The 3.9% stock increase reflects solid execution on leasing and development efforts, with upside driven by accelerating rental rate growth, disciplined capital allocation, and an increased core FFO per share outlook.
- Core FFO per share guidance midpoint was raised by $0.03 to $1.95, indicating 4.3% year-over-year growth.
- Same-home occupancy held steady at 96%, with blended rental rate growth accelerating to 2.7% for the quarter and 2.8% in July.
- Controllable expense growth was limited to less than 1% year-over-year despite expansion efforts.
- Delivered 651 new homes in the quarter, including 542 to the wholly owned portfolio, supporting NOI growth from development.
- Disposition activity remains robust with over 1,300 homes sold year-to-date, generating approximately $380 million of net proceeds to fund on-balance-sheet development.
Community Discussion