Issuer:
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Essex Portfolio, L.P.
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Guarantor:
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Essex Property Trust, Inc.
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Principal Amount:
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$450,000,000
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Expected Ratings (Moody’s / S&P)*:
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Baa1 / BBB+
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Trade Date:
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February 22, 2021
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Settlement Date:
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March 1, 2021 (T+5)
The Issuer expects that the delivery of the notes will be made against payment therefor on or about March 1, 2021, which is the fifth business day
following the date of the prospectus supplement (the settlement cycle being referred to as “T+5”). Under Rule 15c6-1 of the SEC promulgated under the Exchange Act, trades in the secondary market generally are required to settle in two
business days, unless the parties to that trade expressly agree otherwise at the time of the trade. Accordingly, purchasers who wish to trade the notes prior to the second business day preceding the closing date for the notes will be
required, by virtue of the fact that the notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own adviser.
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Maturity Date:
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March 1, 2028
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Interest Payment Dates:
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March 1 and September 1, commencing September 1, 2021
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Benchmark Treasury:
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UST 0.750% due January 31, 2028
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Benchmark Treasury Price / Yield:
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98-13 / 0.988%
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Spread to Benchmark Treasury:
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T+80 basis points
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Yield to Maturity:
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1.788%
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Coupon:
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1.700% per annum
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Price to Public:
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99.423% of the Principal Amount, plus accrued interest, if any, from the Settlement Date if settlement occurs after the Settlement Date
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Optional Redemption Provisions:
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Prior to January 1, 2028, make-whole call as set forth in the preliminary prospectus supplement at Treasury + 15 basis points
On or after January 1, 2028, the redemption price will be 100% of the principal amount to be redeemed plus accrued and unpaid interest thereon to, but
excluding, the redemption date, as set forth in the preliminary prospectus supplement
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CUSIP / ISIN:
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29717P AY3 / US29717PAY34
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Joint Book-Running Managers:
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Wells Fargo Securities, LLC
Citigroup Global Markets Inc.
J.P. Morgan Securities LLC
U.S. Bancorp Investments, Inc.
MUFG Securities Americas Inc.
PNC Capital Markets LLC
Regions Securities LLC
Truist Securities, Inc.
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Senior Co-Managers:
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Capital One Securities, Inc.
Mizuho Securities USA LLC
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Co-Managers:
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Barclays Capital Inc.
BNP Paribas Securities Corp.
Scotia Capital (USA) Inc.
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* |
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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