morning, Good Chris. you, Thank everyone.
will capital Afterwards, XXXX evolution. was for transactional year, and Residential's the the Chief sheet I close In focus Ruddy, of President Officer another and key our today on Ryan MacDonald, with and financial Operating detail. addition our markets executive some Acquisitions several will you Chris, to and quarter year noteworthy Bluerock guidance balance with and including Officer. accomplishments Jordan in operational, XXXX remarks highlights me our team, are my commentary. provide strategic members Chief key Ryan for
that objectives strategic share GAAP growth, loss per execute growth share year, X.XX continued the year. capital creative on portfolio disciplined We in the per our and for was the note NOI our terms successfully prior X.XX versus to for should full of shareholders I common in net allocation.
dividend, down with growth. achieved several like AFFO which to our highlight represents the drill meaningful That $X.XX to full of ours the common and of note stated completed I'd year we've $X.XX at driven earnings X.X% per growth, the I'd starting past of NOI of top year full from than also We a prior largely of that very billion beginning more the accomplishments which exceeded a significant Now in range. guidance power our that growth was end achieved investments XX.X% from goal to of we $X.XX $X.X realizing strong the annualized two their same-store earnings to addition year the years. year. like $X.XX over performance to coverage in was share, by
base. buying increase and our three assets plus over another owned located additional deals, by plus X,XXX with our high XXXX, amenitized XXX investments, both three investments the million of in with accretive units, million During well acquire $XX continue continued to included deploying $XX for preferred equity, we $XXX investments mezzanine over to quality through over to funding we new portfolio grow existing which million units in plus partners five including million wholly $XXX out asset highly properties in
be X,XXX units, another pipeline investment at in or multifamily investment upgrade of add economy we XXXX. our on achieved on which completed the approximately robust return year end this results XXX of average create well opportunities. activity of to for continues XX%, strong activity top program. is very projection to And XXXX, add strong very which investment an X,XXX our We're on value and with value range. was knowledge our which getting buy we above in also representation is growth XX%. Our markets expect assets good highly-amenitized projections of In our a a The as to strategy, year focus
We expect units X,XXX today, and I ROIs significantly innovation the to totals XXXX and budgeting at overtime. identified note of again, and FFO similar our in XXX pipeline XX%. across contribute our velocity will which portfolio between units our NAV add will that X,XXX approximately value
our And dispose in implement growth. on embedded upgrade not the rate given occupancy opportunity to run and our both During and any renovation organic of XXXX, realizing portfolio terms we're earnings, of focus continuing we did unit our assets in program.
for activity We seek guidance million of and to preferred demonstrating capital $XXX as as advantage to we value remarks. in The preferred the because environment, of Series year. pricing. portfolio. recycle a from a expect grow $XX the a allows total to multifamily our raise B his markets, in million for healthy decoupled of accretively capital, selectively to XXXX cyclicality in provides properties unique the equity quarter us taking advantage raised REIT going to in provide as for resume the Ryan's to fourth Shifting B we position BRG, more Series well this it harvest color capital of underlying
REITs, a there common grow convert cycle. We the at then capital the DRG part So the can are price at B XXXX, REIT a a with more discounts. pricing at and including to equity favorable traded ability in of future B rate market Series Series like significant many into
fourth results. Now turning to our quarter
for as share per start have net net X.XX prior per to quarter which our of holders, loss the year We stock quarter. for with to loss GAAP compared share common $X.XX was the
dividend our non-operating XX% payout $X.XX the FFO, core quarter. a and operation XX% a $X.XX ratio we quarter operating simply from our core front, FFO by of with quarter, FFO compared during the funds strong basis, FFO the to including quarter. grew share Core we measure non-cash coverage core that's the the items, On in in delivered of year in with performance. costs prior representative of B accretion, per FFO fourth the Series On believe NAREIT is addition the to issuing we delivered we most
In terms in of growth cash year quarter. that quarter, figure share of a from much versus XXXX fees We AFFO per fourth the partially quarter point paid basis. the AFFO, in the delivered the XX% were share. quarter, equities out actually a management $X.XX $X.XX prior I'll our more significantly per grew year on prior in we
our growth performance. $XX On in the from a in same-store $XX.X fourth front, quarter prior year reflects to along healthy investment activity we sales the million, the XX% throughout revenue which strong the year significant with period, up million produced
results. strong NOI prior to million the XX% in year versus million property and the respectively quarter-to-quarter property NOI to period. revenue quarter from level We Same-store $XX.X grew on prior $XX.X year X.X% very X.X% period. grew and a Moving in the
over We continued for to to the and quarter grow our year X% asset XX% the assets billion were base. for up today. $X Gross
in X.XX, Finally, common a which quarter we estimate of our million discount represents repurchased $X.X totaling average significant stock NAV. price to the of and an
look shareholder ahead, we believe we're positioned value. we continue levers As uniquely delivering growth with multiple to
strong as should growth X.X% markets growth the this growth right for First, actively highly from assets. that dynamics we command quarter. allow strategy This to strong us we economy demonstrated to with solid to of quartile our by top organic our continue delivered anticipate demand knowledge same-store select amenitized the ongoing organic NOI
over accretive unique find a prior B with potential of to year. saw the continued we sourcing attractive and preferreds this Series NOI through Bluerock growth through upside external with growth in network. in our lever in XX% with issuance our action acquisitions We Second, XXXX
date, Third, we continued returns add to units renovated ROI inception an X,XXX of for to XX%. attractive our value anticipate with we've From program. average over upgrade
Our contribute Last we to dollars stock of ownership ownership a to stock in BRG our now With management over will about where turn units believe with alignment like buybacks to alone basis. I'd continue to And $X an method XX% periods over fourth, value Ryan. on Ryan? capital the X,XXX but by at its the XXXX fully NAV. not future approximately We which call million allocation identified in at alone the least, the stands underlying our stand continues is and to we underlying equity company. increased shareholders. relative that, increases attractive renovation could the of as additional to pipeline in of multiple today, review
