Strong Core FFO Growth
Achieved a 4.8% growth in core FFO in Q1 compared to last year, exceeding prior guidance by $0.03 due to higher occupancy and favorable operating expenses.
Diversified Portfolio Strength
47% of the portfolio is in established East Coast regions, 41% on the West Coast, and 12% in expansion regions. Achieved a 73% allocation to suburban submarkets.
Successful Development Projects
19 projects under construction with $3 billion in capital costs, match-funded with locked-in construction costs, running slightly under budget due to aggressive subcontractor bidding.
Equity Forward Transaction
Raised $890 million of equity on a forward basis at an average price of $226 per share, to be deployed into accretive development projects.
Improved Rental Affordability
Rental affordability improved in established regions due to solid income growth, with rent-to-income ratios below pre-COVID levels.
Operational Efficiency
Resident turnover at historical lows, supporting higher occupancy. Near-term inventory to lease is trending about 30 basis points below last year.
Positive Regional Performance
Seattle and Northern California performing well, with Northern California occupancy over 96% and asking rents up 5% year-to-date.