Core Insights - Veris Residential, Inc. has appointed Christopher Papa as a new member of its Board of Directors, effective July 23, 2025, bringing over 30 years of experience in real estate, accounting, and corporate finance [1][3] - Ronald M. Dickerman will step down from the Board on the same date, citing the need to prioritize his responsibilities at Madison International Realty and to provide flexibility in trading Veris Residential shares [2][3] Company Leadership Changes - Christopher Papa's background includes significant roles as CFO at Post Properties and Liberty Property Trust, with expertise in multifamily real estate, audit, and M&A [1][3] - Tammy K. Jones, Board Chair, expressed gratitude for Dickerman's contributions and highlighted the complementary skills that Papa brings to the Board [3] Strategic Outlook - Papa emphasized the strong portfolio of Class A multifamily properties and the tech-enabled operating platform of Veris Residential, positioning the company for continued success [3] - Dickerman reaffirmed his confidence in the strategic direction of Veris Residential and its management team as he transitions to an engaged shareholder role [3] Company Profile - Veris Residential is a forward-thinking REIT focused on owning, operating, acquiring, and developing premier Class A multifamily properties in the Northeast [5] - The company aims to deliver a contemporary living experience while positively impacting the communities it serves, supported by a strong management team and Board of Directors [5]

Group 1 - Elme Communities will release its second quarter earnings results on August 5, 2025, after market close [1] - A conference call to discuss the earnings results is scheduled for August 6, 2025, at 10:00 am ET [1] - Instant replay of the conference call will be available until August 20, 2025, at 11:59 pm ET [1] Group 2 - Elme Communities is a multifamily real estate investment trust focused on providing quality, affordable homes in the Washington, DC metro and the Sunbelt [2] - The company aims to serve a deep, solid, and underserved base of mid-market demand, building long-term value for shareholders [2]

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]

Company Strategy & Portfolio - Camden focuses on high-growth markets based on employment, population, and migration trends [8, 9] - Camden operates a diverse portfolio with 64% of assets in suburban locations and 36% in urban areas [8, 10] - Camden's portfolio consists of nearly 59,000 apartment homes across 15 major US markets [11, 12] - Camden maintains a strong capital structure with approximately $17 billion in unencumbered assets [15, 16] Financial Performance & Guidance - Camden anticipates 2025 Core FFO per share to be in the range of $660 to $690 [22] - Camden projects same-property revenue growth for 2025 to be between 00% and 20% [22] - Camden expects to engage in real estate transactions, including acquisitions and dispositions, in the range of $600 million to $900 million each [22] Market Fundamentals & Resident Profile - Camden's resident profile includes a median age of 31 years and an average annual household income of approximately $122,000 for new move-ins in FY24 [39] - Camden's average rent-to-income ratio is 19% for new move-ins in FY24 [39] - Camden's total same property occupancy is 954% [33]

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]