September 01, 2014 5:32 PM ET

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

Vice Chairman of Essex Property Trust Inc - General Partner
Age: 65
Chief Financial Officer of Essex Property Trust Inc and Executive Vice President of Essex Property Trust Inc
Age: 57
Chief Operating Officer of Essex Property Trust Inc - General Partner
Age: 56
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
Compensation as of Fiscal Year 2014.

Essex Portfolio Limited Partnership Key Developments

Essex Portfolio L.P. Prices $400 Million Senior Unsecured Notes Due May 1, 2024

Essex Property Trust Inc. announced that its operating partnership, Essex Portfolio, L.P., priced a private placement of $400 million aggregate principal amount of senior unsecured notes at an interest rate per annum of 3.875%. The Notes were offered to investors at a price of 99.234% of par value with a yield to maturity of 3.968%. Interest is payable semiannually on May 1, 2014 and November 1, 2014 with the first interest payment due November 1, 2014. The Notes mature on May 1, 2024. The Notes offering is expected to close on April 15, 2014, subject to certain closing conditions. The operating partnership expects to use net proceeds to refinance existing senior unsecured indebtedness and for general corporate purposes. The Notes are being offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and in offshore transactions pursuant to Regulation S under the Securities Act. In connection with the offering of the Notes, Essex Property Trust Inc. and Essex Portfolio, L.P., expect to enter into a registration rights agreement pursuant to which they will agree to file a registration statement with respect to an offer to exchange the Notes for identical new notes registered under the Securities Act. The Notes have not been registered under the Securities Act and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Essex Portfolio, L.P. Announces Preliminary Results for Exchange Offers

Essex Property Trust Inc. announced the preliminary results of the previously announced exchange offers by its operating partnership, Essex Portfolio, L.P. to exchange any and all of the 5.500% Senior Notes due 2017 (CUSIP No. 05564E BK1) (the 'Existing 2017 Notes'), 5.200% Senior Notes due 2021 (CUSIP No. 05564E BL9) (the 'Existing 2021 Notes') and 3.375% Senior Notes due 2023 (CUSIP No. 05564E BM7) (the 'Existing 2023 Notes' and, collectively with the Existing 2017 Notes and the Existing 2021 Notes, the 'Existing Notes') issued by BRE Properties Inc., which in accordance with the merger agreement, dated December 19, 2013, between Essex and BRE, is expected to be merged into a wholly owned subsidiary of Essex (the 'BRE Merger'), for EPLP's new 5.500% Senior Notes due 2017 (the 'New 2017 Notes'), 5.200% Senior Notes due 2021 (the 'New 2021 Notes') and 3.375% Senior Notes due 2023 (the 'New 2023 Notes' and, collectively with the New 2017 Notes and the New 2021 Notes, the 'New Notes'), respectively, each guaranteed by Essex and each with registration rights (collectively, the 'Exchange Offers'). EPLP has been advised by D.F. King & Co. Inc., the information agent for the Exchange Offers, that holders of 91.40% of the principal amount of the Existing 2017 Notes; 94.19% of the principal amount of the Existing 2021 Notes; and 94.87% of the principal amount of the Existing 2023 Notes had validly tendered their Existing Notes pursuant to the terms of the Exchange Offers prior to the early participation and consent date of 5:00 p.m., New York City time, on March 18, 2014 (the 'Early Participation and Consent Date'). Under the terms of the Exchange Offers, holders who have previously tendered their Existing Notes can no longer validly withdraw those notes from the Exchange Offers. The Exchange Offers will expire at 11:59 p.m., New York City time, on April 1, 2014, unless extended by EPLP.

Essex Portfolio, L.P. Enters into Fourth Amendment and Restated Revolving Credit Agreement with Swing Line

On January 29, 2014, Essex Portfolio, L.P., the operating partnership of Essex Property Trust Inc., entered into a fourth amendment to the amended and restated revolving credit agreement dated September 16, 2011, as amended, with PNC Bank, National Association, as administrative agent, Swing Line Lender and L/C Issuer and the other lenders named therein. The amendment increases the maximum amount available for borrowings under the revolving credit facility from $600 million to $1 billion, and includes an accordion feature pursuant to which the company could expand the amount to $1.5 billion, subject to certain specified conditions. The amendment also amends the revolving credit facility to, among other things, (i) extend the maturity date to December 31, 2017, with an option to extend the maturity date by 18 months subject to specified conditions and subject to the payment of an extension fee, (ii) decrease the applicable interest rate and (iii) modify certain financial covenants. As a result of the amendment, the interest rate paid on borrowings under the revolving credit facility, which is based on a tiered rate structure tied to the company's corporate ratings, was reduced from LIBOR plus 1.075% to LIBOR plus 0.95%, and the facility fee was reduced from 17.5 basis points to 15 basis points per annum on the total amount of lending commitments under the revolving credit facility. Both the interest rate and the facility fee are subject to adjustment based upon changes to the company's credit ratings. In addition, on January 29, 2014, the operating partnership, as borrower, entered into a third modification agreement to the term loan agreement dated November 15, 2011, as amended by subsequent modification agreements with US Bank National Association, as administrative agent and the other lenders named therein. The modification agreement, among other things, reduces the applicable interest rate and modifies certain financial covenants under the term loan. As a result of the modification agreement, the underlying interest rate on the term loan, which is based on a tiered rate structure tied to the company's corporate ratings, was reduced from LIBOR plus 1.20% to LIBOR plus 1.05%. The term loan interest rate is subject to adjustment based upon changes to the company's credit ratings.

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