The acquisition of Sedona at Lone Mountain in Las Vegas reflects a tactical pivot to industrial-adjacent residential growth where job-to-delivery ratios remain favorable.Management identifies an emerging 'demographic backstop' as the 65+ renter population is projected to double by 2030, prompting a shift toward health and wellness amenities.Strategic positioning targets the 'blue collar' demographic (average age 38, $90,000 income) as a hedge against AI-driven white-collar job displacement.The company is pi ...

Listeners should not place undue reliance on any forward-looking statements and are urged to review the company's most recent Annual Report on Form 10-K and the company's other filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statements. The statements made during this conference call speak only as of today's date and, except as required by law, NexPoint Residential Trust, Inc. does not undertake any obligation to publicly update or revise ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $10.3 million, or $0.41 per diluted share, on total revenue of $62.1 million, compared to a net loss of $26.9 million, or $1.06 per diluted share, on total revenue of $63.8 million in Q4 2024, indicating an improvement in net loss despite a slight decrease in revenue [4] - The Q4 NOI was $37.1 million, a 4.7% decrease from $38.9 million in Q4 2024, with same-store rental income decreasing by 2.8% and same-store occupancy closing at 92.7% [5] - For the full year 2025, the net loss was $32 million, or $1.26 per diluted share, compared to a net income of $1.1 million, or $0.04 per diluted share, in 2024 [8] Business Line Data and Key Metrics Changes - The company completed 388 full and partial renovations in Q4 2025, leasing 275 renovated units with an average monthly rent premium of $74 and a 22.2% ROI [6] - Since inception, the company has completed 9,866 upgrades, resulting in average monthly rental increases of $158, $50, and $43 for different upgrades, with respective ROIs of 20.8%, 63.7%, and 37.2% [7] Market Data and Key Metrics Changes - Same-store average effective rents closed at $1,489 per unit per month, down 10 basis points year-over-year, with six of ten same-store markets showing positive year-over-year growth [16] - The same-store portfolio closed the year at 92.7% occupancy, down 195 basis points year-over-year, with South Florida leading at 94.5% [16] Company Strategy and Development Direction - The company plans to improve economic occupancy by approximately 900 basis points over four years through targeted upgrades and enhancements [21] - The 2026 guidance includes a projected same-store NOI growth range of -2.5% to 1.5%, with a midpoint of -0.5% [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the Sun Belt multifamily market, anticipating an inflection point in lease growth due to reduced new supply and strong job growth [30] - The demographic profile of renters is shifting, with an increasing average age and household income, indicating a potential for higher demand for amenities catering to older populations [66] Other Important Information - The company has a total indebtedness of $1.6 billion with an adjusted weighted average interest rate of 3.28%, and no scheduled debt maturities until 2028 [12] - The company repurchased 223,109 shares at a weighted average price of $34.29 per share during 2025 [6] Q&A Session Summary Question: Refurbishment and remodeling plans for 2026 - The company plans to do 300 full upgrades and 400 partial upgrades, totaling around 1,700 units, similar to 2025 [38] Question: Interest rate swaps and their impact - Management is monitoring the swap market closely and is cautious about layering in additional swaps due to current market conditions [45] Question: January and February leasing trends - January new leases were down 7%, while February showed improvement with new leases down 5.7% [49] Question: Dividend coverage by cash flow - The dividend is covered by cash flow, targeting a ratio of 65%-75% of core AFFO [58] Question: Senior renter population trends - The company is seeing an increase in the average age and income of renters, indicating a shift in demand for amenities catering to older populations [66]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $10.3 million, or $0.41 per diluted share, on total revenue of $62.1 million, compared to a net loss of $26.9 million, or $1.06 per diluted share, on total revenue of $63.8 million in Q4 2024, indicating an improvement in net loss [4] - The company's NOI for Q4 was $37.1 million, a 4.7% decrease from $38.9 million in Q4 2024 [5] - Core FFO for Q4 was $16.5 million, or $0.65 per diluted share, compared to $0.68 per diluted share in Q4 2024 [5] - For the full year 2025, the net loss was $32 million, or a loss of $1.26 per diluted share, compared to net income of $1.1 million, or income of $0.04 per diluted share for 2024 [7][8] - The company reported a decrease in same-store NOI of 1.6% for the full year 2025 compared to 2024 [9] Business Line Data and Key Metrics Changes - The company completed 388 full and partial renovations in Q4 2025, leasing 275 renovated units with an average monthly rent premium of $74 and a 22.2% ROI [6] - Since inception, the company has completed 9,866 upgrades, resulting in significant average monthly rental increases per unit [7] Market Data and Key Metrics Changes - Same-store average effective rents closed at $1,489 per unit per month, down 10 basis points year-over-year, with six of ten markets showing positive growth [16] - Same-store occupancy closed at 92.7%, down 195 basis points year-over-year, with South Florida leading at 94.5% [16] Company Strategy and Development Direction - The company plans to improve economic occupancy by approximately 900 basis points over four years through targeted renovations and technology upgrades [21] - The company is optimistic about the Sun Belt multifamily market, anticipating a positive inflection point in lease growth due to reduced new supply and strong job growth [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, projecting a range of rental income growth and same-store NOI changes, with expectations of improved market conditions in the second half of the year [13][22] - The company is focusing on leveraging AI technology to enhance operational efficiency and drive value-add programs [29] Other Important Information - The company has a $200 million revolving credit facility with JPMorgan Chase Bank, improving pricing across leverage tiers [11] - The company has $121.7 million of available liquidity as it heads into 2026 [12] Q&A Session Summary Question: Refurbishment and remodeling plans for 2026 - The company plans to do 300 full upgrades and 400 partial upgrades, totaling around 1,700 units, similar to 2025 [38] Question: Interest rate swaps and market outlook - Management is monitoring the swap market closely and is cautious about layering in additional swaps due to current pricing [43][46] Question: January and February leasing trends - January new leases were down 7%, while February showed improvement with new leases down 5.7% [49] Question: Dividend coverage by cash flow - The dividend is covered by cash flow, with a target ratio of 65%-75% of core AFFO [58] Question: Senior renter population trends - The company is seeing an increase in the average age and income of renters, indicating a shift in demographic trends [66][67]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $10.3 million, or $0.41 per diluted share, on total revenue of $62.1 million, compared to a net loss of $26.9 million, or $1.06 per diluted share, on total revenue of $63.8 million in Q4 2024, indicating an improvement in net loss [5][9] - The company's NOI for Q4 was $37.1 million, a 4.7% decrease from $38.9 million in Q4 2024 [6] - Core FFO for Q4 was $16.5 million, or $0.65 per diluted share, down from $0.68 per diluted share in Q4 2024 [6] - For the full year 2025, the net loss was $32 million, or $1.26 per diluted share, compared to a net income of $1.1 million, or $0.04 per diluted share, in 2024 [8][10] Business Line Data and Key Metrics Changes - Same-store rental income decreased by 2.8% in Q4 2025, with same-store occupancy closing at 92.7% [6][10] - The company completed 388 renovations in Q4, leasing 275 renovated units with an average monthly rent premium of $74 and a 22.2% ROI [7] - Since inception, the company has completed 9,866 upgrades, resulting in significant average monthly rental increases per unit [8] Market Data and Key Metrics Changes - Same-store average effective rents closed at $1,489 per unit per month, down 10 basis points year-over-year [17] - Six of the ten same-store markets showed positive year-over-year growth in effective rents, with Tampa leading at 3.1% [17] - Bad debt improved to 80 basis points of GPR, a 42% year-over-year improvement [20] Company Strategy and Development Direction - The company plans to continue its value-add business strategy, focusing on renovations and upgrades to drive rental income and asset appreciation [7][23] - The acquisition of Sedona at Lone Mountain for $73.25 million is part of a strategy to enhance economic occupancy and expand operating margins [23] - The company aims to improve economic occupancy by approximately 900 basis points over four years through targeted upgrades and technology installations [24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the Sun Belt multifamily market, anticipating a positive inflection point in lease growth in the second half of 2026 [32][34] - The demographic profile of renters is shifting, with an increasing number of older renters, which the company plans to cater to with enhanced amenities [36][68] - The company is focused on leveraging technology to improve operational efficiency and drive value for tenants and shareholders [36] Other Important Information - The company has a strong liquidity position with $121.7 million available as it heads into 2026 [13] - The 2026 guidance includes expectations for rental income growth between 0% and 1.9%, with total revenue growth projected between 0.1% and 2% [15][26] Q&A Session Summary Question: About refurbishment and remodeling plans for 2026 - The company plans to do 300 full upgrades and 400 partial upgrades, totaling around 1,700 units, similar to 2025 [39][42] Question: Updates on interest rate swaps and their impact - The company is monitoring the swap market closely and is cautious about layering in additional swaps due to current pricing not reflecting expected rate cuts [43][46] Question: Trends in January and February regarding leasing and occupancy - January new leases were down 7%, while February showed improvement with new leases down 5.7% [50] Question: Dividend coverage by cash flow - The dividend is covered by cash flow, with a target payout ratio of 65%-75% of core AFFO [58][59] Question: Insights on the aging renter population and property amenities - The company is adapting its properties to cater to an aging population, focusing on health and wellness amenities [68]

Investment Rating - The report indicates a positive outlook for the Lagos real estate market, highlighting its role as a major economic pillar in Nigeria, particularly after the GDP rebasing exercise [4][15]. Core Insights - The Nigerian economy is transitioning towards stabilization and growth, with a notable GDP growth of 3.98% in Q3 2025, driven by a resilient non-oil sector [5][15]. - Real estate has emerged as the third-largest sector in the rebased economy, contributing 13.36% to total real GDP, underscoring its structural importance [9][15]. - Inflation has moderated significantly, decreasing from 25.3% in June to 15.15% by December 2025, which is expected to support market stability [12][15]. - The naira has stabilized within a managed band, supported by a significant increase in external reserves, which reached $45.45 billion by December 2025 [13][15]. - The enactment of the Nigeria Tax Act 2025 is anticipated to enhance the macro environment for real estate, promoting formal agreements between landlords and tenants [14][30]. Economic Update - The GDP rebasing exercise revealed a larger and more diversified economy, with nominal GDP revised upward by 41.7% [4]. - Real estate's contribution to GDP highlights its critical role in national wealth, with a quarter-on-quarter growth rate of 3.50% [5][9]. - The construction sector outperformed the broader economy with a real growth rate of 5.57%, driven by public infrastructure projects [11]. Residential Market Review - Residential rents in Lagos continued to rise despite moderated inflation, driven by strong demand and constrained supply [22][32]. - Government interventions have facilitated the delivery of 653 residential units through public-private partnerships [23][32]. - The launch of the MOFI Real Estate Investment Fund offering long-term loans at 9.75% indicates ongoing public sector efforts to address housing shortages [24][32]. Retail Market Review - The retail sector has seen limited new development, with a gradual reconfiguration of tenant mix and retail strategies [33][39]. - Indigenous convenience-focused brands have gained traction, reflecting a shift towards cost-efficient retail formats [33][39]. - The average prime retail rents in Lagos are aligned with several African peers, indicating competitive pricing [35]. Office Market Review - The Lagos office market is showing signs of recovery, with Grade A occupancy levels reaching 73% [40][47]. - Rental performance has softened, particularly for prime assets, with effective rents adjusting downward to support occupancy [41][47]. - The emergence of new office developments in Ikeja indicates continued demand for modern office spaces [43][47]. Industrial Market Review - The industrial sector remains resilient, supported by logistics demand and manufacturing activity within Special Economic Zones [49][56]. - Prime industrial rents vary significantly based on infrastructure quality, with Grade A demand accelerating in well-serviced areas [51][56]. - The demand for warehouse spaces has grown approximately 25% year-on-year, reflecting the sector's expansion [74][56]. Infrastructure and Data Centre Market Review - Key infrastructure projects, including the Lagos–Calabar Coastal Highway and the Lagos Green Line Rail Project, are advancing, enhancing connectivity [57][63]. - The data centre market in Lagos is valued at approximately $1.4 billion, indicating strong investor interest and capacity additions [59][63]. Port Harcourt Real Estate Market - Port Harcourt's real estate market is driven by the oil sector, with residential demand growing at an estimated 12-15% [65][87]. - The retail sector has expanded significantly, driven by a rising middle class and consumer preferences for modern shopping environments [67][87]. - Industrial land prices have risen 10-20% over three years, with demand for warehouses increasing by about 25% year-on-year [74][87]. Abuja Real Estate Market - Abuja's real estate market is characterized by high demand and strong capital appreciation, with average property prices projected to rise by 10-15% annually in prime areas [81][98]. - The market is shifting towards integrated, technology-enabled commercial spaces, reflecting evolving tenant needs [85][98]. - The persistent housing deficit and urbanization are driving demand for middle-to-low-income housing in satellite towns [92][98].

Investment Rating - The report indicates a stable but cautious outlook for Kampala's property market entering 2026, with long-term fundamentals remaining supportive, particularly for industrial, suburban office, and convenience-led retail assets [9]. Core Insights - Kampala's real estate market showed resilience in H2 2025, driven by macroeconomic stability, contained inflation, and sustained infrastructure investment, with economic growth strengthening to 6.3% in FY 2024/25 [4][12]. - The residential sector experienced modest softening, particularly in prime expatriate neighborhoods, due to increased apartment supply and shifting tenant demographics [5][54]. - The office sector transitioned into a tenant-favorable cycle, with rising vacancy levels in older buildings and stable rental rates for Grade A+ offices [6][78]. - The retail sector remained resilient, supported by strong footfall growth, although average spending per visit declined [7][100]. - The industrial sector outperformed all asset classes, with occupancy levels consistently above 80% and firm rental rates driven by record coffee exports and preparations for oil production [8][9]. Economic Overview - Economic growth rate for FY 2024/25 was recorded at 6.3%, with inflation remaining below the Bank of Uganda's target of 5% [10][15]. - Uganda achieved a Balance of Payments surplus of US$2.37 billion for the year ending October 2025, the highest in over 15 years [11][14]. Residential Sector Summary - The prime residential market saw a decline in rental rates for two-bedroom and three-bedroom units by approximately 10% and 9% respectively, with occupancy levels stable at around 83% [55][60]. - Increased supply of one-bedroom units has intensified competition, leading to downward pressure on rental levels for larger units [56][67]. - The short-let market continued to grow, particularly in secondary neighborhoods, supported by lower entry costs and improved building quality [54][69]. Office Sector Summary - The office market faced rising vacancy levels, particularly in lower-grade buildings, with Grade A+ rents remaining stable at approximately US$18 per square meter [79][80]. - Demand for smaller office spaces remained strong, driven by startups and SMEs adapting to hybrid working models [88][92]. - The supply pipeline includes over 200,000 sqm of office space expected to be delivered over the next two years, despite a slowdown in new developments due to political uncertainty [91][94]. Retail Sector Summary - Retail footfall increased by 15% year-on-year, although average spending per visit declined by 1% [105][111]. - The transition from informal trading to formal retail developments is evident, with suburban retail markets gaining traction [102][100]. - International brands outperformed smaller retailers, benefiting from stronger brand recognition and structured promotional strategies [113][112].

2026年的兰州新房市场，将会卷到天际。 这绝不是危言耸听，而是实话实说，因为兰州已经进入了四代宅的全面爆发期。 据不完全统计，目前兰州在售、在建、待建的四代宅项目，加上储备用地，已经逼近30个。 这也就意味着，2026年四代宅将彻底统治兰州新房市场，成为兰州楼市的绝对主角。 而兰州四代宅，也将会从最初的代际战，到产品力、场景力、服务力等全维度的竞争。 关于四代宅，大家的态度始终褒贬不一、莫衷一是。 但不可否认的是，2025年的四代宅是兰州新房市场上，最具吸引力、最能拉动销量的产品之一。 政策的东风下，市场反馈比较友善，四代宅的产品力也让市场的改善需求得以释放。 再加上兰州的土地供应已向主城核心区域聚焦，小体量地块已成为土拍市场的主流。 盈利效应的驱动，以及兰州土拍市场的结构性变化，让更多房企扎堆涌入四代宅赛道，只为抢占这波人居升级的风口红利。 但热潮之下，是难以规避的残酷内卷。 现在的兰州楼市属于是僧多粥少，大批的项目涌入市场，必然会加剧竞争。 目前，兰州主城四区的四代宅项目也已不在少数，大多区域都已被四代宅开发潮席卷。 其中，最具有代表性的就是城关区。 雁滩、东岗、黄河北三大区域，直接成为了城关四代宅的集 ...

INVESTOR PRESENTATION Q4 2025 UPDATE 1 Disclaimer Forward-Looking Statements Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad's future financial or operating performance. For example, statements regarding Offerpad's financial outlook, including transactions across Cash Offer, Cash Offer Marketplace and Brokerage Services, rev ...

看环比，一二三线城市商品住宅销售价格降幅总体收窄。1月份，一线城市新建商品住宅销售价格环比 下降0.3%，降幅与上月相同。其中，上海持平，北京、广州和深圳分别下降0.3%、0.6%和0.4%。二线 城市新建商品住宅销售价格环比下降0.3%，降幅收窄0.1个百分点。三线城市新建商品住宅销售价格环 比下降0.4%，降幅与上月相同。 本报北京2月23日电(记者李婕)国家统计局近日发布数据显示，1月份，70个大中城市商品住宅销售价格 环比降幅总体收窄、同比下降。 1月份，一线城市二手住宅销售价格同比下降7.6%，降幅比上月扩大0.6个百分点。其中，北京、上海、 广州和深圳分别下降8.7%、6.8%、8.3%和6.5%。二、三线城市二手住宅销售价格同比分别下降6.2%和 6.1%，降幅分别扩大0.2个和0.1个百分点。 1月份，一线城市二手住宅销售价格环比下降0.5%，降幅比上月收窄0.4个百分点。其中，北京、上海、 广州和深圳分别下降0.2%、0.4%、0.7%和0.6%。二、三线城市二手住宅销售价格环比分别下降0.5%和 0.6%，降幅分别收窄0.2个和0.1个百分点。 看同比，一二三线城市商品住宅销售价格下降。1 ...