Essex Property Trust, Inc. (ESS) Q3 2022 Earnings Call Transcript

Essex Property Trust, Inc. (NYSE:ESS) Q3 2022 Results Conference Call October 27, 2022 2:00 PM ET

Company Participants

Michael Schall - President and CEO

Angela Kleiman - Sr. EVP and COO

Barb Pak - EVP and CFO

Adam Berry - EVP and CIO

Conference Call Participants

Nick Joseph - Citi

Steve Sakwa - Evercore

Adam Kramer - Morgan Stanley

Alexander Goldfarb - Piper Sandler

Joshua Dennerlein - Bank of America

John Kim - BMO Capital Markets

Nick Yulico - Scotiabank

Chandni Luthra - Goldman Sachs

Robyn Luu - Green Street

Neil Malkin - Capital One Securities

Brad Heffern - RBC

Austin Wurschmidt - KeyBanc

Richard Anderson - SMBC

Operator

Good day, and welcome to the Essex Property Trust Third 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

Thank you for joining us today, and welcome to our third quarter earnings conference call.

Angela Kleiman and Barb Pak will follow me with prepared remarks, and Adam Berry is here for Q&A.

I will begin by congratulating Angela for her appointment to the Essex Board and for chosen as the next CEO of the Company following my planned retirement in March 2023. I’ve known Angela for almost two decades and we have worked closely together since she joined the Company 13 years ago.

Angela embraces and exemplifies Essex’s strategy and core values and is a dedicated thoughtful leader as well as an excellent negotiator. Our recent leadership announcement was a combination of the multiyear succession plan administered by the Essex Board, and I appreciate each participant’s commitment to the plan that resulted in its success. It has been an honor to lead this awesome company made possible by my great leadership team and the coordinated effort of every Essex associate. My thanks to all of you.