Preliminary Agenda Topics

• Discussion on preparing for the anticipated market upswing
• Building pipeline now for stabilized product delivery in 2026-2027
• Buyer perspectives on what they'll be looking for when acquisition activity increases
• Strategies for being ready when "the purse strings will be loosened"

• Emerging legislative trends with potential industry-wide impact
• State-level initiatives affecting BTR operators
• Preparing for regulatory evolution in key growth markets
• Collaborative opportunities to shape future BTR-friendly policies
• Industry advocacy initiatives making positive impact
• Practical steps for operators to prepare for regulatory changes

• Growth trends and performance metrics in the different regional and local markets
• Geographic concentration and emerging markets
• Shifts from Suburban to ex-urban
• Expansion in emerging submarkets beyond established BTR centers
• Market-specific data on rent growth, supply, and demand
• Long-term returns on capital in different market types
• Markets with strong fundamentals and oversupplied markets
• Yield-on-cost metrics by market

• Infrastructure developments driving new BTR opportunities
• Current valuation metrics across Texas BTR markets
• Product types that are working in line with evolving consumer demand
• Land availability assessment across major Texas metros
• Cost analysis: Texas land economics versus coastal markets
• Are there counties/municipalities with unique zoning and entitlement challenges?
• Success stories and cautionary tales – Lessons learned from challenging projects
• Technology integration in Texas BTR developments

• Traditional SFR townhomes, horizontal apartments, attached, detached, duplex/triplex
• Comparative performance of townhouses, cottages, and detached single-family homes
• Purpose built communities vs. scattered lot homes
• Demographic shifts supporting BTR growth
• Active adult spotlight
• Optimal product mix strategies - Design innovations, amenity packages, technology integration
• Innovative approaches that allow BTR to meet higher density requirements in restrictive markets
• Impact of garages on leasing velocity and rent premiums
• How do capital providers view horizontal vs. traditional townhome

• What impact are current housing prices, interest rates, cap rates, and debt market conditions having on rental housing development and operations?
• Where is new rental housing inventory emerging, and what does the development pipeline reveal about future market balance?
• How are absorption rates and tenant demand profiles evolving across different metropolitan markets?
• How does BTR leasing velocity and absorption compare to traditional multifamily assets in today's market?
• How are land, labor availability, material costs, and supply chain dynamics affecting project timelines and financial feasibility

• How are impact investors changing their approach to BTR developments, and what social outcomes are they prioritizing?
• What's the business case for social impact initiatives in BTR, and how do you quantify their value to investors?
• Which partnership models between developers, local governments and community organizations are creating the most successful outcomes?
• What innovative models are successfully integrating affordable units within market-rate BTR communities?
• How are rent-to-own structures evolving in the BTR sector, and what results are you seeing for resident financial mobility?
• How do you measure and report social impact metrics that satisfy both investors and community stakeholders?

Navigating today's market: Macro-economic and political landscape impacting the housing market - This session will examine macro-economic factors (inflation, interest rates); trade policy impacts (tariffs); Supply chain disruptions and their specific implications on housing and the BTR (Build-to-Rent) sector.

• Addressing practical reality of deal-making in the current environment
• Formidable challenges and where are you seeing successes?
• Innovative approaches to capital stack structuring
• Value engineering techniques that preserve quality while controlling costs
• Operational efficiencies that improve NOI projections
• Creative solutions for bridging valuation gaps between buyers and sellers
• Risk mitigation strategies that appeal to both debt and equity partners
• How to achieve the required untrended yield on cost

• What are we seeing in terms of lending activity?
• Are lenders taking on new developer clients? Under what parameters?
• What main factors dictate funding availability and size?
• Completion guarantees, personal guarantees, interest accruals & LTC
• Do lenders require audited financials?
• How much collateral is needed?
• What does the overall governance structure look like today?
• Agency and bank lending parameters and requirements
• Is financing availability vastly different across product types?
• Forward contract sales and completion guarantees
• How do you see borrower and lender risk tolerance changing over the coming year?
• How are higher insurance and other costs impacting your underwriting?
• Refinancing and workouts activity: what are the options?

• What criteria are driving equity allocation decisions in today's selective market with shifting investor priorities?
• How are creative capital stack structures addressing the equity shortage?
• How do successful equity pitches differ from last year?
• Which US submarkets remain attractive to equity investors despite market headwinds?
• How are developers adapting to higher equity return expectations?
• Which investor types are still active in BTR financing?
• What alternative funding sources are filling traditional equity gaps?
• Strategies for securing partnerships in today's selective investment environment

• Update on new construction loan activity?
• What are terms like today? How are you underwriting deals?
• Who is actively borrowing?
• What is the outlook for these product types over the next couple of years?
• Lending on the entire project from land, through development and construction then the takeout
• Bank lending activity
• Completion guarantees, personal guarantees, interest accruals & LTC

• How do you see land prices trending in the next 6-12 months?
• How are you underwriting land deals today?
• Does your strategy vary by market? Are you targeting raw, entitled or finished lots?
• Which financing options are most attractive in this environment?
• How has your risk assessment model changed since the beginning of the pandemic?
• What are the main operational challenges you are facing?

• How is the national finished lot landscape affecting regional land banking strategies?
• What funding mechanisms are driving land banking across different geographical markets?
• Which financing structures and fee models yield optimal returns for land banking initiatives?
• What lessons can be drawn from past land banking successes and failures?
• How are successful developers implementing risk mitigation protocols for land holdings?
• What strategies balance newly acquired versus existing parcels in land banking portfolios?
• Which legal considerations prove most critical when structuring land banking arrangements?

• How is demand evolving for BTR short-term financing?
• Are bridge loans becoming more customized for BTR acquisitions?
• What's new in bridge-to-permanent financing options?
• What borrower criteria matter most in today's A&D loan market?
• How are term lengths and extensions changing?
• Which value-add strategies do lenders prefer?
• Why are ARM products gaining popularity?
• What's happening with DSCR financing?
• Are lending standards shifting?
• How has short-term construction lending changed?
• Which metrics drive BTR underwriting decisions?

In a period of economic uncertainty are larger builders looking for acquisition opportunities?

Are private equity investors actively looking at builders?

What sort of conversations are public and private builders having regarding M&A at the moment?

Foreign investment? What are they looking for in terms of performance, ESG etc?

Are there particular company types or regionals markets that are particularly well-placed for M&A today?

Are larger builders looking to acquire construction companies, tech, supply etc. for vertical integration?

• Deal structuring evolution in response to market conditions
• Supply/demand imbalances, rent growth by market; and delivery pipelines
• Availability of land, cost of land development and construction costs
• Competitive landscape, consolidation trends and M&A activity
• Notable patterns in deal structuring across both equity and debt markets
• Affordability competition from home builders
• BTR’s role in plugging the ‘Missing Middle’
• Operational considerations – location and product mixes

This session will focus on examining recent transaction volumes, cap rates, and pricing trends across different BTR submarkets and property types, with comparative analysis to previous quarters. Some of the key questions to be addressed include:

• How have BTR transaction volumes shifted recently?
• Where are cap rates trending across markets?
• Which regions show strongest price-per-unit growth?
• How is investor composition changing the market?
• Are debt terms impacting transaction velocity?
• Which BTR submarkets are outperforming others?
• Are investment hold periods lengthening or shortening?
• What signals indicate future transaction trends?
• Core vs. value-add: which performs better now?
• How are interest rates affecting BTR pricing?
• What's your BTR transaction outlook for next 12-18 months?

• Demographic trends that influence demand for BTR versus multifamily properties
• Evaluating where do BTR and multifamily assets fit within a diversified residential portfolio?
• How do development costs and timelines differ between horizontal and vertical construction?
• What operational efficiencies can be achieved in each asset class?
• How do maintenance expenses and capital expenditure requirements differ?
• What entry points and capital requirements should investors consider for each asset class?
• How do risk-adjusted returns compare across different market cycles?
• What exit strategies maximize value for BTR versus multifamily assets?

• How has Build-to-Rent evolved from a high-yield opportunistic strategy to a more stabilized core plus investment
• What operational efficiencies and competitive advantages do established BTR platforms offer that individual projects cannot provide?
• How do platform acquisitions allow PE firms to strategically enter multiple markets simultaneously versus the project-by-project approach?
• How have liquidity options expanded for PE firms through platform ownership versus project-level investments?
• How are PE-backed BTR platforms distinguishing their product from multifamily offerings in oversupplied markets?

• Consumer Demand Drivers: Renters’ preference
• Amenity packages and community design innovations
• Must-have versus optional amenities (pools, spas, gyms, EV charging stations)
• Capital investment allocation based on operational expenses, demography, community focus, long-term value
• Regional variations in amenity preferences
• Maintenance considerations for different amenity types

• Market performance analysis: examining occupancy and vacancy trends across regions
• Effective tactics to enhance rental property appeal to prospective residents
• Critical elements for successful community launches
• Scale considerations for meaningful brand development in BTR
• Best practices for refreshing and repositioning your brand identity
• Evaluating and quantifying brand performance after implementation
• Navigating branding complexities in dispersed property portfolios
• Channel optimization for marketing spend:targeting strategies across demographic segments
• Leveraging AI and emerging technologies to streamline marketing operations
• Direct connections between marketing initiatives and NOI improvement
• Strategic approaches to managing negative online feedback and reputation challenges
• Resident-level engagement strategies that strengthen brand perception

• What strategies help BTR portfolios achieve economies of scale through centralized management systems?
• How can technology streamline operations while enhancing the resident experience in competitive BTR markets?
• How do successful BTR operators balance premium service offerings with operational cost control?
• Increasing NOI through ancillary services & cost control
• What metrics best indicate operational efficiency improvements in BTR portfolios?
• How can BTR operators structure their teams to maximize operational efficiency across multiple properties?
• What maintenance management strategies help BTR operators protect asset value while controlling costs?
• How do leading BTR platforms consolidate tasks to help operators scale profitably?
• What resident engagement approaches drive both satisfaction and operational efficiency?

• How are high rates impacting your location strategy?
• How can you stabilize or lower costs?
• What is available and how much does it cost?
• How much should you play with deductibles? How high should your deductibles be?
• Is there a cost savings for covering multiple properties?
• How quickly can I get a quote?
• What is driving higher rates in different locations? Which areas are becoming uninsurable?
• Property management best practices that can save on insurance costs
• Forward purchase BTR and insurance
• Customer-facing insurance projects: How much money can you make?

• How are digital innovations reshaping resident expectations in BTR communities?
• Which digital amenities deliver the highest satisfaction and retention impact?
• What features are essential in today's BTR resident apps?
• How are you measuring and improving app adoption rates?
• How do you quantify the ROI of digital community investments?
• Which digital innovations create the strongest competitive advantage
• What strategies drive resident adoption of community technology platforms?
• How do you prepare staff to leverage digital community tools effectively
• Which digital services command premium rents from BTR residents?
• How are you personalizing digital experiences for different resident segments?
• Which smart home technologies see the highest daily usage among residents?

• Where are BTR operators seeing inflation relief versus continued pressure?
• How are property insurance costs evolving in different markets?
• Which regions are seeing stabilization vs. continued increases in property taxes?
• Are labor costs and wage pressures easing or intensifying?
• Trajectory for Repair and Maintenance costs

• Exploring cutting-edge property management systems, predictive maintenance solutions, IoT integration, and AI-powered operational tools for BTR portfolio management
• What features should BTR operators prioritize when selecting management platforms?
• How are BTR-specific platforms different from traditional multifamily solutions?
• How are predictive maintenance tools reducing operational costs for BTR portfolios?
• Which smart building technologies are BTR residents actually using?
• How is AI transforming day-to-day BTR operations?
• What operational workflows benefit most from automation in the BTR environment?
• What are the biggest hurdles when implementing new tech across a BTR portfolio?
• How do you ensure staff adoption of new operational technologies?
• What's the typical payback period for major PropTech investments in BTR?

• Which digital technologies are creating the biggest impact in BTR construction today?
• What tech innovations have delivered the highest ROI for BTR developers recently?
• How does modular construction address BTR's speed-to-market demands?
• What tech approaches most effectively reduce development timelines?
• What are the common tech implementation hurdles for BTR developers?
• Which emerging technologies should BTR developers monitor closely?
• How will AI transform BTR construction practices?

• Strategic construction partnership drive Build-to-Rent sector success
• How are fee builders adapting construction techniques specifically for BTR efficiency?
• What communication protocols ensure alignment between developer vision and builder execution?
• How are quality standards being maintained while meeting aggressive timelines?
• How are labor shortages impacting project delivery, and what innovative solutions are emerging?
• Contractual arrangements for successful fee building partnerships

• How do yields and lease-up rates compare across different BTR development strategies?
• What role does projected rent growth play in your investment decisions?
• Which financing structures work best for different acquisition approaches?
• Are forward purchasing opportunities viable in the current market?
• What contingency plans do you implement when builder relationships falter?
• For land purchasers, how do you manage development execution and associated cost risks?
• How are you navigating today's competitive land market and securing construction capacity?
• When self-performing, what unexpected overhead challenges have you encountered?
• For those using fee builders, which contract structure has proven most advantageous?
• What's your optimal risk-reward balance between self-performance and third-party execution?