Essex says it will get there in part due to 4% to 5% growth in market rents related to its Northern California portfolio. Backing that up, the company is reporting same-property financial occupancy in Northern California of 97% for the two months ended Feb. 28, 2001, unchanged from the comparable period of 2000.

Essex Property Trust currently has ownership interests 83 multifamily properties containing 18,673 units. Another 1,349 units are in various stages of development. To maintain the growth, Essex says any price reductions in vacant units are being offered on a limited basis and, in aggregate, are not expected to have a significant impact on the financial performance of the properties.

In early trading Wednesday, stock in Essex was trading at $47.40 a share, off 4 cents from Wednesday's close. The price is about $12 above its 52-week low and about $10 below its 52-week high.