Supporting evidence

• LedgerRevenue +2% YoY (Q4 FY2025)
• LedgerWeak quarter based on: Key operating metrics (Same Store NOI, physical occupancy, NFFO per share) not available in provided release data · Guidance unchanged, reflecting stable but unexciting near-ter…
• GuidanceGuidance maintained

• EventInsufficient Metric Data for Full Assessment
• EventGuidance Maintained
• EventNeutral Management Tone
• EventExpected to be accretive to shareholders, generate $175 million of gross synergies, $125 million of net synergies, $2 billion of annual cash flow, and drive earnings growth.
• InitiativeCommitment by the combined company to increase the availability of housing.
• InitiativeReaffirmation of commitment to affordable housing through new and expanded initiatives.
• EventInsufficient reported metrics prevent full fundamental assessment of Same Store NOI and physical occupancy trends
• EventCompetitive pressure from AvalonBay Communities across overlapping coastal markets could pressure occupancy and rental rate growth