The company disposed of three consolidated rental properties in Boston, Orange County and San Francisco markets, generating an Unlevered IRR of 13.1%. This indicates a strategic focus on portfolio optimization.

Construction commenced on a new 440-unit apartment property in the Boston market, with expected development costs of $232.2 million. This indicates continued investment in development activities in key markets.

The Company has invested in ten separate such investments totaling $40.0 million with aggregate remaining commitments of approximately $18.0 million. This shows that the company is looking to expand into new areas.

Same-store NOI increased by 5.5% year-over-year, driven by a 4.1% increase in rental income and a 1.3% increase in operating expenses. This indicates effective management of existing properties and cost control.

The increase in consolidated total NOI is primarily a result of the Company's higher NOI from same store properties, largely due to improvement in same store revenues and the Company's continued focus on same store expense efficiency.

The Company continued to make progress in move-out activity related to delinquent residents during the quarter ended March 31, 2024, especially in our Los Angeles market, which put modest pressure on pricing and Physical Occupancy in that market.

The Company has been named as a defendant in a number of cases filed in late 2022 and 2023 alleging antitrust violations by RealPage, Inc. The complaints allege collusion among the defendants to illegally fix and inflate the pricing of multifamily rents and seek monetary damages, injunctive relief, fees and costs.

The Company is named as a defendant in a class action in the United States District Court for the Northern District of California filed in 2016 which alleges that the amount of late fees charged by the Company were improperly determined under California law.

There have been no material changes to the risk factors that were discussed in Part I, Item 1A of the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2023.

The Company had strong performance in its operating business, with healthy demand across all of our markets supported by a continuing solid job market and high employment for our target affluent renter demographic.

Supply has also been modest in most of our existing coastal markets. As expected, our East Coast and Southern California markets performed better than San Francisco, Seattle and our expansion markets (Denver, Atlanta, Dallas/Ft. Worth and Austin).

We also see our affluent resident base as being resilient to economic uncertainty, including elevated inflation, due to higher levels of disposable income and lower relative rent-to-income ratios.

The Percentage of Residents Renewing was high at 61.1% for the first quarter of 2024, which helped translate into the lowest quarterly same store Turnover in our history of 8.6%.

The Company continued to make progress in move-out activity related to delinquent residents during the quarter ended March 31, 2024, especially in our Los Angeles market, which put modest pressure on pricing and Physical Occupancy in that market.

Utilities - A $2.0 million decrease from electric primarily driven by lower commodity prices; and

The Company has invested in ten separate such investments totaling $40.0 million with aggregate remaining commitments of approximately $18.0 million.

Other expenses increased during the quarter ended March 31, 2024 as compared to the prior year period, primarily due to increases in litigation accruals, partially offset by decreases in data transformation project costs that occurred during 2023 but not during 2024.

There is no information on new innovation and technology initiatives.

During the quarter ended March 31, 2024, the Company repurchased and subsequently retired approximately $38.5 million (652,452 shares at a weighted average price per share of $58.95) of its Common Shares in the open market under its share repurchase program.

The Company declared a dividend/distribution for the first quarter of 2024 of $0.675 per share/unit, an annualized increase of 2.0% over the amount paid in 2023.

Invested $73.5 million in capital expenditures to real estate; and Invested $25.5 million primarily in consolidated development projects.

Real estate taxes – A $3.4 million increase due to escalation in rates and assessed values including an approximately 1.0% contribution to growth from 421-a tax abatement burnoffs in New York City. Once the burnoffs are completed, previously rent-restricted apartment units will transition to market;

There is no information on new ESG initiatives.

The Company, as an owner of real estate, is subject to various federal, state and local laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company.

During the quarter ended March 31, 2024, the Company had strong performance in its operating business, with healthy demand across all of our markets supported by a continuing solid job market and high employment for our target affluent renter demographic.

Supply has also been modest in most of our existing coastal markets. As expected, our East Coast and Southern California markets performed better than San Francisco, Seattle and our expansion markets (Denver, Atlanta, Dallas/Ft. Worth and Austin).

We also see our affluent resident base as being resilient to economic uncertainty, including elevated inflation, due to higher levels of disposable income and lower relative rent-to-income ratios.