.The multifamily REIT's share price is trading at $50.75 today on the news, off 68.75 cents from Thursday's close and $7 from its 52-week high, but $17 above its 52-week low of $33.75.

Essex's portfolio consists of ownership interests in 15,106 apartment units across 68 properties, of which 30 are located in southern California, 16 in northern California (mostly San Francisco) and 22 in the Pacific Northwest (mostly in Seattle). The company also has ownership interests in the Palo Alto, CA office building that houses its headquarters, and three retail shopping centers located in the Pacific Northwest.

Essex conducts all of its activities through its operating partnership, Essex Portfolio, L.P., in which it owns an 89.7% general partnership interest. For the nine months ended Sept. 30, revenues rose 21% to $129.3 million. Net income before extraordinary items rose 13% to $33 million.