Strong Apartment Demand
Second quarter apartment demand was one of the best in 25 years with affordability continuing to improve. Wage growth exceeded rent growth for 31 months, expanding affordability and increasing demand.
Record Resident Satisfaction
Achieved highest customer sentiment score ever at 91.6, demonstrating strong resident retention and satisfaction.
Financial Performance and Guidance
Reported core FFO of $187.6 million or $1.70 per share, ahead of guidance. Increased full-year core FFO guidance by $0.03 per share to $6.81.
Balance Sheet Strength
Maintained strong balance sheet with net debt-to-EBITDA at 4.2x and no significant debt maturities until the fourth quarter of 2026.
Successful Asset Recycling
Purchased Camden Clearwater for $139 million and sold four older communities, generating an unlevered IRR of over 10%.