The operating partnership of multifamily real estate investment trust Essex Property Trust Inc. priced a $150 million additional public offering of 4.000% senior unsecured notes due March 1, 2029.

The notes were priced at 100.717% of par value, with a 3.910% yield to maturity. They will bear interest semiannually, payable every March 1 and Sept. 1, starting Sept. 1.

The company expects to close the underwritten offering March 26 and aims to use the net proceeds to repay debt under its unsecured line of credit facilities and for other general corporate and working capital purposes.

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. were the joint book-running managers.

BB&T Capital Markets, BNP Paribas Securities Corp. and Mizuho Securities USA LLC were the senior co-managers, while Capital One Securities Inc., Regions Securities LLC and Scotia Capital (USA) Inc. were the co-managers for the offering.