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The most notable growth came from our personal lines, marine and energy, property and general liability product lines while we saw lower premium volume within our professional liability product lines. This is primarily due to higher attritional loss ratios in our professional liability and general liability product lines.
They are well behind, but they aren't losing dealflow to other capital sources. What we are seeing in this challenging fundraising environment is that investors value Walker & Dunlop's access to dealflow and banker/broker distribution network as deals get harder and traditional sources of capital move in and out of the market.
NAV is defined as total assets minus total liabilities and is reported on a per share basis. To your point on the follow-on versus new investments, I think this has been a trend we talked about for the last couple of years really going back to 2019 and 2020. And to some extent, it's intentional on our side.
Our total NOI over the last four quarters is 16% higher than full year 2019. higher than our 2019 average. And at the midpoint of our 2023 outlook, our FFO per share implies 7% growth over 2019 despite the headwind of higher interest rates. Cash flows remain healthy despite the significant headwind from higher interest rates.
for the fourth quarter of 2019 just prior to the onset of the COVID pandemic. We don't really toggle a dollar amount to that number of deals, but it's substantial. And quite frankly, there's just a lot of dealsflowing in at the moment so I would say very active. in January of 2022 to 80.8% Turning to portfolio matters.
for the fourth quarter of 2019 just prior to the onset of the COVID pandemic. Agency expense on a per patient day basis for our core portfolio for third quarter 2023 dropped to three times where it was in 2019 in comparison to the four times we reported last quarter and the five times we reported two quarters ago.
Since 2019, average operator net income has grown in the low single digits on an annual percentage basis. Our buyers are doing a fantastic job partnering with suppliers, and we are seeing healthy dealflow across categories. We're seeing healthy dealflow across departments, which feels really good.
As a defined benefit pension with liabilities that stretch decades into the future, Ontario Teachers’ remains focused on delivering consistent investment returns over the long term. 3 Comprises investments less investment-related liabilities. billion) include net investments and other net assets and liabilities of $2.7
They're now back close to where they were in 2019. And while the promotional environment right now, as I mentioned, is really back to where it was in 2019, just being mindful of how that might change looking forward, and we'll we pay close attention, and we'll react to that. Overall, though, promotional levels are rational.
We continue to experience healthy dealflow, which helped offset the margin impact of our system integration, which we estimate was approximately 130 basis points in the quarter. Yes, the technology implementation has had an impact, but the dealflow we're seeing the backdrop from a buying perspective feels very good.
Our scale enhance our proprietary deal sourcing, access to the execution of dealflow, deeper liquidity, lowering trading costs, all of which benefits each and every one of our clients. The $221 billion of Q3 flows, they showed great breadth across the business, positive flows in U.S.
GIP's own lending proprietary dealflow -- leading proprietary dealflow has been supported by investment sizes, relationships, and strong track record, including a long history of successful JVs with large industrial partners. The Motley Fool has no position in any of the stocks mentioned.
As we reported last year, between 2015 and 2019, our mean royalty rate was 2.4% No, I think it's just there's no sort of predictable seasonality with the BD dealflow. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
As I stated in the past, we have yet to see a correlation between sales and retailer demand as evidenced by our dealflow, which in terms of square footage is 40% greater when compared to the same period last year. Most importantly, throughout the portfolio, traffic is back to our 2019 pre-COVID levels. Regarding holiday.
times and the underwritten loan to value was 61%, reflecting a cash-flowing portfolio with substantial equity cushion across the majority of our loans. The loan defaulted back in 2019. As Greg pointed out, we resolved one loan from 2019. There are a couple of things in that question that, I think, are important to underscore.
In 2019, it was seven. But as we look at 2025 and given what we're working on, we remain confident that we are going to be bringing to the table both gaming and nongaming deals, big and small. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
We’ve done over 400 deals. Second fund in 2019, third fund in 2021. I think the pace of the number of deals we do is definitely accelerating, considering the fact that we only had 10 million for the first two years. So in the early years we only had 10 million of assets, but we had billions of dollars of dealflow.
Panossian ] 00:08:19 The liabilities, obviously the hedge funds had redemptions. Now they’re suffering from high rates because they have floating rate liabilities that they never hedged. And that lasted until 2019, until the covid to 19 pandemic. That had mismatched assets. That’s an example.
Unique dealflow and track record of successful exits create a flywheel effect, enabling future fundraising and more scaled funds. Long-term outcomes and future liability matching needs more than a 5% return. Investors will have to rerisk, which should improve flows into equities and credit markets.
We held our team together throughout the downturn to be able to capture dealflow when markets returned and our investment sales team's efforts in the back half of 2024 were fantastic and set us up very well for 2025 and beyond. Walker -- Chairman and Chief Executive Officer It was standard dealflow.
As I've stated in the past, we have yet to see a correlation between sales and retailer demand as evidenced by our dealflow, both in terms of number of deals and square footage when compared to the same period last year, and I'll get into this more in a moment. Traffic for the year was up almost 2% when compared to 2023.
Due to increased dealflow and revenues, we grew diluted earnings per share 33% year over year to $0.85 As you can see in the middle column, we have grown the number of bankers and brokers at Walker & Dunlop from 174 in 2019 to 231 today. We closed $11.6 We are integrating AI into W&D's processes every day.
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