The projection is in line with consensus FFO estimate for the year of $1.02 and excludes the impact of any acquisitions beyond the $125M that is expected to be completed this year.
"We are on-track to deliver our strongest core FFO growth in over 20 years in 2023," said CEO Paul McDermott, highlighting strong operating trends across portfolio.
Same-store multifamily NOI growth is seen between 9.0% to 11.0% in 2023, representing 10% Y/Y growth at the midpoint, while non-same-store multifamily NOI is expected between $19M to $20.5M
The REIT also reaffirmed its Core FFO guidance for 2022 at $0.86 to $0.90 per share (vs. consensus of $0.88).
Additionally, it has seen strong performance during its peak leasing months of July and August, driven by healthy demand and pricing power.
Same-store multifamily metrics: Average occupancy in July and August 2022 were 95.6% and 95.7%, respectively, while retention came at 59.9% and 58.9%.
Non-same-store multifamily operating metrics: Average occupancy in July and August 2022 were 94.2% and 94.3%, respectively, while retention came at 58.7% and 66.7%.