Shareholder
CurrentWe delivered strong financial and operational performance in 2022, delivering the highest core FFO per share growth and same store residential NOI growth in company history(1).However, during the year, financial markets softened and our cost of capital increased.As a result, we proactively adjusted our capital allocation plan to position us to end the year with a stronger balance sheet and access to significant liquidity.In 2023, we are prepared for a wider range of potential economic outcomes than usual. In this uncertain environment, we believe our portfolio and apartment market fundamentals will continue to benefit from below-average vacancy rates in the housing sector, as well as relatively limited new apartment supply across our geographic range.We continue to make strong progress across five strategic focus areas, including:* Transform our operating platform to deliver greater value to residents while driving operationsefficiency.* Leverage our development capabilities to deliver further growth for all shareholders.* Optimize our product portfolio as we grow, including our continued expansion into new markets.* Leading in environmental, social and governance (“ESG”) areas.* Based on our core values of commitment to integrity, spirituality, investment in care of our people and unique culture, and focus on continuous improvement.We believe these focus areas are critical to achieving our "Creating a Better Lifestyle" and our purpose.
