In Plano, Mayor John Muns has described the new format as a downsized Target, offering a quick in-and-out experience that avoids the chaos of big-box parking lots.The increased prices allow Dollar Tree to absorb the higher lease costs that come with prime suburban real estate while still undercutting local supermarkets and pharmacies on household essentials, according to Realtor.com.Dollar Tree's move into upscale suburbs is supported by its evolving pricing model. After raising its baseline price to $1.25 ...

LOS ANGELES--(BUSINESS WIRE)---- $mmi #apartmentfinancing--Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company's institutional clients, announced today the sale and financing of Luxe Villas, a 60-unit multifamily asset in the Brentwood neighborhood of Los Angeles, California. The property sold for $49,494,000, or $824,900 per unit. "Luxe Villas is one of the premier multifamily assets in Brentwood,†said Kevin Green, IPA executive managing direc ...

EARNINGS RELEASE & SUPPLEMENTAL 2025 FINANCIAL INFORMATION Q4 | 2025 The Enclave at Potomac Club | Northern Virginia Dave Bragg, CFO - 720.398.0885 Trent Trujillo, Investor Relations - 720.283.6135 UDR, INC. | UDR.COM UDR Fourth Quarter 2025 Earnings Supplement | 4Q 2025 Earnings Press Release Pages 1-6 | | | --- | --- | | Company | Financial Highlights | | Consolidated Statements of Operations Attachment 1 | Funds From Operations (FFO), FFO as Adjusted, AFFO Attachment 2 | | Consolidated Balance Sheets Att ...

Core Viewpoint - Aimco's stockholders have overwhelmingly approved the Plan of Sale and Liquidation proposed by the Board of Directors, indicating strong support for the company's strategic direction [1] Group 1: Liquidation and Distributions - Following the approval of the Plan, the Board declared a liquidating distribution of $1.45 per share, funded by the net proceeds from the December 2025 sale of Aimco's Brickell Assemblage, to be paid on March 13, 2026, to stockholders of record as of February 27, 2026 [2] - Aimco expects to distribute between $0.85 and $0.95 per share during the second quarter, contingent on the successful closing of properties currently under contract, after accounting for debt and transaction costs [3] Group 2: Property Sales and Strategy - Aimco has entered into agreements with four buyers to sell 12 properties for a gross price of approximately $680 million, with $30 million in non-refundable deposits already secured [2] - The company is focused on the efficient sale of its holdings to maximize stockholder value and plans to market its remaining stabilized properties and all land, development, and lease-up properties by mid-2026 [4] Group 3: Company Overview - Aimco is a diversified real estate company primarily targeting value-add and opportunistic investments in the U.S. multifamily sector, aiming to create substantial value for investors and communities [7]

Financial Data and Key Metrics Changes - The company achieved same-property revenue growth of 3.3% for 2025, which was at the high end of guidance and 30 basis points ahead of original projections [10][12] - FFO per share growth is expected to be flat year-over-year for 2026, reflecting a conservative modeling approach due to redemptions within the Structured Finance portfolio [13][14] - Same-property NOI growth is forecasted to increase by 2.1% at the midpoint for 2026 [12] Business Line Data and Key Metrics Changes - The fourth quarter saw a blended lease rate growth of 1.9% and occupancy increased by 20 basis points sequentially to 96.3% [4][5] - Los Angeles showed the best occupancy improvement, increasing 70 basis points sequentially, indicating progress towards stabilization [5][28] Market Data and Key Metrics Changes - Northern California outperformed expectations due to technology sector expansion, favorable migration trends, and limited new housing supply [4][6] - Rent growth across most Essex markets outperformed the U.S. average, demonstrating the advantage of limited housing supply even in a soft employment environment [4][6] Company Strategy and Development Direction - The company anticipates steady West Coast fundamentals to deliver solid blended rent growth above the U.S. average in 2026, led by Northern California [6][7] - The investment market remains healthy with $12.6 billion of non-portfolio institutional multifamily transactions in 2025, a 43% increase compared to 2024 [8] Management's Comments on Operating Environment and Future Outlook - The management noted that job growth is moderating, and major employers are cautious about hiring, which could temper near-term demand acceleration [6][7] - There is optimism regarding Northern California's recovery, supported by increased VC funding and positive office absorption [20][22] Other Important Information - The company is well-positioned from a funding perspective, with free cash flow covering dividends and planned capital expenditures [14][15] - The structured finance book is expected to stabilize, with a focus on new opportunities to backfill redemptions [60] Q&A Session Summary Question: Thoughts on demand for assets in Northern California and Seattle - Management acknowledged that Northern California is recovering, with job openings at top tech companies showing stability, while Seattle faced softness in the fourth quarter [18][21] Question: Expectations for new and renewal lease blends - The company expects new leases to grow flat to 2% and renewals around 3%-4% for the year [24] Question: Performance expectations for Los Angeles - Management indicated steady improvement in occupancy, with hopes to reach stabilization at 95% soon [28][29] Question: Cap rates and investment opportunities in Southern California - The company noted a healthy environment with transactions occurring in the 4.5-4.75 cap rate range, and they will evaluate opportunities to create value [35][39] Question: Legislative impacts on rental housing - Management reported no significant impact from immigration policies, with trends returning to pre-COVID levels [55][100] Question: Changes in move-in pace from outside core markets - An increase in immigration trends was noted, particularly in the northern region, driven by return-to-office policies [100]

Financial Data and Key Metrics Changes - The company achieved same-property revenue growth of 3.3% for 2025, at the high end of guidance and 30 basis points ahead of original projections [10] - FFO per share growth is expected to be flat year-over-year for 2026, reflecting a conservative modeling approach [13][14] - Same-property NOI growth is forecasted to increase by 2.1% at the midpoint for 2026 [12] Business Line Data and Key Metrics Changes - Blended lease rate growth was 1.9% in the fourth quarter, with occupancy increasing by 20 basis points to 96.3% [4] - Los Angeles showed the best occupancy improvement, increasing by 70 basis points sequentially [5] - The company anticipates blended lease rate growth of 2.5% at the midpoint for 2026, with new leases expected to range from flat to 2% and renewals around 3%-4% [24] Market Data and Key Metrics Changes - Northern California outperformed expectations due to technology sector expansion and favorable migration trends [4] - Rent growth across most Essex markets outperformed the U.S. average, demonstrating the advantage of limited housing supply [4] - Seattle experienced soft performance in the fourth quarter, with several corporate layoffs impacting expectations [21] Company Strategy and Development Direction - The company plans to continue evaluating opportunities and allocate capital with a focus on creating shareholder value [9] - The investment strategy emphasizes FFO per share and NAV per share accretion, targeting investments with higher growth profiles [35] - The company is cautious about new developments, indicating that significant reductions in land prices or substantial rent growth are needed for new projects to be economically viable [49] Management's Comments on Operating Environment and Future Outlook - The management noted a slow but stable economic growth outlook for the U.S. in 2026, with job growth expected to remain consistent [6] - There is a cautious approach to hiring among major employers, which could temper near-term demand acceleration [7] - The company sees potential for improvement in Northern California due to increased venture capital funding and positive office absorption trends [20] Other Important Information - The company reported $12.6 billion in non-portfolio institutional multifamily transactions in 2025, a 43% increase from 2024 [8] - The company has over $1.7 billion in liquidity and is well-positioned from a funding perspective [15] - Advocacy costs were $2 million in 2025, with expectations for minimal advocacy costs in 2026 [87] Q&A Session Summary Question: Thoughts on demand for assets in Northern California and Seattle - Management noted that Northern California is showing signs of recovery, with job openings at tech companies stabilizing, while Seattle's performance was soft due to layoffs [18][21] Question: Expectations for new and renewal lease blends - Management expects new leases to be flat to 2% and renewals around 3%-4% for the year [24] Question: Performance expectations for Los Angeles - Management indicated steady improvement in occupancy, with economic occupancy at 94.7%, close to stabilization [28] Question: Impact of immigration on demand - Management has not seen a direct impact from immigration but noted an increase in immigration trends in the northern region [101] Question: Legislative impacts on rental housing - Management is monitoring policy changes but has not seen significant adverse impacts from recent legislative trends [60][96]

Financial Data and Key Metrics Changes - In 2025, the company achieved same-store revenue growth of 3.3%, which was at the high end of guidance and 30 basis points ahead of original projections [9] - FFO per share growth was above the midpoint of guidance, reflecting strong operational performance [2] - The fourth quarter saw a blended lease rate growth of 1.9% and occupancy increased by 20 basis points to 96.3% [3][9] Business Line Data and Key Metrics Changes - The company reported improved occupancy in Los Angeles, which increased by 70 basis points sequentially, indicating progress towards stabilization [3] - Northern California outperformed expectations due to technology sector expansion and limited housing supply, while Seattle and Southern California followed [3][4] Market Data and Key Metrics Changes - The broader U.S. economy is expected to experience slow but stable growth, with job trends remaining consistent [4] - Northern California is projected to lead Essex markets in rent growth, followed by Seattle and Southern California, with total new housing supply expected to decline by approximately 20% year-over-year [4][5] Company Strategy and Development Direction - The company plans to continue evaluating investment opportunities with a disciplined focus on creating shareholder value [8] - The strategy includes reallocating capital into higher growth, fee simple acquisitions in Northern California, which are expected to provide better risk-adjusted returns [12] Management's Comments on Operating Environment and Future Outlook - Management noted that while job growth is soft nationally, Northern California is showing signs of recovery, particularly in venture capital funding and office absorption [19][20] - The company remains cautious about the unpredictable job environment influenced by public policy, which could temper near-term demand [21] Other Important Information - The investment market remains healthy, with $12.6 billion in non-portfolio institutional multifamily transactions in 2025, a 43% increase from 2024 [6] - Cap rates for highly sought-after submarkets are in the low 4% range, while the remaining submarkets are in the mid-4% range [7] Q&A Session Summary Question: Thoughts on demand for assets in Northern California and Seattle - Management indicated that Northern California is recovering, with job openings in tech companies showing stability, while Seattle has faced challenges due to layoffs but still has positive fundamentals [16][20] Question: Expectations for new and renewal lease blends - The company expects new leases to grow flat to 2% and renewals to be around 3-4% for the year, similar to 2025 [22] Question: Performance expectations for Los Angeles - Management noted steady improvement in LA's occupancy, with hopes to reach stabilization at 95% soon, driven by a decrease in supply [27][28] Question: Impact of concessions on San Francisco rent growth - The company clarified that concessions are not significantly affecting the recovery in San Francisco, which is currently about 9% above pre-COVID levels [30] Question: Cap rates and investment opportunities in Southern California - Management stated that transactions in Southern California have occurred in the 4.5-4.75 cap rate range, indicating a healthy investment environment [33] Question: Legislative impacts on rental housing - Management is monitoring legislative changes but does not expect significant impacts on their business from advocacy costs [86] Question: Changes in move-in pace from outside core markets - There has been an increase in immigration trends in Northern California, primarily driven by return-to-office policies rather than robust job growth [100]

Core Insights - American Landmark is enhancing its executive team to support growth after raising approximately $400 million in equity commitments towards a $1 billion target, which will ultimately provide $3 billion in buying power [1][2]. Executive Additions - The firm has appointed Andrew Yam as senior managing director and global head of capital markets, and Jessica Wichser as senior executive portfolio manager, both based in New York to strengthen relationships with institutional investors [3][4]. - Yam, with 23 years of investment experience, will lead global capital formation efforts, including fund strategy and investor engagement [4][5]. - Wichser, with over 20 years of experience, will oversee portfolio performance and strategy across the firm's multifamily investment entities [6][7]. Strategic Vision - The additions of Yam and Wichser are aimed at aligning with the firm's long-term vision, as stated by CEO Joe Lubeck, who emphasized the significant opportunities in the multifamily sector [8].

Economic Overview - The U.S. economy expanded at a solid pace last year and is entering 2026 on a firm footing, according to Federal Reserve Chair Jerome Powell [2] - Job gains have remained low, but the unemployment rate shows signs of stabilization, while inflation remains somewhat elevated [2] - Consumer spending has been resilient, and business fixed investment continues to expand, although the housing sector remains weak [2] Federal Reserve Actions - The Federal Open Market Committee maintained the target range for the federal funds rate at 3.5% to 3.75% after multiple cuts last year [1] - The Fed's decision is expected to have a muted short-term impact on the multifamily market, which relies on financing priced off Treasury yields [3] Market Implications - Lower short-term borrowing costs are anticipated to improve debt service coverage and overall deal feasibility, particularly for transitional multifamily assets [4] - The long end of the yield curve remains a wildcard; rising longer-term rates could offset benefits from short-term compression, affecting permanent financing volatility [5] Economic Indicators - Mixed economic indicators present challenges; while GDP figures, retail sales, and equity markets suggest continued expansion, data on payroll employment, job openings, wage growth, and consumer confidence indicate rising pessimism among Americans [6]

Core Insights - Camden is considering exiting California, following other multifamily firms like Wood Partners, which ceased pursuing opportunities in the state due to regulatory challenges [3][4] - The regulatory environment in California, including eviction moratoriums, has been cited as a significant obstacle for apartment firms [3][4] - Camden has placed all its California properties, totaling 3,600 units across various locations, on the market [6] Company Actions - Camden's decision to market its California properties aligns with its historical frustrations regarding the state's regulatory backdrop and the cost of doing business [4][5] - The firm has acknowledged the marketing of its properties but has refrained from further comments due to a blackout period before earnings [6] Market Context - Camden's properties in California include 11 locations in Los Angeles, Orange County, San Diego, and the Inland Empire [6] - If a sale occurs, it is estimated to be in the $1.5 million range, with a projected cap rate of 5.8% for Camden and a low 5% cap rate for potential buyers [6]