Exelon (EXR) delivered a solid Q4 performance, with core FFO of $2.17 beating consensus by 3 cents. The beat was driven primarily by lower property operating costs, with FY26 core FFO guidance increased to $8.45 at the midpoint vs $8.36 cons including SS revenue growth of +2.25% (1.5% prior), SS expense growth of +0.25% (vs +1.5% prior), and SS NOI of +3% (vs 1.5% prior). Operating highlights included average SS occupancy +10bps/+20bps QoQ/YoY to 94.3%. While EXR’s spread between move-in and move-out rates remains a headwind, the YoY change in move-in rates was negative, but move-out volume was negative (-2.4%) suggesting less churn. The focus will be on move-in rate commentary given the difference vs peers.

APAM (APAM) delivered an adjusted EPS beat of 7 cents, driven by total revs 1% above the street (higher mgmt. fees driven by slightly higher avg AUM and better fee rate at 68.8bps vs cons 68.2bps) and 1% lower expenses driven by lower comp expenses. Operating income came in 5% above the street and operating margins of 35.5% were above the street. Flows (largely known) were negative with outflows of $10.8bn during the quarter representing an ~23.5% ann. organic decay rate. Desk sees positioning skewed negative here within the group and expect that coupled with the operating income beat + better fee rate drives outperformance.

ESS (ESS) delivered core FFO of $4.00, 1 cent below consensus. In-line same store revenue growth, better than expected expense growth, and strong renewals partially offset by lower new lease rate. FY26 FFO guidance raised by 2 cents at the midpoint to $16.16 (vs cons $16.20). Lease rates were strong with blended beating cons by 40bps led by renewal offset by weaker new lease growths. The focus will be on October rent.

Overall, these earnings highlights demonstrate the resilience and diversification of these REITs, despite the challenges in the industry. The beats in FFO and EPS are a testament to their ability to navigate the market conditions and deliver value to shareholders. The positive trends in same store revenue growth, operating margins, and lease rates also bode well for their future performance.