Renovation Program Continues Across the Portfolio

Our ongoing value-add renovation program continues to deliver results across multiple San Diego communities. Upgraded units feature modern finishes including stainless steel appliances, quartz countertops, vinyl plank flooring, and in-unit washer/dryers where feasible.

Leasing performance on renovated units has been strong, with upgraded apartments consistently outperforming unrenovated comparables. The renovation pipeline is progressing on schedule, with additional units coming online throughout the year.

These improvements reflect our commitment to creating homes that today's renters actually want to live in, while delivering meaningful value to our ownership group. Every renovation decision is made with both the resident experience and the investment thesis in mind.