Essex Property Trust to buy back stock

Palo Alto’s Essex Property Trust Inc. (ESS) will buy back up to $200 million in shares using working capital or proceeds from the sale of properties, company officials announced Thursday.

The exact timing and amount of stock repurchases will depend on market pricing and other factors, but this program supersedes one announced in 2001.

Essex had 27,874,574 shares of common stock outstanding as of June 30.

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