September 27, 2016 11:19 AM ET

Equity Real Estate Investment Trusts (REITs)

Company Overview of Essex Portfolio Limited Partnership

Company Overview

Essex Portfolio Limited Partnership engages in the ownership, operation, management, acquisition, development, and redevelopment of multifamily apartment communities in the United States. As of December 31, 2007, the company held ownership interests in 134 apartment communities comprising 27,489 units; 6 office buildings with approximately 478,040 square feet; 2 recreational vehicle parks comprising 338 spaces; and 1 manufactured housing community consisting of 157 sites. Its properties are located in southern and northern California, Seattle metropolitan area, and Houston, Texas. Essex Property Trust, Inc. serves as the general partner of the company. The company is headquartered in Palo Al...

925 East Meadow Drive

Palo Alto, CA 94303

United States

Phone:

650-494-3700

Fax:

650-494-8743

Key Executives for Essex Portfolio Limited Partnership

Chief Executive Officer - Essex Property Trust Inc - General Partner and Director - Essex Property Trust Inc - General Partner
Age: 58
Vice Chairman of Essex Property Trust Inc - General Partner, Chief Executive Officer of Essex Property Trust Inc - General Partner and President of Essex Property Trust Inc - General Partner
Age: 67
Principal Accounting Officer of Essex Property Trust Inc and Vice President of Essex Property Trust Inc
Senior Vice President of Essex Property Trust Inc - General Partner and Secretary of Essex Property Trust Inc - General Partner
Vice President of Essex Property Trust Inc - General Partner and Controller of Essex Property Trust Inc - General Partner
Compensation as of Fiscal Year 2016.

Essex Portfolio Limited Partnership Key Developments

Essex Portfolio, L.P. Prices $450 Million Senior Unsecured Notes Due April 15, 2026

Essex Property Trust Inc. announced that its operating partnership, Essex Portfolio, L.P. priced $450 million aggregate principal amount of senior unsecured notes at an interest rate per annum of 3.375%. The notes were offered to investors at a price of 99.386% of par value with a yield to maturity of 3.448%. Interest is payable semiannually on April 15 and October 15 with the first interest payment due October 15, 2016. The notes mature on April 15, 2026. The notes will be the senior unsecured obligations of the issuer and will be fully and unconditionally guaranteed by Essex Property Trust Inc. The notes offering is expected to close on April 11, 2016, subject to certain closing conditions. The operating partnership expects to use net proceeds to repay indebtedness under its unsecured line of credit facilities and for other general corporate and working capital purposes. Wells Fargo Securities, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., U.S. Bancorp Investments Inc. and Jefferies LLC served as joint book-running managers. Barclays Capital Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and UBS Securities LLC served as senior co-managers and BMO Capital Markets Corp., Capital One Securities Inc., Mizuho Securities USA Inc. and Regions Securities LLC served as co-managers for the offering.

Essex Portfolio Seeks Acquisitions

Essex Portfolio Limited Partnership is looking for acquisition opportunities. Essex Portfolio intends to use net proceeds from the offering to repay indebtedness under the Issuer’s $1.0 billion unsecured line of credit facility and the Issuer’s $25.0 million unsecured working capital line of credit facility, and for other general corporate and working capital purposes. Such general corporate purposes may include the acquisition, development or redevelopment of properties, which primarily will be apartment communities, or making other investments.

Essex Portfolio Seeks Acquisitions

Essex Portfolio Limited Partnership announced a fixed-income offering of senior notes in the amount of $498.7 million. Essex Portfolio intends to use the net proceeds of this offering to repay indebtedness under the Issuer’s $1 billion unsecured line of credit facility and the Issuer’s $25 million unsecured working capital line of credit facility, and for other general corporate and working capital purposes. Such general corporate purposes may include the acquisition, development or redevelopment of properties, which primarily will be apartment communities, or making other investments.

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Recent Private Companies Transactions

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