Core Viewpoint - Camden Property Trust (CPT) is identified as the best-positioned apartment REIT, offering a favorable mix of value and growth in a broadly discounted sector [1]. Valuation - Multifamily REITs are trading at an average of 16.21X estimated AFFO for 2026, while the mean equity REIT trades at 16.8X, indicating a modest discount for apartments compared to historical premiums [1]. - The average asset value for apartment REITs is approximately 78.9% of NAV, reflecting a 21% discount to the value of their assets [4]. Company Performance - Camden maintains a high occupancy rate of 95.2%, which is above the national average and significantly higher than in high-supply markets [25]. - The company has managed to mitigate revenue impacts from reduced new lease rates by increasing renewal rents by 2.8% and maintaining a high renewal rate [24]. - Camden's FFO/share has reached an all-time high, demonstrating resilience despite market challenges [20]. Strategic Positioning - Camden's portfolio is primarily located in high-growth Sunbelt markets, which are currently experiencing short-term rental rate pressures but have better long-term demand growth prospects [19][20]. - The company is strategically selling California assets, with expected proceeds between $1.5 billion and $2 billion, which will be used for share buybacks, enhancing shareholder value [32][34]. Market Dynamics - The apartment sector is facing elevated vacancy rates and downward pressure on rental rates due to aggressive leasing of newly delivered units [5]. - In contrast, REITs with properties in coastal cities, like Essex, are experiencing less supply and have shown revenue growth, highlighting a geographic trade-off in investment strategies [16][18]. Future Outlook - 2026 is anticipated to be a transition year for Camden, with potential short-term challenges due to supply headwinds, but 2027 is expected to mark the beginning of an upswing [35]. - The current market conditions may keep Camden's stock price subdued in the near term, but the long-term outlook remains positive as external cyclical pressures ease [36][37].

Core Viewpoint - The apartment REIT sector is currently facing weak fundamentals but presents a potentially attractive investment opportunity due to low valuations and the expectation of improving rental rates in the future [18][50]. Group 1: Market Dynamics - The pandemic significantly disrupted the apartment sector, leading to a surge in demand and a 21% increase in national median rental rates, which rose from under $1200 to over $1400 [5][9]. - Following the peak in 2022, national median rent has decreased by 5.9%, with a current vacancy rate of 7.4%, indicating a shift from high demand to increased supply [9][15]. - The development boom initiated during the pandemic is expected to result in heavy deliveries in 2024 and 2025, contributing to elevated vacancy rates [14][15]. Group 2: Economic Factors - The personal savings rate increased dramatically during the pandemic due to stimulus checks, which temporarily boosted rental demand [3][11]. - The current economic environment is characterized by high homeownership costs, with average monthly owner costs reaching $2,035 in 2024, making renting more economical at a median asking rent of $1,357 [33][34]. - The gap between homeownership and rental costs suggests that rental rates may need to rise to achieve equilibrium, especially as homeownership becomes increasingly unaffordable [38][40]. Group 3: Future Outlook - The rental rate equilibrium is believed to be significantly higher than current rates, indicating potential for rental increases as the development wave subsides [22][41]. - Despite the elevated vacancy rate, which may remain due to subdued demand growth from population increases, apartment REITs are expected to manage occupancy better than the national average [42][50]. - The overall sentiment is that while current fundamentals are weak, they are likely to improve, making the apartment REIT sector a worthwhile investment opportunity [50][51].

Core Insights - AvalonBay Communities (AVB) reported that early 2026 rent changes and occupancy trends align with its initial outlook, indicating continuous improvement expected throughout the year [1][10] Operational Metrics - AVB's portfolio physical occupancy increased by 20 basis points from December to February, while like-term effective rent change rose by 100 basis points from -0.5% in January to 0.5% in February [2] Stock Repurchase Program - The company repurchased common stock worth $600.9 million from the second half of 2025 through February 26, 2026, and has authorized a new $1 billion stock repurchase program without an expiration date [3] Asset Disposition - AVB disposed of two wholly owned communities for total gross proceeds of $270 million and is under agreement to sell two additional communities worth $140 million, expected to close in the first half of 2026 [4] Development Plans - In 2026, AVB plans to initiate development projects totaling around $800 million, with expected development net operating income (NOI) of $47 million in 2026, increasing to $75 million in 2027 [5] Peer Comparison - Other major apartment REITs, such as Equity Residential (EQR) and Mid-America Apartment Communities (MAA), are experiencing similar trends, focusing on occupancy stability and balance sheet strength [6][7] Market Positioning - With projected supply increases of only 80 basis points in 2026 and 92% of AVB's same-store portfolio in these markets, the company is well-positioned to benefit from improving supply-demand dynamics [8] Long-term Outlook - Compared to peers like EQR and MAA, AVB's strengthening rent and occupancy trends, low future supply exposure, and substantial development pipeline provide solid visibility into near-term performance and support for long-term stability [9]

Summary of Essex Property Trust Conference Call Company Overview - Essex Property Trust is an S&P 500 company with over 63,000 units, focused solely on the West Coast of the United States as a public apartment REIT [2] - The company has a strong track record of delivering one of the best long-term compound annual growth rates (CAGRs) and total returns in the REIT sector, marking its 32nd consecutive year of dividend increases [2] Industry Insights - The California housing market is characterized by low supply, currently at a historical low of about 0.5% of total housing stock, which includes single-family homes [3] - Demand catalysts, particularly from the technology sector in Northern California, are expected to continue driving job growth, especially with the rise of artificial intelligence (AI) [3][4] Investment Thesis - The company is still in a recovery phase post-COVID, with Northern California markets like Santa Clara and San Jose only beginning to recover in 2024, and San Francisco in 2025 [4] - Essex's unique operating platform allows for economies of scale, leading to better expense management compared to peers [4] Regulatory Environment - While regulatory challenges exist in California, the stable political environment post-November elections is seen as beneficial for the company [6][8] - The current regulatory landscape is not perceived as extreme, and the company does not foresee significant public policy changes that would negatively impact operations [8] Job Market and AI Impact - The job market remains resilient, with low unemployment claims, indicating that job losses are being quickly absorbed by new job creation, particularly in AI sectors [9] - AI is expected to be a net neutral or positive contributor to job growth in the near term, with significant demand for developers and new startups emerging [9][11] Market Performance and Pricing - Essex is currently seeing pockets of strength in Northern California and parts of Seattle, with occupancy rates slightly ahead of plan [16] - The company is negotiating lease renewals around 4% but landing closer to mid-to-high 3% depending on the market conditions [17][21] Southern California Market - Southern California is expected to be the lowest performing market for Essex this year, with occupancy rates needing to exceed 95% to gain pricing power [29] - The market is still recovering from delinquency issues tied up in the courts, which are slower than historical norms [29] Seattle Market Commitment - Despite its volatility, Seattle is viewed as a long-term growth market due to strong demand catalysts, particularly from the technology sector [37][38] Capital Allocation Strategy - Essex has acquired over $2 billion in assets over the past two years, focusing on accretive investments [40][41] - The company is open to stock buybacks if they present a more compelling investment opportunity compared to acquisitions [42] Preferred Equity and Returns - The company expects to face headwinds from preferred equity this year but anticipates these will not carry forward into 2027 [60] - Future growth in the preferred equity book will depend on achieving the right risk-adjusted returns [61] Sector Outlook - The overall apartment sector is projected to see same-store and operating income growth of about 2% in 2027 [66] - The number of public apartment companies is expected to remain the same or decrease, largely due to challenges in the Sun Belt markets [68] AI Integration - Essex is piloting AI capabilities in leasing and data analytics, aiming to drive efficiencies and improve processes [54][59] - The company acknowledges that while many firms are experimenting with AI, the adoption rate remains low, and success will depend on how effectively AI is integrated into business operations [57]

INVESTOR PRESENTATION March 2026 101 N. Meridian Tampa, FL 101 N. Meridian Tampa, FL TABLE OF CONTENTS 2 14 3 Reasons to Invest in UDR 4 Recent Updates: 2026 Outlook 6 Corporate Strategy & Value Proposition 8 Operational Excellence 9 Capital Allocation: Investment Analytics 10 Strong, Liquid, Flexible Balance Sheet 11 UDR At A Glance 13 Positive Fundamentals Corporate Governance & Sustainability Leadership Appendix: The Case for Apartment REITs 15 REASONS TO INVEST IN UDR Why UDR Total Return Track Record: ...

Core Viewpoint - UDR, Inc. has experienced a significant decline in share value, losing over 20% in the past year due to weak rental conditions affecting the apartment REIT sector [1] Company Performance - UDR, Inc. shares have underperformed, reflecting broader challenges within the apartment REIT sector [1] Industry Conditions - The apartment REIT sector is facing surprisingly weak rental conditions this year, contributing to the struggles of companies like UDR, Inc. [1]

Group 1 - UDR, Inc. has experienced a decline of over 20% in its share value over the past year [1] - The apartment REIT is facing challenges due to unexpectedly weak rental conditions, which have affected the entire sector [1]

Apartment Rental Market Trends - National median monthly rent for apartments fell 1% in November from October, standing at $1,367 [1] - Apartment rents are down 1.1% from November of last year and have fallen 5.2% from their 2022 peak [2] - Vacancies hit a record high of 7.2% in October, unchanged in November [2] Supply and Demand Dynamics - Continued new apartment supply and weaker demand are pushing vacancies up and rents down [1] - Multifamily permits were down about 11% year-over-year in August, indicating a potential future construction decrease [4] - Strong monthly rental renewals are observed, driven by renters' difficulty in affording homes in the for-sale market [4] Impact on REIT Stocks - Apartment REIT stocks, such as Avalon Bay, Equity Residential, and Camden Property Trusts, are down year-to-date [4] Economic Implications - There is a significant lag time for rent figures to impact CPI numbers, a critical measure for the Federal Reserve in determining interest rates [5]

Core Insights - Mid-America Apartment Communities (MAA) has underperformed in the past year, with a loss of approximately 17% in value [1] - The apartment REIT sector is facing challenges due to weak rental inflation, high supply levels, and overall market weakness [1] Company Performance - MAA's stock performance reflects broader trends in the apartment REIT sector, indicating a struggle to maintain value amidst economic pressures [1] Market Conditions - The current market environment is characterized by elevated supply and weak rental inflation, which are significant factors affecting the performance of apartment REITs [1]

Core Viewpoint - Mid-America Apartment Communities (MAA) has underperformed in the past year, with a loss of approximately 17% in value due to weak rental inflation and elevated supply in the apartment REIT sector [1] Company Performance - MAA's stock has decreased by about 17% over the last year, indicating significant challenges in the current market environment [1] Industry Context - The apartment REIT sector is facing difficulties attributed to weak rental inflation and high supply levels, which are impacting overall performance [1]