Camden Property Trust (CPT) reported first-quarter 2025 core funds from operations (FFO) per share of $1.72, beating the Zacks Consensus Estimate of $1.68. The figure improved 1.2% year over year.The quarterly results reflect higher same-property revenues and same-property net operating income (NOI) and improved occupancy. CPT issued guidance for the second quarter and raised its full-year 2025 core FFO per share range.Property revenues in the quarter came in at $390.6 million, outpacing the Zacks Consensus ...

Mid-America Apartment Communities (MAA) , commonly known as MAA, reported first-quarter 2025 core funds from operations (FFO) per share of $2.20, which surpassed the Zacks Consensus Estimate of $2.16. However, the reported figure fell 0.9% year over year from $2.22.Results reflected healthy demand and an occupancy rise. The REIT witnessed low levels of resident turnover. Rental and other property revenues of $549.3 million for the first quarter missed the Zacks Consensus Estimate of $551.3 million. However, ...

Core Viewpoint - AvalonBay Communities (AVB) reported a strong first-quarter 2025 performance with core funds from operations (FFO) per share of $2.83, exceeding expectations and showing a year-over-year increase of 4.8% [1] Financial Performance - Total revenues for the quarter were $745.9 million, slightly missing the consensus estimate but reflecting a 4.6% increase year-over-year [2] - Same-store residential revenues rose 3% year-over-year to $693.1 million, while same-store residential operating expenses increased by 4% to $214.76 million, resulting in a 2.6% rise in same-store residential NOI to $478.3 million [3] - The same-store average revenue per occupied home increased to $3,032, up 2.9% from $2,946 in the prior year, with economic occupancy at 96%, a rise of 10 basis points year-over-year [4] Development and Acquisitions - As of March 31, 2025, AvalonBay had 19 wholly owned development communities under construction, expected to contain 6,595 apartment homes and 69,000 square feet of commercial space, with a total estimated capital cost of $2.5 billion [5] - In February 2025, AVB entered agreements to acquire eight apartment communities in Texas, acquiring two communities in Austin for $187 million and six communities in Dallas-Fort Worth for $431.5 million [6] Dispositions - During the quarter, AVB sold a community in Wilton, CT, for $65.1 million, resulting in a GAAP gain of $56.48 million, marking its exit from the Connecticut market [7] Balance Sheet Position - As of March 31, 2025, AVB had $53.26 million in unrestricted cash and no borrowings under its unsecured revolving credit facility, with outstanding borrowings of $224.9 million under its commercial paper note program [8] - The annualized net debt-to-core EBITDAre ratio for the January-March period was 4.3 times, with an unencumbered NOI of 95% for the year ended March 31, 2025 [8] 2025 Outlook - AvalonBay reaffirmed its full-year 2025 core FFO per share guidance between $11.14 and $11.64, with the current consensus estimate at $11.41 [9] - The company expects same-store residential revenue growth of 2-4% and operating expense increases of 3-5.2%, projecting same-store residential NOI expansion of 1.3-3.5% [9] - For Q2 2025, core FFO per share is expected to be in the range of $2.72-$2.82, lower than the current consensus estimate of $2.85 [10] Performance of Other Residential REITs - Equity Residential reported first-quarter 2025 normalized FFO per share of 95 cents, exceeding estimates, while Mid-America Apartment Communities reported core FFO per share of $2.20, surpassing expectations but showing a slight year-over-year decline [11]

Invitation Homes Inc. (INVH) reported first-quarter 2025 core funds from operations (FFO) per share of 48 cents, beating the Zacks Consensus Estimate of 47 cents. The reported figure compared favorably with the prior-year quarter’s 47 cents.Results reflect higher same-store net operating income (NOI) and same-store blended rent. However, lower occupancy marred the performance to an extent.Total revenues of $674.5 million surpassed the Zacks Consensus Estimate of $669.4 million. The figure also improved 4.4% ...