Essex Property Trust Prices $450 Million of Senior Notes

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Feb 23, 2021
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Essex Property Trust, Inc. (NYSE:ESS, Financial) announced today that its operating partnership, Essex Portfolio, L.P. (the “Issuer”), priced an underwritten public offering of $450 million aggregate principal amount of 1.700% senior notes due 2028 (the “Notes”). The Notes were priced at 99.423% of par value with a yield to maturity of 1.788%. Interest is payable semiannually at an interest rate per annum of 1.700% on March 1 and September 1 of each year with the first interest payment due September 1, 2021. The Notes mature on March 1, 2028. The Notes will be the senior unsecured obligations of the Issuer and will be fully and unconditionally guaranteed by Essex Property Trust, Inc. The Notes offering is expected to close on March 1, 2021, subject to the satisfaction of certain closing conditions.