XX.X%. with in driven driven rate gains to good properties increases quarter in Thank to also you, on and successfully Ashton our average average wide the XX negatively operational asset occupancy by pool everyone. our by start pushing strength I'd Ramin operating did the by the impacted revenue we was XX X.X% of basis rental XX like volatility year northern partially X.X% points focus points increased at increases, that period. and our of XX in in rental XX.X%. quarter. The rates from our to morning, It Charlotte. robust through portfolio in Portfolio XXXX of was the moderate increased Florida fueled which majority post decrease across was Same-store year recognize continued markets, the basis assets noting prior by in across performance prior occupancy in particular increase off the BRG's the Reserve suburbs by the decline rates quarter in versus employment an average in growth. second the period, occupancy of for assets, over strong
to occupancy this taking anticipate the corrective action in XXs time. asset mid level its back have over historic turning We and
X.X% run for accounted a to X.X%. and seasonal of quarter-over-quarter expenses prior year-over-year quarter. expirations On on the the Same-store timing increases growth year increased of The increased the the occupancy revenue expense due maintenance same-store during repairs the velocity substantial quarter accounted and the X.X% annual increased basis NOI remaining majority by period. fees same-store and On tax sequential increase. quarter coming up from XX Rents for basis. X% a for over the leasing the with for was and points resident higher basis,
rate the renewal approximately X.X% new averaged For rate between dispersion averaging July lease growth and And lease even new continued and with acceleration with an and new renewal leases the renewals. X%. quarter, growth
primarily decline small XX line is attributable our higher to velocity margin we basis, costs maintenance. our seasonal and our growth. we to This repairs operational the points to in experienced quarter-over-quarter a turnover top from decline by strong On year-over-year, and basis primarily leasing On margins points XX.X% sequential increased front, basis margin. XX due expanded
In Houston, all of commentary, and Orlando, some our the well market around performed way brief achieving year for the property operating first terms top the half half Atlanta the of concentration, three of growth, X%. in first total markets Orlando in by led lease growth rent year. the
X% lease an the We expect half this the supply South moderate side respectively into heading of the of more Atlanta from in the quarter. as MSA. X% year pockets Xnd back to Xst and level, with normalized minor the come accelerating of towards and on of the X% a Huston averaged half online year trend first X% growth to to
this going to the year. expect – maintain the level end the We of forward accelerated through
Beyond Texas, heading In is but also the creating picture. with has Supply three, Austin positively elevated modestly is from employment the below reaccelerating X%. first is growth to a stronger into months. growth the quarter our lease second trending demand quarter top second Carolina still slightly trending positive finishing summer slightly
XXXX. until oversupply, part the to the aren’t On the when remain Dallas Shifting stagnant supply continues North investments which deliveries growth. other led landscape, has subside challenged by at front. we hand, to to middle look to And of expected the
to into it terms in and tight enter disciplined were with BRG which projects the capital during and of closed quarter, million. investments. on lease to to and acquisition, contracted new acquisitions into In Both acquisitions from but who frames. assurance we $XX the totaling active remain periods, purchases. to continue closing needed units provided XXX also repatriate local two developers allowed time We up the developers attractive off-market And sourced
The of senior To million first points approximately and basis year-one and XX million XX cap investment we $XX cap of X.X% basis which credit. a from we in prevailing market believe fund in projected our purchase, is stabilized equity the rate points yield $XX and above utilized line rates. is Daytona and X%, Florida
Houston, at in approximately units BRG year-one yield located deal Mae and approximately basis and and X.XX%. projected $X points the above cap Texas from Metroplex acquisition equity XX stabilized for our was the $XX rate We for the million. Fannie is prevailing fixed-rate ownership, within X% million XX% capitalized totals second market purchase XX XXX cap and of loan believe $XX rate. and funded The million X.X% with the a venture with the purchased
closed deal the X.X%, lifestyle year-one rate unit for to cap the targeted loan focuses approximately ownership Houston $XX a operating for a yield BRG product. Following cap cap XXX the years. versus upgrade ranging the the from XX% purchase standard floating highly with million of capital with cap plus and units an approximately value-add with purchase end work, plan our executing strategy improvements LIBOR business property capitalized next LIBOR at a XXX market grow live, and a with $XX projected million. The rate the of renovation additional to The venture rate approximately of in of a interior amenitized rates areas to to the is assets stabilized X.XX% to amenity play bank $XX to X.X% asset X.XX%. quarter, we basis of equity and for funded points, three X.X% million the on
the ARIUM loans. ARIUM senior the funded agency as well. million were existing million the was property, XXX% In ownership equity. a ownership to totaling million which quarter, both $XX Gulfshore the buyouts, our line The funded to during and $X Ranch, acquisitions, fixed-rate BRG interest, to with of ARIUM Ranch $XX was and in amount credit we in loan Gulfshore at Palmer refinancing of each Palmer buyouts addition ARIUM of added on closed took for minority the in through
Following Company. the existing equity $XX to of buyouts and refinance returned million the in loans, the was
development briefly Moving to our commitments.
equity As on quarters. the are in future stood million for up second their Of total loans XX across currently preferred investment in to projects. of BRG the and the end XX at and the progress reporting $XXX lease of mezzanine development seven quarter, projects, look and we
Turning sheet. briefly balance to the
available a combination of to July, million the our through plus cash $XX and for end Series preferred [Technical B of capacity we has through line of credit, of Difficult] available our our junior approximately As BRG grow offering. investment continue
target yielded monthly remaining ROIs few there estimate the comparable the our and it’s opportunities our of we strategy, on have which on to been Before we portfolio in Value-add significantly NAV Page resulting years are X,XXX of portfolio, as in concluding, be which increases average We upgrades our growth progress We have performance with comments through feel annual disclosure, annually. have cost at X,XXX supplement, note our portfolio. unit, illustrating our part of per month, forward quarterly always XX%. drive our of our renovation could I conclude, result each I’d per the forward. renovated over a To quarter Ramin's investment program. XX rental in units expectations, like the quarter embedded to NAV unit that and underlying first reporting elaborate provide second of AFFO of look as to primarily $XXX going important approximately half X,XXX approximately to of that economics, and units next portfolio. we we of on XXX completed across Orlando 'XX additional renovations done an within on XXX our the to our exist have that interior a will To-date, renovations existing value-add outperformance exceeded
modest the as it raising the supply our $X.XX share. used as per guidance in full a full operating guidance. supplement refer portfolio our of outlook share. to our to AFFO result, Please the $X.XX for low year and a cost, end respect earnings we from with assumptions to And revised top we year per market projecting guidance AFFO line revised to absorb narrowed While $X.XX some per are to are $X.XX this in comfortable has rise moderation share expect AFFO
our end to remarks, open it happy Q&A. of up prepared the With to I’m
