Daniel's questions to Essex Property Trust Inc (ESS) leadership • Q3 2024
Question
Daniel from Citi inquired about the timeline for bad debt normalization in Los Angeles and Alameda County and sought more detail on the improving tech job backdrop.
Answer
Angela Kleiman, an executive, expressed confidence in the recovery of LA and Alameda, citing a significant drop in delinquency in LA from nearly 5% to 1.6% of rent, aided by court processes. She also pointed to future economic benefits from the World Cup, Olympics, and a proposed film tax credit increase. Regarding tech jobs, she noted that openings at the top 20 tech companies have returned to pre-COVID averages, signaling future hiring potential, though the trend can be lumpy.