Fresh 6/4: NAREIT (+COLD, Business Model Growth for BRX, OHI, SPG, WPC and DLR)

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Fresh 6/4: NAREIT (+COLD, Business Model Growth for BRX, OHI, SPG, WPC and DLR)

June 4, 2026

and Houston as markets where they'd prefer to stay under 10% of NOI, and a DMV disposition may be considered

after California closes.

●Demand & Retention: Average renter age is now 35, with life events trending later — marriage, homeownership,

family formation all delayed. Residents moving out to buy a home is now less than 10% of move-outs. Retention

is high across the board, with Austin notably strong. COVID accelerated community attachment. CPT's average

resident earns ~$120k, concentrated in medical, tech, and finance. The 18–25 cohort is less than 10% of

residents. Long-term demand backdrop described as "incredibly strong" given pro-business market positioning

and structural demographic tailwinds.

●AI & Cost Savings: CPT is deploying AI across every line item. R&M performance is better than usual due to AI-

driven data improvements. Slide 33 of the deck outlines $55 million in identified savings plus an incremental $90

million opportunity.

UDR (UDR)

●AVB/EQR Merger Read-Through: UDR is focused on its own strategy and views the merger as a non-event

competitively — they are comfortable competing against the combined entity. Eager to review the proxy once

available.

●Operations & Data Science: UDR's proprietary data science program ("Ryan") analyzes 8 million apartment homes

across 35 markets on a bottoms-up basis rather than market-first. The platform informs pricing, drives margin

improvement, and provides visibility into revenue growth over 1, 5, and 10-year horizons. Management sees the

primary margin opportunity on the revenue side rather than the expense side.

●Leasing Trends: May blends came in at ~2.4%, in line with expectations, with occupancy also improving.