John Kim
BMO Capital Markets Equity Research

Okay. Thank you so much for joining us today. My name is John Kim with BMO Capital Markets. It is my pleasure to be hosting this panel presentation with Essex Property Trust, one of the preeminent multifamily owners.

With me today, Angela Kleiman, CEO and President; to the far left, Barb Pak, Chief Financial Officer; and in between, Rylan Burns, CIO.

I think at this time, we're just going to pass it off to Angela for some opening remarks, and then we'll go to Q&A.

Angela Kleiman
President, CEO & Director

Great. Thanks, John, and welcome, everyone, to the Essex presentation. Just a high-level overview. Essex is an S&P 500 company and the only public company dedicated to the West Coast geography. We have our market cap, which is about $25 billion. We own somewhere around 258 units -- apartment buildings, a little over 63,000 units across our footprint. And we have generated a 32 years of consecutive dividend growth, earning us the Dividend Aristocrat standing. So we're quite pleased with that.

Some of the differentiating factors with the West Coast is really driven by the fundamentals, and the key one being that we have -- we produced a low amount of housing supply. And currently, actually, we're sitting at a historical low. We have about 40 basis points of total supply right now. And normally, it's about 70 basis points. And that's important because it provides a very safe basis in terms of where the economy is. We don't need a