With Q3 2023 REIT earnings season in the rearview mirror, takeaways reveal an industry navigating choppy waters and bracing for headwinds. An evaluation of financial reports from the five largest multifamily REITs in terms of market capitalization (AvalonBay, Equity Residential, Mid-America Apartment Communities, Essex Property Trust and UDR, Inc.) indicate that revenue growth is stalling, some expenses are on the rise and net operating incomes (NOIs) are being squeezed—especially compared with 2022...
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