The company sold two wholly-owned communities containing 587 apartment homes for $332,000,000, for a gain in accordance with GAAP of $172,986,000. This indicates a strategic decision to divest certain assets.

The company acquired three wholly-owned communities containing 668 apartment homes for a purchase price of $212,500,000. This indicates a strategic decision to acquire certain assets.

The company entered into forward contracts under the CEP to sell 203,297 shares of common stock for approximate proceeds, net of fees of $44,066,000, based on the gross weighted average price of $219.92 per share, with settlement of the forward contracts expected to occur on one or more dates not later than December 31, 2025.

During the second quarter of 2024, as part of our implementation of a new enterprise resource planning (“ERP”) system, we completed the migration of a new human resource and payroll solution to the new ERP system. During the third quarter of 2024, we completed the migration of a new financial accounting and procurement solution to the new ERP system.

The District of Columbia filed a motion asking the court to reconsider the Company's dismissal from the D.C. Antitrust Litigation or give the District of Columbia leave to amend its original complaint. The Company intends to file a reply opposing this motion.

Office of the Attorney General of the State of Maryland has made the Company aware that it is likely to file a suit similar to the D.C. Antitrust Litigation in which a number of owners and/or operators of multifamily properties in the State of Maryland, including potentially the Company, will be named.

During the three months ended September 30, 2024, the Company entered into $100,000,000 of new forward interest rate swap agreements to reduce the impact of variability in interest rates on a portion of the Company's anticipated future debt issuance activity through December 31, 2025.

During the nine months ended September 30, 2024, the Company terminated $250,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the issuance of unsecured notes, receiving $16,839,000.

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.

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.

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 believe these market characteristics have offered, and will continue to offer, the opportunity for superior risk-adjusted returns over the long-term on apartment community investments relative to other markets that do not have these characteristics.