Financial Data and Key Metrics Changes - Realty Income invested $1.4 billion in Q3 2025 at a 7.7% weighted average initial cash yield, bringing the year-to-date investment volume to over $3.9 billion, surpassing the total investment volume of 2024 excluding the Spirit merger [6][11] - The company increased its 2025 investment volume guidance from $5 billion to approximately $5.5 billion and raised the low end of its AFFO per share guidance to a range of $4.25-$4.27 [11][14] Business Line Data and Key Metrics Changes - The company sourced $31 billion in volume during the quarter, achieving a selectivity ratio of 4.4%, with total year-to-date sourcing volume reaching $97 billion, surpassing the previous high watermark of $95 billion in 2022 [6][11] - The rent recapture rate across 284 leases was 103.5%, generating $71 million in new cash rents, with 87% of leasing activity from renewals by existing clients [9][10] Market Data and Key Metrics Changes - In Europe, Realty Income invested approximately $1 billion, accounting for 72% of the investment volume at an 8% weighted average initial cash yield, driven by a fragmented competitive landscape and a larger total addressable market compared to the U.S. [7][8] - In the U.S., the company invested $380 million at a 7% weighted average initial cash yield, reflecting a selective approach rather than a lack of opportunity [8][9] Company Strategy and Development Direction - Realty Income's strategy focuses on capitalizing on the increasing investor appetite for consistent, long-duration income, leveraging its scale and diversification across over 15,500 properties and 92 industries [4][5] - The company aims to enhance its liquidity position through the launch of a perpetual life fund, which is expected to support growth objectives [5][11] Management's Comments on Operating Environment and Future Outlook - Management noted that the competitive landscape in the U.S. has intensified, with more competitors entering the net lease market, prompting a strategic shift towards Europe for better risk-adjusted returns [19][20] - The company remains committed to operational consistency and disciplined investment principles, with a long-term objective of delivering resilient and growing income through a diversified net lease platform [15][19] Other Important Information - Realty Income recognized $27.3 million in lease termination income during the quarter, reflecting proactive asset management strategies [10][39] - The company reported a net debt to annualized pro forma EBITDA of 5.4 times and a fixed charge coverage ratio of 4.6 times, with $3.5 billion in liquidity [13][14] Q&A Session Summary Question: Competition in the U.S. vs. Europe - Management acknowledged increased competition in the U.S. market, leading to a strategic focus on Europe for better value-adjusted returns [19][20] Question: Dispositions of Vacant Assets - Management explained that the decision to sell vacant assets was part of a strategy to maximize economic returns, with a mix of asset types sold [22][25] Question: Predictive Analytics and G&A Reduction - Management discussed the use of predictive analytics to improve decision-making and potentially reduce G&A costs over time [27][30] Question: Lease Termination Income - Management indicated that the lease termination income was primarily from one tenant and that proactive asset management would lead to more regular occurrences of such income [39][40] Question: Investment Guidance Increase - Management clarified that the increase in investment guidance includes both core portfolio and private fund investments, reflecting a strategic approach to capital allocation [87]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $251 million for Q3 2025, reflecting a 17% year-over-year increase [20] - Economic earnings per share grew 27% year-over-year to $6.10, benefiting from share repurchases [21] - The company anticipates fourth-quarter adjusted EBITDA to range between $325 million and $370 million, with expected economic earnings per share between $8.10 and $9.26 [21][22] Business Line Data and Key Metrics Changes - The company achieved $9 billion in net client cash inflows for Q3 2025, bringing year-to-date total net inflows to $17 billion, representing a 3% annualized organic growth rate [12][20] - Affiliates generated $18 billion in net inflows in alternatives, offsetting $9 billion in outflows from active equities [13] - Liquid alternatives saw record net inflows of $14 billion, driven by tax-aware solutions [13][56] Market Data and Key Metrics Changes - The company’s affiliates manage $353 billion in alternative assets under management (AUM), contributing 55% of EBITDA on a run-rate basis [6] - Approximately $76 billion in alternative AUM was added through organic growth and new affiliate investments, marking a nearly 30% increase in total alternative AUM [5][6] Company Strategy and Development Direction - The company is focused on expanding its investment in growth by partnering with new and existing affiliates, particularly in alternative strategies [7][10] - A strategic collaboration with Brown Brothers Harriman aims to develop innovative products and deliver structured credit solutions to the wealth channel [8][17] - The company has committed over $1 billion across five new growth investments in 2025, enhancing its participation in areas of secular growth [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate long-term earnings growth, driven by strong organic growth and capital allocation strategies [10][22] - The company anticipates a meaningful increase in full-year economic earnings per share in 2026, supported by strong organic growth and new investments [7][22] - Management highlighted the ongoing demand for alternative strategies and the potential for margin expansion at key affiliates [22][46] Other Important Information - The company repurchased approximately $77 million in shares during Q3 2025, with year-to-date repurchases totaling approximately $350 million [24] - The company expects to repurchase at least $500 million in shares for the full year, subject to market conditions [24] Q&A Session Summary Question: Inquiry about franchise momentum and BBH collaboration - Management acknowledged the strong momentum in both organic and inorganic growth, highlighting the strategic collaboration with BBH as a significant opportunity [28][30] Question: Contextualizing growth expectations for 2026 - Management indicated that the combination of new investments, share repurchases, and net inflows from alternatives will significantly impact 2026 earnings per share [42][45] Question: Details on liquid alternatives flows and AQR strategies - Management noted that AQR's diverse strategies and focus on after-tax outcomes have contributed to strong inflows, with a significant opportunity for future growth [51][60]

Financial Data and Key Metrics Changes - Revenue increased by 9.7% year-over-year to $556.5 million, with a slight sequential decrease of $0.3 million [11] - Operating profit rose by approximately 27% compared to last year's Q2 and up 3% sequentially [4] - Net income was $52.4 million, compared to $43.8 million in the same quarter of the prior year, with diluted earnings per share increasing to $6.55 from $5.28 [15][14] Business Line Data and Key Metrics Changes - Factory-built housing segment net revenue was $535.1 million, up 10% year-over-year, driven by a 5.4% increase in homes sold and a 4.4% increase in average revenue per home sold [11] - Financial services segment net revenue increased by 1.4% to $21.4 million, with operating profit rising from a loss to an $8 million profit [12][8] Market Data and Key Metrics Changes - National shipments in the industry were up over 3% year-to-date through August, with notable double-digit growth in many northern U.S. regions [4] - The Southeast region experienced a decline in shipments, down about 4% year-to-date and 10% in July and August compared to last year [5] Company Strategy and Development Direction - The company is focused on capital allocation, including investments in existing plants, acquisitions, and share repurchases, with $36 million of common shares repurchased [10][15] - The integration of the American HomeStar acquisition is progressing well, with expectations of adding value over the coming quarters [9][44] Management's Comments on Operating Environment and Future Outlook - Management noted significant regional differences in market performance, with a balanced market overall despite challenges in the Southeast [8][26] - The company is monitoring production closely and adjusting as necessary, indicating a cautious but optimistic outlook for the upcoming quarters [8][26] Other Important Information - The effective income tax rate increased to 22.1% due to a reduction in expected tax credits [14] - The company reported a cash balance of $400 million, with cash provided by operating activities at $78.5 million [16] Q&A Session Summary Question: How are orders trending into fiscal Q3? - Management indicated that wholesale orders were slightly down in the quarter, but backlog has stabilized and grown a little [24][26] Question: What is the current state of the Texas market? - The Texas market is performing well, with strong retail results contributing positively to production [32] Question: What are the expectations for gross margins in the next quarters? - Management acknowledged input cost pressures but emphasized the strength of their business model in managing costs [33][35] Question: How is the American HomeStar acquisition performing? - The integration is going well, and the acquired company is expected to contribute positively to the overall business [44][46] Question: What is the impact of tariffs on costs? - Tariffs have added approximately $2 million in costs for Q2, with potential increases due to recent tariff changes on Canadian lumber [35][92] Question: How does the company maintain pricing in the Southeast? - Management stated that pricing has remained stable despite lower order rates, indicating a healthy market environment [95]

Financial Data and Key Metrics Changes - Consolidated revenues for the third quarter were $210 million, down 9.7% compared to the prior year quarter [5] - Operating income decreased by $10.1 million to $22.7 million compared to the prior year quarter [5] - Consolidated adjusted EBITDA was $40.4 million, a decrease of $11.9 million from the third quarter of fiscal 2024 [5] - Net earnings for the quarter were $16.2 million, or $0.52 per share, impacted by a non-recurring gain on a property insurance settlement of $3 million [5][6] - Excluding the gain, net earnings were $13.2 million, or $0.42 per share, compared to $24.8 million, or $0.78 per share in the prior year [6] Business Line Data and Key Metrics Changes Theater Division - Total revenue for the theater division was $119.9 million, a decrease of approximately 16% compared to the prior year [6] - Comparable theater admission revenue decreased by 15.8%, and attendance decreased by 18.7% compared to the fiscal third quarter 2024 [7] - Adjusted EBITDA for the theater division was $22.1 million, a 33% decrease over the prior year quarter [10] Hotels and Resorts Division - Total revenues before cost reimbursements were $80.3 million, a 1.7% increase compared to the prior year [10] - RevPAR for comparable owned hotels decreased by 1.5%, with an average occupancy rate of 78.4% [10][11] - Adjusted EBITDA for hotels was essentially flat compared to the prior year quarter [14] Market Data and Key Metrics Changes - U.S. box office receipts decreased by 12% during the fiscal 2025 third quarter compared to the previous year, indicating a trailing performance relative to the industry [7] - Comparable competitive hotels experienced a RevPAR decrease of 6.7%, indicating that the company's hotels outperformed the competitive set by 5.2 percentage points [12] Company Strategy and Development Direction - The company plans to continue pursuing growth investments while returning capital to shareholders through dividends and share repurchases [17][32] - Capital expenditures for fiscal 2025 are expected to be between $75 to $85 million, with a significant decrease anticipated in 2026 [15][32] - The company is focused on optimizing pricing strategies to capture premium during peak periods while maintaining value-oriented options for price-sensitive customers [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a mixed quarter with solid results in hotels but challenges in theaters due to a less concentrated film slate [4][18] - The company remains optimistic about the upcoming film slate and expects continued growth in admission per caps [25][49] - There is an increased level of economic uncertainty, but the company is prepared to react and adjust quickly if needed [30] Other Important Information - The company repurchased approximately 600,000 shares for $9.1 million during the third quarter, totaling over 1 million shares repurchased this year [16] - The board approved a 4 million share increase in the current repurchase authorization, bringing it to 4.7 million shares [32] - The company celebrated its 90th anniversary, emphasizing its entrepreneurial legacy [33] Q&A Session Summary Question: On the hotel side, what is the situation with rate growth in three hotels? - Management indicated that the lack of rate growth was due to market dynamics, with two hotels facing persistent supply issues and one experiencing recent demand softening [36][37] Question: Is the $50 million to $55 million CapEx primarily maintenance? - Management confirmed that while it includes some ROI investments, it is primarily maintenance and ROI capital [38] Question: How does the company view M&A opportunities? - The company is comfortable with its current leverage and has capacity for M&A if attractive opportunities arise [40][41] Question: Have there been changes in consumer behavior regarding concessions? - Management noted no significant changes in consumer buying patterns, with consistent basket sizes and increased merchandise sales [42][43] Question: How does the company view the M&A market in the current macro environment? - Management observed a sluggish transaction volume but noted a potential increase in activity as interest rates decrease [44][45] Question: What are the expectations for admission per cap growth? - Management expects growth to continue, driven by strategic pricing moves implemented in the third quarter [46][47] Question: What growth opportunities does the company see for theaters and hotels? - Management highlighted the strong film slate for 2026 and the benefits of recent investments in hotel renovations [49][51]

Financial Data and Key Metrics Changes - Proforma EBITDA reached $4.4 billion, an increase of 17% year on year and 28% higher than the previous quarter [12] - Recurring free cash flow was $1.6 billion, an increase of $1 billion year on year [18] - Expanded net debt decreased by $800 million quarter on quarter, reaching $16.6 billion [18] Business Line Data and Key Metrics Changes - Iron ore production increased to 94 million tons, up 4% year on year, marking the highest quarterly output since 2018 [4] - Copper production grew by 6% year on year, achieving the best third quarter results since 2019 [5] - Nickel production remained flat year on year, but unit costs were significantly reduced due to operational improvements [5] Market Data and Key Metrics Changes - Iron ore sales increased by 5% year on year, reaching 86 million tons, the highest level for a third quarter since 2018 [13] - Iron ore quality premium increased by nearly $2 per ton quarter on quarter, contributing to over $500 million improvement in EBITDA on an annualized basis [8][12] Company Strategy and Development Direction - The company aims to become a trusted partner with a competitive and resilient portfolio, focusing on operational excellence and disciplined capital allocation [3] - Key projects in the Carajás region are advancing, including the Bacaba copper project and the Serra Sul expansion [6][7] - The company is committed to safety and has made significant progress in dam safety management [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future and the value being created for shareholders and society [4] - The operational performance and cost reductions across all businesses reflect a focus on operational excellence [20] - The company is optimistic about the potential for extraordinary dividends due to strong cash flow generation [32] Other Important Information - The company has received various licenses for expansion projects, including the Serra Sul expansion and Bacaba copper project [6][7] - The company is actively monitoring regulatory changes in Brazil regarding dividend taxation [53] Q&A Session Summary Question: Insights on portfolio strategy and future expectations - Management highlighted the positive results from optimizing the product portfolio, with high premiums for specific products [26][30] Question: Future dividend considerations - Management indicated that strong cash flow and operational performance could lead to extraordinary dividends in the coming months [32] Question: Updates on participating debentures and implications for dividends - The company does not expect to revise the offering structure and believes the current pricing is reasonable [35] Question: Plans for accelerating copper growth initiatives - Management is excited about growth opportunities in the copper business and is dynamically reallocating resources to enhance growth [41][60] Question: Impact of potential changes in dividend taxation - The immediate impact of new regulations on dividends is limited, and the company is monitoring the situation closely [53][69] Question: Updates on Samarco and legal cases - Management expressed satisfaction with Samarco's operational performance and ramp-up of production, while legal cases are still being monitored [76]

Financial Data and Key Metrics Changes - The company achieved revenue growth of 3.3% and adjusted EBITDA growth of 6.1% in Q3 2025, with an adjusted EBITDA margin expansion of 80 basis points [4][10] - Adjusted earnings per share reached $1.90, and year-to-date adjusted free cash flow was $2.19 billion [4][14] - The customer retention rate remained strong at 94% [4] Business Line Data and Key Metrics Changes - Organic revenue growth was driven by strong pricing, with average yield on total revenue at 4% and related revenue at 4.9% [5][11] - Environmental solutions business faced a decline due to softness in manufacturing activity and lower event-driven volumes, impacting total company revenue by 140 basis points [6][13] - Adjusted EBITDA margin in the recycling and waste business was 34.3%, up 150 basis points compared to the prior year [13] Market Data and Key Metrics Changes - The average commodity price for recycling was $126 per ton, down from $177 per ton in the prior year, affecting organic revenue growth [12] - The company recorded approximately $100 million of event-driven revenue associated with hurricane and wildfire cleanups year-to-date [11] Company Strategy and Development Direction - The company aims for mid-single-digit revenue growth and faster growth in EBITDA and free cash flow, supported by disciplined pricing and strategic acquisitions [15] - Investments in sustainability, including polymer centers and renewable natural gas projects, are expected to contribute to long-term growth [8][9] Management's Comments on Operating Environment and Future Outlook - Management noted persistent headwinds in construction and manufacturing markets but expressed confidence in the business model and operational execution [4][15] - The outlook for 2026 remains cautious, with expectations of overcoming commodity headwinds and stabilizing demand in environmental solutions [20][39] Other Important Information - The company has invested over $1 billion in strategic acquisitions year-to-date and returned $1.13 billion to shareholders through dividends and share repurchases [9][10] - The company is advancing its fleet electrification efforts, with plans to have over 150 electric vehicles by year-end [9] Q&A Session Summary Question: Long-term growth algorithm for 2026 - Management confirmed the long-term growth algorithm of mid-single-digit revenue growth and faster EBITDA growth, while acknowledging tougher comparisons in 2026 [20] Question: Event-driven volumes and revenue impact - Management provided a breakdown of event-driven revenue across quarters, totaling $100 million year-to-date [21] Question: Market conditions and volume performance - Management indicated that the slowdown in manufacturing and project work has impacted volumes, but they expect a rebound as conditions stabilize [23][50] Question: Pricing and cost spread outlook - Management expects a price-cost spread of 75 to 100 basis points above inflation, indicating a positive outlook for pricing [27][56] Question: M&A pipeline and opportunities - The M&A pipeline remains strong, with a focus on both recycling and waste, and environmental solutions [32][76] Question: Environmental solutions business expectations - Management anticipates growth in the environmental solutions business next year, despite current sluggishness [35][39] Question: Labor disruption impact - Management believes the impact of labor disruptions has been captured, with no significant residual effects expected [44][45] Question: EV targets and OEM production - Management remains confident in their EV targets despite potential delays from OEMs, citing strong customer demand [46] Question: Revenue impact from union contract settlements - Management acknowledged a revenue impact of $16 million from credits related to union contract settlements [86]

Core Insights - Baytex Energy Corp. reported solid third-quarter results for 2025, showcasing record production in the Pembina Duvernay and strong free cash flow generation, alongside continued debt reduction efforts [2][18][19] Financial Performance - Total petroleum and natural gas sales reached CAD 927.6 million in Q3 2025, compared to CAD 886.6 million in Q2 2025 and CAD 1.1 billion in Q3 2024 [10] - Adjusted funds flow was CAD 422 million (CAD 0.55 per basic share) for Q3 2025, down from CAD 537.9 million (CAD 0.68 per basic share) in Q3 2024 [10][18] - Free cash flow generated was CAD 143 million (CAD 0.19 per basic share), a significant increase from CAD 3.2 million in Q2 2025 [10][18] - Net income for the quarter was CAD 32 million (CAD 0.04 per basic share), a decrease from CAD 151.5 million in Q2 2025 and CAD 185.2 million in Q3 2024 [10][18] Production Highlights - Average production was 150,950 boe/d (86% oil and NGL), reflecting a 1% increase in production per basic share compared to Q3 2024 [7][20] - Pembina Duvernay production reached a record 10,185 boe/d (77% oil and NGL), up 53% from Q2 2025 [7][25] - Heavy oil production averaged 47,280 boe/d (96% oil and NGL), a 5% increase from Q2 2025 [30] Capital Expenditures and Debt Management - Exploration and development expenditures for Q3 2025 totaled CAD 270 million, with a full-year plan anticipating approximately CAD 1.2 billion [4][20] - Net debt decreased by 2% (CAD 50 million) to CAD 2.2 billion, supported by strong free cash flow [19][20] - The company plans to allocate 100% of free cash flow to debt repayment after funding quarterly dividends, targeting net debt of approximately CAD 2.1 billion by year-end [5][19] Strategic Developments - A strategic property swap in the Pembina Duvernay has consolidated the company's position, facilitating full-scale development [2][28] - The company has expanded its heavy oil development fairway and consolidated acreage through targeted land acquisitions [7][30] Dividend Declaration - The Board of Directors declared a quarterly cash dividend of CAD 0.0225 per share, payable on January 2, 2026 [33]

Core Insights - Public Storage's third quarter results demonstrate strong operational performance and strategic initiatives that have led to increased revenue and core FFO per share growth [4][8][9] Operational Innovations - The company has achieved a 30% reduction in labor hours while enhancing employee engagement and reducing turnover [1] - Digital transformation has led to 85% of customer interactions occurring through digital channels, improving customer service and operational efficiency [2] Financial Performance - Public Storage reported a core FFO per share growth of 2.6%, a significant acceleration from the previous year [8] - Same-store revenue growth was driven by strong customer behavior, with in-place rents increasing by 0.6% despite lower occupancy [6][40] Market Trends - The company is experiencing operational stabilization and lower competition from new supply, which has positively impacted acquisition activity [4][25] - The West Coast markets are showing strong demand trends, with same-store revenue growth in the range of 2% to 4% [7][42] Capital Allocation and Growth Strategy - Public Storage has accelerated portfolio growth with over $1.3 billion in acquisitions and developments announced this year, supported by a $650 million development pipeline [5][49] - The company maintains a strong balance sheet with a net debt to EBITDA ratio of 4.2 times, allowing for continued investment in growth opportunities [6] Future Outlook - The company has raised its 2025 outlook for same-store and non-same-store NOI growth, reflecting positive trends in operational performance [4][9] - Anticipated challenges include property tax comparisons and the impact of rental rate restrictions in Los Angeles, which may affect fourth-quarter performance [19][41]

Financial Data and Key Metrics Changes - Public Storage's third quarter results indicate an increase in same store and non-same store NOI growth, acquisition volume, and core FFO growth per share, leading to an improved outlook for 2025 [3][10] - Core FFO per share growth increased by 2.6%, representing a 560 basis point acceleration from the previous year's third quarter [10] - Same store revenue growth was primarily driven by strong in-place customer behavior, with overall in-place rents up 0.6% despite lower occupancy [9][10] Business Line Data and Key Metrics Changes - The company reported strong performance in its non-same store pool, contributing to higher core FFO per share growth [10] - The same store pool maintained expense control, with expenses held flat for the quarter due to reductions across most line items [10] Market Data and Key Metrics Changes - Revenue growth in specific markets such as Chicago, Minneapolis, Tampa, Honolulu, and the West Coast ranged from 2% to 4% in same store revenue [9] - The West Coast, representing a third of the company's NOI, showed good demand trends and limited new supply, with expectations for Los Angeles to return to strong growth once price restrictions expire [9][10] Company Strategy and Development Direction - The company is focused on capital allocation and has accelerated portfolio growth with over $1.3 billion in acquisitions and developments announced this year [7][8] - Public Storage is leveraging its industry-leading operations and technology initiatives to drive revenue and margin growth, including investments in digital customer experiences and AI for operational efficiency [4][5][6] Management's Comments on Operating Environment and Future Outlook - Management noted steady stabilization in demand and a decrease in new supply, which is expected to continue into 2026 and beyond [16][38] - The company anticipates a positive trajectory for its development activities, with a strong pipeline and confidence in achieving high returns on capital allocation [40][41] Other Important Information - The company has reduced labor hours by over 30% while increasing employee engagement and lowering turnover through operational innovations [5] - The company is actively managing its expenses, with a focus on digital investments and solar power initiatives to drive operating expense performance [33] Q&A Session Summary Question: Budgeting process for 2026 - Management explained that they continuously forecast and update their business forecasts using data-driven processes and historical trends [13][14] Question: Stabilization and growth outlook - Management sees steady stabilization and healthy growth in certain markets, particularly on the West Coast, despite some markets lagging [15][16] Question: Changes in customer behavior - Management emphasized that overall revenue is the most important metric, which includes move-in rents, volumes, and existing customer behavior [20][22] Question: Revised guidance and fourth quarter expectations - Management highlighted tough comps for property tax and anticipated impacts from Los Angeles price restrictions in the fourth quarter [26][27] Question: Los Angeles market impact - Management noted that the state of emergency and price restrictions are expected to have a negligible impact on overall performance [31][65] Question: Acquisition pace and market conditions - Management expressed a strong appetite for acquisitions and noted improving transaction market conditions, with a focus on integrating new assets into their operating platform [72][74] Question: Operating trends and occupancy - Management reported a slight decline in new customer activity but noted improvements in move-in rates and occupancy [58][60] Question: Housing-related demand - Management indicated that housing demand has been stable, with potential for improvement as interest rates decrease, but no significant shifts are currently observed [101]

Financial Data and Key Metrics Changes - The company reported Core FFO per share of $0.47 and AFFO per share of $0.38 for Q3 2025, reflecting a stable financial performance [18] - Same store NOI growth was 1.1% for the third quarter, which is typically the most modest growth period due to seasonal turnover [13] - The company ended the quarter with total available liquidity of $1.9 billion, providing financial flexibility [16] Business Line Data and Key Metrics Changes - Same store renewal rent growth was 4.5%, 30 basis points higher than the same period last year, indicating strong pricing power with existing residents [5][12] - New lease rent growth was slightly negative at -2.9% due to elevated supply in select markets [12] - Blended rent growth for the quarter was 3%, supported by a 7.7% increase in other property income driven by value-added services [12] Market Data and Key Metrics Changes - The company noted that overall affordability remains stretched, with many homeowners locked into lower mortgage rates, which continues to support demand for single-family rentals [4] - The average resident tenure increased to 41 months, among the best in the industry, reflecting customer satisfaction and stability [5] Company Strategy and Development Direction - The company is pursuing channel-agnostic, location-specific growth focused on long-term total returns through partnerships with home builders, construction lending, and third-party management [6][7] - The capital allocation framework remains unchanged, focusing on organic growth, compelling long-term returns, and maintaining a strong balance sheet [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of demand for well-located single-family rentals, supported by strong long-term fundamentals and healthy demographics [8] - The company anticipates that lower mortgage rates could positively impact the housing market, increasing liquidity and transaction volumes [8] Other Important Information - The company announced a share repurchase program of up to $500 million as part of its disciplined capital allocation plan [17] - An Investor Day is scheduled for November 17, 2023, to provide deeper insights into the company's strategy and growth initiatives [8] Q&A Session Summary Question: Supply outlook for 2026 regarding build-to-rent deliveries - Management noted that the supply backdrop is nuanced by market, with some markets like Florida and Atlanta showing positive signs, while others remain competitive [22][24] Question: Concerns about occupancy and new lease growth - Management confirmed that the occupancy dip to 96.5% was expected and emphasized the strength of the renewal business, which accounts for over 75% of their portfolio [30][36] Question: Impact of immigration policy changes on demand and construction costs - Management acknowledged that immigration policy changes could have some effect, but noted that occupancy remains stable and construction costs are generally under control [69][71] Question: Performance of non-same store acquisitions - Management indicated that homes acquired in 2022-2023 may have more challenges in achieving expected margins due to market conditions, but they remain confident in their investment strategy [94] Question: Disconnect between public and private market valuations - Management expressed frustration with the valuation disconnect but emphasized their focus on executing their strategy and utilizing share repurchases as a tool to enhance shareholder value [96][98]