ESSEX PORTFOLIO LP: debt financing — Essex Portfolio issues $400M of 5.375% senior notes due 2035

ESSEX PORTFOLIO LP

Issued $400M of 5.375% senior notes due April 1, 2035; net proceeds of ~$395.5M after discount and expenses.
Proceeds to refinance maturing debt, including $500M of 3.500% notes due April 2025, and for general corporate purposes.
Notes are unsecured senior obligations of Essex Portfolio, L.P., ranking equally with other senior unsecured debt.
Redeemable at make-whole plus 15 bps before Jan 1, 2035, then at par; interest payable semi-annually starting Oct 1, 2025.
Fully and unconditionally guaranteed by Essex Property Trust, Inc.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

ESSEX PORTFOLIO LP incurred senior notes of $400.0 million with the holders at 5.375% per annum maturing April 1, 2035.

Instrument: senior notes
Principal: $400.0 million
Counterparty: the holders
Rate: 5.375% per annum
Maturity: April 1, 2035
Event: incurrence

Exact text from the filing

On February 18, 2025, Essex Portfolio, L.P. (the “Operating Partnership”), the operating partnership of Essex Property Trust, Inc. (the “Company”), issued $400.0 million aggregate principal amount of its 5.375% senior notes due 2035 (the “Notes”).

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Source: SEC EDGAR

accession 0001140361-25-005002

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