Filed Pursuant to Rule 433
Registration Nos. 333-209886 and 333-209886-01
April 3, 2017
Essex Portfolio, L.P.
$350,000,000 3.625% Senior Notes due 2027
fully and unconditionally guaranteed by
Essex Property Trust, Inc.
$350,000,000 3.625% Senior Notes due 2027
fully and unconditionally guaranteed by
Essex Property Trust, Inc.
Issuer: | Essex Portfolio, L.P. |
Guarantor: | Essex Property Trust, Inc. |
Principal Amount: | $350,000,000 |
Expected Ratings (Moody’s / S&P / Fitch)*: | Baa1 / BBB+ / BBB+ |
Trade Date: | April 3, 2017 |
Settlement Date: | April 10, 2017 (T+5) |
Maturity Date: | May 1, 2027 |
Interest Payment Dates: | May 1 and November 1, commencing November 1, 2017 |
Benchmark Treasury: | 2.250% due February 15, 2027 |
Benchmark Treasury Price / Yield: | 99-05+ / 2.344% |
Spread to Benchmark Treasury: | + 135 basis points |
Yield to Maturity: | 3.694% |
Coupon: | 3.625% per annum |
Price to Public: | 99.423% of the Principal Amount, plus accrued interest, if any, from the Settlement Date if settlement occurs after the Settlement Date |
Optional Redemption Provisions: | Prior to February 1, 2027, make-whole call as set forth in the preliminary prospectus supplement at Treasury + 25 basis points On or after February 1, 2027, 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 |
CUSIP / ISIN: | 29717P AR8 / US29717PAR82 |
Joint Book-Running Managers: | Wells Fargo Securities, LLC Citigroup Global Markets Inc. J.P. Morgan Securities LLC MUFG Securities Americas Inc. U.S. Bancorp Investments, Inc. Jefferies LLC |
Senior Co-Managers: | Barclays Capital Inc. BB&T Capital Markets, a division of BB&T Securities, LLC BNP Paribas Securities Corp. Deutsche Bank Securities Inc. |
Co-Managers: | Capital One Securities, Inc. Mizuho Securities USA Inc. Regions Securities LLC Scotia Capital (USA) Inc. |
*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.
The issuer has filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement for this offering, the issuer’s prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it from (i) Wells Fargo Securities, LLC toll free at 1-800-645-3751, (ii) Citigroup Global Markets Inc. toll free at 1-800-831-9146, (iii) J.P. Morgan Securities LLC collect at 1-212-834-4533, (iv) MUFG Securities Americas Inc. toll free at 1-877-649-6848 or (v) U.S. Bancorp Investments, Inc. toll free at 1-877-558-2607.