In July 2024, the Company acquired Avalon Perimeter Park, located in Morrisville, NC, containing 262 apartment homes for a purchase price of $66,500,000 and Avalon Cherry Hills, located in Englewood, CO, containing 306 apartment homes for a purchase price of $95,000,000.

In July 2024, the Company sold AVA Theater District, located in Boston, MA. AVA Theater District contains 398 apartment homes and was sold for $212,000,000 and Avalon Darien, located in Darien, CT. Avalon Darien contains 189 apartment homes and was sold for $120,000,000.

As of June 30, 2024, the Company owned or held a direct interest in 17 Development Communities under construction. We expect these Development Communities, when completed, to add a total of 6,066 apartment homes and 65,000 square feet of commercial space to our portfolio for a total capitalized cost, including land acquisition costs, of approximately $2,537,000,000.

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.

During the second quarter of 2024, as part of our ongoing implementation of a new enterprise resource planning ("ERP") system, we completed the migration to a new human resource and payroll solution.

Property management and other indirect operating expenses, net of corporate income increased $4,567,000, or 13.1%, and $6,569,000, or 9.4%, for the three and six months ended June 30, 2024, respectively, compared to the prior year periods, primarily due to increased costs related to investments in technology and process related spend for initiatives to improve future efficiency in services for residents and prospects and increased advocacy costs.

We may fail to secure development opportunities due to an inability to reach agreements with third parties to obtain land at attractive prices or to obtain desired zoning and other local approvals; we may abandon or defer development opportunities for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses.

construction costs of a community may exceed our original estimates; we may not complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest costs and construction costs and a decrease in our expected rental revenues.

occupancy rates and market rents may be adversely affected by competition and local economic and market conditions which are beyond our control.

occupancy rates and market rents may be adversely affected by competition and local economic and market conditions which are beyond our control.

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.

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.

Property management and other indirect operating expenses, net of corporate income increased $4,567,000, or 13.1%, and $6,569,000, or 9.4%, for the three and six months ended June 30, 2024, respectively, compared to the prior year periods, primarily due to increased costs related to investments in technology and process related spend for initiatives to improve future efficiency in services for residents and prospects and increased advocacy costs.

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.

We efficiently operate our communities to maximize resident satisfaction and shareholder return.

Income from unconsolidated investments increased $5,854,000 for the six months ended June 30, 2024 compared to the prior year period primarily due to unrealized property technology investments gains, partially offset by the recognition of $1,072,000 of our promoted interest associated with the achievement of a threshold return with the Archstone Multifamily Partners AC LP (the “U.S. Fund") in the prior year period.

Property management and other indirect operating expenses, net of corporate income increased $4,567,000, or 13.1%, and $6,569,000, or 9.4%, for the three and six months ended June 30, 2024, respectively, compared to the prior year periods, primarily due to increased costs related to investments in technology and process related spend for initiatives to improve future efficiency in services for residents and prospects and increased advocacy costs.

During the second quarter of 2024, as part of our ongoing implementation of a new enterprise resource planning ("ERP") system, we completed the migration to a new human resource and payroll solution.

The Company has a stock repurchase program under which the Company may acquire shares of its common stock in open market or negotiated transactions up to an aggregate purchase price of $500,000,000 (the "Stock Repurchase Program").

As of June 30, 2024, the Company had investments in five unconsolidated entities with real estate entities holdings, with ownership interest percentages ranging from 20.0% to 50.0%, coupled with other unconsolidated investments including property technology and environmentally focused companies and investment management funds.

The Company operates a Structured Investment Program (the “SIP”), an investment platform through which the Company provides mezzanine loans or preferred equity to third-party multifamily developers.

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, with the adjustment determined annually.

The annual determination under the sustainability-linked pricing component occurred in July 2024, maintaining reductions of approximately 0.02% to the interest rate margin and 0.005% to the commitment fee due to our achievement of sustainability targets.

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, with the adjustment determined annually.

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.

occupancy rates and market rents may be adversely affected by competition and local economic and market conditions which are beyond our control.

interest rates, inflation and other general economic conditions and their potential impacts.