Essex Property Trust, Inc. (ESS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Essex Property Trust fourth quarter 2025 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 your host, Ms. Angela Kleinman, President and Chief Executive Officer for Essex Property Trust. Thank you. You may begin. Good morning. Welcome to Essex's fourth quarter earnings call. Our pack will follow with prepared remarks, and Rylan Burns is here for Q&A. Today, I will cover highlights of our fourth quarter and full-year performance for 2025, provide our outlook for 2026, and conclude with an update on the transaction market. 2025 played out generally in line with our initial macro forecast for the U.S., with job growth moderating throughout the year. Within this environment, we achieved full year same store revenue growth at the high end and SFO per share growth above the midpoint of our guidance range. I'm particularly pleased with the well coordinated efforts between our property operations and corporate teams to drive results, especially in other income growth and improving delinquency recovery to near pre COVID levels. From a market perspective, two key factors contributed to our performance in 2025. First, Northern California outperformed expectations as a result of expansion in the techno...