Core Insights - Kojamo plc reported an improvement in occupancy rates, with total revenue and net rental income showing increases during the review period [1][6][12] Financial Performance - Total revenue for Q3 2025 was EUR 113.6 million, a 0.4% increase from EUR 113.2 million in Q3 2024 [5][6] - Net rental income for Q3 2025 was EUR 86.0 million, up 0.3% from EUR 85.7 million in Q3 2024, representing a margin of 75.7% [5][6] - Profit before taxes for Q3 2025 was EUR 32.8 million, down 35.2% from EUR 50.6 million in Q3 2024, influenced by a net loss of EUR 16.4 million from property valuations [5][6] - Funds From Operations (FFO) decreased by 3.3% to EUR 44.1 million in Q3 2025 compared to EUR 45.6 million in Q3 2024 [5][6] Investment and Property Management - Kojamo owned 39,001 rental apartments at the end of the review period, a decrease from 40,973 apartments the previous year [4] - Gross investments in Q3 2025 totaled EUR 13.6 million, representing 12.0% of total revenue, compared to EUR 2.2 million in Q3 2024 [5][6] - The fair value of investment properties was EUR 7.6 billion at the end of the review period, including EUR 41.8 million in properties held for sale [6] Occupancy and Market Conditions - The financial occupancy rate improved to 94.4% during the review period, with a further increase to 96.1% in Q3 2025 [6][13] - The rental market is balancing, with oversupply in the capital region but normalizing conditions in cities like Tampere and Turku [14] Strategic Developments - The company completed the sale of 44 residential properties, comprising 1,944 apartments, using EUR 200 million of the proceeds to repay loans [15] - A share buyback program was initiated, with plans to use up to EUR 75 million for buybacks [15] - A strategy review is underway to update the existing strategy, with further information expected during the financial statements publication [17] Outlook - Kojamo estimates a total revenue increase of 0-2% year-on-year for 2025, with FFO projected to be between EUR 135-141 million, excluding non-recurring costs [8][10]

Core Insights - The ongoing federal government shutdown has led to localized and modest impacts on housing markets, particularly in areas with high concentrations of federal employees, such as Washington, D.C., Virginia Beach, and Baltimore [2][4] - Nationally, the median list price for homes remains stable at $424,200, with homes spending an average of 63 days on the market, and 20.2% of listings experiencing price reductions [1][10] Housing Market Trends - In September, the median list price was $424,200, showing a 0.4% increase year-over-year and remaining flat month-over-month [14] - Homes are spending an average of 63 days on the market, which is 5 days longer than the same time last year, indicating a trend towards longer selling times [12] - The number of active listings increased by 15.3% year-over-year, marking the 24th consecutive month of inventory gains, although growth has slowed in recent months [5][6] Federal Employment Impact - Federal employment is most concentrated in Washington, D.C., where 11.0% of employed residents work for the federal government, followed by Virginia Beach (7.0%), Oklahoma City (4.2%), and Baltimore (3.7%) [2] - In these metros, new listings have seen a month-over-month decline, with Washington, D.C. down 13.9%, Virginia Beach down 5.1%, and Baltimore down 2.4% [4] Price Reduction and Buyer Behavior - Price cuts are prevalent, with 20.2% of home listings having price reductions, up 1.6 percentage points from last year [10] - Buyer activity has slowed, with pending home sales down 1.9% year-over-year, indicating a cautious approach from potential buyers amid economic uncertainty [11] Regional Inventory Dynamics - Inventory growth has been observed across all four major U.S. regions, with the West seeing a 17.4% increase and the South a 17.0% increase year-over-year [7] - Despite overall inventory increases, 17 of the top 50 metros still lag at least 25% below their pre-pandemic inventory norms, with Hartford, CT, showing the least recovery at -74.0% [8] Market Conditions and Affordability - The overall housing supply remains below pre-pandemic norms, which continues to affect affordability and competition among buyers [9] - The typical list price per square foot has slightly declined, down 0.5% year-over-year, reflecting ongoing affordability challenges in the market [15]

楼市政策频频释放暖意，各地限购松绑，房贷利率也跌破了4%，不少刚需家庭跃跃欲试，准备安家置业。然而，面对琳琅满目的楼层选择，许多购房者却 陷入了迷茫。究竟哪一层才能住得舒心顺意呢？ 其次，是带阁楼的顶楼。传统观念中，顶楼容易渗水、隔热差，让人望而却步。然而，带阁楼的顶楼却能巧妙地化解这些问题。一方面，阁楼往往是开发商 赠送的额外空间，可以改造成书房、储物间，大大提升房屋的实用性。另一方面，阁楼还能起到隔热保温的作用，有效缓解顶楼冬冷夏热的难题。 再次，值得关注的是"凤凰屋"——次顶楼。次顶楼拥有开阔的视野和良好的采光通风，远离地面噪音的侵扰，私密性极佳。同时，它又巧妙地避开了顶楼的 渗水和隔热问题。当然，选择次顶楼，可能需要更多地依赖电梯，但与居住的舒适度相比，这点不便几乎可以忽略不计。 最后，是整栋楼的中间楼层。所谓中间楼层，指的是位于整栋楼三分之一以上、三分之二以下的楼层。例如，在一栋24层的楼房中，8到16层便属于中间楼 层。选择中间楼层的好处多多：视野开阔，采光通风俱佳，免受地面噪音和扬尘的困扰。而且，即使遇到电梯故障，爬几层楼梯也并不会太费力。 为此，我们特地请教了资深业主奚敏女士。她在过去的二十年 ...

Core Performance - American Homes 4 Rent (AMH) reported revenue of $478.46 million for the quarter ended September 2025, reflecting a year-over-year increase of 7.5% [1] - Earnings per share (EPS) for the quarter was $0.47, significantly up from $0.20 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $474.98 million by 0.73%, while the EPS surpassed the consensus estimate of $0.46 by 2.17% [1] Revenue Breakdown - Core revenues amounted to $405.62 million, slightly below the four-analyst average estimate of $409.34 million, with a year-over-year change of +7.5% [4] - Non-Same-Home core revenues were reported at $47.8 million, exceeding the average estimate of $45.95 million, representing a year-over-year increase of 14.3% [4] - Tenant charge-backs reached $72.84 million, surpassing the average estimate of $65.34 million, with a year-over-year change of +7.7% [4] - Same-Home core revenues were $357.83 million, below the estimated $363.39 million, but still showing a +6.6% change compared to the previous year [4] - Net earnings per share (diluted) were reported at $0.27, exceeding the average estimate of $0.16 [4] Stock Performance - Over the past month, shares of American Homes 4 Rent have returned -1.9%, contrasting with the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

2025年了，听说你还在为选择哪个楼层买房而头疼？多少人买完房后才发现，当初没选对楼层，现在后悔得很！刚和一位朋友聊天，他2023年买的房子在12 楼，夏天太阳直晒，冬天北风呼啸，每个月的电费都让他肉疼。更让他懊恼的是，电梯经常故障，爬楼梯简直要了他半条命。 你可能会问：到底怎么选楼层才不踩坑？今天就和大家聊聊这个买房选楼层的问题，记住 "买南、买边、买三、避四"这四个原则，帮你少走弯路，买到称心如意的好房子。 最近一项来自中国房地产信息集团的调查显示， 2025年上半年，有78.3%的购房者将楼层因素列为购房考虑的前三要素，而在五年前，这个比例还不到50%。这说明什么？越来越多的人意识到了楼层选择 的重要性。 "买边"。所谓"买边"，就是尽量选择位于单元两侧的房子，而不是中间的房子。为什么这么说呢？ 边户通常只有一侧与邻居相邻，另一侧是外墙，这意味着噪音干扰会少很多。根据一项针对 2000户家庭的居住满意度调查，边户居民的噪音投诉率比中间户低了47%。 此外，边户的采光和通风条件也更好。边户通常有三面墙接触外界环境，窗户开得更多，自然光和新鲜空气会更充足。有数据表明，边户的自然采光时间比 中间户平均多 我们 ...

Core Insights - The company reported a solid third quarter with a Core FFO per share growth of 6.2% and raised its full-year 2025 guidance midpoint by $0.01 per share to $1.87, indicating a growth of 5.6% over the previous year [3][12][17]. Financial Performance - For Q3 2025, net income attributable to common shareholders was $99.7 million, or $0.27 per diluted share, compared to $73.8 million, or $0.20 per diluted share in Q3 2024, driven by increased rents and property revenues [3][7]. - Rents and other single-family property revenues increased by 7.5% to $478.5 million in Q3 2025, up from $445.1 million in Q3 2024, supported by a larger average occupied portfolio and higher rental rates [4][12]. - Core NOI from the total portfolio rose by 9.2% to $264.3 million in Q3 2025, compared to $242.1 million in Q3 2024, attributed to revenue growth and partially offset by a 4.4% increase in operating expenses [5][12]. Same-Home Portfolio Performance - Core revenues for the Same-Home portfolio increased by 3.8% to $357.8 million in Q3 2025, driven by a 3.5% rise in Average Monthly Realized Rent per property [6][10]. - Core property operating expenses for Same-Home properties rose by 2.4% to $123.0 million in Q3 2025, leading to a Core NOI increase of 4.6% to $234.8 million [6][10]. Year-to-Date Results - For the nine-month period ended September 30, 2025, net income attributable to common shareholders was $315.2 million, or $0.85 per diluted share, compared to $275.3 million, or $0.75 per diluted share for the same period in 2024 [7][9]. - Rents and other single-family property revenues for the nine-month period increased by 8.0% to $1.4 billion, driven by a larger average occupied portfolio [8][10]. Investment and Development - As of September 30, 2025, the company owned 60,664 single-family properties, with an increase of 68 homes during Q3 2025, including 539 newly constructed homes [11][12]. - The company delivered a total of 651 newly constructed homes from its AMH Development Program in Q3 2025 [12]. Capital Structure and Liquidity - The company paid off approximately $426.1 million on its asset-backed securitization, resulting in a fully unencumbered balance sheet [13][14]. - As of September 30, 2025, the company had cash and cash equivalents of $45.6 million and total outstanding debt of $4.9 billion, with a weighted-average interest rate of 4.5% [14][25]. Guidance - The company raised its full-year 2025 Core FFO guidance to a range of $1.86 to $1.88 per share, reflecting improved expectations for Core NOI growth and financing costs [16][17].

Financial Data and Key Metrics Changes - The third quarter results reflect resilience in the business despite a mixed macroeconomic environment, with strong demand and excellent resident retention, particularly in San Francisco and New York [4][6] - Year-over-year income growth for new residents was reported at 6.2%, indicating a healthy growth rate [5] - The company adjusted the midpoint of its annual same-store revenue guidance down by 15 basis points to 2.75% due to observed market conditions [7][11] Business Line Data and Key Metrics Changes - The renewal rate for the quarter was strong at 4.5%, with nearly 59% of leases renewing, contributing to the lowest reported turnover in the company's history [17] - New lease rates decreased by 1%, resulting in a blended rate increase of 2.2% for the quarter, which was at the low end of expectations [18][19] Market Data and Key Metrics Changes - San Francisco is expected to be the best-performing market in 2025, with a favorable supply setup and significant demand driven by the tech sector [8][20] - Washington, DC experienced a decline in demand and pricing power due to federal job cuts and a government shutdown, leading to increased concessions and a slight increase in turnover [22][71] Company Strategy and Development Direction - The company is focused on capital allocation, having repurchased approximately $100 million of its stock during the third quarter, while also closing on a 375-unit acquisition in Arlington, Texas [11][12] - The company plans to be selective in acquisitions due to the current valuation of its stock compared to private market asset prices [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for the business, citing a significant decline in competitive new supply expected in 2026 [14][15] - The company anticipates that if job growth reignites, it could lead to strong results in 2026, with portfolio-wide occupancy above 96% [15][32] Other Important Information - The company has implemented AI-driven tools to enhance operational efficiency, including a 50% reduction in application processing time [25][26] - The company has adjusted its full-year same-store revenue outlook to a range of 2.5%-3%, with a midpoint of 2.75% [30][32] Q&A Session Summary Question: How does the company approach forecasting next year's growth amid falling rent growth? - Management indicated that they are modeling for continued deceleration but feel positive about the setup for next year due to reduced competitive supply [35] Question: What factors influence the decision to continue stock buybacks? - The decision is influenced by the attractiveness of other investment opportunities and the availability of capital needed for acquisitions [37][39] Question: What is the current state of demand in Washington, DC? - Demand has cooled, with a decrease in urgency to sign leases and an increase in concessions, but management remains optimistic about long-term prospects due to declining competitive supply [70][72] Question: What is the outlook for rent growth in San Francisco? - Management expects strong rent growth due to a supply-demand imbalance, with rents approaching 2019 levels and incomes up 22% since then [64][74] Question: How does the company view the impact of AI on job growth in key markets? - Management believes that while AI may displace some jobs, it is also creating opportunities in related industries, contributing to overall job growth [56][61]

Financial Data and Key Metrics Changes - The company reported a same-store revenue guidance adjustment down by 15 basis points to 2.75% for the year, reflecting a mixed macroeconomic environment and a seasonal decline in traffic that began earlier than usual [5][28] - The renewal rate for the quarter was strong at 4.5%, with nearly 59% of leases renewing, contributing to the lowest reported third-quarter turnover in the company's history [14][16] - The company expects a revised annual same-store NOI range of 2.1% to 2.6%, with a midpoint of 2.35%, which is 15 basis points higher than the original 2025 guidance [29] Business Line Data and Key Metrics Changes - The company experienced strong demand and excellent resident retention, particularly in San Francisco and New York, where high demand met modest supply [3][6] - New lease rates were down by 1%, resulting in a blended rate increase of 2.2% for the quarter, which was at the low end of the expected range [16][17] - The company reported a physical occupancy rate of 96.3% for the quarter, driven by solid demand and strong retention in coastal markets, excluding Washington, DC [17] Market Data and Key Metrics Changes - San Francisco is expected to be the best-performing market in 2025, with a favorable new supply setup and a significant increase in median incomes since 2019 [6][18] - Washington, DC experienced a slowdown in demand and pricing power due to federal job cuts and a government shutdown, with net effective prices down by 4% [20][66] - Competitive new supply in Washington, DC is projected to decline by 65% in 2026, which is expected to improve market conditions [12][20] Company Strategy and Development Direction - The company is focused on capital allocation, having repurchased approximately $100 million of its stock during the third quarter and closed on a 375-unit property acquisition in Arlington, Texas [10][11] - The company plans to be selective in acquisition activity due to the compelling value of its stock compared to private market assets [11] - The company is implementing AI-driven tools to enhance operational efficiency and improve resident experiences, with a focus on reducing application processing time and improving service request handling [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite macroeconomic uncertainties, citing strong demand and resident retention [3][4] - The company anticipates a solid performance in 2026, supported by a decline in competitive new supply and a favorable job market [12][13] - Management noted that the current economic environment presents challenges for forecasting demand, but the setup for next year remains positive due to reduced competitive supply [14][27] Other Important Information - The company has adjusted its full-year acquisitions and dispositions guidance to $750 million each, down from $1 billion, with most transactions already completed [11] - The company is experiencing a significant decline in competitive new supply, with a projected 35% decrease in 2026 compared to 2025 levels [12] Q&A Session All Questions and Answers Question: How does the company approach forecasting next year's growth given the current rent growth trends? - Management indicated that they are modeling for continued deceleration but feel confident about the setup for next year due to reduced competitive supply [33] Question: What factors influence the company's capital allocation decisions regarding stock buybacks versus other investment opportunities? - Management highlighted the attractiveness of existing assets and the need to balance stock buybacks with the availability of capital [34] Question: Can management provide insights on the current earn-in situation as the year ends? - Management noted that they expect to start 2026 with a similar embedded growth position as 2025, despite some deceleration observed [40] Question: What changes in renewal behavior has the company observed in light of recent market conditions? - Management reported some hesitation in renewal negotiations but maintained confidence in their centralized renewal process [42] Question: How does the company view the potential impact of AI on job growth in key markets? - Management noted that while AI's impact is uncertain, there is evidence of job growth in related industries, particularly in tech hubs like San Francisco and New York [52][55] Question: What is the outlook for the Washington, DC market in the coming months? - Management expects continued pressure on demand due to the government shutdown but anticipates a recovery as competitive supply decreases [66]

Core Insights - The number of homes going under contract in the U.S. remained unchanged in September according to the National Association of Realtors [1] Summary by Category Housing Market - The housing market showed no change in the number of homes going under contract in September, indicating a potential stagnation in buyer activity [1]

Core Viewpoint - NexPoint Residential Trust (NXRT) has announced a dividend increase, reflecting strong financial performance and commitment to returning value to shareholders [1]. Group 1: Dividend Announcement - The board of directors of NexPoint Residential Trust has unanimously approved a dividend of 53 cents per share of NXRT common stock [1]. - The dividend is payable on December 31 to stockholders of record on December 15 [1]. - This dividend represents a 3.9% increase over the previous quarter's dividend per share [1]. Group 2: Historical Performance - Since its inception in 2015, the dividend has increased by 157.3% [1].