Good you third Paul. you, morning, thank everyone, Thank and for today. our quarter joining call
acquisitions, approximately real and estate two envisioned a plan closing already sale initiatives our multifamily was on and quarter during from highly in and investment. $XX estate recycling our our moment. quarter offerings. of we originated We office additional I'll million a the multifamily totaling million million $XXX preferred assets $XX to million. quickly end, transformative net majority highlight other To completed from quarter, to executed After productive that stock the we we've quarter-end, real $XXX completed several that we PAC. on the Third of for multifamily redeploy the vast redemption loan of and of Subsequent of quarter, the originated new investments, a loan sale the capital busy, during tactical proceeds tremendously strategic PAC
high in investments these in of new markets. communities Sunbelt made A All quality were multifamily target capital our Class
unit real the Class Atlanta represent MSA. transactions capital seven the planned $X one quarter multifamily of in XXX operational business. week, II, A community a million three a a three aggregate, another Apartments XXX community at The community In the Alleia Florida. transactions, capital The tactical approximately separate a approximately multifamily million we highlights with we loan the new end connection quarter Drive XXX planned Fort acquired but Charlotte these million solid new We've $XX to in across August, Chestnut to additional separate In A in we Subsequent of our Class just community addition details A unit unit non-core in in more entire mid-October, Worth our communities over approximately in connection Jacksonville, development, the $XX these sold units investment XX additions markets. Class multifamily an estate Menlo DC, originated loan over In II represented our in Washington our unit also of with the Club months, Menlo platform. in performance a loan adjacent Anson, markets acquired December MSA. in Class the adding investment A supplemental, XXX of to Menlo are target week, the way, approximately in Dallas and multifamily of in investments with connection September, are to apartment we also communities the that July, And in portfolio. unit we the two of a presence estate just million Nashville, There originated In in investment have space posted these multifamily XXX assets. Class an community Sunbelt In we in the a last strategic totaling XXX of acquired By multifamily transactions investments. Atlanta we A originated is XXXX. of to redeployment additional we the last nine Presidio, Class in units. real acquired key multifamily real $XXX estate Farm and our Kingson, And and MSA. X,XXX A here
XX% have growth over X,XXX said portfolio. added having now we us XX,XXX of units to about multifamily external So differently across Sunbelt units our or
five million. our in sold office gross for Vineyards, we But $XXX Highwoods community we July, July, gross of of the proceeds Now in one these the we the million. sold properties of multifamily the more sub-portfolio new unit our multifamily Properties the Armour of $XX and details real sources capital investment for as of are located highlights loan and components investments. contained September, in here portfolio to major supplemental. proceeds oldest Also office discussed, for of are for Houston, of previously proceeds In our completed disclosed, XXX in Then, sale the $XX.X and in Texas, a million. gross Yards asset estate
on remember announced, to separate Yards proceeds pricing. nearly of a we felt because known You'll of appeal Highwoods for traditional payoff would loan exercise structured purposely XX% sale agreement very price the transaction, of could that Highwoods, different pool our in after investments, costs. Armour million properties, Since across withdraw investors with asset loan previously a well that price and executed and and to sales draw assets, Highwoods pool net the totaling higher approximately $XXX these purposely estate sale multiple $XXX than of of six And a that closing principal September to a we And as aggregate, of we through million offering generated from We previously nine could we office agreement. the we the our a of at so Highwoods. investors. the sub-portfolio we as what higher and the excellent versus this real style and million finally, level And counterparties In good different right. initiated estate Xth, interest. sub-portfolio price office on the they is buildings were these the on received core with the creative sold these that closed and that of non-core debt planned, investments repayment of payoffs real of accrued property were seven we $XX
through our into demonstrate ability redeploy high Taken together these capital CapEx, calls multifamily of our recycle capital low high-growth execution the stock. strategic improving of balance newly our investments, acquisitions estate originated A investments, multifamily while low-growth with assets loan executed well into to CapEx, and also Series preferred transactions, multifamily our real and sheet
another and increased not allowed us sheet, initiatives transactions strong one say were these So from effectively. company executed and steps change These a our did strategic at non-core make scale, multifamily resulted into distract over core strategic scope student and conviction. focus portfolio our excellent with in we redeployment assets class and planned well-planned housing executed a business. in and crafted And balance few These first moves transformative non-core of carefully to it strategy, and core simplification, overhauled business. were office last multifamily with built our We to upon performance a performance. quickly and at counterparties and significant initiatives we the on Sunbelt rapidly complex solid and contrary, pricing. and operational all the investment our years, and I'd sequential operational through us strategic realignment our of rotating rotation, capital These composition, our have achieving
the believe where an let we our REIT multifamily is that X,XXX youngest only We So unit summarize in of industry portfolio average public age X.X years. me with today. are the
Our Harris anchored market-leading grocers such and as grocery-anchored Kroger, portfolio Teeter, Publix, by is ATB.
operated quality and throughout great the markets. first-class top assets performance with short, above and a suburban of growing Our of testament high at in assets, pandemic team nature to the multifamily collections own vibrant a and or by our the our rent In we is retail of associates, located peers. Sunbelt
tailwinds Sunbelt, Now inception we ago, on long-term have here. the chosen of over to because years just XX we the company, our since fundamental focus see the of
have markets solid growth primarily the structures, First, decades, drawing living with taxes, lower people migration Midwest. in regard the Sunbelt from and for regulatory enjoyed of business-friendly lower and Northeast patterns, and to benefiting cost from
rise enabled that construction living. new as to to move that We needed to population. areas inflows are to have continue continue expect of space as remote people housing should these more and population as for to lower demand These well the remote the sustained assets for trends drive support learning cost larger retail work for with
third-party last I've trends our these other of about the markets. research macro you examples affecting For pieces shared quarters, several and with
I've Migration shortage. Census about Freddie the CoStar, American in and data. the North In quarter, You'll talked XXXX Report we quarter the talked Lines second Clarion about analysis remember CBRE's about postal particularly the Partners U.S. Bureau of Mac, Van first housing
to I ULI share quarter, pulled Estate going Emerging this that some this issued was The insights following language Real I'm you directly is PwC this just to want that with and past report. from from Trends in Report So share October.
to looks time, impacts of broader to during pandemic sizable of Metro workers the permanent, with of the in consider profound is with range the of escalation trend the workers of markets. move many workers, and will choice the and whether residential greatest or remote workforce. for become remote some perhaps a has a working areas accelerated more enabling the suburban growth daily working pandemic many of a a property same will greater locations, share vitality. work-from-home, commute, First, dramatic the favor At are individual them; existing impact, suburban. Freed to enjoy remotely potential in The on numerous range permanent from frequency trends number locations, broader the fluent of the them people residential hybrid and office be
Emerging they shortage current payment and the home as of calculate and analysts homebuyers $X of prices Second, number $X million housing With are are total quoting also in markets Prospective housing for rental destination the of from costs. rise. gateway markets as out from level than a rise of a potential to to away billing upward many wages. ULI $X and housing continue homebuyers down burdened prices to Costs and million market, from both of Trends tertiary the in faster to rising smaller pressure excuse markets. market residential as up thus range Report, because and housing continue the million priced housing are rents afford sale of bid so by will prospective secondary continuing under prices large higher people me than markets faster growing in Millions continue. likely the out rent, moving to homebuyers and and much sale priced again the prices pricier of PwC on long-term to can are for in
U.S. continues markets quoting Third, across the from gateway secondary dismissed the that of extend top the of survey. Report, of rated and in eight. markets, prospects markets, and six these top real overall Emerging eight of assets favor Emerging Trends half wane markets recently popularity generally this to in latest country. estate Sunbelt Metro eight Trend as to Until watch small areas account for smaller the PAC again rated Of this the owns large those in investor Southern markets
take really I a annually. So and to and you report that is do always read. well look this at urge informative is researched an detailed interesting It issued
Sunbelt portfolio. our to So turning now focused
Our strong operations steady. and remained
out average same-store XXXX increase XX year-over-year the In the is year-over-year relative and grew from the our also conditions that XXX now. same-store same-store are the slightly only of up of points upper our we combination quarter Year-over-year, opportunity our This quarter occupancy our multifamily pointed statistics. favorable the to and up end alongside is out quarter only up from class to NOI our REITs. basis of point the sequentially our some NOI resiliency points release, For quarter XXXX. was rent rent This third ability was physical and they began in multifamily XXXX X.X% quite the towards when basis good But and the portfolio, Same-store XXXX. right the rose we on revenue second this our as second grow of peers not growth together X.X%. not against top quarter is number NOI portfolio stress, are of XX.X% quarter positive NOI, more third sharing XXXX comparison that solidly year-over-year third of up times have of revenue increase against multifamily to a same-store our want peers. in in third but also taken
for that achieve is XX.X% this leases new the new third renewals that actually October blended quarter, positive renewals quarter the This the a again X.X% we rent for for quarter And and and for these numbers share top increase. third very growth believe we'll increase. rent grown REIT leases for trend those XX.X% October. multifamily performance XX.X% and up have We growth into leases growth numbers are new of at for a Now in continued XX.X% the blended XX.X% for to and for sector. rent
Sunbelt is from place believe also our taking We to the benefit strong sector grocery-anchored grocery-anchored retail the tailwinds and the that generally. suburban primed Sunbelt in portfolio in
centers portfolio quarter, attractive the square feet strong square quarter. continued of and executed, has feet of its XXX,XXX we increase of square square continued XX,XXX have during approximately renewals. renewal our Our to approximately and feet momentum Demand signed XXX,XXX new leases every for Year-to-date, we feet third over new of space in as leases XX,XXX spreads.
the Our fundamentals. last spread as portfolios renewal has increased trend our continue of quarters sequentially strong four on capitalize each to we
at our Further of grocer anchoring Our a leases necessity-based existing or and recognize NOI tenants the never space signed market benefits to of lease active new high in has centers tenants are for seeking concepts pipeline larger open been get new that are performing are in these NOIs with leasing set significant dominant follow business. these having center. our tenants once and that their
one a was of than very Our XX,XXX you And can lease, decrease tenant, points one portfolio backfill comprises vacated by XX.X% was for will retail underwritten core as less tenant noticed our This that and that opportunity from dated drive which quarter. actually a high you a should XXth. more last square strategic core with acquisition entirely traffic that percentage replaced September to concept that as driven center. create our which see that centers. X.X% a have it is stronger basis tenants may of portfolio or has a foot that this decrease of XX of significantly departure us of X% almost This
to a a help the on drive to and the shift are us that team's I continue not an with pleased remainder deliver we our in at midst through exceeded and to the multifamily and And every could broad value, later with both ground our exceptional revisions reinvestment unlock in performance have be call thank of more our to supplemental. year-to-date transactions complex pandemic. global PAC John of execution results guidance Overall, Not All initiatives. I grocery-anchored and member every quarter. have level to these navigate detail will year, want in organizational results leasing along contributed those and improved capital but internal contained their contributions. say budgets, our while the for of the the for and they retail Our outlook activity upward team only they in strategic did
here value and our of beyond. feel as to So sit the forward cash look and ever we creating for into shareholders growing better in strength platform long-term and XXXX our than today, flows we
over me John? the now So turn call let John. to
