Jamie Feldman

Kleiman named Orange County as leading and San Diego turning, with L.A. County still the drag.

Kleiman said affordability still favors renting and move-outs to homeownership are not a factor.

Asked for April new versus renewal breakdown by region. Also probed political tax headline risks including the wealth tax and any impact on demand from tenants.

Asked for April new versus renewal breakdown by region. Also probed political tax headline risks including the wealth tax and any impact on demand from tenants.

Led off asking about the latest demand outlook for NorCal and Seattle given recent tech market volatility. Followed up on expected new lease and renewal blend assumptions for the year.

Led off asking about the latest demand outlook for NorCal and Seattle given recent tech market volatility. Followed up on expected new lease and renewal blend assumptions for the year.

Asked about current cap rate levels and direction after NorCal compression, then explored whether management would consider pivoting to acquire in LA given better pricing opportunities there.

Asked about current cap rate levels and direction after NorCal compression, then explored whether management would consider pivoting to acquire in LA given better pricing opportunities there.

Rylan noted they'd like to find more development but remain disciplined. Transaction market shows consensus NorCal sentiment has improved, with some buyers underwriting mid-single digit rent growth.

Angela outlined the LA recovery path: delinquency → occupancy → pricing power. Film industry rebound slower than hoped. Wildfire impact minimal due to unit mix mismatch.

Angela explained West Coast tech companies are headquartered in suburbs, and urban areas still face quality-of-life challenges with homelessness and crime.

Angela noted tech leasing is diversified across fintech, data, and software companies, and expects more competition will spur innovation.

Bret attributed L&A increase partly to outsized write-off of broker commissions from 3 retail tenant early vacations. Michael said team focused on AI search optimization in LLM environment. Not yet a cost driver but expected to eventually reduce ILS dependency and L&A expense. Can become a strategic advantage for those who invest early.

Property insurance premiums down, used savings to buy additional coverage hedging against casualty losses. General liability premiums increased. Utilities up higher than expected from Northeast storms and energy costs. Hedging where possible. Higher utility costs partially offset by higher fee income. Bob added capital sustainability projects being accelerated to manage consumption.

Michael said all markets expected to produce growth over 2025 levels. SF and NY will have outsized rent growth. Mark shared private bets: better about Atlanta, D.C. negativity may be overdone. Continuing anxiety over LA. Michael detailed blend cadence, mirror image of typical pricing trend with Q2 building, Q3 decelerating, H2 much better than 2025 H2.

Michael said portfolio at ~1% gain-to-lease, same as Nov 2024. Expects 2026 to start in gain-to-lease then shift during leasing season. WiFi delay is couple million dollars deferred to 2026. Mark noted insurance is small line (3-4% of SS expense), good year so far. Intra-period growth emphasis needed for 2026 as embedded growth similar to 2025.

Michael highlighted sub-20% rent-to-income ratios for new move-ins showing affordability. Mark noted income growth pretty good across all markets but rent growth widely varied. Seattle and SF represent dry powder, good income growth with flat rents creates pricing opportunity with improved supply picture.

Alec said balancing development pipeline in suburban Boston and Seattle with targeted expansion market locations. Targeting 6% yield on current rents/costs but hard to achieve. Prefer JV format to leverage partner overhead and maintain flexibility. Development overhead under $4M/year.

Michael said sustained results lift comes over time as AI applications deploy. Mark expanded to note technology initiatives across capital allocation, legal, HR and finance. Expects technology to retard rate of overhead growth over time. May see costs go up before going down as talent is expensive.

Mark emphasized focusing on operational dashboards over headlines, noted EQR benefits as strong cash flow business with no foreign operations in uncertain times.

Bob explained the 20bps nonresidential drag is from a one-time 2024 straight-line accounting pickup. Same-store is the primary FFO driver.

Asked by an associate (Connor) on for Jamie Feldman. Jessett confirmed the $1.625 billion price is before transaction costs, which are about $15 million, over half of which is a tax on one Los Angeles transaction.

Jessett confirmed concessions declining meaningfully as supply down 50% from peak. Camden Village District in Raleigh offering only slightly more than standard one-month lease-up concession, indicating market normalization.

Management guided to Q1 slight improvement over Q4 blends but deferred detailed cadence until peak leasing season. Green shoots visible in multiple markets. No markets declining, several improving.

Campo confirmed robust demand for multifamily investment. Jones added healthy market with strong bid depth, cap rates stabilized at 4.5-5% Class A and 5-5.5% Class B. Campo noted more coastal than Sunbelt transactions; Sunbelt pivot expected mid-2026.

Jessett cited DC as upside surprise and Austin as continued soft spot. Campo added operators industry-wide are pushing occupancy over rate due to macro uncertainty, not because demand is weak.

Jessett reported premiums down over 10% but assuming flat total insurance costs as savings may be offset by higher losses and tariff-related R&M.

Campo identified DC, Houston, SoCal as top performers while Austin/Nashville continue challenged. Jessett added Q2 blend expected flat to positive 1%.

Jessett provided specific blend, new lease, and renewal projections with quarterly cadence. New leases expected positive by Q3.

All three executives answered, contrasting the 2010-2019 50-51% turnover norm against today's 37-38% and framing 2027 supply as favorable.

Mike detailed: Q1 blends 1.6% (highest vs peers), April coastal accelerating to 3.1% from 2.8%. Sunbelt retreated from -1.5% to -2.5% in April. Renewals being sent at 5-6.5% through July, expect to sign within 100 bps. Strategy focused on lifetime resident value.

Mike focused on operational efficiency, reducing vacant days, faster move-ins. Occupancy at 97% in Oct-Nov enabled aggressive renewal pushes at 5.5-6%, achieving ~5%. Strategy anchored on total cash flow maximization rather than any single metric.

Mike distinguished coast blends at 2.3% (still strong) from weaker Sunbelt dragging portfolio average. Emphasized total revenue outperformance including other income and bad debt. Chris Van Ens noted different blend calculation methodology (all leases vs like-for-like 12-month) may cloud comparisons.

Mike noted West Coast (San Francisco, Seattle, Orange County) positive surprise to upside. Sunbelt disappointing, recovering but not as fast as expected given supply declines.

Mike noted LA is only 3% of NOI in Marina del Rey. Q2 averaged 96% occupancy with 1-1.5% blends. Recent 30-45 days saw occupancy rise to 97% but blends softened to flat with 1-1.5 weeks concessions.

Joe Fisher noted meaningful blended rate growth deltas of up to 500 bps between green and red supply buckets.

Mike detailed $180M other income (11.5% of revenue), 60% of 2025 growth already baked from prior Wi-Fi/locker rollouts.

Asked by an associate on for Jamie Feldman. Lobner gave the full July figures and framed the normal seasonal cadence for the balance of the year.

Tim confirmed renewal stays flat while new lease trends upward from Q1 through end of Q2 to close the gap. Peak BTR deliveries in the past per third-party data. Mom-and-pop inventory also moderating. Year-over-year supply gap much smaller than in January.

Dallas expressed confidence in ResiBuilt's in-house capability under Jay Byce. Synergies emerging with construction lending program. Question is which markets and why, not whether more platforms needed. Scott confirmed near-term focus on Carolinas, Florida, and Georgia.

Dallas confirmed no visible impact on occupancy or lead volume from immigration changes. FICO scores in same range for several quarters. Scott Eisen added construction costs generally under control with finished lot price growth slowing and modest labor cost increases.

Dallas noted significant discounts on builder inventory allowing conservative rent underwriting. Renewals strong even in supply-pressured markets. Capital recycling old homes into brand-new product.

Dallas confirmed third JV announced, focused on new construction opportunities. Declined to share promote details publicly, said partners give added flexibility and make the company more opportunistic.

Dallas explained Charles will focus on strategic growth including 3PM and AI/technology initiatives, Tim Loadner promoted to COO after a decade in field operations. No plans for further executive departures.

All three executives answered. Argo gave Q3 renewal lock-in and pre-leasing detail, Holder framed the cut as pace not direction, Hill added market-level absorption data.

Brad emphasized: $50M reduction is a couple months delay in deal-specific approvals, not a strategic change. Own/control 16 sites with 4,000+ unit approvals. Continued focus on $300-400M annual spend. Pipeline target $1.0-1.2B unchanged. Start timing can be lumpy based on approval process. Direct.

Tim walked through: blended 1-1.5%, renewals approximately 5.25%, new lease rates implied from blend math. Normal seasonal curve expected but less steep declines in late Q3/Q4 as supply pressure fades. Strongest markets: Carolinas, Virginia, Atlanta, Dallas. Tampa expected to gain momentum. Direct with good cadence detail.

Clay provided detailed expense outlook: real estate taxes expected to grow 2.5-3.5% (normalizing after favorable 2025 one-time prior year adjustments and negative NOI growth comps). Insurance tailwind from recent renewal in first half. Personnel/R&M at normal inflationary trends. Marketing expense should benefit from declining supply. WiFi will add a utility expense component. Direct and comprehensive.

Tim reported 55-60% of comps offering specials (up slightly from Q2). Typical concessions of half month to full month free. Buckhead and Uptown Dallas showing declining concessions. Phoenix, suburban Orlando, and downtown Nashville showing slightly higher concessions. Overall ticked up slightly but not dramatically different. Direct with market-level detail.

Tim expects turnover consistent with 2024. Move-outs to buy a home down 20% in Q4 due to high interest rates and prices. Direct.

Tim provided detailed pricing guidance: new lease -1.5% for year, slightly positive in late Q2/early Q3 (1-1.25% for 2-3 months), renewals steady at 4.25-4.5%. Direct with specific numbers.