Total Revenue

+26% (from $553.65M to $697.99M)

Total revenue increased due to stronger rental and related revenue performance and higher resident fee collections. This follows the previous period's gains from new leasing and redevelopment projects, now further enhanced by merger-related asset acquisitions and annual rent escalations. " "

Rental and related revenues

+30% (from $412.33M to $535.13M)

The rise in rental revenues reflects continued robust leasing activity and rent escalations, compounded by contributions from merger-related properties and development/redevelopment projects initiated in prior periods. " " These factors built on last year’s momentum, where similar drivers had already set a higher baseline.

Interest income and other

+240% (from $4.98M to $16.89M)

Interest income and other improved dramatically, driven by factors such as mezzanine and secured loans receivable arising from merger activity, along with seller financing associated with dispositions. In the previous period, these income sources were much lower, and the current period reflects an amplified impact as merger and financing activities increased markedly. " "

Operating expenses

Increased (from $224.40M to $277.03M; >5% YoY)

Operating expenses rose due to higher labor, management, and advertising costs, as well as merger-related transaction costs and increased depreciation linked to new developments. This mirrors trends seen previously, where cost pressures were partly due to expansion activities, but have now escalated further with additional merger integration expenses. " "

Net income (applicable to common shares)

Dropped from $75.40M to $10.67M (attributable net income reduced to $4.55M)

**Net income declined sharply as the current period lacked the one-time gain present in Q4 2023, and was further impacted by higher depreciation, increased interest expenses from merger-related debt, and elevated transaction costs. The significant drop also reflects the dilution from noncontrolling interests, contrasting with the unusually high earnings from the prior period. " "

Net cash provided by operating activities

+22.5% (from $231.25M to $283.53M)

Net cash flow improved due to a significant increase in Adjusted NOI driven by new leasing, annual rent increases, and redevelopment projects. While merger-related costs and increased interest outlays partially offset cash flows, the strengthened operational performance built on previous period enhancements drove overall higher cash generation. " "