The company said its operating partnership subsidiary, Essex Portfolio, L.P. (the Operating Partnership), issued $350.0 million in 5.500% senior notes due 2034 on March 14, 2024. The notes were offered at 99.752% of principal amount.

1. 01

   The company said its operating partnership subsidiary, Essex Portfolio, L.P. (the Operating Partnership), issued $350.0 million in 5.500% senior notes due 2034 on March 14, 2024. The notes were offered at 99.752% of principal amount.

2. 02

   The company said the net proceeds from the notes were about $346.5 million after deducting the underwriting discount and estimated offering expenses. The Operating Partnership plans to use the proceeds to repay debt maturing in May 2024, including part of the repayment of its 3.875% senior unsecured notes, and for general operating funds.

3. 03

   The company said the notes bear interest at 5.500% per year, payable semi-annually in arrears on April 1 and October 1, with the first payment on October 1, 2024, and mature on April 1, 2034. Before January 1, 2034, the redemption price is the greater of an amount based on the Treasury Rate plus 25 basis points discount and 100% of principal amount.

4. 04

   The company said the notes are general unsecured senior obligations of the Operating Partnership and are fully and unconditionally guaranteed by the company. Events of default listed include a failure to pay interest for 30 days and unpaid recourse indebtedness above $50.0 million.

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