Essex Property Trust, Inc. (ESS) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to Essex Property Trust first quarter 2025 earnings 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 risk 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. Kleiman. You may begin. Welcome to Essex First Quarter Earnings Call. Today, I will cover highlights from the quarter, our near-term outlook, and provide an update on the investment market. Barb Haque will follow with prepared remarks, and Rylan Burns is here for Q&A. We reported a healthy first quarter with core FFO per share exceeding the midpoint of our guidance range. Additionally, We are pleased to start the year with $345 million in acquisitions in Northern California, which were funded by dispositions in Southern California. This reallocation into higher rent growth markets and further optimization of our operating platform will enable us to generate above-market returns. Turning to operating highlights. First quarter results trended slightly ahead of plan with 2.8% blended net effective rent growth. and new lease rates improved sequentially from the fourth quarter for the same property portfolio. Two key factors contributed to our performance. First is delinquency improvement to a level cl...