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    Alex Kalmus • Zelman & Associates

    Alex Kalmus's questions to Essex Property Trust Inc (ESS) leadership

    Alex Kalmus's questions to Essex Property Trust Inc (ESS) leadership • Q1 2025

    Question

    Alex Kalmus asked if lower turnover was driving lower repair and maintenance (R&M) expenses and if expectations for that expense line had changed. He also questioned why insurance costs were up year-over-year in Q1 despite a favorable renewal.

    Answer

    Executive Barb Pak clarified that R&M costs are lumpy and not directly tied to turnover; the full-year growth expectation of 2.5-3% is unchanged. Regarding insurance, she confirmed the full-year forecast for a 2% decline remains intact. The Q1 year-over-year increase in the line item was driven by lumpy tenant litigation costs, not higher insurance premiums.

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    Alex Kalmus's questions to Essex Property Trust Inc (ESS) leadership • Q4 2024

    Question

    Alex Kalmus of Zelman & Associates inquired about the expected timeline for the convergence of renewal and market rents and asked if there was a risk of the spread widening again in late 2025 or 2026 as supply eases.

    Answer

    Executive Angela Kleiman stated that the timing for the spread to tighten is difficult to predict as it depends on market conditions. She noted that if demand is stronger than expected, market rents could accelerate, which would actually cause the spread between new and renewal rates to widen. However, she expressed confidence in achieving the base case forecast given the favorable supply landscape.

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    Alex Kalmus's questions to UDR Inc (UDR) leadership

    Alex Kalmus's questions to UDR Inc (UDR) leadership • Q4 2024

    Question

    Alex Kalmus inquired about the acquisition strategy amid market optimism and asked for more details on the new partnership with Funnel and its expected impact.

    Answer

    CFO & CIO Joe Fisher noted that while buyer interest is high, a lack of willing sellers is keeping transaction volume low. UDR's focus is on its JV with LaSalle for value-add deals and selectively enhancing its on-balance-sheet portfolio. COO Mike Lacy explained that Funnel will enhance the customer experience and free up internal resources from back-office tasks to focus on leveraging data for new, value-creating innovations.

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    Alex Kalmus's questions to UDR Inc (UDR) leadership • Q3 2024

    Question

    Alex Kalmus of Zelman & Associates asked when the currently wide spread between renewal and new lease rent growth might return to pre-COVID levels.

    Answer

    SVP of Operations Mike Lacy acknowledged the spread typically widens in Q4 and Q1. However, he expressed confidence in maintaining strong renewal growth of 4-4.5% because key metrics show resident stability. Turnover is at historic lows and move-outs due to rent increases are not rising, which he attributes to the success of the customer experience project.

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    Alex Kalmus's questions to Camden Property Trust (CPT) leadership

    Alex Kalmus's questions to Camden Property Trust (CPT) leadership • Q3 2024

    Question

    Alex Kalmus asked about the drivers behind the 4% year-over-year decline in resident turnover during the third quarter and the expectations for this trend moving forward.

    Answer

    Executive Vice Chairman D. Keith Oden identified the primary driver as the significant drop in move-outs to home purchases. He noted this metric is currently around 9%, which is historically low compared to the typical 15-20% range. This 5-8% differential of residents staying put is a 'difference maker' for retention. Oden expects this trend to continue into 2025, as there is no short-term change anticipated in the housing market that would alter this dynamic.

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