The Company acquired a 310-unit multifamily apartment community in Orlando, Florida for approximately $84 million and a 306-unit community in Raleigh, North Carolina for approximately $81 million. Additionally, land parcels were acquired in Richmond, Virginia and Phoenix, Arizona for approximately $14 million and $11 million, respectively.

As of September 30, 2024, the Company had eight development communities under construction, with total expected costs of $978.3 million, of which $610.4 million had been incurred. The Company expects to complete two developments in 2024, two in 2025, three in 2026, and one in 2027.

Subsequent to September 30, 2024, the Company closed on the disposition of a 216-unit multifamily apartment community and received net proceeds of approximately $39 million, resulting in an expected gain of approximately $23 million.

Average physical occupancy for the Same Store segment was 95.7%, consistent with the three months ended September 30, 2023, indicating stable operational performance.

The Company's portfolio strategy emphasizes diversity in markets, submarkets, product types, and price points to mitigate exposure to economic issues and enhance performance throughout the economic cycle.

Management continues to monitor pressures surrounding housing supply, inflation trends, and general economic conditions, indicating proactive risk management.

The Company is involved in multiple putative class action lawsuits alleging conspiracy to artificially inflate rents, with potential for monetary damages and injunctive relief. The outcome and financial impact remain uncertain.

The company has $490.0 million of variable rate debt outstanding under the commercial paper program. Continued exposure to elevated interest rates will be a result of additional variable rate borrowings or future financing and refinancing activities.

Economic conditions, including supply and demand factors, can impact the company's ability to increase or collect rental rates. A significant change in the mortgage financing market or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product.

The company maintains diversity of markets, submarkets, product types, and price points in the Southeast, Southwest and Mid-Atlantic regions of the U.S. to mitigate exposure to economic issues.

The company's portfolio includes both urban and suburban locations with a broad range of monthly rent price points, which is believed to provide higher performance and lower volatility.

A significant change in the mortgage financing market or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product.

Property operating expenses increased by 6.2% year-over-year, driven by increases in personnel, utilities, office operations, and marketing expenses.

Management monitors its debt levels to a ratio of net debt to Adjusted EBITDAre in order to maintain its investment grade credit ratings.

Our net debt to Adjusted EBITDAre ratio as of September 30, 2024 was 3.9x, as compared to a ratio of 3.6x as of December 31, 2023.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships' financial information is made available to the Company.

As of September 30, 2024 and December 31, 2023, the Company's investments in the limited partnerships were $57.1 million and $46.5 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets

As of September 30, 2024, the Company was committed to make additional capital contributions totaling $31.6 million if and when called by the general partners of the limited partnerships.

In January 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2034 with a coupon rate of 5.000% per annum and at an issue price of 99.019%.

In May 2024, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes due February 2032 with a coupon rate of 5.300% per annum and at an issue price of 99.496%.

In June 2024, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program.

The provided 10-Q filing does not contain specific information regarding Environmental, Social, or Governance initiatives undertaken by the company.

Demand for apartments in our markets was strong during the third quarter of 2024, which is contributing to the steady absorption of the high volume of new supply delivered in the third quarter, which we believe has now peaked.

The strong demand resulted in record low resident turnover, steady occupancy and strong renewal pricing and collections.

We continue to monitor pressures surrounding housing supply, inflation trends and general economic conditions. A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent pricing on new leases and renewals than what we achieved in the three and nine months ended September 30, 2024.