Core Insights - Renters gained leverage over landlords in 2025 due to increased rental vacancies and new apartment construction, with vacancies rising to 7.6% from 7.2% the previous year [1] - The rental market is shifting towards a more balanced state, allowing renters more flexibility and choice [1] Rental Vacancies Vary by Location - Rental vacancies in Austin, Texas, surged to 13.8% in 2025, up from 8.2% the prior year, while other cities like Buffalo, Dallas, and Detroit also saw increases [1] - In contrast, markets like Pittsburgh and Richmond experienced a shift favoring landlords, indicating regional variability in rental market dynamics [1] New Construction Eases Affordability Crunch - Over 500,000 rental units were completed in 2025, nearing record highs, with affordable housing construction increasing by 73% from 2020 to 2024 [1] - The rise in apartment construction is contributing to a decrease in rent payments, which fell by 1.5% in January compared to the previous year, marking a 29-month decline [1]

Not for distribution to U.S. newswire services or for dissemination in the United States. TORONTO, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX: CAR.UN) announced today its February 2026 monthly distribution in the amount of $0.12916 per Unit (or $1.55 on an annualized basis). The February 2026 distribution will be payable on March 16, 2026 to Unitholders of record at the close of business on February 27, 2026. About CAPREIT CAPREIT is Canada' ...

Core Viewpoint - Guangzhou Anju Group's long-term rental apartment brand "Yuexiang Life" was officially launched on February 14, focusing on "full companionship and full-cycle guarantee" [1] Group 1: Brand Positioning and Strategy - The brand leverages existing resources and urban renewal experience to address talent development needs, creating a tiered housing support system with "one bed," "one room," and "one home" [1] - Projects under this brand are located in key areas of Guangzhou, such as Yuexiu and Liwan, and include multiple benchmark projects and scattered housing sources [1] Group 2: Target Market and Partnerships - The brand offers specialized customized housing solutions to address the challenges of talent recruitment and retention, having already partnered with over 20 companies, including XPeng Motors, to implement employee housing services [1]

Core Insights - The rental yield of personal housing has been on a downward trend since 2022, driven by the "rent-to-sell" strategy, with a projected decline of approximately 7.3% by 2025 compared to 2022, averaging a decrease of 2.4% per year [3] - Despite the overall decline in rental yields, first-tier cities are experiencing a differentiated rental market, with some types of housing seeing rental increases [3][5] Personal Housing Market - The number of new personal housing listings nationwide is expected to reach 5.77 million by 2025, a slight decrease of 3% year-on-year, but still at a high level [5] - The four first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen) account for about 141,000 new listings, nearly one-fifth of the market share, with Beijing leading at 610,000 listings [5] - Rental yields in first-tier cities show significant variation, with Beijing at 81 CNY/㎡/month (down 3.6%), Guangzhou at 40 CNY/㎡/month (down 9.1%), Shanghai at 77 CNY/㎡/month (down 1.3%), and Shenzhen being the only city with an increase of 4.2% [5][9] Centralized Apartment Market - In 2025, rental yields for centralized apartments in Beijing and Guangzhou are expected to rise, while Shanghai and Shenzhen continue to adjust [8] - Beijing's centralized apartment rental yield is projected at 188.9 CNY/㎡/month (up 1%), while Guangzhou's is 89.2 CNY/㎡/month (up 1.8%) [8][9] - Shanghai has seen a continuous decline in rental yields for four years, but the rate of decline has significantly narrowed compared to previous years [8] January 2026 Market Trends - As of January 2026, personal housing rental yields in key cities continue to decline, with first-tier cities experiencing a decrease of less than 1% [10] - Despite the decline in rental yields, the average rental price in 55 key cities has increased by 0.5%, with Beijing, Shanghai, and Shenzhen showing month-on-month increases [10] - The average rental prices in January 2026 are 7,377 CNY/month in Shenzhen, 6,258 CNY/month in Shanghai, and 5,926 CNY/month in Beijing [12] Policy Impact - Shanghai's pilot policy for acquiring existing second-hand homes for rental housing aims to stabilize rental prices in the mid-to-low-end market while reducing the supply of marketable housing in core areas [11] - This dual-track rental market is expected to become clearer, with a trend towards differentiation in rental prices [11] Overall Market Dynamics - The rental market in first-tier cities is undergoing significant changes in supply-demand structure, rental trends, and market forms, indicating a new dual-track pattern of "guaranteed bottom and market quality improvement" [12] - The market is showing signs of structural recovery driven by improved rental demand, while guaranteed rental housing continues to stabilize rental prices [12]

Core Insights - The fourth-quarter revenue for Equity Residential was driven by high physical occupancy of 96.4%, supported by solid demand and strong retention, despite negative new lease rates in most markets except San Francisco [1][4] - The rental housing industry faced challenges in 2025 due to uneven demand and elevated new supply, but management is optimistic about 2026 as competitive deliveries are expected to decline significantly [3][4] - The company anticipates blended same-store rate growth of 1.5% to 3% in 2026, with a normalized FFO midpoint of $4.08 per share, reflecting a 2.25% increase from 2025 [4][21] Market Performance - The same-store NOI for 2025 matched initial guidance, although results were less predictable than expected, with notable strength in San Francisco and New York [2][3] - The company reported record-low resident turnover and a renewal rate growth of approximately 4.5%, indicating strong portfolio fundamentals [4][5] - Management highlighted that only 7.4% of residents who moved out in 2025 cited buying a home as the reason, the lowest level in the company's history [5] Supply and Demand Outlook - A 35% decline in competitive new supply is expected in 2026, translating to about 40,000 fewer units, which is anticipated to improve market conditions [8][10] - San Francisco and New York are identified as key performance drivers for 2026, representing about 30% of NOI and having favorable supply and demand dynamics [10][11] - In Washington, D.C., new supply is projected to drop significantly, creating a more favorable market setup [11] Capital Allocation Strategy - The company plans to focus on selective development and has committed to selling lower forward-return assets to repurchase shares, viewing the stock as undervalued [13][15] - Approximately $206 million of stock was repurchased in the fourth quarter, with total repurchases for 2025 reaching $300 million [15] - The company aims to reduce concentration risk by selling older, non-core assets that require higher capital expenditures [16] Expense and Financial Outlook - For 2026, same-store expense growth is expected to be between 3% and 4%, with controllable expenses remaining stable year over year [18][19] - The bulk Wi-Fi rollout is projected to create an incremental expense impact of $6.8 million in 2026, but is expected to contribute significantly to NOI once fully implemented [20] - Significant debt maturities in 2026 include a $500 million note due in November, which is expected to be refinanced, with guidance assuming $500 million to $1 billion of debt issuance [23]

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward [5] - Portfolio occupancy currently over 96%, with significant improvement expected in supply conditions [9] - The company purchased approximately $206 million of its stock during Q4 and a total of $300 million in 2025 [11] Business Line Data and Key Metrics Changes - Revenue results for Q4 reflect a physical occupancy of 96.4%, driven by solid demand and strong retention [16] - Blended rate growth of 0.5% in Q4 was driven by a strong renewal rate of 4.5%, offset by negative new lease rates in most markets except San Francisco [16] - Other income growth was slightly below expectations due to less income from bulk internet rollout and bad debt net improvement [16] Market Data and Key Metrics Changes - Strong rental growth was observed in coastal markets during the first half of 2025, followed by a deceleration in revenue momentum in the latter half, except for San Francisco and New York [6] - The D.C. market showed strength in the first half of 2025 but eroded later due to federal job cuts and uncertainty [24] - Atlanta is showing improved pricing power, while Denver is experiencing the worst performance among expansion markets [25] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in all 12 markets through renovations, acquisitions, and development activities [10] - The focus is on selling properties with lower forward return profiles to buy back stock, improving the growth rate of the existing portfolio [11] - The company plans to start some development projects in 2026, having acquired land parcels at the end of Q4 2025 [88] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a broad range of possible outcomes for the U.S. economy, particularly regarding job growth [7] - The company expects a significant improvement in the supply picture in the second half of 2026, which could lead to accelerated revenue growth [9] - Management remains optimistic about the forward prospects of the business, citing a decline in competitive new supply in their markets [12] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [12] - The anticipated Same Store expense growth for 2026 is between 3%-4%, with controllable expenses expected to remain stable [28] - The company ended 2025 with a net debt to normalized EBITDAre of 4.3x, reflecting a strong balance sheet [35] Q&A Session All Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [38] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewals are expected to land around 4.5%, with confidence in the stability of the portfolio despite economic conditions [45] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [50] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company factors in litigation costs and biases its portfolio allocation away from markets with excessive regulatory costs [54] Question: What is the expected cadence of Same Store revenue growth through the year? - The cadence is expected to be steady, with the second half being stronger due to reduced competitive supply [85]

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward, with stronger rental growth in the first half followed by a deceleration in the latter half of the year [5][6] - Portfolio occupancy currently over 96%, with expectations for revenue growth to accelerate in 2026 if job growth improves [9][14] - The company purchased approximately $206 million of its stock during the 4th quarter and a total of $300 million in 2025, indicating a focus on shareholder returns [11][12] Business Line Data and Key Metrics Changes - The blended rate for the 4th quarter was 0.5%, driven by a strong renewal rate of 4.5%, but new lease rates were negative across most markets except San Francisco [16][17] - Other income growth was slightly below expectations due to less income from the bulk internet rollout and bad debt net improvement [16] - The New York and San Francisco markets showed particular strength, while Southern California markets experienced muted growth [16][17] Market Data and Key Metrics Changes - The company anticipates a decline in competitive new supply in its markets, with deliveries expected to decrease by 35% or about 40,000 units in 2026 compared to 2025 [12][13] - D.C. market showed strength in the first half of 2025 but faced challenges later due to federal job cuts and uncertainty, with only 4,000 units expected to be delivered in 2026 [23] - Atlanta is showing improved rent acceleration, while Denver is experiencing the worst performance among expansion markets [24] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in renovations, acquisitions, and development activities selectively [10] - The focus is on selling properties with lower forward return profiles to buy back stock, improving the growth rate of the existing portfolio [11][12] - The company plans to automate additional processes and introduce more AI applications to enhance operational efficiency [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, with expectations for steady demand and improved supply conditions, particularly in the second half of the year [7][8] - The company noted that job growth remains a critical factor for revenue growth, with a broad range of possible outcomes for the U.S. economy [7][8] - Management highlighted the importance of customer service and low resident turnover as key drivers for maintaining occupancy and revenue growth [17][18] Other Important Information - The company expects Same Store expense growth to range between 3%-4% in 2026, with controllable expenses remaining stable year-over-year [27] - The anticipated Normalized FFO per share for 2026 is $4.08, reflecting a 2.25% improvement over 2025 [29] - The company ended 2025 with a net debt to normalized EBITDAre of 4.3x, maintaining a positive outlook from S&P [34] Q&A Session Summary Question: Can you talk about the assets you're selling and the expected accretion from these trades? - The assets being sold are typically older, non-core properties with higher CapEx loads, which should improve the growth rate of the existing portfolio over time [37][38] Question: Can you provide more color on your renewal rates? - Renewal quotes are around 6%, with confidence in achieving a 4.5% renewal rate due to low economic hardship among residents [42][45] Question: What is your expectation for tech employment in San Francisco and Seattle? - The company does not have a clear forecast but is monitoring local job gains and losses, particularly in tech [99]

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward, with stronger rental growth in the first half followed by a deceleration in the latter half of the year [4][5] - The company purchased approximately $206 million of its stock during Q4 2025, totaling $300 million in stock purchases for the year [10] - The normalized FFO per share for 2025 was $3.99, with a guidance midpoint for 2026 at $4.08, reflecting a 2.25% improvement [27] Business Line Data and Key Metrics Changes - The blended rate for Q4 was 0.5%, driven by a strong renewal rate of 4.5%, while new lease rates were negative across most markets except San Francisco [14] - Other income growth was slightly below expectations due to less income from the bulk internet rollout and bad debt net improvement [14] Market Data and Key Metrics Changes - Coastal markets, particularly New York and San Francisco, showed strong performance, while Southern California markets and expansion markets experienced muted growth [14][21] - The company expects a significant decline in competitive new supply, with deliveries projected to decrease by 35% or about 40,000 units in 2026 compared to 2025 [11][12] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in renovations, acquisitions, and development activities selectively [9] - The focus is on maximizing shareholder returns through a well-earning renter portfolio across various metropolitan areas [7] - The company plans to sell properties with lower forward return profiles and use proceeds for stock buybacks, enhancing forward growth rates [10] Management's Comments on Operating Environment and Future Outlook - Management noted heightened policy and geopolitical uncertainty impacted consumer and employer confidence, leading to a slowdown in job and rent growth [5] - The outlook for 2026 includes a broad range of possible outcomes for the U.S. economy, with expectations for steady demand and improved supply conditions [6][12] - The company anticipates a return to a more normalized peak leasing season due to reduced competitive supply and stable job growth [17] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [11] - The company expects Same Store expense growth in 2026 to range between 3%-4%, with controllable expenses remaining stable [25] Q&A Session Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [35] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewal quotes are around 6%, with confidence in landing at 4.5% due to a strong centralized process and low economic hardship among residents [42][44] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [46][47] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company considers litigation costs and regulatory conditions in its underwriting and portfolio allocation decisions [51][53] Question: What is the expected cadence of Same Store revenue growth through the year? - The second half of the year is expected to be stronger than the first, primarily due to reduced competitive supply [83]

Group 1 - SATO Corporation issues EUR 50 million of unsecured notes to refinance existing indebtedness and for general corporate purposes [1] - The notes are issued under the Company's EMTN programme as an increase to the existing bond maturing on 12 June 2030, with an issue price of 95.332% and an issue date of 13 February 2026 [1] - OP Corporate Bank plc acted as the dealer for the bond issue [2] Group 2 - SATO Corporation is one of Finland's largest rental housing providers, owning around 27,000 rental homes in the Helsinki Metropolitan Area, Tampere, and Turku [3] - The company aims to provide excellent customer experience and a comprehensive range of urban rental housing alternatives with good access to public transport and services [4] - SATO promotes sustainable development and works in open interaction with stakeholders, investing profitably and sustainably with a long-term view [4]

Core Insights - SATO Corporation has published its Annual Report for 2025, which includes the Financial Statements and the Board of Directors' report for the financial year from January 1 to December 31, 2025 [1] - The Financial Statements comply with the European Single Electronic Format (ESEF) reporting requirements and have been tagged with XBRL, with an independent assurance report from Deloitte [2] - The company has also released a Corporate Governance Statement and a Remuneration Statement for 2025, available on its website [3] Company Overview - SATO Corporation is a leading provider of sustainable rental housing in Finland, owning approximately 27,000 rental homes in the Helsinki Metropolitan Area, Tampere, and Turku [4] - The company focuses on delivering an excellent customer experience and a diverse range of urban rental housing options, emphasizing accessibility to public transport and services [5] - SATO aims for profitable and sustainable investments, enhancing asset value through investments, divestments, and repairs, and celebrated its 85th anniversary in 2025 [5]