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Extra Space Storage Inc.

EXR

Financial Services

2mo

Gradual Improvement in Customer Rate Growth and Market Fundamentals

Management highlighted positive inflection in new customer rate growth for the first time since March 2022.
Occupancy remained high at 94.6%, with a 50 basis point increase year-over-year in July.
Progress in revenue growth is gradual, with expectations of acceleration in the second half, especially in Q4.
Demand indicators such as rental volume and customer behavior remain positive, despite softer-than-expected revenue growth.

AvalonBay Communities, Inc.

AVB

Financial Services

2mo

Impact of Low Supply Levels on Future Market Dynamics

AvalonBay highlighted that new supply in established regions continues to decline to levels not seen in over a decade, supporting healthy fundamentals.
Barriers to new development, especially in suburban established regions, are substantially higher than most markets, suggesting supply constraints will persist.
Low supply levels are expected to sustain for the foreseeable future, potentially leading to stronger pricing power and occupancy rates.

Equity Residential

EQR

Financial Services

2mo

Accelerated Deployment of AI Technologies Enhances Customer Experience and Operational Efficiency

AI leasing application pilots have reduced application completion time by over 50%
Full deployment of AI delinquency management system expected by end of year
Automation initiatives aim to improve customer satisfaction and operational efficiency
Expansion of AI use in capital allocation and back-office functions to lower costs and improve decision-making

PSA

Financial Services

2mo

Core FFO Growth

1.2%

Strong non-same-store and ancillary NOI growth drove core FFO higher by 1.2% in the quarter.

Camden Property Trust

CPT

Financial Services

2mo

Exceptional Apartment Demand Driven by Affordability and Wage Growth

Apartment demand in Q2 2025 was among the best in 25 years, supported by 31 months of wage growth exceeding rent growth.
High homeownership costs continue to support apartment demand and reduce move-outs to buy homes.
Resident retention reached its highest customer sentiment score ever at 91.6, reflecting strong satisfaction and service quality.

Rexford Industrial Realty, Inc.

REXR

Financial Services

3mo

Financial Performance Summary

Balance sheet remains strong with over $1.8 billion liquidity, including $560 million cash, and net debt to EBITDA of 4x.
Core FFO was $0.59 per share, a $0.01 increase over the prior quarter excluding one-time termination revenue.
Market rents declined approximately 3.5% sequentially and 12.8% year-over-year, but tenant health remained strong with bad debt at only 6 basis points of revenue.
Net effective and cash leasing spreads for comparable leases were 21% and 8%, respectively, with embedded rent steps averaging 3.7%.
Rexford Industrial delivered second quarter 2025 results in line with expectations, including 1.7 million square feet of leases executed and same-property occupancy increasing to 96.1%.
Year-to-date dispositions totaled $134 million at a weighted average cap rate in the low 4% range, achieving an unlevered IRR of 11.9%.

Agree Realty Corporation

ADC

Financial Services

2d

Record Investment Volume and Pipeline Expansion in Q3 2025

Agree Realty achieved its largest quarterly investment volume since COVID, deploying over $450 million in Q3 2025.
The company increased its full-year 2025 investment guidance to a range of $1.5 to $1.65 billion, up over 65% from last year.
The investment included 110 high-quality retail properties across multiple sectors, with a weighted average cap rate of 7.2%.
The pipeline for development and developer funding platforms exceeds $100 million, indicating strong future growth potential.
The company’s disciplined underwriting standards and strategic partnerships with leading retailers underpin this aggressive growth.

eXp World Holdings, Inc.

EXPI

Financial Services

2mo

Financial Performance Summary

Adjusted EBITDA was $11.2 million, positive but down year-over-year, impacted by lower gross margin and strategic investments including severance costs.
Agent count was 82,704, down 5% year-over-year but up 1% sequentially quarter-over-quarter, with increased transactions per agent indicating higher productivity.
eXp World Holdings generated $1.3 billion in revenue in Q2 2025, with real estate sales volume up 1% year-over-year despite a 2% decrease in sales transactions.
International segment revenue grew 59% year-over-year, driven by increased productive agents and new market launches, though adjusted EBITDA loss increased due to expansion and events.
Non-GAAP gross margin was 12%, while GAAP gross margin was 7.1%, down 40 basis points from Q2 2024 due to more agents reaching their cap.
North America Realty segment remains the largest revenue and profit generator with $1.3 billion revenue and $19.8 million adjusted EBITDA in Q2.
Other affiliated services contributed modest revenue but had an adjusted EBITDA loss of $2.3 million.
The company ended Q2 with $94.6 million in cash, after paying $17 million of a $34 million antitrust litigation settlement.