The company completed the development of two communities located in Tampa, Florida and Addison, Texas, with a total of 415 apartment homes, indicating continued focus on strategic development projects.

The company recognized a gain of $16.9 million from the sale of an operating community located in Arlington, Virginia, indicating a strategic asset disposition.

The company contributed $35.0 million to four joint ventures that own and operate four operating communities with a total of 818 apartment homes, highlighting continued investment in strategic partnerships.

The company introduced an enhanced volunteer policy that provides associates with up to eight paid hours annually for volunteer activities, demonstrating a commitment to community engagement.

The company upgraded its EAP and increased enrollment by 10%, indicating a focus on employee health and well-being.

The company introduced two digital customer experience service training courses and subsequent leader guides to approximately 1,200 associates to improve overall customer service skills and increase resident satisfaction and loyalty.

The 10K filing indicates that unfavorable market conditions in the areas in which the company operates or unfavorable economic conditions generally, may significantly affect occupancy levels, rental rates and collections, the value of properties and the ability to acquire or dispose of apartment communities on economically favorable terms.

The 10K filing indicates that a significant portion of total NOI was generated from communities located in Metropolitan D.C., Boston, MA, Orange County, CA, the San Francisco Bay Area, CA, Dallas, TX, New York, NY, Seattle, WA and Tampa, FL. As a result, if any one or more of these markets is adversely impacted by regional or local economic conditions or real estate market conditions, including new supply, such conditions may have a greater adverse impact on results of operations than if the portfolio was more geographically diverse.

The 10K filing indicates that substantial inflationary or deflationary pressures could have a negative effect on rental rates and property operating expenses. The U.S. economy has during certain periods over the last few years experienced high rates of inflation, which has increased operating expenses due to higher third party vendor costs and increased interest expense due to higher interest rates on variable rate debt.

The 10K filing indicates that apartment communities compete with numerous housing alternatives in attracting residents, including other apartment communities, condominiums and single-family rental homes, as well as owner occupied single- and multi-family homes. Competitive housing in a particular area, including new supply, could adversely affect ability to lease apartment homes and increase or maintain rents, which could materially and adversely affect results of operations and financial condition.

The 10K filing indicates that the company believes it is well-positioned to compete effectively for residents and investments, citing a fully integrated organization, scalable operating and support systems, access to diversified sources of capital, geographic diversification and significant presence in major markets.

The 10K filing indicates that 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 bottom-line performance. The company believes this plan of operation, coupled with the portfolio's strengths in targeting renters across a geographically diverse platform, should position for continued operational upside.

The 10K filing indicates that investment in new technologies continues to drive operating efficiencies in business and helps to better meet the changing needs of business and residents.

The 10K filing indicates that as a result of transforming operations through technology, residents' satisfaction has improved, and 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 available apartment homes.

The 10K filing indicates that 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 bottom-line performance.

The 10K filing indicates that investment in new technologies continues to drive operating efficiencies in business and helps to better meet the changing needs of business and residents.

The 10K filing indicates that the company relies on information technology systems, including the internet and networks and systems and software developed, maintained and controlled by third party vendors and other third parties, to process, transmit and store information and to manage or support business processes, and that a breach of these systems could materially and adversely impact business, financial condition, results of operations and reputation.

The 10K filing indicates that the company has in the past developed and may in the future develop initiatives or processes 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, and that a failure to succeed with these initiatives may limit the company's ability to grow NOI.

The 10K filing indicates that the company issued $300.0 million of 5.125% senior medium-term notes due September 1, 2034. The net proceeds were used to pay down outstanding indebtedness under the company's commercial paper program.

The 10K filing indicates that the company amended its Revolving Credit Facility to extend the maturity date to August 31, 2028, with two six-month extension options and amended our Term Loan to include a twelve-month extension option.

The 10K filing indicates that the company funded an additional $32.2 million to two of our notes receivable investments, highlighting continued investment in strategic lending opportunities.

The 10K filing indicates that the company published its 2024 ESG Report on its website, which discloses 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.

The 10K filing indicates that there is a focus from certain investors, tenants, employees, and other stakeholders concerning corporate responsibility, specifically related to environmental, social and governance factors, and that third-party providers of corporate responsibility ratings and reports on companies have increased in number, resulting in varied and in some cases inconsistent standards.

The 10K filing indicates that a decline in the fair value of assets may require the company to recognize an impairment against such assets under generally accepted accounting principles if the company were to determine that, with respect to any assets in unrealized loss positions, the company does not have the ability and intent to hold such assets for a period of time sufficient to allow for recovery to the amortized cost of such assets.

The 10K filing indicates that revenue growth in 2025 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 ability to increase rents.

The 10K filing indicates that various state and local governments as well as the federal government have enacted and may continue to enact rent control, rent stabilization, or limitations, and similar laws, regulations and policies, including laws or court orders, that could limit ability to raise rents or charge certain fees which could have a retroactive effect.

The 10K filing indicates that competition for new residents is generally intense across our markets, and that some competing communities offer amenities that the company's communities do not have. Competing communities can use rental concessions or lower rents to obtain temporary competitive advantages. Also, some competing communities are larger or newer than the company's communities.