Washington Real Estate Investment Trust (WRE) Q2 2022 Results Conference Call July 29, 2022 10:00 AM ET
Company Participants
Amy Hopkins - VP, IR
Paul McDermott - President and CEO
Steve Riffee - EVP and CFO
Grant Montgomery - VP and Head, Research
Conference Call Participants
Blaine Heck - Wells Fargo
Mike Lewis - Truist Securities
Michael Gorman - BTIG
Bill Crow - Raymond James
Alan Peterson - Green Street
Operator
Welcome to the WashREIT Second Quarter Earnings Conference Call. As a reminder, today’s call is being recorded. At this time, I would like to turn the call over to Amy Hopkins, Vice President of Investor Relations.
Amy, please go ahead.
Amy Hopkins
Good morning, everyone, and thank you for joining us on our second quarter earnings call.
On the call with me today are Paul McDermott, President and Chief Executive Officer; Steve Riffee, Executive Vice President and Chief Financial Officer; Grant Montgomery, Vice President and Head of Research; Drew Hammond, Vice President, Chief Accounting Officer and Treasurer; and Steven Freishtat, Vice President, Finance.
Before we begin, I would like to remind everyone that this conference call contains forward-looking statements that involve known and unknown risks and uncertainties, which may cause actual results to differ materially, and we undertake no duty to update them as actual events unfold. We refer to certain of these risks in our SEC filings. Reconciliations of the GAAP and non-GAAP financial measures discussed on this call are available in our most recent earnings press release and financial supplement, which was distributed yesterday and can be found on the Investor Relations page of our website.
And with that, I’d like to turn the call over to our President and Chief Executive Officer, Paul McDermott.
Paul McDermott
Thank you, Amy. Good morning, everyone, and thank you for joining our second quarter 2022 earnings call. These are obviously quite interesting times. The capital markets have been disrupted as a result of the Fed’s response to rising inflation, as well as other macro events, yet apartment market fundamentals remain historically strong.
Interest rate movement has caused debt markets to pull back. And as a result, transactional markets have slowed down substantially. However, as an all-cash buyer, we continue to receive calls about acquisition opportunities as certainty of execution is now paramount.
We have completed the deployment of the commercial asset sale proceeds and are working on additional opportunities to continue our growth and geographic diversification. Steve will cover where our portfolio is 1 year after launching major transformation steps and the anniversary of turning the corner from the worst of pandemic leasing conditions, as well as our second quarter results and growth outlook.