Increase in Same Community Revenue and NOI
Same community revenue increased by 0.6% and same community NOI increased by 2.3% compared to Q1 last year. Occupancy closed at 95.9%, a 60 basis point increase year-over-year.
Successful Strategic Disposition
Completed the strategic disposition of nine properties to AvalonBay with a combined sales price of $618.5 million, unlocking value and generating capital for future growth.
Acquisition and Sale of Key Properties
Acquired Venue Craig Ranch Apartments for $61 million and sold Bluff Creek Apartments for $28 million, an 80.4% premium to IFRS value.
Strong Liquidity Position
Closed the quarter with nearly $150 million of liquidity, the strongest capital position ever to pursue accretive growth.
Positive Operational and Customer Service Metrics
Ranked number two overall in the J Turner Research 2024 top REITs by online reputation report, highlighting customer service and cleanliness.