Essex Property Trust Prices $350M Senior Notes

Essex Property Trust, Inc. has announced the pricing of $350 million aggregate principal amount of 5.500% senior notes due 2034. These notes were priced at 99.752% of par value with a yield to maturity of 5.532%. Interest is payable semiannually at an interest rate per annum of 5.500% on April 1 and October 1 of each year, with the first interest payment due on October 1, 2024. The notes will mature on April 1, 2034.

The company intends to use the net proceeds from this offering to repay upcoming debt maturities, including to fund a portion of the repayment of the issuer’s 3.875% senior unsecured notes due in May 2024 upon maturity thereof, 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 net proceeds initially may be invested in short-term securities.

The joint book-running managers for the offering were Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc. and Citigroup Global Markets Inc. The senior co-managers and co-managers for the offering were BMO Capital Markets Corp., Mizuho Securities USA LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities, Inc., BNP Paribas Securities Corp., Capital One Securities, Inc., Morgan Stanley & Co. LLC, and Samuel A. Ramirez & Company, Inc.

Essex Property Trust, Inc. is an S&P 500 company and is a fully integrated real estate investment trust that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. The company currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development. If you want to know more, read the company's complete 8-K report here.

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