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Haendel Juste

Managing Director and Senior Equity Research Analyst at Mizuho

Haendel St. Juste is a Managing Director and Senior Equity Research Analyst at Mizuho Securities USA, specializing in research coverage of Real Estate Investment Trusts (REITs) and U.S. homebuilders. He provides in-depth analysis on companies such as AMH (formerly American Homes 4 Rent), Safehold Inc., and several other publicly traded real estate and homebuilding equities, delivering a 54% success rate and an average 3.8% return per rating over his tracked career, with notable outperformance in calls like his Buy recommendation on Safehold Inc. between July 2020 and July 2021, which delivered an 81.4% return. St. Juste joined Mizuho in 2016, bringing over 16 years of Wall Street experience including previous roles as Senior Analyst and Co-Head of REITs & Homebuilders at Morgan Stanley, Lead REIT Analyst at Keefe, Bruyette & Woods, and analyst at Green Street Advisors; he holds an MBA from NYU Stern School of Business and a BA from Adelphi University, and he is recognized for enhancing Mizuho’s REIT research team and contributing to the firm’s reputation in equity research.

Haendel Juste's questions to EQUITY RESIDENTIAL (EQR) leadership

Question · Q3 2025

Haendel Juste asked for the range of expectations for the 4Q25 blended rate guide (50 basis points) across weaker coastal markets (Washington, DC, Boston, Los Angeles) and better markets (San Francisco, New York, Seattle). He also inquired if new and renewal rates for October were provided.

Answer

Michael Manelis (COO) declined to give specific market numbers but stated that Q3 trends and pecking order would likely continue into Q4, with San Francisco and New York being better performers, while reminding that Q4 typically sees material declines due to seasonality. Bret McLeod (CFO) stated they did not provide spot month stats but reiterated expectations for about 4.25% achieved renewal rate increases in Q4.

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Question · Q3 2025

Haendel Juste asked for insights into the 4Q 2025 blended rate guidance, specifically the range of expectations for weaker coastal markets (Washington, DC, Boston, Los Angeles) and stronger markets (San Francisco, New York, Seattle). He also asked if October's new and renewal rates were provided.

Answer

Michael Manelis, Chief Operating Officer, declined to provide specific market numbers but indicated that Q3 trends and the pecking order of market performance would likely continue into Q4, with overall deceleration across most markets due to seasonality. Bret McLeod, Chief Financial Officer, confirmed that October's spot month rates were not provided, but Michael Manelis reiterated an expectation of approximately 4.25% achieved renewal rate increases for Q4.

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