SATO Corporation, Press release 5 January 2026 at 3:30 pm SATO’s recent 85th anniversary year culminated just before Christmas with the selection of the Resident of the Year – now for the 20th consecutive time. In honour of the anniversary year, the recognition was awarded to two SATOhome residents and valued neighbours: Annette Solomon, who lives in Pihlajamäki and Marja-Leena Salmi from Taka-Töölö. In the picture: SATO's Service Manager Matti Korte and a Resident of the Year, Annette Solomon. Since 2005, ...

Economic Analysis - The claim that moving from blue states to red states can reduce inflation by 0.5% is questioned, with no state-level analysis from the Council of Economic Advisers supporting this assertion [1][2] - Rising living costs have been exacerbated by President Trump's tariffs, which have intensified financial pressures on Americans [4] - An independent study suggests that metro areas with more Republican and independent voters experienced higher inflation in 2022 compared to areas with more Democrats [5] Inflation Insights - Inflation has increased to 3% from 2% in April, particularly affecting staple goods like coffee and bacon [3] - The Federal Reserve Bank of Minneapolis indicates that the purchasing power of $100 in 2025 is equivalent to $12.05 in 1970, highlighting the long-term erosion of dollar value [7] Investment Opportunities - Gold has surged over 50% in price over the past year, with predictions from industry leaders like JPMorgan's CEO suggesting it could reach $10,000 per ounce [9] - Real estate remains a strong asset during inflationary periods, with the S&P Case-Shiller U.S. National Home Price Index rising by 45% over the past five years [12] - Crowdfunding platforms like Arrived allow investors to participate in real estate with minimal investment and without the burdens of property management [14][15] Alternative Assets - Art is emerging as a valuable investment class, with platforms like Masterworks enabling fractional ownership of high-value artworks, making it accessible to a broader range of investors [19][21]

Core Insights - Invitation Homes Inc. reported third-quarter 2025 core funds from operations (FFO) per share of 47 cents, meeting the Zacks Consensus Estimate, with no change from the prior year quarter [1][8] - Total revenues reached $688.2 million, exceeding the Zacks Consensus Estimate of $679.3 million and reflecting a 4.2% year-over-year improvement [2][8] Financial Performance - Same-store core revenues increased by 2.3%, while same-store core operating expenses rose by 4.9% year over year, leading to a 1.1% improvement in same-store net operating income (NOI) [3] - Same-store renewal rent grew by 4.5%, but new lease rent decreased by 0.6%, resulting in a blended rent growth of 3.0% [3] - Average occupancy for same-store properties was 96.5%, down 60 basis points year over year [3] Portfolio Activity - In Q3 2025, the company acquired 526 wholly owned homes for approximately $179 million and 223 homes in joint ventures for around $81 million [4] - The company disposed of 292 wholly owned homes for gross proceeds of about $112 million and 24 homes in joint ventures for gross proceeds of $10 million [4] Balance Sheet - As of September 30, 2025, Invitation Homes had total liquidity of $1.91 billion, which includes unrestricted cash and undrawn capacity on its revolving credit facility [5] - Total secured and unsecured debt amounted to $8.31 billion, with a Net Debt/TTM adjusted EBITDAre ratio of 5.2X [5] 2025 Guidance - The company raised its 2025 core FFO per share guidance to a range of $1.90 to $1.94, with a midpoint of $1.92, up from the previous midpoint of $1.91 [6] - The full-year guidance is based on an expected 2% to 3% growth in same-store revenues and a 2% to 3.5% increase in same-store expenses, projecting same-store NOI to rise by 1.75% to 2.75% [6]

Core Performance - American Homes 4 Rent (AMH) reported revenue of $478.46 million for the quarter ended September 2025, reflecting a year-over-year increase of 7.5% [1] - Earnings per share (EPS) for the quarter was $0.47, significantly up from $0.20 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $474.98 million by 0.73%, while the EPS surpassed the consensus estimate of $0.46 by 2.17% [1] Revenue Breakdown - Core revenues amounted to $405.62 million, slightly below the four-analyst average estimate of $409.34 million, with a year-over-year change of +7.5% [4] - Non-Same-Home core revenues were reported at $47.8 million, exceeding the average estimate of $45.95 million, representing a year-over-year increase of 14.3% [4] - Tenant charge-backs reached $72.84 million, surpassing the average estimate of $65.34 million, with a year-over-year change of +7.7% [4] - Same-Home core revenues were $357.83 million, below the estimated $363.39 million, but still showing a +6.6% change compared to the previous year [4] - Net earnings per share (diluted) were reported at $0.27, exceeding the average estimate of $0.16 [4] Stock Performance - Over the past month, shares of American Homes 4 Rent have returned -1.9%, contrasting with the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - SATO Corporation's interim report for January to September 2025 highlights a challenging rental market with an oversupply, yet the company continues to pursue a profitable growth strategy through acquisitions and maintaining a stable occupancy rate [4][6]. Financial Performance - For the period of January to September 2025, net sales reached EUR 235.5 million, an increase from EUR 227.0 million in the same period of 2024 [5][8]. - Net rental income was EUR 166.2 million, up from EUR 160.5 million year-on-year [5]. - Profit before taxes decreased to EUR 80.3 million from EUR 83.5 million [5]. - The economic occupancy rate was 95.2%, slightly down from 95.4% in the previous year [5][6]. - Earnings per share were EUR 0.76, compared to EUR 0.84 in the same period last year [5]. Investment and Property Management - SATO acquired nearly 1,000 apartments, increasing its total rental homes to nearly 27,000 [4][5]. - Housing investments amounted to EUR 219.4 million, significantly higher than EUR 31.7 million in the same period of 2024 [5][8]. - The average rent per square meter increased to EUR 18.51 from EUR 18.38 year-on-year [6][8]. Market Conditions - The rental market remains competitive, with over 50% of households in major cities like Helsinki, Tampere, and Turku living in rental homes [7]. - The economic uncertainty and high levels of unsold new homes are impacting the construction recovery [12]. - A recent survey indicates a growing appeal for rental housing across all age groups, viewed as a safer and more flexible option in uncertain economic conditions [15]. Sustainability and Recognition - SATO's sustainability management received top recognition in the Global Real Estate Sustainability Benchmark (GRESB), ranking first among over a thousand evaluated European real estate companies [9][7]. Outlook - The economic growth in Finland is projected to be slow, with a forecast of only 0.3% growth for 2025, but expected to improve to 1.3% in 2026 and 1.7% in 2027 [11]. - The imbalance in the rental market is anticipated to be corrected by low newbuild construction rates and urbanization trends [14].

Group 1: Economic Context - Gold has historically been a reliable asset for wealth preservation, especially during times of inflation, as it cannot be printed like fiat currencies [1] - The U.S. consumer price index has increased by 25% over the past five years, indicating significant inflationary pressures [2] - In 2025, $100 will only have the purchasing power equivalent to $12.05 in 1970, highlighting the severe erosion of money's value over time [2] Group 2: Federal Reserve and Political Pressure - Ken Griffin, a prominent hedge fund manager, warns that political pressure on the Federal Reserve could lead to unchecked inflation, adversely affecting retirees' savings [3] - The Federal Reserve has recently lowered its benchmark rate by 25 basis points and indicated the possibility of two more cuts this year, while acknowledging that inflation remains elevated [4] - Griffin criticizes President Trump's public attacks on the Federal Reserve, suggesting that such actions could have detrimental economic consequences [5] Group 3: Investment Strategies - Gold is viewed as a safe haven asset, with its price increasing by over 35% in the past year, making it an attractive option for investors during economic uncertainty [6] - Real estate is also considered a strong hedge against inflation, with the S&P CoreLogic Case-Shiller U.S. National Home Price Index rising by more than 50% over the past five years [10][11] - Crowdfunding platforms like Arrived allow investors to gain exposure to real estate with minimal investment, starting as low as $100, without the burdens of property management [12]

Group 1 - American Homes 4 Rent (NYSE: AMH) has experienced a decline of approximately 16% in value over the past year [1] - There is growing investor concern regarding home values and rental inflation, indicating a potential weakening in shelter demand [1] Group 2 - The article reflects a macro view and stock-specific turnaround stories aimed at achieving outsized returns with a favorable risk/reward profile [1]

Core Insights - American Homes 4 Rent (AMH) reported revenue of $457.5 million for the quarter ended June 2025, marking an 8% year-over-year increase and exceeding the Zacks Consensus Estimate of $443.36 million by 3.19% [1] - The company achieved an EPS of $0.47, up from $0.25 a year ago, and surpassed the consensus EPS estimate of $0.46 by 2.17% [1] Revenue Breakdown - Same-Home core revenues were reported at $361.33 million, slightly below the average estimate of $361.49 million, reflecting a year-over-year increase of 6.7% [4] - Tenant charge-backs revenue reached $52.46 million, exceeding the average estimate of $49.99 million, with a year-over-year change of 10.7% [4] - Core revenues totaled $405.05 million, surpassing the average estimate of $400.72 million, representing a 7.7% year-over-year increase [4] - Non-Same-Home core revenues were reported at $43.72 million, exceeding the average estimate of $39.23 million, with a year-over-year change of 17% [4] Stock Performance - Over the past month, shares of American Homes 4 Rent have returned -0.5%, while the Zacks S&P 500 composite has increased by 2.7% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Financial Data and Key Metrics Changes - The company reported core FFO of $0.48 per share for Q2 2025, with a year-to-date total of $0.97 per share, aligning with the full-year guidance range of $1.88 to $1.94 per share [24] - AFFO for the quarter was $0.41 per share, bringing the year-to-date total to $0.84 per share, tracking well against the full-year guidance range of $1.58 to $1.64 per share [24][25] - The net debt to trailing twelve-month adjusted EBITDA ratio stood at 5.3 times, slightly below the target range of 5.5 to 6 times, indicating a disciplined approach to leverage [22] Business Line Data and Key Metrics Changes - Same store core revenue growth for Q2 was 2.4% year-over-year, while core operating expenses rose by 2.2%, resulting in a percent NOI growth [16] - Blended rent growth for Q2 was 4%, driven by 4.7% renewal rent growth and 2.2% growth in new leases, highlighting the importance of renewals as over three-quarters of the business comes from this segment [17][36] - Average resident tenure increased to 40 months, with a renewal rate approaching 80%, reflecting high resident satisfaction and lower turnover costs [8][16] Market Data and Key Metrics Changes - The company acquired just under 1,000 wholly owned homes in Q2, primarily newly built, which supports the ongoing demand for rental units in the U.S. housing market [10] - The average new resident age is in the late 30s, with an estimated 13,000 people turning 35 every day for the next decade, indicating a long-lasting demand tailwind for the business [10] - Same store average occupancy for July was reported at 96.6%, with renewal lease rate growth at 5% and new lease rate growth at 1.3% [19] Company Strategy and Development Direction - The company aims to consistently deliver high-quality housing in desirable neighborhoods, supported by a resident-first service platform [12] - The launch of a developer lending program is intended to allow the company to participate earlier in the value chain, with the goal of purchasing communities upon stabilization [11] - The company is focused on maintaining strong partnerships with builders to enhance acquisition strategies and capitalize on market opportunities [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting or exceeding the acquisition guidance of $500 million to $700 million for the year, supported by a robust pipeline [11] - The macro environment continues to reinforce the value of the company's offerings, with a significant need for new homes in the U.S. [9] - Management acknowledged the challenges posed by seasonal turnover and market supply, but remains optimistic about the long-term demand for rental housing [31][36] Other Important Information - The company has a strong balance sheet with approximately $1.3 billion in unrestricted cash and undrawn capacity on its revolving credit facility, providing flexibility for growth initiatives [22] - Over 83% of the company's debt is unsecured, and nearly 88% is fixed rate or swapped to fixed rate, enhancing financial stability [22] Q&A Session Summary Question: Occupancy guidance for the second half of the year - Management indicated that the occupancy guidance reflects expected seasonal turnover, with July occupancy at 96.6% and a typical decline anticipated in Q3 [30] Question: New lease pricing and market conditions - Management acknowledged that new lease pricing has been under pressure due to increased supply but expects improvements as the market absorbs existing inventory [34] Question: Transaction market and portfolio opportunities - The company continues to evaluate portfolio opportunities and engage with homebuilders for attractive acquisitions, maintaining a cautious approach [39] Question: BTR supply and scattered site inventory - Management noted that while scattered site supply is putting pressure on rents, the overall BTR market is showing signs of improvement [50] Question: Property tax expectations - Management anticipates that property tax expense growth will return to historical levels over the long term, despite current pressures [102]

Core Insights - Invitation Homes Inc. (INVH) reported second-quarter 2025 core funds from operations (FFO) per share of 48 cents, exceeding the Zacks Consensus Estimate of 47 cents and up from 47 cents in the prior-year quarter [1][8] - Total revenues reached $681.4 million, surpassing the Zacks Consensus Estimate of $676.9 million and reflecting a 4.3% year-over-year improvement [2] - The company experienced a 2.5% increase in same-store net operating income (NOI) and a 4.0% growth in same-store blended rent, although occupancy decreased to 97.2%, down 40 basis points year over year [3][8] Financial Performance - Same-store core revenues grew by 2.4%, while same-store core operating expenses increased by 2.2% year over year, contributing to the overall NOI improvement [3] - The company acquired 939 wholly owned homes for approximately $316 million and 101 homes in joint ventures for around $34 million during the second quarter [4] - Invitation Homes launched a developer lending program, providing a $32.7 million loan to a homebuilder for a community development in Houston [5] Balance Sheet and Credit Ratings - As of June 30, 2025, Invitation Homes had total liquidity of $1.28 billion, with secured and unsecured debt totaling $8.25 billion and a Net Debt/TTM adjusted EBITDAre ratio of 5.3X [6] - S&P Global Ratings reaffirmed the issuer and issue-level credit ratings for Invitation Homes at 'BBB' and upgraded its outlook to 'Positive' from 'Stable' in April [6] 2025 Guidance - The company maintained its initial 2025 outlook, expecting core FFO per share between $1.88 and $1.94, with a midpoint of $1.91, aligning with the Zacks Consensus Estimate of $1.93 [7][9]