Equity Residential (NYSE:EQR) Q3 2024 Earnings Conference Call October 31, 2024 11:30 AM ET
Company Participants
Marty McKenna – Vice President, Investor Relations
Mark Parrell – President and Chief Executive Officer
Alex Brackenridge – Chief Investment Officer
Michael Manelis – Chief Operating Officer
Bob Garechana – Chief Financial Officer
Conference Call Participants
Eric Wolfe – Citi
Steve Sakwa – Evercore ISI
Haendel St. Juste – Mizuho
Alexander Goldfarb – Piper Sandler
John Pawlowski – Green Street
John Kim – BMO Capital Markets
Michael Goldsmith – UBS
Adam Kramer – Morgan Stanley
Josh Dennerlein – Bank of America
Julien Blouin – Goldman Sachs
Jamie Feldman – Wells Fargo
Linda Tsai – Jefferies
Alex Kim – Zelman & Associates
Rich Anderson – Wedbush
Operator
Good day, and welcome to the Equity Residential Third Quarter 2024 Earnings Conference Call and Webcast. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Marty McKenna. Please go ahead, sir.
Marty McKenna
Good morning, and thanks for joining us to discuss Equity Residential's third quarter 2024 results. Our featured speakers today are Mark Parrell, our President and CEO; Alex Brackenridge, our Chief Investment Officer; and Michael Manelis, our Chief Operating Officer. Bob Garechana, our CFO, is here with us as well for the Q&A.
Our earnings release and management presentation are posted in the Investors section of equityapartments.com. 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, Marty. Good morning, and thank you all for joining us today to discuss our third quarter 2024 results and outlook for the year. I will start us off, then Alex Brackenridge, our Chief Investment Officer, will discuss our recent acquisition of Blackstone and the overall transaction market. And then Michael Manelis, our Chief Operating Officer, will speak to our operating performance, then we'll go ahead and take your questions. We posted solid performance in the third quarter, driven by continued good demand and little competitive new supply in our established markets, which constitute 90% of our portfolio. Big picture, we continue to see a stable environment and a healthy consumer. Unemployment is low and wage growth is steady, both of which bodes well for our customers.