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    Ann Chan • Green Street

    Ann Chan's questions to Mid-America Apartment Communities Inc (MAA) leadership

    Ann Chan's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q2 2025

    Question

    Ann Chan of Green Street Advisors asked about the key revenue-side assumptions (rent growth, leasing velocity) used in development underwriting and if those assumptions have recently changed.

    Answer

    President and CEO A. Bradley Hill stated they have not made changes to their conservative underwriting. For a new Charleston project, underwritten stabilized rents are less than 5% above today's market comps, which is conservative given market forecasts for 11% cumulative growth. Lease-up velocity assumptions also remain consistent with historical standards.

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    Ann Chan's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q1 2025

    Question

    Ann Chan asked for the reasons behind the occupancy decline at the MAA Vale lease-up in Raleigh and whether any expense lines are expected to deviate from guidance.

    Answer

    EVP & COO Tim Argo attributed the temporary slowdown at MAA Vale to seasonality and a flooding issue that has since been resolved, noting that leasing velocity has doubled in the last 45 days. CFO Clay Holder confirmed that, at this point, no expense line items are expected to deviate meaningfully from the initial full-year guidance.

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    Ann Chan's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q4 2024

    Question

    Ann Chan asked about MAA's long-term portfolio allocation strategy, including potential market entries or exits. She also inquired about recent trends in construction costs and the level required to make new development more attractive than acquisitions.

    Answer

    Brad Hill, President and CEO, stated that while they will continue to prune markets with only one or two assets, no large-scale repositioning is planned. They are focused on growing in newer markets like Denver and Salt Lake City and are studying Columbus, Ohio. He noted that construction costs have decreased by 4-5% in some areas and that a further 5-7% improvement, combined with rent growth, would be needed for more development projects to become feasible.

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    Ann Chan's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q3 2024

    Question

    Ann Chan from Green Street asked which of MAA's larger markets are being underwritten with weaker or stronger job growth and in-migration on a relative basis.

    Answer

    Tim Argo, EVP and Chief Operating Officer, highlighted Austin, Raleigh, and Orlando as markets with particularly strong long-term demand metrics, including job growth, population growth, and household formation. He noted that despite current supply pressures in some of these markets, their forward-looking demand trends are very positive, and MAA would be happy to continue acquiring assets in most of its footprint.

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    Ann Chan's questions to Independence Realty Trust Inc (IRT) leadership

    Ann Chan's questions to Independence Realty Trust Inc (IRT) leadership • Q2 2025

    Question

    Ann Chan from Green Street Advisors inquired about the current transaction environment, including bid-ask spreads and signs of price discovery. She also asked which other MSAs beyond Orlando offer compelling fundamentals for building scale.

    Answer

    Chairman and CEO Scott Schaeffer noted that the bid-ask spread has narrowed as sellers have become more realistic due to interest costs and longer lease-up times, highlighting the 5.9% cap rate on the Orlando acquisitions. While reaffirming a belief in the Sunbelt and Midwest (specifically Indianapolis and Columbus), he stated the immediate focus remains on the announced Orlando deals.

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    Ann Chan's questions to Independence Realty Trust Inc (IRT) leadership • Q3 2024

    Question

    Ann Chan from Green Street asked about concession trends from competitors in high-supply markets like Atlanta and Raleigh, and requested a specific operational update on the Atlanta market post-Q3.

    Answer

    Executive Janice Richards reported that concessions have been consistent in Atlanta but have eased in Dallas, with a broader pullback expected in Q1 as supply deliveries slow. For Atlanta specifically, she noted an upswing, with blended rent growth turning positive to 1.3% in October and a 2.4% year-over-year occupancy gain, though bad debt remains a challenge.

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    Ann Chan's questions to Elme Communities (ELME) leadership

    Ann Chan's questions to Elme Communities (ELME) leadership • Q1 2025

    Question

    Ann Chan asked for the drivers behind the accelerated income from the managed WiFi initiative and if related expenses were also accelerating. She also questioned why full-year guidance was maintained despite positive contributions from WiFi and bad debt recovery, probing for potential offsetting downside risks.

    Answer

    Tiffany Butcher, COO, explained that the WiFi income is accelerating due to faster-than-expected installations for Phase 2, allowing more residents to be enrolled during the peak leasing season. Steven Freishtat, CFO, confirmed a corresponding, but smaller, increase in expenses. Freishtat added that while Q1 was strong, guidance remains unchanged because the company is just entering its busiest leasing season and prefers to wait for more certainty before making adjustments, likely on the Q2 call.

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    Ann Chan's questions to Elme Communities (ELME) leadership • Q3 2024

    Question

    Ann Chan asked whether total capital expenditures are expected to increase, hold steady, or decline in the next few years and where bad debt levels in Atlanta are projected to ultimately stabilize.

    Answer

    CFO Steven Freishtat responded that CapEx will likely hold steady or increase slightly, driven by ROI-focused initiatives like renovations and a managed WiFi rollout. COO Tiffany Butcher stated that while pre-COVID bad debt levels in Atlanta were 2-2.5%, it will take time to return to that level. She anticipates significant improvement in 2025 and will provide detailed guidance in February.

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    Ann Chan's questions to UDR Inc (UDR) leadership

    Ann Chan's questions to UDR Inc (UDR) leadership • Q1 2025

    Question

    Ann Chan of Green Street asked if any unusual sequential drags from fees or bad debt affected Q1 results and requested details on the debt service coverage and LTV for the Fairmount loan investment.

    Answer

    CFO Joe Fisher stated there were no unusual operational drags in same-store NOI. He identified two timing-related drags on FFOA: slightly elevated G&A, which is expected to normalize, and the funding cost for the 1300 Fairmount senior loan, for which no income was accrued in Q1. Regarding the Fairmount investment, Fisher explained that since they took a reserve in Q4 2024, their position is effectively 100% levered against the appraised value of $183 million, making debt service coverage irrelevant as it's on non-accrual. He guided towards a forward NOI of $6-7 million from the asset.

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    Ann Chan's questions to AvalonBay Communities Inc (AVB) leadership

    Ann Chan's questions to AvalonBay Communities Inc (AVB) leadership • Q3 2024

    Question

    Ann Chan of Green Street followed up on the build-to-rent (BTR) strategy, asking if AvalonBay would acquire detached single-family communities and inquiring about the size of the BTR pipeline. She also asked for an update on recent trends in land values and construction labor costs.

    Answer

    CEO Benjamin Schall stated that while detached BTR is a possibility, the initial focus is on townhome products. He mentioned they are targeting communities of 80-130 units where they can apply their operational scale but did not define a specific pipeline size. CIO Matthew Birenbaum described land values as "sticky" and highly localized, noting some significant retrenchment in markets like California but less movement in Sunbelt markets.

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