Record Resident Retention
The company reported the highest third quarter resident retention in its history, maintaining high occupancy rates in the mid-96% range.
Strong Performance in San Francisco and New York
San Francisco, particularly the urban core, is expected to be the best-performing market in 2025, with high demand and limited supply. New York also continues to perform strongly with low competitive new supply.
AI-Driven Innovations
Deployment of AI-driven application processing tool has reduced application time by 50%, with further AI enhancements planned to improve service efficiency and resident experience.
Stock Buyback
The company repurchased approximately $100 million of its stock during the third quarter and subsequent to quarter end, citing undervaluation.