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 $300 million aggregate principal amount of 2.550% senior notes due 2031 (the “Notes”). The Notes were priced at 99.367% of par value with a yield to maturity of 2.622%. Interest is payable semiannually at an interest rate per annum of 2.550% on June 15 and December 15 of each year with the first interest payment due December 15, 2021. The Notes mature on June 15, 2031. 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 June 1, 2021, subject to the satisfaction of certain closing conditions.
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