After a sharp post-spin rally, one investor’s trim raises a question about how Millrose fits into long-term housing capital strategies.Dallas-based Permian Investment Partners cut its position in Millrose Properties (MRP 0.88%) by about 1 million shares in the third quarter, contributing to an overall position value that fell by about $19.9 million, according to a November 14 SEC filing.What HappenedAccording to an SEC filing released November 14, Permian Investment Partners reduced its stake in Millrose Pr ...

2025 has been a rough year for residential REITs and American Homes 4 Rent ( AMH ) has been no exception, with shares down 17% year-to-date. With AMH shares down while the broader market has steadily increased, one mightAnalyst’s Disclosure:I/we have a beneficial long position in the shares of AMH either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no busin ...

Core Insights - 2025 has been challenging for residential REITs, with American Homes 4 Rent (AMH) experiencing a 17% decline in shares year-to-date, contrasting with a steady increase in the broader market [1] Company Performance - AMH shares have decreased by 17% in 2025, indicating underperformance relative to the overall market trends [1] Market Context - The broader market has shown a steady increase, highlighting a divergence between AMH's performance and that of the general market [1]

Some of the Canadian residential REITs have gotten increasingly attractive in the past few months. Boardwalk REIT ( BEI.UN:CA ) ( OTCPK:BOWFF ) is one of those residential REITs, as despite its strong performance, the shareThe Investment Doctor is a financial writer, highlighting European small-caps with a 5-7 year investment horizon. He strongly believes a portfolio should consist of a mixture of dividend and growth stocks. He is the leader of the investment group European Small Cap Ideas which offers excl ...

Core Insights - Residential REITs have faced significant challenges in 2025 despite ongoing Federal Reserve rate cuts and expectations for further easing in 2026, which typically would boost demand for defensive alternatives [1] Group 1: Market Conditions - The ongoing Federal Reserve rate cuts are expected to continue into 2026, which could increase demand for defensive investment alternatives [1] - The performance of residential REITs has been notably poor in 2025, indicating a challenging market environment for this sector [1] Group 2: Investment Strategies - The investment approach discussed includes a focus on fundamental long-term perspectives, particularly in REITs, preferred stocks, and high-yield bonds [1] - The strategy also involves combining long stock positions with covered calls and cash secured puts, reflecting a tactical approach to managing investments [1]

Core Insights - Camden Property Trust (CPT) reported third-quarter 2025 core funds from operations (FFO) per share of $1.70, exceeding the Zacks Consensus Estimate of $1.69, but reflecting a slight decline of 0.6% year over year [1][9] - The quarterly results were driven by higher same-property revenues and effective blended lease rates, although higher interest expenses impacted growth [1] - CPT raised its full-year 2025 core FFO per share guidance to a range of $6.83-$6.87, marking a 4-cent increase at the midpoint [10] Financial Performance - Property revenues for the quarter totaled $395.7 million, falling short of the Zacks Consensus Estimate of $399.4 million, but representing a 2.2% increase year over year [2] - Same-property revenues increased by 0.8% year over year to $374.7 million, while same-property expenses rose by 2.3% to $136.8 million, resulting in nearly flat same-property NOI of $237.9 million [3] - The same-property occupancy rate was reported at 95.5%, unchanged year over year and down 10 basis points sequentially [3] Lease Rates and Expenses - Same-property effective blended lease rates increased by 0.6%, with effective new lease rates declining by 2.5% and effective renewal rates rising by 3.5% compared to expiring lease rates [4] - Interest expenses increased by 7.7% year over year to $35 million [4] Portfolio Activity - Camden has three communities under development, totaling 1,162 units at an estimated cost of $501 million [5] - The company disposed of two operating communities comprising 626 apartment homes for approximately $113.5 million, realizing an $85.6 million gain [5] Balance Sheet and Liquidity - As of the end of the third quarter, CPT had liquidity of $796.3 million, which included $25.9 million in cash and cash equivalents, and around $770.4 million available under its unsecured credit facility and commercial paper program [6] - The net debt-to-annualized adjusted EBITDAre ratio was reported at 4.2 times, an increase from 3.9 times in the prior-year comparable period [6] Share Repurchase Activity - During the third quarter, CPT repurchased 465,742 common shares for a total of $50 million, with $400 million remaining under its stock repurchase program [7] Guidance for Future Performance - For the fourth quarter of 2025, CPT expects core FFO per share in the range of $1.71-$1.75, with the Zacks Consensus Estimate currently at $1.71 [8] - The company anticipates same-property revenue growth of 0.5-1% and an expense increase of 1.5-2%, with same-property NOI expected to decline by 0.25% to grow by 0.75% [10]

Core Insights - Invitation Homes Inc. operates as a leading single-family home leasing and management company in the U.S. with a market cap of $16.8 billion, focusing on high-quality homes in desirable neighborhoods [1] Performance Overview - INVH stock has underperformed the broader market, with a decline of 11.1% in 2025 and 14.5% over the past 52 weeks, compared to the S&P 500 Index's gains of 16% year-to-date and 17.4% over the past year [2] - The company also lagged behind the Residential REIT ETF (HAUS), which saw a 9.8% decline in 2025 and a 12.3% drop over the past 52 weeks [3] Financial Results - Following the release of solid Q3 results on October 29, INVH stock prices gained 3.4%, driven by strong same-store renewal rate growth and sustained momentum in funds from operations (FFO) [4] - Q3 revenues grew 4.2% year-over-year to $688.2 million, exceeding consensus estimates by 1.3% [4] - EPS for the quarter surged 46.7% year-over-year to $0.22, while core FFO remained flat at $0.47 per share, beating consensus estimates by 2.2% [5] - For the full fiscal 2025, analysts expect core FFO to be $1.87, slightly down from $1.88 in 2024, but the company has a strong history of surpassing FFO estimates [5] Analyst Ratings - Among 24 analysts covering INVH, the consensus rating is a "Moderate Buy," consisting of 11 "Strong Buys," one "Moderate Buy," and 12 "Holds" [6] - This rating is slightly more optimistic than a month ago, when 10 analysts recommended "Strong Buy" [7] - Mizuho analyst maintained an "Outperform" rating but reduced the price target from $32 to $30, with a mean price target of $35.83 suggesting a 26.1% upside potential [8]

Core Insights - Essex Property Trust Inc. (ESS) reported third-quarter 2025 core funds from operations (FFO) per share of $3.97, exceeding the Zacks Consensus Estimate of $3.96 and reflecting a 1.5% year-over-year improvement [1][8] - The company raised its full-year 2025 guidance for core FFO per share, projecting a range of $15.89-$15.99, up from the previous range of $15.80-$16.02 [9] Financial Performance - Total revenues for the third quarter were $473.3 million, a 5% increase year-over-year, but slightly below the Zacks Consensus Estimate of $475.5 million [2] - Same-property revenues increased by 2.7% year-over-year, while same-property operating expenses rose by 3.5% [3] - Same-property net operating income (NOI) grew by 2.4% year-over-year, which was below the estimated growth of 2.6% [3] Interest and Operating Expenses - Interest expenses increased by 8.4% year-over-year to $63.3 million, close to the estimate of $63.7 million [4] - Financial occupancy rates were reported at 96.1%, down 10 basis points year-over-year and below the estimated 96.4% [3] Portfolio Activity - During the third quarter, ESS acquired a 234-unit apartment community in San Jose, CA, for $100 million and disposed of three apartment communities for a total contract price of $244.7 million [5] Balance Sheet Position - As of September 30, 2025, ESS had $1.5 billion in liquidity, including cash, cash equivalents, and marketable securities [6] - Cash and cash equivalents, including restricted cash, increased to $75.2 million from $67.9 million at the end of the previous quarter [6] Future Guidance - For the fourth quarter of 2025, ESS projects core FFO per share in the range of $3.93-$4.03, with the Zacks Consensus Estimate at $4.01 [7] - The full-year guidance is based on projections for same-property revenue growth of 3.00-3.30%, operating expense increase of 3.00-3.50%, and NOI expansion of 2.80-3.40% [9]

Core Insights - UDR Inc. reported third-quarter 2025 funds from operations as adjusted (FFOA) per share of 65 cents, exceeding the Zacks Consensus Estimate of 63 cents and up from 62 cents in the prior-year quarter [1][9] - The company raised its 2025 FFOA midpoint per share guidance, reflecting positive performance in same-store net operating income (NOI) driven by higher effective blended lease rates [1][8] Financial Performance - Quarterly revenues from rental income were $429.3 million, slightly below the Zacks Consensus Estimate of $429.7 million, while total revenues reached $431.9 million, both showing over 2.5% year-over-year growth [2] - Same-store revenues increased by 2.6% year over year, while same-store expenses rose by 3.1%, resulting in a 2.3% improvement in same-store NOI [3] - The weighted average same-store physical occupancy was 96.6%, up 30 basis points year over year but down 30 basis points sequentially [4] Balance Sheet and Liquidity - As of September 30, 2025, UDR had $1.0 billion in liquidity, with total debt at $5.8 billion, of which only $485.9 million (8.9%) is maturing through 2026 [5] - The net debt-to-EBITDA ratio remained stable at 5.5X, with a weighted average interest rate of 3.4% and an average maturity of 4.6 years [6] Portfolio Activity - UDR has agreed to acquire a home community in suburban Metropolitan Washington, D.C., consisting of 406 apartment units for approximately $147 million, expected to close in the fourth quarter of 2025 [7] 2025 Guidance - For the fourth quarter of 2025, UDR expects FFOA per share in the range of 63-65 cents, with a full-year 2025 FFOA per share guidance raised to $2.53-$2.55, reflecting an increase from the previous guidance of $2.52 [8][10]

Core Insights - Invitation Homes Inc. reported third-quarter 2025 core funds from operations (FFO) per share of 47 cents, meeting the Zacks Consensus Estimate, with no change from the prior year quarter [1][8] - Total revenues reached $688.2 million, exceeding the Zacks Consensus Estimate of $679.3 million and reflecting a 4.2% year-over-year improvement [2][8] Financial Performance - Same-store core revenues increased by 2.3%, while same-store core operating expenses rose by 4.9% year over year, leading to a 1.1% improvement in same-store net operating income (NOI) [3] - Same-store renewal rent grew by 4.5%, but new lease rent decreased by 0.6%, resulting in a blended rent growth of 3.0% [3] - Average occupancy for same-store properties was 96.5%, down 60 basis points year over year [3] Portfolio Activity - In Q3 2025, the company acquired 526 wholly owned homes for approximately $179 million and 223 homes in joint ventures for around $81 million [4] - The company disposed of 292 wholly owned homes for gross proceeds of about $112 million and 24 homes in joint ventures for gross proceeds of $10 million [4] Balance Sheet - As of September 30, 2025, Invitation Homes had total liquidity of $1.91 billion, which includes unrestricted cash and undrawn capacity on its revolving credit facility [5] - Total secured and unsecured debt amounted to $8.31 billion, with a Net Debt/TTM adjusted EBITDAre ratio of 5.2X [5] 2025 Guidance - The company raised its 2025 core FFO per share guidance to a range of $1.90 to $1.94, with a midpoint of $1.92, up from the previous midpoint of $1.91 [6] - The full-year guidance is based on an expected 2% to 3% growth in same-store revenues and a 2% to 3.5% increase in same-store expenses, projecting same-store NOI to rise by 1.75% to 2.75% [6]