American Campus Communities (ACC) 24 Jul 182018 Q2 Earnings call transcript

Company Profile

Participants

Ryan Dennison	Senior Vice President of Capital Markets and Investor Relations
Bill Bayless	Chief Executive Officer
Jim Hopke	President
William Talbot	Chief Investment Officer
Daniel Perry	Chief Financial Officer
Jennifer Beese	Chief Operating Officer
Kim Voss	Chief Accounting Officer
Jamie Wilhelm	Executive Vice President of Public Private Transactions
Alexander Goldfarb	Sandler O'Neill
Austin Wurschmidt	KeyBanc Capital Markets
Nick Joseph	Citi
Samir Khanal	Evercore ISI
Juan Sanabria	Bank of America
Drew Babin	Baird
John Pawlowski	Green Street Advisors
Michael Bilerman	Citi

Call transcript

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Operator

Good day. And welcome to the American Campus Communities 2018 Second Quarter Earnings Conference Call and Webcast. All participants will be in listen-only mode [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions [Operator Instructions]. Please note this event is being recorded. the to turn to like conference Mr. over I'd of and Investor Dennison, Senior Markets President Vice Ryan Relations. Capital go Please ahead.

Ryan Dennison

the Thank you. call. non-GAAP Campus provide the comparable G Communities is Company Good release, the on access XXXX joining both directly morning. a furnished those package, GAAP Relations in requirements. Web posted has possible to accordance materials second Reg And financial measures supplemental will to thank measures with the the quarter the audience. you X-K Company financial the Also conference Form The on widest site earnings release and find Investor you section, in press package. press an to for release In American the includes reconciled which

a call, access today's hosting are one which with replay for webcast the on available live can month. the for site Web you We

amended are you of the statements Securities during conference that and not the of XXE XXXX. the Exchange Securities analyst Our in be referenced XXXX deemed filings. may disclosure to by our financial Section XXA this Private and slides are presentation Webcast the in following supplemental Act certain Management same. in of and Securities be and historical would facilitate package, of inform of by within supplemental Management package the release, call, like today statements may Section which press as and facts, to Litigation in forward-looking statements meaning along. advanced as one be the the webcast XXXX, SEC made you forward-looking making the Reform will Act Act of

reflect the remarks. and uncertainties. SEC. risks members to assumptions, on Company's from the results Management for Bayless, undertakes or Senior and to that, this joining Transactions. Beese, risks may The release, are assurance of with and in economic periodic Investment Voss, or to in are Bill forward-looking Officer; Jennifer Company from its like the provide Chief the revise to be believes Chief the the Officer; Jim the Wilhelm, time-to-time, actual Perry, Officer; I'll materially over opening turn Jamie results Officer; introduce differ I'd vary. Talbot, the Although, update can said no Company expectations subject circumstances Chief and Private Daniel obligation Chief Kim could events any Financial With achieved statements to now the reflected filings of Chief call that call; Accounting Hopke, Bill? will in EVP expectations they cause to us forward-looking The that Factors of date detailed Operating Officer; no actual release. Executive statement President; based William are reasonable this, expectations after and his press Bill for Public Having Company any

Bill Bayless

Thank as broader morning we thank you, our for as student ACC, results. Good an well discuss for morning. has Ryan. you exciting as second And industry. all joining Thus time been for us XXXX XXXX far, housing the this quarter

their opportunity substantial been what increase infancy. term, the have that growth well of cash valuing, transactions have now entrants, along new as of major consistency includes of as our mid within formerly Tier in out properties players over appropriately allocations. Willy walking from to the As in proven investors With The range and located low core still to both institutional rate number X assets the detail, in cap and industry institutional is a market with more discuss universities. private in for significant across buyer come legacy the its globe looking to distance will valuations, proven X long these flows

three the during pleased venture particular, world's housing For in the a X.X% a portfolio property company market. recycling at relationship million Greystar transactions real completed Allianz, provided strategic to of the with capital investment Together, cap the Sachs initiation sales activities best-in-class these joint outcome estate of and of combined we’re capital investor, Goldman student commencing debut and the the with in quarter, ACC, industries the second-largest approximately between as global and $XXX their U.S. they an of the make attractive rate. direct including

this announce and our now on an we we Disney we Walt and structure, will transaction throughout our college X.XX negotiated includes honor fully reinvest Walt a above, were helping their deliver guiding develop, we for from the our serve land now original a This universities vision, Disney that opportunity housing development rewarding. with we will World; expect intimately incredible four approach colleges this validation create who Way, involved development the has program. pipeline; presentation Disney of during the that stabilized boards, the initial Disney lease into Disney manage When included our interns founded value to we poster and on our To shareholders under participating allocation where to regard and Campus company curb to an Disney a own appeal our extremely our for that now one The executed excited with college to partnership the our the student mission. vision We’re is best-in-class deliver term. we whereby housing conveyed Campus proceeds especially have long principle embark been service in to and that to With lease XXXX, accretive emulate has resorts; to as ground team which interns history. agreement in and announce the student Disney customer significant is and to capital a these pipeline highly yields for to in continues anniversary American to anticipated with our in industry. we’re lease, Disney year American student excited bringing over was commencement at World titled XXth

quarter. continues to on-campus universities nation's at excited announce on-campus four expand. also ACC’s this housing to to We’re the development modernize projects additional opportunity

through largely operations, continue X.X% X.X% to trajectory above we revenue our of year, to guidance to and store line rental in XXXX, expectations be expect our ‘XX XXXX. optimistic growth about in academic remainder review. preleasing and for the the the left range. potential of we’re at opening revenue into our the that NOI we pleased lease Based has current year or ‘XX, just year. same report XXXX we academic to operating to XXXX, for with Jim of our weeks the the as with four rental Also, move first preleasing half XXXX the been up, seven performance properties to Daniel generate growth midpoint accelerating plan will Property Turning slightly as on for

recycling earnings the $X.XX provided for and our turn group updated XXXX and our capital As slight in the remainder time of per our recently delays completed we related the taking account that, third-party into earnings Jim. $X.XX share. capital projections market benefit same two projects With which activities; a materials; will XXXX; NOI revised store it when for over XXXX to we’ll property to year, guidance of have to now range

Jim Hopke

Bill. Thanks,

operational quarter line mentioned, As our XXXX same our in second store expectations. results were Bill with

an increased we the highlighted first during Page of profile quarter discussion year the of store consistent expenses the X.X% of the that on increase X.X%, with our and call. supplemental, SX half the in in NOI revenue for in seen or property operating same flatter X.X% guidance increase fourth As quarterly growth XXXX

grouping quarter, the expected by compared and recently property the were discussion in revenue Our growth QX the properties also our was lease results portion ‘XX primarily our for year our that tax would compared of has developed year the second entered the year-to-date these of when prior revenue and same year, on ’XX, properties, call, quarter will our were been our line for current quarter prior XXXX. property have our with the approximately the in earnings QX to for year assessments increase largely reflected quarter the in expectations. with second Adjusting Consistent tax acquired affect X.X%. academic the our academic growth results increases to Expense store the up concluded. which driven

expense categories with the period categories, have of has our the half We’re controllable X%. been in particularly only increased growth the during pleased first XXXX. same year-to-date non-controllable in X.X% over which expense Growth

portfolio’s activity. leasing to our Turning

mentioned XXXX above of Bill rental trending revenue guidance growth properties of around midpoint or X.X%. opening store our in the slightly are same range academic to year release, X.X% As XXXX-XXXX our our fall

an our in pleased lease annual is are for corporate up, our and deliveries. with X% we completing new XXXX, our want into new remain field preparing our for supply XXXX, and We growth properties look both managing profile and to beds currently Reviewing year-over-year on our XX,XXX focused move-in. new Axiometrics teams process decline projecting cycle term who nationally, as and thank

to developments reflect XX% only ground construction, no window which at tracking commenced those XX%. and that time, not projects new we’re that X,XXX commenced delivery ground. of this year from reduction a noting if we’re for if own tracking approximately last in XXXX. XX,XXX would construction, which worth which, However, are an break in it's have yet the ACC’s There late supply XX,XXX any, see under actually In break have decrease be beds planned beds these late additional closely beds cycle currently construction in of markets, additional

William now will these to on I over our our call third market activity. potential turn quarter to deliveries update will the with respect to call. investment discuss We the

William Talbot

significant made strategic executing during progress quarter. investment We initiatives second Thanks, Jim. the

assets sold million, three and of and Sachs economic to partnership for expenses. in-place projected Goldman rate May revenues $XXX operating at we X.X% First, in on a Greystar cap

of at X.X% the executed portfolio rate. We XX% also and successfully properties minority a economic existing interest sale cap of

desires in with fund perspective, term source Our Estate, the the to will be our Allianz joint real housing world approach. a is venture of investment largest evaluated invest pedestrian capital with as initiatives. well another to student estate over long partner, in aligning long-term investor and Allianz growth future second core Real more the

our student never interest by evidenced has housing highly been investor robust. accretive in more dispositions, As

were from the of demands three regards sales or to of housing, global and final market and institutional student domestic overall According fierce elevated During the large fund past With deep process, our first at demand all international groups. investors. we half the volume both and transaction for the institutional, housing pricing transactions both continues. transaction report JV XXXX, CBRE by competition student bought to saw $X.X seen years XX% over totaled of billion, for

addition, well student pedestrian points range billion the range, In announced mid-X% cap indicating rising into investing to with the interest to conjunction quality now according $X.X large are overall recently for student investment high assets first remain the rates Blackstone, and the decreased of during expected over of EDR demand and for housing rates in the acquisition despite estimated XXXX, strong CBRE. in half cap cap the housing, routinely Greystar further to XX XXXX. X% for for is sub-X% future. in And student universities TierX basis core strong valued housing Demand rates

to now development. Turning

on resorts dedicated of housing. Disney and current site, designed We announced near college college project we The Walt the Florida. Disney Disney full offers all intern into with a demand will manage education community for lease Disney and provides are the internship to parks the incorporates to project housing by participating World to the Disney that student an the develop, meet existing or at amenities mass excited ACE new entered to college have center on for housing own transportation owned agreement recently and released in college of programs replace students. to suite announce The students Orlando,

recently and Studios. Toy Story a XXXX addition, Walt and Land the system announced the retail Disney Hollywood significant parks Epcot Along Center. Wars: opening new upcoming reinvestment resorts, new of recent gondola investment Star significant and In in at a announced Edge including in Land has to to with World addition at resorts, Galaxy completed the

XXXX $XXX expected May for feasibility and development ground phases project lease of binding applicable nominal own project. accompanying ground beds agreement, and they year yield X.X% development projected regard and to of million receipt May a development and currently XX for total year break of subject fully to ACC presales Our and The stabilized negotiated billion late both delivering XXXX to is QX XX,XXX XX and all the Disney parcel includes and development XXXX, completion with costs. permits. XXXX in with and this $X.X housing agreement to Overall following final projects, student upon and each is in between lease approximately

these targeting valuations markets. are basis are between While current pedestrian spreads representing within either to assets XXXX-XXXX developments stabilized and development major and or XXX X% on-campus over yields X.X% for stabilized to located between presale universities, to X.XX% yields development X.XX%, points of TierX and XXX attractive

on-campus. to Turning

We are this quarter. announce excited to four new awards

a bed First, Drexel project XXX which our University, housing. includes we’re partner and working existing a associated honors on college X development new ACE with

final negotiation development on on also in stages of Francisco ACE San bed State University. are the the a We of XXX campus

announce to timing on-campus would not for on Princeton pleased development structure and yet prestigious We’re the new be we’ve our which University, third with that determined. transaction been campus. is project project project awarded The

Lastly, to of scope, awarded project be Texas The new Concordia of feasibility, expected in fee four all are is a and development. at finalized. Austin, are awards new full which we on-campus yet timing a third-party these not University,

set In financial continue progress. we’ll on-campus we over it results and update as opportunities I'll addition the now pursue to and turn market awards, to make guidance. XXXX to of our discuss these a deep to continued Daniel

Daniel Perry

Thanks, William.

stands second per This XXXX first million and of same and XX.X. to share $X.XX X.X XXth, XX.X% in specific XX.X% from XXXX net dilution debt debt the was was occupancy to XXXX share. a was of As store the earnings reported, and of decline to for in and the XXXX million prior The value EBITDA deliveries, X% earnings was With $X.XX. originally lower or completion NOI asset total sheet enterprise Also, development of of rate value the run new fully fall June our FFOM share the as of debt. was year-over-year store not accretion. $X.XX floating-rate result flat essentially From earnings debt Company's dispositions three now total of per over times. with balance below quarter the relatively FFOM diluted additional was perspective, per year year guidance. primarily included a quarter Debt line property FFOM total in $XX.X second the $XX.X initial at

closing additional $XX on million $XXX secured the During million three properties, and as portion as level EBITDA points Allianz sold of term property the our the balance joint to debt secured dispositions, portfolio on a revolving approximately debt we’re of to the of facility. total proceeds of debt venture, $XXX to quarter, placed by X.X on gross the the pay credit and our and of mortgage the used turn. including by assets million percentage and our corporate well debt outstanding reduced half loan This debt the down

to for of the as our manage long-term the we funding development pipeline capital you look with our plan the $XXX allocation mix five-year mid around Page million With As attractive million we $XXX the and are continue will the program the see until ultimately very capital advantage us will of to advantage high debt, intend of X years; from improvement long-term; target of see sub and private recycling during year. an of and annual we on capital we in sources recycling we on capital environment equity, core in demand housing to our the and capital supplemental, debt seeing the in range student the available for taking to SXX globe; an EBITDA. execute per balance mind, five leverage in times equity, over cost of the XXs most attractive next to sheet in to of take that

Turning now outlook. to earnings our

fee each describes from line related adjustments to $X.XX of updated primary assumptions completed structure by The the NOI and changes. are revising the these on per of driven lower the to the of on with guidance venture; other final related FFOM XXXX small miscellaneous at $X.XX to third-party midpoint, items. the share related incremental closing to expectations; to We behind diluted dilution our to and of dispositions range coming joint and $X.XX following $X.XX $X.XX $X.XX $X.XX fully timing timing financing reduction expectation Allianz development income;

in three rate Allianz placed not interest First, proceeds, the paying second The portfolio savings the the transaction. a FFOM property $XXX by X.X% on million contemplated for year, the $X.X or during million completed and result which guidance. of portfolio $X.X the joint rate, was year This sale debt $X.XX and quarter with reduction to of from during for loss estimated projected in floating in million secured in for million originally $X.X the of not originally NOI offset of off a second anticipated the approximately debt as was at quarter, the transaction per XX venture Company with net mortgage part the of million $XXX also share. interest will

to million had income. XX% regards for Berkeley income million in debt of midpoint, third-party floating to projected this of the and in fee with the Prairie of million down UC $X.X interest year XXXX. of accelerating the included the of range of and reduction originally project guidance View debt While the share million are the and we close our partner’s benefit projects on percent planned UC income, half Berkeley XXXX, assume result increase our projects of FFOM ratio, construction it net With first commenced in expected now commencement development $XX.X the closing $X.XX expense $X.X fee related our of third-party midpoint the late producing will of XXXX we in FFOM. $X to $X.XX. million the assumed to the by At our $X.X bringing Both only fee rate

discussed, quarters of the are lease to revenue rental X.X% guidance up, growth. be store percent X.X% NOI maintaining XXXX-XX we same XXXX same-store predominant and growth first our the which Next, of academic as will three year driver

and reassessments trending to Also, end XXXX of XXXX costs original has same-store our the we to financial Accordingly, year. the XXXX same-store that we operating our we’re anticipated, NOI expectations. As subgroup our first it currently of same-store tax new year, increased a maintenance with finally, of to changes detailed the same-store expectations, growth, net store initial expenses, expectations, $X.X $X.XX SXX to revenue along the in it adjusted relates further increased seeing with and to that, expense storms along guidance. reduction growth is with reduction regards guidance for lower supplemental. have winter toward Next incurred guidance of excess operator that of items, in G&A indications in start expectations to of back which for net for with are were NOI contribute earnings part to other systems of on causing question-and-answer I'll and the and our call. These costs to SXX the corporate utilities associated originally million believe pages and earnings guidance. remainder to of investment higher than portion neutral $XXX,XXX the And the approximately revised the the reflect $X.XX FFOM turn With FFOM components into depreciation Gen

Operator

[Operator now We Instructions]. the question-and-answer will begin session

first from Sandler Alexander Our question today Please with O'Neill. go ahead. Goldfarb comes

Alexander Goldfarb

to two the on Just fall of always you year, just through markets seem every that Can the there’re us out first guidance. questions, -- bed. few walk

can originally that because this you So not you guys a better the you if budgeted, is And how walk year way, bracketed, just maybe there’s for how linkage us weird. through markets weak? any then

at school the are for a you actually better year, upcoming preleasing the But it’s Obviously, or taking year, on it’s stock. You’re this guys than for off. fallen midpoint. hit

there’s how forward you year? think into the such or think how a bridge So year heading way we provide can in better is we that about there it -- guys that about more current the continuity guidance

Bill Bayless

with go-forward run following always rate about we��re talking When about up, the academic year. our talk lease we the

basis. I as pleased XX much your QX the a out is a store I’ve on same that Typically, point very to the housing. couple that about coming for between and XX mentioned, where want expectations in maybe bps X.X% point in why When read everyone comments XX different and you all as your forward trailing out grouping -- so look historical bad don't year of this that’s XXXX store you if would store QX historically properties, towards same case, concerned in go did this deviation don't lower bps rate over that of that X.X%. false our how end at have to being of core we’re you So was in to that's supply student you prior have with didn’t on people fundamental And XX and think the XX grouping. analyst X.X. And been -- release a in about that we in the same nominal, we’re look news. growth difference the I those talking of to it’s groupings

one the rate we supply Tallahassee So in we face growth data new see, hopefully is in block, that when were have a our the about in recover Austin did the Where which well continues one Austin, and the of what Station to property, core focused of see for little portfolio. go slippage a that we’ve came bit the the stock talked in a as in is to and X.X% look budget you of rental guidance Where of and the budgets -- in we in for people think price get slippage broader you some very were West is the it strong our even the campus. terms slowing ironically, you our fundamentals. which lowest absorbing College lease positive. three fundamentals pedestrian, as relates furthest price into market. the they on when will in Students that again those, at a through and overall I guidance closer guidance, markets And the it are are there. in where accommodations higher that was Austin little be up see bit. And our how to of

little the market I -- supply. it that a what XXX And midpoint below is so of of positive rental was XXX, again XXX give is But rate Austin, which rental strongest you by indicator we’re from of in our more the to rental bps the than is growth; can the think bps. projecting revenue of strength guidance terms about rate X.X, growth

projecting in bps a about down. rental Station, Austin continue But activities; to -- we’re and overall; rates few the XX year, with diminishment as pleased And College XXX budgeting and occupancy terms there, of looking we we’re at there Station guidance, projecting spread I rate there, through more good now, midpoint to healthy about of couldn't off growth. so at is right out X X.X. would the at only with to again, be our a X% team's bps of about XX; to we're last again, XX College we’re right point be so now growth versus

in we down so probably said next significant X.X% market. very see outperformance, that behind to year. velocity in about a aggressive into bit but have rate we’re last little XX% good we property the Center And occupancy. This started Tallahassee are revenue X.X, compared rest rents going the where is there market. that little was trending the market negative where had our we we’re at of leasing so flat. flatness leased guidance. end third the of going the Axiometrics is too with We growth the Stadium have market again early may rate we to is small to greatest hindsight year. blip moving increase season to been And rental in there, one with had of part market In it the

is fundamentals strong that the the so at midpoint guidance. year basis overall, three but XXX is we to of had are the very where And remain projection growth below Austin, X.X%. next the going points at those in trending with into that which again But of budgeted

Alexander Goldfarb

million million $XXX $XXX year, core got of a to developments. we next to the remaining then look you’ve $XXX another second then on And year. million you're there's guys question, of that recycling on XXX. spaces, And the think presale, just Daniel, I If you spend said

guys next the than balance things, or because should jive, really financed just down took this expected a $XXX the be with we more numbers. bit you million can recycling So other year expecting you debt obviously that for in year sold

just the So on $XXX trying a the to should of about how think million year $XXX and given million outlays get generic to next handle we recycling.

Daniel Perry

capital conditions $XXX assume lot that's million million the should with market to recycling. going you a what $XXX are. do to to And in prevailing have we about term. whether just Obviously, or look to that capital management annual balance through We the the time of it or not, makes think long at that do capital sense over that equity, it debt. sheet at Generically,

of at looking the just not funding We’re year. next

We’re looking which of at our all goes the Disney, commitments, for XXXX. of up including funding

see we $XXX we we all of would good and million think that cost with appropriate look the to warehouse to million when $XXX equal, will. point, if capital of at of about XXXX. capital then it’s so this the And rest fund cost But things disposing we to within

Operator

The question Please with go Capital next Austin from KeyBanc comes Wurschmidt Markets. ahead.

Austin Wurschmidt

On sense of supply the provided, you markets some year head the that Can outlined supply this your a where going year? us detail you mentioned you across XX,XXX beds of construction the is markets. give that under to you next versus for

Bill Bayless

as about location four top mentioned, holding. appears list look Austin is spot when market assets competitive Top three a than and were very higher Marcos extremely had better we there. construction. top Marcos of the Arlington, of a -- us San well own, do in markets the forma Arlington our again much and terms planned a next the Axiometrics number you numbers under from next in for it were in market. terms beds year is we in developments. Absolutely what’s and markets was small in year Also, and positioned national where what this at a we We year couple us. as continues because a that three at Jim a Candidly, the pro rents we’re in looked $XXX couldn’t make numbers pricing two, of where number be of six for charging see bright than and the are, Austin to see as work, sector we continue to the are three. supply the market structure, Sam the coming down go of in the our in

pricing Austin so have to a has X.X% said, growth as power rate rental it from we think And growth, we and we So good that. perspective. in continues be resilient

versus year, entry, the XX new over next evenly about me morning close telling So more than his barriers to supply plus year; to next good was and plus William spread we want in team reviewing see that to coming for that year so campus. going sites markets this year pretty this in. was get XX top it more redevelopment those as is in continuing was XX distributed it this about data in looks folks that to Also, us the hinder

Austin Wurschmidt

guys point. And development subside? pressure the have really then taxes large you upward development how When think could assets about, this pipeline property their reassessment, you taxes do the talked is and has with newer ACE about property upon been the something at from transactions spoken

Daniel Perry

hard to It’s say.

what I think taxes, of in growth mentioned, you’ve the in market the catching expense the X.X% these growth they’re Jim were the property average and housing excluding the smaller purpose college reality first are at up. in the full for are acquisition for because products; lot getting assessors growth those you we above that's of seen property taxes, on realizing above the municipalities; inflationary a value above even stabilizing to property is as development and year, property the student assessments and long-term; hoped up market speed modern built

believe don't us for to pinpoint that property going more are with fully of Now growth we up taxes. will you play stable rate. at But some point, rates when taxes see that to be growth those would And caught in that long-term we growth to But hard hard normalize. normalization certainly, us for out. you these expect would say the property to in the would it’s when rate expect in being that that

Austin Wurschmidt

getting you’re digit development of to say some But properties on not those reassessed? right type the that double going it's of fair to that deals, presale increases you're being significant get now outside

Daniel Perry

Right.

Austin Wurschmidt

plan. guess -- funding touching on about I Lastly, talking the just

the and right cycle deals that in since range needs XXXX through leverage the if curious as now, or just additional ACE a up And but six you're with comfortable equity you I needs you more capital the What that the that you that three forma at pipeline? if you working in longer-term? updated… see lowered just point times. the mentioned you're this -- of was pro function below a funding was the upped deals through Or is So additional

Daniel Perry

to and trying Disney bit abnormal funding five that’s in this think I we’ve that project phases outlook multiple full situation, through of give years. is is -- a XXXX the over got obviously reality a

really long-term look. we’re given so And a very

we we how we what look, going that period, and over market capital to the I to EBITDA. be five-year of we the in leverage the are this expect long coming that over we’re call, available to all and is us, long would a term, looked thinking to time target we trying as present we that all the over debt that think and third see And so know period, wanted and mid-XXs% about time be at wanted so targeting aspects capital that of ranges a capital sources as lay to markets long-term. said would of we’re out. two-thirds and you leverage in that there equity type would a to for sub-X And given with really surprised debt times earnings And that the you be line that into nobody that

the how was process So that thought into that went wanted we market. to reflect to updating that

Operator

question Citi. go Joseph from with ahead. Next Nick Please comes

Nick Joseph

guidance, calendar growth to half XXXX back go with year versus Since And to you to starting calendar do academic expect to the just want guidance? trended back the same then store the revenue guidance. introduction same store year-to-date year revenue much initial you’re versus be pre-leasing reconciling how guidance how maintaining lower is I expectations? year

Daniel Perry

down. the guiding So range Nick; coming We is were the first obviously, towards of midpoint pretty year we’re trending second of has of as of much half XX year, half or been the well. group for line, that the in more where

wouldn't were in there we growth normal, be difference expecting of profile two As groups. a the revenue of the much rental that

year you're coming reducing talking bps that of half back about XX down, the revenue with terms we’re the that rental in So of growth.

The little bit in is of a total of bringing other small but half part that's a and in that year, other the the obviously back percentage of income revenue of less impact. an just expectations

Nick Joseph

same-store and last which produced years, FFOM expectations, clearly both weighed stock. then initial for versus the has on over two And you guidance

or initial gives another to you're you than or the driven rate above confidence more the occupancy that midpoint what preleasing expectations? with versus for the to So at market month into tell ago

Daniel Perry

certainly, year, rolling in The growth a our properties virtually we are for that look as XXXX at done. them Nick, occupancy next are of lot and

so are occupancies making of the same-stores lot XX look with we growth color gives at the comfortable and terms those toward projection midpoint. on the where And good when that in so locked-in in; ’XX rate us a also that the range locked-in remaining we’re for

Bill Bayless

year, Texas, rental mentioned good XXX and Also, rates has and one Illinois preleasing there comments, XXXX I fundamentals and came The at them Also, are around. all that our really rental rate over at at property with of look crushed stabilization X.X% supply the online about are it positive be my online. on. isolated through of categories various up. asset. to well, our do going did it continue well way year's be Austin, last we near positive phenomenally drag on want growth go with but well. just in up, we’re XX%, all lease extremely coming coming in XXXX XX% very the to was developments excited budget already as you and developments at They’re growth absolutely so recovered year, markets the to story X.X% the say the in When of bps Austin, the full this what’s tech so I fundamental -- to lease range Champaign, our rate three that to actually last Again, trend capacity. of from we're and projecting that’s as biggest

in us, on really And time we and got left, right what seeing. we’re did one so based our now projections conservative we’re only still asset but perhaps there some

Nick Joseph

started year? XXXX’s into they assets past this for What’s that store academic same preleasing the rolling occupancy XX where versus are The today pool.

Daniel Perry

-- closer as XX.X to we’re and of that versus projecting final group today be XX to the of and end. that’s at XX

Operator

The ahead. go Khanal comes Samir next Evercore. from question with Please

Samir Khanal

how to point? stabilize, that you this online going, in are lease maybe a taking longer those seeing can term. maybe near two-year up that color Are the come at to are there developments XXXX any provide your close are maybe developments any on But possibly where you’re

Daniel Perry

XX. and we’re over on, No, -- just commented grouping we to projecting that XX.X at already is be property actually that’s what and

exception circumstances. we’re deliveries we unique in year, has been us, of always which for again stabilization in an so last first XXXX the norm. those thought seeing And terms some full of And year the was

on very we’re historical to back So glad track. that see trend

Samir Khanal

I And my just dispositions of year. $XXX done this million generally, guess second question. you’ve I mean over

You certainly coming online. got developments

XX to months. the the for over XX at guess, there? FFO how FFO this to selling I for got the out of got advantage you that internally, time line favorable your take And balance growth, organic assets bottom you’ve to strategy which pricing headwind growth will a is again, growth. You But be growth, versus dispositions next do achieve tailwind growth

Bill Bayless

headwind through That's and uphill five certainly years. something that has a last battle an been the

more ability When time are As calls, impact over earnings value sheet is during an has or focus the of our points on higher. team. period. the were balance those that really lot the we’ve assets value through and years, ’XX,’XX, slowdown see to XX for to the in you you basis five economic And doing range is basis. creating look a of sales prior slowdown about selling drive add on nominal were the basis manage we talked per That been where from the growth opposed sold that. back as early of a that -- in earnings instead A don't that XXXX, to long-term $X.X going in portfolio properties that we a those the to not last drive Board we in fixed want non-core assets. But billion management share and of your

a redeploying to We’re that's create going ton capital and lot a developments, into at X.XX of but that not above, of accretion.

portfolio, quality profile. more stable it overall as the NOI should However, growth of much providing it improves

Now and recycling more much where assets X.XX you position capital you into we’re growth. is that we’re at low pipeline. a current create redeploying XXXX look type development in fours, doing ’XX, puts the selling to and in of earnings better the into as core that That

the puts plan, of while think assets in the I lot capital so capital earnings better we’ll creating now what that a and of cost And couple position still doing, see a we’ve same recycling much at the next you and years short-term you'll out the be the that time. execute we’ll called in on as share non-core at value over of be type a your per to

Operator

go America. Our next of Juan ahead. comes question from Sanabria Please Bank with

Juan Sanabria

comps number out going would up? would easy benefits to you back the ’XX guidance missed for you XXXX stripped be initial where ’XX, What Just if question. lease the deliveries the the revenue store the from same

Daniel Perry

my folks of X.X impacts. about the was the a producing in be -- terms were would is portfolio, that That in comments that supply core and the concerned growth year opening X.X%

fantastic right range. we’re to that And end the XX ‘XX the at higher at historical toward to can so start very X.X years. historical we our pleased, last look is the of getting generate performance of over But where X.X% the midpoint

move we pointed would X.X that just and X.X as QX see the the we the between from out And variation that's people so ’XX numbers so why and ‘XX.

Juan Sanabria

midpoint easier ‘XX you up above? gets that the to or of comp So the deliveries, slightly lease

Daniel Perry

Yes.

Juan Sanabria

right this half comments expectations ’XX taking I same and Am back driven just the going the for same one your really about that it it? was store And categorize just of year you’re by the down and saying really to results to year. as back of it for the Texas, then the to think asset miss. way about right drove store that University the just Is

Daniel Perry

just Actually, Austin. it’s not

and XXXX the this need XX that other taking non-routine XXX assets in asset market. with that's really feeling one rental market just in So we’ve We summer an some a still specific the Marshall explain coming that expectations, in-line rental the to to guidance with at Station off-line the this exterior asset we’re meant being taking pressure same expectations, performance; to a do on Tallahassee we there Huntington, or couple not in in we store to that’s we College issue And Austin revenue have in definitely supply rate market are supply skin majority we’re performance of buildings more off-line group. not one of of focus for assets fall, just did perform of a a line beginning just on of we’re a University talked an the market very got markets, beds there; small those drag do pretty decided there. went so that little that much relatively going decrease asset about it’s that’s to seeing the about It’s terms subsequent came And maintenance specific three at market, the growth obviously, that bp issue. one growth work with market more broader year. the there; through the wide on that beds been the see but the a we of because the Austin own

properties in it the the We’re unless revenue on redeveloping because rental truly it leaving that $XXX,XXX in percent. same-store. of about same-store bps issues we don't out like But for we property, take does we’re growth store that on growth revenue same drag small and keep XX

Juan Sanabria

sooner positioned maybe that in their have developers what can… why or or inclined get than may be the on well or the to you rather if for previous you, is EBITDA. times the eventually be case the opportunities think with on you skis one change you leverage have another debt turn, just there? do you? from target, to want Daniel from X you would to more things just you And then it wanted gotten And And get later and timing below to What’s over it because to

Daniel Perry

mid-XXs think basis a new I our No, a it’s X debt sub-X is target. debt in goal nothing communicated times asset there to it’s to the EBITDA, being there. We on to of and

that coming that sheet we We and long-term to or that five-year updating term, down showing given call last you are the at from is plan really developments bring reality the sub-X The few are over maintain to on Disney goal the operation, funding reflecting ranges. if that a the X.X since are bring times, this fall weeks you this are away into today those in times. for a

to that and the of development as this quarter our you’re because the So go And you always your of peak all debt funding cycle, flows development. EBITDA. ebbs is through

funding the or with your fall. and no You development much completed associated it, got then pretty on pipeline funding all you've it. And of started the following for the already EBITDA vast majority

very manage So a we’re it and it we stability think we and I us it down band make growth, NOI allows we is And capital long-term raise of over the operational will that the bringing tight our to things when know that it with adjustments stays performance. to stability long-term about continue -- for in. appropriate. but the see

to trying on don't And we’re we it -- a just it specific so based access date do buy to buy that more, opportunistic capital.

Juan Sanabria

guys corporate the lastly could, typical ACE Disney. I how that necessary and and for are, And one risk just maybe apt deal relative if strategies, a I versus housing type I thinking last universities. corporate Disney there’s the corporate for ACE you ask maybe just And versus my on and from than question no about think more are understanding, there’s relative appetite can -- opportunities? change when deals returns there you from to about the guarantee Disney other think

Bill Bayless

additional investment of that the of to easy beyond that get As a flexibility the they management, Google once, from XX,XXX also, make of Disney you Disney, to well which for ever never read the that were program into And to they suffice. to stability the is a the as take building because can Disney their employees market. Candidly, they the document. Disney is and part of parks long-term look build for if the housing -- it over be we’re better. Disney a as negotiation other. part design the ever which into is negotiated every portfolio wouldn’t, would the substantial that, and The urge beds first Disney have college to of additional in tier perspective, and a was the And felt backup Disney making and beyond our is into we’ve what program, get And we’re what currently they the even we some beds And and we the wanted of sure hospitality that other that’d filled roll building. it single the demand of right the for parks, and point, the third had of additional not biggest gotten takes as goes profitable the revitalization going expansion they our research to the some fill, growth most how student people long-established happened. William we it workforce. at shadow at that’s it just total have integral and and to they then units, which to an Candidly, been about, all provisions It’s we've we with the have I manage Wikipedia. it easy and which for demographics tried agreed building and university part program, from of the of before a talked if

about. And so excited up back and there, of we extremely a lot opportunity lot one of that are

have. the point The being in world's best-in-class that that other thing would is out, held I by appeal everybody, this of in we’re company. oriented customer highest regard in the service Disney already conversation and seeing every terms we curb

for very of with credibility us to us adding program is benefit amount intangible universities. privatizing a colleges their the of so what a integral Disney and and out significant part sought us And and is having

our left really what the of investment-grade PX we’re the prospects, do rest You to the about take excited it’s with being in going award forward. company Disney publicly coupled the for rated space, going only

Operator

comes with ahead. Baird. Babin Please question from The next Drew go

Drew Babin

half of expense on comps, versus XQ was I or there there to XQ. Looks the easier year. the like about XQ, X.X%. hoping year. I Question hurricane the you the could for impact cadence about implies in talk some guidance store growth new same back is know last

of trend that could how may would give be some sense helpful? you us If that

Daniel Perry

a If quarter, expense about, you do little third the we as you just talked easier at on comp side. look the have

given math the as same-store above third have in fact, certainly, in X% at looking the growth tough a quarter the flattish just above would not NOI expenses that year, fourth We’re in so that quarter bring, fourth in of in the a in in will is quarter; -- first the where to side; the expecting the the fourth on the that in range; year for pretty easy be more more well higher comp; the average the X% in quarter comp half growth in the little the range. expense

Drew Babin

party the developments. on question And third

a for slight into If reason of see ’XX projects the you could from you is And might the there timing more delays anything give would of that help. a end those the in of slight of us ’XX that these of that couple delay indicate commencement would projects? moving in some

William Talbot

now still cycle from ordinary that looking on that with of the indication transactions financing the those No, the university that’s to the slipped expect It’s delay. of third-party just XXXX last with part originally a of case, in was form that’s instances that's of was but moving any two on were and of case that thought make all at. on-campus. widespread And part that of start program projects so time interested timing those from lead of to working a through all process, certainly, working of we prudent of we’re University to fast-track timing the specific XXXX. the are more transaction, we has little Certainly, the process. In Berkeley pursuing new a a occur. the bit it, was University, both the the not little across it was the And following A&M bit stakeholders sure were at start delays, just pleased the in to into mid longer it’s it all where

Drew Babin

on new more Texas, and Has in very can generally obsolescence, capped a universities, and has or when the enrollment some universities. these guess where maybe slippage you ASU, a question it counting question. time. a make The And the Austin any but and overextending where Does last is things offset supply supply may little new see and potentially been where you bit where supply? over you’re capped. impacts then up I A&M, Tallahassee weakness and enrollment growth of markets of relatively much you too then at market of stabilize be lot the of And hesitant healthy philosophical at that catch Texas or universities, University

William Talbot

Austin. we numbers Always, get how has Austin call, want when -- protect of on into a our we criteria lot talked about this been Austin to go some we I investment ourselves, and through

the about with what at talking campus XX.X% higher to to the students Callaway X.XX% highest our and X.X% price block saw pay West [indiscernible] Crest with least. West, doubles are growth. products Austin or is end you are we’re the about with House, XX.X% Let XX.X% little X.XX%; the is me growth; X.X% accommodations leasing, rate is rate product lagging unique our XX by give rental the stats, talked see actually that’s you about end Pearl we with that a in today; is we what only lowest and rate in growth; block higher where some the is we’re surprised XX.X%, Castilian is assets XX% rental growth what as at all price at what And the rate rental that one drag growth; XX.X%, X.XX%; choosing that X.X% for

don’t from I weakness so any see in a growth Austin And perspective.

an enrollment XX -- cap have really and So you for there then years. it

see at all modern housing higher And and position certainly, price in we points Austin. the absorbed continue so our new to of asset so the

development the Now that and so the buildings lower about there choose supply rate got still exact high-priced seen inside campus further position. which higher -- we’ve newer in students away, take and a from completely always rental rate, beds couple the our blocks some those equation full we alternatives, Roman you opposite, the growth. have an four Tallahassee where with We in and price. at it block, we are consideration saw of in of And priced cost do past the little lowest also aggressive on new that product as in of typically alternative, lower-priced more the are the was

disposition The at make. some is thing the choices we that other that look we of

in weakness decisions recycling you that value, may growth as of ahead harvest getting on where how in there we compete program. coming directly of of now future some and based Daniel talked see in do We’re that some we making be strategic curve the where supply those about when competitive

and And for be of immediate direct absorption correlation not but is certainly would so a one coming poster continues I long-term And rates. growth always again, supply child Austin, there's in and -- the between to extreme examples. that

Drew Babin

demand from? that Is where the inventory… next that off-campus your So recover for incremental up does the and I block come guess game phrasing or late very here differently, should the in obsolete block from year, lease either on-campus or

Bill Bayless

as There's you several only adjoining and do when product is a as we It’s couple did unique One, leased block structure. in applecart. the has or shared things that one still want to for didn’t with we It lease private. it and well upset a it can a eight bought leasing the block. the XX was and variation different also it. working years years the that’s And we can and we lease

opportunity shift saw that -- veterans higher to growth occupancy. from And back so over the those thing products away there’s those we Austin. this price. year the where reconvert years, a in maximize new the continues to Also, be we the shared and And overall campus. to that is it configured to first Austin, we want and have students here the -- again the the beds closer happen closer that to to is

as in continue And a to in block Austin re-pricing we’ll next so But upside strong shared the market vibrant with growth. the year, there differentiation private. to we is more at look be and

Operator

John with next Street go Pawlowski The ahead. Green Please question Advisors. come

John Pawlowski

William, can Francisco smaller doesn’t I perhaps the system? research on the San know State, rank classification and you thesis on Carnegie take university a us high as through it’s

William Talbot

State, the what’s over they housing XX% little a demand affordable of live they within the waitlist with accommodations. little specifically at have look When at X,XXX enrollment, high those to campuses And it’s you students. you a large is Francisco When California X,XXX and over currently of really occupied. campus over for the look It’s one students. or on currently about on which San State, going have state San XXX% students system. There’s largest Francisco of XX,XXX at very

from that you work can demand when fit provide supply, in conjunction university with attractive University that supply on-campus to really metric within the a very investment. why So particular our

John Pawlowski

that percent stabilized costs from of seem down. doesn't slowing And the costs is costs Disney rapid risk for Disney to to approach be the me, in second question rise construction for locked to construction yield? any us and given And if the clip what construction phased Could of remind total today? you continue is there XA

William Talbot

feasibility as QX ground until the agreement break if pressure. work GMP, returns lease, late which through final we those out and of do we have in we So under have still we that are to to returns

break then to will XXXX under and escalation appropriate we once way all we We the GMP the with in the contractor. phases have has contractor And that priced built-in coming risk through escalation, escalation. an be all ground, general priced for

John Pawlowski

in So the once you ground completely XA break one, the phase on on size class QX, locked-in? is

William Talbot

from feel Correct, is construction escalation put until to and we then. believe there still good. and now significant we We cushion allow if for pricing what

Operator

Nick Next go ahead. Please Citi. from question question follow-up with is Joseph a

Michael Bilerman

here basically by I And to $X.X you at it, sheet flow get balance five your relative you’ve and Nick. over earnings same increased no reason to asked growth. the billion had with if the earnings NAV. call But you look assets. Bilerman I years, cash Michael views want Bill, time, growth of the to on is $X.XX last the billion It’s

bit a down Your but leverage is little meaningfully. not

growth. long-term same-store of it, cal had, You average X%

with and You’re in I and funding and sitting things of raise $X.XX of billion cash with to over and of or the interest. And at million that. sell growth do shareholders? still in or for to $XXX $X free future institutional recognize But for care years commitments do sector flow capital those with today cash billion to flow about compressed have cash point about you what recognize another fund leaving company I earnings rates lot there’s not cap the it,

Bill Bayless

earlier from earnings points a fairly much asset importance are economic and sales that higher we’re a rate, answer unfortunately which add focused about We growth to absolutely in you really place combination to, with gap, earnings in it. properties about of flows also in elaborate equity. gone add regurgitate when which six time, which coupled about understanding drive the drag $X to highly to that through delay from has at which caused $X care growth. gave about funding developments, the XX selling a it. dispositions matching Daniel we’re those the the and value a on closer XXXX, basis of and at similar that funding that’s on nominal five-year do on question and which cash that match And referring I won’t of is basis, all took cap it point through billion certainly with But look if the we’ve billion you’re since

that things happened the over that five on one those thing the we and the has run we the of G&A of in other overall we productivity And number numbers today, simultaneously, were same looks are -- and G&A board own The basis our it ongoing over measure is to spreading assets an years we annual scalability and at organization. our that XXXX.

our which Next we’re in We of And also Gen final also a in efficiencies operating played in substantial system into this. also the that’s creating investments role have been making terms stages of.

when decision we’re initiatives, to good spread Daniel they a very been recycling management the of we’re looking Next been we the Next being G&A though is the have have terms you recycle to asset held when in spread look to at better the the assets margin being that be base of properties. consisting portfolio in Gen allocation by prudent development numbers improvement at look non-growing terms of back assets Gen. expense in that that us, we’ll reinvesting what that of forward couple the we that with to when strategic activities stack reasons made that one we pipeline now selling we’re of much will completion to accretion a most the the of decision in, that at that And our that capital core over pedestrian of went with our where that available our capital of have the do through For make you things we're going the and situation high or going

have historically one, party complete that managed we third -- we only assets on division have the developed Gen, has As management that we for properties we a campus. Next will

Next time earlier to capital dispositions in expand of Daniel of and doesn't the away through to went recycle -- much us G&A share efficiency. business the that the ability further Gen the able more significantly group, much XXXX; recollection the better, And cost take within the we again, conversation be that have those the properties of given cap my hopefully, focus sold and our on call; reducing some division to We ability little a couple now; better last to -- systems depth when with match sold institutional the market; that and rates be XXXX per internal XX efficient third-party and $X.XX drag utilizing that on operating where that the was of rather. you and and we year, before end the at at with earnings our from allow our core

opportunities focused rates better match couple the and through we’d recycling value we cap the Next pool; make frustration of know more terms to the efficient much with the earnings hold estate are and the translate add it’s capital in pipeline to scalability; of we’ve whatever ability NAV; earnings we the of properties with aggressively; strategic all versus per development we value of the in for whole the But and and efficiently we grow so And where into markets’ the doing are; mistake, more stagnant our are fund that that on it you growing match importance disposition onesie-twosie's completion are sell that what how be to understand the fund both to we earnings; and those Gen that job Michael, increasing to into of period; should being tandem. value that that of that undertook real to need ability equally that to we no share. putting five-year

Michael Bilerman

five and recognizing I towards positively go growth, your were feels And always management I sat would the would the if about just haven’t the back for that five a say future. for to anything. as and last more we’ve It teams years But have we years, though gotten dilutive. all view calls you dispositions talked there was say of always here

I then so doesn't. little bit it And every it’s year that disappointments and a you common get worry these when

strategic ’XX, as if that forward to type out multifamily building that pieces move can of about know from ’XX, year terms don’t come or doesn’t, or from really we But capital start of have you forecast; don't the here; give I terms the things. plan peers up some ‘XX providing to some because that when this thinking investors I official so that your And clarity in more know it of marketplace? a the have put you have growth drags if should do surprised; three to sizing they're of blocks about, not you you the in want so of so raising maybe thoughts other

Bill Bayless

the us. did compression That’s housing, with well venture. rate why than strategic now past. of We simultaneously being in us available limited And have student undertook alternative cap public which had have our definitely -- of up impaired one that we’ve that hopefully, the the established in lining we to you’re appetite that an we've cost the thing That alternatives will markets, reasons joint for give discussing, has private part for in market the the it also also and the capital been some give more thought. we

per funding, from. of then ATM, If years public equity to in look we’re just along the with enough quiver think our a producing the all that much we what do it’s I Certainly, terms you choose greatest pull so more capital return in better fortunate in does were when growth levers potential the the those and in capital share. market recycling situation. shareholders And of earnings we’re for the available add at capital to when cost to also is to to us that of our arrows we manage also help source us

the we five than give of thought term last now longer the we said trajectory. certainly will in in have But more showing have years. what you We to terms

Michael Bilerman

machine a But sentiment monetize weighing all Daniel. capital indicator because is markets, and for has an ongoing peer and and you that; a in equity into value, an -- can public a wrapped but it’s expectations; NAV you had about do and there’s not definitely exceeding question what Well, smart markets decisions; there allocation meeting a I’d having public those quick shareholders’ public second those price. question expectations;

On are annual part $XXX not What am pool million. just the assets that’s about… the coming number of thinking revenue, don't that's for about or those? probably I that is the contribution the know getting in XX next if right the revenue year. to I

Daniel Perry

quarter, probably about academic $XX That’s revenue right, Michal. core is a year, the meaning On before your million.

consideration, taking you're right probably So into $XXX seasonality sitting around million.

Michael Bilerman

and relative that basis So being mean, the had right? about change current probably or lower forecast, spread just assets. then XX for I properties better core. about you talking that you’re XX with the Is weaker XXX forecast, basis the pool for the XX being than to the your points your point development original And

Daniel Perry

of core. lower helping And significant sustain it’s on in midpoint bringing the -- for the we’re that so we additional about core, lower the in going then, into… are out bps Actually, XX the on XX were pretty a that yes, around, mid range coming on X bp, performance about little properties core, that are end X.XX

Michael Bilerman

That’s at have assets, X.X for XX% XX differential? And in in the forecasted would X.X they’re your now coming XX. to original those you and

Daniel Perry

me in -- here XX-ish. think XX% XX the look same now that were a we we’re projecting coming let store below for little -- on I properties new right And ’XX. area

Operator

next KeyBanc The is Please question from Austin Markets. go Instructions] with question Capital a [Operator ahead. follow-up Wurschmidt

Austin Wurschmidt

the when So assets you consider annual three of million you’d that we the to Greystar/Goldman $XXX about we the should into to think $XXX and relative How assets sold joint types to venture? the million think about of dispositions. the joint venture Allianz selling

Bill Bayless

say would to portfolio of more I consistent think of them similarly. core assets. portfolio very today is Class the pedestrian campus And A again, much a

-- so current Drew talk at our we positions. which that its And on about, what the for yes, us new earlier do consider enrollment, certainly always variables question, supply but in all about asset based analyzing is the we asked look again,

would one We our saw of decisions, ACC developed And fully disposition some most any. of dispose product of strategic to also specifications. we’re withstand we have in -- never selling but bought ACC ACC behind market our many things that that look the positioned. floor haven’t And sold at properties properties. we we that recent they’re full some that In to not planned, to they're best have research be locations assets that designed excellent the always not we cases, and long-term and them

same the growth in, as And have supply don't so they new rate. comes type of

value, where where we’re substantial slowing have we And be our so growth, we we’ll rates. may it’ll do of with and growth we we where where type to and properties happy sell we forward at accelerated and prune we’ll going coupon-clipping to always think detrimental harvested think venture our have we that joint value most continue maximized to had part have growth more a rate the look growth partners. have properties portfolio do We’ll to own

And the seen joint continue us and/or dispositions type ventures. decisions of you've make so year related make this we’ll to same to as

Austin Wurschmidt

are that high-Xs, timeframe? to that months sell over over demand assets So an would the can’t annual to seems so. next obviously in the on mid-Xs to over assume -- the It why assets out we going basis, next XX look basis the a to or predict for six low-Xs on timeframe in -- how shake you fair economic

Bill Bayless

And we you create looking assumptions those Absolutely, deals. making. the good value development that those to can we’re that be accretive that do will to should spread have dispositions be a into

Austin Wurschmidt

that the losses call X.X% lastly Does could little potential fourth for And so a XXXX the clarification, the pool on and melt school occupancy any store then quarter this as starts? you from bit occur just of on in of that it account a expect same year. that

Bill Bayless

from process the You’re talking no-show in about fall…

Austin Wurschmidt

Correct.

Bill Bayless

Yes, starts. we school take into account as working through no-shows

Operator

I’d back remarks. this time, turn to will Bill the session. question-and-answer any for over closing to this At today's like conclude conference Bayless

Bill Bayless

We’d expected lease for grouping like ups we store from and space into is growth, going you at development next look properties out the Again, I This thank stabilize the year, in ’XX at to excited to XXXX fundamentals store the toward we We X.X% same every see for XXXX joining trends stabilizing with our crunch our as the with the And X.X. team. all us. are same to fully time positive year-one. Campus and XXXX mentioned ’XX as thank also for being coupled going is in each reach of member like American I’d us. of forward. fully the

Let’s communities. single that those going return no-show XXX,XXX will as lease onesies the all every of and the get can, let’s we our students bed full, are forward into welcome to twosies that of and process move properties manage rate the

thanks to hard And you the thank team to the work move-in. we after forward And of to for and all so talking all that you today, the you us you for look do. joining with

Operator

The conference presentation. today's for you attending is concluded. now Thank

now may You disconnect.

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