2Q26 Resi REIT Earnings Weekly Recap: AMH, CPT, ESS, INVH, MAA, SUI & UDR

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Residential REITs

2Q26 Resi REIT Earnings Weekly Recap:

AMH, CPT, ESS, INVH, MAA, SUI & UDR

Price Objective Change

Resi week 2 earnings: all 7 beat Street, 5 raised ’26 guide

Residential REIT results were broadly positive, with five companies beating and raising

2026 guidance (AMH, INVH, ESS, SUI and UDR), while CPT and MAA posted modest FFO

beats but left full year guidance unchanged. MAA slightly lowered its revenue guide.

Earnings upside was driven largely by expense discipline and stronger NOI growth, while

leasing trends improved through the quarter and into July. Despite improving operating

trends, most REITs made only modest changes to same store revenue and NOI

assumptions, with guidance increases generally driven by better cost control and capital

recycling. Additionally, in 2Q, several REITs were active in the capital markets with

acquisitions/dispositions and share repurchases.

Leasing trends improved in June & July vs Nareit update

INVH and AMH both showed improvement in blended rent growth at +2.7%, up from

their NAREIT update, and AMH July new lease growth accelerated further to +1.6% and

+3.3% renewals. Apartment REITs also generally reported modest improvements in

June/July vs. April/May. Positively, apartment peak leasing season has extended longer vs.

in 2025. CPT and MAA expect 3Q blended rate growth to exceed 2Q based on

momentum in leasing, which historically is against the seasonal trend. CPT expects

blended rent growth of 1%+ in 2H26 as renewal increases have improved. Turnover

continues to reach new lows. We will continue to monitor third party rent data.

Controllable opex, RE taxes & insurance drive FFO

Lower-than-expected expense growth drove much of the quarter's earnings upside. AMH

reported SS expense growth of +1.7% vs our +3.9%, while INVH reported +1.9% vs our

+3.8%. SUI increased NOI guidance entirely through lower expense assumptions. This

was also a common theme among apartment REITs, supporting guidance increases.

Capital allocation remains active; buybacks continue

CPT completed its Southern California Portfolio sale for $1.625 billion at a 5.6% sellers

cap rate / 5.3% buyers cap rate.…