We discuss each below, but on balance, we believe the report was generally in-line, as lower core growth for this year is offset by higher rate increases for next year. ELS is within ~200bps of its YTD high versus REITs, so expectations are theoretically high following the recent outperformance, but we expect slight upward pressure on 2024 consensus. 3Q and 4Q Analysis — ELS reported core FFO of $0.71, -3c below our estimate of $0.74 and -1c below FactSet consensus of $0.72. Relative to our estimates, NOI was in-line and the miss was primarily driven by lower utility and other income (-1c) and higher interest expense (-1c). After achieving ~2.4% core FFO growth YTD, ELS is guiding to a 4Q core FFO growth rate of +11%.