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2022 proved to be a dramatic year of contrasts. Early in the year, we completed several successful transactions before the rapid rise in interest rates significantly stalled our activities. Despite the challenges presented, our business has proven to be resilient (again) and we have maintained our focus on advancing our commitment to the low-carbon residential properties that will define us in the future.
The rate increase impact has been significant, but our conservative financial planning and liquidity means we are well positioned. Leading up to 2022, in anticipation of increasing rates, we had secured favourable fixed-rate debt for our portfolio of owned properties.
Our Investment team built on this strong foundation with strategic acquisitions and dispositions while maintaining portfolio occupancy and
elevating our integration of carbon reduction. Our development teams acquired two new development sites and advanced eight other projects in various stages of planning, construction and sales. In Vancouver, significant progress was made on two large-scale placemaking projects that will deliver high-uality housing over many years. Our Structured Development Finance programme closed a new project with a long-standing developer partner and our Finance team forged meaningful new relationships with lenders.
These activities are reflected in our significant AUM growth in 2022. In all aspects of the business, our teams have managed the interest rate transition well; we view this time of revaluation as a chance to look for investment opportunities and as a positive force in the moderation of construction cost escalation.
As an urban owner and developer, 2022 marked the beginning of the return to offices and to the high-quality educational institutions that create the employment environment that drives our regions. Our cities have responded well, and while some (i.e. San Francisco) will take longer than others to recover, the attributes of our cities combined with a hybrid working model will ultimately improve the quality of life for the people who will make the gateway urban markets outperform again.
As we navigate this transition and seek opportunities, we will maintain and build upon our net zero carbon ambitions and our strategic focus on growing our portfolio through increased levels of like-minded third-party capital co-investment. The resilience of our portfolio, together with these ambitions, will ensure that we are well positioned to take advantage of what is ahead.