Strong Occupancy and Revenue Growth
Occupancy held steady at 96.8% for the total portfolio, improving by 10 basis points to 96.9% for the same property portfolio. Year-over-year AMR growth was 6.2% for the total portfolio and 5% for the same properties in March.
Successful Disposition Strategy and Unit Buybacks
The REIT generated $39 million in net proceeds through three dispositions, with a total reduction in unit count of 4.4% through buybacks at a discount to IFRS NAV.
Healthy Financial Metrics and Liquidity
FFO for the quarter was $21.8 million, a 3.3% year-over-year improvement, with a per unit increase of 4.2%. The interest coverage ratio increased to 2.6 times, with total debt-to-gross book value at 40.9% and $236 million in available liquidity.
Positive Leasing and Rental Upside
Executed 475 new leases, a 3% increase in leasing volume compared to last year. Outgoing rents grew at a compound annual rate of nearly 12%, and new resident rents grew at a rate of 5% over two years.