Growth ChallengesWhile management laid out an optimistic setup for the next three years, there is a preference for seeing incremental progress on newer initiatives driving growth as well as improved market fundamentals before becoming more positive.
Market UncertaintyWhile 2026 demand is likely to mirror 2025 and uncertainty remains over a potential Housing Emergency declaration.
Supply HeadwindsShadow supply remains a meaningful headwind that's difficult to quantify, and there is remaining uncertainty with property tax growth and FFO guidance.