The company cited healthy demand across most of its markets and modest supply as the main drivers of the increase in same store rental income. It said same store real estate taxes rose by $3.4 million and electric utility costs fell by $2.0 million.

1. 01

   The company cited healthy demand across most of its markets and modest supply as the main drivers of the increase in same store rental income. It said same store real estate taxes rose by $3.4 million and electric utility costs fell by $2.0 million.

2. 02

   The company said Physical Occupancy for Q1 2024 was 96.3%, the Percentage of Residents Renewing was 61.1%, and same store Turnover was 8.6%, the lowest quarterly level in its history.

3. 03

   The company said it sold 3 consolidated rental properties in Q1 2024, receiving net proceeds of about $247.3 million. In the same quarter, it started construction on 1 consolidated apartment property in the Boston market, with 440 apartment units and expected development costs of about $232.2 million.

4. 04

   The company said it repurchased and retired 652,452 common shares in Q1 2024 at a weighted average price of $58.95 per share, for total purchases of about $38.5 million. It also said its immediately available liquidity was about $2.3 billion.

Key figures

Quarter ended March 31, 2024

Net income

$296M

EPS

$0.77

Operating cash flow

$421M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.