Ami Probandt

Olsen split the line into lease fees and value-add services, noting value-add was up about 9% and year-to-date other property income up almost 5%.

Tanner acknowledged a grandfathering premium but would not commit to a change in asset management or capital recycling strategy because of it.

Dallas confirmed move-out to purchase at 16-17% for last four quarters, very consistent and slightly low historically. About 25% of move-outs tied to life transitions like job or school changes, also very consistent.

Dallas noted continued inquiries on management but remains highly selective. Legislative noise could create opportunities but too early to handicap. Team focused on consistent operations which enables pursuing other opportunities.

Scott confirmed strong builder relationships but less aggressive on commitments given cost of capital. Substantial end-of-month tape deal flow continues in early 2026. Purchased 2,000+ homes from builders in 2025. Balancing acquisitions vs share repurchases based on cost of capital signal.

Tim confirmed consumers negotiate on renewals regardless of asset type. No difference in behavior between BTR communities and scattered-site portfolio. Company negotiates as needed to maintain occupancy targets.

Dallas noted resale inventory converting to for-lease adding scattered supply pressure. BTR absorption feels better than last year with fewer concessions. Burns projecting deliveries down significantly into 2026.

Dallas explained more transaction volume gives better portfolio value marks, creates rental demand, and removes for-lease inventory as homes sell. Generally net positive for business.

Asked by an associate (Ami) on for Michael Goldsmith. Management said Camden will not exit any current markets but will slightly reduce exposure to its two largest, D.C. Metro and Houston, for portfolio-allocation reasons.

Jessett attributed Houston weakness to consumer sentiment decline, partly driven by immigration concerns. Fundamentals strong: rent-to-income at 16%, massive job and population growth. Campo added 900K more 20-25 year olds living at home nationally, consumer stressed psychologically but financially healthy.

Jessett cited NMHC conversations with eager sellers. Camden's reputation as no-contingency buyer is an advantage. If unable to redeploy, would likely need special dividend for tax consequences. Acquisition team of experienced professionals deployed across country.

Jessett described surprisingly slow SFR lease-up: prospects take multiple visits over weeks. Woodmill Creek just stabilized. Long Meadow Farms on similar trajectory. Contrasted with Camden Village District averaging 27 leases/month vs 20 underwritten.

Campo confirmed active land bank rebuilding but acknowledged difficulty underwriting given flat rents and elevated costs. Discipline on return thresholds.

Oden confirmed Tampa boost was hurricane-related. Houston differentiated by being only public company with meaningful presence. Energy sector performing well.

Mike quantified blend impact at $7M per 1% over 12 months. Q1 blends of 1.6% (peer-high) reflect strategy strength from Q4 occupancy build. Property-by-property and unit-by-unit optimization. Expects more clarity by NAREIT.

Mike explained strategy originated from supply timing, lease-ups during Q4 demand lull would pressure rents. Moved 7-8% of Sunbelt expirations from Q4 to 2026 when supply abates. Coincidentally also helps given unexpected demand softness.

Mike noted D.C. at 4.9% revenue growth in Q2, 15% of NOI, 40% urban/60% suburban. 97% occupancy with 3.5-3.6% blends. Renewals at 5-6% offsetting softer new lease. Other income +10-11%.

Mike noted industry grabbing occupancy earlier than normal, likely driven by supply dynamics rather than permanent seasonality shift. Toomey added broader macro factors (rate expectations, supply) influenced behavior.

Joe contrasted with past vintage issues (post-COVID, urban, construction delays) and cited operating asset recap with 70% current cash pay.

Mike confirmed 30,000 homes rolled out with 10,000 to go; no impact on renewal pricing which tracks peer average.

Mark said Massachusetts rent control ballot measure is primary focus. Industry mobilizing like in California. EQR stopped looking at 2 MA development deals and would reconsider current projects. DC considering 2-year rent freeze, much of DC portfolio already controlled so less direct impact. Capital very sensitive to regulation.

Mark clarified blends always reported on net effective basis, no calculation basis change quarter to quarter. Removing concessions is part of the improvement continuum: occupancy → concession reduction → base rent increases → same-store revenue growth. Not artificially boosted.

Bret said cadence similar to 2025 with H2 stronger than H1 driven by reduced competitive supply. Other income back-end loaded again with bulk WiFi rollouts and bad debt improvement. Overall cadence pretty steady without huge H1/H2 difference.

Michael confirmed very limited renewal concessions. Q3 averaged 7 days per move-in, higher than expected. Targeted at occupancy leans in DC and expansion markets. Expects Q4 to tick up to about 8 days per move-in despite lower absolute volume. Concessions sticky in some markets even with decent demand like Seattle.

Michael noted diversified portfolio derisks single-employer exposure. About 3% of units had Amazon-employed residents at move-in. Concentration higher in Seattle, particularly 3 properties in South Lake Union. Layoffs dispersed across markets. Employees get 90 days to find alternative roles. Amazon still posting positions including 300 in DC. Not a big concern.

Mark noted WA rent control probably won't affect 2025 but is disappointing. Maryland, EQR unlikely to invest further given hostile political climate. Only one property subject to Montgomery County rules.

Hill distinguished permits from starts, citing developer conversations and equity capital constraints as the binding limit on new supply.

Tim reported approximately 20% of move-ins are age 25 or under, consistent over several years with no pickup or decline. Guarantor usage (proxy for financial stress) actually declined slightly. No pressure from younger demographic evident. Direct with data.

Brad cited: 4 straight quarters of YoY blended improvement, less macro uncertainty than 2025, deliveries down 60%+ from peak and 35% YoY, market occupancies firming with fewer lease-up units. Tim added historical context: Q4/Q1 negative new lease rates are normal even in favorable environments due to seasonality. Region materially stronger on all demand variables vs rest of country. Direct with good context.

Tim confirmed Q4 forecast adjusted: renewal rates increased slightly but new lease run rate brought down. Primarily carrying through Q3 new lease rate impact. Direct.

Brad confirmed target of roughly 70/30 large/mid-tier split. Capital deployment will maintain that ratio primarily through development given difficult acquisition market. Cap rates similar for comparable quality assets across large and mid-tier markets. Tim noted mid-tier performance gap narrowing as Dallas and Atlanta strengthen. Direct.

Burns gave a 100 to 150 basis point spread to acquisition yields, stabilizing closer to 6%.

Burns confirmed development economics improved but stressed discipline on risk-adjusted returns.

Asked on behalf of Michael Goldsmith about migration trends and domestic/international immigration changes. Followed up on structured finance competition and how far off ESS is from winning competitive deals.

Asked on behalf of Michael Goldsmith about migration trends and domestic/international immigration changes. Followed up on structured finance competition and how far off ESS is from winning competitive deals.