-align: bottom;">
              <div style="color: rgb(6, 30, 60); font-family: 'Times New Roman'; font-size: 10pt;">750 E. PRATT STREET&#160; SUITE 900&#160; BALTIMORE, MD 21202</div>
              <div style="color: rgb(6, 30, 60); font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">T</font> 410.244.7400&#160; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">F</font> 410.244.7742&#160; www.Venable.com</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="font-size: 10pt;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">December 12, 2025</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Essex Property Trust, Inc.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Essex Portfolio, L.P.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">1100 Park Place, Suite 200</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">San Mateo, California 94403</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf8fbd83970814e9f96268a7f2453c1ce" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 36pt;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Re:</font></div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Registration Statement on Form S-3</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Ladies and Gentlemen:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; 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
        $350,000,000 aggregate principal amount of the Operating Partnership&#8217;s 4.875% Senior Notes due 2036 (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 (<a name="z_Hlk43207778"></a>the &#8220;1933 Act&#8221;).</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies
        certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &#8220;Documents&#8221;):</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">The Registration Statement (File Nos.
            333-281244 and 333-281244-01), and the related form of prospectus included therein, in the form in which it was transmitted to the Commission under the 1933 Act, related to the offering and guarantee of the Notes;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-family: 'Times New Roman';">The Prospectus Supplement, dated
            December 3, 2025, in the form in which it was transmitted to the Commission for filing pursuant to Rule 424(b) of the General Rules and Regulations promulgated under the 1933 Act;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-family: 'Times New Roman';">The charter of the Company, certified
            by the State Department of Assessments and Taxation of Maryland (the &#8220;SDAT&#8221;);</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">The Seventh Amended and Restated
            Bylaws of the Company, certified as of the date hereof by an officer of the Company;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><img src="image02.jpg">
        <div><br>
        </div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><br>
        Essex Property Trust, Inc.<font style="font-family: 'Times New Roman';"><br>
        </font>Essex Portfolio, L.P.<font style="font-family: 'Times New Roman';"><br>
        </font>December 12, 2025<font style="font-family: 'Times New Roman';"><br>
        </font>Page 2 </div>
    </div>
    <div><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">A certificate of the SDAT as to the
            good standing of the Company, dated as of a recent date;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-family: 'Times New Roman';">The Fourth Amended and Restated
            Agreement of Limited Partnership of the Operating Partnership, certified as of the date hereof by an officer of the Company;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">7.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-family: 'Times New Roman';">Resolutions adopted by the Board of
            Directors of the Company, in its own capacity 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 an officer of the Company;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">8.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">The Indenture, dated as of March 14,
            2024 (the &#8220;Base Indenture&#8221;), as supplemented by the Third Supplemental Indenture, dated as of the date hereof (the &#8220;Third Supplemental Indenture&#8221; and, together with the Base Indenture, the &#8220;Indenture&#8221; and, together with <a name="YiFSelection"></a>the

            Guarantee, the &#8220;Transaction Documents&#8221;), by and among the Operating Partnership, the Company and U.S. Bank Trust Company, National Association;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">9.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">The Guarantee by the Company,
            contained in the Indenture;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">10.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; <font style="font-family: 'Times New Roman';">A certificate executed by an officer of
            the Company, dated as of the date hereof; and</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">11.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">Such other documents and matters as we
            have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">In expressing the opinion set forth below, we have assumed the following:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-family: 'Times New Roman';">Each individual executing any of the
            Documents, whether on behalf of such individual or another person, is legally competent to do so.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-family: 'Times New Roman';">Each individual executing any of the
            Documents on behalf of a party (other than the Company or the Operating Partnership) is duly authorized to do so.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">Each of the parties (other than the
            Company or the Operating Partnership) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party&#8217;s obligations set forth therein are legal, valid and
            binding and are enforceable in accordance with all stated terms.</font></font></div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-size: 10pt; text-align: left;">
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><img src="image02.jpg">
          <div><br>
          </div>
          <div>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
        <div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
        <div> Essex Property Trust, Inc.<font style="font-family: 'Times New Roman';"><br>
          </font>Essex Portfolio, L.P.<font style="font-family: 'Times New Roman';"><br>
          </font>December 12, 2025<font style="font-family: 'Times New Roman';"><br>
          </font>Page 3</div>
        <div> <br>
        </div>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font><font style="font-size: 10pt;">&#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">All Documents submitted to us as
            originals are authentic.&#160; <a name="z_Hlk160269586"></a>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.&#160; All Documents submitted to us as certified or photostatic copies conform to the original documents.&#160; All signatures on all Documents are genuine.&#160; All public records reviewed or relied upon by us or on our behalf are true and
            complete.&#160; All representations, warranties, statements and information contained in the Documents are true and complete.&#160; 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 of any of the Documents, by action or omission of the parties or otherwise.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">The phrase &#8220;known to us&#8221; is limited to the actual knowledge, without independent inquiry, of the lawyers currently at our firm who have performed legal
        services in connection with the transactions covered by, and the issuance of, this opinion.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">The Company is a corporation duly
            incorporated and validly existing under the laws of the State of Maryland and is in good standing with the SDAT.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: 'Times New Roman';">The Company has the corporate power,
            in its own capacity and in its capacity as sole general partner of the Operating Partnership, to enter into and perform its obligations under the Indenture and, in its own capacity, to enter into and perform its obligations under the Guarantee.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Indenture has been duly
            authorized, executed and, so far as is known to us, delivered by the Company, in its own capacity and in its capacity as sole general partner of the Operating Partnership, as applicable.</font></font></div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <br>
          </font></font></div>
      <div style="font-size: 10pt;">
        <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">The Guarantee has been duly
              authorized, executed and, so far as is known to us, delivered by the Company.</font></font></div>
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
        </div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div style="font-size: 10pt; text-align: left;">
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><img src="image02.jpg">
          <div><br>
          </div>
          <div>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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        <div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
      </div>
      <font style="font-size: 10pt; font-family: 'Times New Roman';"> </font>
      <div> Essex Property Trust, Inc.<font style="font-family: 'Times New Roman';"><br>
        </font>Essex Portfolio, L.P.<font style="font-family: 'Times New Roman';"><br>
        </font>December 12, 2025<font style="font-family: 'Times New Roman';"><br>
        </font>Page 4</div>
      <div> <br>
      </div>
      <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The 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.&#160; 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.&#160; We note that the Transaction Documents are each governed by the laws of the State of New York.&#160; 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.&#160; 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 any document.</font><font style="font-size: 10pt;">&#160; <font style="font-family: 'Times New Roman';">The opinion expressed herein is subject
            to the effect of any judicial decision which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters
        expressly stated.&#160; We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; 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.&#160; Latham &amp; Watkins LLP, counsel to the Company, may rely on this opinion in connection with their opinion of even date herewith.&#160; 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.&#160; 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.</div>
      <div style="font-size: 10pt;"><br>
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            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
                <div>Very truly yours,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
                <div>/s/ Venable LLP</div>
              </td>
            </tr>

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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>6
<FILENAME>ess-20251212_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
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<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentType" xml:lang="en-US" id="dei_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="dei_DocumentType" xlink:title="label: DocumentType to dei_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="WrittenCommunications" xlink:title="WrittenCommunications" />
    <link:label xlink:type="resource" xlink:label="dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_WrittenCommunications" xml:lang="en-US" id="dei_WrittenCommunications">Written Communications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WrittenCommunications" xlink:to="dei_WrittenCommunications" xlink:title="label: WrittenCommunications to dei_WrittenCommunications" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
    <link:label xlink:type="resource" xlink:label="dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_SolicitingMaterial" xml:lang="en-US" id="dei_SolicitingMaterial">Soliciting Material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SolicitingMaterial" xlink:to="dei_SolicitingMaterial" xlink:title="label: SolicitingMaterial to dei_SolicitingMaterial" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="PreCommencementTenderOffer" xlink:title="PreCommencementTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementTenderOffer" xml:lang="en-US" id="dei_PreCommencementTenderOffer">Pre-commencement Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer" xlink:title="label: PreCommencementTenderOffer to dei_PreCommencementTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementIssuerTenderOffer" xml:lang="en-US" id="dei_PreCommencementIssuerTenderOffer">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer" xlink:title="label: PreCommencementIssuerTenderOffer to dei_PreCommencementIssuerTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag" xml:lang="en-US" id="dei_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag" xlink:title="label: AmendmentFlag to dei_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus" xml:lang="en-US" id="dei_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate" xlink:title="label: DocumentPeriodEndDate to dei_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber" xlink:title="label: EntityTaxIdentificationNumber to dei_EntityTaxIdentificationNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode" xlink:title="label: EntityIncorporationStateCountryCode to dei_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany" xlink:title="label: EntityEmergingGrowthCompany to dei_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1" xlink:title="label: EntityAddressAddressLine1 to dei_EntityAddressAddressLine1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2" xlink:title="label: EntityAddressAddressLine2 to dei_EntityAddressAddressLine2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3" xlink:title="label: EntityAddressAddressLine3 to dei_EntityAddressAddressLine3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown" xlink:title="label: EntityAddressCityOrTown to dei_EntityAddressCityOrTown" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressStateOrProvince" xml:lang="en-US" id="dei_EntityAddressStateOrProvince">Entity Address, State or Province</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince" xlink:title="label: EntityAddressStateOrProvince to dei_EntityAddressStateOrProvince" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCountry" xml:lang="en-US" id="dei_EntityAddressCountry">Entity Address, Country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCountry" xlink:to="dei_EntityAddressCountry" xlink:title="label: EntityAddressCountry to dei_EntityAddressCountry" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressPostalZipCode" xml:lang="en-US" id="dei_EntityAddressPostalZipCode">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode" xlink:title="label: EntityAddressPostalZipCode to dei_EntityAddressPostalZipCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode" xml:lang="en-US" id="dei_CityAreaCode">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="dei_CityAreaCode" xlink:title="label: CityAreaCode to dei_CityAreaCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber" xlink:title="label: LocalPhoneNumber to dei_LocalPhoneNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_Security12bTitle" xml:lang="en-US" id="dei_Security12bTitle">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="dei_Security12bTitle" xlink:title="label: Security12bTitle to dei_Security12bTitle" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
    <link:label xlink:type="resource" xlink:label="dei_NoTradingSymbolFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_NoTradingSymbolFlag" xml:lang="en-US" id="dei_NoTradingSymbolFlag">No Trading Symbol Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag" xlink:title="label: NoTradingSymbolFlag to dei_NoTradingSymbolFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol" xml:lang="en-US" id="dei_TradingSymbol">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="dei_TradingSymbol" xlink:title="label: TradingSymbol to dei_TradingSymbol" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>ess-20251212_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<DOCUMENT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>image03.jpg
<TEXT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<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>Dec. 12, 2025</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">Dec. 12,  2025<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>
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</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>
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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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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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_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>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<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>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>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<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_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>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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_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>
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<td>na</td>
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<td>duration</td>
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</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>
</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_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>
</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:employerIdItemType</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_LocalPhoneNumber">
<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>
</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_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>
</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_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>
</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_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>
<tr>
<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>
</div></td></tr>
</table>
<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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</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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      id="Fact_1e275c76276642308adfdf7061ed80d9">001-13106</dei:EntityFileNumber>
    <dei:EntityFileNumber
      contextRef="c20251212to20251212_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_a74ec2f69831452c858161c8989db3a8">333-44467-01</dei:EntityFileNumber>
    <dei:EntityIncorporationStateCountryCode
      contextRef="c20251212to20251212"
      id="Fact_9c233cdcc73d4e68a57a8ceeb47717c9">MD</dei:EntityIncorporationStateCountryCode>
    <dei:EntityTaxIdentificationNumber
      contextRef="c20251212to20251212"
      id="Fact_93d91ccda3a942f093d57aa232d5baa0">77-0369576</dei:EntityTaxIdentificationNumber>
    <dei:EntityIncorporationStateCountryCode
      contextRef="c20251212to20251212_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_a1df894b8f714c1e8acc9096b97b8964">CA</dei:EntityIncorporationStateCountryCode>
    <dei:EntityTaxIdentificationNumber
      contextRef="c20251212to20251212_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_c5c086c097df42a7af30d221a68bdde5">77-0369575</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="c20251212to20251212"
      id="Fact_4fcabe3b595a4ec3be0dd71f5e5257aa">1100 Park Place</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2
      contextRef="c20251212to20251212"
      id="Fact_f803bd668f4f44229d02e24d3c6565f7">Suite 200</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown
      contextRef="c20251212to20251212"
      id="Fact_5426fd29d4d24224907ba78dfc95e73c">San Mateo</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="c20251212to20251212"
      id="Fact_85c7060ffe2a477086fd3e16b3344b7c">CA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="c20251212to20251212"
      id="Fact_c1268f92eb1149009ae74f731862a534">94403</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="c20251212to20251212"
      id="Fact_4925eaac763f418da45fa48e62be567d">650</dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="c20251212to20251212"
      id="Fact_cbbf590e56a94beb9775aa588a71adf4">655-7800</dei:LocalPhoneNumber>
    <dei:WrittenCommunications
      contextRef="c20251212to20251212"
      id="Fact_8a4c65a131ac48bbbb7649b3d5b142ea">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="c20251212to20251212"
      id="Fact_07ce9f9154a041e2a2ca94f802e6905a">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="c20251212to20251212"
      id="Fact_7f59269d9a454a30b72ce08c2563012e">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="c20251212to20251212"
      id="Fact_b83940be755a45379ffc15d1af546076">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="c20251212to20251212"
      id="Fact_78e9d6949b4841e999f63fa1c539a165">Common Stock, $0.0001 par value (Essex Property Trust, Inc.)</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="c20251212to20251212"
      id="Fact_499a4e3ff98747349b6705d46aab2752">ESS</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="c20251212to20251212"
      id="Fact_224a364014b84bf88f798e22f942e099">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany
      contextRef="c20251212to20251212"
      id="Fact_5071dc1eae934bcdb8798b760286130a">false</dei:EntityEmergingGrowthCompany>
    <dei:EntityEmergingGrowthCompany
      contextRef="c20251212to20251212_LegalEntityAxis_ESSEXPORTFOLIOLPMember"
      id="Fact_30d87617342a4bb18c882ae2fa80575c">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
