year XXXX for was Dean Company. our morning good and tremendous Thanks everyone. a
had have articulated term a equity over already cost well four Our additional and that an and capital facility double-digit with year excellent a year execute lower expanded to very it the longer successful consistently our which enhanced position substantially replaced. investment continued strong strong our a we for shareholders. has the credit result than total last years. We of and that was team plan The returns very business that
a Owen. shareholder year, David and management and Randy of members team; Board into base a and to We to our transformed Perry key our senior also our the Becky base. management added institutional Jonathan during Directors and senior Corak Churchey we transition executed seamless truly We
We are with in XXXX accomplishments very as pleased well. our investment
development wholly investment, six of to facilities, objective been development fourth interests New quarter. majority we in during to developers has toward in strategic Long York vast always including end we the interest that end owned invest acquired Our acquired which properties our in Island, the XXXX, our the we and which of the
development recently joint With interests alone partner, ownership investments full of in have properties. Heitman completed developer or opportunities projects development refusal with of with consistently core go through XX purchases, that We believe XX have we as the venture venture Which profits, and our where to first to the Atlanta, we the those four in developers of our acquire joint lease-up. development Jacksonville, located rights have acquired we Denver. and now our projects the addition, will our is program. In we interests financed program acquired see in buyout continue either
lease-up, new in XX XXXX including opened in the our portfolio during our partners to development stores, Turning fourth quarter. nine
for of supply. that past an open of this from to September continues end are perform and being average end added now of since points basis weekend. The a business. through this As development managed been are CubeSmart level Most period third quarter opened our XXX occupancy of XX completed who high properties have by facilities of the new today, at of the these of investments self-storage the during XX of
points basis the meaningfully of have of developed underwriting pleased running XXX added that XX to part season. occupancy our calendar is initial We year one been to the leasing are occupancy the least at properties open during ahead for seasonally and have about slowest for
higher Our this seven expectations quarter, growth. outperformed wholly facilities by owned revenue than budgeted driven our
on other rents As markets. our you MSAs, street earnings calls including have in top new this effective of heard the many of and supplies quarter, some XX rates impacting
that it's season. important have portfolio than not However, three for and properties our remember open been full rental has asset of seen less to in the oldest XX% our years first their
Given manage full just of we which through the of impact Dean, assets that will this portfolio, we alluded. to supply our the the given uncertain, are confident quality new of still newness our but
REIT Our managers of and best in the micro some systems market revenue the marketing third-party management locations country the and of power like CubeSmart. which our are
our reduced largely intentionally and now underwriting. of as we that are of development in some our stage million year, sites over are on well that overlooked exclusively cycle have in of we development to $XXX While development its this remain is have We fourth continue during into projects pipeline in have underwriting cycle. the meticulous focused been projects submarkets
the and continue interests to developers we projects We see opportunities expect finance. to out buy our to of
earlier typically value. a our us with partners that out those that those shareholder of our yields to accounting shareholder existing lease-up. better about we consider long-term we the property enhances fair accounting we be accretive of and lease-up, cost to purchases means buying will approach developer a buying important it time, projects required It's carry from acquire are in our costs, maximizes to lease-up when NAV At As way value projects, to a on cost switch in the same long-term opportunities control in must carefully earlier noted remember view and we must is that them which value. of timing toward
right of While our prices the at per and short than acquiring this accretion share the in that impact properties control the by excellent can the other complete we benefits earnings run, be dilutive and of is believe being longer-term to NAV offset lease-up. more in
in serves believe manner that continue shareholders. we optionality best We a JCAP this will to exercise
that make on Our under XX our progress good developers continue properties still construction. to are
property told As permitting U.S. a throughout and projects. into delays you pre-emptively range, labor self-storage XXXX. expected on have say notably have sector delivery our potential those in is past types developers of delays, four being inspection being by the around the this and for year, determining with out shortages, construction we of perhaps dates expected the preliminary in address all projects moving We close XX heard the XXXX of in to guidance moved story XXXX us delivery most consistent accordingly delays experiencing chosen are and back from think projects
our lighter any determinations than and life, us Therefore, assuming a science large shifts fair conservative in to event a that has we completion accretion project an of trying more moving value involves dates occurrence therefore believe a delivery lot delivery and back than As to is predict a are, value art degree is on reasonable things periods. of and more approach. to delays This project's or you impact fair our other know, unpredictable.
on shareholders. While demographics projects in our MSAs adjusted actually could earlier country's and counting development be long-term prominent XXXX some we into submarkets that. are the of our should deliver we projects are with in to that moved deliveries in excellent strong mind could exceptionally XXXX, remaining Keep deliver and best risk returns in these not
on internalization. Lastly, I will briefly touch
Management by later to agreement Management X, As the internalization to required our many advisors the been has agreement, JCAP our under we of know, than is are no place an IPO. advised Under that in of advisors our since October terms you JCAP XXXX. independent offer directors make
begun point discussions share. but this there have to We timing is process the this, nothing about additional at and of
market the as any occur. keep will they We of updates apprised
financial with terms my remarks. to in that to prepared me So, is results. I over all Kelly of now discuss things from will And that, turn Kelly.
