Same-Store NOI Growth
Reported 4.5% year-over-year growth in NOI within the same-store portfolio. This growth was driven by solid increases in revenue and excellent execution on expenses.
Capital Recycling and Strategic Transactions
Recycled approximately $212 million of capital through strategic transactions, including acquisitions in Colorado and Utah and dispositions in Minnesota. This activity improved the quality and efficiency of the portfolio.
Minneapolis Market Performance
Results benefited from improved occupancy and increasing rental rates, with blended increases of 2.1%. Projections indicate Minneapolis will outperform historical growth in 2026.
North Dakota Market Outperformance
North Dakota continued to be a standout market with portfolio-leading blended increases of 5.2% in the quarter.
Occupancy and Rent Growth
Retention exceeded expectations, hitting 60% in peak leasing quarters. Lease rates remained positive, up 1.3% on a blended basis in the quarter and 1.6% year-to-date.