us. joining Good you morning for thank and
every year. points same-store great so quarter fourth far year. new result to over start XX.X% rent accelerated occupancy strong improved this are We for afternoon, yesterday first sequentially basis has a reflecting growth report the lease and month quarter XX pleased a Average a to
our We business. on remain industry have execution by bullish and the and encouraged teams of our our
as backed and years. superior deliver by continue continue liquidity sheet we will seek the we platform, done be to balance favorable, past and by for fundamentals to NOI our bolstered have long-term to growth our best-in-class As sector-leading five
inception, this we and of resilience the our have business. Throughout a macroeconomic record inflation. time, performed our a relative variety Since strength through the global we matured pandemic environments, high and witnessed of operating have and including and
This rent by Investor even is March deck. great John a Consulting during we XX from that past growth Research included shows stayed historically over illustrated data and has positive our national recessions. chart SFR the This years, that in Burns
our could In in addition, growth in that business a attractive. reduction to and see occupancy move-outs become expect and a a opportunities recessionary would benefit external period, we can more that
these return and leasing sectors. to we reasons is estate the compared types most single-family estate. best real risk-adjusted one propositions stable The more, believe real of property one the For Invitation of commercial other offers Homes in
start, and demand fundamentals To to supply our favor continue business.
leasing On the millennial all and the our begun years the single-family demand generation and flexibility old. XX it individuals demographic surge of of the agents home. average families resident side, desire a this of includes have includes who of But convenience age also reaching who
a space residents schools, families. their Like neighborhoods all usually job great to today, to light choice office, a importantly, and or proximity of flexibility They have yard lifestyle. access residents are call need growing And their desirable to down and household growing today’s for their more with corridors kids the us pets. for and and play our fit want more room centers, on in payment room appeal a better transportation the value a along home more of requesting garage a to with
more the expensive average homeownership, that John for $XXX a lack owning average calculated same well According of even of cost Others cost Burns data, have our weighted the home. monthly rising leasing. the than as is home leasing as of home versus an to and single-family March for-sale by for demand the inventory of markets, driving of leasing Further cost ownership over on single-family higher remain housing.
On of U.S. shortage from housing. side, to the a suffer the supply continues
shortfall estimated housing think the U.S. in demand improve to in be to most economists, grow affordability way units. encouraging of Like best supply relative development by the the more and With is housing of to we stock, housing to the millions new specifically, supply.
support and work at to positive who want really begin levels, boards, planning at this needs local a to including we regard. zoning This in bring the change strong and state of stand and important those
supply we that In as new $X pipeline through approaching part billion. now fact, see product ourselves solution housing is our increasing to the of
responsible to We affordability. and improve out housing help result, a will as and continue supply seek opportunities add to availability
to leasing home Invitation In expensive choose wants a a anyone believe platform for service a believe these who consideration without in residents fundamentals, and offers best for option the of Homes great all living or is homeownership. we locations from. the we home benefits And the hassle of
have In mom-and-pop relates we since of took on based the that century a One the our desires transformed belief model could we that by experience and short, old held a days resident XXst this for professionalizing early decades core service. reason resident business resident. to needs revolutionalize we and of the single-family antiquated
look lifestyle. continue the better we and simplicity leasing our As and to expand to of the new service ways and part for that enhance of convenience approach, offerings
improve the through explore ways At and efficiency continue we to time, to scale. same size
our We favorable where importantly, accretively expect locations also most would over long-term, the more in remain focused fundamentals. we on and long-term the portfolio growing
we growth, allocators through being With to capital regards all prudent cycles. committed to estate real have
XXX homes million a wholly-owned homes proceeds buying of XXX For net $XX first of disposing this for gross $XX million. meant the and quarter of for being of wholly-owned homes XXXX, seller
homes part part, product and have capital recycled most new homes desirable new into out For less of we pipeline. the our as brand well-located of
current sheet off nimble G&A and will we partnering time, a JV arise, remain the and to bank high approach land We as of superior liquidity, At it opportunities basis on us including is same investing the risk, an capital with homebuilders its best as strategy keeps allows sheet. believe balance of load and expensive our to risk-adjusted strong ready. our including our a development be and balance associated
Before to want continued market prices continues public to speak Strong home our and between and of at for pricing to I valuations. homes support markets single-family the price in housing retail close, demand dislocation the points. our I
which While from the homeowners giving are lock-in is rates their discouraged mortgage effect, relatively existing keeping low. supply lower resale up
for and received this We have prices. demand and we our sale supply competing seeing list offers multiple homes at evidence great when imbalance of
imbalance continues has structural to rent of and and it year for does home support the prices over provide single-family We resilience the believe just been U.S. that market for for the housing underestimated good in protracted past supply cycle demand the current housing growth. as the
moment includes taken our have which to Lastly, on sustainability. increase of webpage information progress the we topic efforts our the month. ESG It’s last sustainability quality overview, to hope new our I quantity of about our read and the and available published you a on disclosures.
participate welcome disclosures for with their to and includes stakeholders and online greenhouse this to opportunity an an in new share survey feedback. us. This emission ideas engage We gas thoughts their
this the for our remainder all dedication of year My ahead. their commitment and thanks work, again quarter for past hard teams and of the to
for soul how to the and of our heart shareholders. they of to highest level responsibility the we strong our deliver Invitation embrace the residents service are associates Homes results Our and appreciate and
to Our pushing to be here. plan great is keep
it Chief pass Officer. President will I that, Operating to on Charles, and our With