and will participate in investor meetings at the event.DISCLOSURESFORWARD LOOKING STATEMENTSThis release contains forward-looking statements within the meaning of securities laws. The words "action," "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "guidance," "integrate," "maintain," "objectives," "optimize," "project," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, amo ...

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved same-store NOI growth of 2.3%, driven by 2.4% core revenue growth and 2.6% core expense growth [14] - In the fourth quarter, same-store NOI grew 0.7% year-over-year, supported by 1.7% growth in core revenues and a 4% increase in core expenses [14] - Core FFO for the fourth quarter increased 1.3% year-over-year to $0.48 per share, while Core FFO for the full year was up 1.7% to $1.91 per share [19] - AFFO for the fourth quarter was generally flat year-over-year at $0.41 per share, while AFFO for the full year grew by 1.8% to $1.63 per share [20] Business Line Data and Key Metrics Changes - Same-store average occupancy for the year was 96.8%, landing at the high end of the 2025 guidance [14] - Fourth quarter blended rent growth was 1.8%, reflecting strong renewal rent growth of 4.2%, which more than offset a 4.1% decline in new lease rates [15] - The company expects to achieve $0.14-$0.20 of incremental AFFO per share growth over the next three years, with operational enhancements expected to provide roughly half of the projected AFFO growth [16] Market Data and Key Metrics Changes - The company noted that supply levels in core markets, particularly Florida, Texas, and Arizona, have been slightly elevated but are beginning to come down [26] - The company is seeing healthy demand, with lead volume remaining strong compared to last year [25] Company Strategy and Development Direction - The company is focused on delivering attractive same-store NOI growth, allocating capital thoughtfully across growth opportunities and share repurchases, and using scale and technology to drive efficiencies [10] - The acquisition of ResiBuilt Homes enhances in-house development capabilities and aims to add more homes to the markets served, addressing housing affordability [12][13] - The company plans to maintain a strong balance sheet while expanding housing choice and flexibility in communities [11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of housing affordability and the commitment to providing well-maintained, high-quality homes for residents [7][8] - The company is optimistic about the upcoming peak leasing season, noting healthy demand and a strong lead volume [25][26] - Management acknowledged the challenges posed by elevated supply levels in certain markets but expressed confidence in the fundamentals of supply and demand [26] Other Important Information - The company ended the year with $1.7 billion in total liquidity and maintained a conservative leverage profile [18] - The Board of Directors authorized a $500 million share repurchase program, with 3.6 million shares repurchased totaling approximately $100 million [19] Q&A Session Summary Question: Expectations for same-store blended rent growth - Management indicated that it is premature to draw conclusions about the peak leasing season, but lead volume feels healthy compared to last year [24] Question: Comments on institutional investor ban - Management is engaged with policymakers and is hopeful for clarity on regulations affecting affordability and homeownership pathways [29] Question: Commentary on expense growth assumptions - Management noted that property tax growth was favorable in 2025, but they expect some challenges in 2026 due to tougher comps and rising insurance costs [41][42] Question: Supply-demand balance in key markets - Management acknowledged that while supply is elevated, they expect demand to catch up as peak deliveries are in the past [90]

TIME TO EXPLAIN HOW YOU ARE THINKING ABOUT AN INCOMING CHAIR WARSH AND WHAT MIGHT CHANGE AT THE INSTITUTION YOU WORKED OUT FOR SO LONG. RICHARD: THANK YOU FOR THAT. KEVIN WARSH I HAVE KNOWN FOR A DOZEN YEARS.HE IS ACCOMPLISHED, RESPECTED. HE HAS A PAPER TRAIL AND HAS BEEN QUITE SPECIFIC IN HIS ASSESSMENT AND IN MANY CASES CRITICISM OF FED PRACTICE. THE BALANCE SHEET HE THINGS IS TOO BIG.THE FED HAS GOTTEN INTO CREDIT ALLOCATION AND MORTGAGES. HE HAS BEEN CRITICAL OF FORWARD GUIDANCE INFORMATION THE FED PROV ...

Here is the full press release explaining what we have done to delever and strengthen the balance sheet.https://t.co/d3VeKZArZV ...

LATEST: ⚡ Strategy CEO Phong Le says the price of Bitcoin would need to collapse all the way down to $8,000 and stay there for five to six years before the company would face any balance sheet issues. https://t.co/sDisw3DgZW ...

President Trump’s new Fed pick has been vocal about his desire to shrink the central bank’s balance sheet. Doing so will require a more “interventionist” Fed during day-to-day money market operations, according to Mizhuo. https://t.co/NDvUmeQXjb ...

ROMAINE: A BOUNCEBACK AND U.S. MANUFACTURING LEADS TO REBOUND IN U.S. EQUITIES. HERE AT BLOOMBERG HEADQUARTERS IN NEW YORK, I'M ROMAINE BOSTICK. KATIE: WE'RE KICKING YOU OFF TO THE CLOSING BELL HERE IN THE U.S., THE S&P 500 HEADING FOR RECORD HIGH.HIGHER BY ABOUT .5% RIGHT NOW. WE HAD U.S. ISM MANUFACTURING COME IN STRONG AS MORNING, YOU SEE THAT IN THE NASDAQ 100, GIVING A LIFT TO YIELDS. FOR KNOCKING ON THE DOOR OF 4.30%, THEN YOU LOOK AT THE DOLLAR, CONTINUING TO RALLY.BLOOMBERG DOLLAR SPOT INDEX HIGHER ...

What is sort of technically your last 24 hours as a Fed governor. Your term is up tomorrow, but you're staying on. Thanks for having me back.It's good to see you again. Look, as you say, my term expires over the weekend. But per the Federal Reserve Act, I will be staying in my seat until someone is confirmed to replace me, presumably Chairman designate Kevin Warsh.This is common practice and has happened many times by other governors who have waited for someone else to be confirmed into their seat. Now the ...

Group 1 - President Donald Trump has announced Kevin Warsh as his pick to lead the Federal Reserve, which has sparked a mixed reaction among investors and lawmakers [3][4][37] - The confirmation process for Warsh is expected to be contentious, with key Republican Senator Thom Tillis planning to block the nomination until the Department of Justice's inquiry into Jerome Powell is resolved [4][53] - Warsh's past as a Fed governor from 2006 to 2011 indicates a hawkish stance on monetary policy, particularly regarding inflation and interest rates [6][39] Group 2 - January saw record high-grade sales in the U.S., totaling over $208 billion, marking it as one of the busiest months ever for bond sales [26][27] - Morgan Stanley led the way in high-grade sales, with significant demand for offerings from companies like AT&T and IBM [27] - The bond market is currently experiencing tight credit spreads, which may not be reliable indicators of future market conditions [28][49] Group 3 - Warsh has expressed criticism of the Fed's current approach to monetary policy, particularly regarding quantitative easing and the size of the balance sheet [9][12][70] - There is uncertainty about how Warsh's views will align with the current Federal Open Market Committee, especially regarding interest rates and economic growth [21][62] - The market is cautious about the potential for Warsh to bring about significant changes to the Fed's balance sheet and interest rate policies [19][40][72]

>> I AM KATIE GREIFELD. BLOOMBERG REAL YIELD STARTS RIGHT NOW. KATIE: COMING UP, PRESIDENT DONALD TRUMP ANNOUNCES HIS LONG ANTICIPATED PICK TO LEAD THE FEDERAL RESERVE AS ONE KEY REPUBLICAN LAWMAKER DOUBLES DOWN ON HIS COMMITMENT TO BLOCK THE PRESIDENT'S BID.JANUARY HIGH-GRADE SALES COME IN AS ONE OF THE BUSIEST MONTHS, EVER. WE BEGIN WITH THE ISSUE. THE FUTURE OF THE FED UNDER KEVIN WARSH.>> INVESTORS KNOW HIM. THEY ARE COMFORTABLE WITH HIM. >> I THINK THE PRESIDENT HAD ARRANGE A OF BETTER CHOICES. I THINK ...