Essex Property Trust, Inc. (ESS) Q4 2022 Earnings Call Transcript
Essex Property Trust, Inc. (NYSE:ESS) Q4 2022 Earnings Conference Call February 8, 2023 1:00 PM ET
Company Participants
Michael Schall - President and CEO
Angela Kleiman - Sr. EVP and COO
Barb Pak - EVP and CFO
Adam Berry - CIO
Conference Call Participants
Nick Joseph - Citigroup
Anthony Paolone - JPMorgan
Wesley Golladay - Robert W. Baird
Austin Wurschmidt - KeyBanc Capital Markets
Steve Sakwa - Evercore ISI
Alexander Goldfarb - Piper Sandler
Brad Heffern - RBC Capital Markets
John Kim - BMO Capital Markets
Joshua Dennerlein - Bank of America
Nick Yulico - Scotiabank
Adam Kramer - Morgan Stanley
Michael Goldsmith - UBS
John Pawlowski - Green Street
Anthony Powell - Barclays
Haendel St. Juste - Mizuho
Jamie Feldman - Wells Fargo
Operator
Good day, and welcome to the Essex Property Trust Fourth Quarter 2022 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, Mr. Michael Schall, President and Chief Executive Officer for Essex Property Trust. Thank you, Mr. Schall, you may begin.
Michael Schall
Good morning, and welcome to our fourth quarter earnings conference call. Angela Kleiman and Barb Pak will follow me with comments, and Adam Berry is here for Q&A. Today, I will touch briefly on our full year results, expectations for 2023 and why we believe that our West Coast rental markets are positioned to outperform over the next several years. I will conclude with comments on the transaction market and the upcoming CEO transition.
Overall, 2022 was a positive year for Essex as we generated full year core FFO per share growth of 16.2%, our highest year-over-year increase in a decade and 9.3% above pre-COVID levels. We attribute these strong results to relentless execution by the Essex team, improved efficiencies from the implementation of our property collections model and the strong recovery in our West Coast markets for the better part of the year.