Shareholder
CurrentWe delivered strong financial and operating results in 2022, delivering the highest core FFO per share growth and same-store residential NOI growth in the company's history(1).However, financial markets softened during the year and our cost of funds increased.As a result, we have 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 real estate industry and the relatively limited supply of new apartments in the area.We continue to make strong progress across five strategic focus areas, including:* Transform our operating platform to provide greater value to residents while driving operationsefficiency.* Leverage our development capabilities to deliver further growth for all shareholders.* As we grow, including expanding into new markets and optimizing our product portfolio.* Leading in environmental, social and governance (“ESG”) areas.* Based on our core values: integrity, spirit, care for our employees and investment in our unique culture with a focus on continuous improvement.We believe these focus areas are critical to achieving our "Creating a Better Lifestyle" and our purpose.
