# REIT - Residential — company-by-company sector analysis > REIT - Residential: Invitation Homes Inc. owns the largest revenue base; Bluerock Homes Trust, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line REIT - Residential has underperformed S&P 500 by 23.7% over 52 weeks and 4% over 13 weeks. 2 of 20 covered companies beat the S&P 500 on Mansfield relative strength, while 13 of 20 beat the sector itself. Invitation Homes Inc. leads with income of $2,788 million, based on 16 of 22 comparable companies through Mar 2026. ### Is the REIT - Residential sector outperforming S&P 500? REIT - Residential has underperformed S&P 500 by 23.7% over 52 weeks and 4% over 13 weeks. 2 of 20 covered companies beat the S&P 500 on Mansfield relative strength, while 13 of 20 beat the sector itself. ### Which REIT - Residential company is largest by income? Invitation Homes Inc. leads with income of $2,788 million, based on 16 of 22 comparable companies through Mar 2026. ### Which REIT - Residential company is growing fastest? Bluerock Homes Trust, Inc. has the fastest current income growth at 30.4%, across 15 of 22 comparable companies. ### Which REIT - Residential company has the strongest 4-Factor Sector Score? UDR, Inc. ranks first at 64.1/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which REIT - Residential company has the lowest comparable P/BV-to-ROE? Millrose Properties, Inc. has the lowest comparable P/BV ÷ ROE at 0.38, among 12 of 22 companies that pass the metric’s comparability rules. ### How much history does this REIT - Residential comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength REIT - Residential has underperformed S&P 500 by 23.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 4%. 2 of 20 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Essex Property Trust, Inc. is the strongest against the sector itself at +15.6%. 13-week sector return versus NIFTY 500: -4.0% 52-week sector return versus NIFTY 500: -24% Stocks leading NIFTY: 2/20 Stocks leading sector: 13/20 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 22 Combined market value: ₹2.0 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. UDR, Inc. (UDR): 64/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 24.3/35 | Capital efficiency 17.3/25 | Valuation 7.5/20 | Relative strength 15.0/20 - Exact sum: 24.3 + 17.3 + 7.5 + 15 = 64.1 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 2. AvalonBay Communities, Inc. (AVB): 60/100 — Mixed-positive evidence; evidence 60% - Growth & earnings 21.0/35 | Capital efficiency 17.9/25 | Valuation 7.7/20 | Relative strength 13.1/20 - Exact sum: 21 + 17.9 + 7.7 + 13.1 = 59.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. American Homes 4 Rent (AMH): 55/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 18.8/35 | Capital efficiency 13.1/25 | Valuation 7.3/20 | Relative strength 16.2/20 - Exact sum: 18.8 + 13.1 + 7.3 + 16.2 = 55.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Equity LifeStyle Properties, Inc. (ELS): 55/100 — Mixed-positive evidence; evidence 60% - Growth & earnings 19.7/35 | Capital efficiency 18.1/25 | Valuation 5.6/20 | Relative strength 11.7/20 - Exact sum: 19.7 + 18.1 + 5.6 + 11.7 = 55.1 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 5. Essex Property Trust, Inc. (ESS): 53/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 13.1/35 | Capital efficiency 14.8/25 | Valuation 5.4/20 | Relative strength 19.8/20 - Exact sum: 13.1 + 14.8 + 5.4 + 19.8 = 53.1 - Decision use: Price leads the evidence: RS versus the benchmark is 3.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 6. Camden Property Trust (CPT): 53/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 19.5/35 | Capital efficiency 11.5/25 | Valuation 3.7/20 | Relative strength 18.3/20 - Exact sum: 19.5 + 11.5 + 3.7 + 18.3 = 53 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Invitation Homes Inc. (INVH): 53/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 19.5/35 | Capital efficiency 12.2/25 | Valuation 5.1/20 | Relative strength 15.8/20 - Exact sum: 19.5 + 12.2 + 5.1 + 15.8 = 52.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Equity Residential (EQR): 49/100 — Mixed-negative evidence; evidence 60% - Growth & earnings 15.8/35 | Capital efficiency 13.7/25 | Valuation 4.4/20 | Relative strength 15.1/20 - Exact sum: 15.8 + 13.7 + 4.4 + 15.1 = 49 - Decision use: Price leads the evidence: RS versus the benchmark is -0.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 9. Millrose Properties, Inc. (MRP): 48/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 19.7/35 | Capital efficiency 15.7/25 | Valuation 8.6/20 | Relative strength 3.5/20 - Exact sum: 19.7 + 15.7 + 8.6 + 3.5 = 47.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. UMH Properties, Inc. (UMH): 45/100 — Mixed-negative evidence; evidence 70% - Growth & earnings 18.2/35 | Capital efficiency 10.1/25 | Valuation 5.5/20 | Relative strength 11.4/20 - Exact sum: 18.2 + 10.1 + 5.5 + 11.4 = 45.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. Independence Realty Trust, Inc. (IRT): 44/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 17.3/35 | Capital efficiency 7.7/25 | Valuation 9.8/20 | Relative strength 9.3/20 - Exact sum: 17.3 + 7.7 + 9.8 + 9.3 = 44.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Mid-America Apartment Communities, Inc. (MAA): 41/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 7.4/35 | Capital efficiency 15.1/25 | Valuation 6.5/20 | Relative strength 12.4/20 - Exact sum: 7.4 + 15.1 + 6.5 + 12.4 = 41.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. Sun Communities, Inc. (SUI): 35/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 14.0/35 | Capital efficiency 5.7/25 | Valuation 9.7/20 | Relative strength 5.9/20 - Exact sum: 14 + 5.7 + 9.7 + 5.9 = 35.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. National Healthcare Properties, Inc. (NHP): 44/100 — Thin evidence · provisional; evidence 33% - Growth & earnings 16.0/35 | Capital efficiency 7.7/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 16 + 7.7 + 10 + 10 = 43.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 15. BRT Apartments Corp. (BRT): 43/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 15.4/35 | Capital efficiency 6.9/25 | Valuation 9.8/20 | Relative strength 10.9/20 - Exact sum: 15.4 + 6.9 + 9.8 + 10.9 = 43 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. Clipper Realty Inc. (CLPR): 43/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 15.9/35 | Capital efficiency 11.3/25 | Valuation 11.0/20 | Relative strength 4.4/20 - Exact sum: 15.9 + 11.3 + 11 + 4.4 = 42.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Apartment Investment and Management Company (AIV): 40/100 — Thin evidence · provisional; evidence 38% - Growth & earnings 19.4/35 | Capital efficiency 6.8/25 | Valuation 9.8/20 | Relative strength 3.5/20 - Exact sum: 19.4 + 6.8 + 9.8 + 3.5 = 39.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. Bluerock Homes Trust, Inc. (BHM): 39/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 20.6/35 | Capital efficiency 4.9/25 | Valuation 9.8/20 | Relative strength 4.0/20 - Exact sum: 20.6 + 4.9 + 9.8 + 4 = 39.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. Janus Living, Inc. (JAN): 39/100 — Thin evidence · provisional; evidence 31% - Growth & earnings 17.5/35 | Capital efficiency 7.7/25 | Valuation 3.8/20 | Relative strength 10.0/20 - Exact sum: 17.5 + 7.7 + 3.8 + 10 = 39 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. Elme Communities (ELME): 38/100 — Thin evidence · provisional; evidence 40% - Growth & earnings 16.7/35 | Capital efficiency 8.6/25 | Valuation 9.8/20 | Relative strength 3.0/20 - Exact sum: 16.7 + 8.6 + 9.8 + 3 = 38.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. NexPoint Residential Trust, Inc. (NXRT): 35/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 14.1/35 | Capital efficiency 6.2/25 | Valuation 9.6/20 | Relative strength 5.4/20 - Exact sum: 14.1 + 6.2 + 9.6 + 5.4 = 35.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. Centerspace (CSR): 33/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 13.5/35 | Capital efficiency 5.0/25 | Valuation 9.8/20 | Relative strength 4.9/20 - Exact sum: 13.5 + 5 + 9.8 + 4.9 = 33.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Income Scale & Growth Durability What the numbers say: Invitation Homes Inc. is the scale leader at $2,788 million, 21.6% ahead of Sun Communities, Inc.. Bluerock Homes Trust, Inc.'s growth is 30.4% from a $73 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Invitation Homes Inc. is the scale benchmark; Bluerock Homes Trust, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Invitation Homes Inc.'s growth falls below Bluerock Homes Trust, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Invitation Homes Inc. · $2,788 million | 21.6% versus #2 · Sun Communities, Inc. | 8/8 recent comparable periods | 16/22 companies · 381 observations Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year. ### Income — largest 1. Invitation Homes Inc. (INVH): ₹2.8K Cr 2. Sun Communities, Inc. (SUI): ₹2.3K Cr 3. Mid-America Apartment Communities, Inc. (MAA): ₹2.2K Cr 4. Essex Property Trust, Inc. (ESS): ₹1.9K Cr 5. American Homes 4 Rent (AMH): ₹1.9K Cr ### Income growth — fastest growers 1. Bluerock Homes Trust, Inc. (BHM): 30% 2. UMH Properties, Inc. (UMH): 9.4% 3. American Homes 4 Rent (AMH): 5.6% 4. Invitation Homes Inc. (INVH): 5.4% 5. Essex Property Trust, Inc. (ESS): 5.3% ### 20-quarter Income history - AVB: Sep 2021 ₹581 Cr | Dec 2021 ₹601 Cr | Mar 2022 ₹614 Cr | Jun 2022 ₹645 Cr | Sep 2022 ₹665 Cr | Dec 2022 ₹670 Cr | Mar 2023 ₹675 Cr | Jun 2023 ₹691 Cr | Sep 2023 ₹698 Cr | Dec 2023 ₹705 Cr | Mar 2024 ₹713 Cr | Jun 2024 ₹726 Cr | Sep 2024 ₹734 Cr | Dec 2024 ₹741 Cr | Mar 2025 ₹746 Cr | Jun 2025 ₹760 Cr | Sep 2025 ₹767 Cr | Dec 2025 ₹768 Cr | Mar 2026 ₹770 Cr | Jun 2026 — - EQR: Sep 2021 ₹623 Cr | Dec 2021 ₹645 Cr | Mar 2022 ₹653 Cr | Jun 2022 ₹687 Cr | Sep 2022 ₹695 Cr | Dec 2022 ₹700 Cr | Mar 2023 ₹705 Cr | Jun 2023 ₹717 Cr | Sep 2023 ₹724 Cr | Dec 2023 ₹728 Cr | Mar 2024 ₹731 Cr | Jun 2024 ₹734 Cr | Sep 2024 ₹748 Cr | Dec 2024 ₹767 Cr | Mar 2025 ₹761 Cr | Jun 2025 ₹769 Cr | Sep 2025 ₹782 Cr | Dec 2025 ₹782 Cr | Mar 2026 ₹780 Cr | Jun 2026 — - ESS: Sep 2021 ₹363 Cr | Dec 2021 ₹372 Cr | Mar 2022 ₹382 Cr | Jun 2022 ₹400 Cr | Sep 2022 ₹410 Cr | Dec 2022 ₹415 Cr | Mar 2023 ₹412 Cr | Jun 2023 ₹416 Cr | Sep 2023 ₹419 Cr | Dec 2023 ₹422 Cr | Mar 2024 ₹427 Cr | Jun 2024 ₹442 Cr | Sep 2024 ₹451 Cr | Dec 2024 ₹454 Cr | Mar 2025 ₹465 Cr | Jun 2025 ₹470 Cr | Sep 2025 ₹473 Cr | Dec 2025 ₹480 Cr | Mar 2026 ₹485 Cr | Jun 2026 — - INVH: Sep 2021 ₹510 Cr | Dec 2021 ₹520 Cr | Mar 2022 ₹532 Cr | Jun 2022 ₹557 Cr | Sep 2022 ₹569 Cr | Dec 2022 ₹580 Cr | Mar 2023 ₹590 Cr | Jun 2023 ₹600 Cr | Sep 2023 ₹618 Cr | Dec 2023 ₹624 Cr | Mar 2024 ₹646 Cr | Jun 2024 ₹653 Cr | Sep 2024 ₹660 Cr | Dec 2024 ₹659 Cr | Mar 2025 ₹674 Cr | Jun 2025 ₹681 Cr | Sep 2025 ₹688 Cr | Dec 2025 ₹685 Cr | Mar 2026 ₹734 Cr | Jun 2026 — - MAA: Sep 2021 ₹453 Cr | Dec 2021 ₹464 Cr | Mar 2022 ₹476 Cr | Jun 2022 ₹495 Cr | Sep 2022 ₹521 Cr | Dec 2022 ₹528 Cr | Mar 2023 ₹529 Cr | Jun 2023 ₹535 Cr | Sep 2023 ₹542 Cr | Dec 2023 ₹542 Cr | Mar 2024 ₹544 Cr | Jun 2024 ₹546 Cr | Sep 2024 ₹551 Cr | Dec 2024 ₹550 Cr | Mar 2025 ₹549 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹554 Cr | Dec 2025 ₹556 Cr | Mar 2026 ₹554 Cr | Jun 2026 — - SUI: Sep 2021 ₹682 Cr | Dec 2021 ₹538 Cr | Mar 2022 ₹542 Cr | Jun 2022 ₹807 Cr | Sep 2022 ₹921 Cr | Dec 2022 ₹664 Cr | Mar 2023 ₹640 Cr | Jun 2023 ₹849 Cr | Sep 2023 ₹968 Cr | Dec 2023 ₹582 Cr | Mar 2024 ₹465 Cr | Jun 2024 ₹591 Cr | Sep 2024 ₹675 Cr | Dec 2024 ₹510 Cr | Mar 2025 ₹466 Cr | Jun 2025 ₹607 Cr | Sep 2025 ₹680 Cr | Dec 2025 ₹505 Cr | Mar 2026 ₹501 Cr | Jun 2026 — - AMH: Sep 2021 ₹340 Cr | Dec 2021 ₹338 Cr | Mar 2022 ₹356 Cr | Jun 2022 ₹362 Cr | Sep 2022 ₹392 Cr | Dec 2022 ₹381 Cr | Mar 2023 ₹398 Cr | Jun 2023 ₹396 Cr | Sep 2023 ₹422 Cr | Dec 2023 ₹409 Cr | Mar 2024 ₹424 Cr | Jun 2024 ₹423 Cr | Sep 2024 ₹445 Cr | Dec 2024 ₹437 Cr | Mar 2025 ₹459 Cr | Jun 2025 ₹458 Cr | Sep 2025 ₹478 Cr | Dec 2025 ₹455 Cr | Mar 2026 ₹472 Cr | Jun 2026 — - UDR: Sep 2021 ₹330 Cr | Dec 2021 ₹348 Cr | Mar 2022 ₹357 Cr | Jun 2022 ₹369 Cr | Sep 2022 ₹391 Cr | Dec 2022 ₹400 Cr | Mar 2023 ₹400 Cr | Jun 2023 ₹405 Cr | Sep 2023 ₹410 Cr | Dec 2023 ₹413 Cr | Mar 2024 ₹414 Cr | Jun 2024 ₹415 Cr | Sep 2024 ₹420 Cr | Dec 2024 ₹423 Cr | Mar 2025 ₹422 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹432 Cr | Dec 2025 ₹433 Cr | Mar 2026 ₹426 Cr | Jun 2026 — - ELS: Sep 2021 ₹347 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹360 Cr | Jun 2022 ₹365 Cr | Sep 2022 ₹381 Cr | Dec 2022 ₹341 Cr | Mar 2023 ₹370 Cr | Jun 2023 ₹370 Cr | Sep 2023 ₹389 Cr | Dec 2023 ₹361 Cr | Mar 2024 ₹387 Cr | Jun 2024 ₹380 Cr | Sep 2024 ₹387 Cr | Dec 2024 ₹372 Cr | Mar 2025 ₹387 Cr | Jun 2025 ₹377 Cr | Sep 2025 ₹393 Cr | Dec 2025 ₹374 Cr | Mar 2026 ₹398 Cr | Jun 2026 — - CPT: Sep 2021 ₹297 Cr | Dec 2021 ₹308 Cr | Mar 2022 ₹314 Cr | Jun 2022 ₹363 Cr | Sep 2022 ₹374 Cr | Dec 2022 ₹377 Cr | Mar 2023 ₹379 Cr | Jun 2023 ₹386 Cr | Sep 2023 ₹392 Cr | Dec 2023 ₹389 Cr | Mar 2024 ₹384 Cr | Jun 2024 ₹390 Cr | Sep 2024 ₹389 Cr | Dec 2024 ₹388 Cr | Mar 2025 ₹393 Cr | Jun 2025 ₹399 Cr | Sep 2025 ₹398 Cr | Dec 2025 ₹396 Cr | Mar 2026 ₹391 Cr | Jun 2026 — - JAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹149 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹200 Cr | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹83 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹195 Cr | Jun 2026 — - IRT: Sep 2021 ₹61 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹155 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹163 Cr | Mar 2023 ₹161 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹162 Cr | Sep 2025 ₹167 Cr | Dec 2025 ₹167 Cr | Mar 2026 ₹165 Cr | Jun 2026 — - UMH: Sep 2021 ₹48 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹66 Cr | Jun 2026 — - NHP: Sep 2021 ₹82 Cr | Dec 2021 ₹83 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹86 Cr | Jun 2026 — - CSR: Sep 2021 ₹50 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹68 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹65 Cr | Jun 2026 — - NXRT: Sep 2021 ₹56 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹64 Cr | Jun 2026 — - AIV: Sep 2021 ₹43 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹48 Cr | Dec 2023 — | Mar 2024 ₹50 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹35 Cr | Dec 2024 — | Mar 2025 ₹23 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹35 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 — - BRT: Sep 2021 ₹8 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹25 Cr | Jun 2026 — - ELME: Sep 2021 ₹42 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹62 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLPR: Sep 2021 ₹31 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹38 Cr | Jun 2026 — - BHM: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹20 Cr | Jun 2026 — ### 20-quarter Income growth history - AVB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 14% | Dec 2022 11% | Mar 2023 9.9% | Jun 2023 7.1% | Sep 2023 5.0% | Dec 2023 5.2% | Mar 2024 5.6% | Jun 2024 5.1% | Sep 2024 5.2% | Dec 2024 5.1% | Mar 2025 4.6% | Jun 2025 4.7% | Sep 2025 4.5% | Dec 2025 3.6% | Mar 2026 3.2% | Jun 2026 — - EQR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 12% | Dec 2022 8.5% | Mar 2023 8.0% | Jun 2023 4.4% | Sep 2023 4.2% | Dec 2023 4.0% | Mar 2024 3.7% | Jun 2024 2.4% | Sep 2024 3.3% | Dec 2024 5.4% | Mar 2025 4.1% | Jun 2025 4.8% | Sep 2025 4.6% | Dec 2025 2.0% | Mar 2026 2.5% | Jun 2026 — - ESS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 13% | Dec 2022 12% | Mar 2023 7.9% | Jun 2023 4.0% | Sep 2023 2.2% | Dec 2023 1.7% | Mar 2024 3.6% | Jun 2024 6.3% | Sep 2024 7.6% | Dec 2024 7.6% | Mar 2025 8.9% | Jun 2025 6.3% | Sep 2025 4.9% | Dec 2025 5.7% | Mar 2026 4.3% | Jun 2026 — - INVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 12% | Dec 2022 12% | Mar 2023 11% | Jun 2023 7.7% | Sep 2023 8.6% | Dec 2023 7.6% | Mar 2024 9.5% | Jun 2024 8.8% | Sep 2024 6.8% | Dec 2024 5.6% | Mar 2025 4.3% | Jun 2025 4.3% | Sep 2025 4.2% | Dec 2025 4.0% | Mar 2026 8.9% | Jun 2026 — - MAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 15% | Dec 2022 14% | Mar 2023 11% | Jun 2023 8.1% | Sep 2023 4.0% | Dec 2023 2.7% | Mar 2024 2.8% | Jun 2024 2.1% | Sep 2024 1.7% | Dec 2024 1.5% | Mar 2025 0.9% | Jun 2025 0.7% | Sep 2025 0.5% | Dec 2025 1.1% | Mar 2026 0.9% | Jun 2026 — - SUI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 35% | Dec 2022 23% | Mar 2023 18% | Jun 2023 5.2% | Sep 2023 5.1% | Dec 2023 -12% | Mar 2024 -27% | Jun 2024 -30% | Sep 2024 -30% | Dec 2024 -12% | Mar 2025 0.2% | Jun 2025 2.7% | Sep 2025 0.7% | Dec 2025 -1.0% | Mar 2026 7.5% | Jun 2026 — - AMH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 15% | Dec 2022 13% | Mar 2023 12% | Jun 2023 9.4% | Sep 2023 7.7% | Dec 2023 7.4% | Mar 2024 6.5% | Jun 2024 6.8% | Sep 2024 5.5% | Dec 2024 6.9% | Mar 2025 8.3% | Jun 2025 8.3% | Sep 2025 7.4% | Dec 2025 4.1% | Mar 2026 2.8% | Jun 2026 — - UDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 18% | Dec 2022 15% | Mar 2023 12% | Jun 2023 9.8% | Sep 2023 4.9% | Dec 2023 3.3% | Mar 2024 3.5% | Jun 2024 2.5% | Sep 2024 2.4% | Dec 2024 2.4% | Mar 2025 1.9% | Jun 2025 2.4% | Sep 2025 2.9% | Dec 2025 2.4% | Mar 2026 1.0% | Jun 2026 — - ELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 9.8% | Dec 2022 1.8% | Mar 2023 2.8% | Jun 2023 1.4% | Sep 2023 2.1% | Dec 2023 5.9% | Mar 2024 4.6% | Jun 2024 2.7% | Sep 2024 -0.5% | Dec 2024 3.1% | Mar 2025 0.0% | Jun 2025 -0.8% | Sep 2025 1.6% | Dec 2025 0.5% | Mar 2026 2.8% | Jun 2026 — - CPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 26% | Dec 2022 22% | Mar 2023 21% | Jun 2023 6.3% | Sep 2023 4.8% | Dec 2023 3.2% | Mar 2024 1.3% | Jun 2024 1.0% | Sep 2024 -0.8% | Dec 2024 -0.3% | Mar 2025 2.3% | Jun 2025 2.3% | Sep 2025 2.3% | Dec 2025 2.1% | Mar 2026 -0.5% | Jun 2026 — - JAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 34% | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 135% | Jun 2026 — - IRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 172% | Sep 2022 164% | Dec 2022 112% | Mar 2023 7.3% | Jun 2023 5.8% | Sep 2023 5.0% | Dec 2023 2.5% | Mar 2024 0.0% | Jun 2024 -3.7% | Sep 2024 -5.3% | Dec 2024 -3.6% | Mar 2025 0.0% | Jun 2025 2.5% | Sep 2025 4.4% | Dec 2025 3.7% | Mar 2026 2.5% | Jun 2026 — - UMH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 8.3% | Dec 2022 6.5% | Mar 2023 15% | Jun 2023 12% | Sep 2023 7.7% | Dec 2023 16% | Mar 2024 9.4% | Jun 2024 9.1% | Sep 2024 8.9% | Dec 2024 8.8% | Mar 2025 5.2% | Jun 2025 12% | Sep 2025 9.8% | Dec 2025 8.1% | Mar 2026 8.2% | Jun 2026 — - NHP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.7% | Sep 2022 1.2% | Dec 2022 2.4% | Mar 2023 3.6% | Jun 2023 2.4% | Sep 2023 3.6% | Dec 2023 2.4% | Mar 2024 1.2% | Jun 2024 3.5% | Sep 2024 3.5% | Dec 2024 1.2% | Mar 2025 -2.3% | Jun 2025 -4.5% | Sep 2025 -3.4% | Dec 2025 -4.6% | Mar 2026 0.0% | Jun 2026 — - CSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 30% | Dec 2022 17% | Mar 2023 13% | Jun 2023 3.2% | Sep 2023 0.0% | Dec 2023 -5.9% | Mar 2024 -4.4% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 3.1% | Mar 2025 3.1% | Jun 2025 6.2% | Sep 2025 9.2% | Dec 2025 1.5% | Mar 2026 -3.0% | Jun 2026 — - NXRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 21% | Dec 2022 19% | Mar 2023 13% | Jun 2023 6.1% | Sep 2023 2.9% | Dec 2023 0.0% | Mar 2024 -1.5% | Jun 2024 -8.6% | Sep 2024 -8.6% | Dec 2024 -7.3% | Mar 2025 -7.4% | Jun 2025 -1.6% | Sep 2025 -1.6% | Dec 2025 -3.1% | Mar 2026 1.6% | Jun 2026 — - AIV: Sep 2021 — | Dec 2021 — | Mar 2022 25% | Jun 2022 28% | Sep 2022 12% | Dec 2022 -11% | Mar 2023 -12% | Jun 2023 -9.8% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 14% | Jun 2024 11% | Sep 2024 -27% | Dec 2024 — | Mar 2025 -54% | Jun 2025 3.9% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 — | Jun 2026 — - BRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 114% | Sep 2022 175% | Dec 2022 130% | Mar 2023 109% | Jun 2023 53% | Sep 2023 9.1% | Dec 2023 4.4% | Mar 2024 0.0% | Jun 2024 4.4% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 4.4% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 4.2% | Jun 2026 — - ELME: Sep 2021 — | Dec 2021 4.7% | Mar 2022 17% | Jun 2022 24% | Sep 2022 31% | Dec 2022 24% | Mar 2023 17% | Jun 2023 12% | Sep 2023 3.6% | Dec 2023 5.4% | Mar 2024 7.1% | Jun 2024 5.3% | Sep 2024 7.0% | Dec 2024 3.4% | Mar 2025 1.7% | Jun 2025 3.3% | Sep 2025 1.6% | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.2% | Sep 2022 6.5% | Dec 2022 6.5% | Mar 2023 6.3% | Jun 2023 9.4% | Sep 2023 6.1% | Dec 2023 6.1% | Mar 2024 5.9% | Jun 2024 5.7% | Sep 2024 8.6% | Dec 2024 8.6% | Mar 2025 8.3% | Jun 2025 5.4% | Sep 2025 0.0% | Dec 2025 -2.6% | Mar 2026 -2.6% | Jun 2026 — - BHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 125% | Dec 2022 67% | Mar 2023 25% | Jun 2023 25% | Sep 2023 11% | Dec 2023 10% | Mar 2024 10% | Jun 2024 30% | Sep 2024 30% | Dec 2024 27% | Mar 2025 45% | Jun 2025 31% | Sep 2025 31% | Dec 2025 36% | Mar 2026 25% | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Essex Property Trust, Inc. leads with $603 million of TTM profit, 12.9% above American Homes 4 Rent. Camden Property Trust shows ≥100% on the scoring scale (214.2% uncapped) growth from a $399 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Essex Property Trust, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Essex Property Trust, Inc. · $603 million | 12.9% versus #2 · American Homes 4 Rent | 4/8 recent comparable periods | 16/22 companies · 388 observations Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table. ### Net profit — largest 1. Essex Property Trust, Inc. (ESS): ₹603 Cr 2. American Homes 4 Rent (AMH): ₹534 Cr 3. UDR, Inc. (UDR): ₹524 Cr 4. Millrose Properties, Inc. (MRP): ₹463 Cr 5. Camden Property Trust (CPT): ₹399 Cr ### Profit growth — fastest growers 1. Camden Property Trust (CPT): 100% 2. UDR, Inc. (UDR): 100% 3. Invitation Homes Inc. (INVH): 65% 4. Independence Realty Trust, Inc. (IRT): 53% 5. American Homes 4 Rent (AMH): 14% ### 20-quarter Net profit history - AVB: Sep 2021 ₹79 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹262 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹495 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹368 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹242 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹254 Cr | Sep 2024 ₹373 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹270 Cr | Sep 2025 ₹384 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹328 Cr | Jun 2026 — - EQR: Sep 2021 ₹447 Cr | Dec 2021 ₹561 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹233 Cr | Sep 2022 ₹335 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹220 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹322 Cr | Mar 2024 ₹305 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹434 Cr | Mar 2025 ₹265 Cr | Jun 2025 ₹199 Cr | Sep 2025 ₹297 Cr | Dec 2025 ₹391 Cr | Mar 2026 ₹93 Cr | Jun 2026 — - ESS: Sep 2021 ₹125 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹194 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹93 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹302 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹232 Cr | Sep 2025 ₹173 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹112 Cr | Jun 2026 — - INVH: Sep 2021 ₹56 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹74 Cr | Jun 2026 — - MAA: Sep 2021 ₹87 Cr | Dec 2021 ₹191 Cr | Mar 2022 ₹114 Cr | Jun 2022 ₹217 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹199 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹165 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹127 Cr | Jun 2026 — - SUI: Sep 2021 ₹253 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-48 Cr | Jun 2023 ₹-212 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹-37 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹278 Cr | Dec 2024 ₹-242 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-92 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹-6 Cr | Jun 2026 — - AMH: Sep 2021 ₹49 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹149 Cr | Jun 2026 — - UDR: Sep 2021 ₹19 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹370 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹203 Cr | Jun 2026 — - ELS: Sep 2021 ₹74 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹111 Cr | Jun 2026 — - CPT: Sep 2021 ₹31 Cr | Dec 2021 ₹218 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹499 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹224 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹44 Cr | Jun 2026 — - JAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-2 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-9 Cr | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-57 Cr | Jun 2024 ₹-60 Cr | Sep 2024 ₹-64 Cr | Dec 2024 ₹-66 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹123 Cr | Jun 2026 — - IRT: Sep 2021 ₹22 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-40 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - UMH: Sep 2021 ₹4 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹8 Cr | Jun 2026 — - NHP: Sep 2021 ₹-40 Cr | Dec 2021 ₹-19 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹-18 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-25 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-117 Cr | Sep 2024 ₹-41 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-21 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹-4 Cr | Jun 2026 — - CSR: Sep 2021 ₹-11 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹-15 Cr | Jun 2026 — - NXRT: Sep 2021 ₹-5 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-27 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-7 Cr | Jun 2026 — - AIV: Sep 2021 ₹-5 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹253 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹-205 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹-153 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-61 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹303 Cr | Dec 2025 ₹319 Cr | Mar 2026 — | Jun 2026 — - BRT: Sep 2021 ₹28 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-3 Cr | Jun 2026 — - ELME: Sep 2021 ₹31 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-44 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-124 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLPR: Sep 2021 ₹-3 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-35 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹-11 Cr | Jun 2026 — - BHM: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-10 Cr | Jun 2026 — ### 20-quarter Profit growth history - AVB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -69% | Sep 2022 527% | Dec 2022 -28% | Mar 2023 -44% | Jun 2023 165% | Sep 2023 -65% | Dec 2023 0.4% | Mar 2024 18% | Jun 2024 -31% | Sep 2024 117% | Dec 2024 17% | Mar 2025 36% | Jun 2025 6.3% | Sep 2025 3.0% | Dec 2025 -41% | Mar 2026 38% | Jun 2026 — - EQR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 -25% | Dec 2022 -71% | Mar 2023 197% | Jun 2023 -38% | Sep 2023 -46% | Dec 2023 95% | Mar 2024 39% | Jun 2024 27% | Sep 2024 -18% | Dec 2024 35% | Mar 2025 -13% | Jun 2025 8.2% | Sep 2025 99% | Dec 2025 -9.9% | Mar 2026 -65% | Jun 2026 — - ESS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -21% | Dec 2022 35% | Mar 2023 108% | Jun 2023 71% | Sep 2023 -6.1% | Dec 2023 -64% | Mar 2024 76% | Jun 2024 -6.6% | Sep 2024 34% | Dec 2024 331% | Mar 2025 -25% | Jun 2025 134% | Sep 2025 38% | Dec 2025 -72% | Mar 2026 -47% | Jun 2026 — - INVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 95% | Sep 2022 -1.8% | Dec 2022 33% | Mar 2023 21% | Jun 2023 8.3% | Sep 2023 35% | Dec 2023 1.3% | Mar 2024 1.1% | Jun 2024 -67% | Sep 2024 -35% | Dec 2024 -49% | Mar 2025 3.3% | Jun 2025 217% | Sep 2025 92% | Dec 2025 122% | Mar 2026 -22% | Jun 2026 — - MAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.1% | Sep 2022 45% | Dec 2022 4.2% | Mar 2023 23% | Jun 2023 -31% | Sep 2023 -9.5% | Dec 2023 -17% | Mar 2024 5.7% | Jun 2024 -30% | Sep 2024 3.5% | Dec 2024 3.6% | Mar 2025 26% | Jun 2025 5.7% | Sep 2025 -14% | Dec 2025 -67% | Mar 2026 -32% | Jun 2026 — - SUI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -30% | Dec 2022 -233% | Mar 2023 -2,500% | Jun 2023 -362% | Sep 2023 -23% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 104% | Dec 2024 -1,713% | Mar 2025 — | Jun 2025 -379% | Sep 2025 -101% | Dec 2025 — | Mar 2026 — | Jun 2026 — - AMH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 27% | Dec 2022 70% | Mar 2023 97% | Jun 2023 53% | Sep 2023 42% | Dec 2023 -13% | Mar 2024 -7.3% | Jun 2024 -5.2% | Sep 2024 0.0% | Dec 2024 58% | Mar 2025 0.8% | Jun 2025 14% | Sep 2025 33% | Dec 2025 0.0% | Mar 2026 16% | Jun 2026 — - UDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -62% | Sep 2022 32% | Dec 2022 -63% | Mar 2023 120% | Jun 2023 7,300% | Sep 2023 40% | Dec 2023 -23% | Mar 2024 39% | Jun 2024 -92% | Sep 2024 -31% | Dec 2024 -117% | Mar 2025 78% | Jun 2025 29% | Sep 2025 79% | Dec 2025 — | Mar 2026 148% | Jun 2026 — - ELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 -4.1% | Dec 2022 12% | Mar 2023 -1.2% | Jun 2023 1.5% | Sep 2023 14% | Dec 2023 25% | Mar 2024 34% | Jun 2024 24% | Sep 2024 7.4% | Dec 2024 5.2% | Mar 2025 -0.9% | Jun 2025 1.2% | Sep 2025 15% | Dec 2025 3.0% | Mar 2026 -2.6% | Jun 2026 — - CPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,510% | Sep 2022 3.2% | Dec 2022 -78% | Mar 2023 -48% | Jun 2023 -81% | Sep 2023 56% | Dec 2023 377% | Mar 2024 95% | Jun 2024 -52% | Sep 2024 -104% | Dec 2024 -81% | Mar 2025 -52% | Jun 2025 84% | Sep 2025 — | Dec 2025 267% | Mar 2026 7.3% | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 208% | Jun 2026 — - IRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -267% | Sep 2022 -23% | Dec 2022 -69% | Mar 2023 -89% | Jun 2023 — | Sep 2023 -76% | Dec 2023 -205% | Mar 2024 100% | Jun 2024 0.0% | Sep 2024 225% | Dec 2024 — | Mar 2025 -50% | Jun 2025 -27% | Sep 2025 -46% | Dec 2025 — | Mar 2026 -100% | Jun 2026 — - UMH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -144% | Sep 2022 -225% | Dec 2022 -76% | Mar 2023 -167% | Jun 2023 — | Sep 2023 — | Dec 2023 175% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -55% | Mar 2025 — | Jun 2025 60% | Sep 2025 -31% | Dec 2025 0.0% | Mar 2026 60% | Jun 2026 — - CSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -117% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -110% | Jun 2024 — | Sep 2024 -122% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NXRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -90% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 350% | Mar 2024 — | Jun 2024 — | Sep 2024 -126% | Dec 2024 -250% | Mar 2025 -127% | Jun 2025 -164% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AIV: Sep 2021 — | Dec 2021 — | Mar 2022 -52% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -160% | Jun 2023 -100% | Sep 2023 -94% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -1,100% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 500% | Sep 2022 -75% | Dec 2022 — | Mar 2023 -133% | Jun 2023 -69% | Sep 2023 -114% | Dec 2023 — | Mar 2024 — | Jun 2024 -118% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ELME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -135% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -100% | Dec 2022 -200% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -350% | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Funding Base & Its Composition What the numbers say: There is not enough comparable evidence to name a reliable deposits leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current borrowings signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/22 companies · 0 observations Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive. ### Deposits — largest deposit bases ### Borrowings — largest borrowings 1. AvalonBay Communities, Inc. (AVB): ₹9.0K Cr 2. Invitation Homes Inc. (INVH): ₹8.8K Cr 3. Equity Residential (EQR): ₹8.6K Cr 4. Essex Property Trust, Inc. (ESS): ₹6.9K Cr 5. UDR, Inc. (UDR): ₹5.8K Cr ### 20-quarter Deposits history ### 20-quarter Borrowings history - AVB: Sep 2021 ₹8.0K Cr | Dec 2021 ₹8.3K Cr | Mar 2022 ₹8.2K Cr | Jun 2022 ₹8.4K Cr | Sep 2022 ₹8.2K Cr | Dec 2022 ₹8.5K Cr | Mar 2023 ₹8.2K Cr | Jun 2023 ₹8.2K Cr | Sep 2023 ₹8.1K Cr | Dec 2023 ₹8.1K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹8.7K Cr | Sep 2024 ₹8.6K Cr | Dec 2024 ₹8.3K Cr | Mar 2025 ₹8.5K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹8.9K Cr | Dec 2025 ₹9.5K Cr | Mar 2026 ₹9.5K Cr | Jun 2026 ₹9.0K Cr - EQR: Sep 2021 ₹8.5K Cr | Dec 2021 ₹8.7K Cr | Mar 2022 ₹8.5K Cr | Jun 2022 ₹8.3K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹7.8K Cr | Sep 2023 ₹7.8K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹7.5K Cr | Jun 2024 ₹7.5K Cr | Sep 2024 ₹8.7K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.2K Cr | Jun 2025 ₹8.7K Cr | Sep 2025 ₹8.7K Cr | Dec 2025 ₹8.5K Cr | Mar 2026 ₹8.6K Cr | Jun 2026 ₹8.6K Cr - ESS: Sep 2021 ₹6.2K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.3K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹6.6K Cr | Jun 2024 ₹6.3K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹6.9K Cr | Jun 2026 — - INVH: Sep 2021 ₹7.8K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.9K Cr | Jun 2022 ₹7.8K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹7.8K Cr | Mar 2023 ₹7.8K Cr | Jun 2023 ₹7.8K Cr | Sep 2023 ₹8.5K Cr | Dec 2023 ₹8.5K Cr | Mar 2024 ₹8.5K Cr | Jun 2024 ₹8.5K Cr | Sep 2024 ₹9.0K Cr | Dec 2024 ₹8.2K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.2K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹8.4K Cr | Mar 2026 ₹8.8K Cr | Jun 2026 — - MAA: Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.7K Cr | Jun 2026 — - SUI: Sep 2021 ₹4.7K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹7.2K Cr | Mar 2023 ₹7.5K Cr | Jun 2023 ₹7.6K Cr | Sep 2023 ₹7.7K Cr | Dec 2023 ₹7.8K Cr | Mar 2024 ₹7.9K Cr | Jun 2024 ₹7.9K Cr | Sep 2024 ₹7.3K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹7.3K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 — - AMH: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.1K Cr | Jun 2026 — - UDR: Sep 2021 ₹5.7K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹5.7K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹5.7K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.0K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 — - ELS: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 ₹3.3K Cr - CPT: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 — - JAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹106 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹350 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - IRT: Sep 2021 ₹1.0K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - UMH: Sep 2021 ₹507 Cr | Dec 2021 ₹499 Cr | Mar 2022 ₹615 Cr | Jun 2022 ₹626 Cr | Sep 2022 ₹726 Cr | Dec 2022 ₹762 Cr | Mar 2023 ₹751 Cr | Jun 2023 ₹727 Cr | Sep 2023 ₹687 Cr | Dec 2023 ₹690 Cr | Mar 2024 ₹672 Cr | Jun 2024 ₹669 Cr | Sep 2024 ₹615 Cr | Dec 2024 ₹615 Cr | Mar 2025 ₹606 Cr | Jun 2025 ₹659 Cr | Sep 2025 ₹673 Cr | Dec 2025 ₹761 Cr | Mar 2026 ₹760 Cr | Jun 2026 — - NHP: Sep 2021 ₹552 Cr | Dec 2021 ₹592 Cr | Mar 2022 ₹590 Cr | Jun 2022 ₹587 Cr | Sep 2022 ₹587 Cr | Dec 2022 ₹587 Cr | Mar 2023 ₹817 Cr | Jun 2023 ₹817 Cr | Sep 2023 ₹817 Cr | Dec 2023 ₹817 Cr | Mar 2024 ₹825 Cr | Jun 2024 ₹825 Cr | Sep 2024 ₹825 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹719 Cr | Jun 2025 ₹704 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - CSR: Sep 2021 ₹846 Cr | Dec 2021 ₹856 Cr | Mar 2022 ₹867 Cr | Jun 2022 ₹870 Cr | Sep 2022 ₹967 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹918 Cr | Jun 2023 ₹881 Cr | Sep 2023 ₹839 Cr | Dec 2023 ₹916 Cr | Mar 2024 ₹925 Cr | Jun 2024 ₹932 Cr | Sep 2024 ₹921 Cr | Dec 2024 ₹955 Cr | Mar 2025 ₹955 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - NXRT: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - AIV: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹952 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹953 Cr | Dec 2025 ₹582 Cr | Mar 2026 ₹470 Cr | Jun 2026 — - BRT: Sep 2021 ₹171 Cr | Dec 2021 ₹237 Cr | Mar 2022 ₹249 Cr | Jun 2022 ₹334 Cr | Sep 2022 ₹463 Cr | Dec 2022 ₹460 Cr | Mar 2023 ₹461 Cr | Jun 2023 ₹461 Cr | Sep 2023 ₹460 Cr | Dec 2023 ₹460 Cr | Mar 2024 ₹459 Cr | Jun 2024 ₹458 Cr | Sep 2024 ₹484 Cr | Dec 2024 ₹484 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹482 Cr | Sep 2025 ₹498 Cr | Dec 2025 ₹508 Cr | Mar 2026 ₹507 Cr | Jun 2026 — - CLPR: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - BHM: Sep 2021 ₹63 Cr | Dec 2021 ₹63 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹154 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹167 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹225 Cr | Jun 2024 ₹225 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹374 Cr | Mar 2025 ₹336 Cr | Jun 2025 ₹339 Cr | Sep 2025 ₹416 Cr | Dec 2025 ₹428 Cr | Mar 2026 ₹417 Cr | Jun 2026 — ## Return On Assets What the numbers say: AvalonBay Communities, Inc. leads both roa at 6.1% and roa change at +5.1 percentage points. Investor read: AvalonBay Communities, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roa change signal. Evidence: AvalonBay Communities, Inc. · 6.1% | 165.2% versus #2 · Equity LifeStyle Properties, Inc. | 3/8 recent comparable periods | 22/22 companies · 386 observations Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset. ### ROA — highest 1. AvalonBay Communities, Inc. (AVB): 6.1% 2. Equity LifeStyle Properties, Inc. (ELS): 2.3% 3. UDR, Inc. (UDR): 2.2% 4. Millrose Properties, Inc. (MRP): 1.9% 5. Essex Property Trust, Inc. (ESS): 1.2% ### ROA change — fastest improvers 1. AvalonBay Communities, Inc. (AVB): +5.1 pp 2. Clipper Realty Inc. (CLPR): +2.3 pp 3. National Healthcare Properties, Inc. (NHP): +1.2 pp 4. UDR, Inc. (UDR): +1.1 pp 5. Millrose Properties, Inc. (MRP): +0.8 pp ### 20-quarter ROA history - AVB: Sep 2021 0.8% | Dec 2021 8.8% | Mar 2022 0.9% | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 1.0% | Jun 2023 1.1% | Sep 2023 1.0% | Dec 2023 1.1% | Mar 2024 1.1% | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 1.0% | Mar 2025 1.1% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 1.1% | Mar 2026 1.0% | Jun 2026 6.1% - EQR: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 0.7% | Jun 2022 1.0% | Sep 2022 1.1% | Dec 2022 1.2% | Mar 2023 1.0% | Jun 2023 1.1% | Sep 2023 1.1% | Dec 2023 1.2% | Mar 2024 1.1% | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 1.0% | Mar 2025 1.0% | Jun 2025 1.1% | Sep 2025 1.1% | Dec 2025 1.1% | Mar 2026 1.0% | Jun 2026 1.1% - ESS: Sep 2021 0.7% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 1.1% | Mar 2023 1.0% | Jun 2023 1.1% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 1.1% | Jun 2024 1.1% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 1.1% | Jun 2025 1.2% | Sep 2025 1.1% | Dec 2025 1.2% | Mar 2026 1.2% | Jun 2026 — - INVH: Sep 2021 0.7% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 0.9% | Sep 2022 0.8% | Dec 2022 0.9% | Mar 2023 0.9% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 0.9% | Mar 2024 1.0% | Jun 2024 0.9% | Sep 2024 0.8% | Dec 2024 0.7% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 1.0% | Mar 2026 0.9% | Jun 2026 — - MAA: Sep 2021 1.1% | Dec 2021 1.2% | Mar 2022 1.3% | Jun 2022 1.3% | Sep 2022 1.4% | Dec 2022 1.6% | Mar 2023 1.5% | Jun 2023 1.5% | Sep 2023 1.5% | Dec 2023 1.5% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 1.4% | Mar 2025 1.4% | Jun 2025 1.3% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 1.2% | Jun 2026 — - SUI: Sep 2021 1.8% | Dec 2021 0.5% | Mar 2022 0.3% | Jun 2022 1.0% | Sep 2022 1.5% | Dec 2022 0.4% | Mar 2023 0.3% | Jun 2023 -0.9% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 0.2% | Jun 2024 0.7% | Sep 2024 1.0% | Dec 2024 0.1% | Mar 2025 0.2% | Jun 2025 -0.2% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 -1.3% | Jun 2026 — - AMH: Sep 2021 0.7% | Dec 2021 0.7% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 0.6% | Dec 2022 0.7% | Mar 2023 0.7% | Jun 2023 0.7% | Sep 2023 0.7% | Dec 2023 0.8% | Mar 2024 0.8% | Jun 2024 0.8% | Sep 2024 0.8% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 0.8% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 0.9% | Jun 2026 — - UDR: Sep 2021 0.3% | Dec 2021 1.2% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.6% | Dec 2022 0.8% | Mar 2023 0.6% | Jun 2023 3.6% | Sep 2023 0.7% | Dec 2023 0.8% | Mar 2024 0.7% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 1.1% | Jun 2025 0.7% | Sep 2025 0.7% | Dec 2025 2.6% | Mar 2026 2.2% | Jun 2026 — - ELS: Sep 2021 2.1% | Dec 2021 2.1% | Mar 2022 2.3% | Jun 2022 1.8% | Sep 2022 2.0% | Dec 2022 2.2% | Mar 2023 2.2% | Jun 2023 1.8% | Sep 2023 2.1% | Dec 2023 2.2% | Mar 2024 2.7% | Jun 2024 2.1% | Sep 2024 2.1% | Dec 2024 2.5% | Mar 2025 2.5% | Jun 2025 2.0% | Sep 2025 2.3% | Dec 2025 2.3% | Mar 2026 2.6% | Jun 2026 2.3% - CPT: Sep 2021 0.7% | Dec 2021 0.8% | Mar 2022 1.0% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 0.8% | Jun 2023 0.8% | Sep 2023 0.9% | Dec 2023 0.8% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 0.8% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 0.7% | Sep 2025 0.6% | Dec 2025 0.8% | Mar 2026 0.8% | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -11,39,74,000% | Jun 2024 -11,95,22,000% | Sep 2024 -12,73,40,000% | Dec 2024 -2.4% | Mar 2025 1.1% | Jun 2025 3.1% | Sep 2025 3.2% | Dec 2025 2.1% | Mar 2026 1.9% | Jun 2026 — - IRT: Sep 2021 1.1% | Dec 2021 1.4% | Mar 2022 0.2% | Jun 2022 0.4% | Sep 2022 0.9% | Dec 2022 0.7% | Mar 2023 0.5% | Jun 2023 0.5% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 0.6% | Mar 2025 0.5% | Jun 2025 0.5% | Sep 2025 0.5% | Dec 2025 0.6% | Mar 2026 0.4% | Jun 2026 — - UMH: Sep 2021 0.8% | Dec 2021 0.7% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.6% | Dec 2022 0.5% | Mar 2023 0.5% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 0.8% | Dec 2024 0.7% | Mar 2025 0.6% | Jun 2025 0.8% | Sep 2025 0.8% | Dec 2025 0.8% | Mar 2026 0.7% | Jun 2026 — - NHP: Sep 2021 -1.3% | Dec 2021 -0.4% | Mar 2022 -0.6% | Jun 2022 -0.3% | Sep 2022 -0.4% | Dec 2022 -0.2% | Mar 2023 0.1% | Jun 2023 0.1% | Sep 2023 0.0% | Dec 2023 -0.3% | Mar 2024 -0.1% | Jun 2024 -4.7% | Sep 2024 -1.1% | Dec 2024 -0.4% | Mar 2025 -0.6% | Jun 2025 -0.4% | Sep 2025 0.1% | Dec 2025 -0.3% | Mar 2026 0.6% | Jun 2026 — - CSR: Sep 2021 0.1% | Dec 2021 -0.1% | Mar 2022 -0.2% | Jun 2022 0.2% | Sep 2022 0.4% | Dec 2022 0.3% | Mar 2023 3.2% | Jun 2023 0.3% | Sep 2023 0.9% | Dec 2023 -0.1% | Mar 2024 0.2% | Jun 2024 0.4% | Sep 2024 0.3% | Dec 2024 0.1% | Mar 2025 0.3% | Jun 2025 -0.3% | Sep 2025 3.9% | Dec 2025 -0.6% | Mar 2026 -0.3% | Jun 2026 — - NXRT: Sep 2021 0.3% | Dec 2021 0.2% | Mar 2022 0.3% | Jun 2022 0.2% | Sep 2022 0.5% | Dec 2022 0.5% | Mar 2023 0.6% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 0.5% | Mar 2024 0.4% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.4% | Mar 2025 0.4% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 0.3% | Mar 2026 0.5% | Jun 2026 — - AIV: Sep 2021 — | Dec 2021 — | Mar 2022 -0.1% | Jun 2022 -0.5% | Sep 2022 -5.8% | Dec 2022 0.0% | Mar 2023 0.1% | Jun 2023 0.0% | Sep 2023 -0.1% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 -0.5% | Dec 2024 -0.3% | Mar 2025 -0.5% | Jun 2025 0.4% | Sep 2025 -3.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - BRT: Sep 2021 -0.2% | Dec 2021 -0.2% | Mar 2022 -0.1% | Jun 2022 0.0% | Sep 2022 0.1% | Dec 2022 0.1% | Mar 2023 0.1% | Jun 2023 0.2% | Sep 2023 0.3% | Dec 2023 0.5% | Mar 2024 0.3% | Jun 2024 0.4% | Sep 2024 0.4% | Dec 2024 0.4% | Mar 2025 0.4% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 0.5% | Jun 2026 — - ELME: Sep 2021 0.2% | Dec 2021 -0.1% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 -0.1% | Dec 2022 0.4% | Mar 2023 0.8% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.9% | Mar 2024 0.8% | Jun 2024 0.6% | Sep 2024 0.8% | Dec 2024 0.9% | Mar 2025 0.9% | Jun 2025 0.7% | Sep 2025 0.8% | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLPR: Sep 2021 0.6% | Dec 2021 0.3% | Mar 2022 0.5% | Jun 2022 0.6% | Sep 2022 0.6% | Dec 2022 0.6% | Mar 2023 0.6% | Jun 2023 0.7% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 0.9% | Dec 2024 0.8% | Mar 2025 -1.9% | Jun 2025 0.9% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 0.4% | Jun 2026 — - BHM: Sep 2021 0.0% | Dec 2021 -0.1% | Mar 2022 — | Jun 2022 — | Sep 2022 -0.4% | Dec 2022 -0.6% | Mar 2023 -1.5% | Jun 2023 -1.1% | Sep 2023 -0.5% | Dec 2023 -0.6% | Mar 2024 -0.6% | Jun 2024 -0.6% | Sep 2024 -0.7% | Dec 2024 -0.7% | Mar 2025 -0.7% | Jun 2025 -0.7% | Sep 2025 -0.6% | Dec 2025 -0.5% | Mar 2026 -0.6% | Jun 2026 — ### 20-quarter ROA change history - AVB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −7.8 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp | Jun 2026 +5.1 pp - EQR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.4 pp | Mar 2023 +0.3 pp | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −0.2 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp - ESS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.3 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 — - INVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.1 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 −0.1 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.3 pp | Mar 2026 −0.1 pp | Jun 2026 — - MAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.4 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +0.1 pp | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.2 pp | Jun 2026 — - SUI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.1 pp | Mar 2023 0.0 pp | Jun 2023 −1.9 pp | Sep 2023 −0.3 pp | Dec 2023 +0.4 pp | Mar 2024 −0.1 pp | Jun 2024 +1.6 pp | Sep 2024 −0.2 pp | Dec 2024 −0.7 pp | Mar 2025 0.0 pp | Jun 2025 −0.9 pp | Sep 2025 −0.7 pp | Dec 2025 +0.2 pp | Mar 2026 −1.5 pp | Jun 2026 — - AMH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 — - UDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.4 pp | Mar 2023 +0.1 pp | Jun 2023 +3.1 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 −3.0 pp | Sep 2024 −0.1 pp | Dec 2024 −0.2 pp | Mar 2025 +0.4 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +2.0 pp | Mar 2026 +1.1 pp | Jun 2026 — - ELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.1 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.5 pp | Jun 2024 +0.3 pp | Sep 2024 0.0 pp | Dec 2024 +0.3 pp | Mar 2025 −0.2 pp | Jun 2025 −0.1 pp | Sep 2025 +0.2 pp | Dec 2025 −0.2 pp | Mar 2026 +0.1 pp | Jun 2026 +0.3 pp - CPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 0.0 pp | Mar 2023 −0.2 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 −0.1 pp | Jun 2024 0.0 pp | Sep 2024 −0.1 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.2 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +11,39,74,001.1 pp | Jun 2025 +11,95,22,003.1 pp | Sep 2025 +12,73,40,003.2 pp | Dec 2025 +4.5 pp | Mar 2026 +0.8 pp | Jun 2026 — - IRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.7 pp | Mar 2023 +0.3 pp | Jun 2023 +0.1 pp | Sep 2023 −0.3 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −0.1 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 — - UMH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.2 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 — - NHP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +0.2 pp | Mar 2023 +0.7 pp | Jun 2023 +0.4 pp | Sep 2023 +0.4 pp | Dec 2023 −0.1 pp | Mar 2024 −0.2 pp | Jun 2024 −4.8 pp | Sep 2024 −1.1 pp | Dec 2024 −0.1 pp | Mar 2025 −0.5 pp | Jun 2025 +4.3 pp | Sep 2025 +1.2 pp | Dec 2025 +0.1 pp | Mar 2026 +1.2 pp | Jun 2026 — - CSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.4 pp | Mar 2023 +3.4 pp | Jun 2023 +0.1 pp | Sep 2023 +0.5 pp | Dec 2023 −0.4 pp | Mar 2024 −3.0 pp | Jun 2024 +0.1 pp | Sep 2024 −0.6 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 −0.7 pp | Sep 2025 +3.6 pp | Dec 2025 −0.7 pp | Mar 2026 −0.6 pp | Jun 2026 — - NXRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 +0.3 pp | Jun 2023 +0.3 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 −0.2 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 — - AIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 +0.5 pp | Sep 2023 +5.7 pp | Dec 2023 0.0 pp | Mar 2024 −0.1 pp | Jun 2024 0.0 pp | Sep 2024 −0.4 pp | Dec 2024 −0.3 pp | Mar 2025 −0.5 pp | Jun 2025 +0.4 pp | Sep 2025 −2.5 pp | Dec 2025 +0.3 pp | Mar 2026 +0.5 pp | Jun 2026 — - BRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.3 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +0.2 pp | Dec 2023 +0.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 — - ELME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +0.5 pp | Mar 2023 +0.8 pp | Jun 2023 +0.8 pp | Sep 2023 +0.9 pp | Dec 2023 +0.5 pp | Mar 2024 0.0 pp | Jun 2024 −0.2 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.3 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 −2.6 pp | Jun 2025 +0.1 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 +2.3 pp | Jun 2026 — - BHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.5 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.9 pp | Jun 2024 +0.5 pp | Sep 2024 −0.2 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 — ## ROE — Leaders & Improvers What the numbers say: Clipper Realty Inc. leads roe at 15%; UDR, Inc. leads roe change at +3 percentage points. Investor read: Clipper Realty Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roe change signal. Evidence: Clipper Realty Inc. · 15% | 172.7% versus #2 · Equity LifeStyle Properties, Inc. | 4/8 recent comparable periods | 22/22 companies · 386 observations Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage. ### ROE — highest 1. Clipper Realty Inc. (CLPR): 15% 2. Equity LifeStyle Properties, Inc. (ELS): 5.5% 3. UDR, Inc. (UDR): 4.8% 4. AvalonBay Communities, Inc. (AVB): 2.6% 5. Mid-America Apartment Communities, Inc. (MAA): 2.1% ### ROE change — fastest improvers 1. UDR, Inc. (UDR): +3.0 pp 2. Apartment Investment and Management Company (AIV): +2.7 pp 3. Millrose Properties, Inc. (MRP): +0.7 pp 4. Equity LifeStyle Properties, Inc. (ELS): +0.5 pp 5. AvalonBay Communities, Inc. (AVB): +0.3 pp ### 20-quarter ROE history - AVB: Sep 2021 0.7% | Dec 2021 3.1% | Mar 2022 2.4% | Jun 2022 1.3% | Sep 2022 4.5% | Dec 2022 2.2% | Mar 2023 1.3% | Jun 2023 3.2% | Sep 2023 1.5% | Dec 2023 2.1% | Mar 2024 1.5% | Jun 2024 2.2% | Sep 2024 3.1% | Dec 2024 2.4% | Mar 2025 2.0% | Jun 2025 2.3% | Sep 2025 3.2% | Dec 2025 1.4% | Mar 2026 2.8% | Jun 2026 2.6% - EQR: Sep 2021 4.0% | Dec 2021 4.9% | Mar 2022 0.7% | Jun 2022 2.1% | Sep 2022 2.9% | Dec 2022 1.4% | Mar 2023 1.9% | Jun 2023 1.3% | Sep 2023 1.6% | Dec 2023 2.8% | Mar 2024 2.6% | Jun 2024 1.6% | Sep 2024 1.3% | Dec 2024 3.7% | Mar 2025 2.3% | Jun 2025 1.7% | Sep 2025 2.6% | Dec 2025 3.4% | Mar 2026 0.8% | Jun 2026 1.1% - ESS: Sep 2021 2.0% | Dec 2021 2.3% | Mar 2022 1.3% | Jun 2022 1.0% | Sep 2022 1.6% | Dec 2022 3.2% | Mar 2023 2.7% | Jun 2023 1.8% | Sep 2023 1.6% | Dec 2023 1.2% | Mar 2024 4.9% | Jun 2024 1.7% | Sep 2024 2.2% | Dec 2024 5.3% | Mar 2025 3.7% | Jun 2025 4.0% | Sep 2025 3.0% | Dec 2025 1.5% | Mar 2026 2.0% | Jun 2026 — - INVH: Sep 2021 0.6% | Dec 2021 0.7% | Mar 2022 0.8% | Jun 2022 0.9% | Sep 2022 0.6% | Dec 2022 0.8% | Mar 2023 0.9% | Jun 2023 0.9% | Sep 2023 0.7% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 0.3% | Sep 2024 0.5% | Dec 2024 0.4% | Mar 2025 0.9% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 0.8% | Jun 2026 — - MAA: Sep 2021 1.4% | Dec 2021 3.1% | Mar 2022 1.9% | Jun 2022 3.5% | Sep 2022 2.0% | Dec 2022 3.2% | Mar 2023 2.2% | Jun 2023 2.4% | Sep 2023 1.8% | Dec 2023 2.6% | Mar 2024 2.3% | Jun 2024 1.7% | Sep 2024 1.9% | Dec 2024 2.7% | Mar 2025 3.0% | Jun 2025 1.8% | Sep 2025 1.7% | Dec 2025 1.0% | Mar 2026 2.1% | Jun 2026 — - SUI: Sep 2021 4.2% | Dec 2021 0.2% | Mar 2022 0.0% | Jun 2022 1.1% | Sep 2022 2.3% | Dec 2022 -0.3% | Mar 2023 -0.6% | Jun 2023 -2.6% | Sep 2023 1.6% | Dec 2023 0.2% | Mar 2024 -0.5% | Jun 2024 0.4% | Sep 2024 3.4% | Dec 2024 -3.2% | Mar 2025 -0.3% | Jun 2025 -1.2% | Sep 2025 0.0% | Dec 2025 1.6% | Mar 2026 -0.1% | Jun 2026 — - AMH: Sep 2021 0.7% | Dec 2021 0.9% | Mar 2022 1.0% | Jun 2022 1.1% | Sep 2022 0.9% | Dec 2022 1.5% | Mar 2023 1.9% | Jun 2023 1.6% | Sep 2023 1.2% | Dec 2023 1.2% | Mar 2024 1.7% | Jun 2024 1.4% | Sep 2024 1.1% | Dec 2024 1.9% | Mar 2025 1.7% | Jun 2025 1.6% | Sep 2025 1.5% | Dec 2025 1.9% | Mar 2026 1.9% | Jun 2026 — - UDR: Sep 2021 0.5% | Dec 2021 2.8% | Mar 2022 0.3% | Jun 2022 0.1% | Sep 2022 0.5% | Dec 2022 1.0% | Mar 2023 0.7% | Jun 2023 7.4% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 0.6% | Sep 2024 0.5% | Dec 2024 -0.1% | Mar 2025 1.8% | Jun 2025 0.9% | Sep 2025 1.0% | Dec 2025 5.5% | Mar 2026 4.8% | Jun 2026 — - ELS: Sep 2021 5.7% | Dec 2021 4.9% | Mar 2022 6.1% | Jun 2022 4.6% | Sep 2022 5.0% | Dec 2022 5.1% | Mar 2023 5.7% | Jun 2023 4.4% | Sep 2023 5.4% | Dec 2023 6.4% | Mar 2024 7.6% | Jun 2024 5.5% | Sep 2024 5.8% | Dec 2024 6.1% | Mar 2025 6.8% | Jun 2025 5.0% | Sep 2025 6.1% | Dec 2025 5.7% | Mar 2026 6.1% | Jun 2026 5.5% - CPT: Sep 2021 0.8% | Dec 2021 5.6% | Mar 2022 2.2% | Jun 2022 11% | Sep 2022 0.7% | Dec 2022 1.0% | Mar 2023 0.9% | Jun 2023 1.8% | Sep 2023 1.0% | Dec 2023 4.4% | Mar 2024 1.7% | Jun 2024 0.9% | Sep 2024 0.0% | Dec 2024 0.9% | Mar 2025 0.8% | Jun 2025 1.7% | Sep 2025 2.4% | Dec 2025 3.4% | Mar 2026 1.0% | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -11,39,74,000% | Jun 2024 -11,95,22,000% | Sep 2024 -12,73,40,000% | Dec 2024 -2.6% | Mar 2025 1.4% | Jun 2025 3.8% | Sep 2025 3.6% | Dec 2025 2.2% | Mar 2026 2.1% | Jun 2026 — - IRT: Sep 2021 3.3% | Dec 2021 5.7% | Mar 2022 3.6% | Jun 2022 -0.2% | Sep 2022 0.8% | Dec 2022 1.0% | Mar 2023 0.2% | Jun 2023 0.3% | Sep 2023 0.1% | Dec 2023 -1.1% | Mar 2024 0.5% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 0.0% | Mar 2025 0.2% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 0.9% | Mar 2026 0.0% | Jun 2026 — - UMH: Sep 2021 0.7% | Dec 2021 2.7% | Mar 2022 0.5% | Jun 2022 -1.1% | Sep 2022 -0.9% | Dec 2022 0.6% | Mar 2023 -0.2% | Jun 2023 -0.1% | Sep 2023 -0.3% | Dec 2023 1.8% | Mar 2024 -0.2% | Jun 2024 0.7% | Sep 2024 1.7% | Dec 2024 0.6% | Mar 2025 0.6% | Jun 2025 0.9% | Sep 2025 1.0% | Dec 2025 0.5% | Mar 2026 0.9% | Jun 2026 — - NHP: Sep 2021 -4.2% | Dec 2021 -1.9% | Mar 2022 -2.3% | Jun 2022 -1.7% | Sep 2022 -2.0% | Dec 2022 -1.8% | Mar 2023 -1.4% | Jun 2023 -1.7% | Sep 2023 -1.6% | Dec 2023 -2.6% | Mar 2024 -1.7% | Jun 2024 -14% | Sep 2024 -4.9% | Dec 2024 -2.1% | Mar 2025 -0.2% | Jun 2025 -2.9% | Sep 2025 -1.9% | Dec 2025 -3.5% | Mar 2026 -0.7% | Jun 2026 — - CSR: Sep 2021 -1.4% | Dec 2021 -1.1% | Mar 2022 -1.2% | Jun 2022 -0.4% | Sep 2022 -0.1% | Dec 2022 -0.3% | Mar 2023 5.2% | Jun 2023 -0.2% | Sep 2023 0.9% | Dec 2023 -1.1% | Mar 2024 -0.5% | Jun 2024 -0.2% | Sep 2024 -0.2% | Dec 2024 -0.6% | Mar 2025 -0.5% | Jun 2025 -1.9% | Sep 2025 7.4% | Dec 2025 -2.5% | Mar 2026 -1.8% | Jun 2026 — - NXRT: Sep 2021 -1.3% | Dec 2021 8.8% | Mar 2022 -1.0% | Jun 2022 -1.7% | Sep 2022 -0.1% | Dec 2022 0.8% | Mar 2023 -0.8% | Jun 2023 -0.8% | Sep 2023 6.4% | Dec 2023 3.6% | Mar 2024 5.2% | Jun 2024 2.1% | Sep 2024 -1.8% | Dec 2024 -5.9% | Mar 2025 -1.5% | Jun 2025 -1.7% | Sep 2025 -2.0% | Dec 2025 -2.9% | Mar 2026 -2.0% | Jun 2026 — - AIV: Sep 2021 — | Dec 2021 — | Mar 2022 1.7% | Jun 2022 35% | Sep 2022 4.3% | Dec 2022 -30% | Mar 2023 -0.8% | Jun 2023 0.0% | Sep 2023 0.2% | Dec 2023 -22% | Mar 2024 -1.1% | Jun 2024 -9.7% | Sep 2024 -3.3% | Dec 2024 -1.7% | Mar 2025 -2.7% | Jun 2025 -4.4% | Sep 2025 84% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - BRT: Sep 2021 14% | Dec 2021 -0.6% | Mar 2022 6.0% | Jun 2022 17% | Sep 2022 3.1% | Dec 2022 -1.5% | Mar 2023 -1.8% | Jun 2023 4.5% | Sep 2023 -0.6% | Dec 2023 -0.7% | Mar 2024 -1.4% | Jun 2024 -1.0% | Sep 2024 -1.0% | Dec 2024 -0.9% | Mar 2025 -1.1% | Jun 2025 -1.2% | Sep 2025 -1.3% | Dec 2025 -2.2% | Mar 2026 -1.4% | Jun 2026 — - ELME: Sep 2021 -5.2% | Dec 2021 -6.9% | Mar 2022 -2.1% | Jun 2022 -2.3% | Sep 2022 -2.7% | Dec 2022 -3.3% | Mar 2023 -1.1% | Jun 2023 -1.2% | Sep 2023 -0.8% | Dec 2023 -15% | Mar 2024 -1.1% | Jun 2024 -1.3% | Sep 2024 -1.2% | Dec 2024 -1.1% | Mar 2025 -1.1% | Jun 2025 -1.7% | Sep 2025 -1.4% | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLPR: Sep 2021 -3.4% | Dec 2021 -7.2% | Mar 2022 -4.6% | Jun 2022 -4.3% | Sep 2022 -4.5% | Dec 2022 -6.3% | Mar 2023 -17% | Jun 2023 -9.4% | Sep 2023 -8.1% | Dec 2023 -13% | Mar 2024 -20% | Jun 2024 -24% | Sep 2024 -52% | Dec 2024 31% | Mar 2025 135% | Jun 2025 4.3% | Sep 2025 12% | Dec 2025 24% | Mar 2026 15% | Jun 2026 — - BHM: Sep 2021 0.4% | Dec 2021 0.3% | Mar 2022 — | Jun 2022 — | Sep 2022 0.1% | Dec 2022 -0.3% | Mar 2023 -2.2% | Jun 2023 -0.5% | Sep 2023 -0.7% | Dec 2023 -1.0% | Mar 2024 -0.7% | Jun 2024 -1.0% | Sep 2024 0.8% | Dec 2024 -0.4% | Mar 2025 -1.3% | Jun 2025 -1.0% | Sep 2025 -1.7% | Dec 2025 -1.5% | Mar 2026 -1.6% | Jun 2026 — ### 20-quarter ROE change history - AVB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 −0.9 pp | Mar 2023 −1.1 pp | Jun 2023 +1.9 pp | Sep 2023 −3.0 pp | Dec 2023 −0.1 pp | Mar 2024 +0.2 pp | Jun 2024 −1.0 pp | Sep 2024 +1.6 pp | Dec 2024 +0.3 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 −1.0 pp | Mar 2026 +0.8 pp | Jun 2026 +0.3 pp - EQR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −3.5 pp | Mar 2023 +1.2 pp | Jun 2023 −0.8 pp | Sep 2023 −1.3 pp | Dec 2023 +1.4 pp | Mar 2024 +0.7 pp | Jun 2024 +0.3 pp | Sep 2024 −0.3 pp | Dec 2024 +0.9 pp | Mar 2025 −0.3 pp | Jun 2025 +0.1 pp | Sep 2025 +1.3 pp | Dec 2025 −0.3 pp | Mar 2026 −1.5 pp | Jun 2026 −0.6 pp - ESS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +0.9 pp | Mar 2023 +1.4 pp | Jun 2023 +0.8 pp | Sep 2023 0.0 pp | Dec 2023 −2.0 pp | Mar 2024 +2.2 pp | Jun 2024 −0.1 pp | Sep 2024 +0.6 pp | Dec 2024 +4.1 pp | Mar 2025 −1.2 pp | Jun 2025 +2.3 pp | Sep 2025 +0.8 pp | Dec 2025 −3.8 pp | Mar 2026 −1.7 pp | Jun 2026 — - INVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 −0.6 pp | Sep 2024 −0.2 pp | Dec 2024 −0.4 pp | Mar 2025 0.0 pp | Jun 2025 +0.7 pp | Sep 2025 +0.4 pp | Dec 2025 +0.5 pp | Mar 2026 −0.1 pp | Jun 2026 — - MAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +0.1 pp | Mar 2023 +0.3 pp | Jun 2023 −1.1 pp | Sep 2023 −0.2 pp | Dec 2023 −0.6 pp | Mar 2024 +0.1 pp | Jun 2024 −0.7 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.7 pp | Jun 2025 +0.1 pp | Sep 2025 −0.2 pp | Dec 2025 −1.7 pp | Mar 2026 −0.9 pp | Jun 2026 — - SUI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −0.5 pp | Mar 2023 −0.6 pp | Jun 2023 −3.7 pp | Sep 2023 −0.7 pp | Dec 2023 +0.5 pp | Mar 2024 +0.1 pp | Jun 2024 +3.0 pp | Sep 2024 +1.8 pp | Dec 2024 −3.4 pp | Mar 2025 +0.2 pp | Jun 2025 −1.6 pp | Sep 2025 −3.4 pp | Dec 2025 +4.8 pp | Mar 2026 +0.2 pp | Jun 2026 — - AMH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.6 pp | Mar 2023 +0.9 pp | Jun 2023 +0.5 pp | Sep 2023 +0.3 pp | Dec 2023 −0.3 pp | Mar 2024 −0.2 pp | Jun 2024 −0.2 pp | Sep 2024 −0.1 pp | Dec 2024 +0.7 pp | Mar 2025 0.0 pp | Jun 2025 +0.2 pp | Sep 2025 +0.4 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp | Jun 2026 — - UDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −1.8 pp | Mar 2023 +0.4 pp | Jun 2023 +7.3 pp | Sep 2023 +0.2 pp | Dec 2023 −0.3 pp | Mar 2024 +0.3 pp | Jun 2024 −6.8 pp | Sep 2024 −0.2 pp | Dec 2024 −0.8 pp | Mar 2025 +0.8 pp | Jun 2025 +0.3 pp | Sep 2025 +0.5 pp | Dec 2025 +5.6 pp | Mar 2026 +3.0 pp | Jun 2026 — - ELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 +0.2 pp | Mar 2023 −0.4 pp | Jun 2023 −0.2 pp | Sep 2023 +0.4 pp | Dec 2023 +1.3 pp | Mar 2024 +1.9 pp | Jun 2024 +1.1 pp | Sep 2024 +0.4 pp | Dec 2024 −0.3 pp | Mar 2025 −0.8 pp | Jun 2025 −0.5 pp | Sep 2025 +0.3 pp | Dec 2025 −0.4 pp | Mar 2026 −0.7 pp | Jun 2026 +0.5 pp - CPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −4.6 pp | Mar 2023 −1.3 pp | Jun 2023 −9.3 pp | Sep 2023 +0.3 pp | Dec 2023 +3.4 pp | Mar 2024 +0.8 pp | Jun 2024 −0.9 pp | Sep 2024 −1.0 pp | Dec 2024 −3.5 pp | Mar 2025 −0.9 pp | Jun 2025 +0.8 pp | Sep 2025 +2.4 pp | Dec 2025 +2.5 pp | Mar 2026 +0.2 pp | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +11,39,74,001.4 pp | Jun 2025 +11,95,22,003.8 pp | Sep 2025 +12,73,40,003.6 pp | Dec 2025 +4.8 pp | Mar 2026 +0.7 pp | Jun 2026 — - IRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 −4.7 pp | Mar 2023 −3.4 pp | Jun 2023 +0.5 pp | Sep 2023 −0.7 pp | Dec 2023 −2.1 pp | Mar 2024 +0.3 pp | Jun 2024 0.0 pp | Sep 2024 +0.3 pp | Dec 2024 +1.1 pp | Mar 2025 −0.3 pp | Jun 2025 −0.1 pp | Sep 2025 −0.2 pp | Dec 2025 +0.9 pp | Mar 2026 −0.2 pp | Jun 2026 — - UMH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 −2.1 pp | Mar 2023 −0.7 pp | Jun 2023 +1.0 pp | Sep 2023 +0.6 pp | Dec 2023 +1.2 pp | Mar 2024 0.0 pp | Jun 2024 +0.8 pp | Sep 2024 +2.0 pp | Dec 2024 −1.2 pp | Mar 2025 +0.8 pp | Jun 2025 +0.2 pp | Sep 2025 −0.7 pp | Dec 2025 −0.1 pp | Mar 2026 +0.3 pp | Jun 2026 — - NHP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 +0.1 pp | Mar 2023 +0.9 pp | Jun 2023 0.0 pp | Sep 2023 +0.4 pp | Dec 2023 −0.8 pp | Mar 2024 −0.3 pp | Jun 2024 −11.9 pp | Sep 2024 −3.3 pp | Dec 2024 +0.5 pp | Mar 2025 +1.5 pp | Jun 2025 +10.7 pp | Sep 2025 +3.0 pp | Dec 2025 −1.4 pp | Mar 2026 −0.5 pp | Jun 2026 — - CSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.8 pp | Mar 2023 +6.4 pp | Jun 2023 +0.2 pp | Sep 2023 +1.0 pp | Dec 2023 −0.8 pp | Mar 2024 −5.7 pp | Jun 2024 0.0 pp | Sep 2024 −1.1 pp | Dec 2024 +0.5 pp | Mar 2025 0.0 pp | Jun 2025 −1.7 pp | Sep 2025 +7.6 pp | Dec 2025 −1.9 pp | Mar 2026 −1.3 pp | Jun 2026 — - NXRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 −8.0 pp | Mar 2023 +0.2 pp | Jun 2023 +0.9 pp | Sep 2023 +6.5 pp | Dec 2023 +2.8 pp | Mar 2024 +6.0 pp | Jun 2024 +2.9 pp | Sep 2024 −8.2 pp | Dec 2024 −9.5 pp | Mar 2025 −6.7 pp | Jun 2025 −3.8 pp | Sep 2025 −0.2 pp | Dec 2025 +3.0 pp | Mar 2026 −0.5 pp | Jun 2026 — - AIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −2.5 pp | Jun 2023 −35.1 pp | Sep 2023 −4.1 pp | Dec 2023 +7.4 pp | Mar 2024 −0.3 pp | Jun 2024 −9.7 pp | Sep 2024 −3.5 pp | Dec 2024 +20.5 pp | Mar 2025 −1.6 pp | Jun 2025 +5.3 pp | Sep 2025 +87.2 pp | Dec 2025 +1.7 pp | Mar 2026 +2.7 pp | Jun 2026 — - BRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.3 pp | Dec 2022 −0.9 pp | Mar 2023 −7.8 pp | Jun 2023 −12.1 pp | Sep 2023 −3.7 pp | Dec 2023 +0.8 pp | Mar 2024 +0.4 pp | Jun 2024 −5.5 pp | Sep 2024 −0.4 pp | Dec 2024 −0.2 pp | Mar 2025 +0.3 pp | Jun 2025 −0.2 pp | Sep 2025 −0.3 pp | Dec 2025 −1.3 pp | Mar 2026 −0.3 pp | Jun 2026 — - ELME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +3.6 pp | Mar 2023 +1.0 pp | Jun 2023 +1.1 pp | Sep 2023 +1.9 pp | Dec 2023 −11.2 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 −0.4 pp | Dec 2024 +13.4 pp | Mar 2025 0.0 pp | Jun 2025 −0.4 pp | Sep 2025 −0.2 pp | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 +0.9 pp | Mar 2023 −12.5 pp | Jun 2023 −5.1 pp | Sep 2023 −3.6 pp | Dec 2023 −6.6 pp | Mar 2024 −2.6 pp | Jun 2024 −14.1 pp | Sep 2024 −44.0 pp | Dec 2024 +44.0 pp | Mar 2025 +154.5 pp | Jun 2025 +27.8 pp | Sep 2025 +64.3 pp | Dec 2025 −7.4 pp | Mar 2026 −119.8 pp | Jun 2026 — - BHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.6 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −0.8 pp | Dec 2023 −0.7 pp | Mar 2024 +1.5 pp | Jun 2024 −0.5 pp | Sep 2024 +1.5 pp | Dec 2024 +0.6 pp | Mar 2025 −0.6 pp | Jun 2025 0.0 pp | Sep 2025 −2.5 pp | Dec 2025 −1.1 pp | Mar 2026 −0.3 pp | Jun 2026 — ## Gross NPA — Leaders & Improvers What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/22 companies · 0 observations Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted. ### Gross NPA — lowest ### GNPA change — fastest improvers ### 20-quarter Gross NPA history ### 20-quarter GNPA change history ## Valuation Against Growth & Quality What the numbers say: Millrose Properties, Inc. has the lowest comparable P/BV ÷ ROE at 0.38×, 45.7% below UDR, Inc.. Only 12 of 22 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Millrose Properties, Inc. · 0.38× | 45.7% versus #2 · UDR, Inc. | 0/5 recent comparable periods | 12/22 companies · 221 observations Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive. ### P/BV ÷ ROE — lowest return-adjusted price 1. Millrose Properties, Inc. (MRP): 0.4 2. UDR, Inc. (UDR): 0.7 3. AvalonBay Communities, Inc. (AVB): 0.8 4. American Homes 4 Rent (AMH): 0.8 5. Mid-America Apartment Communities, Inc. (MAA): 1.2 ### P/BV — lowest P/BV 1. Clipper Realty Inc. (CLPR): -1.3 2. Bluerock Homes Trust, Inc. (BHM): 0.4 3. Millrose Properties, Inc. (MRP): 0.8 4. Apartment Investment and Management Company (AIV): 0.9 5. Independence Realty Trust, Inc. (IRT): 1.0 ### 20-quarter P/BV ÷ ROE history - AVB: Sep 2021 4.1 | Dec 2021 1.0 | Mar 2022 1.3 | Jun 2022 1.9 | Sep 2022 0.5 | Dec 2022 0.9 | Mar 2023 1.6 | Jun 2023 0.7 | Sep 2023 1.4 | Dec 2023 1.1 | Mar 2024 1.5 | Jun 2024 1.1 | Sep 2024 0.9 | Dec 2024 1.1 | Mar 2025 1.3 | Jun 2025 1.1 | Sep 2025 0.7 | Dec 2025 1.6 | Mar 2026 0.7 | Jun 2026 — - EQR: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 4.5 | Jun 2022 1.2 | Sep 2022 0.8 | Dec 2022 1.5 | Mar 2023 1.1 | Jun 2023 1.8 | Sep 2023 1.3 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 1.5 | Sep 2024 2.0 | Dec 2024 0.7 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 0.9 | Dec 2025 0.6 | Mar 2026 2.6 | Jun 2026 2.2 - ESS: Sep 2021 1.8 | Dec 2021 1.7 | Mar 2022 2.9 | Jun 2022 2.9 | Sep 2022 1.7 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 1.5 | Sep 2023 1.5 | Dec 2023 2.5 | Mar 2024 0.6 | Jun 2024 1.9 | Sep 2024 1.6 | Dec 2024 0.6 | Mar 2025 1.0 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 2.0 | Mar 2026 1.4 | Jun 2026 — - INVH: Sep 2021 4.0 | Dec 2021 4.0 | Mar 2022 3.0 | Jun 2022 2.4 | Sep 2022 3.3 | Dec 2022 2.2 | Mar 2023 2.1 | Jun 2023 2.3 | Sep 2023 2.7 | Dec 2023 2.6 | Mar 2024 2.4 | Jun 2024 7.3 | Sep 2024 4.4 | Dec 2024 5.0 | Mar 2025 2.4 | Jun 2025 2.1 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 2.0 | Jun 2026 — - MAA: Sep 2021 2.6 | Dec 2021 1.4 | Mar 2022 2.2 | Jun 2022 1.0 | Sep 2022 1.5 | Dec 2022 0.9 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.6 | Sep 2025 1.7 | Dec 2025 2.9 | Mar 2026 1.2 | Jun 2026 — - SUI: Sep 2021 0.8 | Dec 2021 18.4 | Mar 2022 — | Jun 2022 2.4 | Sep 2022 0.9 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 11.8 | Mar 2024 — | Jun 2024 5.5 | Sep 2024 0.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.4 | Mar 2026 — | Jun 2026 — - AMH: Sep 2021 3.1 | Dec 2021 2.7 | Mar 2022 2.2 | Jun 2022 1.8 | Sep 2022 2.0 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 1.2 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 1.1 | Jun 2024 1.4 | Sep 2024 1.8 | Dec 2024 1.0 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 — - UDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.5 | Jun 2025 4.5 | Sep 2025 3.8 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 — - ELS: Sep 2021 2.0 | Dec 2021 2.4 | Mar 2022 1.6 | Jun 2022 2.0 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 2.0 | Sep 2023 1.5 | Dec 2023 1.4 | Mar 2024 1.1 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.1 | Jun 2026 1.3 - CPT: Sep 2021 5.3 | Dec 2021 0.9 | Mar 2022 2.0 | Jun 2022 0.3 | Sep 2022 3.9 | Dec 2022 2.6 | Mar 2023 2.7 | Jun 2023 1.4 | Sep 2023 2.3 | Dec 2023 0.5 | Mar 2024 1.4 | Jun 2024 2.9 | Sep 2024 — | Dec 2024 3.2 | Mar 2025 3.8 | Jun 2025 1.7 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 2.8 | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 — - IRT: Sep 2021 0.9 | Dec 2021 0.3 | Mar 2022 0.5 | Jun 2022 — | Sep 2022 1.3 | Dec 2022 1.1 | Mar 2023 5.1 | Jun 2023 3.8 | Sep 2023 9.0 | Dec 2023 — | Mar 2024 2.1 | Jun 2024 4.1 | Sep 2024 3.5 | Dec 2024 — | Mar 2025 7.2 | Jun 2025 6.1 | Sep 2025 5.5 | Dec 2025 1.3 | Mar 2026 — | Jun 2026 — - UMH: Sep 2021 2.4 | Dec 2021 0.7 | Mar 2022 3.4 | Jun 2022 — | Sep 2022 — | Dec 2022 2.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.8 | Mar 2024 — | Jun 2024 2.2 | Sep 2024 1.1 | Dec 2024 2.8 | Mar 2025 2.8 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 3.0 | Mar 2026 1.5 | Jun 2026 — - CSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 — | Sep 2023 1.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - NXRT: Sep 2021 — | Dec 2021 0.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.7 | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.5 | Mar 2024 0.3 | Jun 2024 1.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AIV: Sep 2021 — | Dec 2021 — | Mar 2022 1.3 | Jun 2022 0.0 | Sep 2022 0.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - BRT: Sep 2021 0.1 | Dec 2021 — | Mar 2022 0.3 | Jun 2022 0.1 | Sep 2022 0.5 | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/BV history - AVB: Sep 2021 2.9 | Dec 2021 3.2 | Mar 2022 3.2 | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 2.3 | Sep 2023 2.1 | Dec 2023 2.3 | Mar 2024 2.3 | Jun 2024 2.5 | Sep 2024 2.7 | Dec 2024 2.6 | Mar 2025 2.6 | Jun 2025 2.4 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 2.0 | Jun 2026 — - EQR: Sep 2021 2.9 | Dec 2021 3.2 | Mar 2022 3.1 | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.1 | Mar 2023 2.0 | Jun 2023 2.3 | Sep 2023 2.0 | Dec 2023 2.2 | Mar 2024 2.2 | Jun 2024 2.4 | Sep 2024 2.6 | Dec 2024 2.5 | Mar 2025 2.5 | Jun 2025 2.3 | Sep 2025 2.2 | Dec 2025 2.2 | Mar 2026 2.1 | Jun 2026 2.4 - ESS: Sep 2021 3.5 | Dec 2021 3.8 | Mar 2022 3.8 | Jun 2022 2.9 | Sep 2022 2.8 | Dec 2022 2.4 | Mar 2023 2.4 | Jun 2023 2.7 | Sep 2023 2.5 | Dec 2023 2.9 | Mar 2024 2.8 | Jun 2024 3.2 | Sep 2024 3.5 | Dec 2024 3.3 | Mar 2025 3.5 | Jun 2025 3.2 | Sep 2025 3.1 | Dec 2025 3.0 | Mar 2026 2.9 | Jun 2026 — - INVH: Sep 2021 2.4 | Dec 2021 2.8 | Mar 2022 2.4 | Jun 2022 2.1 | Sep 2022 2.0 | Dec 2022 1.8 | Mar 2023 1.9 | Jun 2023 2.1 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.2 | Jun 2024 2.2 | Sep 2024 2.2 | Dec 2024 2.0 | Mar 2025 2.2 | Jun 2025 2.1 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 1.6 | Jun 2026 — - MAA: Sep 2021 3.7 | Dec 2021 4.4 | Mar 2022 4.1 | Jun 2022 3.4 | Sep 2022 3.0 | Dec 2022 3.0 | Mar 2023 2.9 | Jun 2023 2.9 | Sep 2023 2.5 | Dec 2023 2.6 | Mar 2024 2.5 | Jun 2024 2.8 | Sep 2024 3.1 | Dec 2024 3.0 | Mar 2025 3.3 | Jun 2025 2.9 | Sep 2025 2.8 | Dec 2025 2.9 | Mar 2026 2.6 | Jun 2026 — - SUI: Sep 2021 3.2 | Dec 2021 3.7 | Mar 2022 3.1 | Jun 2022 2.6 | Sep 2022 2.1 | Dec 2022 2.3 | Mar 2023 2.3 | Jun 2023 2.1 | Sep 2023 1.9 | Dec 2023 2.4 | Mar 2024 2.3 | Jun 2024 2.2 | Sep 2024 2.3 | Dec 2024 2.2 | Mar 2025 2.4 | Jun 2025 2.2 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 2.3 | Jun 2026 — - AMH: Sep 2021 2.2 | Dec 2021 2.4 | Mar 2022 2.2 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 1.9 | Sep 2024 2.0 | Dec 2024 1.9 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 1.5 | Jun 2026 — - UDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.2 | Mar 2025 4.5 | Jun 2025 4.1 | Sep 2025 3.8 | Dec 2025 3.7 | Mar 2026 3.4 | Jun 2026 — - ELS: Sep 2021 11.5 | Dec 2021 11.5 | Mar 2022 9.8 | Jun 2022 9.1 | Sep 2022 8.1 | Dec 2022 8.3 | Mar 2023 8.7 | Jun 2023 8.7 | Sep 2023 8.3 | Dec 2023 9.2 | Mar 2024 8.3 | Jun 2024 8.4 | Sep 2024 9.3 | Dec 2024 7.3 | Mar 2025 7.3 | Jun 2025 6.8 | Sep 2025 6.7 | Dec 2025 6.7 | Mar 2026 6.9 | Jun 2026 7.1 - CPT: Sep 2021 4.2 | Dec 2021 4.8 | Mar 2022 4.4 | Jun 2022 3.0 | Sep 2022 2.7 | Dec 2022 2.6 | Mar 2023 2.5 | Jun 2023 2.6 | Sep 2023 2.3 | Dec 2023 2.3 | Mar 2024 2.3 | Jun 2024 2.6 | Sep 2024 3.0 | Dec 2024 2.9 | Mar 2025 3.1 | Jun 2025 2.8 | Sep 2025 2.7 | Dec 2025 2.9 | Mar 2026 2.8 | Jun 2026 — - JAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.5 | Jun 2026 — - MRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 — - IRT: Sep 2021 2.9 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.2 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.4 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.0 | Jun 2026 — - UMH: Sep 2021 1.7 | Dec 2021 1.9 | Mar 2022 1.7 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.7 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.5 | Mar 2026 1.4 | Jun 2026 — - CSR: Sep 2021 1.9 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.5 | Sep 2024 1.7 | Dec 2024 1.5 | Mar 2025 1.7 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 1.6 | Mar 2026 1.4 | Jun 2026 — - NXRT: Sep 2021 3.9 | Dec 2021 4.6 | Mar 2022 4.5 | Jun 2022 3.1 | Sep 2022 2.2 | Dec 2022 2.1 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 1.6 | Jun 2024 2.0 | Sep 2024 2.5 | Dec 2024 2.6 | Mar 2025 2.7 | Jun 2025 2.4 | Sep 2025 2.5 | Dec 2025 2.6 | Mar 2026 2.3 | Jun 2026 — - AIV: Sep 2021 — | Dec 2021 — | Mar 2022 2.2 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.9 | Mar 2023 2.1 | Jun 2023 2.4 | Sep 2023 1.9 | Dec 2023 3.2 | Mar 2024 3.4 | Jun 2024 4.5 | Sep 2024 5.4 | Dec 2024 10.1 | Mar 2025 10.9 | Jun 2025 13.0 | Sep 2025 17.9 | Dec 2025 2.3 | Mar 2026 0.9 | Jun 2026 — - BRT: Sep 2021 1.6 | Dec 2021 2.1 | Mar 2022 2.0 | Jun 2022 1.5 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.3 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.4 | Jun 2026 — - ELME: Sep 2021 1.6 | Dec 2021 1.7 | Mar 2022 1.7 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.3 | Sep 2024 1.4 | Dec 2024 1.2 | Mar 2025 1.4 | Jun 2025 1.3 | Sep 2025 1.6 | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLPR: Sep 2021 4.3 | Dec 2021 6.0 | Mar 2022 6.8 | Jun 2022 6.5 | Sep 2022 6.7 | Dec 2022 7.3 | Mar 2023 9.2 | Jun 2023 12.3 | Sep 2023 16.1 | Dec 2023 31.6 | Mar 2024 278.1 | Jun 2024 -32.6 | Sep 2024 -25.6 | Dec 2024 -13.7 | Mar 2025 -3.1 | Jun 2025 -2.7 | Sep 2025 -2.5 | Dec 2025 -2.0 | Mar 2026 -1.3 | Jun 2026 — - BHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.4 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.4 | Jun 2026 — ## Market action Essex Property Trust, Inc. has the strongest one-year price move in REIT - Residential at +14.7%. It also leads on Mansfield relative strength against the S&P 500 at +3.9%. 2 of 20 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Essex Property Trust, Inc. (ESS): 15% 2. Equity LifeStyle Properties, Inc. (ELS): 9.6% 3. Equity Residential (EQR): 8.5% 4. Camden Property Trust (CPT): 7.6% 5. BRT Apartments Corp. (BRT): 3.9% ### Strongest relative strength versus NIFTY 500 1. Essex Property Trust, Inc. (ESS): 3.9% 2. Camden Property Trust (CPT): 0.2% 3. Equity Residential (EQR): -0.2% 4. Invitation Homes Inc. (INVH): -0.7% 5. American Homes 4 Rent (AMH): -1.9% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROE can be manufactured with leverage. Read it beside ROA and asset quality. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing. - Thin comparisons: Funding base, Asset quality have fewer than three usable current readings. ## Every company - AvalonBay Communities, Inc. (AVB) — market value ₹27.2K Cr; latest fundamentals Jun 2026 - Equity Residential (EQR) — market value ₹26.2K Cr; latest fundamentals Jun 2026 - Essex Property Trust, Inc. (ESS) — market value ₹19.6K Cr; latest fundamentals Mar 2026 - Invitation Homes Inc. (INVH) — market value ₹17.9K Cr; latest fundamentals Mar 2026 - Mid-America Apartment Communities, Inc. (MAA) — market value ₹16.2K Cr; latest fundamentals Mar 2026 - Sun Communities, Inc. (SUI) — market value ₹15.5K Cr; latest fundamentals Mar 2026 - American Homes 4 Rent (AMH) — market value ₹13.8K Cr; latest fundamentals Mar 2026 - UDR, Inc. (UDR) — market value ₹13.8K Cr; latest fundamentals Mar 2026 - Equity LifeStyle Properties, Inc. (ELS) — market value ₹13.2K Cr; latest fundamentals Jun 2026 - Camden Property Trust (CPT) — market value ₹12.0K Cr; latest fundamentals Mar 2026 - Janus Living, Inc. (JAN) — market value ₹9.1K Cr; latest fundamentals Mar 2026 - Millrose Properties, Inc. (MRP) — market value ₹4.7K Cr; latest fundamentals Mar 2026 - Independence Realty Trust, Inc. (IRT) — market value ₹4.0K Cr; latest fundamentals Mar 2026 - UMH Properties, Inc. (UMH) — market value ₹1.3K Cr; latest fundamentals Mar 2026 - National Healthcare Properties, Inc. (NHP) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - Centerspace (CSR) — market value ₹992 Cr; latest fundamentals Mar 2026 - NexPoint Residential Trust, Inc. (NXRT) — market value ₹689 Cr; latest fundamentals Mar 2026 - Apartment Investment and Management Company (AIV) — market value ₹399 Cr; latest fundamentals Mar 2026 - BRT Apartments Corp. (BRT) — market value ₹298 Cr; latest fundamentals Mar 2026 - Elme Communities (ELME) — market value ₹142 Cr; latest fundamentals Mar 2026 - Clipper Realty Inc. (CLPR) — market value ₹122 Cr; latest fundamentals Mar 2026 - Bluerock Homes Trust, Inc. (BHM) — market value ₹112 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which REIT - Residential company is the biggest? Invitation Homes Inc. is the largest, with trailing-twelve-month income of $2,788 million, ahead of Sun Communities, Inc. at $2,293 million. That covers 16 of 22 companies with comparable reporting through Mar 2026. ### Which REIT - Residential company is growing fastest? Bluerock Homes Trust, Inc. has the fastest income growth at 30.4% year on year, across 15 of 22 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which REIT - Residential company makes the most profit? Essex Property Trust, Inc. earns the most, at $603 million of trailing-twelve-month net profit, from 16 of 22 comparable companies. Camden Property Trust has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which REIT - Residential company earns the highest return on capital? AvalonBay Communities, Inc. leads on return on assets at 6.1%, across 22 of 22 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which REIT - Residential stock is the cheapest? On price-to-book divided by return on equity — where a LOWER number is cheaper — Millrose Properties, Inc. screens cheapest at 0.38×. Only 12 of 22 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Is the REIT - Residential sector beating the market? REIT - Residential has underperformed S&P 500 by 23.7% over the last 52 weeks and 4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 20 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which REIT - Residential stock has the strongest price momentum? Essex Property Trust, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which REIT - Residential company scores highest for research priority? UDR, Inc. scores 64.1 out of 100 with 76% evidence confidence, from 24.3 points on growth and earnings, 17.3 on capital efficiency, 7.5 on valuation and 15 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many REIT - Residential companies does this comparison cover, and over what period? It compares 22 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the REIT - Residential sector? The 22 REIT - Residential companies on this page carry $198,550 million of combined market value. AvalonBay Communities, Inc. is the largest at $27,213 million, about 14% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the REIT - Residential sector's P/B ratio? The median price-to-book ratio across the 22 REIT - Residential companies on this page is 1.6×, measured on the 20 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the REIT - Residential sector performing? 2 of the 20 covered REIT - Residential companies are beating S&P 500 on Mansfield relative strength. The sector itself is 23.7% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many REIT - Residential stocks are listed in the US? This comparison covers 22 listed REIT - Residential companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/reit-residential