Q2 2024 Essex Property Trust Inc Earnings Call Transcript
Key Points
- Essex Property Trust Inc (ESS) reported a strong second quarter core FFO per share, exceeding the high end of their guidance range by $0.05.
- The company has increased its full-year guidance for the second time, reflecting strong performance and positive market conditions.
- Demand for West Coast multifamily housing, particularly in Northern California and Seattle, has exceeded expectations.
- Seattle has been the best-performing market with a 4.9% blended rent growth and strong occupancy levels of 97%.
- Essex Property Trust Inc (ESS) has successfully closed over $500 million in acquisitions, with significant upside potential based on favorable market fundamentals.
- Elevated delinquency-related turnover in LA and Alameda counties has negatively impacted blended rent growth.
- Northern California's performance was pulled down by Alameda County due to delinquency turnover and elevated supply in Oakland.
- The company is experiencing higher utility costs and legal fees, contributing to a 50 basis points increase in operating expenses.
- There is a sequential decline expected in the third quarter core FFO due to elevated operating expenses and one-time items from the second quarter.
- The company faces uncertainties related to delinquency and the timing of court processes, which can impact financial performance.
Please standby for live streaming.
So good day, and welcome to Essex Property Trust Second Quarter 2024 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 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.
The 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 SECD. is now my pleasure to introduce your host, Ms. Angela Kleiman, President and Executive Officer for Essex Property Trust.
Thank you, Ms. Claire. I mean, he began Good morning and thank you for joining Essex Second Quarter Earnings Call for our path will follow with
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