| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q1'26 | April 28, 2026 | 11/12 | 2 medium, 6 low flags | 3 | 0 | Call sheet → |
| Q4'25 | February 5, 2026 | 10/12 | 3 medium, 3 low flags | 3 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Delivered | Disciplined capital allocation with buyback optionality $200M repurchased in Q1, much more aggressive than expected |
| Q1'26 | Exceeded | Target of $80M annual incremental NOI from operating initiatives Hit Horizon 1 target of $55M early, now targeting Horizon 2 of $80M |
| Q1'26 | Pending | $800M development starts in 2026 at 6.5-7% yields $190M started in Q1, on track for full-year target |
| Q1'26 | Delivered | $47M development NOI in 2026, $120M in 2027 Upgraded from $33M previously-ahead of original timeline |
| Q1'26 | Pending | 2% blended rent change for calendar year 2026 Q1 tracking ahead with asking rents up high-4% range YTD |
| Q1'26 | Pending | 1.4% same-store revenue growth for 2026 Q1 came in at 1.6%, trending slightly ahead of plan |
| Q4'25 | Pending | Low levels of new supply will be relative winners Supply thesis intact but demand environment weaker than anticipated |
| Q4'25 | Delivered | Supply backdrop will serve as tailwind Confirmed supply dropping to 80 bps of stock in established regions, lowest since GFC |
| Q4'25 | Delivered | Balance sheet strength provides flexibility for continued investment Executed $490M in share buybacks and maintained strong liquidity position |
| Q4'25 | Delivered | Development projects tracking ahead of initial underwriting Confirmed outperformance with 10 bps higher yields and $50/month rent premiums |
| Q4'25 | Missed | Expecting fundamentals to improve as year progresses Guided to weaker revenue growth (1.4%) than current run rate, suggesting fundamentals not improving as expected |
| Q4'25 | Pending | 60% progress toward $80M annual incremental NOI from operating initiatives Still claiming 60% progress with no advancement from Q3 to Q4 - concerning lack of momentum |
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