Equity Residential (NYSE:EQR) Q4 2022 Earnings Call Transcript

And clearly, we’re seeing demand softening. You wouldn’t feel a dial back in that concession amount. So, how you would frame the spring? Right now, I guess I would tell you, I would expect concessions will continue to dial back, both in volume and dollars. But obviously, if you hit like a pretty significant recession period, maybe they sustain and hold at this level. It’s hard for me to say that.

Operator: And we’ll take our next question from the line of Ami Probandt from UBS. Please go ahead.

Ami Probandt: Thanks. The first round of requirements for compliance with the Local Law 97 in New York City are scheduled to take effect in 2024. Do you have any estimates on the impact for your portfolio?

Alec Brackenridge: Hi Ami, it’s Alec. We’ve looked at that, and we don’t have an impact right now. We can reach those thresholds. It gets challenging, as you know, over time and €˜23 is another benchmark year, and we’re working towards that as well. So, so far so good, but it’s certainly to get more owners over time.

Operator: That concludes today’s question-and-answer session. I’d like to turn the call over to Mark Parrell for closing statements.

Mark Parrell: Well, we’re excited, as you can tell from the call about our 2023 prospects, the Company’s long-term positioning, and we’re looking forward to delivering a really good 2023. So, thank you all for your time today and your interest in Equity Residential.

Operator: This concludes today’s conference call. You may now disconnect.