The company started construction on six wholly-owned communities expected to contain 2,040 apartment homes upon completion, with an estimated total capitalized cost of $800 million.

The company acquired three wholly-owned communities containing 1,131 apartment homes for an aggregate purchase price of $277.2 million, indicating a targeted approach to market expansion.

The company sold four operating communities for $446 million, reflecting a strategy to redeploy capital into higher-growth opportunities.

The company continues to develop initiatives intended to improve customer service and operate more efficiently, including smart home technology and self-service options.

The company focuses on associate engagement and resident satisfaction as key drivers of operating income growth.

Management actively monitors investment allocation by geographic market and product type, selectively selling assets and redeploying capital to enhance shareholder value.

The company acknowledges that ESG evaluations are important to investors and stakeholders and that failure to meet expectations or execute initiatives as planned could adversely affect reputation and financial results.

The company notes the risk of increased rent control regulations limiting their ability to charge market rents, increase rents, or evict tenants.

The company acknowledges that volatility in the capital and credit markets could adversely affect the amounts, sources, and cost of capital available to them.

The company faces competition from other apartment operators, rental housing alternatives, and the purchase of new or existing condominiums and single-family homes.

Local conditions in the company's regions significantly affect occupancy, rental rates, and operating performance, and may be adversely affected by various risks.

Substantially all of the company's apartment leases are for a term of one year or less, which means rental revenues are impacted by declines in market rents more quickly.

The company employs an innovative operating model that combines effective onsite associates with the capabilities of a centralized shared services center, technology platform and digital offerings, and various automation technologies.

Growth in the portfolio and resulting revenue allows fixed operating costs to be spread over a larger volume of revenue, increasing operating margins.

On-site property management teams receive bonuses based largely upon the revenue, expense, Net Operating Income (“NOI”), prospect conversion, resident retention and customer service metrics produced at their respective communities.

The company uses and continuously seeks ways to improve technology applications to help manage communities, believing that technology applications can improve the delivery and efficiency of their services.

The company has developed and may continue to develop initiatives that are intended to serve their customers better and operate more efficiently, including smart home technology and self-service options.

Since mid-2023, the company has provided various back-office, financial administrative support services for a third party leveraging the economies of scale at their center to produce an additional revenue stream.

The company's financing strategy is to maintain a capital structure that provides financial flexibility to help ensure they can select cost-effective capital market options that are well matched to their business risks.

A determination to engage in an equity or debt offering depends on a variety of factors such as general market and economic conditions, short and long-term liquidity needs, relative costs of debt and equity capital, and growth opportunities.

In periods when the capital and credit markets experience significant volatility, the amounts, sources and cost of capital available to the company may be adversely affected.

ESG evaluations, including ESG scores and ratings, are important to some investors and other stakeholders and may impact the price of the company's securities and business practices.

The Credit Facility contains a sustainability-linked pricing component which provides for interest rate margin and commitment fee reductions or increases by meeting or missing targets related to environmental sustainability.

The company may experience climate change impacts including extreme weather, sea level rise, the effects of declines in available water supplies and changes in precipitation, temperature and wildfire exposure, all of which may result in physical damage to and/or a decrease in demand for properties located in areas affected by these conditions.

Federal tax laws may also limit the company's ability to sell properties when desired.

The capitalization rates/disposition yields at which apartment communities may be sold could also be higher than historic rates, thereby reducing the company's potential proceeds from sale.

The company faces competition from other real estate investors, including insurance companies, pension and investment funds, REITs both in the multifamily as well as other sectors, and other well capitalized investors, to acquire and develop apartment communities and acquire land for future development.