The Company acquired its joint venture partner's 50% common equity interest in Century Towers for $173.5 million and 49.9% common equity interest in Patina at Midtown for $117.0 million. As a result of the acquisitions, the Company realized a gain on remeasurement of co-investment of $29.4 million and $2.2 million respectively.

In March 2024, the Operating Partnership issued $350.0 million of senior unsecured notes due on April 1, 2034 with a coupon rate of 5.500% per annum. The 2034 Notes were offered to investors at a price of 99.752% of the principal amount.

In August 2024, the Company entered into a new equity distribution agreement pursuant to which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $900.0 million. The 2024 ATM Program replaced the prior equity distribution agreement entered into in September 2021.

Same-Property operating expenses, excluding real estate taxes, increased by $5.5 million or 7.4% to $80.2 million in the third quarter of 2024 compared to $74.7 million in the third quarter of 2023. This increase is primarily due to increases in utilities, insurance, and personnel costs.

Cash delinquencies as a percentage of scheduled rental income decreased to 0.7% for the three months ended September 30, 2024, compared to 2.0% for the same period in 2023. This indicates improved rent collection efforts.

In late 2022 and early 2023, a number of purported class actions were filed against RealPage, Inc., and various lessors of multifamily housing which utilize this software, including the Company. The Company intends to vigorously defend against these lawsuits.

Geopolitical tensions and regional conflicts have increased uncertainty during 2023 and 2024. Inflation has caused an increase in consumer prices, thereby reducing purchasing power and elevating the risks of a recession.

The Company is subject to various lawsuits in the normal course of its business operations. Such lawsuits have not had a material adverse effect on the Company's financial condition, results of operations or cash flows.

Inflation has caused an increase in consumer prices, thereby reducing purchasing power and elevating the risks of a recession. In response to increased inflation, the U.S. Federal Reserve raised the federal funds rate throughout 2022 and 2023 resulting in a significant increase of market interest rates.

Same-Property revenues increased by $13.9 million or 3.5% to $413.2 million for the third quarter of 2024 from $399.3 million for the third quarter of 2023. The increase was primarily attributable to an increase of 1.8% in average rental rates.

Occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions.

The Company is emerging from restrictions resulting from the COVID-19 pandemic and continues to comply with the stated intent of local, county, state and federal laws, some of which limit rent increases during times of emergency and impair the ability to collect unpaid rent during certain timeframes and in various regions in which our communities are located, impacting the Company and its properties.

Property operating expenses, excluding real estate taxes, increased by $8.3 million or 10.8% to $85.3 million for the third quarter of 2024 compared to $77.0 million for the third quarter of 2023, primarily due to increases of $4.1 million in utilities expenses, $2.0 million in personnel costs, $1.4 million in administrative expenses, and $0.8 million in maintenance and repairs expenses.

General and administrative expenses increased to $29.1 million for the three months ended September 30, 2024, compared to $14.6 million for the same period in 2023.

The Company is carefully monitoring and managing its cash position in light of ongoing conditions and levels of operations.

As of September 30, 2024, the Company had invested in five technology co-investments and the co-investment balance of these investments was $52.3 million, and the aggregate commitment was $86.0 million.

The Company's critical accounting estimates relate principally to the following key areas: (i) accounting for the acquisition of investments in real estate; and (ii) evaluation of events and changes in circumstances indicating whether the Company's rental properties may be impaired.

The Company is subject to various lawsuits in the normal course of its business operations. Such lawsuits have not had a material adverse effect on the Company's financial condition, results of operations or cash flows.

As of September 30, 2024, the Company had $302.7 million of purchase authority remaining under its $500.0 million stock repurchase plan. During the nine months ended September 30, 2024, the Company did not repurchase any shares.

The Company expects to fund the development and predevelopment communities by using a combination of some or all of the following sources: its working capital, amounts available on its lines of credit, construction loans, net proceeds from public and private equity and debt issuances, and proceeds from the disposition of assets, if any.

As of September 30, 2024, the Company had $71.3 million of unrestricted cash and cash equivalents and $75.2 million in marketable securities, all of which were equity securities.

As of September 30, 2024, the Company's $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.765%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric adjustment feature.

The Company is subject to various lawsuits in the normal course of its business operations. Such lawsuits have not had a material adverse effect on the Company's financial condition, results of operations or cash flows.

The Company is carefully monitoring and managing its cash position in light of ongoing conditions and levels of operations.

The Company is emerging from restrictions resulting from the COVID-19 pandemic and continues to comply with the stated intent of local, county, state and federal laws, some of which limit rent increases during times of emergency and impair the ability to collect unpaid rent during certain timeframes.

Geopolitical tensions and regional conflicts have increased uncertainty during 2023 and 2024. Inflation has caused an increase in consumer prices, thereby reducing purchasing power and elevating the risks of a recession.

Occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions.