Fourth Quarter 2025 Results Table of Contents | Earnings Release | 1 - 5 | | --- | --- | | Consolidated Statements of Operations | 6 | | Consolidated Statements of Funds From Operations and Normalized | | | Funds From Operations | 7 | | Consolidated Balance Sheets | 8 | | Portfolio Summary | 9 | | Portfolio Rollforward | 10 | | Same Store Results 11 - 18 | | | Debt Summary 19 - 21 | | | Capital Structure | 22 | | Common Share and Unit Weighted Average Amounts Outstanding | 23 | | Partially Owned Properties ...

Financial Performance - For the quarter ended December 2025, Equity Residential (EQR) reported revenue of $781.91 million, which is a 2% increase compared to the same period last year [1] - The earnings per share (EPS) for the quarter was $1.03, down from $1.10 in the year-ago quarter [1] - The reported revenue was a surprise of -0.94% compared to the Zacks Consensus Estimate of $789.34 million, and the EPS surprise was -0.74% against the consensus estimate of $1.04 [1] Key Metrics - The physical occupancy rate was 96.2%, slightly below the four-analyst average estimate of 96.3% [4] - Total apartment units stood at 78,921, which is lower than the three-analyst average estimate of 85,764 [4] - The change in same-store revenue growth was 2.5%, compared to the average estimate of 3.2% based on two analysts [4] - Rental income from same-store properties was $743.54 million, exceeding the average estimate of $734.51 million by two analysts, representing a 4.2% increase year-over-year [4] - Net earnings per share (diluted) was reported at $1.00, significantly higher than the average estimate of $0.41 based on six analysts [4] Stock Performance - Shares of Equity Residential have returned +1.8% over the past month, outperforming the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - AvalonBay Communities reported a revenue growth of 2.1% for 2025, with a turnover rate of 41%, the lowest in the company's history [4][5] - The company raised $2.4 billion of capital at an initial cost of 5% during 2025, positioning itself for continued investment in 2026 [6][7] - The quarterly dividend was increased to $1.78 per share, reflecting a conservative payout ratio in the industry [9] Business Line Data and Key Metrics Changes - The company expects modest revenue growth of 1.4% for 2026, driven primarily by an increase in lease rates and a better mix of jobs [8][13] - Development earnings are projected to increase significantly as projects lease up during 2026, despite funding costs from previous developments [9][25] - The company started $1.65 billion in projects in 2025 with a projected initial stabilized yield of 6.2% [5][27] Market Data and Key Metrics Changes - Revenue growth in New York and New Jersey is expected to be around 2%, driven by contributions from New York City and Westchester [14] - The Mid-Atlantic region is projected to see just under 1% revenue growth due to job losses in the back half of 2025 [16] - Northern California is expected to produce mid-3% revenue growth, supported by stable occupancy and lease rate growth [18] Company Strategy and Development Direction - AvalonBay aims to utilize its scale and investments in technology to drive incremental growth from its existing portfolio [8] - The company is focusing on a conservative approach to new starts, limiting activity to $800 million in 2026, with a strong spread to underlying cap rates [9][25] - The company is well-positioned with a high-quality portfolio and one of the strongest balance sheets in the REIT sector, despite expecting modest growth in 2026 [12] Management's Comments on Operating Environment and Future Outlook - Management anticipates a job growth environment slightly stronger than 2025, with 750,000 net new jobs forecasted for 2026 [10] - Demand for apartments is expected to be supported by favorable rent-to-income ratios and the relative attractiveness of renting versus homeownership [11] - The supply outlook indicates only 80 basis points of stock this year in established regions, which is expected to serve as a tailwind for the company [11] Other Important Information - The company expects same-store operating expense growth of 3.8% in 2026, driven by the phase-out of property tax abatement programs and other factors [20] - Legislative actions in Colorado and California are impacting the ability to charge certain fees, which is expected to drag on other rental revenue [80] Q&A Session Summary Question: Renewal rates and expectations - Management indicated that renewal offers for February and March were in the 4%-4.5% range, but actual settlements are expected to be lower, typically around 100-125 basis points of dilution [32][33] Question: Guidance lessons from 2025 - The company emphasized a detailed process for setting guidance, considering both upside and downside scenarios, with confidence in development earnings being more concrete [44][46] Question: Development starts and market conditions - Management noted that the reduction in development starts was due to both a lack of suitable deals and a conscious decision to be cautious in a choppy environment [50][53] Question: Impact of legislative activity on revenue - Management highlighted that new legislation in Colorado and California is affecting revenue, with ongoing monitoring of potential political initiatives [80][81]

最近一段时间，由于我国出台了不少鼓励刚需购房的政策（比如，放开限购、降低房贷利率等），再加上现在房价较之前有明显的跌幅，居民购房成本也大 幅降低。于是，就有一些刚需家庭想在2026年初出手买房。但如何选择适合自己的好房子也并不是一件容易的事情，万一买错了房子，很可能会后悔莫及， 即使想出手也会很困难。 而在刚需如何买房子的问题上，有业内人士提醒：这5种房子即将沦为"穷人房"，不好住也不好卖，聪明人都已经悄悄转手。它们分别是：①偏远郊区的房 子；②市中心的老破小；③超高层住宅；④非常规住宅；⑤奇葩户型设计的房子；让我们一起来了解一下： 第一，偏远郊区的房子 第三，超高层住宅 过去很多人都喜欢购买三四十层的超高层建筑，主要是视野开阔，有现代化气派。但居住在超高层住宅里也存在较多的缺陷：①住在超高层住宅里面，遇到 早晚上下班高峰时段，需要较长的等待时间；②如果遇到火灾、地震等灾难，居民逃生的难度大幅上升；③超高层住宅房子在老化之后，拆迁基本无望，业 主只能缴纳大笔的维修基金来维持其运行；④超高层住宅由于存在较多缺点，在二手房市场上越来越难变现。届时，只能处于既不好住，也不好卖的尴尬境 地。 第四，非常规住宅（是指商 ...

上海二手房市场分析及收储政策解读 20260204 摘要 上海二手房市场近期交易量突破 2 万套，日均成交量约 1,000 套，价格 较 2025 年末上涨 3%-6%，但 1 月环比微降 1%，降幅收窄，显示市场 价格有回升迹象。 300 万元以下房产为交易主力，占比超 40%，60 平方米以下小户型占 主导地位，占比约 30%。浦东新区成交量最高，徐泾、临港等新兴板块 增长显著。 上海新房供应量持续下降，2025 年较 2024 年减少 1.2 万套，1 月交易 量仅 2000 多套，受三道红线政策影响，开发商拿地积极性降低。 上海试点收储政策聚焦成熟区域老旧小区，旨在稳住房价、提高租金回 报率，盘活存量资产，并可能成为银行新的利润增长点，促进土地财政 稳定。 上海二手房挂牌量从 2025 年初的 17 万套降至年底的 13.7 万套，主要 原因是业主预期降低、老旧小区换手率低以及待售转租现象。 浦东新区已明确实施"以旧换新"政策，要求购买本区一手房，静安、 徐汇预计也将采取类似措施，由国央企及银行参与，以稳定市场价格。 学区房仍具保值潜力，可关注优质学校周边小户型。高端住宅和核心地 段物业值得关注，商住 ...

Core Insights - A young family is considering upgrading to a larger home for $800,000 with a 6% interest rate, despite having a low-rate mortgage of 2.5% remaining on their current home [1][2] - The family's financial situation includes a combined income of $280,000, allowing them to afford a monthly payment of $4,600 for the new mortgage [2] Financial Considerations - The current mortgage balance is $163,000, which would be paid off in eight years or less, making the low interest rate a significant factor in their decision [1] - The potential new mortgage payment includes taxes and insurance, raising concerns about affordability if unexpected financial challenges arise [3] Lifestyle Factors - The desire to live near friends is a major motivation for the family's move, but there are warnings about the emotional implications of such a decision [4] - Comments from others highlight the importance of considering long-term happiness in the new home, regardless of friendships [4] Professional Guidance - It is suggested that individuals facing similar decisions consult with financial advisors to navigate significant life choices effectively [5]

Core Insights - Leigh Marie Braswell, a partner at Kleiner Perkins, has emerged as a notable figure in venture capital, particularly in the AI sector, despite her unconventional entry into the field [2][3] - Braswell's investment strategy is influenced by her background in poker, emphasizing the importance of tracking probabilities and making informed decisions in uncertain environments [5] Company and Industry Highlights - Braswell began her venture capital journey by angel investing in 2020, with her first investment in Ambience Healthcare, which is now valued at $1.1 billion [2] - At Kleiner Perkins, Braswell has been instrumental in backing significant AI deals, including Windsurf (an Alphabet acquihire) and Neon (acquired by Databricks), showcasing her impact in the venture capital landscape [3] - The current portfolio at Kleiner Perkins under Braswell includes companies like Nooks, Convoke, Reevo, Avoca, and Forge, indicating her diverse investment interests [3] - The venture capital firm Kleiner Perkins is undergoing a turnaround, led by Mamoon Hamid and Ilya Fushman, with Braswell being recognized as a rising star within the firm [2]

▲ 焦作市各区二手房均价（挂牌） 1月份中站区挂牌均价约2440元/㎡，解放区约4710元/㎡，山阳区约5390元/㎡，马村区约4780元/㎡，中 站区、马村区较上月比有所下降，解放区、山阳区较上月比均有所上升。 据最新数据显示，焦作2026年1月二手房挂牌均价为5640元/㎡。 ▲ 焦作市二手房均价走势图（挂牌） 从上图可以看出，焦作市2026年1月份二手房挂牌均价较2025年12月份比略有下降。 最后，来看一下1月焦作热门二手房挂牌均价，看看你家小区的房价涨了多少！ | | 焦作市热门小区1月挂牌均价 | | | --- | --- | --- | | | 小区名称 | 均价(元/m²) | | | 峰华都市花园御苑 | 5550 | | 2 | 金山东方花园 ド | 6550 | | | 龙源世家 | 5220 | | | 锦祥化园 | 5430 | | | 万方嘉园北区 | 5220 | | | 必尤语相同行了 | 200000 | | | 你 内 四川 | OULUS | | --- | --- | --- | | 7 | 四季花城 & | 6710 | | 8 | 西城家园 | 6540 | | ...

全球超高端智 能 knightfrank.co.uk/research 税收压垮了伦敦，而迪拜蓬勃发展。 2025年第四季度，全球超级高端市场活动加速，在我们12个关键市 场中，我们追踪了555笔超过1000万美元的交易，同比增长17%， 总销售额达到103亿美元（同比增长20%）。平均销售价格上升至1 860万美元（从第三季度的1810万美元）。 在我们12个市场中，我们在第四季度记录了555 笔超过1000万美元的销售，总额达到103亿美元 。平均交易额略微上升至1860万美元，因为在 迪拜、香港、悉尼和迈阿密的业务活动同比强劲 增长。从12个月的角度来看，销售额略有下降， 从前一个季度的峰值降至2,164笔销售，总价值 为405亿美元，仍然是自2021年以来第二强的年 度累计销售额。 在强劲的年中表现之后，(32；环比-11%)稳步 转为较软。最大的新闻是伦敦在季度基础上再 次下滑，在第四季度（35笔交易）中按交易量 排名第七，悉尼、迈阿密和新加坡都领先，英 国财富和财产税的争论影响了情绪；尽管交易 减少，伦敦的总额大致持平，为7.24亿美元（ 环比+2%）。在美国阳光地带和西海岸市场， 迈阿密反弹（4 ...

Group 1 - The real estate market is categorizing properties into two types: "livable" and "appreciable," with the former struggling to sell while the latter remains in demand despite higher prices [1] - Older properties built before 2000, lacking school district access and proximity to public transport, are facing low demand, while newer properties within key urban areas are still attracting buyers [1] - The increase in second-hand housing listings by 37% last year contrasted with a mere 15% transaction rate, indicating a significant gap between sellers and actual buyers [3] Group 2 - Government initiatives such as prioritizing rental housing for families and subsidizing public housing are aimed at assisting genuine housing needs, while investors should be cautious about speculative buying [3] - Non-voluntary sellers, such as those undergoing divorce or inheritance, are becoming the primary sellers in the second-hand market, leading to price reductions and decreased liquidity for ordinary homes [3] - The rental market is improving with the expansion of long-term rental REITs and a significant increase in affordable housing supply, indicating a shift in demand towards better living conditions and community services [4]