Apartment Jedi with Andrew Bowen

Andrew Bowen

A podcast about the wonderful world of Residential Property Management.

  1. Q4-25 REIT Earnings Call Recap

    Feb 24

    Q4-25 REIT Earnings Call Recap

    Episode 22: Q4 2025 REIT Earnings Recap — Groundhog Day… Until It Wasn’t Guest: Greg Willett, Chief Economist, LeaseLock Format: Quarterly LinkedIn Live In this episode: 🔁 The Groundhog Day Themes Supply pressures easing in 2026Back-half rent growth expectations (counter-seasonal strength)Renewals driving blended rent growthExpense moderation — especially insuranceRenter financial health stabilizingBad debt largely back to pre-COVID norms🔄 The Shift: Camden’s California Exit 92% of advocacy spend concentrated in California~$2M annual advocacy costs$1.5–$2B capital redeployment60% reinvestment into Sunbelt40% potentially toward stock buybacksAnalysts pressing on regulatory cost underwriting💰 Capital Allocation Shift Stock buybacks increasingly favored over new developmentREITs more cautious on 2026 startsNAV discounts influencing strategyDevelopment pipeline still active — but less aggressive🌎 Market Breakdown Bay Area / San Francisco No new supplyReturn-to-office momentum finally visibleRent growth leading nationallyStill recovering from deep COVID-era lossesLos Angeles Core LA under pressureSouthern California still investable — but more complexInstitutional capital reassessing regulatory exposureAtlanta & Dallas Green shoots emergingClass A leading recovery in DallasAtlanta showing renewed momentumDenver Supply + stalled job growth20-year outperformance history — but currently laggingDemand underperforming expectationsBoston Policy risk emergingAnalysts probing regulatory exposureWashington D.C. Surprisingly muted discussionLittle analyst follow-up despite activity📈 2026 Outlook (Greg’s View) Not a breakout yearNot a recession yearA transition yearMoving toward normalizationPositioned for stronger 2027–2028 performance

    38 min

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A podcast about the wonderful world of Residential Property Management.