Essex Property Trust, Inc. (ESS) Q1 2023 Earnings Call Transcript

Essex Property Trust, Inc. (NYSE:ESS) Q1 2023 Earnings Conference Call April 28, 2023 1:00 PM ET

Company Participants

Angela Kleiman - President and Chief Executive Officer

Barb Pak - Executive Vice President and Chief Financial Officer

Jessica Anderson - Senior Vice President, Operations

Adam Berry - Executive Vice President and Chief Investment Officer

Conference Call Participants

Nick Yulico - Scotiabank

Eric Wolfe - Citi

Steve Sakwa - Evercore

Austin Wurschmidt - KeyBanc

Jamie Feldman - Wells Fargo

John Kim - BMO Capital Markets

Brad Heffern - RBC

Adam Kramer - Morgan Stanley

Alexander Goldfarb - Piper Sandler

Anthony Powell - Barclays

Wes Golladay - Robert W. Baird

Michael Goldsmith - UBS

Chandni Luthra - Goldman Sachs

John Pawlowski - Green Street

Barry Lou - Mizuho

Joshua Dennerlein - Bank of America

Linda Tsai - Jefferies

Operator

Good day, and welcome to the Essex Property Trust First Quarter 2023 Earnings Conference Call. As a reminder, today's conference call is being recorded.

Statements made on this conference call regarding expected operating results and other future events are forward-looking statements that involve risks and uncertainties. Forward-looking statements are made based on current expectations, assumptions and beliefs as well as information available to the company at this time. A number of factors could cause actual results to differ materially from those anticipated. Further information about these risks can be found on the company's filings with the SEC.

It is now my pleasure to introduce your host, Ms. Angela Kleiman, President and Chief Executive Officer for Essex Property Trust. Thank you. Ms. Kleinman, you may begin.

Angela Kleiman

Good morning. Thank you for joining Essex's first quarter earnings call. Barb Pak and Jessica Anderson will follow me with prepared remarks and Adam Berry is here for Q&A.

We are pleased to report a solid first quarter that exceeded our initial expectations, and that we are raising the midpoint of our FFO per share guidance for the full year. Barb and Jessica will provide more details on the quarter, while my comments will focus on our economic outlook, the opportunities within our platform, and some perspectives on the apartment transaction market.

Beginning with our outlook for the remainder of the year, we continue to anticipate modest economic growth in 2023 resulting from a more restrictive monetary policy tempering job growth nationally. Our assumptions are detailed on Page 17 of our supplemental package.