Vice President and Equity Research Analyst at Mizuho Securities USA LLC
Mike Coto is a Vice President and Equity Research Analyst at Mizuho Securities, specializing in the coverage of public companies in the U.S. financial sector. He is known for his in-depth analysis of major firms in the banking and fintech space, offering investment insights on corporations such as Goldman Sachs, Morgan Stanley, and Citigroup, and his published calls have contributed to robust investor engagement and sector performance. With a career spanning over a decade, Coto began as an associate at a leading Wall Street research boutique and joined Mizuho Securities in 2018, where he advanced to his current role. He holds FINRA Series 7, 63, and 86/87 registrations, and is recognized for his methodological rigor, having maintained a published investment recommendation success rate above the sector median on widely tracked platforms.
Mike Coto asked if D.C. job cuts would reduce confidence in 2026 market rent growth and impact acquisition properties in the DMV region.
COO Sean Breslin stated that the DOGE impact is likely being felt now due to lag effects, and it's uncertain if there will be a further ripple effect. He also confirmed that AvalonBay has not acquired any properties in the D.C. region for a considerable period.
Speaking for Haendel St. Just of Mizuho Securities, an analyst asked about the operating strategy for the D.C. and Los Angeles markets for the remainder of the year, including expectations for concessions. He also inquired about the renewal rates being sent out for the coming months.
EVP & COO Michael Manelis stated that for D.C., the strategy is to maintain occupancy, with some concessions expected in the shoulder season. In L.A., performance varies by submarket, with West L.A. remaining strong while Downtown and Koreatown will continue to see heavy concessions. For upcoming renewals, he noted offers were sent out slightly above 6%, with an expected achievement of 4.25% to 4.5% on a net effective basis.
Performance on expert-authored financial analysis tasks