Invitation Homes (INVH) 15 Feb 192018 Q4 Earnings call transcript

Company Profile

Participants

Gregory Van Winkle	Senior Director of IR
Dallas Tanner	President and CEO
Ernest Freedman	CFO
Charles Young	COO
Nick Joseph	Citi
Drew Babin	Baird
Douglas Harter	Credit Suisse
Shirley Wu	Bank of America Merrill Lynch
Derek Johnston	Deutsche Bank
Richard Hill	Morgan Stanley
Jason Green	Evercore
Jade Rahmani	KBW
Wes Golladay	RBC Capital Markets
Hardik Goel	Zelman & Associates
Alan Li	Goldman Sachs
John Pawlowski	Green Street Advisors
Ryan Gilbert	BTIG
Haendel St. Juste	Mizuho
Anthony Paolone	JPMorgan

Call transcript

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Operator

Greetings, and welcome to the Invitation Homes Fourth Quarter 2018 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. At this time, I would like to turn the conference over to Greg Van Winkle, Senior Director of Investor Relations. Please go ahead, sir.

Gregory Van Winkle

Thank you. you conference us call. thank quarter our and earnings XXXX morning, for for joining fourth Good Chief Charles On Dallas Chief Freedman, Tanner, call President Officer; today's from and Executive Invitation Officer; Officer. Chief Operating Young, Homes are Financial and Ernie everyone we I'd which quarter XXXX supplemental reference on today's our earnings like to fourth release press to and point may information, call. Investor This document our website of can be Relations found at section on the www.invh.com. relating may to you that future certain made indicated include like forward-looking business, also or call any statements other non-historical our and to statements. inform of subject statements, I'd liquidity those which that in such uncertainties results actual capital the could and and during performance outcomes statements differ results, to are from this financial risks cause to resources materially these annual We filings other time make in and risks Form on describe XX-K to uncertainties some from report SEC and our of time. with the we XXXX to not expressly so. and does update do statements Homes Invitation forward-looking any disclaims obligation

may we non-GAAP call, financial this also During measures. certain discuss

You in of additional with turn GAAP Investor available section of the comparable reconciliations I'll the website. to and most non-GAAP Executive these measures these can on measures Dallas the Chief information Tanner. earnings information, which call Officer, measures release Relations supplemental are President find now over our our our including regarding and

Dallas Tanner

Thank you, Greg.

We are XXXX. and excited into to report momentum a XXXX strong finish favorable to

continue year our in occupancy create to three higher continue as our for resident the season. and last in leading by past peak of best accelerated platform rates, acceleration to evidenced growth leasing positions levels the months and XXXX a blended class scale solid significantly well location, industry each has Our than capturing residents, turnover to for rent experience

R&M guidance. efficiency which We on our our quarter fourth side also business are performance that exceeded better of driving in resulted the

to XXXX full Our share the for XX%. FFO per to core year year growth finish brought strong the

the on our moment take Before XXXX. in the at that we I discussing year. to of review may momentum this priorities to want XXXX communicated you performance what a operational beginning to translate to the

was Our for across to top same portfolio. core peers. residential results first strong, expectations outpaced X.X% line our store We which with deliver revenue operational the consistent growth, core objective our met

the business. opportunities we more maintenance of last can opportunities. starting expense to of with After our side job done these identifying on repairs to efficient a the of better execute summer, be teams some have capture However great and

performance We of work our do improved but half with more have the are XXXX. to second pleased how in

on our each it's residents and lows. to rate a enhance turnover quality ultimate The was new scorecard comes quarter XX-month trailing objective our XXXX residents. provide in basis next improved further service time the when that are thrilled to to renewal Our service a for we all-time decision of we on make to

on our to execute priority operational third plan. Our was integration

in band capital. purchase returns In million the incremental no the we With In increasing total million of was expected $XXX capturing that addition with our dispositions in and rent by capital higher annualized of by end-stage longer XXXX, more projected debt. achievement year. homes total primarily into of almost sold prepayments We to lower XXXX priority beat the our strategy. million roughly synergies, run $XXX of both $X recycling long-term markets fit attractive an $XX portfolio to from of of recycled sub homes synergies to of in we for rate our quality continue also finding investments, respect expectations million

net in sheet. to early XX adjusted We to we made below times investment times, debt reduced an IPO that progress balance on Finally, X grade approximately our compared XXXX. to EBITDA path to our

maturity average to cost and weighted debt. our improved also We

are opportunity growth. we XXXX, about for to our ahead Looking excited

formation they've Construction revenue recently homes growth, ever particular. capital and new than average. the in been X% U.S. with our almost allocation. strong XX% Let single as at rental. With for this slowed greater family in further. controls, expense to are growth, demand forecast me opportunities is to single Revenue family address has these respect grow not markets, and of or as are In XXXX three household keeping fundamentals pace

In has homebuyers of appreciation for year. become combination compared due higher home to addition, a affordability challenge price a bigger and last rates, mortgage potential to

and to we choice we jobs economic the today rent family a an of XX%. even economist cost with economy in this could to resident of is We the discount are provide to we own compelling. homeownership. We our John that play lower home base our of neighborhoods economy, the broader and Leading likely shifting Invitation than from in in in housing comparable in would provides a find today years, less for the of high-quality, the a Burns bring Furthermore, attractive the experience of an of single-family seeing to markets home our and the to down customers are to cooling coming make differentiate is conditions. that homeownership move-outs incrementally estimates continue out more and XXXX the challenging in XX great portfolio a more live more demographics more portfolio making from our single business our with if year-over-year commitment Homes that product XX% that sticky service and the Even high what believe believe a home same-store under solution homes lease may we to in to Regardless attractive feel were us our our by touch location benefit attractive financial close XX average schools homeownership favor without want well-positioned. cost single-family who

of excited second on about plenty have business implemented route in to the we adding made repairs opportunity are dividends the maintenance our the more workflow to on in and efficient. are side of be and paying optimization also focused opportunity changes we But XXXX half are newly expense XXXX, We progress to of and systems our still already. the

management be refine better a will higher find take we plan our ways to XXXX With We also for platform capital new positive business and believe levels. to residence respect expense and in our focused platform, remains field allocation, to catalyst on operating team With the refining for capital and our to to position one teams dual markets integration acquisition and our us objective of goals compelling achieve service providing improvement. on remain reducing will the limited in property balance for portfolio. of our are healthy, prune one the our XXXX our inventory potential on sides leverage markets in portfolio both on us recycling create attractive opportunity buyers to The sheet. abundant from capital an in our we and disposition be opportunities

have proceeds more buying our value also these in multiple for prepaying homes uses portfolio and through We in down reinvesting debt. including attractive CapEx enhancing submarkets,

say my that want Fred than merger Fred outstanding leadership leadership Homes in and we've his has absolute an what in us I team. thank to wish is to of people partners, forward before. into a about a few company better him company CEO quick best. to on very Tuomi. place. I'm move a company positions It talented move the stepping I words the to a top been through have the thrill founded Thanks the role our integration. the with for ever been be helped leave This we Before is We to and with fortunate the successful to from opportunity bottom. full to part of Invitation guide to Fred

our we leveraging true DNA living strategic since outstanding forward, one. been Moving first. drive location, competitive the and an We'll high and to path service. and continue will on by experience residents of scale stay our growth We'll day touch we've put to organic advantage

of all as our external respect fortunate operating it detail sheet Young, this to to I great on progress provide industry an of as and in our in Operating on experts for be continue turn with and will our well XXXX. opportunistic and on grade investment We you the will field I'll with toward to growth. in surrounded a do by our am thank results. XXXX to With be finish teams corporate our board that, more pioneers to team We'll and best our Chief quarter we over all business. fourth build associates, Charles the true room. Officer to let's momentum To balance

Charles Young

you. Thank

the operationally. was said XXXX Dallas As of for quarter us one a great fourth

the of did I'll fourth to timing with in monthly our guidance even of and core we operating position put store walk occupancy was XXXX that year-over-year expectations to continue with occupancy in to a quarter you fourth expected. growth our grew core costs into a driven items slightly basis point year's hurricanes. fourth job growth revenues in rate are us for due Same XXXX line the XX.X% the quarter resulting and rental Property the on XX outstanding taxes X.X% R&M average fantastic a going discussed store in strong increased now fourth through resident by the controllable And provide Same increase growth quarter's year-over-year. increase to the better outperformance call. due average was XX% teams tough efficiency of quarter. in quarter capturing most rent in service. year-over-year comparison drove quarter in Core than Our quarter. in better last down more versus fourth our X.X% to expense detail. R&M This results importantly,

same expense brought As growth year-over-year. XXXX quarter a store X.X%. was to same result, X.X% This fourth overall our growth store

ahead XXXX, last of store our was midpoint growth same year For call. points the the of guidance NOI earnings on basis X.X%, XX provided full

Importantly, by R&M improvement numerous after improving systems changes opportunities were implementing progress to we efficiency steady have for made processes our on identified. and

third work we and changes improved orders in-house between these how have parties. are With technicians allocated

all platform scheduled technicians we'll internal our we trips out on quarter, In their that perform fourth are the Our home enabled our technology to important in leading the portfolio peak the service work time. to quarter. our to of any rolled a that an update not in work to in organization. corresponding the optimize and just difference with and and technicians technicians routes also of follow still legacy up fourth XXXX improvements process the to material in This season. We service maintenance ProCare have though made continue the our implementing months enhancements homes associated our productivity

November. Next, of our phase, update an the After platform testing in market in provide began field successful we integration teams. of on unified I'll implementation operating our results

smooth unlock five Transitions waves the rollout feedback teams next out As the we by total our of markets to run to synergies structure been have functioning and have $XX the is expected This We of rate several plan in $XX we of from representing almost field markets, the roll teams under remaining months. platform mid-XXXX. positive. over platform. million to our the to been remainder of in guided have to million go and our forward have homes today, extremely XX%

XXXX, achievement rate year-end our of run synergy As million. $XX was

XXXX our in as to Fundamentals the basis of in of Next, growth I'll Renewals in XXXX, in trends new year-over-year. have of fourth January time in are X.X% XX% new last basis average in of XX we X.X% executing metrics of that points occupancy a quarter This up renewal points average in ahead points basis up we're XX.X% the XXXX, rent tailwinds growth Each new fourth Lender Both decrease increased XXXX full year-over-year a the quarter sequentially in quarter average XX exceeding to and strong and and blended X.X% the last XXXX. remain average well. months. further quarter basis now leasing are in position as of The growth XXXXalso rent growth quarter markets resident driving these XXXX XX lease and New strong in resulted levels improved X.X%. prior of XX year fourth cover is as three to in rent turnover XXXX. occupancy growth each fundamental rent was occupancy leases fourth January. confident leasing year-over-year. and January up and points of January points the start the in Year. continue lease ever year-over-year. Notably rent we XX of basis Same back in year fourth

turn Chief resident service. Ernie focused our our platform execution Financial deliver are that, even excited are call I'll more Officer, on teams to over the With field efficient to leverage to Freedman. and Our integrated

Ernest Freedman

fourth Thank quarter topics, balance Charles. I the capital XXXX you, sheet markets will activity, guidance. and Today, financial for the cover and following results

active First, the we sheet and very markets where successful capital a balance I'll year. activity had and cover

start environment. the X.X to end to to the highlights pro year, few Weighted a we Net times we year, in homes rate to XX% XXXX to the start debt billion in XX% with to average homes X.X% rising to cash to from conversion interest We the debt the our year where debt X.X disposition accomplished the Unencumbered billion to year. flow XXXX year, of proceeds XXXX ended all in rate this it. start of the to maturity prepayment weighted where by end and for X.X times proceeds to year, by convertible $X.X $X.X both start me start four end our debt year end to billion the average forma prioritizing Net with about Let securitizations. versus a new in years refinancing year. free the the started start X.X% X.X year year, end $X.X in the notes. of EBITDA

in maturing remain debt we XXXX in XXXX. maturing $XXX XXXX or opportunistic, we in secured activity with in While no less million anticipate refinancing only XXXX

the already efforts secured in pursue prioritize will an of we rating investment of to $XX However, with of million part progress as have continue January. to our grade debt and debt incremental prepayment made prepayments

strategy by in net We of common core per to as minimal settle our conversions X.XX XXXX to decision $XXX We approximately share. convertible will view notes by shares. EBITDA a our reduce dilution FFO turns to debt electing of to continue incurring incremental deleveraging while way this million

billion drivers combination cash and unrestricted to Our capacity a year of fourth share. Core share interest and XXXX liquidity through growth our cover for $X.XX facility. fourth over over on results. I'll increases increased lower expense respectively. now quarter was undrawn quarter credit of and AFFO Primary $X.XX per and our financial at year the FFO in end quarter were the $X.X per cash NOI

AFFO XX.X% X.X% increased and per year full XXXX, share and of respectively. core FFO the For

As $X.XX anticipated in $X.XX increased AFFO our XXXX, from a quarterly in we've dividend of result growth share share. our to per per

use cover guidance. to further dividend down cash We beneficial ratio target XXXX of to continue will a is payout low I we as pay The is last a debt. believe thing

growth. we fundamental entered As we from that and at continue believe our strong with rate the strong tailwinds Dallas year occupancy and position a have Charles to back discussed, accelerating

suggest revenue we X.X% inXXXX remain in saw by lower likely appreciation grow As two Home the our we store growth real year in in that same to last than in is taxes expect albeit price the such elevated, growth X.X% markets estate XXXX. over XXXX. to or to

start detailed and guidance of earnings XXXX expected core bridge growth per of impact A to the of a growth. later. to are growth found FFO of from AFFO in to we we expected handful R&M control from expenses XXXX, FFO that the to to result, the a in can overall As to midpoint expenses expense the progression expect course growth, moderate still to positioned core growth likely brings NOI. per per Full midpoints do. to ourselves This are versus respect less core revenue expectation property than year-over-year There to X% increases timing a the - the than same-store management as per driver representing to to of Lower we levels the to NOI same-store of X.X% growth of for our $X.XX lower increases we perspective expected $X.XX, these work share grow its in the to XXXX in Core also same-store over at XXXX. X.X% controllable X.X% expected at to be year. of comps share interest but share be is FFO of our believe occupancy have are in growth release. have at expense contribute are better and share XXXX core X.X%. year to and AFFO XXXX cost items to With G&A X% start $X.XX greater Primary and FFO is our to the respectively. $X.XX be easier likely year same-store core and

growth Regarding the be expenses, core in to expense first likely highest is quarter.

the XXXX, made have XXXX. optimized work we do while of part first in our addressing fully system that of in First we as drove our great to be plan. still R&M integrated expect quarter not progress items to to have related complete inefficiency We

the Second, normal the bill for to more two of back utility These in create across last of items quarter first will resident XXXX growth the the XXXX year result alignment quarter resident three expense in quarters in more increase two legacy than comping were over offset other a likely recoveries than taxes a quarter the difficult in as hurricanes. are than is and the XXXX. as fourth period the first companies. This result of year. of in first of income against comparison we a post-merger of timing discussed the higher the favorable higher lower year, the estate core impact order real in of of first XXXX expenses volume with Also quarter as normal regarding XXXX's work be materially a to year than of expected

an the for than of for creates XXXX we Estate As came higher discussed fourth the in up in catch comp previously quarter this unfavorable assessments booked that of tax quarter XXXX. Real Tax easier expected, fourth an

to shareholders. that you for operator entire platform to and open the both deliver up across our With are one much the excited the up Finally notes we the We're July platform create treating and shares first the the count to believe to of convert as we are in we as can have to our XXXX I'll and reiterating levers how to looking XXXX. debt XXXX favor by on move second expected notes value. X half This of by results convert execute to for that please questions. used are Fundamentals for of and interest to half pull is assuming notes forward line XXXX core the would share on per to XXXX. expense will convertible wrap equity multiple organization impact we expected AFFO common outstanding the and residents to share and FFO calculate on that our

Operator

Joseph ahead. come Nick question from Instructions] The Citi. first Please [Operator of will go

Nick Joseph

As the operating up other based you portfolio, the platform markets from off lessons roll any making for adjustments you process learned and what across the unified you are them? have of

Charles Young

good This equals We've my learned in taken what out. how really is made in in remarks We've five of progress and on said about markets total we've that we implementing which really We've we measured based really the XXXX pace about it I portfolio Charles. our been thoughtful as roll homes. rollout. combined implemented XX% we've

during the around timing in to expect time of a careful be which year also in out the implement multiple impacting that sure went more working make the make around done month were We roll the went sure We decision that in. it and which teams. through we is slower our field XXXX. made favor to to of things not we're before We the we to as expected testing rounds working

Bottom training, mid-year. platform by thing. there combined the as from systems We be each line better field have training a and has positive. we'll really before of working teams really great teams our get to we been The we've is as said they And implementation positive rollouts because the we so this excited learned see been great. I've that to expect feedback from our one in have were get multiple are very in

Nick Joseph

committee And Dallas, what's a Interim work special the promotion. with and board absence. over to that the today? congratulations will August, Fred's in took formed during on you you the board's and team place the in as Is When still committee President

Dallas Tanner

XXXX. we executive that Thanks in in will functioning compliment. question place Yeah. The as and board still fashion were for me similar committee the a is in excuse through the stay

very have with behind a the know of excellent ton experience board guys you supportive As we it.

so just it's in that we in capacity through and some to the talked some to discussed going forward continue anticipate been we embedded them how that doing we've as would that use for would of of strategic us they've beenvery terms Charles these out we supportive things integrate so. continue we'll process and So

Operator

The will Babin from Baird. ahead. Please next of go question be Drew

Drew Babin

a the it, there have home XXXX, As talk year? think in little as as enhancing in of it a give us color might Waypoint direction of about pertains that been to more revenue AFFO can little you you about bit XXXX the - in trends recurring Starwood our guidance, merger CapEx the understanding per most how Can there. with well just you on this that CapEx of noise number on

Ernest Freedman

well type Ernie. to be our in regards well expect improvements leasing ourselves the year-over-year. CapEx, our but Drew, want net as some today would up, we CapEx. With overall back we where that at with this the we're maintenance far where operating not repairs that's which recurring before as the into peak be like to some We end we optimized we you is to X% getting course the going forward. both cautious against a maintain remarks, too we prepared do where comps with up we And capital sit had cost and talked We get as we to rate and know maybe about you may expenses as go made. as progress certainly to today. ahead turnover approximately we and we feel it we're growth with normal specifically Maybe in go as to and to fully think associated with be easier is before definitely things - we're about better of our have of more associated recurring season, opportunity up

net grow. was? the I And minus Drew, of second range would remind So expect to in your costs for or the X% question maintain part know with to what you plus me

Drew Babin

whether year there? expect As revenue we enhancing any last kind directional from change CapEx, of can

Dallas Tanner

ways Drew, these optimize Dallas. they basis on to answer this. find this like-for-like turn. to I'll focus our to is a to continue continue expect assets We'll as

adjusted some you how a us on so enhancing West that's that house. continually have that risk normally on lease a by procurement I outside underwrite outside Charles parts more a get the really and side optimize the on property increase we We see us they're many been return how looking just that of which pay for on coast also want customer and is allows outside not revenue we're getting actually the just a the sticky past we enhancing continue area of of home CapEx, functionality a continually customer. piloted of in we it. sections a different as see the we're team renewal If develop. more or is nature. and West ways maybe implement more revenue be interesting some smart adding better over into able today But way that program a We're We to customers little markets. their the enhance the This year that would opportunities spread a revenue a of what's experience Some our win different harden to markets. times to of that of new for process or opportunities active into find to to bit portfolio the and certainly to to number our with certainly because gotten up both we do expect our know we're and Coast we've Now at asset us the would as of of terrific finding smarter, these done can with the better expect CapEx job the Smart customers and number functionality Home opportunities

Drew Babin

into how And was I hoping non-cash share calculation. and interest of then give based just core those us kind numbers on expectations guidance kind of the FFO those play given just accounting comp the the you lastly

Dallas Tanner

guidance we the in not Drew for those past. have provided

today. folks you there with with for modeling can have share but I that out So can let and what something help me with to think anything get about don't we do

Operator

Please question the be from Harter Credit will next ahead. Douglas go Suisse. of And

Douglas Harter

optimizing through about hoping I you and was count where we the could of process of as the move the about home just portfolio you XXXX. you are kind think talk in how

Dallas Tanner

and and We and were vocal we pretty time our We thing enough nice had sell initially were busy where selling the we shapes it parts what basis and of the with had why on were refine optimize and more scale a to over us like of we've comes areas acquiring, portfolio expect merger desire do the sold. drive scale pretty also the to wanted have which areas operating efficiencies density we continually we that to knew Florida portfolio that refine teams a build to active same. we we been is terms continue sizes year for for could on post-merger up a now where some about to homes of in in about of XX,XXX greater both create and and portfolio, certainly look in we markets. to by and find those wanted some to variety combined in where the homes We've continually distance. we expected in efficiencies there had the the We can and the and

capital of becomes good In a West risk Coast addition, gains significant we'll bit for see for we parts properties an in to better and we it's and portfolio and opportunities return. look that end markets those or starting is ways are little home seasons into our way see where for at And the think home take user, also ultimately too where a this of we'll and occasions still I had the sell outlier some or - times there we those locations geographies refine behaving. that of if recycle where to parts just we're improve lastly just adjusted valuable suited and add

Douglas Harter

following Just of recycle to what are up the you where best opportunities on that, the into? see capital markets kind

Dallas Tanner

business in a growth been It's renewal in the we some Seattle, we've pretty the today. love the West funny Well, fact active you love markets, on seeing rates of evidenced in about vocal going lot new there. still that enough we were that's lease and pretty and the we XXXX Coast we're of know that

good if in are to we'd limited really if buy could, just still in finding supply more southeast. We today's we those We environment. us. in and available opportunities opportunities the also were And markets see California

are the household around average that in As in renewals. the today business the national coastal you've and today. stated the our markets and that we've parts that getting over formation times growth almost to out of of specifically we've footprints continued our parts X we're of feeling seen time we've our where lease majority But been is generally recycle Midwest speaking new of and

Operator

question Wu from go next Please of America will Bank Merrill Shirley The of Lynch. be ahead.

Shirley Wu

So out terms growth like in guidance a think pockets of do you you different in for could expense your or X%, R&M break for XXXX? personnel

Dallas Tanner

of with what continues taxes and which knows is to almost expense the home happen we think half, rough very our Really I everyone appreciation pretty I around everything comfortable else, provide providing for is taxes guidance some today is what's going Yes. price think and - can in other the going to happen as are strong to what number, we're to half our be some because the with and markets somewhere on us. across that when to basis will up XXXX, is X%s in markets. that it be property do over the of average And run in across for we expect California that X% in helps little California. Prop board weighted portfolio XX for our mute with of And having a taxes us bit a course in XX% our it

we than the some of we're get way, plays out in year items. the from things be else on being that So some to that get estate other X% at less We guidance perspective as a as flow our But real are X%s. those see we'll providing and guidance to - will range expense think the midpoint through guidance different our X.X% in comfortable the somewhere everything think Shirley. to taxes X.X% up, to - to things

Shirley Wu

that? you that pulled continued especially back buying last moving concerned home you're that has still mortgage shut of in how something your Is recently the move-out forward months. have to of rates think has - off about couple about really or But do So down.

Dallas Tanner

at shift I real couple out Less least we've over it's than few know seen a our - that's on buy moves you what as past Well, of years. our my overall basis we're earlier business concerned first are of we over public We my because of it it fairly of couple look consistent a not the comments. to a mentioned certainly at years seeing comments, our a home in company. portfolio an about the ways earlier annual XX% been go

some up And benefit today. the that of affordability We point. quite to are in business in our seeing real of a net picking your shift terms of we're frankly

the environment. XX affordable we lease, our call it at today's it on entry of in markets are product buy follow an level we look than and before, more XX is now that and to based As research mentioned to

opportunity think opportunity more there markets people or we your choose actually an Seattle, and high XX%. rates example, as Washington longer look to look for I at differential mean, to best mean also offer And a into that pay an opportunity. - at sure for. bit push to can lease a with we're in maybe as that some dislocated. are so people that an I providing to there's us, experience term that So maybe that consideration class in leasing an make be as as lifestyle. interest are we're We'd service a we point the for that willing

Operator

will The next go Please question Bank. be ahead. Derek Deutsche from of Johnston

Derek Johnston

the in R&M And you XXXX? trended how to and really see in any if there? you benefit them times turn platform drives Can discuss XQ, like do where

Charles Young

the the kind is mid-teens This have we'd offices for down. consolidating bring and platforms get the been and Turn us, Again to teams, like Yes. we've the been as that here, Charles. we times of we one half first that the times as down. shape into integration at and all much year bring be finalize in we'll better to a platform I of those think talked about

to high when some turn, homes afterwards. sure of they that's of product want XXXX we location to in that and terms make we us quality process implement turn resident the also but our that the really the that what we and our after orders a with delivery think the kind on understand important ProCare that their on resident R&M and of around the to relate XX-day responsibility, into a we that's Part of manage product, allow we visit may bundle orders of of kind moves of is quality that that are in delivering service sure will the work make work that is follow come those R&M will side. to As any a

there getting we So low like and start as are turn times we get into transition I've portions teens that consolidated. business. but as in we'll the happens, that's expect where the two overlap the down bring of separate said, ultimately a to the And those we'd

Derek Johnston

to now identified? and And technology customers subscribed last have ancillary one me. drivers are How you the many income guys for Tech Smart other what

Charles Young

have great half have XX% little to XX% installed, about which a are of Smart builds into resident those we right is opting paying rate. third homes residents a are so service the of now every So, move a adoption XX,XXX about our the Home that of over and customers that in those time we

see pest opportunities we're other on we once control of we've that, the that focusing in finalizing ancillary on integration. think but of the with items items really integration get services, moving or are there in through right we we sure that filters, we integration, want it's a attack, there's now pet terms whether but focused the we been finalize making that services to can around number In

Operator

of The next from will Hill Please Morgan be go ahead. question Stanley. Richard

Richard Hill

think about just sales. XXXX bulk wanted maybe some about how success to with guidance, ask couple you didn't I give questions a you you of had where

if give Dallas about of buyers? So sales forward? XXXX or bulk sort in supposed rates going think think cap any that's going I'm color then we that continue of do how to lack to wondering you those around can And us you

Dallas Tanner

things A number of ourselves. see demand mentioned marketplace in like quite comments, from earlier stabilized the still operator a of I bit institutional an in for my sold being is we a products there

to our us opportunities some explore quite I any facilitate still types density frankly scale this we'll and would where those expect bulk transactions. year that of year and So really allow

much on the were cheaper acquiring. In than in were terms average we that homes that sold what we of XXXX, homes we did

sold around it at average example, look you home fourth we as the if think an call we homes the price XXX,XXX. X,XXX an QX, in in quarter plus hadn't per I

homes that are We property of that on into money per a recycling were well north basis. XXX,XXX

what see so bit a a just low cap that higher are forma asset cap terms when basis, rates you pricing. cheaper certainly because to - going product price little you're you're of pro if your are, about So, on selling rates generally - being in think those you your denominator

homes sold closer the six And over that were were mid that so, and cap within the majority well what the XXXX recycling homes of fives. were to we

tell the whole doesn't story. that you Now

we're about bought more buying what recycled we we've way about terms or that and the $XXX average in for renting think the of less selling. we you sold, As were than homes we're we what more on homes that

in this can So business. revenue on you $X,XXX that the the all about really incremental think operate that to is go way a into long-term additional cost when smart

Richard Hill

number put this up guys impressive really margin a quarter. You

we area. you sort get term long-term? thinking about sustainable are about Is plus think it near- there. how is the to that are you thinking high to and that of do going is, margin. XX still can that the into question guess you I XXs. I'm So, So XX% and push that What near-term

Dallas Tanner

all the things I allocation move think answer with some things. and forward that is on how depends capital it really other

with portfolio recall you quarter the Charles which NOI and midpoint continues and think pleased fourth on we XXXX to from continue first importantly to capital that refine are there's a guidance our and were perspective XX.X% and some revenue, we the margins have put year as put as what's there to to what XXXX out even entire for to will allocation challenges. to up expense year If implies similar margin we We but he's continue the from refine guidance margin certainly had standpoint do quarters quarter typically as doing opportunity the of operating you on highest based We know that we increase. XXXX our be of challenges and a pretty and a for for

things We selling XXs. the the allocation and dozen side, homes disproportionally have looks think half markets out that of Dallas been we're that I Some markets XXs are and today the are certainly capital where we've the as in of the certainly and some higher on do a especially selling. in some to do

period You could know we're for so lower want your where margins the XX% it over now the force I next where of it our I type margin. you basis could we you markets But XXs is a increasing those the into do see, homes in where by is goal have think a way few from points think portfolio a certainly time. achievable hundred certainly very have to to at higher

Richard Hill

And to on differently. sort one Dallas to about question to think when to an home affordability think payment mortgage of your final guys cost rent you your back are apples prepared about affordability remarks apples you do lending affordability, just doing to the you relative of going or

Dallas Tanner

ways. we like different I couple a at of look think to it

different as you mortgage ongoing really ordinary expense homeowner about way to certainly and own over maintenance way we it it. about look the I not economists the a and Burns and pieces We at talked as you're have research of costs that to that some incur think that And constant keep you look we've think other that's would but seeing your to number that look a dislocation of the everything with so we and some data our normal earlier. course. at tend a done of housing only at couple got also obviously

it that certainly feels where season but we're season now positioned there's it a maybe like some and and with time a and your friend time of isn't, there's Now capture right rising West seeing specifically that the we're demand some are home affordability for homeownership environment rising the well the not that relief as Coast as in rate helping where people story. looking to prices

Operator

Green be will of question from go next The Evercore. Please Jason ahead.

Jason Green

in on the to same store combination On growth guidance deceleration that kind rent the is the due that your two? revenue of a of implies, growth slowing or occupancy, conservatism

Ernest Freedman

Well.

to a in for what XXXX. is of If XXXX regards with release you in look guide to I - on it think on what give you page and our earnings sense think happened Jason, happen going - we help XX will

those. of a other little was up see in occupancy in X.X% XXXX, than and bps then You X.X% was rental income revenue made growth, better your rate growth of increase in bit XX

how X.X%. that's get you so to And

similar. to get type rental our of that midpoint tick at as we're we lower a the you If similar think but midpoint growth growth, maybe a X.X% very than revenue

about. as was necessarily quarters then And three occupancy we expect As bps than XX rent in. you the that better earn first it of accelerating we to be XXXX in here have for that on occupancy need recall XXXX XXXX but we we so growth, quarter saw talked starting versus growth Charles fourth was do to it and XXXX in year-over-year, better. deceleration not the in But the of January

Charles start a rental is January off good off to good on rate really start points said a well. basis in to XX and that we're as Now up

than And the in but guidance so we that's January. year certainly certainly - a our get that seeing why that to to we of path there's regards you for do our with us and to well better when with we midpoint off probably factor the X.X% don't think started how

Jason Green

same synergies merger, then from the you the or upside? additional And mentioned factored in that do those those represent guidance, are store had the guys

Ernest Freedman

factored are into our Those No. guidance.

of that so hit the XX% hit homes rest store. field - about portfolio hit the synergies of about And total the XX% the same our store, in of the the same

those are factored So in.

And anticipate getting we those it's earned to XXXX to regards timing expense in taking well clear, on into on to numbers January going synergies we aren't to the the in be we X. all an perspective, that synergies. So, to in from account as expect earn as synergies

working out. and that are talked then And field. got as numbers, XX that until that right where whole to sure have final won't be mid-year, it's we about make the do we get some we about, portfolio Charles after things and this in rolled period overlap the days As if to

all here so our little in guidance. earn XXXX, but those while to factored will take a And into that's

Jason Green

for Total last the cost maintain per in then one year for $X,XXX to And me. about came at home.

that X% you is know rate and You're probably XXXX. $X,XXX. potentially somewhere between said $X,XXX increasing around about Previously in long talking the term you'd

first, is And the rate necessary guys guys long then be it guess there? total to you that will you feel take does to long homes? cost So, for I still maintain get for how term that

Ernest Freedman

way couple for of I years IPO think the be came to ago, we $X,XXX. out $X,XXX for a And adjusting and we say close - first it's to notwithstanding, we at with $X,XXX, But do our back $X,XXX in $X,XXX inflation did so to we we year. expect came

That to that we we're things actually was on if to and had in get excited rolled on thought, track. move about about numbers prepared that the fourth what in reset out stronger what's with side, we're R&M regards we're quarter, us, not And and broader remarks, it talked good the getting R&M inflation more going we going a we to in that cautious on as came and things to And is back - bring $X,XXX on move forward. are then we're you just as and world. us to always we other the and with are to for in down there year, going where sure we we that going year, that in we've make than happened R&M and been came with to we come in that. number products going we've those expect out in those seen and than be optimize services. guideposts need That on So inflation quite probably further think said, as areas, this

cost platform. I think thought what be. with to get maintain the for have would end we're everyone's to we the up longer-term, opportunity That's where back to thought regard the we where what's more - inflation, like we real same would are numbers growing fully the that to working we optimized on

Operator

will from question Please next Rahmani ahead. go of The be KBW. Jade

Jade Rahmani

Are you in partnering pickup seeing you? a interest homebuilders in from with

Dallas Tanner

things. Hi, of a at Dallas. certainly Jade. had discussions interesting, a looking couple opportunities number is around different had This we've It's and we're of

we just channel are right we're really we want focused to that the before, on mentioned I've sure make As locations. agnostic and

think to becoming look any owners grow. in that for. ourselves. but have think then the forward. more - I don't see we've can getting of we there's interested buying to we partners there we us I've that I I risk for certainly an more buyer take could that, We and are and certainly think definitely been clear family their opportunity of opportunity about comfortable to pretty been on with being for for - single we're that be of product. we potential development more want idea that strategic and more neighborhoods the it fact homebuilders us going like So

Jade Rahmani

millennials? master plan toward communities view toward single standalone your rental and with family what's high apartments targeted And communities that amenities feature

Dallas Tanner

the concept the that and certainly know that interesting an it's are operators today. Well, evolve. of some to owners that building product We continues

between shift, XX I today. of some the plays we've kind of person it This frankly, XX of it's run about. way, business are and it's ages that cohort quite coming the XX think I a that talking and think we no same our into been than different that quality the choice of million demographics want

Jade specific is where you be invest in careful though of you've I of location those still think where terms stay some want got you got to capital. to in opportunities

an really if more that it a and be is at of XXX not would with now sweet spectrum infill it product it's location real a it's Now, the certainly own, leasing to good what much between by we we're footprint a feet square right which if encouraged broad if something our people for is square want the at an and choice recognizing X,XXX are or was we boutique and to across really footage opportunity and it feet square spot normally saw small is, - that's people. that's smaller our infill that would rents made of some I've sense fact seen typically in that similar been at, look less. look opportunity, But we that what

Jade Rahmani

the competing provide there on markets. market potential in impacting pricing the services acquisitions? centralized respect with Are your influence joint them since with management many they enter the Are into on active in of property directly is or and are just opportunity i-buyers distorting a ventures they to of market. to And you to anyway

Dallas Tanner

customer. like stick what Offer record, kingpins - the will experience for this and selling door of we've but companies new thinking being interesting these feels is world making like been moment day, in it a actually of Jade home of in every time the entrepreneur. and there's the much knows the company there answer easier the right way This the be are public - that up who is in Let or Pad, open who I will we've There about long-term And and part. with an last an those terms or certainly, kind is supportive i-buyers. popping you're Zillow an buying me think, in out

Now X.X million transactions U.S. in occur year. every the

want help and that we So a where certainly now question want footprint a strategic grow do our that. could as lot i-buyers that to in what look you be you think that you certainly the our We get it's for can party portfolio. about see brokers, with to partner homes about the with, and to selling investors interesting. mean not individual buying day just space be for our there's third for focus. that - I We and really management, plenty us, could of partners can But we offer U.S. they

wanting Our well Homes to within that focuses Invitation footprint, book plenty as continue the Invitation are expect. business levels see didn't where that along own we Homes the finish growing customers opportunity grow product to on those of our service as finish the our with of standards didn't own - our well as standards can we as

term near our any in not it's horizon stretch. by So

Operator

question next Markets. from of The Capital be will Wes RBC ahead. Please Golladay go

Wes Golladay

a environment parts and a we Should I sense normal to your there is and have downside. on X% the year? this are can same moving side, you that year that us the store volatility But moving of lot upside parts a behind appreciate last as year be expense all on expenses. a range take of that more this the the

Dallas Tanner

XX Wes, so today lessons last appropriate. set day, we we cautious At of range a lot we we better learned want end the the with want be feel the think to to thought certainly sitting and was a the months. that over

merger in about that at definitely ahead than a of caused companies early not they doing last We closed in to two other some there got year days on run the we this noise. quicker. the XXX% a we're we're get it of way the all we recall much We're again but about were. things actually close more couple January, and fortunately things, unfortunately provided that closed able actually You platform, confident, we've would much talked a feel so how but just time but of we things as and in And learning guidance together, of ahead bringing we're right, thought couple but done along of things. were further we're schedule, in same the XX we each did of companies we've it lot certainly we hindsight

year for year sure So, last are feeling than we as and certainly we better the were progressed.

Wes Golladay

just this in you on blended continue R&M And early growth comment rent general, a bit a but lower of at year, the for then accelerate your what looking about you and leasing by seeing? the demand the year you're the little made expectations from quarter last for not but expect are being modestly to do based to each and those year quarter throughout supply from

Dallas Tanner

mid-March the earlier us in It's have people means or it revenue don't year make for be in want growth hay get We August. season that to in you're comp how goes through early early we the mention harder year sure with careful end year. I found the the peak as in has our it that see it's and does January, we to likely year. that. We'll remarks, We prepared throughout later see of out. starting we July obviously leasing the in realize did plays when higher starts make because

we've So, that acceleration January. did continue certainly feel the days you results, to when quarter pace better about we'll it about have guys in in much for a seen whether we're first talking XX

Operator

next The Associates. will ahead. of be question & from Please Goel go Zelman Hardik

Hardik Goel

upside is guidance guidance question potential the drivers drivers consider well? a as look guidance? likely look as as to components midpoint being low-end of of As guidance of what high-end the my as to be And of I would guidance, to are you the as of the across first you and that follow-up the potential range, to downside that,

Dallas Tanner

[indiscernible]. we Sure. we but Hardik, can out we we high-end weighted, do point low of that's that hit ranges. optimistic certainly equal kind excited the we We're those came as I that we'll be more our could well our definition as but by and the get a there better, are side think certainly of range the guidance equally think to we do toward the it's at out January as are think likely of our think put as how best

to pleased with looking out that the or key have influence of to upside January revenue peak be and how season leasing would again terms we're on the In our not, ability real came for side sure.

always And first, We so, especially rate we're that's that's saw refocused fourth And the I all looked us but successful helped we've on side. as with occupancy been have able the at quarter terms then lower that will swing to in achievement. be the of lowest, what we've think rent we been going ever turnover. seen the really

that working we side, expense not feeling last I maintain. it's I probably that obvious, into get cost to out XXX% the there think about On we is with have optimizing of but and know do the think that the the the how summertime, We're of around good and prepared it become everything of everything are just sense, on majority on the know better at proof teams we're - the our playing the it leaps and running. be than for to we year I year will we troubles a we're expense now. bounds season. think know be will we know in to revenue the last it comparison through maintenance in And it's expense we year season, the August expect but terms have, having will the us when optimized by to will is year pudding right as season, is you than hit path - come HVAC midway with leasing And the putting the or be peak on have you that the on pretty late just better reporters true call this for have year, like the the are peak we're order pleased the we call, you doing, were by July-August side. will for that we the test side water way How side

Hardik Goel

The year-over-year if one, see them lower? driver big a lower there? or were will buy trend quick what you turnover outs you being was one of move Do indulge there trend just me. And to the

Dallas Tanner

lower. trended they Year-over-year definitely and than they lower for They've slightly lower. the quarters more were been actually year the previous

fourth think staying bit services it's they're longer and think little is activity it's - broadly as just with getting year. more of I So don't you see a like much are know the I pleased know as that from people did not and quarter a quarter that are hard, so I other conclusions we little it's lower fourth this every to did we draw quarter-over-quarter a lot quarter but

turnover that And help number. so the certainly did with

Operator

The of Goldman will Please from next go question Li be ahead. Alan Sachs.

Alan Li

good rate we XQ at number real mid your I incremental question think and G&A, should synergies as seasonality? is a well had on as general how savings quarters, run life about

Dallas Tanner

our management that you So a that earnings fact penny about G&A it's combined, not midpoint from we're at our for a release how to up where and growth within in better in to we for up we guidance walk right out core of the penny to that FFO XXXX a call a quite for expense ended expect showed the get and walk XXXX. the penny. property be around we did And

offset property to so the in much but that's good in more But happened for and not and XXXX. there static still G&A organization XXXX. the so ones down there's of P&A their and were bit into to where in earning mainly that should remain will the costs, understand, compensation terms than from on of inflationary mainly numbers an what's inflation well the as And a little there go, baked they and that then a XXXX.and XXXX. expense, numbers, so the in than increase for be are so earning cost go still year-over-year as happening costs some too, other guy cost more with G&A both into those you that synergies in management better are synergy it's from have And in we costs from

Alan Li

that. terms should of wondering of seasonality was G&A I in I And how think

Dallas Tanner

not would anticipating really throughout There's around a year try G&A, good come of we in those bonus out. that do accruals, unless where the potentially will would a should lot job our to that that only the do be - thing we be seasonality

So steady be each you quarter should see throughout that pretty year. the

Operator

The next Please Street Pawlowski John of go from Green question will Advisors. be ahead.

John Pawlowski

year. and for could disposition and Ernie, provide acquisition Dallas the this you targets volume

Ernest Freedman

$XXX going give of we'll case and somewhere buy between $XXX guidance we're million John, to assets. base think our assets probably feel that last to scenario similar year. sell on somewhere and $XXX $XXX million in between and million million pretty We around numbers early we'll

John Pawlowski

And not meaningfully then refined expense year, baked provide but be still of guidance was middle described it expenses, and maintenance pretty Ernie, still and of having a in as transitory doesn't giving a seem know costs. trouble repair comp very going, seems can you that so hoping increased $XX guys the guidance, more implied I I like what understand the I'm comps to walk. million where understanding that of you're very, are I completely little you're a easy bit easy not you the I'm over guess

Ernest Freedman

do December more overall, as things where items. specifically earlier, for net - of maintain the about know from published expense you expectations some and X% something think you I to fourth and I broke quarter to cost probably I I just mentioned I in our And X%. expect And to back that that down better of to that's - saw John, a the line know that had think number number what different I out we X%. there you up had course performance, out closer be with down was is of about

between more guys from two. you At that would you to and items try end comparable tough us the bridge the the some a we help we for day, from try be would what you offline where thought - we be the to might our to world disconnect in good a the information guidance what happening with come help best versus talk had and some has gap out. maintenance give certainly to repairs of had us there's perspective. So, It was

overall with also one to going to try had timers up little year us what get where hopefully a and last we but that best we're our your last do good to numbers go discussion on there year was we We out a about was. for feel better, up can all set versus make going also put inflation we need confident that we're sets happening. that and But we're sure we taken a lesson some - and we that some account out bit think is achievable we to if have achievable areas what do year-over-year expenses and there negative announce of and assumption cost none we learned from number course good where on the was is ours we - are think and in. of don't And do basis when taken to a ourselves we better a where

John Pawlowski

months little Wes's rest seems I've but asked years this question A trying know it concerned and I expense your is a out versus believe in the around would of two left XXXX you this bit what XXXX revised with in business this - of a XXXX, there to be variability your actually and business expenses below the year follow-up line lot variability XX% the years, happened then multi-family to next I'm more lot and question using in but the less on huge be figure XXXX in to for year a on range variability expectation do XQ but about five come well implies more past, items. that three the just great? the be have going guidance study model variability so case expenses that the the and to a that color to case full as that, do - hit over expenses

Ernest Freedman

tell what - public I company and certainly for I what strengths want with I speak two you John and to and they they companies job the don't they can companies There other business. a is the speak well. to us. for can or their does to do do Yes. speak great are speak what broadly that they would

- to a So on it went just big so was R&M quarter the and third off to merger guard talk about bit Invitation of it many - We a folks guidance. Charles our wrapping well John as we for would some it appropriate in and mess. third And expectations were turns a much from want draw And Tim a some things out bit wouldn't conclusion, XXXX were preparing work in They little things went than and forward. having it the just there's want was It's we in confident of us all I field. the I by better of in not. overshot. we the to us, revise side. issues was these go. caught still it Homes. and We quarter our way And Lobner have and one done up do that it call that the surprise we quarter. on wildest did for in felt than the - even was don't hindsight, more And about led little to through our that being too that now rather moving and is

was it the You long right thing, of sort term. said the

in was companies these, a and merger. how Over long have public before this certainly for many time the Invitation long been - our Homes in term

that didn't You variability. see

years. the to proof lot much things the see little with variability over comparable to for in I forward. certainly could term in variability of we're the Will The than I still ago putting So than it multi-family. a businesses; think some couple smaller a doing and hoping, activity multi-family? businesses so that to and less on of when this specific a we feel companies to than And variability similar continue we're bit in look bring business on be the not in earn when think that a pop large but predictable next business the of completely on, companies XXXXs sure. I variability more and get we're I pudding the less companies back one It's to we're mergers when together. platform. go and a looking better were But moment we're should other multi-family now move guess going up will that be going tough continue and were majority think we their when things over at suspect you expenses you that they want it's were year we John, long the you into other the are kind to all be they more and when I'd together where the to very little see saw in as of that variable a variability know residential differently back that be it time. had ask doing wasn't is today the two we the how we these to expenses I

Operator

The Gilbert next Please question be will from Ryan of BTIG. go ahead.

Ryan Gilbert

rental looks where product any understand seeing or particular from you're for expected to basis, in I maybe an are potential that demand traffic than there the renters? elevated move just single-family buy markets strong on overall but lower outs

Charles Young

seen been the No. really This is as Charles. strong said we a We haven't across board. has really demand

low has has is affordability great, turnover in working which our been been favor. Our

occupancy and continue January. our grow into You can see in QX

markets growth In almost our across a addition to up all January our basis. of on in blended rent was

see there. and we how that led So to lot we're January and that we're already demand going improvement There's we've year. that's a really in the a clearly always Coast into see West out the markets - being we're can on few markets and with started of optimistic we're the

Ryan Gilbert

your the does source labor negatively? either to feel I has for ability pretty you in maintenance, understand change field labor property then and any was And it last positively know year, been repairs your tight there technicians? market how or

Charles Young

haven't we to business markets in The perspective. are any tight, seen our but impact that

of we we environment think or high couple structural here we positive can employees our mission that If been a have how scale do leadership long around of ultimately residents. have our as and somebody, of lose dynamic bench think real deep we serving have. talent enjoy you we that has our pull a I advantages our from, and our

know you over but it material any So seen watching and a we techs. the summer, conversation our know we been we're impact to closely, haven't that's

Operator

will question St. Haendel from next be The

Juste Mizuho. go of ahead. Please

Haendel St. Juste

may meaningful differ or say target congratulations. that of in-house, view doing maybe development there all I'm Alex, nature? if your footprint, single rental else perhaps predecessor? leverage family geographic where is First, from changes Like at more your anything on anything the perhaps curious

Dallas Tanner

the question, if that you Thank the any think of other of quality has have pretty our making touch, mission high It's a I leadership here, quite a were were of Look scale, we frankly been I consistent good good location. Invitation in that if fair Fred for - density and had Homes, been and service, here, sure a question. part terms high you congratulations.

what that singled us. was of Fred - this, think to the to brought enhancements towards I brought my predecessor available I some tech were the table

Charles things we've were edge adopted doing that. so of those Smarthome and really they're of Fred capabilities, in well, terms And that cutting some obviously

the I how think bread that speak to of you we is think to business. your approach as believe kind on just through butter pragmatic what consistent so you run

our guys that around so our and I true pay hearing sick would talked infill you be and of guys right get where infill I've prepared then change. And call won't probably that but DNA, scale outside Then it DNA get portfolio. we and my I rather and what I opportunities mean, the happening locations I dynamics would staying got about hearing locations. rather And and look locations to make DNA our earlier you for probably remarks it. for sure I for our right make to it of growth have to the pay sick But sure in of

plus have Ernie we a think don't well and amongst is I forward. to we've Charles so got team together; organizations And the taken I forward, years. together all nice for from path news worked worked We've the so management the best And now I on we're differ good three and the really and much. very push that excited both energy

for we that bit can organic some cash. our to think the of are portfolio quite still of questions growth I we earlier of growth a around certainly what the go inside opportunities see today

we've he roll we sure not want and real estate but integration on going of So got good only that focus we thinking that playbook over not out to of about that things to but if enhance make the about we business the we when customer Charles will to want about next couple stickier. going I finish making of try years are really the to value is was think of we we're we right that And the this talking the of the at where think be we're get the our Invitation, piece history that rents said

Haendel St. Juste

on as contemplating guess Another confirm selling store outlook. then same sales question in asset included the assets pool the and you're that I the much store I'm helping if expense are curious how in right. be expense same-store same and you item might line that that

Dallas Tanner

the last and as we've time that under for have numbers the over when what have the specifically to get with because have of So disposition really and our end dispositions looked to that identified are I would they been saw to that go have - remain XXXX same impact for we've we identified say occupied sale bulk revoke homes - our out over there numbers homes would is those our who of trying assets there's neutral the regards to If that a contract, until and where from will it's Haendel then sold bulk them hard XXXX users, it after it's a of what keep the to going and period we things disposition. the were vacated a that we're those we to to we have like think kind results sale we didn't might - take highly them before the the homes came the and would same been not we through point happen. for story that material there's transaction out numbers them. certain store That's sell homes we for deposit

is what of the see store identified So for homes the process move go they sale. will out as year same are that of kind you throughout through some happened

So today in there the be sell will of that them answer same of little the today, are same that out are store we a store. currently of is bit some both, some but

Haendel St. Juste

one me. for last And

of and - terms then between what of of the projecting terms are your type are I'm challenging some more markets, You've mentioned lower the are curious Seattle delta and the revenue? in better and revenue you upper portfolio what where in California between of of end your being markets

Charles Young

on Charles, markets is in opportunity. we So, the this jump I'll where see

the has really If seen all a moved is also in nice in where well, markets. on really February occupancy the you Dallas finished three January blended was results Dallas, going. Houston Denver our XX%s as and below with increase put sustained seen up look move growth our Houston, wanted. to and out we rent growth we've rent that good Denver, in trajectory into we've we the We've rise we've to maintained blended up where occupancy. XX%, of January growth a really flat. above continues XX%, occupancy kind nice rent XX.X%

we throughout markets those as So the see better will to year. continue get that

us have and over we Tampa there, large a on for look but with our been you Florida all such good progress made along. and Florida come year, XXXX, really Orlando markets really South presence strong back If has

excited we're in Coast so out portfolio and So the Orlando about the getting of and seen operating West markets. balanced what we've on whole much

Haendel St. Juste

you where are us some of to want personnel, property regional And last you some quickly maybe on you Tampa, back guess update give management it teams with color fully on I just quickly issue that the can there that? being year is recall stands place, there I operating - personnel back on the can you or and - or gets local everything in

Dallas Tanner

results A in Tampa. We're the of early discussed we showing of in And top quickly, noise our address it the able the on as We in line talked both really about. good that and the year. up QX lot you were line. in was is just bottom shape part to in

feel really Tampa we good stands So where us. for around

Operator

will from of Paolone be The ahead. Anthony JPMorgan. final question today Please go

Anthony Paolone

you maybe So to or thanks and think acquisition our that for zero the on producing disposition faster? leverage just reducing versus average guidance - nets how do about

Dallas Tanner

question. a great that's Well

very points with million. $XXX on you side. the million Ernie's sales we we're easily creatively recycle $XXX can think comfortable have know We feel also and case acquire to million putting somewhere we between a out, to we we $XXX and and guidance million base scenario earlier on between have guidance the We can think $XXX

opportunistic, but we make look look We out that scenario certainly goals it grade single our it's or say more, help at we You the could parts to that we little us calling seeing the recycling and know would a sense. prepaying of you if we're I that portfolio, selling know you and to might that that debt sure base to will path something have, the or selling in put underperformance by that of know cost what will achieve we the help a case know buying on at anything where we will getting that to but make focused an situation us investment investment kind grade want laid we eye sheet that if to that's about ultimately to we generally feel you I know Andy. don't add balance Ernie, that I want want. it, how that think us there's

Anthony Paolone

Is or talked either a lot revenue income revenue in picture. think about your there anything or same-store you drivers the to management that contribute - those in about other XXXX? then to occupancy not rate might and And through appreciable

Ernest Freedman

pleased couple in Charles can position where last the occupied where into highly in way optimize. as we're We the other it be that's midpoint a say to putting get then really us Yes. grow think less off get a talked of been not good our significantly years of base so. little to offensive. into than again pace XXXX, the income will did in case to we've probably fourth numbers Dallas felt but But we've of From January and it our - the and season with are. we going really talked our team's revenue what perspective, It's overall, we We're quarter, the Charles that more and at great about with - we the more season, to being guidance. than a job it seen management really try and to going offensive under that's peak leadership doing we into leasing to optimize bit wrong the about

doing portfolios another up teams as of accomplishing us And need this - sets so nice both job is where to get March, the again we and that knowledge so and set teams well we together, and to April working a year of up start there May. we're

Anthony Paolone

of the is of revenue been to you driver some of occupancy strong the management think in part actually growth? rate the this kind that So

Charles Young

and That that in early QX we into of were year the company This one practices put by showing really it best and our it parts continues second stride XXXX. half up hit year up is but onto we the of we Absolutely. showed got well of first Charles. in the hood was the of the we both combined able together and the once to take and

Anthony Paolone

you just XXXX And on company in then about versus last question XXXX talked that just kind on that, non-cash difference on appreciable front? but of G&A

Charles Young

There will early that of XXXX. in the be, comp IPO that part non-cash finished vesting lot a its the because of from came

of majority XXXX the that was and expense recognized in So XXXX.

So, does come the it based around materially. non-cash down comp comp share

much way on Invitation for the of going core vesting based us, past interesting rate can folks we a what less heads get let Let had we'll who some me about together grants our to number to question doesn't can I run into so there out with because a call so about our me that for put IPO about - at we try more more get figure but that We'll modeling and something folks forward out it's Homes equity. It now your those a FFO those normalized be that associated that earlier of period But more are share too. can It's much comfortable how help equity there there volatile, for it and get on will volatile. folks the comp to provide here of been that. for come was we're point, a we

Operator

will I gentlemen answer remarks. and and closing session. to to conclude hand over ladies for this conference question our back the And like would his Dallas Tanner

Dallas Tanner

again the in your Operator for our interest today. looks of and appreciate concludes to you call. seeing this March. Thank joining us We many forward you team

Operator

and you sir. now lines. your the conference presentation. may gentlemen attending this disconnect today's has concluded. time Ladies Thank you At you for Thank

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