Shares declined 0.9% following the Q1 report, with the market response reflecting a broadly neutral update and no major surprises in the results or outlook. Management highlighted steady occupancy, improving blended lease pricing, and strong collections, while also acknowledging persistent supply pressures impacting new lease rates in select markets.

• Physical occupancy held stable at 95.5%, with net delinquency at 0.3% of billed rents, consistent with previous quarters.
• New lease-over-lease growth improved by 110 basis points sequentially, though management continues to note supply pressure, particularly in markets like Austin, Charlotte, and Savannah.
• Blended lease-over-lease pricing increased 140 basis points from Q4, supported by strong renewal trends.
• Development spend outlook for 2026 was reduced to $350 million (down from $400 million initially forecast), with the start of four projects expected this year.
• Major mid-tier and large markets (Richmond, Greenville, D.C., Atlanta, Dallas, Orlando) outperformed, while a few high-supply Sunbelt markets continue to lag.