The company owns or holds a direct or indirect interest in 17 wholly-owned communities under construction, which are expected to contain 6,064 apartment homes with a projected total capitalized cost of $2.5 billion.

The company owns or holds a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 32 communities that, if developed as expected, will contain an estimated 11,167 apartment homes.

As of April 30, 2024, the Company had seven commitments to fund up to $191.6 million in the aggregate under the SIP. The Company's investment commitments have a weighted average rate of return of 11.5% and a weighted average initial maturity date of December 2026.

Based upon evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms.

The Company intends to vigorously defend against the lawsuit filed by the District of Columbia alleging antitrust violations by RealPage, Inc. and owners and/or operators of multifamily housing.

The Company was in compliance at March 31, 2024 with customary covenants under the Credit Facility and the indentures under which the unsecured notes were issued.

There have been no material changes to our risk factors since December 31, 2023.

The Company is involved in various other claims and/or administrative proceedings that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these other outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations.

Given the early stage of the District of Columbia's lawsuit, the Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from the lawsuit.

We focus on leading metropolitan areas that we believe are generally characterized by growing employment in high wage sectors of the economy, higher cost of home ownership and a diverse and vibrant quality of life.

To help meet this goal, we regularly (i) monitor our investment allocation by geographic market and product type, (ii) develop, redevelop and acquire interests in apartment communities in our selected markets, (iii) efficiently operate our communities to maximize resident satisfaction and shareholder return, (iv) selectively sell apartment communities that no longer meet our long term strategy or when opportunities are presented to realize a portion of the value created through our investment and redeploy the proceeds from those sales and (v) maintain a capital structure that we believe is aligned with our business risks and allows us to maintain continuous access to cost-effective capital.

Our principal financial goal is to increase long-term shareholder value through the development, redevelopment, acquisition, ownership, operation and asset management and, when appropriate, disposition of apartment communities in our markets.

Property management and other indirect operating expenses increased $2.0 million, or 5.7%, primarily due to increased costs related to initiatives to improve future efficiency in services for residents and prospects and investments in technology.

Direct property operating expenses, excluding property taxes, increased $9.1 million, or 7.0%, primarily due to the addition of newly developed apartment communities as well as increased Residential operating expenses at our Same Store communities.

In conjunction with our continued centralization of operating activities into a shared services model, we changed our presentation for centralized shared service costs to reflect these platform costs in property management and other indirect operating expenses, net of corporate income for all periods presented.

Property management and other indirect operating expenses increased $2.0 million, or 5.7%, primarily due to increased costs related to initiatives to improve future efficiency in services for residents and prospects and investments in technology.

Income from unconsolidated investments increased $6.0 million primarily due to unrealized property technology investments gains.

Same Store Residential direct property operating expenses, excluding property taxes, increased $6.8 million, or 5.4%, primarily due to increased utility costs from our bulk internet offering and trash, as well as maintenance costs.

During the three months ended March 31, 2024, the Company had no repurchases of shares under this program. As of March 31, 2024, the Company had $314.2 million remaining authorized for purchase under this program.

During the three months ended March 31, 2024, the Company had no sales under this program. As of March 31, 2024, the Company had $706.0 million remaining authorized for issuance under this program.

Interest expense, net decreased $2.1 million, or 3.6%. The decrease is primarily due to a decrease in amounts of unsecured indebtedness from the repayment of the variable rate unsecured term loan in the prior year, as well as an increased capitalized interest, compared to the prior year period.

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, specifically greenhouse gas emission reductions.

The first determination under the sustainability-linked pricing component occurred in July 2023, resulting in reductions of approximately 0.02% to the interest rate margin and 0.005% to the commitment fee due to our achievement of sustainability targets.

Income from unconsolidated investments increased $6.0 million primarily due to unrealized property technology investments gains.

We focus on leading metropolitan areas that we believe are generally characterized by growing employment in high wage sectors of the economy, higher cost of home ownership and a diverse and vibrant quality of life.

Economic Occupancy is defined as gross potential revenue less vacancy loss, as a percentage of gross potential revenue.

the impact of new landlord-tenant laws and rent regulations may be greater than we expect.