Brad Heffern

Roy said the usual inverse cap-rate/10-year correlation has not held for two months; if the 10-year settles at 4.6-5%, cap rates should follow, though competition keeps them low.

Roy outlined three distinct non-overlapping strategies (Core+ fund, insurance capital, build-to-suit), each monetizing the platform through fee income for public shareholders.

Roy confirmed path-to-ownership intent on data center loans, second investment with same developer in Virginia, highly selective on operator and location.

Pong described the convertible as accretive capital with 20% conversion premium effectively issuing equity at high-$60s versus spot, to be used from time to time when circumstances warrant.

Roy described AI as an enabler, citing proprietary ML tools since 2019, data lake reorganization underway, and lease abstraction improving from 80% to 90% accuracy in 4 months.

Roy acknowledged structural US competition from Blackstone, BlackRock, Starwood but noted majority of sourcing still US-based; Europe preferred on risk-adjusted basis.

Roy deferred specifics due to marketing-stage restrictions, pointing to new supplemental disclosure on fund vs on-balance-sheet allocation.

Roy detailed Poland as second-fastest GDP growth in Europe with two industrial/distribution transactions completed including Eko-Okna and a Dutch grocer.

Roy attributed the narrow raise to conservatism amid policy uncertainty, noting back-end loaded $1B increase will benefit 2026 more than 2025.

Roy cited macro uncertainty and not wanting to chase deals, preferring to raise guidance only when signed contracts justify it.

Roy confirmed tariff exposure fully reflected in existing guidance, citing Zips 100% renewal at 94.3% recapture as evidence of resilience.

Pong clarified office impact at approximately 1.5 cents, concentrated in one M&A-sourced asset, with no additional material surprises expected.

Roy disclosed 6.4% US cap rate and claimed 100bp discount to market for 7-Eleven, noting the deal could also fit the fund business.

Pak reconciled the two balance-sheet buckets and gave $100 million as the go-forward preferred book run rate.

Kleiman attributed the divergence to regional mix, noting Southern California plus Seattle is 60% of the portfolio.

Asked for an update on the two large 2026 structured finance maturities where no redemption proceeds were assumed. Also asked for Q1 blended under the old methodology for comparability.

Asked for an update on the two large 2026 structured finance maturities where no redemption proceeds were assumed. Also asked for Q1 blended under the old methodology for comparability.

Asked whether guidance assumes significant improvement in LA performance year-over-year and when LA becomes a positive contributor. Also asked about immigration policy impact on demand.

Asked whether guidance assumes significant improvement in LA performance year-over-year and when LA becomes a positive contributor. Also asked about immigration policy impact on demand.

Asked about LA concession trends year-over-year and then pivoted to the new commercial paper program asking about cost savings versus the revolver and intended usage.

Asked about LA concession trends year-over-year and then pivoted to the new commercial paper program asking about cost savings versus the revolver and intended usage.

Barb explained the small ATM issuance supported development equity needs at a premium to NAV, but was stopped when the stock price moved away.

Angela confirmed Oakland should normalize by midyear as 75% of supply delivers in H1. Improvement won't be overnight but the turn is finally coming.

Barb attributed the large non-same property NOI contribution to JV consolidations and acquisitions completed in 2024.

Angela noted administration is pro H-1B, and historically H-1B tenants are a small transient portion of the portfolio with minimal impact when they exit.

Argo supplied the specific figures and caveated that one quarter does not make a long-term trend.

Tim wouldn't commit to a positive new lease date but pointed to 2027 as when sustained momentum and potentially positive new lease rates emerge. Key insight: because 2026 new lease improvement is backloaded (less seasonal moderation in Aug/Sep onward), more of that benefit impacts 2027 revenue via earn-in. Further from supply peak plus continued starts decline supports 2027 outlook. Direct on framework, evasive on specific timing.

Tim acknowledged first renewals in lease-ups are challenging. Concession environment remains elevated despite 5 straight quarters of increasing market occupancy, reflecting persistent uncertainty. However, Brad added that lease-up renewal retention rates are in line with existing portfolio, and renewal rates on lease-up properties averaged 11% in Q3, strong traction. Direct with balanced perspective.

Tim reported approximately 1% gain to lease, normal for this time of year (shifted from 2% loss to lease in July/peak season). Direct.

Tim acknowledged prior Q3 positive spread expectation no longer in guidance. Now expects spring/summer 2026 for positive new lease spreads. Direct.

Tim reported approximately 2% loss to lease based on July leases versus all in-place leases. Notes this peaks in July seasonally and should trend back down in second half. Direct with context.

Tim: No DOGE impact. April move-outs down vs prior year, over 96% occupancy in D.C. Return-to-work offsetting any weakness. Fredericksburg is best market across portfolio. Not a high concentration market for MAA. Direct.

Tim: Tweaked mix slightly heavier toward renewals, new lease expectations down a little due to uncertainty. Overall blended pricing expectation broadly unchanged. Direct.

Brad said minimal same-store impact from immigration policy changes. Potential impact on construction labor could slow new supply, which would benefit existing portfolio. Monitoring situation. Direct.

Tim explained improvement is combination of lessening supply, easier comps, and genuine recovery. Compared to 2017-2019 norms, seasonal patterns are better. January new lease pricing above full Q4 is atypical, suggesting real strength. Direct.

Mark noted downtown rents just moved above pre-COVID levels while nominal wages up 30% since 2019. AI ecosystem extends beyond big tech to small groups building applications on top of AI systems. Great universities and venture capital money supportive. Room to run on affordability basis. Expects ebbs and flows but persistent strength.

Michael said about 5% more move-ins from outside MSA and state. Multiple quarters of consistent pattern in SF is what gives pricing power confidence. Bellevue/Redmond submarket in Seattle also showing similar migration uptick.

Mark acknowledged LA challenges: quality of life in Central LA and West side, difficult political climate, weak entertainment-driven job growth. LA not currently favored by private buyers. Contrasted with SF where they could sell everything at great prices. Expects LA to brighten as World Cup and Olympics approach, creating selling opportunities.

Michael expressed confidence in multi-year SF growth story. Technology advancing quickly with SF at center. Migration patterns positive. Incomes up substantially while rents at discount to historical standards. Expects outsized growth for next couple of years.

Michael gave detailed submarket breakdown: suburban Maryland 97%+ occupied with rents up; Fairfax good occupancy with rents up a few percent; urban Virginia near DC competing with supply losing pricing power; district Northwest at 95-95.5% occupancy with net effective prices down 4%. Not seeing key returns from job losses but top of funnel slowing. Consumer sentiment could shift quickly. Massive 65% supply decline in 2026 means small catalyst could restore pricing power.

Mark acknowledged LA lagging due to entertainment industry shifts and quality-of-life issues. Expects to own less in the market over time but Prop 13 benefits support returns.

Seattle projected as strongest revenue growth at ~4%. San Francisco in mid-3% range, up from 1.5% in 2024. Outperformance depends on early leasing strength.

Michael said foreign move-ins are only 2-3% of total. No impact seen from vendors on service ability. Too early to tell but exposure is minimal.

Jessett said system-wide signed new leases bounce day to day but are getting close to flat, turning positive on a handful of days in July. It will not be flat for the full third quarter given peak-season seasonality, but he called it a wonderful green shoot.

Jessett noted Q1 was in line with expectations and guidance. In markets overlapping with competitors, Camden outperformed in most. Strategy focused on positioning for successful peak season. April results confirming approach.

Campo confirmed 10% unemployment for 18-24 cohort and return to pre-COVID levels of living at home. Views as potential tailwind if 2026 hiring improves. Big Beautiful Bill tax refunds and tariff wind-down could release pent-up hiring demand.

Campo dismissed demand pull-forward. Household formation driven by life events, not pricing. At 18.9% rent-to-income, consumers can absorb 4-5% increases. Service quality supports retention.

Campo emphatic: zero evidence of DOGE impact. DMV occupancy at 97%, blended leases up 5% signed. Federal employment ex-Postal down only 9,000 nationally.

Campo confirmed slowing DC dispositions given uncertainty. Will not sell into a less constructive market just because of stated plan.

Jessett confirmed supply impact is fading, citing new lease improvement in Q4 and encouraging January trends.

Olsen declined to give a run rate, saying it is too early, and framed ResiBuilt as a strategic fee-building growth engine rather than a modelable line.

Lobner declined to project third-quarter blends, offering only that August renewals resemble July and that Q4 blends typically taper.

Jon noted aggressive buyback was anticipated in budget. Got through it slightly faster than planned. Operating performance tracking very closely to internal numbers on revenue, expense, and NOI. Still early in year with patterns that have changed in recent years.

Jon declined specifics on repurchase quantum but noted meaningful disconnect between share price and asset value makes buybacks a compelling use of funds. Excess disposition proceeds available if shares remain materially dislocated from NAV.

Dallas noted blackout period constraints. Buyback considered when excess capital available and accretive deployment opportunity exists. Will use judiciously in concert with Board investments and Finance Committee.

Charles highlighted high occupancy and strong rate growth driven by limited SFR supply in California. AB 1482 rent cap creates loss-to-lease on renewals recaptured on new leases. Bad debt improving.

Dallas emphasized selectivity, partners must have scale and market overlap. Fine staying at 3 clients or expanding to 10 if right fit. Expects opportunity set to widen over time as industry evolves.