2026 Growth OutlookA softer growth outlook for 2026 may slow net operating income expansion and constrain free cash flow generation.
Market Revenue DeclinesDecreases in year-over-year revenue in key markets such as Miami, Dallas–Fort Worth, Phoenix, and Las Vegas threaten overall portfolio revenue and valuation multiples.
Relative Underperformance Versus PeersFailure to outperform peers despite lower operating expense growth could limit investor appetite and pressure valuation relative to competitors.