Property Revenue Growth Driven by Non-Same Store Portfolio
Total property revenues for 2026-Q2 rose 1.0% YoY to $555.1M from $549.9M. Growth was driven by a 22.1% increase in Non-Same Store revenue to $37.7M from completed developments and acquisitions, which offset a 0.3% decline in Same Store revenue to $517.4M.
Same Store Operating Metrics and Effective Rent Softness
In 2026-Q2, Same Store average effective rent per unit declined 0.2% YoY to $1,688, while average physical occupancy slightly eased to 95.3% compared to 95.4% in 2026-Q2. Trailing twelve-month resident turnover improved to 39.6% from 41.0%.
Core FFO Contraction from Elevated Debt and Expense Costs
Core FFO attributable to common shareholders and unitholders fell 3.9% YoY to $247.5M in 2026-Q2. The decline was driven by an $8.0M increase in interest expense to $53.1M, a $4.1M increase in property operating expenses, and a $2.3M increase in G&A expenses.