that those and to outlook. to quarter updates operating we and good Today, with you, Thank experiencing how to XXXX would cover confidence have provide the we like will also for XXXX our the I remainder captured our of Paul, our and guidance guidance everyone. for the I cover XXXX. are that results, us trends growth and in date morning, third trends
I will highlights touching growth for with start outlook. on our
and our in-house, resident-focused our communities company for new As start a of Susan name, brand trajectory our company. bring unveiling the to discussed, Paul in changing beginning and culminates our mid-market
this of growth a record outlook. with All coincides
to at the expect XX% growth core and at of NOI midpoint the historic in deliver growth We FFO guidance and of same-store NOI in core strongest midpoint, range over with of our XXXX, XX% XX years. the growth FFO
and our to ability to have growth results this solid continue deliver several beyond We to to XXXX. deliver confident feel in reasons
value-oriented focus stability on points in markets. price A of operating First, Class both across outperform provide our our
the in downturns. during the region as fare in Metro Atlanta Paul well our to allocation headwinds of stability Second, to is XXXX. Washington highlighted, And the increased macroeconomic projected portfolio's provides event
leverage well-positioned balance have strong and liquidity. low we Third, a with sheet
completed strength through prudent We've we sheet we through to prioritized of balance had knew us and be will rating. maintain continue as we as the recycling our investment-grade It all well capital serve our the to as the well debt throughout we executed. pandemic transformative
the as are in factored All into capital to grow the well we and expectations in we anticipate beyond our for improve. near community we backdrop us These increasing have gear with our is after we record positioned profitability believe XXXX another complete should Fourth, that further for horizon efficiencies growth operating been XXXX process. all, internalization process complete. markets the efficiencies cost provide onboarding not should even
In growth asset quarter throughout growth during in same-store and our took effective August quarter. keeping Effective and was the digits that place for remained the to following growth was which move-ins third rate lease went the XX.X%, rate early with the the volume highest quarter, historical third quarter new trends, XX.X% renewal was double lease leasing XX.X% the peak.
rate performance, quarter, into place rate effective non-same-store in but remains went same-store which renewal for and effective historically XX.X%, the growth lease October our and took that lease rate will moderated, was strong captured lease growth carry during move-ins very with high, lease growth XX.X% X.X% to rate non-same-store effective has portfolio X.X% XXXX. our growth XX.X%. was Overall, third blended portfolio. for Lease we of over which rate For new
community. application demand volumes for our value-oriented October and reflect traffic solid
We currently significant renewal the power out overall, growth rates on strong of sending average given renewal in with indicating rents high XX% to are our remains in rates market our that XX% regions. pricing acceptance
post XX.X% and average. a with the year to quarter, XX.X% and quarter. during Same-store which occupancy in our Retention a averaged end quarter line above was during the ago XX% was increased historical strong
we maximization the and busiest maintaining Our capture head we lease months. into on during leasing prioritizes winter strategy revenue months, are now the focused rate as occupancy
related retention rising move-outs while improved, head forward related into healthy homeownership, occupancy the and the a months. of retention home winter support to demand as cost rates Due and our Strong trend to we renewal move-outs purchases home year and nearly to same-store to year-over-year prior period. represented the a X% the by percentage most notable on The and drop X% sequential compared purchases declined basis. sequential of over
historically drive Looking forward, expect growth, are outsized embedded in and positioned we revenue will high XXXX. NOI growth with we which
our mid-single-digit in loss today. shifts environment Our growth September to that lease from as and our and experiencing very trends X% of confidence market earn-in rent outlook we for the provide strong are as over the NOI XX, of
on stronger our range and embedded at are portfolio. for of We same-store track NOI Atlanta in of X of the multifamily XX% already growth majority guidance growth with acquired the the deliver annualized this midpoint vast year, growth communities to that our
inflation On that the we're XXXX expectation top incorporated additional conservatively we've incurring believe we on level our in the in expense XXXX. of side, pressure
by to are higher be costs. Our greatest non-control in expectations driven real soon estate utility expenses taxes for pressure and cost
of our year which outlook. components provides We onboarded, to over anticipate that course larger Additionally, confidence expenses improve of after the expense will in have and with controls we ongoing controls fully our increase payroll and our operational on expense the expenses, impact and represent that ability us controllable due inflationary properties maintenance repairs XXXX. will plus further assume should implement the expectations. to are other a our This growth largest
to on moving Now renovations.
you rent look like included a quarter, on over third would units. we more renovated a in growth unrenovated XXX approximately achieved XX%. excluding XX%, of investment total on ROI, it the rent And During little your increases the comparable that return we if units for
to While rate units run expect we closer per to of approximately XXXX. our year be renovation historical XXX in
to flexibility the as offers shifts. Our pace program environment the renovation change
we've of benefiting while towards and growth renovation our preserving record-setting off double-digit the past levels. rent growth from levels, Over when market at growth for has year, opportunities market pace rent rent renovations, reverts historical been eased
XX.X% results, grew this maintenance rent strong a Multifamily quarter same-store by third rental year-over-year share, driven to lower XX%, growth rent our in our cover and concessions, of now offset income. with for base will line per I higher second were the momentum the repairs partially stronger prior payroll and year. FFO in over growth higher reflecting was half which by Core $X.XX NOI expectations due increase expenses. in year diluted and of
were due year and period. the expenses turnover to Third prior to quarter repairs maintenance higher part increased in compared
expect multifamily operating to We by full same-store expenses overall. X% year increase approximately
to NOI effective the X.X% the expect to growth of the XX.X% lease because Average we for year quarter same-store captured monthly increased accelerate same-store in multifamily rate fourth per home We compared a basis on very the growth season. and summer leasing period rent during the prior strong over sequentially. quarter
Watergate driven in by reflects months. impact has summer base lease and Other tenant quarter which average strong term. NOI, of third captured XXX and rate institutional the grew the X-year rental Watergate growth Again, weighted lease income. very we leasing the busiest the acceleration a high-quality to parking the during higher in compared XXX, year, represents X.X% a growth prior our
Now, turning guidance. to
point First, XXXX can will that I following XX. of will that confident point XXXX our found underway, outlook. release, in out not be press points, we growth will are I on our those our guidance the therefore, out highlights I key and September we and they but reiterate is all pre-released
to FFO midpoint year-over-year the growth and $X.XX expected highest for XXXX on $X.XX XX% to based Core core is since the the implies which fully share, of from FFO diluted range approximately ranges, guidance XXXX. XXXX per XXXX
ability leases grow expect our to has capital do most of supports captured our if much growth this decision existing of our growth, been by driven future. to we so that to which be make dividend which in We the in allocation already rent
is of is assumed which the the growth the X% guidance. of million double-digit $XX.XX half NOI at to in multifamily NOI to now Non-same-store $XX.XX reflects excludes XXXX. from midpoint, which building on Same-store from prior range expected growth range XX% to to XXXX expected XX%, impact the multifamily growth year-over-year further second XXXX, NOI of expected million in the acquisitions
on guidance this $XXX at running potential of reflect our quarter than are and than range lower more impact line targeted credit we leverage does of our While levels. availability we of the not have of acquisitions, as end, million
target when acquisition continue shareholders. will acquisitions our we'll evaluate in for markets, We additional to create opportunities our and they pursue value further
G&A, of level reflects adjustments costs midpoints operations than expected due X% net a transitioning $XX.XX range $XX.XX million, at which to of with small year-over-year from increase in-house. respective temporary core associated is million community less to the our to
so. We as when decline remain expect and G&A in XXXX is to to time to then the stable portfolio do we scale right our
With outlook the that also our said, year. I will of for the balance update
We our $X.XX are of $X.XX guidance per and tightening 'XX reiterating range FFO the share. core midpoint to
the XX.X% and full are be NOI X.XX% to for to and We to expected same-store At the multifamily X.XX%. NOI XX%. growth growth year midpoint, and midpoint combined between guidance our tightening is reiterating represents this the same-store for XX.X% fourth NOI growth quarter. Trove
to solely and to range $XX.XX is nonsame-store XXX Other between which NOI, our be consists same-store the tightening of for $XX.XX to expected We Watergate guidance billion million. NOI multifamily from million. are $XX.XX midpoint range reiterating and $XX.XX million
EBITDA year to to acquisitions, acquisitions. guidance, guidance to our guidance. FFO XXXX debt acquisitions range which that no year-end. Our regarding net adjustment are this assumes assumption $XXX did below This adjusted not updated our further of compared FFO we impact at million Xx prior XXXX assumed our Incorporating core our expect or completed be
adjustments and midpoint. now range expected for severance the a million, $XX million G&A increase and net in between of to slight reflects core which costs is $XX.X structuring
to of prior a approximately impact $X to future Our million, $XX now which and decline our be we platform of our G&A guidance integration, guidance. million excludes expect investments transformation full compared for the our
lower due range now the of million $XXX expense $XX.X during Interest our prior which million and previous expected $XX our the between is million, is than of to second guidance to year. the removal half assumption acquisition
profile an turn that We with for AFFO in dividend. now expect to Paul. year I are the the establishing And to the growth will and us call ratio grow to AFFO that, core payout with back our additional the provide we be should flexibility mid-XXs,
