2025年第一季度多户住宅审查- AVB、CPT、EQR、ESS、IRT、MAA、NXRT、UDR

Jonathan Petersen * | Equity Analyst(212) 284-1705 | jpetersen@jefferies.comJoe Dickstein * | Equity Analyst+1 (212) 778-8771 | jdickstein1@jefferies.comBrendan Cutler * | Equity Associate+1 (332) 236-6839 | bcutler@jefferies.com Summary of ChangesCompanyAvalonBay CommunitiesAVBPreviousCamden Property TrustCPTPreviousEquity ResidentialEQRPreviousEssex Property TrustESSPreviousIndependence Realty TrustIRTPreviousMid-America ApartmentsMAAPreviousNexPointNXRTPreviousUDR, Inc.UDRPrevious^Prior trading day's closing price unless otherwise noted.Please see important disclosure information on pages 39 - 45 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. RatingPrice^HOLD$204.70BUY$117.23HOLD$69.59BUY$280.80BUY$18.92BUY$160.93HOLD$36.22HOLD$41.65 Exhibit 3 - Relative Stock Performance vs FTSE NAREIT Equity Apartment IndexSince Earnings Report Date.3.3%1.3%1.3%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%CPTESSMAASource: Jefferies, FactSetStock performance through 5/13/25Exhibit 5 - New Lease Rate Growth Trend.2Q243Q24ESS1.7%AVB2.5%EQR0.2%-1.2%UDR0.5%-2.1%CPT-2.6%-2.2%IRT-1.0%-3.6%MAA-5.1%-5.4%NXRT---6.4%AMH5.7%INVH3.5%Source: Jefferies, Company FilingsExhibit 7 - Blended Lease Rate Growth Trend.2Q243Q24ESS3.4%EQR2.9%AVB3.7%UDR2.4%IRT1.8%CPT0.0%MAA0.1%-0.2%NXRT--AMH5.3%INVH5.0%Source: Jefferies, Company FilingsPlease see important disclosure information on pages 39 - 45 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 9 - FY25 SS NOI Growth Guidance vs Consensus.TickerSS NOI GrowthAMHESSAVBEQRIRTINVHUDRCPTMAAWtd AvgSource: Jefferies, Company Filings, Visible AlphaExhibit 11 - Same Store Guidance Comparison.AMHESSAVBEQRIRTINVHUDRCPTMAANXRTMedianSource: Jefferies, S&P Global Market Intelligence, Company FilingsUpdating Estimates/PT:•AVB:We decrease our '25 FFO/sh estimate to $11.35 from $11.43 and our '26 FFO/sh estimateto $11.90 from $11.91. We raise our PT by $6 to $223 and maintain Hold.•CPT:We increase our '25 FFO/sh estimate to $6.80 from $6.77 and decrease our '26 FFO/shestimate to $7.10 from $7.11. We increase our PT by $7 to $134 and maintain Buy.•EQR:We maintain our '25 FFO/sh estimate of $3.95 and decrease our '26 FFO/sh estimate to$4.08 from $4.09. We increase our PT by $5 to $73 and maintain Hold.•ESS:We maintain our '25 FFO/sh estimate of $15.96 and our '26 FFO/sh estimate of $16.49.We increase our PT by $11 to $329 and maintain Buy.•IRT:We maintain our '25 FFO/sh estimate of $1.18 and maintain our '26 FFO/sh estimate of$1.25. We increase our PT by $1 to $22 and maintain Buy.•MAA:We maintain our '25 FFO/sh estimate of $8.80 and maintain our '26 FFO/sh estimate of$9.13. We increase our PT by $9 to $187 and maintain Buy.•NXRT:We increase our '25 FFO/sh estimate to $2.73 from $2.65 and increase our '26 FFO/shestimate to $2.76 from $2.65. We increase our PT by $1 to $36 and maintain Hold.Please see important disclosure information on pages 39 - 45 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. •UDR:We decrease our '25 FFO/sh estimate to $2.50 from $2.51 and maintain our '26 FFO/shestimate of $2.57. We icrease our PT by $3 to $45 and maintain Hold.Please see important disclosure information on pages 39 - 45 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 12 - AVB Income Statement, FFO Reconciliation & Balance Sheet.Income Statement ($ in millions)Property RevenueProperty ExpensesNet Operating IncomeNOI MarginG&AOther Income/(Expense)EBITDAEBITDA MarginInterest ExpenseOther AdjustmentsFunds From OperationsAdjustments for One-Time ItemsNormalized FFOShare CountFFO/shNormalized FFO/shYoY GrowthEPSRecurring CapexOther AdjustmentsAFFOAFFO/shYoY GrowthDividend/shYoY GrowthAFFO Payout RatioBalance Sheet ($ in millions)Buildings & Improvement, NetConstruction in ProgressLandReal EstateCashOther AssetsTotal AssetsTotal DebtOther LiabilitiesTotal LiabilitiesMinority InterestEquityTotal Liabilities and EquitySource: Jefferies, Company DataPlease see important disclosure information on pages 39 - 45 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 13 - AVB Net Asset Value (NAV).($ in millions)Line ItemNOIWholly-Owned NOIPro Rata JV NOIAdjustmentsCore NOICIPEst YieldCIP NOIPro Forma NOIMgmt Expense 0.0%CapEx @ 4.5% of NOIG&A @ 25%Net Pro Forma NOIAssetsNominal Cap RateEconomic Cap RateMarket Value of AssetsMgmt Income (from Unconsolidated Assets)Mgmt Income at 4xCashOther AssetsLand Held for DevelopmentGross Net Asset ValueLiabilitiesWholly-Owned DebtOther LiabilitiesPro Rata JV DebtPreferred StockTotal LiabilitiesMinority InterestNet Asset ValueShares & Units (M)NAV per ShareStock PricePremium/Discount to NAVImplied Nominal Cap RateImplied Economic Cap RateImplied NAV GrowthSource: Jefferies, Company Filings,