8-KOther EventsExhibits & Filings

ESSEX PROPERTY TRUST, INC. 8-K Report, Corporate Update (Feb 5, 2019)

Filed February 5, 2019For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) announced on February 4, 2019, through its operating partnership, Essex Portfolio, L.P., the pricing of a public offering of $350 million in 4.000% Senior Notes due 2029. These notes will be fully and unconditionally guaranteed by the parent company, Essex Property Trust, Inc. The primary use of the net proceeds from this debt issuance is to repay existing indebtedness under the company's unsecured line of credit facilities. The remainder will be allocated for general corporate and working capital purposes. This move indicates a proactive approach to managing its debt structure and providing financial flexibility.

Key Highlights

  • 1Essex Property Trust, Inc. (ESS) priced a $350 million Senior Notes offering.
  • 2The notes mature in 2029 and carry a coupon rate of 4.000%.
  • 3The offering is conducted through the company's operating partnership, Essex Portfolio, L.P.
  • 4Essex Property Trust, Inc. provides a full and unconditional guarantee for the notes.
  • 5Proceeds will be used to pay down existing credit facility debt.
  • 6Remaining funds will support general corporate and working capital needs.
  • 7The filing includes the Underwriting Agreement and a press release detailing the note pricing.

Frequently Asked Questions

The primary purpose is to repay existing indebtedness under Essex Property Trust's unsecured line of credit facilities, which helps to refinance or manage short-term debt with longer-term, fixed-rate obligations. The remaining proceeds will be used for general corporate and working capital purposes.

The new Senior Notes due 2029 have a fixed interest rate of 4.000% per annum and will mature in 2029.

Yes, Essex Property Trust, Inc. provides a full and unconditional guarantee for the $350 million in Senior Notes issued by its operating partnership, Essex Portfolio, L.P.

The underwriters for this offering include Wells Fargo Securities, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and U.S. Bancorp Investments, Inc., acting as representatives of the several underwriters.