Essex Property Trust (ESS) 2022年年度报告「NYSE」.pdf

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1、P R O P E R T Y T R U S T,I N C.ANNUALREPORT2022A LETTER TO OUR SHAREHOLDERS In 2022,Essex continued its recovery from the unprecedented challenges emanating from the COVID-19 pandemic.In the first half of the year,we reported robust rent growth on the West Coast,which moderated later in the year as

2、 the Federal Reserve aggressively countered inflationary pressures with successive increases in short-term interest rates.Despite operational and financial volatility,the Company exceeded our guidance in each quarter of 2022,with Core FFO per share,our primary operating metric that approximates recu

3、rring per share cash flow,increasing 16.2%compared to the previous year and representing the highest annual growth in over a decade.While the outlook for 2023 remains clouded by geopolitical uncertainty and the Federal Reserves ongoing campaign to ease inflation,the Company is well positioned with a

4、mple liquidity,a strong balance sheet,a more effective operating platform,and a dedicated leadership team committed to creating value.2022 YEAR IN REVIEW We entered 2022 amidst a healthy economic recovery on the West Coast as businesses gradually reopened following more than a year of extraordinary

5、shutdowns related to the pandemic.Pent up consumer demand,tight labor conditions,and 70-year lows in interest rates ultimately resulted in pervasive price increases,at a level not seen for almost 50 years.As a result,the Federal Reserve implemented policies to slow economic growth to combat inflatio

6、n,including successive increases in short-term interest rates.The financial markets responded quickly and predictably to this new monetary policy,with sharp declines in the value of stocks,bonds,and most other asset classes.The REIT industry was not immune to this financial volatility,resulting in a