Strong First Quarter Performance
First quarter 2025 performance results were ahead of expectations with strong demand in multiple areas including occupancy, collections, and pricing trends.
Increased Occupancy and Rent Stability
Year-over-year occupancy increased by 30 basis points, and average effective rent per unit was only down $9 compared to the first quarter of 2024.
Successful Investments in Technology and Renovation
Continued investment in property-wide Wi-Fi and interior renovation, with plans to renovate approximately 6,000 units in 2025.
Strong Development Pipeline
Development pipeline stands at a combined cost of $1.5 billion, with several new developments expected to start in 2025.
Positive Market Trends
Encouraging trends in several mid-tier markets such as Virginia, Charleston, Savannah, and Greenville showing strong pricing power.
Resilient Balance Sheet
Balance sheet remains strong with $1 billion in cash and borrowing capacity, and a low net debt-to-EBITDA ratio of 4 times.