Our objective in developing a community is to create value while improving the quality of our portfolio. How demographic trends, economic drivers, and multifamily fundamentals and valuations have trended over the long-term
●
geographic location, including proximity to jobs, entertainment, transportation, and our existing communities which can deliver significant economies of scale;
●
our climate assessments for the market and sub-market in which the property is located;
●
construction quality, condition, design and sustainability features of, or the potential to implement sustainability initiatives at, the property;
●
current and projected cash flow of the property and the ability to increase cash flow;
●
ability of the property’s projected returns to exceed our cost of capital;
●
potential for capital appreciation of the property;
●
ability to increase the value and profitability of the property through operations and redevelopment;
●
terms of resident leases, including the potential for rent increases;
●
occupancy and demand by residents for properties of a similar type in the vicinity;
●
prospects for liquidity through sale, financing or refinancing of the property; and
●
competition from existing multifamily communities and the potential for the construction of new multifamily properties in the area.
We regularly monitor our assets to increase the quality and performance of our portfolio. Factors we consider in deciding whether to dispose of a property include:
●
whether it is in a market targeted for divestment or a reduction in investment;
●
current market price for an asset compared to projected economics for that asset;
●
potential increases in new construction in the market area;
●
areas with low job growth prospects;
●
near- and long-term capital expenditure needs for the asset; and
●
operating efficiencies.
The following table summarizes our apartment community acquisitions and dispositions and our consolidated year-end ownership position for the past five years (dollars in thousands):
2024
2023
2022
2021
2020
Homes acquired
(a)
1,889
5,426
1,642
Homes disposed
1,604
(b)
Homes owned at December 31,
55,696
55,550
54,999
53,229
48,283
Total real estate owned, at cost
$
16,213,363
$
16,023,859
$
15,570,072
$
14,740,803
$
13,071,472
(a)
In January 2024, the Company acquired its joint venture partner’s common equity interest in a 173 apartment home operating community. The community was previously owned by a consolidated joint venture of the Company.
(b)
Includes 1,328 apartment homes from the partial sale of four operating communities to a newly formed joint venture.
Development Activities
Our objective in developing a community is to create value while improving the quality of our portfolio. How demographic trends, economic drivers, and multifamily fundamentals and valuations have trended over the long-term
●
geographic location, including proximity to jobs, entertainment, transportation, and our existing communities which can deliver significant economies of scale;
●
our climate assessments for the market and sub-market in which the property is located;
●
construction quality, condition, design and sustainability features of, or the potential to implement sustainability initiatives at, the property;
●
current and projected cash flow of the property and the ability to increase cash flow;
●
ability of the property’s projected returns to exceed our cost of capital;
●
potential for capital appreciation of the property;
●
ability to increase the value and profitability of the property through operations and redevelopment;
●
terms of resident leases, including the potential for rent increases;
●
occupancy and demand by residents for properties of a similar type in the vicinity;
●
prospects for liquidity through sale, financing or refinancing of the property; and
●
competition from existing multifamily communities and the potential for the construction of new multifamily properties in the area.
We regularly monitor our assets to increase the quality and performance of our portfolio. Factors we consider in deciding whether to dispose of a property include:
●
whether it is in a market targeted for divestment or a reduction in investment;
●
current market price for an asset compared to projected economics for that asset;
●
potential increases in new construction in the market area;
●
areas with low job growth prospects;
●
near- and long-term capital expenditure needs for the asset; and
●
operating efficiencies.
The following table summarizes our apartment community acquisitions and dispositions and our consolidated year-end ownership position for the past five years (dollars in thousands):
2024
2023
2022
2021
2020
Homes acquired
(a)
1,889
5,426
1,642
Homes disposed
1,604
(b)
Homes owned at December 31,
55,696
55,550
54,999
53,229
48,283
Total real estate owned, at cost
$
16,213,363
$
16,023,859
$
15,570,072
$
14,740,803
$
13,071,472
(a)
In January 2024, the Company acquired its joint venture partner’s common equity interest in a 173 apartment home operating community. The community was previously owned by a consolidated joint venture of the Company.
(b)
Includes 1,328 apartment homes from the partial sale of four operating communities to a newly formed joint venture.
Development Activities
Our objective in developing a community is to create value while improving the quality of our portfolio. How demographic trends, economic drivers, and multifamily fundamentals and valuations have trended over the long-term
We regularly monitor our assets to increase the quality and performance of our portfolio. Factors we consider in deciding whether to dispose of a property include:
The following table summarizes our apartment community acquisitions and dispositions and our consolidated year-end ownership position for the past five years (dollars in thousands):
2024
2023
2022
2021
2020
Homes acquired
(a)
1,889
5,426
1,642
Homes disposed
1,604
(b)
Homes owned at December 31,
55,696
55,550
54,999
53,229
48,283
Total real estate owned, at cost
$
16,213,363
$
16,023,859
$
15,570,072
$
14,740,803
$
13,071,472