Essex Property Trust, Inc. (ESS) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Essex Property Trust Second Quarter 2026 Earnings Call. As a reminder, today's conference 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 you to your host, Mrs. Angela Kleiman, President and Chief Executive Officer for Essex Property Trust. Thank you. You may begin. Thank you for joining Essex second quarter earnings call. Today, I will cover performance in the first half and outlook for the second half of the year, then conclude with an update on the transaction market. Barbara Pak will follow with prepared remarks and Rylan Burns is here for Q&A. We are pleased to report a solid first half of 2026, highlighted by a substantial outperformance led by strong executions from our operations team in delivering results exceeding our original expectations. While national economic and employment growth have been measured, West Coast multifamily fundamentals continue to demonstrate durability with limited housing supply across our markets and affordability favoring renting. As such, we are meaningfully raising our full year expectations for same property revenues and core FFO per share, which Barb will cover in a moment. As for regional highlights, starting with Seattle, Operating conditions improved in the second quarter with 2.6% blended rent...