Core Insights - The current market presents a unique opportunity for investment in multifamily real estate despite prevailing uncertainties [1][3] - Valger emphasizes that the multifamily sector is experiencing a supply-demand imbalance, which could lead to significant rent growth in the coming years [3][4] Market Conditions - Multifamily valuations are at a historically low point, with increased cap rates and decreased net operating income [3][5] - A projected shortfall of 800,000 to 1 million multifamily units in the U.S. over the next 3-5 years is anticipated due to a decline in development starts [3] Investment Opportunities - The current dislocated pricing in the multifamily sector offers disciplined investors the chance to acquire high-quality assets at discounted prices [5] - Investors are encouraged to focus on long-term strategies rather than short-term gains, as proper management can lead to outperformance [5] Impact of Tariffs and Trade Policy - The evolving tariff policies under the Trump administration may increase entry costs for less experienced developers, potentially benefiting established firms with strong operational capabilities [6][7] Technological Advancements - The integration of AI in real estate is seen as a competitive edge, helping firms identify distressed opportunities and improve investor communication [7] - Navatar's technology is highlighted as a tool that enhances deal flow management and investor relations, crucial during market dislocations [8][9] Company Profiles - DVO Real Estate, founded in 2012, has grown significantly, managing over 50 assets and more than 11,000 apartments valued at over $2.5 billion [10] - Navatar serves as a CRM platform tailored for alternative assets and investment banking, facilitating efficient workflows in private markets [11]

Financial Performance & Guidance - The company raised its 2025 full-year earnings guidance for Core FFO from $6.75 to $6.78 per share[8] - The company's 2025 core FFO guidance excludes approximately $0.10 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs[33] - 2Q25 occupancy is trending at 95.6% vs 95.4% in 1Q25[8] - 2Q25 blended rate growth is trending in line with guidance of 0%-1%[8] - Revenue growth is expected to be between 0% and 2%, expense growth between 2.25% and 3.75%, and NOI growth between -1.50% and 1.50%[33] Investment & Capital Allocation - The company completed two acquisitions during 1Q25 and one in late May for a total of $338 million[8] - The company commenced construction on one new development community with a total expected cost of $184 million[8] - The company established a $600 million commercial paper program to supplement its existing unsecured line of credit[8] - The company is marketing several older assets for sale with expected closings in 2Q25 and 3Q25[8] - The company anticipates acquisitions and dispositions in the range of $600 million to $900 million each[33] Portfolio & Market Fundamentals - Washington DC Metro portfolio continues to show strong performance, with occupancy at 97.4% and rent growth accelerating[8] - The company operates nearly 60,000 apartment homes located in 15 major markets in the US, with an average occupancy of 95%[19] - 93% of the company's NOI is derived from high-growth markets[12]

Company Overview - Centerspace owns and operates 13,353 apartments[12] - The company's total capitalization is $2.3 billion[14] - Centerspace's current trading price is at an 18% discount to consensus NAV[15] Operational Performance - Q2 2025 blended same-store leasing spreads are 2.5%[19] - Denver same-store new leasing spreads for May 2025 are 1.6%[21] - Centerspace's ORA score as of May 1, 2025, is 72.17[27] Transaction Activity - 2025 acquisitions include 2 communities with 761 homes, average monthly rent of $2,012 per home, and NOI margin of 67.4%[37] - 2025 dispositions include 12 communities with 1,511 homes, average monthly rent of $1,383 per home, and NOI margin of 52.9%[39] - The Salt Lake City acquisition closed on May 30, 2025, for $149 million, adding a 341-home community[43] Portfolio Composition - Pro forma for 2025 transactions, Minneapolis accounts for 30% of portfolio NOI, Colorado 26%, and Salt Lake City 4%[45] - The company closed a $150 million line of credit expansion on May 29, 2025[45] Market Fundamentals - Denver portfolio includes 7 communities with 1,977 homes, average rent of $1,976, and 94.7% occupancy[79] - Minneapolis portfolio includes 20 communities with 4,032 homes, average rent of $1,579, and 95.5% occupancy[88]

MAA Overview - MAA is a strong performance platform with a total market capitalization of $252 billion and approximately 104,000 apartment units [11] - MAA has a 10-year annual compounded TSR of 112% and has paid 126 consecutive quarterly cash dividends [11] - The company's forecasted core FFO per share for 2025 is $877, representing the midpoint of the guidance range [13, 18] Market Dynamics and Portfolio Strategy - Move-ins from non-MAA states remain steady, with 50% coming from peer coastal/gateway states [29, 32] - The average US housing shortage is 31 million homes, and the average house price in MAA markets is $435,000 as of March 31, 2025 [35, 36] - MAA's top 10 markets account for 74% of NOI, with 26% from mid-tier markets [51] Capital Allocation and Growth Initiatives - MAA expects to maintain a development pipeline of approximately $1 billion [74] - The company anticipates $22 million in expected total stabilized incremental NOI from 2025 development starts [74] - Unit redevelopment program aims for approximately 5,500 to 6,500 units in 2025, with average rent increases of 70% to 90% [90] Financial Position and Outlook - MAA's debt plus preferred to total capitalization is 202%, with 94% of total debt at a fixed rate [117, 124] - The company's 2025 full-year guidance midpoint for core FFO/share is between $861 and $893 [142] - MAA projects acquisitions between $350 million and $450 million and dispositions between $300 million and $350 million for 2025 [146]

Financial Data and Key Metrics Changes - Core FFO for Q1 was reported at $1.21 per diluted share, reflecting a 2.1% year-over-year increase in same store NOI [13] - Revenues from same store communities increased by 3.5% compared to the same quarter of 2024, with occupancy rising by 120 basis points to 95.8% [13][14] - Same store expenses increased by 5.8% year-over-year, primarily due to property taxes [14] Business Line Data and Key Metrics Changes - The average physical occupancy for the same store portfolio improved to 96%, with renewal retention around 57% [5] - Blended leasing spreads increased by 70 basis points in Q1, with new lease spreads improving from negative 1.1% to positive 2.4% in April [5][6] - North Dakota led the portfolio with blended leasing spreads of 5.3% year-to-date, while Minneapolis showed positive leasing spreads [7][8] Market Data and Key Metrics Changes - Apartment demand remains resilient, with only a 2.2% expected expansion of apartment stock in the markets, down from 3.8% the previous year [9] - Institutional quality assets in Colorado and Minneapolis are pricing at mid to high 4% and low 5% cap rates, respectively [10] - The company’s footprint in the Midwest and Mountain West regions continues to benefit from a lack of new supply [6][10] Company Strategy and Development Direction - The company is maintaining discipline in all areas within its control and is ready to take advantage of opportunities to advance its platform [8] - Focus remains on enhancing the differentiated Mountain West and Midwest geography, with a robust balance sheet and capital positioning [11] - The company is evaluating new investment opportunities while being mindful of market exposures and leverage [11] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed guidance for the full year, expecting to achieve a midpoint of $4.98 per share for core FFO and 2.25% year-over-year same store NOI growth [15][16] - The macroeconomic environment is expected to continue impacting results, but strong demand trends are anticipated to improve new lease rates as the year progresses [8][10] - Management expressed optimism about the demand in Denver, expecting an inflection point in rents towards the end of the year [39] Other Important Information - The company reported a total liquidity of over $223 million, including cash on hand and a line of credit [16] - Retention rates are expected to improve, with April showing a jump to about 58% [32][63] Q&A Session Summary Question: Midwest apartment market performance - Management acknowledged strong performance in the Midwest, particularly in North Dakota and Omaha, and confirmed that they expected strong growth [20] Question: Occupancy projections for 2025 - Management projected occupancy around 95% for the year, with current occupancy at 96% [23] Question: Operating expenses and lumpiness - Management indicated that lumpiness in operating expenses is expected primarily in the first and fourth quarters, with increased assessments in certain jurisdictions [30] Question: Denver market outlook - Management noted a 200 basis point improvement in new lease spreads in Denver from March to April, with expectations for an inflection point in rents by the end of the year [39] Question: Impact of agriculture on local economies - Management stated that while agriculture is significant, the primary economic drivers in their markets are healthcare and education [56] Question: Retention rates compared to peers - Management explained that lower retention rates in Denver were impacting overall figures, but strong retention was observed in other markets [62]

Financial Data and Key Metrics Changes - Core FFO for Q1 was reported at $1.21 per diluted share, reflecting a 2.1% year-over-year increase in same store NOI [13][14] - Revenues from same store communities increased by 3.5% compared to the same quarter of 2024, with occupancy rising by 120 basis points to 95.8% [13][14] - Same store expenses increased by 5.8% year-over-year, primarily due to property taxes [14] Business Line Data and Key Metrics Changes - The average physical occupancy for the same store portfolio improved to 96%, with April renewal retention at approximately 57% [5][6] - Blended leasing spreads increased by 70 basis points in Q1, with renewal increases steady at 2% to mid-3% levels [5][6] - New lease spreads improved from negative 1.1% in Q1 to positive 2.4% in April [6] Market Data and Key Metrics Changes - The multifamily market is experiencing strong demand, with a projected 2.2% expansion of apartment stock in the company's markets over the next twelve months, down from 3.8% the previous year [9] - In Minneapolis, leasing spreads are outperforming the portfolio average, while Denver is still facing supply pressure [7][10] - North Dakota leads the portfolio with blended leasing spreads of 5.3% year-to-date, indicating strong market performance [6][10] Company Strategy and Development Direction - The company is focused on maintaining discipline in all controllable areas and is prepared to capitalize on opportunities to advance its platform [7][11] - The capital allocation strategy emphasizes enhancing the differentiated Mountain West and Midwest geography [11] - The company aims to evaluate new investment opportunities while being mindful of market exposures and leverage [11] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed guidance for the full year, expecting to achieve a core FFO midpoint of $4.98 per share and same store NOI growth of 2.25% [15] - The company is optimistic about the demand trends in the Midwest and Mountain West regions, despite some challenges in Denver [7][10] - Management noted that the macroeconomic environment remains volatile but believes in the long-term durability of the multifamily asset class [10] Other Important Information - The company reported a robust liquidity position with over $223 million available between cash and credit lines [15] - The debt maturity profile is well-laddered with minimal maturities this year and a weighted average debt cost of 3.6% [15] Q&A Session Summary Question: Are operations ahead of plan given strong Midwest apartment market? - Management acknowledged strong performance in the Midwest, particularly in North Dakota and Omaha, and confirmed they are on plan [18][19] Question: Will occupancy decrease in peak season for rate increases? - Management projected occupancy around 95% for the year, with current occupancy at 96% [21][22] Question: How to expect growth in OpEx for the remainder of the year? - Management indicated some lumpiness in OpEx, particularly in real estate taxes, but expects smoother growth moving forward [25][29] Question: What is the outlook for the Denver market? - Management noted a 200 basis point improvement in new lease spreads in April and anticipates an inflection point in rents by the end of the year [35][38] Question: How does agriculture impact local economies in the markets? - Management stated that while agriculture is significant, healthcare and education are the primary economic drivers in their markets [54][56] Question: What are the expectations for new lease rates for the year? - Management expects new lease rates to improve and taper off into the fall, affirming their guidance [65][66]

Camden Long Meadow Farms – Richmond, TX Investor Presentation March 2025 Why Camden? We're Positioned for Excellence Balance Sheet Strength and Liquidity Proven Record of Capital Recycling and Value Creation 2 The Right Product in the Right Markets Consistent Earnings and Dividend Growth Innovation, Technology, and Talent = Operational Excellence Camden Main and Jamboree – Irvine, CA Table of Contents | Company Overview | 4-9 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | -- ...

Portfolio Overview - Elme Communities owns approximately 9,400 apartment homes, with 75% located in the Washington Metro area and 25% in the Atlanta Metro area[18] - The company anticipates an operational upside of $2.4 million to $2.6 million in 2025[18] - 79% of the apartment portfolio is classified as B Value-Add, while 10% is Class B, 7% is Class A-, and 4% is Class A[18] Financial Performance and Guidance - Elme Communities projects Core FFO per diluted share to be between $0.91 and $0.97 in 2025[47] - Same-store multifamily revenue growth is expected to range from 2.1% to 3.6% in 2025[47] - Same-store multifamily NOI growth is projected to be between 1.5% and 3.5%[47] - Other same-store NOI, consisting of Watergate 600, is expected to range from $11.5 million to $12.25 million[47] Market Dynamics and Strategy - Elme submarkets are expected to have a lower annual net inventory growth of 2.1% compared to the US average of 2.9% and Sunbelt markets average of 3.8%[56,58] - The company targets Class B rents priced below 95% of the market median to minimize competition with new deliveries in both Washington and Atlanta metros[85,88] - Elme's renovation pipeline includes approximately 3,000 units, with an expected spend of ~$8.6 million in 2025 and an ROI of approximately 18% in Q1 2025[40,44]

Financial Data and Key Metrics Changes - The first quarter same store revenue and NOI growth were 2.6% and 2.8% respectively, exceeding expectations due to lower resident turnover and higher occupancy [14][15] - FFO as adjusted per share for the first quarter was $0.61, achieving the midpoint of guidance, with a sequential decline attributed to seasonal trends [24][25] - The company reaffirmed its full year 2025 guidance, indicating confidence in continued performance despite macroeconomic uncertainties [7][12] Business Line Data and Key Metrics Changes - Same store revenue growth was driven by a 0.9% blended lease rate growth, with renewal rate growth at 4.5% and new lease rate growth at approximately -3% [14][15] - Other income growth from rentable items was 10%, supported by continued innovation and value-added services [15][18] - Year-over-year same store expense growth was only 2.3%, better than expectations, driven by favorable real estate taxes and insurance savings [15][16] Market Data and Key Metrics Changes - Demand for apartments remains strong, with nearly 140,000 apartment homes absorbed in the first quarter, a three-decade high [10][11] - The East Coast was the strongest region, with a first quarter weighted average occupancy of 97.5% and same store revenue growth of approximately 4.5% [19][20] - The West Coast showed better-than-expected performance, with blended lease rate growth leading all regions at nearly 3% [20][21] Company Strategy and Development Direction - The company focuses on three growth drivers: innovation, customer feedback, and capital deployment strategies [7][8] - The company aims to leverage its investment-grade balance sheet to fund capital needs and take advantage of growth opportunities [10][26] - The strategy includes enhancing customer experience through initiatives like Wi-Fi rollout and package lockers, which contribute to revenue growth [9][18] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about long-term growth prospects for the multifamily industry despite macroeconomic volatility [12] - The company expects continued strong demand and a favorable supply-demand dynamic due to a slowing pace of new supply [11][12] - Management highlighted the importance of maintaining a focus on total revenue performance rather than just turnover metrics [93][96] Other Important Information - The company recognized Jim Klingbill for his contributions as he decided not to seek reelection to the board [12][13] - The company has a proactive approach to managing its balance sheet, resulting in the best three-year liquidity outlook in the sector [26] Q&A Session Questions and Answers Question: Confidence in rent trends for the second half - Management noted that supply is down about 20% year over year, which supports confidence in rent trends picking up in the second half [29][30] Question: Senior loan acquisition impact - The acquisition of the senior loan is expected to allow for consolidation of the asset and operational control, with an initial cap rate projected around 4% [35][36] Question: Impact of bulk Wi-Fi rollout on renewal rents - Management indicated that the bulk Wi-Fi rollout has not negatively impacted renewal rents and is expected to enhance customer experience [40][41] Question: Development yields and joint venture activity - The company is underwriting significantly more deals with its joint venture partner, indicating a shift towards a more opportunistic approach [62][63] Question: Expectations for Dallas and Austin markets - Management expects Dallas and Austin to lag behind other markets, with positive momentum anticipated later in the year [73][75]

Financial Data and Key Metrics Changes - The first quarter FFO as adjusted per share was $0.61, achieving the midpoint of previously provided guidance, supported by same store growth that exceeded expectations [23] - Year over year same store revenue and NOI growth were 2.6% and 2.8% respectively, driven by a 0.9% blended lease rate growth [13][14] - Year over year same store expense growth was only 2.3%, better than expectations, driven by favorable real estate taxes and insurance savings [14] Business Line Data and Key Metrics Changes - Same store revenue growth was approximately 4.5% for the East Coast, slightly above the high end of full year expectations for the region [19] - The West Coast saw blended lease rate growth of nearly 3% and year over year same store revenue growth close to 3% [20] - The Sunbelt markets experienced slightly positive year over year same store revenue growth, with blended lease rate growth at negative 2.5% [21] Market Data and Key Metrics Changes - Demand for housing remains strong, with nearly 140,000 apartment homes absorbed in the first quarter, a three-decade high [9] - The pace of new supply is slowing, with 2024 multifamily completions marking a fifty-year high, but starts continue to decline [10] - Renting an apartment is on average 60% more affordable than owning a single-family home in the markets where the company operates [10] Company Strategy and Development Direction - The company remains strategically focused on three drivers of growth: innovation, customer feedback, and capital deployment [5][6] - The company is executing various forms of capital deployment to drive future accretion, including development and joint venture acquisitions [7][8] - The investment-grade balance sheet with substantial liquidity positions the company well to take advantage of growth opportunities [8] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about long-term growth prospects for the multifamily industry despite macroeconomic uncertainties [11] - The company expects to reassess full year guidance as it progresses through peak leasing season [5] - Management highlighted the importance of maintaining a dynamic and innovative culture to create value for residents and stakeholders [11] Other Important Information - The company recognized Jim Klingbill for his contributions as he decided not to seek reelection to the board [12] - The company has a proactive approach to managing its balance sheet, resulting in the best three-year liquidity outlook in the sector [26] Q&A Session Summary Question: Confidence in rent trends for the second half - Management noted that supply is down about 20% year over year, which supports confidence in rent trends [29] Question: Senior loan acquisition impact - The acquisition of the senior loan is expected to stabilize and improve the asset's performance over time [36] Question: Impact of bulk WiFi rollout on renewal rents - Management indicated that the rollout of bulk WiFi has not negatively impacted renewal rents and has been well received [42] Question: Expectations for Dallas and Austin markets - Management expects Dallas and Austin to lag behind other markets, with positive momentum anticipated later in the year [76] Question: Guidance adjustments - Management stated that it has a precedent of not raising guidance after the first quarter, focusing instead on how the year finishes [102]