Americas Real Estate: REITs: MAA/ESS/INVH: Sunbelt recovery continues to lag West Coast and SFR

Research evidence excerpt

Americas Real Estate: REITs: MAA/ESS/INVH: Sunbelt recovery continues to lag West Coast and SFR

Equity Research

29 July 2026 | 3:32PM PDT

Americas Real Estate: REITs: MAA/ESS/INVH: Sunbelt recovery

continues to lag West Coast and SFR

INVH, MAA, and ESS reported mixed 2Q26 results, with Core FFO vs consensus ahead Julien Blouin

+1(415)393-7638 |

for INVH and ESS and in line for MAA. Same-store NOI was generally supported by julien.blouin@gs.com

Goldman Sachs & Co. LLC

better expense performance, though softer revenue trends weighed on INVH/MAA,

Ryan Treais

while ESS benefited from stronger revenue growth. Rent growth trends were mixed, +1(415)249-7061 | ryan.treais@gs.com

as INVH blends were mostly inline, MAA blends disappointed slightly, and ESS blends Goldman Sachs & Co. LLC

Shikhar Guptacame in ahead of GSe and consensus. Guidance was raised for INVH and ESS, while +1(332)245-7974 |

MAA lowered same-store revenue and NOI guidance but kept its FY26 Core FFO shikhar.y.gupta@gs.comGoldman Sachs India SPL

midpoint unchanged. Overall, we expect ESS to react positively, INVH to trade

broadly inline, and MAA to underperform. See below for more details.

Questions for management: We will look for color on the call regarding July rent

trends, renewal offers into future months, whether concessions eased during peak

leasing, and which markets are seeing the strongest and weakest ramps through July.

INVH: Strong blends and guidance upgrade

n FFO Update: INVH reported 2Q26 Core FFO of $0.51, above GSe and consensus

estimates of $0.49. Lower same-store revenue growth was offset by better

same-store expense performance, resulting in same-store NOI growth in line

with GSe and 50 bps above consensus.

n Same Store Update: Same-store revenue grew +1.6% YoY (-50bps/-9bps below