AIRC - Earnings call 2 2023 | Apartment Income REIT Corp

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Operator

Welcome, and thank you for attending today's AIR Communities Second Quarter 2023 Earnings Conference Call. My name is J.B., and I will be your moderator for today's call. [Operator Instructions] I would now like to pass the conference over to Lisa Cohn, President and General Counsel of AIR Communities.

You may proceed.

Lisa Cohn

Thank you, J.B., and good day. Cohn, Communities. am Lisa Counsel and is AIR of name and President I General My

conference forward-looking our materially may this and found judgment, discussed statements During in call, be subject from uncertainties, including on are are filings. which today. projections what management's a based our description may related can certain SEC differ to to XXXX of These statements expectations. risks we be make results Actual

are our today Considine, measures will Other the Chairman Kimmel, CEO, and are present. defined website. discuss President part these and Co-Chief non-GAAP of come our earnings as We AIR's comparable supplemental Keith in published remarks Investment McGrath, management Beldin, of full release and Officer. is and Investment our Financial Terry financial to our measures such most also that Chief Committee; Officer the of of reconciled the from Prepared on also FFO, our certain GAAP are Paul members John Property Operations; information

of during our be session, question-and-answer available the will remarks. follow prepared will which All us

the to I turn call now Terry Considine. will Terry?

Terry Considine

are we Thank foundation do, discussing anniversary and happy that Thank what AIR. for of their leadership comparative should interest its importance call, your spend Lisa, on of more many There and air. functions in at build do on well. so another business that your organized based this we and so was property you you, you XXst the all call in Thank you for operations. a everyone to advantage to time

from more by comment detailed progress addressing with subjects second my to the our quarter plan I on colleagues. Today, reporting to follow X during

operating With rates low steady course solid operating his AIR customer Writers and Angeles and and Guild increasing grew the record at AIR in as limitations low REITs his rent controllable customer Markets the growth across Its property team in a by to year's of is prepayment Screen joined in in They strike retention Guild. will which remedies and growth satisfaction, have drive steered on Keith now portfolios last landlord next the and margins. First, high Aimco taken team delivered XX%, pro reported expenses together, growth FFO, flow acquisition the forma wind Actors Los navigated the [ of same-store AIR's the Apartment This that the through by already highest double from of will digits. the ]. of cooled XXXX higher. earn turbulence at X down note. year FFO NOI Keith

$XX with returns, target buy of invest lower-rated sold in pipeline XX%. his property XXX greater team on capital. a AIR's points opportunities basis to cost million properties in than of have than upgrades additional properties John to John Joshua Second, IRRs and greater Minix with

its balance the enjoys years, There almost little sheet kept risk is and AIR leverage liquidity. Paul years. no Third, next very X risk repricing extending duration. in and reducing next bulletproof, X in the abundant refunding the

balanced X%. with provided estate interest Both partial to with returns sophisticated mobile in AIR familiar an X Trade. capital most XXX% used is debt estate be buy increasing ventures a management Matt under investment the down markets. Fourth, enhance to investment balance repaying to undertakings form real Matt investment in Josh transaction from Minix to X the AIR's the frozen ventures return of $XXX combined of capital, of generate program. Pairs AIR to O'Grady delever, equity AIR resources Pairs future largest and XXX another continued buybacks at again, joint AIR provided increasing to existing sell on great to acquisitions, all undertaking rate some The basis of of on joint cost to with and to access over expected points share include real interest investors, sale invest co-invest joint opportunity position AIR bringing capital AIR's The due AIR's ventures by -- of X additional of the investors invest as used expects million than part to and to will GAV. in which AIR's substantial Trade. to to fund assets Both and and time in liquidity target a of greater

assumed rental important rates and Fifth, is not fast. peer is and new and January to The the guidance, cases, return the apartment most of what tackling are other has dropping a with important is REITs report today's happens of report the and dropping and In rents demonstrated where is, negative. advantage. question growth. other fact surprise no The factors and most some of business operations, will Apartment blocking earn-in consistent which comparative our with property This inflation market AIR lease rent next? are that

priced higher to For less retention, with exposure do example, of rates. lease renewals our more peer-leading new business with and we

example, flat delivered have For operating than decade. more we a or expenses controllable for low

shutdown for the opportunity to as most is distressed arrive. of lower distressed properties at rates important The sellers to to try markets relative transaction prices, acquire by hold on

AIR operations has use AIR demonstrated and our access of in of our back related shares the when opportunity earnings discount is buy acquired outstanding priced a a X% AIR to year as abundant of the of to last of the part There equity as at and opportunity to the program balanced AIR advantage to a bought just improve back market shares. reported properties edge Here, capital did release. property stock in as investment

to me Of great note, shareholder bent team. has Board amendments a board engaged management charter the has particular various and that is recommending to strengthen the and AIR AIR a Sixth, a to is rights. resource entire the shareholder highly

proxy AIR XX. You will statement in Meeting see the these for scheduled September Annual the with

teammates and good teammates work the such the the in industry. to turn and remarkable my colleagues challenges my here motivated field with excellence we Denver and I of work standard whose Board, you. our fortunate feel office, sets I each for to My As in in thank the Thank them. team. Thank the opportunities, a you. on especially

Kimmel, of Operations. Property Keith turn Keith? President now the call I'll to

Keith Kimmel

Terry. Thanks,

plan, rate was delays AIR's good. increase At that The Retention only and to Rents we're court with further points, levels level, normal in which resident demand, debt in slowing quality to seeing solid revenue XX% of high basis ahead focus our past and AIR's ahead has improved plan. in turnover of operational Bad at because on an XX albeit XX of closer at second high months. historical increase, fewer July. continue quarter the to of guidance. resulting and continued a a

complete leasing X year, the the have with for We perspective share and to are XX% now more takeaways. than

in which new is we quarter a in occupancy design, and last our increase is during growing of volume. rates business vacancy, to the the solid transacting July in rate X% our quarter by Occupancy of X%. by frictional anticipated end. the and expectations peak August, call with year. as X.X%. decreased ahead line in was line Renewals We activity X%, bit predictable Leasing leading we AIR's quarter, XXXX's First, XX% begin part this By are market out anticipate cadence wane leases is volume playing with will approximately of annual the record In up This second we at quarter, better plan. signed demand. is blended second were up lease were and to than in a average of with signed level

expenses results we operating Expenses second and X.X% X.X% Second, controllable on expense both up with up are seeing from up management. year. revenue the revenue ahead X%. tracking were financial In was growth quarter, last only

was a up XX.X% XX.X%, from result, operating margin highest XXXX XXX AIR's second from increased operating quarter history. points basis As net year. Air's and margin the in income last

in plan a to guidance As lowered operating we and our revenue a expense our moment, the income first Paul guidance. discuss result our guidance, half, will the detail. more raised of raised our In net outperformance in these growth

be a Third, for AIR The operating margin implementation AIR's and continues growth of engine above-market growth. model Edge creates expansion. revenue powerful to

for marks AIR's the and of income Our than in points same-store had XX% quarter net years, both XX.X%. to up better doubled growth. approximately revenue now XX own from basis second revenue added acquisitions portfolio were These same-store operating X and growth up XXXX

have XX% of to from ownership AIR As these we've communities basis implemented XXX the today. Edge, AIR's quarter points first grown XX% over during at margins

or are expected and XXXX that communities growth of for XXXX class income quarter of owned income contribute double in and and sequential had growth second year revenue less, communities. AIR X Our to in the X.X% roughly stabilized XXXX, of

indicator remained solid last ahead, percentage, in It the basis peak rates with Due retention, design is second we solid between leasing with half quarter. the Looking on increased of now occupancy by our to X.X% XXX year. Demand is renewals up new of increase at leasing plan blended ahead solid July. lease towards seasonal XX.X% lease low volume end occupancy occupancy leading and far our Pricing up is thus year. signed point X.X%, the X% and our and July robust XX% is vacancy. up leases a see to X.X%. of and expected of of approximately July's start frictional our velocity the third our points points

is thanks to by the are is portfolio normalizing. in years. sunbelt for an much consistently service, left the most AIR income valuable. generationally which X process true providing industry business been our These sustainable has we're and to coastal revenue reactions is all matter. factors This the our This our to new Since apparent. quarter growth. team and better AIR locations, portfolio normal in is will Edge margins the versus demonstrated data, more a time driven My final and My or the stabilized combining after of world-class Edge. AIR drives when for acquisitions, be the people, COVID markets our expertise customer to which particular, members properties urban higher in operations long-term engine AIR the results and leads impacts is [indiscernible] high inflation. returning foundation And portfolio with makes and what importantly, of and that XXXX, And increasingly higher takeaway have growth. suburban response, acquisition to in

call I'll McGrath, Committee, now John to our John? over And with the of that, Investment Chairman turn the

John McGrath

you, Thank Keith.

have busy had We front. the a transactions on year

our side, It exposure we $X.X sales and risk and uncertain much have have order approximately billion but good properties is now sold at and reduced and we good harder completed our law. the rule of of regulatory markets. to in XXXX reduction On in prices planned XXXX

we X we quarter, York through remaining entirely property the the allocation City, to before properties, of perhaps loan our exit sale expect year-end. market the York sold to capital reducing New and New our During in

an with These sales million valued partial ownership of in the ventures lower on at about capital to IRR proceeds be one exposure X joint of cost mid-Xs unlevered XXX% our properties. long-term sales We like an day to institutional recapitalize approximately AIR. investors consider the near-term of X%, CapEx generating be aggregate obligations. and $X.X and ownership, formed basis by to also older fees billion, XX We $XXX but properties to to to cost X% reduced of down

confident purchasing higher. by for are brand-new XXX basis can returns superior of that or We locations we properties points reinvest in

are we before, said I've spread As investors.

us provide price can due skills, interest partners But the to JV great owner's given refunding properties operating new good at buying in Keith's is Our make paying not loans. in discounted capital locations down we maturing and money or that cheap. a

long-term to opportunities are or are of returns XXXX close XXXX XXXX quarter expected to neutral this If IRRs to in with FFO approximately the first invest on accretive current million. transactions year in later XX%. FFO negotiations We successful, in $XXX excess with and advanced early unlevered $X.XX to

I the close. transactions if and provide additional will when information

more capital estate provide opportunities real largest future larger to and outsized for ventures AUM recurring income enabling fee and investors to X enhancing co-investing growth FFO. Beyond opportunity the of the grow our the with as to incremental AIR access world's and generate recycling, us by

capitalize growth being bullish and and opportunities presented times. exciting in to We are energized these indeed prospects are on the prepared our on

firmly disciplined allocation and opportunistic. committed future be remain growth We expect portfolio to capital will our

broad and AIR to to within in properties have are Edge protection some highly magnified from maintain invest to enhanced will work continue limited to look We invest that allocating AIR In diversification capital. neighborhoods will to Edge with portfolio cost improve by residents accretive generate from addresses benefit our attractive high-quality to and well-located, competitive are our into only we and will the of leverage business new will when high-quality the that supply, and we short, policies. to returns sufficiently portfolio capital continue risk and quality by returns

I'll Paul call that, our turn Beldin, With Officer. Chief Financial the over Paul? to

Paul Beldin

rate our and Thank conclude for high-quality is dividend. X Today, you, used will with comment well loss Proceeds average AIR to John. year second I an the interest joint debt the net from and report balance of with AIR's thus were quarter brief sale. discuss repay income balance sheet, on full a extremely our offsetting approximately the new operating X%, positioned. results from expectations of ventures primarily sheet

As is X.Xx by a EBITDA leverage term. to of reduced result, a

lengthens Additionally, is to of cost size, shorter-term liquidity approximately the the and debt X average X.Xx EBITDA is range. targeted our higher now this Xx leverage costs Adjusting billion. AIR's weighted average. for refinancing peer average maturity. borrowing AIR $X.X Available is to over lowers within

have year. by earnings We billion to to rate. per than leverage XX% which, the risk, of debt a through commitment, $X no repricing XXXX, in X% debt When per second a refinance maturities combined until hand, combined $X.XX maturing with rates and on sufficient of cash little has essentially financing XX-year share there all affect exposure is change interest quarter with AIR is less fixed would XXXX,

results. Turning quarter to second

Second to and and is share expenses up the acquisition note guidance, XX.X% benefit adjusted nonrecurring midpoint fee in above lower-than-anticipated the and result our a higher is controllable in exclude as operating income XXXX prepayment portfolios. Aimco quarter of same-store of FFO FFO $X.XX from of $X.XX the received year-over-year, per quarter second

Looking midpoint, to revenue be the success increase XX between increase are result increased in basis X.X%, leasing X.X%, to decrease operating forward, at increasing expectations same-store our of points the X.X% growth basis and expense the be NOI reducing be at between points peak midpoint, for XX and X.X% performance as for points to expectations an growth growth a of XX X.X%, and we our resulting same-store strong of between basis to season, date an our X% of of to and a midpoint. the

third Implicit business of share same-store anticipate and FFO plan greater the to sequential and maintaining also are anticipated predominantly than our midpoint. while We between is $X.XX $X.XX expectation per The full quarter, the per midpoint. originally we $X.XX year incremental offset of share, In $X.XX growth at and $X.XX The the narrowing the by NOI FFO contribution for expectations casualty be the $X.XX for quarter due of the is NOI the third at FFO turn, Similar NOI second growth. FFO losses. growth continued of to results same-store quarter, contribute our property guidance acquisition in to growth per and as third our our growth in year in will quarter the sequential midpoint. revenue in portfolios. $X.XX expectations fourth full significantly in of year. sequential to in AIR's concentrated half share of

our can You this XXXX through see results. in XXXX

in line in about year cadence For is last sell-side property modeled full the this item in expectations FFO. through our half assumed with year. the growth more their sequential to is regarding the self-created example, FFO that noise of in missed to ratable on full rate grow reduce I One in year our I've occurred encourage second XXXX, noticed reports. this growth for analysts in X/X of models include many where know NOI nuance year. a is their models, with appreciation I consensus our to basis guidance.

joint have With ventures, $X.X of approximately the under now billion third-party completed management. assets we

a result, As significance. are transaction-related property management, fees increasing management, asset in

by In of was contract AIR the continue and XXXX, of On setting will beginning we XXXX largely quarterly of price. basis, reflects Of a dividend Directors is this guidance based current XXXX on the in X% fees or that the X% similar comprise a XXXX, anticipate to The note we allocable annualized the cash of declared Last, the our over of beyond. specific for XXXX $X.XX earned Board AIR and we FFO This approximately share. I of from an costs a are be remaining in activities. will amount, unchanged year. anticipated fees the yield expectations fees approximately dividend these $X.XX share income and in approximately and earned amount the net anticipate per expected life share. similar to are of X% ventures. per

compared tax-efficient average. more peer taxable retain dividend XX% dividend to as of the investors nature its Additionally, of allows AIR's to

will the in turn X the for Operator, With we questions the queue. it limit to open you that, question. first I'll questions. your to time for per Please now over call

Operator

[Operator from First Wolfe Instructions] comes Eric line of City. the from question

Eric Wolfe

increase due and that mentioned quarter third you the sequential in Paul, then growth the the was to sequential fourth quarter. NOI in

to just first the second half it So be due of or additional in fees to half. it clear, mean, of none any the very I little versus is

it, going $X.XX the fees, back jump transactional in the you if evenly not that through It's call will. So be half? year. let's you the They're to of see spread

Paul Beldin

FFO did half that's half. we year, NOI about that. really half our $X.XX groups, Both you property a expect same-store first the and portfolio, second double is growing the growing the the really importantly, ratable half at portfolio full contribution work. had for acquisition was Eric, first contribution peer second of versus good driving Yes, more that $X.XX, what the but so the And we highest pool. net is In rate which fees growth of about amongst rate a is same-store at incremental delivered our by year,

Eric Wolfe

it. Got

then obviously increase this be to helpful. Okay. going the That's that determined in you occupancy. And by some is see of

lease are though basis XXX see of point we seasonal XXX you but occupancy end you're when that or rate that that risen you even see reaccelerates? normal also stabilizes potentially mean, you decline, see back Or have more you can you a that that, that points, at by to of basis confidence I up? expecting in is You occupancy up it, percentage gives and if you quarter, see going that point mentioned that, that the the the increase call

Keith Kimmel

our way a more thank Eric, This noting. you decade. than is it's business that for And structured the for we've Keith.

then that second peak acceleration season year. this peak of In in fact, and we take comes the demand advantage show half of the and this the

with what our so to occupancy of stronger don't out way to is month the ahead we'll And demand a rates will traditionally want swinging by the goes or in we position do, exactly start month to building. anticipate in find -- be what that happens and 'XX. as we end balance favor get myself and our but the I call supply this our of

Operator

comes line Janney. Stevenson Your question from from next of Rob the

Robert Stevenson

of the California, a any how and other debt is of amount? much gross Keith, comprising bad the of markets X.X% disproportionate

Paul Beldin

start I'll anything Robert, and this Keith has see if add. Paul. is to

As about been is in have California, quite successful over particular, meetings one a we in that over in turning our thing the where particularly delinquent in resident had Angeles, residents. we percentage of quarter and how talked in we've our base Los large

as As quarter, the occupancy of now second the portfolio, at at part left we contributing have look of many, is to our time. end levels we residents point of in our this are where the many delinquent which in

population larger not is of debt So at high is ask bad you that other because delinquent. of portfolio, number analyze to locations of on relatively of processing same the that's this and what's gross delays, But a that point, I court debt the so are bad about folks, the we and level contributing necessarily have percentage focused X.X%. of to our the base that on have delays our what delinquent, but focus becoming individuals more we fact that would we as

the year. the backlogs we to number those expect through worked through As gross debt decline balance are core to that are continue of bad and reduced,

Robert Stevenson

first of Is that get to half that half Or that 'XX back a backlog? really through is a 'XX? of

Keith Kimmel

We've worked lot through Rob, it, already. a of

go. So still to some I mean there's

we in we the We second say of the XXX of work start that you residents, if navigating were with to have year, through we but through. north that about the would half, were of is beginning another kind but XX

think year, will and it. we're it we've through tailwind So good end only will shape lot but XXXX. of And this a get in build we that worked little towards the a not I of into

Robert Stevenson

the per gets quarter you the then, of midpoint? Paul, could third share $X.XX -- or you third main from on what delta the $X.XX that FFO what in quarter. What's quarter? about Eric's helpful. that you But question That's to And to the second higher gets Okay. even you higher talked the build -- midpoint, at than above about

Paul Beldin

Yes.

I But how think we out do the our delta want at expectations. a we're continuing of is build successful internally, better. quickly target Keith laid to occupancy. to

think that's that So have. lever the I largest we

Operator

line the St. from comes of question next Your Haendel

Juste from Mizuho.

Haendel St. Juste

when the come that Did hear So I Paul, initial to be line. that then And into of you I'm the you're in the how here? that you're of the at wanted guide $X.XX the trying what in sustainable $X.XX, included XXXX? that saying mentioned. right or by budget? back impact least And was from about to year the I much also, understand to is FY the could in all how fees, contemplated if you you're setting thinking of your way,

Paul Beldin

did question. and parties the thank annual you to our for correctly, Haendel, services plan Yes, was provided me contribution I did the the fees that anticipated you for indicate third from of hear in year.

So that's not surprise. a

$X.XX as by into by agreement, and of about part far $X.XX XXXX so down joint and $X.XX As that between $X.XX contract related that's remaining our are the breaking right, the is activities. to of items the venture as

operator, small in for portfolio And phenomenon in months let me what integrate of a management a give for couple not the or about have so a close of sold we us provided those help this are that to for November activities. you when examples New operator platform. is regional because their properties England into services X post what a new done to those and we past XXXX, asset we just

ownership management this A do but of advance our get often the management second fees, We communities think his a AIR get team on property of for us not to only Keith win-win before to and process start the begins. rising example closing start to earn future is in a is we that provide times, even we property will because services acquisition.

to incremental And these acquisitions. expect growth so the accelerates through that we that just achieve

specific the are of we years, do in this transactions we've these 'XX all of what that contribution, amount And achieve so continuing what XXXX into visibility not is and and half we're remainder in this feel We level it only confident good of in in specific strong we and in year. while future. nature in that to episodic XXXX, have and about believe the in tied earned the

Haendel St. Juste

Got NOI? in it. be to just Got it. is clear, And that

Paul Beldin

as majority costs the Schedule X. a either Supplemental in the in recorded, The expenses places net management As it's of G&A are couple and or far property are of our where included costs different our another. on net

So if happy want details, do that through you go to I'm the to offline.

Haendel St. Juste

a the for Keith, Okay. you about also to I for though lease X.X% bit year, growth back And include rate in the of assumptions is order markets the blended one year-end. what earning talk little in rate a What the year would you. you even for are outlook? X% don't the half your for market that quick second expectations achieve for half a the think of to at you your

Keith Kimmel

as that when half, And we some would Haendel, there. as put we occupancy, see But what whether getting strength, some start the we us build we're rent question and the or blend of the therefore, Eric helps X% have we acceleration number in building it's that acceleration back we also look the anything second guidance. that going will traditionally revenue somewhere that some in to is we out then see when at not say about it. us second that of half, as midpoint we don't as have get actually between mid-X% predicted market to growth, to is of about far a far Wolfe's

done be important to thinking course, about already into goes that to XXXX. XX% I be thing And is the will business starting most that is that XX% earn that earn-in in. of of and the think is our

Haendel St. Juste

now to in. where helpful. lease, and what's one very maybe I sneak is lowest? That's right it. Got highest Can Loss that and

Keith Kimmel

is running which a X% to want we But past just lease. I transact is the reprice Every today. few new It's questions a think sort lease, we over the market, at define -- of today. there's come loss it. years to time it that that on this it about help I of lot have

forward. I full if starts an at building today it lease you at as then So it X, apartment market, again get and starts

Importantly, relevance it, insight get end it of how gives it becomes the impactful about us of it how it's we be we call that on we'll grows. as And of, really and much that's advantage get the as able when the into grown to because to has take when focusing recapture XXXX. of December,

you imagine, those leasing I as them of losses again. can all leases. we're right all talked now resetting we're having XX% we're again, recapturing about activity, our rebuilding -- repriced and So to We're now, them

So to December, it's X% think and that look most forward importantly power get that's important we is about we're and today, building strength most going when what with to to at number.

Operator

Your Instructions] from John next line question comes Kim from of Markets. the [Operator BMO Capital

John Kim

acquisition the 'XX of couple disclosure your class a you the had I 'XX. on provided new questions portfolio, on of and 'XX,

have a driven markets So year and that may years revenue growth the couple the first question which you is XX% us on the class of what remind 'XX. Can later. acquired of you

is part if the July blended what 'XX, 'XX were on you lease second you achieved to The date, second have quarter in the the and rates growth that?

Paul Beldin

growth. first blended the it talk over rate John, I'll then with question start to lease about Keith to turn and

the XXXX comprised X in of X located in X of area is class properties, the fifth the are Florida. Washington, Southeast is D.C. Our of and located

So in those contribution -- quoted as same-store our performed to growth. Keith the out we those called very release, have well. properties

of forward XXX by to And about as quarter mentioned So we earlier, our go points another anticipate similar you as contribution the benefited portfolio. our these acquisition levels properties. the contribution in NOI give with from of data we growth basis point, second just

So us. a powerful for growth for lever

Keith Kimmel

is in what But And at come John, bunch say we notice we've that similar look seen of some as important is so to that. same-store. of things what rates, a those with whole I lease along they're to blended other would there's

of a course, parking with and our lease different nonsmoking things different architecture, repopulate a that Of quality really initiatives residents. we of variety and

we on long gives where the then very forward. look starts which focus that's retention, building, So the to as us from term pricing [indiscernible] we really for wants really a power much us and with pricing power stay resident and we that in get

John Kim

Will going you be providing forward? disclosure this

Paul Beldin

helpful. would intend if it's we Yes, to

John Kim

Miami, On your guess XXX know The pretty occupancy, you quarter. a hard. Miami? And that question range, had in in provide new drop lot can my still is, the pushing during XX% rents currently? rates in lease a obviously, you're I Miami out points market, renewals basis pretty supply. in I with significant you are you sending of

Keith Kimmel

Sure, John.

first occupancy, So I we point is that are there the would the mean, at a things couple to. when look of I

Park general they and Flamingo. And of take had raise The some is rates When one program as we the units of the will at rents. of advantage a and of our fluctuate those kitchen couple advantage bath down the to that rates first at renewal and we've very to and the up a in the at ongoing opportunity XX% taking in say properties Bay an there we're particular look it, blends so out in today, they're occurring are type And necessarily at digits. that mid-single high range would the that more similar I those our we are in cooling call going of that is half were of the they're not the they digits. into look first and Miami, we year, in seeing, as single

John Kim

in overall, -- it I And the on I the but rate? said know Southeast is you portfolio Florida? what about it quoted lease what

Keith Kimmel

I here. it, to you. have with don't exact John. that that but see here, can on don't follow hand up for if that I right it I have have I number number know I have I

Operator

I now will remarks. call additional further over turn Considine questions the for to this any There at are back time. Terry no

Terry Considine

for AIR. your very Well, interest thank you in much

X done. emphasize the second I'd questions, XX% half Given like leasing reflects One of already just the ramp is points. to this

expectations what's is fact just earn-in about I so work And about to a pretty there's it think what of lot forward accomplished. of that's of you are. we've But in today, to our course, want going well happening that the encourage disclosed market already or been questions, the the

a Secondly, the sign the of They're market it's understands of to in context questions And give to not property the detail. occupancy that turnover. of or importance be of cadence the exaggerated that about need sign they'll put they're a weakness, important operations. AIR

we'll do very our completely or great you Paul questions, Matt give best weekend. or transparent. if that, you be Beyond Have either to O'Grady a have please call a and me us much. Beldin, further Thank

Operator

This concludes today's call. conference

disconnect. now You may

Apartment Income REIT Corp - Ordinary Shares (AIRC) 28 Jul 232023 Q2 Earnings call transcript