Q1 same store revenue increased 4.1% compared to the first quarter of 2023, “driven by healthy demand and modest supply across most of our markets”. Same store Net Operating Income increased 5.5%. “Our operating business performed very well this quarter positioning us favorably as we enter our primary leasing season,” said Mark Parrell, CEO. “The positive demand dynamics in our affluent renter demographic, limited new apartment supply in our existing predominantly coastal markets and our laser focus on expense management continue to produce good results.”
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