The Rent Roll with Jay Parsons EP#71 Jana Galan | 7 Takeaways From Apartment REIT Calls
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Feb 12, 2026 Jana Galan, a Bank of America Securities REIT analyst, breaks down apartment REIT themes from recent earnings calls. She discusses why buybacks are rising, NAV discounts versus private markets, and which markets are leading recovery. Short, sharp takes on Sunbelt momentum, coastal divergence, and the timeline setting up 2027.
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Sunbelt Showing Green Shoots
- The Sunbelt remains soft but shows green shoots, especially in Atlanta and Dallas where occupancy and blends are improving.
- REITs warn that recovery timing will vary by market and could accelerate once new supply declines further.
Big NAV Discounts Fuel Buybacks
- REIT stocks trade at large discounts to private-market NAV, prompting increased share buybacks.
- Managements see buybacks and recycling lower-return assets into stock repurchases as attractive capital allocation while trading at implied cap rates above private markets.
Congressional Hearing Prioritized Supply Issues
- The House Financial Services hearing focused on mortgages, zoning, and supply-focused fixes rather than an investor ban on SFR.
- Jay Parsons observed little congressional appetite in that hearing for a sweeping institutional SFR ban.