a Good everyone, of quite Amy. as call. These have the thank interesting substantially. apartment events, transactional markets joining has rising result, back. fundamentals to slowed you as are Fed’s caused times. for result pull second you, Thank as morning, to yet historically have market markets disrupted been And obviously quarter strong. and response our markets well macro other rate down XXXX earnings debt The inflation, remain Interest movement as a capital
certainty acquisition is continue calls about of paramount. buyer, to all-cash we opportunities an as execution However, now receive as
our the additional anniversary the completed where I our worst to quarter continue Steve now is on from as expansion. launching continue major and and corner opportunities and first, as We the about the X our leasing of asset steps working and transformation near-term will after in like the face geographic proceeds cover diversification. conditions, portfolio we year deployment the growth we commercial would as are well talk sale have of of turning But pandemic our geographic results to outlook. the second growth environment
As deal has face negative and as interest leverage the subsided rates moved have sideline. risen, competition to buyers terms have
we’ll have have capital That still and our to discovered Our and assets, being full to we potential diligence and of lower additional expanded transaction trade-outs gross we underwriting a to we versus monitor are plan markets to on double-digit after on expectation to to deploy due XX said, points, the each and We far down rates continue XXXX insist the on single-digits continuing upon unprecedented disciplined high volatile. has requirements. economy. underwriting we to trend Recently, XX as are pursue. underwrote market, been passed with as judicious due acquisition thus and our diligence conservative, historical Depending approximate increases vintage rent the for experience we cap for to levels submarket of the to are movement we a the price continue basis capital believe XXXX. and
not to be adequately have the were able conditions seller. changed, compensated market by While we
will X,XXX portfolio of this to In the acquisition Marietta still of approximately our assumed pipeline decision timing requirements are on closed acquisitions units for total and million, over year. Crossing Park we our acquisitions, Although good XX% a the of just total Atlanta or of and our near-term bringing $XXX homes. opportunities size Alder this complete delays our we May, we lowers guidance, have meeting and confident
to discipline in continue proven that that rent the along Maintaining levels assume current on very would with underwrote to returns moderate this focusing the starting has we growth targets with Our firm yield strong initial coming we expectations acquired portfolio be which exceed in Thus as targeting growth, years. would specific to expansion the we’ve scale our allow far, line more also us strategic as assets, by opportunities, our but portfolio portfolios geographic on executed evaluating with the shifts. rapidly direction. other private environment our and prudent we are
including ahead. While product opportunities transactions as backdrop, currently to the operating opportunities asset like market take to less provide I’d is kinds market continue comment in are in assessing value mutual time opportunities of to environment our but These values. may structure we With on to excellent net are creation on on that based there the conditions, sellers working ways grow, exploring markets.
homes benefit is strong of portfolio located and accelerated driven from We and in rents Metro DC continue effective good in by quarter on Atlanta. second XX% fundamentals, nearly where year-over-year the Virginia, our summer Northern average X.X% rising same-store value-oriented to the XX% demand to during months, for RealPage. into the Nearly, according
increased momentum, levels. reported quarter, New the rents second and remain from quarter. for to second Atlanta, RealPage continue the Washington points which near by basis XXX by XX.X% lease In year-over-year trade-outs effective at the as up quarter grew have last in for positive XX.X% region, record
benefiting communities and to in high significant are strong retention addition rents. market growth demand Our in from
foresee price market Even as the are sustained we growth points. demand seeing outsized value-oriented today that for we rent moderates, our
Atlanta, our as to XX,XXX a our current premium compared home over to current share home years to housing for a of to recent the lack In in study, the to continue largest ownership affordable housing is ago. a increased, middle-income of have starter and metro even household markets. has own widening is average target XXX,XXX even has home According nearly the asking rent affordable $X,XXX it’s X XX% per rates become runners, Washington the month. which Housing a housing risen units and units. less Within options values of $X,XXX our and and worsen higher. have of rental has compared comprise shortages Atlanta markets, metro approximately Washington overall, interest As shortage Atlanta shortage
it’s renting the In nationally century. cost been fact, between the differential versus this highest is owning
impact rising of the cost homeownership statistics. our and seeing of We’re move-out
coming on the not with is majority number year-to-date even a representing in declined communities, of Atlanta Moreover, communities submarkets supply of into in related XX% same-store Washington new home our new the than Only X% markets in is for X/X Move-outs supply of and supply concentrated outside new over XXXX into deliveries. located. lower areas XX% new were and less our the the As our compete less points quarter do our WashREIT the are in metro second by move-outs. Furthermore, delivering where and basis price the of purchases purchases XXXX. the our of move-outs Atlanta during driven than XX% second year-over-year home to of our portfolio. quarter
for Our Atlanta average newly metro communities. A communities delivered effective in monthly rent is $XXX Washington $XXX lower lower the and than our Class
the Given expect we rise construction to debt in supply levels past decline and recent XXXX. costs,
be rolling growth same-store the rate expected So far of we increases very September, as growth in Over we this the NOI leases to than roll the higher second in has our final drives year lease of half market earned our XX% into year, strong we’ve had remained pandemic rental and overall expect has the and and July rent off income. higher achieved rent growth between into rental combination and higher of rates summer. expire
our XX% XXXX of Median grow. can the support and strengthening the Washington of robust over XXXX, XX% income past for communities of resident base our first growth second for Atlanta year growth. credit continued have remains as the metro half half underscoring rent rents Additionally, profile from and risen the to incomes our communities market
strong rent provide combined that strong we XXXX. XXXX are demand levels NOI with have NOI today, same-store the Given we and increases will positioned for seeing we growth. since greater for rest July, The last well acquisitions even XXXX growth throughout the have experienced we made of are
strong FFO forward, going and quarter and growth strengthening XXXX. expect third Core We NOI, further this in beginning of AFFO XXXX Core
be I clear capitalizing balance with lowering interest delayed fact, the we is the are the now the XXXX that and of are time development this the of assumed because growth is the activate acquisition at In we less Riverside. reason not building, because to to guidance timing want
stronger. now our is cover, growth As Steve getting will
As operating rolling for shareholders and will as transformation, operational that to service grow. deliver we we improved better out are leverage we position us our to and residents continue our new infrastructure our
great on continue part level to this new our property of and to progress we opportunities transformation, are improve uncover making operations. We
state have our are Since designed update, future filled and have We’re strategy ahead brand executing infrastructure a internalizing capital recruit includes near-term positions major of X that into overall internalized and will and of several resource Phase our support operating operations level and models model, positions platform, human for our later corporate key phases total, technology moving we residential This property continuing and human we to our model. transformation are III. now last in year. this
into support inclusion culture belonging of our meet equity people-related incorporating diversity, redefining are We needs to all further resident project. this and aspects and while and
on-site As growth. align team property our to we and packages and and the strategy we support incentive members building are to program compensation look out our long-term ultimately our vision teams with developing the mission all training forward to and resident-centric business welcoming and company,
implementing system. our testing technology third-party We planning core and data our are platforms core for and new operating our into cutover of
levels plans lagged program for our we day-to-day focusing improve priorities overhaul, points creating when will strategy by value to mid-market and that with our component it for expenses our with our operating experience experience residents, out aim this a later rolling smart of pilot brand on technology of avoidance our have technology infrastructure sense environmental are that that brings and website new marketing tailoring experience will operating well-known launch the needs the we our B by smart ease technologies A resident-focused we at goals. automation. make Along that customer provided Class with brand and It’s reduce enablement. But We year. elevate A of building investments and investment price be mid-market living and can to cost comes to Class advance by and a a resident fact home our our significant renters also properties living technology to that believe investments. name,
operations locks, community-wide plan property in-house leak and sensors streamline to pilot program includes used roll improve level plan Our the to designed this communities bring later resident move-in initiative out year. start to starting at the and door our part We we this and initial Wi-Fi smart of living ease technology as broader as water to experience. pilot thermostats,
unit We year-end, infrastructure transformation, base substantially to expect for range. costs completed in guidance the count additional to with of our level conditions by By to onboarding as be different absorbed benefits not expect we And ongoing is systems earned future our base. and The of further. on are operations so. to today will have have expand place the most portfolio line for to this our to significant process should be in opportunities when going we appropriate opportunities broader support the optimize business the best Meanwhile, our to provide G&A into growth property our communities we related the that be to to internal further the mid-XXXX. that wait which scale. creatively of forward, each it in Steve and doubling a of do level year expense on now will scale our expense updated from
cover before emissions We’ve I’d in on that, enough nearly systems our apartment gas each When panels on our of clean of energy year. an completed solar we impact like the update installation recent generate reduce communities activated, these trees the to to X initiatives. a of provide X,XXX greenhouse D.C. equivalent to will However, of ESG couple
past installation electric Maryland of kicked all communities. vehicle off charging stations our this month, across Additionally, the we
Maryland, the We potentially to are coordinating cover utility will electric advantage local of with of as installation well as take the of cost. state rebates XXX% that the
EV advantage D.C. opportunities We residents identify rate our the our entry past given year. increased Virginia and are lower similar charging coordinating the actively of demand across cost installing in to of the take other and for properties to
call results and Now, I’d quarter and detail, planning our like growth our turn allocation Steve discuss outlook. to to outlook over capital and the second more to in
