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    Ami Probandt • UBS

    Ami Probandt's questions to Camden Property Trust (CPT) leadership

    Ami Probandt's questions to Camden Property Trust (CPT) leadership • Q2 2025

    Question

    Ami Probandt from UBS Group asked about any surprises from the single-family rental (SFR) community lease-ups and whether Camden is considering more projects in that space.

    Answer

    President & CFO Alex Jessett described the SFR lease-up as "incredibly slow," noting the demographic takes much longer to make a decision. However, he expects these residents to be very "sticky" once they move in. He contrasted this with the strong demand for traditional apartments, where a new development is leasing up 35% faster than underwritten, indicating no plans to pivot heavily into SFR.

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    Ami Probandt's questions to Camden Property Trust (CPT) leadership • Q1 2025

    Question

    Ami Probandt of UBS, on for Michael Goldsmith, asked if Camden intends to rebuild its land bank to start more development projects as the market outlook improves.

    Answer

    Chairman and CEO Ric Campo responded, "Absolutely." He affirmed that Camden is actively in the marketplace trying to rebuild its land bank, emphasizing the company's long history of creating significant value through development. He noted that while underwriting is more difficult today, they remain disciplined but optimistic about the future.

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    Ami Probandt's questions to Camden Property Trust (CPT) leadership • Q4 2024

    Question

    Ami Probandt asked about Camden's top-performing markets, questioning whether the outperformance is market-wide or due to company-specific factors, and specifically asked if the demand boost in Tampa was sustainable or hurricane-related.

    Answer

    Executive Vice Chairman D. Keith Oden confirmed that Tampa's demand boost was indeed hurricane-related and is expected to moderate. He noted that Houston is a key differentiator for Camden due to its significant presence in a low-supply market. Chairman and CEO Ric Campo added that Camden's operational excellence and strong team culture, recognized by its long-standing inclusion on Fortune's '100 Best Companies to Work For' list, also contribute to outperformance through better customer service and higher resident retention.

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    Ami Probandt's questions to Camden Property Trust (CPT) leadership • Q3 2024

    Question

    Speaking for Michael Goldsmith, Ami Probandt asked about the demand-side changes that led to lower-than-expected blended spreads and the outlook for the supply-demand balance in 2025.

    Answer

    President and CFO Alexander Jessett reiterated that the company made a strategic decision in Q3 to prioritize occupancy over rate to maximize revenue, which led to lower spreads but in-line revenue results. Chairman and CEO Richard Campo addressed the 2025 outlook, stating that job growth is expected to remain strong at around 440,000 across Camden's markets. With new deliveries in 2025 projected to be similar to 2024 levels, he expects the overall supply-demand dynamics to look 'fairly similar' to the current year.

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    Ami Probandt's questions to AvalonBay Communities Inc (AVB) leadership

    Ami Probandt's questions to AvalonBay Communities Inc (AVB) leadership • Q2 2025

    Question

    On behalf of Michael Goldsmith, Ami Probandt from UBS asked if Sunbelt market occupancy must return to pre-COVID levels to restore pricing power and what the potential timeline for such a recovery might be.

    Answer

    COO Sean Breslin responded that while pricing power improves with rising occupancy, full pricing power will only return once the market reaches a more normal stabilized level. He emphasized that this is a multi-year process for the recovery to fully flow through to revenue growth, as it requires absorbing standing inventory and burning off concessions.

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    Ami Probandt's questions to AvalonBay Communities Inc (AVB) leadership • Q3 2024

    Question

    Ami Probandt from UBS inquired about the outlook for when AvalonBay's expansion markets might reach a supply-demand equilibrium and regain pricing power. She also asked for clarification on what assumptions are included in the company's earn-in calculation.

    Answer

    CEO Benjamin Schall stated that high-supply Sunbelt submarkets are expected to face meaningful pressure through 2025, with impacts rolling into 2026. He noted that while new start volumes are declining, a return to balance is more likely in the 2026 timeframe. COO Sean Breslin confirmed that the earn-in calculation does include the prospective rent growth forecasts for the remainder of the year.

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    Ami Probandt's questions to UDR Inc (UDR) leadership

    Ami Probandt's questions to UDR Inc (UDR) leadership • Q2 2025

    Question

    Ami Probandt of UBS Group asked for commentary on operating trends in Washington D.C., given its softer new lease growth, and posed a broader question on whether the recent shift in leasing seasonality is a permanent trend.

    Answer

    SVP & COO Michael Lacy noted that D.C. remains a top-performing market with 4.9% revenue growth, 97% occupancy, and 3.5-3.6% blended lease growth, supported by strong other income growth. On seasonality, Lacy attributed the recent trend to the industry's focus on building occupancy earlier. Chairman & CEO Thomas Toomey added that the past few years' dynamics were influenced by heavy supply and interest rate uncertainty, suggesting the current pattern is not necessarily a permanent shift but a reaction to market conditions.

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    Ami Probandt's questions to UDR Inc (UDR) leadership • Q1 2025

    Question

    Ami Probandt from UBS asked if the rollout of bulk WiFi affects UDR's ability to push renewal rents and whether more pricing power could emerge once the rollout is complete. She also questioned what made the San Francisco recapitalization deal attractive given recent issues with other DPE investments.

    Answer

    COO Mike Lacy stated that the WiFi rollout is not negatively impacting renewal rent growth, which at 4.5% is in line with peers. CEO Tom Toomey added that high-speed internet is a necessity and UDR's bulk purchasing provides a margin advantage. CFO Joe Fisher explained the value proposition for residents includes convenience and property-wide access. Regarding the San Francisco deal, Fisher differentiated it from past troubled investments, noting it's a recapitalization of a stable, operating asset with a last-dollar LTV in the mid-70s and approximately 70% of the return paid currently in cash, which de-risks the investment.

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    Ami Probandt's questions to Invitation Homes Inc (INVH) leadership

    Ami Probandt's questions to Invitation Homes Inc (INVH) leadership • Q2 2025

    Question

    Ami Probandt of UBS Group, on for Michael Goldsmith, requested more context on build-to-rent (BTR) supply in major markets and asked if there was incremental pressure from scattered-site supply.

    Answer

    CEO Dallas Tanner confirmed that as the for-sale market has slowed, some scattered-site inventory has shifted to the rental market, adding near-term pressure. Regarding BTR, he noted the situation feels better than last year, with fewer concessions and a clearer path to absorption. He reiterated that data points to BTR deliveries being down significantly into 2026.

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    Ami Probandt's questions to Invitation Homes Inc (INVH) leadership • Q2 2025

    Question

    On behalf of Michael Goldsmith, Ami Probandt of UBS asked for more context on the impact of build-to-rent (BTR) and scattered-site supply in major markets.

    Answer

    CEO Dallas Tanner noted that as the for-sale housing market has slowed, some inventory has shifted to the rental market, creating near-term pressure on scattered-site new lease growth. Regarding BTR, he stated the situation feels better than last year, with fewer concessions and normal absorption occurring. He reiterated that data suggests BTR deliveries will decline significantly into 2026, which should ease supply pressures.

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    Ami Probandt's questions to Independence Realty Trust Inc (IRT) leadership

    Ami Probandt's questions to Independence Realty Trust Inc (IRT) leadership • Q2 2025

    Question

    Ami Probandt from UBS asked what surprised IRT about supply trends in 2025, given that deliveries are typically well-forecasted. She also questioned the potential impact of single-family rentals and the expected cap rates on assets held for sale.

    Answer

    President & CFO Jim Sebra stated the surprise was the lingering pressure and higher volume of deliveries, which were pulled forward from 2026 into 2025, increasing from a forecasted 2.6% to 3.5% of stock. He noted single-family rentals were not a significant factor and estimated disposition cap rates in the low-to-mid 5% range.

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    Ami Probandt's questions to Independence Realty Trust Inc (IRT) leadership • Q1 2025

    Question

    Ami Probandt questioned the expected cadence of same-store revenue growth now that difficult occupancy comps are ahead, and asked about the relative performance of Class A vs. Class B assets.

    Answer

    President and CFO Jim Sebra stated that future same-store revenue growth will be driven by rental rate growth and a reduction in bad debt. He noted that Class B properties continue to experience strong, stable demand, and that renovated value-add units are almost always pre-leased, indicating resilient demand for the core portfolio.

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    Ami Probandt's questions to Essex Property Trust Inc (ESS) leadership

    Ami Probandt's questions to Essex Property Trust Inc (ESS) leadership • Q2 2025

    Question

    On behalf of Michael Goldsmith, Ami Probandt of UBS Group inquired about demand trends in Northern California and Seattle, including any signs of price sensitivity.

    Answer

    President & CEO Angela Kleiman reported steady demand in both Northern California and Seattle with no signs of softness. She attributed Northern California's strength to its high affordability, as rents are still recovering relative to income growth. In Seattle, she noted that a favorable decrease in new supply deliveries is expected in the second half of the year, which should support the steady demand environment.

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    Ami Probandt's questions to Equity Residential (EQR) leadership

    Ami Probandt's questions to Equity Residential (EQR) leadership • Q1 2025

    Question

    Ami Probandt of UBS, on for Michael Goldsmith, asked about the potential impact of new rent control measures in Maryland and Washington State, and inquired about any offsetting factors within the maintained revenue guidance.

    Answer

    CEO Mark Parrell expressed disappointment with the new rent control laws, calling them a disincentive to capital investment and stating they are unlikely to invest further in Maryland. CFO Bob Garechana confirmed that while there are moving pieces within the revenue guidance, key metrics like occupancy are running ahead of expectations while others are in line, and it's too early in the year to make adjustments.

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    Ami Probandt's questions to Equity Residential (EQR) leadership • Q3 2024

    Question

    Speaking for Michael Goldsmith, Ami Probandt asked if the positive in-migration trends seen on the West Coast were also present in East Coast markets. She also inquired about the trend in bad debt levels for new residents coming into the portfolio.

    Answer

    COO Michael Manelis responded that migration patterns in their East Coast markets remain very much in line with pre-pandemic historical norms. CFO Bob Garechana added that bad debt from new residents has normalized to pre-pandemic levels, though the cost per instance can be higher due to longer eviction processes.

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