Acquisition Guidance

FY 2025

no prior guidance "

$500 million to $700 million for FY 2025 "

no prior guidance

Core FFO Guidance

FY 2025

no prior guidance "

$1.88 to $1.94 per share for FY 2025 "

no prior guidance

AFFO Guidance

FY 2025

no prior guidance "

$1.58 to $1.64 per share for FY 2025 "

no prior guidance

Property Tax Guidance

FY 2025

no prior guidance "

5% to 6% growth for FY 2025 "

no prior guidance

Resident Retention and Stable Resident Base

Q4 2024 emphasized an average resident stay of 38 months, an 80% renewal rate, low move‐out rates, and high occupancy (>97%). " " " Q1 2025 noted resident tenure of 38.5 months with nearly 80% renewals, strong leasing performance and stickiness of tenants across markets. " " "

Q2 2025 highlighted a resident tenure of 40 months, an 80% renewal rate, improved bad debt linked to strong screening, and longer resident stays lowering turnover costs. " " " "

Stable and slightly improving retention metrics: Across periods, resident retention remains strong, with Q2 showing slight improvement in tenure and renewal performance, reinforcing a stable resident base.

Strategic Growth

Q4 2024 described a robust acquisition pipeline with targeted capital recycling, builder partnerships (over 1,800 new tenants through newly built homes), and expansion into new markets like Salt Lake City and San Antonio. " " " " Q1 2025 reported acquisitions of 577 homes, strategic builder partnerships, and expansion into markets including San Antonio and Nashville. " " "

Q2 2025 reported acquiring nearly 1,000 newly built homes, maintained focus on high-quality assets and builder partnerships, and confidence in meeting 2025 acquisition guidance with a robust pipeline. " " " " "

Consistent and disciplined expansion: While all periods stress growth via acquisitions and builder partnerships, Q2 emphasizes a higher acquisition volume and robust pipeline, indicating a continuation and scaling up of prior strategies.

Financial Position & Cost Management

Q4 2024 noted a liquidity position of $1.4B, strong debt metrics (net debt/EBITDA of 5.3x), and disciplined cost controls with declining operating expenses. " " " Q1 2025 highlighted similar liquidity levels, a net debt/EBITDA ratio of 5.3x, cost controls reducing repair, maintenance and turnover expenses, underpinning core financial strength. " " "

Q2 2025 reported robust liquidity ($1.3B), a net debt/EBITDA ratio slightly below target, continued execution of cost-management initiatives (managed expense growth via technology and ProCare programs), and proactive interest swap management. " " " "

Consistently strong and disciplined: The company maintains a robust financial position and effective cost management across periods, with minor variations; current period shows continued strength in liquidity and cost controls.

Occupancy, Renewal & Turnover

Q4 2024 recorded high occupancy above 97% and 80% renewal rates with stable, low turnover (annual turnover around 22.6%). " " " Q1 2025 noted 97.2% average occupancy, strong renewal rent growth (5.2% rising then moderating to 4.5% in April) and reduced turnover expenses (down 5.1% YoY). " " " " "

Q2 2025 stated occupancy at 96.6% with expected seasonal turnover in Q3, strong renewal lease growth (5% in July), and continued support from longer resident tenures lowering turnover costs. " " " "

Steady high performance with seasonal variation: Occupancy and renewals remain robust though Q2 shows a slight dip in occupancy due to normal seasonality, which is offset by strong renewals and longer tenant retention.

Lease Pricing

Q4 2024 discussed pressures on new lease pricing from increased new home supply in markets like Florida and Phoenix, and a cautious outlook on blended rent growth in the mid-3% range. " " " " " Q1 2025 pointed to robust renewal growth (5.2% initially) but highlighted relatively weak new lease growth (2.7%) amid supply pressures, particularly in markets such as Phoenix and Texas. " " " " "

Q2 2025 expressed vulnerabilities in new lease pricing due to increased BTR supply in markets like Central Florida, Texas, and Phoenix, noting a disparity with renewal rates (5% growth) and highlighting longer re-resident days and competitive pressures. " " " "

Increasing pressure on new leases: While renewal pricing remains solid across periods, the current period raises more explicit concerns about downward pressure on new lease rental rates driven by market supply dynamics.

Cost Pressures

Q4 2024 mentioned property tax expense growth of 5.8% YoY, modest operating expense improvements, and potential risks from tariffs and higher mortgage rates impacting costs. " " " Q1 2025 emphasized high property taxes contributing to the leasing value proposition versus buying, monitored tariffs (notably on HVAC/appliances) and labor cost concerns, while showcasing disciplined expense management. " " " "

Q2 2025 highlighted that property tax growth is normalizing to 4%-5% annually, noted effective expense management via technology and in-house maintenance programs, and did not introduce new tariff concerns. " " "

Moderating cost pressures with effective controls: Although cost pressures persist, especially from property taxes, the current period shows moderation and a continued focus on operational efficiencies, with less emphasis on tariff risks than previously.

Rising Share-Based Compensation

Q1 2025 introduced the topic with a 30% YOY increase attributed to a shift from multi-year performance plans to annual performance-based awards. " Q4 2024 did not mention this topic.

Q2 2025 earnings call did not mention any details regarding rising share-based compensation.

Emergent but not recurrent: The topic was raised in Q1 as a result of a structural change in the compensation program but did not recur in Q2, suggesting it may have been a one-off update or less of a focus in the current period.

Supply Constraints & Speculative Inventory

Q4 2024 discussed supply constraints with speculative inventory driven by the spread between elevated mortgage rates and delivery costs, citing challenges in markets like Florida and Phoenix. " " " Q1 2025 noted supply constraints and reduced new deliveries, with elevated mortgage rates contributing to lower move-outs for home purchases and a shift toward rentals. " " "

Q2 2025 addressed supply constraints by highlighting issues with scattered site supply and homes transitioning from for-sale to for-lease due to elevated mortgage rates, which are pressuring new lease growth and extending market times. " "

Persistent supply challenges with evolving nuances: All periods note supply constraints; current commentary refines the focus on scattered site issues and the impact of speculative inventory as mortgage rates continue to affect market dynamics.

Bad Debt

Q4 2024 reported a two-phase trend in bad debt—improving early in the year but facing slight reversals later—with guidance for further improvement in 2025. " Q1 2025 highlighted broad-based improvement in bad debt accompanied by cautious optimism due to some market-specific challenges. " "

Q2 2025 confirmed that bad debt improved, returning to the high end of its historical range, and noted no increased concerns thanks to a stable resident base and strong screening processes. " "

Steady improvement amid cautious monitoring: Consistent across periods, bad debt metrics are trending better, with current commentary affirming an improvement and minimal concern, although earlier periods maintained cautious optimism due to market variability.