Essex acquires, develops, redevelops and manages multifamily apartment communities on the West Coast.
Schall attributed Essex’s double-digit increase in funds from operations (FFO) in the first quarter to improved pricing power in the apartment REIT’s West Coast markets.
“The outlook for apartments on the West Coast remains very bright,” Schall said. He attributed the positive scenario to both the persistence of strong job growth in the technology industry and the apparent peaking of residential supply.
Schall stressed that the technology industry’s growth in size and strength and its ability to pay elevated salaries should continue to fuel demand for Essex’s properties for at least the next couple of years.