Essex upsizes revolving credit facility to $1.5B, adds $300M term loan and $750M CP program

ESSEX PORTFOLIO LP

New $1.5B revolver replaces $1.2B facility; maturity Jan 2030 with two 6-month extensions; expected effective July 2025.
$300M term loan due May 2028, two 1-year extensions; $150M swapped to fixed all-in rate of 4.1%.
$750M commercial paper program established; proceeds for general corporate and working capital purposes.
As of May 20, $535M outstanding on prior revolver; no borrowings yet on term loan or CP program.

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