Core Viewpoint - Equity Lifestyle Properties (ELS) reported quarterly funds from operations (FFO) of $0.79 per share, exceeding the Zacks Consensus Estimate of $0.78 per share, and showing an increase from $0.76 per share a year ago, indicating a positive performance trend [1] Financial Performance - The company achieved revenues of $373.87 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.16% and showing a slight increase from $372.32 million year-over-year [2] - Over the last four quarters, ELS has only surpassed consensus FFO estimates once [2] Stock Performance - ELS shares have increased approximately 3.8% since the beginning of the year, outperforming the S&P 500, which gained 1.9% [3] Future Outlook - The future performance of ELS stock will largely depend on management's commentary during the earnings call and the company's FFO outlook for upcoming quarters [4][6] - The current consensus FFO estimate for the next quarter is $0.83 on revenues of $391.43 million, and for the current fiscal year, it is $3.18 on revenues of $1.6 billion [7] Industry Context - The REIT and Equity Trust - Residential industry, to which ELS belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges ahead [8]

Core Insights - The Zacks Equity Research team has highlighted several stocks, including NextEra Energy, Newmont Corp., Blackstone Inc., and Bluerock Homes Trust, in their Analyst Blog, focusing on their recent performance and outlook [1][2]. NextEra Energy, Inc. (NEE) - NextEra Energy's shares have outperformed the Zacks Utility - Electric Power industry over the past six months, with a gain of +21.9% compared to the industry's +10.4% [4]. - The company is expanding its operations through organic projects and acquisitions, with nearly 30 GW of renewable projects in its backlog [4]. - Florida's improving economy is boosting demand for its services, and the company is effectively managing debt with top-tier credit ratings [5]. Newmont Corp. (NEM) - Newmont's shares have outperformed the Zacks Mining - Gold industry over the past six months, with a gain of +103.4% compared to the industry's +95.1% [7]. - The company is making progress with growth projects, including the Tanami expansion, and has created an industry-leading portfolio through the acquisition of Newcrest [8]. - However, Newmont is facing challenges with higher production costs and lower gold production, which may impact its performance in the fourth quarter [9]. Blackstone Inc. (BX) - Blackstone's shares have declined -14.4% over the past six months, while the Zacks Financial - Miscellaneous Services industry has seen a decline of -17.2% [10]. - The company is experiencing macroeconomic uncertainties and elevated operating expenses, which are expected to hurt profits [10]. - Despite these challenges, Blackstone has a strong earnings surprise history and a solid balance sheet, which supports its ability to meet debt obligations [11][12]. Bluerock Homes Trust, Inc. (BHM) - Bluerock Homes has underperformed the Zacks REIT and Equity Trust - Residential industry over the past six months, with a decline of -37.5% compared to the industry's -4.5% [13]. - The company is facing persistent net losses and rising costs, along with a high payout ratio of 294%, which raises concerns about profitability and capital efficiency [13]. - However, Bluerock Homes has strong liquidity with $162.7 million in unrestricted cash, allowing it to fund acquisitions and developments without immediate dilution [14].

Industry Overview - The Zacks REIT and Equity Trust - Residential industry includes companies that own, develop, and manage various residential properties, generating revenues by renting spaces to tenants [3] - The industry is currently facing near-term pressure from supply overhangs and uneven demand, leading to inconsistent pricing power and elevated expenses that squeeze margins [1][4] Current Challenges - A significant supply overhang persists despite a slowdown in new construction, affecting pricing power and revenue growth, which is heavily dependent on portfolio mix and lease timing [4] - Cost pressures are limiting cash flow growth, as rent growth has softened while expenses remain high, necessitating a focus on execution and efficient investment in existing assets [5] Long-Term Support Factors - Renting remains the most accessible housing option due to high mortgage rates and limited home supply, supporting steady occupancy and renewals [2][6] - Healthy household formation and demand from AI- and knowledge-based workers contribute to stabilizing cash flows and reinforcing long-term resilience [2][7] Industry Performance - The industry has underperformed the broader Finance sector and the S&P 500, declining 8.4% over the past year compared to the S&P 500's increase of 19.5% [12] - The Zacks Industry Rank indicates dim near-term prospects, placing the industry in the bottom 31% of around 250 Zacks industries [9][10] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-FFO ratio of 14.89, which is below the S&P 500's forward P/E of 23.36 and the Finance sector's forward P/E of 17.70 [15] - Over the last five years, the industry has traded between a high of 26.61 and a low of 13.75, with a median of 17.04 [18] Notable Companies - **Equity LifeStyle Properties**: Focuses on manufactured home communities and has a strong demand outlook due to affordable housing needs and favorable demographics. The Zacks Consensus Estimate for 2025 FFO per share is $3.06, indicating a 5.2% increase year over year [19][21] - **Veris Residential**: Operates Class A multifamily rental properties with high occupancy rates of approximately 94.7%. The Zacks Consensus Estimate for its 2025 FFO per share is 69 cents, reflecting a 3% upward revision [23][25]

Core Insights - LXP Industrial reported quarterly funds from operations (FFO) of $0.16 per share, matching the Zacks Consensus Estimate and remaining unchanged from the previous year [1] - The company generated revenues of $86.9 million for the quarter ended September 2025, falling short of the Zacks Consensus Estimate by 1.83% but showing an increase from $85.57 million year-over-year [2] - LXP Industrial shares have increased by approximately 17.2% since the beginning of the year, aligning with the S&P 500's performance [3] Financial Performance - The FFO outlook for LXP Industrial is crucial for assessing future stock performance, with current consensus FFO expectations at $0.16 for the upcoming quarter and $0.63 for the current fiscal year [7] - The company has not exceeded consensus FFO estimates in the last four quarters [1] Industry Context - The REIT and Equity Trust - Residential industry, to which LXP Industrial belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of LXP Industrial may be influenced by the overall outlook for the industry [8]

Financial Performance - Broadstone Net Lease reported quarterly funds from operations (FFO) of $0.37 per share, matching the Zacks Consensus Estimate and showing an increase from $0.35 per share a year ago [1] - The company achieved revenues of $114.17 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 0.35% and up from $108.4 million year-over-year [2] - The current consensus FFO estimate for the upcoming quarter is $0.37 on revenues of $115.34 million, and for the current fiscal year, it is $1.48 on revenues of $450.84 million [7] Market Performance - Broadstone Net Lease shares have increased approximately 16.8% since the beginning of the year, compared to a 17.2% gain in the S&P 500 [3] - The company has surpassed consensus revenue estimates three times over the last four quarters, while it has only exceeded consensus FFO estimates once in the same period [2][1] Future Outlook - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call and the outlook for future FFO expectations [3][4] - The estimate revisions trend for Broadstone Net Lease was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The REIT and Equity Trust - Residential industry, to which Broadstone Net Lease belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges ahead [8]

分组1 - Independence Realty Trust (IRT) reported quarterly funds from operations (FFO) of $0.29 per share, missing the Zacks Consensus Estimate of $0.30 per share, representing an FFO surprise of -3.33% [1] - The company posted revenues of $167.14 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 1.49%, compared to revenues of $159.86 million a year ago [2] - The stock has underperformed the market, losing about 20.4% since the beginning of the year, while the S&P 500 gained 17.2% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $0.32 on revenues of $173.81 million, and for the current fiscal year, it is $1.18 on revenues of $669.15 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is currently in the bottom 41% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Core Insights - Essex Property Trust (ESS) reported quarterly funds from operations (FFO) of $3.97 per share, exceeding the Zacks Consensus Estimate of $3.96 per share, and up from $3.91 per share a year ago, indicating a surprise of +0.25% [1] - The company posted revenues of $473.3 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.47%, but up from $450.7 million year-over-year [2] - The stock has underperformed, losing about 10.3% since the beginning of the year, while the S&P 500 has gained 17.2% [3] Financial Performance - Over the last four quarters, Essex Property Trust has surpassed consensus FFO estimates four times and topped consensus revenue estimates three times [2] - The current consensus FFO estimate for the upcoming quarter is $4.01, with expected revenues of $477.94 million, and for the current fiscal year, the estimate is $15.96 on $1.89 billion in revenues [7] Market Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future FFO expectations [3][4] - The Zacks Industry Rank places the REIT and Equity Trust - Residential sector in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - The current Zacks Rank for Essex Property Trust is 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

分组1 - Invitation Home (INVH) reported quarterly funds from operations (FFO) of $0.47 per share, matching the Zacks Consensus Estimate and remaining unchanged from the previous year [1] - The company achieved revenues of $688.17 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 1.31% and up from $660.32 million a year ago [2] - Over the last four quarters, Invitation Home has surpassed consensus revenue estimates three times [2] 分组2 - The stock has underperformed, losing approximately 11.8% since the beginning of the year, while the S&P 500 has gained 17.2% [3] - The future performance of Invitation Home's stock will largely depend on management's commentary during the earnings call and the outlook for FFO [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.48 on revenues of $680.49 million, and for the current fiscal year, it is $1.92 on revenues of $2.71 billion [7] 分组3 - The Zacks Industry Rank places the REIT and Equity Trust - Residential sector in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - The estimate revisions trend for Invitation Home was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market [6]

Core Insights - UDR reported quarterly funds from operations (FFO) of $0.65 per share, exceeding the Zacks Consensus Estimate of $0.63 per share, and up from $0.62 per share a year ago, representing an FFO surprise of +3.17% [1] - The company posted revenues of $429.29 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.1%, but up from $420.16 million year-over-year [2] - UDR shares have underperformed the market, losing about 19.3% since the beginning of the year compared to the S&P 500's gain of 17.2% [3] Financial Performance - Over the last four quarters, UDR has surpassed consensus FFO estimates two times and topped consensus revenue estimates just once [2] - The current consensus FFO estimate for the coming quarter is $0.64 on revenues of $431.72 million, and for the current fiscal year, it is $2.51 on revenues of $1.7 billion [7] Market Outlook - The sustainability of UDR's stock price movement will depend on management's commentary during the earnings call and future FFO expectations [3][4] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Residential sector is currently in the bottom 41% of over 250 Zacks industries, which may impact UDR's performance [8]

Core Insights - American Homes 4 Rent (AMH) reported quarterly funds from operations (FFO) of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, and up from $0.44 per share a year ago, representing an FFO surprise of +2.17% [1][2] - The company achieved revenues of $478.46 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.73% and increasing from $445.05 million year-over-year [2] - The stock has underperformed the market, losing about 12.9% since the beginning of the year compared to the S&P 500's gain of 17.2% [3] Financial Performance - Over the last four quarters, American Homes 4 Rent has surpassed consensus FFO estimates three times and topped consensus revenue estimates four times [2] - The current consensus FFO estimate for the upcoming quarter is $0.48 on revenues of $465.79 million, and for the current fiscal year, it is $1.87 on revenues of $1.86 billion [7] Market Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future FFO expectations [3][4] - The estimate revisions trend for American Homes 4 Rent was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The REIT and Equity Trust - Residential industry is currently ranked in the bottom 41% of Zacks industries, which may impact the stock's performance [8]