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    Alex Kalmus

    Research Analyst at Zelman & Associates

    Alex Kalmus is an Equity Research Senior Associate at Zelman & Associates, focusing on in-depth analysis within the housing and real estate sectors. He is involved in coverage of leading homebuilding and related companies, providing institutional clients with actionable, data-driven investment insights as part of the firm’s highly regarded research team. Kalmus began his career in equity research and joined Zelman & Associates in a senior associate capacity, contributing both sector knowledge and quantitative expertise to the team’s investment outlooks. He holds advanced professional credentials in financial analysis and is recognized for his rigorous approach to housing market research.

    Alex Kalmus's questions to ESSEX PROPERTY TRUST (ESS) leadership

    Alex Kalmus's questions to ESSEX PROPERTY TRUST (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 (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 (UDR) leadership

    Alex Kalmus's questions to UDR (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 (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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    Alex Kalmus's questions to APARTMENT INVESTMENT & MANAGEMENT (AIV) leadership

    Alex Kalmus's questions to APARTMENT INVESTMENT & MANAGEMENT (AIV) leadership • Q3 2021

    Question

    Alex Kalmus of Zelman & Associates asked about the formation of the joint venture with Blackstone, the associated fee economics for AIR, and which specific markets were experiencing the greatest loss-to-lease.

    Answer

    CEO Terry Considine and EVP, Co-CIO John McGrath stated the JV originated from a long-standing relationship and allows AIR to retain management on assets where its platform creates value. They confirmed AIR will earn standard GP and property management fees but did not provide a forecast. President of Property Operations Keith Kimmel identified Miami, Denver, and Boston as having the highest loss-to-lease, noting that resident income growth is keeping affordability strong.

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    Alex Kalmus's questions to APARTMENT INVESTMENT & MANAGEMENT (AIV) leadership • Q4 2020

    Question

    Alex Kalmus asked about the potential timeline for New York City dispositions and the market conditions required to proceed, and also inquired if unsolicited offers for the company had subsided since the separation.

    Answer

    Executive Conor Wagner stated that for New York dispositions, the company would be judicious and wait for the right price, which would be helped by market optimism from vaccine rollouts and return-to-office trends. CEO Terry Considine confirmed that there had been no 'noise' from unsolicited offers since the new company was formed.

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