uncertainty. that founded which Chairman, comes extraordinary our from also strategy of George recognize was company's on XXXX Essex very start call. and year, George want Thank for our from the including this and the allowed the Marcus, XX earnings for Barb prepared me joining here will for remains opportunity today, believe remarks; company Berry, of years in to with expectations the proud and Essex transaction has the am I'll to the effort Angela you effort. execution. Board The us be remainder strength Investment leadership welcome and and pandemic market. then senior of Officer, and that results team Kleiman we to team, pleased of greatly I factors seek in is us today of note has that the Adam us a first to business associated a accomplished. first the quarter plan are focused all lead year ago by from to the and to collaborative that keenly and conclude quarter will follow XXXX and with overview I with position ready our Pak of conference our Q&A. an emerge recovery pandemic often appreciate Chief mission,
reaffirmed our dividend and our announcement commitment a recent company's to sheet XXth the the consecutive growing dividend strength was with Finally, annual increase. of balance
that after in last hospitalizations first our Severe COVID results. only quarter amid a remained to recently Turning headwind cases November a in and the has in abated. California and surge intensifying lockdowns Washington quarter
reflected to and regulations and and this of strong company's pandemic-related plethora significant core impediments to with in were quarter's Our the a first same-property of associated results, the results year, job quarter this in performance as growth XXXX particularly FFO down X.X% loss very past by suburban revenues Ventura improved a and ago. in areas driven On by respectively, California. basis, San revenues basis counties several XX XX.X%, Diego, points, Orange and sequential same-property Southern in a of and year compared
in marking losses job losses. for as On recovery after decline progress the in nation, process. X.X% early our a and the noted the and pandemic-related XX% year year-over-year XXXX markets ranges, remain respectively, continues and significant XXXX, and were Essex As year-over-year reaffirmed the the basis of the to demand the onset March improvements urban full new continue from job same-property easier strongest being Apartment and release, we and by to function earnings also farthest in our compared that the saw weakest both suggesting centers markets growth, apartment we revenue trailing shortly in comparisons. our properties we X-month in market job driven in pandemic and the of supply expect growth X.X%, be Essex to guidance a cities, of
over California than with gaining XX% March, appears X.X% nation. of were XXX,XXX which markets Fortunately, reflected down Essex losses as X.X% of growth the the the to base. the recovery less jobs for March the nation of On nearly the basis, of in job preliminary outpaced be and the a month XXXX, in XX% Washington for U.S. sequential employment and job accelerating for representing jobs,
service jobs service remote orders, directly tech production and hospitality were that and and the impacted expect to urban by including quarters recover disproportionately suburbs. several wealthy areas video suggested that and we sectors, Coast West the ago, rents were pandemic-related on concentrated job losses displaced As to as filming recapture jobs shelter-in-place entertainment we we and in locations. Hospitality and were
post of of nation, X/X these For losses. and recovered losses. COVID have to metros X/X in jobs services about other hospitality the By job recovered than Essex comparison, have their less date,
the and their growing differentiator over a and widespread cities, sectors reopening of promising these California disrupted, normal more are next applications. Essex recent several service Given permit remains the again the a for represents by production year. was potential over followed video this again activity quarters. by in upside the Film for months, time once production below film COVID winter shutdowns Overall, of recently surge markets
from at County. recent highlighted month-over-month the the a in XX% as applications industry of in March, data However, benefited week measures released stay home last relaxation for from FilmLA increase film Angeles permit Los
rebound been disrupted the the for for industry has a to recovery This this due that for year positive expect in demand due rental continue tailwind content the production in provide pent-up LA We COVID-XX. and should demand market. to to
our the employers building, hybrid many the amount also pleased to belief We reduced office collaboration, spending largest the that announced top of tech office their many from allowing markets employees time pandemic, necessities. model the of and most to related with will offices a are for our while for team their plans also prevail work career hiring that companies employees significantly in in had The plans supporting home. advancement significant of tech early in have return
began reopen momentum and workers home largely This further their moved more rural or coming locations as to see employers the tech late expect reverse with offices. With in we back tech the shut suburban last quarters to down, cities to their trend parents. many or year,
As of of S-XX.X reopenings of track announcements Slide public on we we the largest on disclosures supplemental. time line office our tech the a companies, based and before, have planned provided
XX strong postings markets with Essex in provide tech companies in graph positions levels. recovery the job the open for indicating above also the now pre-COVID We a top
their office or job positions, that the was U.S. the as track also of We job locations open postings noting California about Washington location. XX% for
and and to services for of confidence adult to gives last counties and least deployment Overall, the a have are XX% XX% pent-up commerce. now on that populations, protective As restrictions effectively And conventions COVID-XX their that of demand plans first approximately California us Newsom week, path supplies. vaccine solid the including respectively. Governor recovery. of reopen expected California Washington at we dispensed events. on remove begun have accelerating vaccine measures rates June indoor California's dose and are on as subject to XX, such to tied announced several sporting recently sufficient activities and key is low These to outdoor and to continued hospitalization vaccine
average On as housing barriers California, by February. XX.X% home would markets a entry multifamily, the of in the low national with in X.X% outlook, increased trailing mostly higher being and permits, on markets our home price that single-family assume total West basis rising increase home national Coast in permits, of one production. X.X%. XX.X% and would driven XX-month have year-over-year median to both supply single-family The single increase Normally, the is lead values in increased compared increase permits to declined a prices. of a to housing In
time, down the has the and become However, and incomes payments in transition single-family rental permits to increases affordability. homeownership leading in from same environment challenging. to the Essex regulatory availability, renter the higher pandemic At more has Essex have the rents a we XXXX. challenging improved down X.X%, are the for-sale in average from markets ultimately land and combination and of lower apartment which in increased With to markets limited prices, a late 'XX large housing deliveries attribute fewer
previous forces these recoveries, seen periods have they often higher-than-average We of and rent in in result growth.
our period transaction successfully similar when that values the to X to almost quarter per communities pre-COVID were first apartment market. Turning $XXX the the was share. $XXX for consensus We sold in million at NAV
redemptions to core basis, declines. have X% a today, fund cap rents hit property discuss in X in to undervalued in moment. buyers and during have in rate a repurchase looking priced hard and proceeds XXXX rent and cities, beyond based portfolio, to have attractively highly offsetting and As relatively valuations externally. apartment of and looking mismanaged motivated a roughly our common near range year-over-year preferred other have transactions suburban the our REIT recent most were strong a a Barb completed levels to rebound of sales low a the are pre-COVID There equivalent priced NOI, of high proceeds exchange result, makes our few cap core and rate in In be which per for preferred NOI COVID-related range. to cap using sources markets Several selling over X% sales share a that of equity Strong impact appear or property X% equity and rate the the property will apartments the pandemic, both on increased level The grow past we less stock attractive accretive stock, by markets of buybacks COVID led portion greater using the we buyers to on months with use rents. impacts investments the capital. values FFO current now were in
conditions for are to call the adjust as turn COO, experienced market now will pandemic likely I see Kleiman. robust changes more The apartment properties normalize, Angela to listed property to over As lead during sale. being their transaction will our the starting we and forward. uncertainty unprecedented owners strategies a going
