Press Release April 3, 2019

Alston & Bird Represents Underwriters on Two Public Investment-Grade Notes Offerings by Essex Portfolio Totaling $500 Million

Alston & Bird represented the underwriters in connection with two SEC-registered investment-grade notes offerings totaling $500 million issued by Essex Portfolio, L.P., the operating partnership of Essex Property Trust, Inc., a publicly traded real estate investment trust (REIT) that invests in multifamily residential properties on the U.S. West Coast.

In the first transaction, Alston & Bird represented the underwriters on a $350 million offering of 4.000% senior notes due in 2029 issued by Essex Portfolio and guaranteed by Essex Property Trust. Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Jefferies LLC, and MUFG Securities Americas Inc. 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 Mizuho Securities USA LLC served as senior co-managers, and Capital One Securities Inc., Regions Securities LLC, and Scotia Capital (USA) Inc. served as co-managers for the offering.

In a successful reopening of the February transaction, Alston & Bird represented the underwriters on an additional offering of notes with a principal balance of $150 million, which closed on March 26, 2019. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Jefferies LLC, and MUFG Securities Americas Inc. served as joint book-running managers. BB&T Capital Markets, a division of BB&T Securities LLC; BNP Paribas Securities Corp.; and Mizuho Securities USA LLC served as senior co-managers, and Capital One Securities Inc., Regions Securities LLC, and Scotia Capital (USA) Inc. served as co-managers for the reopening.

Essex Portfolio intends to use the net proceeds of both offerings to repay debt under its unsecured line of credit facilities and for other general corporate and working capital purposes.

Advising the underwriters was an Alston & Bird team led by partners Rosemarie Thurston and Michael Kessler and associate Ian Jones (REITs & Funds), partners Hill Jeffries and Sarah Hess Mackenzie (Capital Markets & Securities), partner Jim Croker and associate Stefanie Kavanagh (Tax), and senior associate David Rutherford (Finance).
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Nicholas Clarke
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Phone: 212.210.1222
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