Equity Residential (NYSE:EQR) Q3 2023 Earnings Call Transcript November 1, 2023 11:00 AM ET
Company Participants
Martin McKenna - First VP, Investor & Public Relations
Mark Parrell - President, CEO & Trustee
Michael Manelis - EVP & COO
Alexander Brackenridge - EVP & CIO
Robert Garechana - EVP & CFO
Conference Call Participants
Steve Sakwa - Evercore ISI
Eric Wolfe - Citi
John Pawlowski - Green Street Advisors
Alexander Goldfarb - Piper Sandler & Co.
Haendel St. Juste - Mizuho Securities
Josh Dennerlein - Bank of America Merrill Lynch
Michael Goldsmith - UBS
John Kim - BMO Capital Markets
Jamie Feldman - Wells Fargo Securities
Rich Anderson - Wedbush
Adam Kramer - Morgan Stanley
Operator
Good day, and welcome to the EQR 3Q '23 Earnings Conference Call and Webcast. This call is being recorded. At this time, I would like to turn the conference over to Mr. Marty McKenna. Please go ahead.
Martin McKenna
Good morning, and thanks for joining us to discuss Equity Residential's third quarter 2023 results. Our featured speakers today are Mark Parrell, our President and CEO; and Michael Manelis, our Chief Operating Officer. Bob Garechana, our Chief Financial Officer; and Alex Brackenridge, our Chief Investment Officer, are here with us as well for the Q&A.
Our earnings release is posted in the Investors section of equityapartments.com as is a management presentation for the quarterly call. Please be advised that certain matters discussed during this conference call may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to certain economic risks and uncertainties. The company assumes no obligation to update or supplement these statements that become untrue because of subsequent events.
Now I will turn the call over to Mark Parrell.
Mark Parrell
Thank you, Martin. Good morning, and thank you all for joining us today to discuss our third quarter 2023 results. As you can see from the press release and management presentation, the business continues to do well in most of our markets, with our East Coast markets outperforming our West Coast markets. New York, Boston and Washington, D.C., comprising a bit more than 40% of our net operating income are all having very good years and are meeting or exceeding our expectations.
Our target renter demographic remains well employed. Unemployment for the college educated is at 2.1%, with increasing pay levels and a continuing high propensity to rent, given elevated single-family ownership costs, low for-sale inventory and lifestyle reasons like delayed marriage and smaller families that favor our business.