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

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WEBVTT 00:00:00.672 -- 00:00:06.439 Good day and welcome to the Essex Property Trust fourth quarter 2025 earnings call. 00:00:06.439 -- 00:00:09.943 As a reminder, today's conference is being recorded. 00:00:09.943 -- 00:00:15.190 Statements made on this conference call regarding expected operating results and other 00:00:15.190 -- 00:00:20.296 future events are forward-looking statements that involve risks and uncertainties. 00:00:20.296 -- 00:00:25.423 Forward-looking statements are made based on current expectations, assumptions, and beliefs, 00:00:25.423 -- 00:00:28.938 as well as information available to the company at this time. 00:00:28.938 -- 00:00:34.426 A number of factors could cause actual results to differ materially from those anticipated. 00:00:34.426 -- 00:00:39.493 Further information about these risks can be found on the company's filings 00:00:39.493 -- 00:00:41.376 with the SEC. 00:00:41.376 -- 00:00:44.040 It is now my pleasure to introduce your host, Ms. 00:00:44.040 -- 00:00:49.207 Angela Kleinman, President and Chief Executive Officer for Essex Property Trust. 00:00:49.207 -- 00:00:51.500 Thank you. You may begin. 00:00:51.500 -- 00:00:55.083 Good morning. Welcome to Essex's fourth quarter earnings call. 00:00:55.083 -- 00:01:00.028 Our pack will follow with prepared remarks, and Rylan Burns is here for Q&A. 00:01:00.028 -- 00:01:04.793 Today, I will cover highlights of our fourth quarter and full-year performance for 2025, 00:01:04.793 -- 00:01:08.076 provide our outlook for 2026, 00:01:08.076 -- 00:01:10.658 and conclude with an update on the transaction market. 00:01:10.658 -- 00:01:12.658 2025 00:01:13.401 -- 00:01:18.526 played out generally in line with our initial macro forecast for the U.S., with job growth 00:01:18.526 -- 00:01:23.555...