much, very Nelli. Thank you
XXXX. ended results second quarter, to for report our June We are pleased the XX,
to progress expected. business operations Our continue as
units. XX% and our plan. up Our sales XXX rate the last to points at locations. improved and we made continue is our coupled year, validate same-property resulted The occupancy at up have quarter XXX has over our were Rental related demand business was or for over sales XX% occupancy last year, increased and growth, top with communities income improvements same-property up income basis that line the in
per This REIT decrease per was can to as in last security $X.XX share the XX%. dividend primarily a issuance our of year, in $X.XX our share FFO portfolio. representing decrease be and Normalized FFO compared preferred for income recent a reduction quarter from attributed to
diluted on quarter, future accomplish will the XXX transaction to issued of our Series Perpetual company but allow we X.XX% C growth quarter During our million Preferred earnings. second $X.XX Stock. effect the of a short-term objectives, our at This
capital will As into homes, and we deploy this expansions, new accordingly. earnings acquisitions, rental rise our
the We our in still feeling income securities $X.XX. of from This had approximately the our also a are negative reduction REIT of impact impact dividend portfolio.
of loans these These to $XX million million. the at $XX this $XX.X representing with in of mortgages in three in existing million, included balance had compared year, million. as approximately XX-year nature. to we long-term plan earnings. value we in Subsequent our already is obtained three As become most stated, created business for typically business have to our two value-added is community refinancing. our of increase totaling $XX.X approximately XXXX, Two years recent over demonstrated appraised an mortgages accretive communities communities The plan the by by to to quarter two the takes end, period. It value fully communities XXX%
refinanced. of long-term business encumbered appreciation is our Many of they which are realized will component of similar also exhibit a our fundamental be when properties plan. The our properties appreciation,
net $XX.X our mentioned, we as strength shares million. proceeds approximately Stock, financial our million by quarter, issuing Perpetual of enhanced Preferred X the in X.XX% C During Series resulting of
deploy our short-term quarter, it this time this is expected to a While dilutive fully issuance impact takes of as proceeds. $X.XX had earnings, on this approximately the
acquisitions, us expansions B new increase should into X% We allow which earnings. Stock which are our overall XXXX, improve Preferred our will homes, callable, Series and this In to reducing working is high-coupon of capital. deploy capital earnings rental our to by cost our further
quarter communities, are on purchase these three containing per marketing, the end, for occupancy capital of $XX rental, rate a improvement The from and or total of closed sites, programs. we to sales, located will These time acquisition. X,XXX approximately our million at XX% site. blended acquisition price Subsequent was communities benefit $XX,XXX for of communities the and well
Perrysburg, our market. about the optimistic entrance We are Ohio recent into
strength and employment near value a a acquired the large Walgreens XX% total approximately which First communities center, occupied. brand manufacturing Fiat in sites potential distribution the sites market, X,XXX Solar have manufacturing only plant. and These tremendous immediate Chrysler plant, new market. this of We vacant present of given are located These are a
was for at equity The a transactions million create to $XX.X utilized It some developed our XXX,XXX square jobs. required fulfillment to offering. the being with from of is fulfillment X,XXX that in foot least center announced which center also This preferred grow Amazon. the proceeds possibility for to X,XXX is expected we recently recent jobs,
which property is the close next one within expected few under contract to have We additional weeks.
competitive. sector remain The at high. valuations acquisition in market all-time our remains Property extremely
an XX%. representing throughout to versus continue $X.X seek sales for the are representing million $X.X were Home increase our Year-to-date quarter increase $X.X portfolio. $X.X continue criteria. earnings We and versus sales an gross of year, of that our to acquisitions meet to second Gross accretive are XX%. year, million last approximately acquisition last million accelerate sales million
an have the sold is total increase over which we year. of Year-to-date prior XX% homes, XXX
for net a We to quarter, also believe can we Our average to versus of grow that compared profit loss volume $XXX,XXX generated sales year. to $XX,XXX price approximately is continue a sales $XXX,XXX improved profitability. second approximately sales our as $XX,XXX last last year. and the It noteworthy
X%, increase resulting continue property strong. same X% increased same results a property same increased Our same property to in expenses Year-to-date XX%, property in for income NOI. come
property up units. year or is Same occupancy the occupied basis XXX points for XXX newly
XXXX. resulted normal expense future. than will higher ratio in over revenue expenses, months, XX XXX new second the for XX.X% ratio expense was Increasing by to compared quarter but $XXX,XXX property XX.X% in the generate effectively in the units next reducing as same occupancy the approximately Our
Our average site of increase to an $XXX end X%. representing as quarter is of the of year, rate rental $XXX the last compared as second
Our period compared the rental is $XXX average rental year, for site X%. home $XXX same an as of rate last to including representing increase
to year. pleased broken are ground this more announce we to three or expect have and We that begin at later expansions several development on
to XXXX, We and XXXX; developed. development in but process expect tedious XXXX. to are ability XXX expansions XXX approved we and sites in deliver and our is XXX satisfied get with The cumbersome, in
come income a shortage be nation. help quality continues site's as expansions to to affordable These online. will There home drive additional across of the housing sales the
We are across the seeing portfolio. strong demand for our product
has This in Our than sales been with are in stronger in base least a at being markets communities they demographics, and rising growing have employment decade. improving resulted wages.
Our well. rental program perform performance very continues to
improving proven business high-quality value time, communities value irreplaceable acquiring to portfolio build builds allowed and them, that our our We of for communities. shareholders. Over of an add plan consistently have long-term this has us
And with greater on will our now, provide Anna results detail you quarter. for the
