Fitch Rates Essex Portfolio L.P.'s $115MM Sr. Unsecured Notes 'BBB'

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned a 'BBB' rating to the $115 million senior unsecured notes issued by Essex Portfolio L.P., the operating partnership of Essex Property Trust, Inc. (NYSE: ESS; collectively, Essex). The notes were issued at par and consist of two tranches: $40 million 4.50% notes due 2017 and $75 million 4.92% notes due 2019.

Essex expects to use the net proceeds to repay a portion of the outstanding balance on the company's unsecured revolving credit facility and for general corporate purposes. Essex Portfolio L.P.'s Issuer Default Rating (IDR) is 'BBB'. The Rating Outlook is Stable.

For additional information, please refer to Fitch's full rating report, 'Essex Property Trust, Inc.' dated April 14, 2011 and available at 'www.fitchratings.com'.

Essex Property Trust is a multifamily REIT that acquires, develops, redevelops, and manages apartment communities in supply-constrained markets. The company currently has ownership interests in 150 apartment communities, and has an additional four properties in various stages of development.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

-- Recovery Rating and Notching Criteria for REITs, May 12, 2011;

-- Criteria for Rating U.S. Equity REITs and REOCs, March 15, 2011;

-- Corporate Rating Methodology, Aug. 13, 2010;

-- Essex Property Trust, Inc., April 14, 2011.

Applicable Criteria and Related Research:

Recovery Rating and Notching Criteria for Equity REITs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=628490

Criteria for Rating U.S. Equity REITs and REOCs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=610687

Corporate Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646

Essex Property Trust, Inc. (Essex Portfolio L.P.)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=618425

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