In addition, it increased full-year total FFO per diluted share guidance range to $13.50 to $13.60 and provided total FFO guidance range for the fourth quarter of $3.31 to $3.41 per diluted share.

Essex raised its full-year Core FFO per diluted share guidance by $0.05 per share at the midpoint to a range of $13.28 to $13.38 and provided Core FFO guidance range for the fourth quarter of $3.36 to $3.46 per diluted share.

And, Essex acquired three apartment communities for a total contract price of $414.7 million.

"We are pleased to report another quarter of healthy growth resulting in Core FFO at the top end of our guidance range. As a result, we are increasing our full-year Core FFO per share guidance midpoint for the third time this year. The dramatic reduction in our cost of capital since January has allowed us to exceed the high end of our acquisition targets and we remain on the hunt for accretive opportunities. Looking forward, our supply-constrained West Coast markets continue to add jobs and grow incomes at a sufficient pace to maintain market rent growth near their long-term averages," commented Michael Schall, president and CEO of Essex.

In August 2019, the company issued $400 million of 10-year senior unsecured notes due in 2030 bearing an interest rate per annum of 3% and an effective yield of 3.2%. The proceeds were used to prepay with no prepayment penalties certain secured indebtedness under outstanding mortgage notes, including the prepayment of $289.1 million of secured debt maturing in 2020, as well as to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes.

Subsequent to quarter end, the company issued $150 million of 10-year senior unsecured notes due in January 2030 bearing an interest rate per annum of 3% and an effective interest rate of 2.8%. The notes were issued as additional notes pursuant to the notes previously issued in August 2019. The company expects to use the net proceeds to prepay certain secured mortgages maturing in 2020. As of October 22, 2019, the company had $1 billion in undrawn capacity on its unsecured credit facilities.