Essex Portfolio’s $450 Million Public Investment-Grade Notes Offering

Alston & Bird LLP advised the underwriters on the deal.

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, announced its SEC-registered investment-grade $450 million notes offering.

The offering of 1.700% senior notes due 2028 was priced by Essex Portfolio on February 22, 2021, and closed March 1, 2021. 

Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, Regions Securities LLC, and Truist Securities Inc. served as joint book-running managers. Capital One Securities Inc. and Mizuho Securities USA LLC served as senior co-managers, and Barclays Capital Inc., BNP Paribas Securities Corp., and Scotia Capital (USA) Inc. served as co-managers for the offering.

Essex Portfolio intends to use the net proceeds to repay upcoming debt maturities, including all or a portion of certain unsecured term loans, and for other general corporate and working capital purposes.

The notes offering is the eighth by Essex Portfolio since 2019 for which Alston & Bird has represented the underwriters. Altogether, the firm has acted for the underwriters on Essex Portfolio notes offerings totaling a combined $3.85 billion.

Advising the underwriters on the most recent offering is an Alston & Bird team led by partners Michael Kessler (Picture) and Rosemarie Thurston and senior associate Ian Jones (REITs & Funds); partner Shawna Tunnell and senior associate Stefanie Kavanagh (Federal & International Tax); senior associate David Rutherford (Finance); and associate Joel Jung (Financial Services & Products).  


Involved fees earner: Joel Jung – Alston & Bird LLP; Ian Jones – Alston & Bird LLP; Stefanie Kavanagh – Alston & Bird LLP; Michael Kessler – Alston & Bird LLP; David Rutherford – Alston & Bird LLP; Rosemarie Thurston – Alston & Bird LLP; Shawna Tunnell – Alston & Bird LLP;

Law Firms: Alston & Bird LLP;

Clients: Barclays Capital ; BNP Paribas; Capital One Securities; Citigroup Global Markets Ltd; J.P. Morgan Securities LLC; Mizuho Securities; MUFG Securities Americas Inc. ; PNC Capital Markets LLC; Regions Securities LLC; Scotia Capital Inc.; Truist Securities Inc. ; U.S. Bancorp Investments; Wells Fargo Securities;

Martina Bellini

Author: Martina Bellini