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Essex Property operating partnership completes $150M senior notes offering

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Essex Property operating partnership completes $150M senior notes offering

The operating partnership of multifamily real estate investment trust Essex Property Trust Inc. issued $150.0 million of 4.000% senior notes due 2029 in a public offering.

Net proceeds from the offering, which closed March 26, will be used by the operating partnership to repay debt under its $1.2 billion unsecured line of credit facility and its $35.0 million unsecured working capital line of credit facility, as well as to support general corporate and working capital purposes.