The company acquired six operating communities located in Dallas and Austin, Texas, for approximately $354.6 million, increasing their presence in these key growth markets.

The company contributed four wholly-owned operating communities to a newly formed joint venture, receiving $247.9 million in cash and recognizing a gain of $325.9 million. This move diversifies the portfolio and unlocks capital for other opportunities.

The company was developing two wholly-owned communities located in Addison, Texas and Tampa, Florida, totaling 415 homes, with a budget of $187.5 million. This demonstrates a continued investment in future growth through development.

The company's annualized declared 2023 dividend of $1.68 represented a 10.5% increase over the previous year, demonstrating a commitment to returning value to shareholders.

The company placed greater emphasis on increasing associate engagement and focused efforts on achieving this goal. They implemented a quarterly pulse survey program and several measures aimed at improving communication and fostering a sense of community.

Investment in new technologies continues to drive operating efficiencies in our business and helps us to better meet the changing needs of our business and our residents.

Unfavorable market conditions in the areas in which the company operates or unfavorable economic conditions generally, may significantly affect occupancy levels, rental rates, and the value of properties.

A significant portion of total NOI is generated from communities located in Metropolitan D.C., Boston, MA, Orange County, CA, Dallas, TX, the San Francisco Bay Area, CA, New York, NY, Seattle, WA and Tampa, FL. As a result, if any one or more of these markets is adversely impacted, such conditions may have a greater adverse impact on results of operations.

Substantial inflationary or deflationary pressures could have a negative effect on rental rates and property operating expenses. The U.S. economy has recently experienced high rates of inflation, which has increased our operating expenses due to higher third party vendor costs and increased our interest expense due to higher interest rates on our variable rate debt.

Competition for new residents is generally intense across our markets. Some competing communities offer amenities that our communities do not have. Competing communities can use rental concessions or lower rents to obtain temporary competitive advantages.

The company believes that, in general, it is well-positioned to compete effectively for residents and investments due to a fully integrated organization, scalable operating and support systems, access to diversified sources of capital, geographic diversification, and significant presence in major markets.

Moving forward, the company will continue to improve lease management, improve expense control, increase resident retention efforts and align employee incentive plans with metrics that impact our bottom-line performance.

Investment in new technologies continues to drive operating efficiencies in our business and helps us to better meet the changing needs of our business and our residents.

As a result of transforming our operations through technology, residents' satisfaction has improved, and our operating teams have become more efficient. Web-based technologies have also resulted in declining marketing and advertising costs, improved cash management, and better pricing management of our available apartment homes.

Moving forward, we will continue to improve lease management, improve expense control, increase resident retention efforts and align employee incentive plans with metrics that impact our bottom-line performance.

Investment in new technologies continues to drive operating efficiencies in our business and helps us to better meet the changing needs of our business and our residents.

Our residents can conduct business with us 24 hours a day, 7 days a week, including completing online leasing applications and renewals and submitting maintenance or other requests throughout our portfolio using our web-based resident internet portal or, increasingly, a smart-device application.

The company has in the past developed and may in the future develop initiatives that are intended to drive operating efficiencies and grow NOI, including smart home technologies and self-service options that are accessible to residents through smart devices or otherwise.

The company acquired six operating communities located in Dallas and Austin, Texas, for approximately $354.6 million, increasing their presence in these key growth markets.

The company contributed four wholly-owned operating communities to a newly formed joint venture, receiving $247.9 million in cash and recognizing a gain of $325.9 million. This move diversifies the portfolio and unlocks capital for other opportunities.

The company was developing two wholly-owned communities located in Addison, Texas and Tampa, Florida, totaling 415 homes, with a budget of $187.5 million. This demonstrates a continued investment in future growth through development.

The company published its 2023 ESG Report on its website, which discloses its environmental and social initiatives, programs, and performance. The report's ESG disclosures were, to the extent applicable, prepared in accordance with the Global Reporting Initiative (GRI) Standards (core), the Sustainability Accounting Standards Board (SASB) standards, and the Task Force for Climate-related Financial Disclosure (TCFD) framework.

In 2023, the company reduced the benefits waiting period from two months to one month. In addition, they enhanced their behavioral health support mobile application, providing associates with 24/7 access to a care team of coaches and mental health professionals via text-based chats and self-guided activities at no additional cost to associates.

We prioritize respect, fairness, and the promotion of diverse perspectives, which contribute to our Company's growth and success. Our commitment extends to fostering a diverse and inclusive workplace environment that facilitates the development and advancement of all associates.

Revenue growth in 2024 may be impacted by adverse developments affecting the general economy, inclusive of economic conditions as a result of a recession, reduced occupancy rates, increased rental concessions, new supply, increased bad debt and other factors which may adversely impact our ability to increase rents.

Competition for new residents is generally intense across our markets. Some competing communities offer amenities that our communities do not have. Competing communities can use rental concessions or lower rents to obtain temporary competitive advantages.

A significant portion of total NOI is generated from communities located in Metropolitan D.C., Boston, MA, Orange County, CA, Dallas, TX, the San Francisco Bay Area, CA, New York, NY, Seattle, WA and Tampa, FL. As a result, if any one or more of these markets is adversely impacted, such conditions may have a greater adverse impact on results of operations.