![]() ![]() Non same-store property operating expenses Loss on sale of real estate loan investment Interest revenue on related party notes receivable Waived asset management and general and administrative expense fees ![]() Reconciliation of Net Income (Loss) to Multifamily Communities' Same-Store Net Operating Income ("NOI") This rent growth has continued into January as our new leases are up 17.4% and renewals have increased 12.1% for a blended 14.3% increase," stated Joel Murphy, Preferred Apartment Communities Chairman and Chief Executive Officer. These solid results caused us to end the year at 7.2% same store NOI growth for the full year, above the high end of our full year guidance. Also for the fourth quarter, our same store properties had 22.0% rent growth for new leases and 12.5% for renewals for a blended 17.0% increase. These fundamentals and the quality and vintage of our multifamily portfolio produced strong fourth quarter results, with top line year over year same store revenue growth of 9.6% and year over year same store NOI growth of 14.8%. For 2021 as a whole, we continued to grow our high quality apartment portfolio and real estate investment loan book while population, job, and income growth across our Sunbelt markets provided an excellent fundamental backdrop for our business. "The fourth quarter marked a continuation of our solid operating performance throughout the entirety of 2021 and capped off an exciting and transformational year. ![]()
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