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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
March 17, 2015 (March 17, 2015)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ESSEX PROPERTY TRUST, INC.</B>&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ESSEX PORTFOLIO, L.P.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>001-13106 (Essex Property Trust, Inc.)</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>333-44467-01 (Essex Portfolio, L.P.)</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 50%; text-align: center"><B>Maryland (Essex Property Trust, Inc.)</B></TD>
    <TD STYLE="width: 50%; text-align: center"><B>77-0369576 (Essex Property Trust, Inc.)</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: center"><B>California (Essex Portfolio, L.P.)</B></TD>
    <TD STYLE="text-align: center"><B>77-0369575 (Essex Portfolio, L.P.)</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: center">(State of Incorporation)</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>925 East Meadow Drive, Palo Alto, California
94303</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(650) 494-3700</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&#146;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 97%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 97%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 97%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 97%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
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<P STYLE="margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 Entry Into a Material Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 17, 2015, Essex Portfolio, L.P.
(the &#147;Operating Partnership&#148;), the operating partnership of Essex Property Trust, Inc. (the &#147;Company&#148;), issued
$500 million aggregate principal amount of its 3.500% Senior Notes due 2025 (the &#147;Notes&#148;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The terms of the Notes are governed by an
indenture, dated March 17, 2015 (the &#147;Indenture&#148;), among the Operating Partnership, as issuer, the Company, as guarantor,
and U.S. Bank National Association, as trustee. The Indenture contains various restrictive covenants, including limitations on
the Operating Partnership&#146;s ability to consummate a merger, consolidation or sale of all or substantially all of its assets and
limitations on its ability to incur additional secured and unsecured indebtedness. A copy of the Indenture, including the form
of the Notes and guarantee of the Notes by the Company, the terms of which are incorporated herein by reference, is attached as
Exhibit 4.1 to this report. See Item 2.03 below for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The net proceeds from the issuance of Notes
will be approximately $495.2 million, after deducting the underwriters&#146; discounts and estimated offering expenses. The Operating
Partnership intends to use the net proceeds of this offering to repay indebtedness under the Operating Partnership&#146;s $1 billion
unsecured line of credit facility and the Operating Partnership&#146;s $25 million unsecured working capital line of credit facility,
and for other general corporate and working capital purposes. The lenders under the unsecured lines of credit facilities include
affiliates of the underwriters participating in the offering and as such will receive a portion of the net proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 17, 2015, the Operating Partnership
issued $500 million aggregate principal amount of Notes. The Operating Partnership offered the Notes at 99.747% of the principal
amount thereof. The Notes are general unsecured senior obligations of the Operating Partnership and will rank equally in right
of payment with all other senior unsecured obligations of the Operating Partnership. However, the Notes are effectively subordinated
in right of payment to all of the Operating Partnership&#146;s existing and future secured indebtedness (to the extent of the value
of the collateral securing such indebtedness) and to all existing and future secured and unsecured liabilities and preferred equity
of the Operating Partnership&#146;s subsidiaries, including guarantees by the Operating Partnership&#146;s subsidiaries of the Operating
Partnership&#146;s other indebtedness. The Notes bear interest at 3.500% per annum. Interest is payable semi-annually in arrears on
April 1 and October 1 of each year, commencing October 1, 2015 until the maturity date of April 1, 2025. The Operating Partnership&#146;s
obligations under the Notes are fully and unconditionally guaranteed by the Company. A copy of the Indenture, including the form
of the Notes and guarantee of the Notes by the Company, the terms of which are incorporated herein by reference, is attached as
Exhibit 4.1 to this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes will be redeemable in whole at
any time or in part from time to time, at the Operating Partnership&#146;s option and in its sole discretion, at a redemption price
equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 94%">100% of the principal amount of the Notes being redeemed; or</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 94%">the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if such Notes matured on January 1, 2025 but for the redemption&nbsp;&nbsp;date&nbsp;&nbsp;(not including any portion of such payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis at the adjusted treasury rate (as defined in the Indenture) plus 25 basis points,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">plus, in each case, accrued and unpaid interest thereon to,
but excluding, the applicable redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, if the Notes are redeemed on
or after January 1, 2025, the redemption price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued
and unpaid interest thereon to, but excluding, the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain events are considered events of default, which may result
in the accelerated maturity of the Notes, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 94%">default for 30 days in the payment of any installment of interest under the Notes;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 94%">default in the payment of the principal amount or redemption price due with respect to the Notes, when the same becomes due and payable;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 94%">the failure by the Operating Partnership or the Company to comply with any of its other agreements contained in the Notes or the Indenture upon receipt by it or notice of such default by the trustee or by holders of not less than 25% in aggregate principal amount of the Notes then outstanding and the failure by the Operating Partnership or the Company to cure (or obtain a waiver of) such default within 60 days after receiving such notice;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 94%">failure to pay any indebtedness for money borrowed by the Operating Partnership, the Company or any subsidiary in which the Operating Partnership has invested at least $50 million in capital (a &#147;Significant Subsidiary&#148;) in an outstanding principal amount in excess of $50 million at final maturity or upon acceleration after the expiration of any applicable grace period, which indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within 30 days after written notice to the Operating Partnership from the trustee (or to the Operating Partnership and the trustee from holders of at least 25% in principal amount of the outstanding notes); or</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 94%">certain events of bankruptcy, insolvency or reorganization or court appointment of a receiver, liquidator or trustee of the Operating Partnership, the Company or any Significant Subsidiary or any substantial part of their respective property.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">(d)</TD>
    <TD STYLE="width: 88%">Exhibits.</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">4.1</TD>
    <TD STYLE="width: 88%">Indenture, dated March 17, 2015, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.500% Senior Notes due 2025 and the guarantee thereof.</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">5.1</TD>
    <TD STYLE="width: 88%">Opinion of Baker &amp; McKenzie LLP.</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">5.2</TD>
    <TD STYLE="width: 88%">Opinion of Venable LLP.</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">23.1</TD>
    <TD STYLE="width: 88%">Consent of Baker &amp; McKenzie LLP (included in Exhibit 5.1).</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">23.2</TD>
    <TD STYLE="width: 88%">Consent of Venable LLP (included in Exhibit 5.2).</TD></TR>
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<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 17, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">ESSEX PROPERTY TRUST, INC.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Michael T. Dance</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Michael T. Dance</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Executive Vice President &amp; Chief</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Financial Officer</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">ESSEX PORTFOLIO, L.P.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By: Essex Property Trust, Inc.,</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">its General Partner</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Michael T. Dance</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Michael T. Dance</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Executive Vice President &amp; Chief</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Financial Officer</TD></TR>
</TABLE>
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[{"type": "8-K", "sequence": "1", "filename": "s000789x1_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 26389}]
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 17, 2015 (March 17, 2015)
ESSEX PROPERTY TRUST, INC.
ESSEX PORTFOLIO, L.P.
(Exact name of registrant as specified in
its charter)
001-13106 (Essex Property Trust, Inc.)
333-44467-01 (Essex Portfolio, L.P.)
(Commission File Number)
Maryland (Essex Property Trust, Inc.)
77-0369576 (Essex Property Trust, Inc.)
California (Essex Portfolio, L.P.)
77-0369575 (Essex Portfolio, L.P.)
(State of Incorporation)
(I.R.S. Employer Identification No.)
925 East Meadow Drive, Palo Alto, California
94303
(Address of principal executive offices)
(Zip Code)
(650) 494-3700
(Registrant's telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry Into a Material Agreement
On March 17, 2015, Essex Portfolio, L.P.
(the "Operating Partnership"), the operating partnership of Essex Property Trust, Inc. (the "Company"), issued
$500 million aggregate principal amount of its 3.500% Senior Notes due 2025 (the "Notes").
The terms of the Notes are governed by an
indenture, dated March 17, 2015 (the "Indenture"), among the Operating Partnership, as issuer, the Company, as guarantor,
and U.S. Bank National Association, as trustee. The Indenture contains various restrictive covenants, including limitations on
the Operating Partnership's ability to consummate a merger, consolidation or sale of all or substantially all of its assets and
limitations on its ability to incur additional secured and unsecured indebtedness. A copy of the Indenture, including the form
of the Notes and guarantee of the Notes by the Company, the terms of which are incorporated herein by reference, is attached as
Exhibit 4.1 to this report. See Item 2.03 below for additional information.
The net proceeds from the issuance of Notes
will be approximately $495.2 million, after deducting the underwriters' discounts and estimated offering expenses. The Operating
Partnership intends to use the net proceeds of this offering to repay indebtedness under the Operating Partnership's $1 billion
unsecured line of credit facility and the Operating Partnership's $25 million unsecured working capital line of credit facility,
and for other general corporate and working capital purposes. The lenders under the unsecured lines of credit facilities include
affiliates of the underwriters participating in the offering and as such will receive a portion of the net proceeds.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On March 17, 2015, the Operating Partnership
issued $500 million aggregate principal amount of Notes. The Operating Partnership offered the Notes at 99.747% of the principal
amount thereof. The Notes are general unsecured senior obligations of the Operating Partnership and will rank equally in right
of payment with all other senior unsecured obligations of the Operating Partnership. However, the Notes are effectively subordinated
in right of payment to all of the Operating Partnership's existing and future secured indebtedness (to the extent of the value
of the collateral securing such indebtedness) and to all existing and future secured and unsecured liabilities and preferred equity
of the Operating Partnership's subsidiaries, including guarantees by the Operating Partnership's subsidiaries of the Operating
Partnership's other indebtedness. The Notes bear interest at 3.500% per annum. Interest is payable semi-annually in arrears on
April 1 and October 1 of each year, commencing October 1, 2015 until the maturity date of April 1, 2025. The Operating Partnership's
obligations under the Notes are fully and unconditionally guaranteed by the Company. A copy of the Indenture, including the form
of the Notes and guarantee of the Notes by the Company, the terms of which are incorporated herein by reference, is attached as
Exhibit 4.1 to this report.
The Notes will be redeemable in whole at
any time or in part from time to time, at the Operating Partnership's option and in its sole discretion, at a redemption price
equal to the greater of:
·
100% of the principal amount of the Notes being redeemed; or
·
the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if such Notes matured on January 1, 2025 but for the redemption  date  (not including any portion of such payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis at the adjusted treasury rate (as defined in the Indenture) plus 25 basis points,
plus, in each case, accrued and unpaid interest thereon to,
but excluding, the applicable redemption date.
Notwithstanding the foregoing, if the Notes are redeemed on
or after January 1, 2025, the redemption price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued
and unpaid interest thereon to, but excluding, the redemption date.
Certain events are considered events of default, which may result
in the accelerated maturity of the Notes, including:
·
default for 30 days in the payment of any installment of interest under the Notes;
·
default in the payment of the principal amount or redemption price due with respect to the Notes, when the same becomes due and payable;
·
the failure by the Operating Partnership or the Company to comply with any of its other agreements contained in the Notes or the Indenture upon receipt by it or notice of such default by the trustee or by holders of not less than 25% in aggregate principal amount of the Notes then outstanding and the failure by the Operating Partnership or the Company to cure (or obtain a waiver of) such default within 60 days after receiving such notice;
·
failure to pay any indebtedness for money borrowed by the Operating Partnership, the Company or any subsidiary in which the Operating Partnership has invested at least $50 million in capital (a "Significant Subsidiary") in an outstanding principal amount in excess of $50 million at final maturity or upon acceleration after the expiration of any applicable grace period, which indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within 30 days after written notice to the Operating Partnership from the trustee (or to the Operating Partnership and the trustee from holders of at least 25% in principal amount of the outstanding notes); or
·
certain events of bankruptcy, insolvency or reorganization or court appointment of a receiver, liquidator or trustee of the Operating Partnership, the Company or any Significant Subsidiary or any substantial part of their respective property.
Item 9.01 Financial Statements and Exhibits
(d)
Exhibits.
4.1
Indenture, dated March 17, 2015, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.500% Senior Notes due 2025 and the guarantee thereof.
5.1
Opinion of Baker & McKenzie LLP.
5.2
Opinion of Venable LLP.
23.1
Consent of Baker & McKenzie LLP (included in Exhibit 5.1).
23.2
Consent of Venable LLP (included in Exhibit 5.2).
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned
hereunto duly authorized.
Date: March 17, 2015
ESSEX PROPERTY TRUST, INC.
/s/ Michael T. Dance
Name: Michael T. Dance
Title: Executive Vice President & Chief
Financial Officer
ESSEX PORTFOLIO, L.P.
By: Essex Property Trust, Inc.,
its General Partner
/s/ Michael T. Dance
Name: Michael T. Dance
Title: Executive Vice President & Chief
Financial Officer