Alston & Bird acted as counsel to the underwriters in connection with an SEC-registered investment-grade notes offering totaling $150 million issued by Essex Portfolio L.P., the operating partnership of Essex Property Trust Inc., a publicly traded real estate investment trust that invests in multifamily residential properties on the U.S. West Coast.
The offering of 2.650% senior notes due 2032 was priced by Essex Portfolio on June 17, 2020, and closed June 19, 2020. The notes are being offered as additional notes under an indenture pursuant to which the issuer previously issued a $500 million aggregate principal amount of 2.650% senior notes due 2032 on February 11, 2020.
U.S. Bancorp Investments Inc., Jefferies LLC, Regions Securities LLC, and SunTrust Robinson Humphrey Inc. served as joint book-running managers for the offering.
The notes offering is the ninth by Essex Portfolio for which Alston & Bird has represented the underwriters. In 2019 and 2020, the firm has advised the underwriters of six SEC-registered investment-grade notes offerings by Essex Portfolio totaling $1.7 billion.
Advising the underwriters on the most recent offering was an Alston & Bird team led by partners Michael Kessler and Rosemarie Thurston and senior associate Ian Jones (REITs & Funds); partner Sarah Hess Mackenzie (Capital Markets & Securities); partner Shawna Tunnell and senior associate Stefanie Kavanagh (Federal & International Tax); senior associate David Rutherford (Finance); and associate Joel Jung (Financial Services & Products).