Financial Results - Elme Communities reported a net loss per diluted share of $(0.04) for the quarter ended June 30, 2025, consistent with the same period in 2024 [1] - Core Funds From Operations (FFO) per diluted share increased to $0.24 from $0.23 year-over-year [1] Operational Highlights - Same-store multifamily Net Operating Income (NOI) increased by 4.5% compared to the prior year quarter, driven by higher rental revenue and fee income [8][9] - Average occupancy for the same-store multifamily portfolio was 94.7%, up 0.2% from the prior year [8][9] - Retention rate for leases was 62%, aligning with expectations [8] Strategic Review Update - Elme announced a Purchase and Sale Agreement with Cortland Partners for the sale of 19 multifamily communities for approximately $1.6 billion [4] - The Board of Trustees approved a voluntary plan of sale and liquidation for the remaining assets of Elme Communities [4] Balance Sheet - As of June 30, 2025, Elme had available liquidity of $330 million, consisting of cash and availability under its revolving credit facility [8] - The annualized Net Debt to Adjusted EBITDA ratio was 5.6x, indicating a strong balance sheet with only $125 million of debt maturing before 2028 [8] Dividends - Elme Communities paid a quarterly dividend of $0.18 per share on July 3, 2025, and declared another dividend of $0.18 per share to be paid on October 3, 2025 [10]

Core Insights - AvalonBay Communities (AVB) reported Q2 2025 core funds from operations (FFO) per share of $2.82, exceeding the Zacks Consensus Estimate of $2.80 and reflecting a 1.8% increase year-over-year [1][9] - The company revised its full-year 2025 outlook, indicating higher same-store net operating income (NOI) but lower development NOI due to delayed occupancies [1][10] Financial Performance - Total revenues for the quarter were $760.2 million, slightly missing the Zacks Consensus Estimate by 0.2%, but showing a 4.7% year-over-year increase [2] - Same-store residential revenues rose 3.0% year-over-year to $689.1 million, while same-store operating expenses increased by 3.6% to $211.9 million, resulting in a same-store residential NOI growth of 2.7% to $477.18 million [3][9] - Average revenue per occupied home increased to $3,056, up 2.8% from the previous year, with economic occupancy at 96.2%, a rise of 20 basis points year-over-year [4] Portfolio Activity - In Q2, the company acquired six communities in the Dallas-Fort Worth area for $431.5 million, adding 1,844 apartment homes to its portfolio [5] - AVB sold two communities in Wood-Ridge, NJ, for $161.5 million, realizing a GAAP gain of $99.64 million [5] Balance Sheet Position - As of June 30, 2025, AVB had $102.83 million in unrestricted cash and no borrowings under its credit facility, with outstanding borrowings of $664.64 million under its unsecured commercial paper note program [7] - The annualized net debt-to-core EBITDAre ratio for the April-June period was 4.4 times, with an unencumbered NOI of 95% for the first half of 2025 [7] 2025 Outlook - For full-year 2025, AVB expects core FFO per share between $11.19 and $11.59, indicating a projected growth of 3.5% at the midpoint [10] - Same-store residential revenue growth is expected to be 2.8%, down from the previously guided 3%, while same-store operating expenses are projected to grow 3.1% [11] - For Q3 2025, AVB anticipates core FFO per share in the range of $2.75-$2.85, which is lower than the current Zacks Consensus Estimate of $2.86 [12]

Financial Performance - Net income per diluted share for Q2 2025 was $3.44, compared to $1.45 in Q2 2024, primarily driven by a gain on sale of real estate[11] - Core FFO per diluted share grew by 2.3% compared to Q2 2024, exceeding guidance by $0.07[11] - Same-property revenue and NOI grew by 3.2% and 3.3%, respectively, compared to Q2 2024[11] Portfolio Activity - Acquired two apartment communities with 420 units in Northern California for $240.5 million[11] - Sold a 350-unit apartment community in Southern California for $239.6 million, recording a gain of $126.2 million[11] - Sold a 243-unit apartment community in Oakland, CA for $97.5 million subsequent to quarter end[11] Capital Structure and Liquidity - Total market capitalization is $25.7 billion[12] - Available unsecured commitments stand at $1.356 billion, with total liquidity of $1.477 billion[14] - The company obtained a $300 million unsecured term loan and increased its unsecured credit facility from $1.2 billion to $1.5 billion[11] Debt and Credit Metrics - Debt to Total Assets ratio is 35%[3] - Secured Debt to Total Assets ratio is 4%[3] - Interest Coverage is 524%[3]

Financial Performance & Outlook - Core FFO per share year-over-year growth was 3% for Q3 2024 and 41% year-to-date[44] - Same Store Residential Rental Revenue year-over-year growth was 31% for Q3 2024 and 35% year-to-date[44] - Projected Core FFO per share growth for the full year 2024 is 39%, increased from a prior outlook of 37% and an initial outlook of 14%[46] - Same Store Residential Revenue growth outlook for the full year 2024 is 35%[46] - Same Store Operating Expense growth outlook for the full year 2024 is approximately 45%[63] Development & Capital Allocation - Development starts increased to over $1 billion in 2024, with over 90% in suburban submarkets[8, 19, 31] - $850 million of capital was sourced from 3Q 2024 forward equity activity[8, 19, 35] - Year-to-date development completions totaled $945 million with a weighted average projected initial stabilized yield of 65%[29, 44] - $176 billion of capital was sourced year-to-date at a 51% weighted average initial cost of capital[19, 35, 44] Portfolio Strategy - The company is driving suburban allocation toward an 80% target[19] - The company is targeting a 25% allocation to expansion regions[19, 27] - 73% of the portfolio is currently allocated to suburban areas[27]

Financial Performance & Guidance - The company raised its 2025 full-year earnings guidance for Core FFO from $6.75 to $6.78 per share[8] - The company's 2025 core FFO guidance excludes approximately $0.10 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs[33] - 2Q25 occupancy is trending at 95.6% vs 95.4% in 1Q25[8] - 2Q25 blended rate growth is trending in line with guidance of 0%-1%[8] - Revenue growth is expected to be between 0% and 2%, expense growth between 2.25% and 3.75%, and NOI growth between -1.50% and 1.50%[33] Investment & Capital Allocation - The company completed two acquisitions during 1Q25 and one in late May for a total of $338 million[8] - The company commenced construction on one new development community with a total expected cost of $184 million[8] - The company established a $600 million commercial paper program to supplement its existing unsecured line of credit[8] - The company is marketing several older assets for sale with expected closings in 2Q25 and 3Q25[8] - The company anticipates acquisitions and dispositions in the range of $600 million to $900 million each[33] Portfolio & Market Fundamentals - Washington DC Metro portfolio continues to show strong performance, with occupancy at 97.4% and rent growth accelerating[8] - The company operates nearly 60,000 apartment homes located in 15 major markets in the US, with an average occupancy of 95%[19] - 93% of the company's NOI is derived from high-growth markets[12]

Company Performance & Financials - Essex has achieved a +14.4% CAGR since its IPO, demonstrating best-in-class total returns[6] - Essex has increased its cash dividend for 30 consecutive years, with 487% cumulative dividend growth since its IPO in 1994[11] - The company's controllable operating expense margin has outperformed its peer group by 290 bps on average since 2020[27] - The company expects structured finance redemptions of approximately $125 - $175 million[93] - The company's total market capitalization is $24.4 billion[6, 95] Portfolio & Market Overview - The company's portfolio consists of 255 apartment communities with over 62,000 apartment homes[32] - Southern California accounts for 43% of the company's portfolio NOI at pro rata share, Northern California 40%, and Seattle 17%[35] - It is 2.6x more expensive to own versus rent in Essex markets[60] - Total housing supply growth in the Essex markets is forecasted to remain constant at only 0.5% of housing stock in 2024[81] ESG Initiatives - The company has collected over $10 million in rebates since 2009 through its environmental initiatives[100] - The company has invested approximately $10 million in energy efficiency, $20 million in renewable energy, and $2 million in water conservancy[103]

Company Overview - Centerspace owns and operates 13,353 apartments[12] - The company's total capitalization is $2.3 billion[14] - Centerspace's current trading price is at an 18% discount to consensus NAV[15] Operational Performance - Q2 2025 blended same-store leasing spreads are 2.5%[19] - Denver same-store new leasing spreads for May 2025 are 1.6%[21] - Centerspace's ORA score as of May 1, 2025, is 72.17[27] Transaction Activity - 2025 acquisitions include 2 communities with 761 homes, average monthly rent of $2,012 per home, and NOI margin of 67.4%[37] - 2025 dispositions include 12 communities with 1,511 homes, average monthly rent of $1,383 per home, and NOI margin of 52.9%[39] - The Salt Lake City acquisition closed on May 30, 2025, for $149 million, adding a 341-home community[43] Portfolio Composition - Pro forma for 2025 transactions, Minneapolis accounts for 30% of portfolio NOI, Colorado 26%, and Salt Lake City 4%[45] - The company closed a $150 million line of credit expansion on May 29, 2025[45] Market Fundamentals - Denver portfolio includes 7 communities with 1,977 homes, average rent of $1,976, and 94.7% occupancy[79] - Minneapolis portfolio includes 20 communities with 4,032 homes, average rent of $1,579, and 95.5% occupancy[88]

Financial Data and Key Metrics Changes - Camden Property Trust reported core funds from operations (FFO) for Q1 2025 of $189.8 million, or $1.72 per share, which was $0.04 ahead of the midpoint of prior guidance [17] - The company increased the midpoint of its full-year core FFO guidance by $0.03 per share from $6.75 to $6.78, primarily due to lower projected interest expenses [19] - The annualized net turnover rate for Q1 2025 was 31%, one of the lowest in the company's history, indicating strong resident retention [12] Business Line Data and Key Metrics Changes - Same property revenue growth in the top five markets ranged from 1.3% to 4.5%, compared to an overall portfolio growth of 0.8% [10] - Effective new leases were down 3.1%, while renewals were up 3.3%, resulting in a blended rate of negative 0.1% for the quarter [10] - Camden's customer sentiment score reached 91.1, the highest since measurement began in 2014, reflecting strong resident satisfaction [12] Market Data and Key Metrics Changes - New supply in Camden's markets has peaked, with apartment absorption remaining strong; new starts are at a 13-year low, down 80% in Austin and 65-80% in several other markets [6] - The Sunbelt markets are 50% to 60% less expensive for residents compared to high-cost coastal markets, contributing to job and population growth [7] - Occupancy for Q1 averaged 95.4%, showing slight improvement from 95.3% in Q4 2024, with expectations for stability throughout the year [11] Company Strategy and Development Direction - Camden is focused on expanding its presence in high-demand markets like Nashville and Austin, with plans for acquisitions and developments in these areas [14][83] - The company aims to maintain a geographically diverse portfolio to weather economic uncertainties, emphasizing the importance of the Sunbelt region for growth [7] - Camden is actively marketing older, capital-intensive assets for sale while pursuing new acquisitions to enhance its portfolio [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current economic uncertainty but expressed confidence in the company's strong position and operational performance [22] - The company is cautious about guidance changes due to market volatility but remains optimistic about future performance as supply-demand dynamics improve [30] - Management noted that while Nashville and Austin face challenges, they are expected to recover quickly once market conditions improve [31] Other Important Information - Camden completed two acquisitions totaling $199 million and commenced construction on a new development community with an estimated cost of $184 million [14] - The company entered into a $600 million commercial paper program to supplement its existing line of credit, allowing for lower interest rates [16] - Camden's development pipeline is being rebuilt, with a focus on disciplined underwriting amid rising construction costs [88] Q&A Session Summary Question: Maintaining same store guidance amid macro uncertainty - Management indicated that the current uncertainty has influenced their cautious approach to guidance changes, but they feel confident about the business's performance [22] Question: Stabilization of deliveries in Sunbelt markets - Nashville and Austin are expected to remain challenged, but improvements are anticipated in the latter half of 2025 as supply decreases [29] Question: Impact of oil prices on Houston market - Management believes that lower oil prices will not significantly affect Houston's market due to the consolidation and efficiency of the energy sector [110] Question: Projections for A and B assets in Sunbelt markets - Class A urban assets are currently performing slightly better than Class B suburban assets, reflecting changing supply-demand dynamics [68] Question: Insights on bad debt levels - Bad debt improved to 60 basis points, nearing the normalized level of 50 basis points, with significant improvements in previously problematic markets [95]

Camden Long Meadow Farms – Richmond, TX Investor Presentation March 2025 Why Camden? We're Positioned for Excellence Balance Sheet Strength and Liquidity Proven Record of Capital Recycling and Value Creation 2 The Right Product in the Right Markets Consistent Earnings and Dividend Growth Innovation, Technology, and Talent = Operational Excellence Camden Main and Jamboree – Irvine, CA Table of Contents | Company Overview | 4-9 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | -- ...

Investor Presentation May 2025 This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of Elme Communities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the securities law of any such jurisdiction. If Elme Communities were to conduct an offering of securities in the future, it will be made under an effective regi ...