Essex Property Trust's (ESS) CEO Michael Schall on Q2 2018 Results - Earnings Call Transcript

Aug. 03, 2018 9:54 PM ETEssex Property Trust, Inc. (ESS)
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Essex Property Trust, Inc. (NYSE:ESS) Q2 2018 Earnings Conference Call August 2, 2018 12:00 PM ET

Executives

Michael Schall – President and Chief Executive Officer

John Burkart – Senior Executive Vice President

Angela Kleiman – Chief Financial Officer

John Eudy – Co-Chief Investment Officer, Executive Vice President-Development

Analysts

Nick Joseph – Citigroup

Austin Wurschmidt – KeyBanc Capital Markets

Jeff Spector – Bank of America Merrill Lynch

Alexander Goldfarb – Sandler O’Neill

Dennis McGill – Zelman & Associates

Rich Hill – Morgan Stanley

Karin Ford – MUFG Securities

John Guinee – Stifel

John Pawlowski – Green Street Advisors

Peter Abramowitz – Jefferies

Operator

Good day, and welcome to the Essex Property Trust Second Quarter 2018 Earnings Call. As a reminder, today’s 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. 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. [Operator Instructions]

It is now my pleasure to introduce your host, Mr. Michael Schall, President and Chief Executive Officer for Essex Property Trust. Thank you, Mr. Schall, you may begin.

Michael Schall

Good morning, and thank you for joining us today for our second quarter earnings conference call. John Burkart and Angela Kleiman will follow me with comments, and John Eudy is here for Q&A. Today, I will discuss three topics: second quarter results and revisions to our 2018 market outlook, investment market conditions and an update on regulatory matters.

On to the first topic. We’re pleased with our strong second quarter results, which reflect

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