UDR (UDR) 1 May 192019 Q1 Earnings call transcript

Company Profile

Participants

Chris Van Ens	VP
Tom Toomey	Chairman and CEO
Jerry Davis	President and COO
Joe Fisher	CFO
Harry Alcock	CIO
Nick Joseph	Citigroup
Rich Hightower	Evercore ISI
Trent Trujillo	Scotiabank
Austin Wurschmidt	KeyBanc Capital Markets
Drew Babin	Baird
John Kim	BMO Capital Markets
Jeff Spector	Bank of America
Rich Anderson	SMBC Nikko
Rob Stevenson	JMS
Alexander Goldfarb	Sandler O'Neill
Hardik Goel	Zelman & Associates
Wes Golladay	RBC Capital Markets
John Pawlowski	Green Street Advisors
Haendel St. Juste	Mizuho

Call transcript

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Operator

Greetings and welcome to UDR's First Quarter 2019 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Vice President, Chris Van Ens. Thank you, Mr. Van Ens, you may begin.

Chris Van Ens

quarterly conference UDR's the to financial call. results Welcome

we've disclosure distributed Investor call statements. historical, to yesterday press the section release accordance and the this were Reg supplemental and supplement In GAAP ir.udr.com. constitute the may Our most afternoon, directly financial measure, during package posted not G our forward-looking requirements. website, which all made comparable are reconciled non-GAAP of in measures Relations with to Statements

be in will any detailed assumptions, risks statements. duty a reflected We statements, When now we portion, ups. A time we are limit no and included reasonable any call the expectations your Although we questions update of will factors in get to believe of CEO, call. for answered did ask over on forward-looking on not we and SEC. the that will after question release, to do assurance in based Tom follow everyone's the get Chairman not be respectful your are discussion and questions UDR's press risk forward-looking and that be and available Toomey. our I undertake answer give and to our that the can filings turn the call the our expectations met. with you Management

Tom Toomey

Thank you, Chris, and conference first quarter welcome call. to UDR's XXXX

are President Officer, Chief and today Davis, Operating Joe Jerry me discuss will who Financial with our Fisher, and call Chief the results. On Officer;

the As portion call. Harry who of well Alcock, will be as senior Q&A available during Warren officers and Troupe the

had shareholders, on maintaining overarching creation executing of by we of into we and adjusted strategies, we during are our leading allocations, value successfully we sheet, our balance quarter, the X% a accretive XXXX the same-store quarter grade which drivers anticipated, again first supportive something highlighted remain which that results, growth strong and built as capital picture of portfolio, excellence, focus confirmed Our produce diversified investment operational empowerment a for promoting stable our liquid a apartment growth guidance. a innovation. on and FFO Big culture macroeconomic maintaining fundamentals sector

we in and we are While momentum record season, year, only just low leasing positive we the starting occupancy. leasing to trends, into continue see turnover, months are peak strong and four

leasing As come, yet the guidance majority remarks. of look providing Jerry time. is will are at not in provide But color to peak this additional season good. we update operations his

in on Moving the of term near we uses had quarter acquisitions accretive December. busy equity million markets first represented issued when transactions. and we on, $XXX of for the quarter we reported a expansion, for Numerous fourth targeted call, last

members approximately the equity strong remarks, NAV through we I of for you to Joe markets, potential work. while high $XXX guide to forward. and $XXX under deals million the your Jerry. Our to for all at we creation both Last; and position it served best now generally tenures, have last continued in and stand And thank reelection their moving senior Lynne took million our team and wish our will They and for In dedication new throughout a them like geographic during UDR strengthen advantage, also with his over We leadership cost capital year-to-date a to premium uses issuing would $XXX years. the accretive this will signal decided since our level hard over quarter, our provided whom have year. program. management to through million our responded persisted value extend prepared targeted grow we'd express we faithfully to a to and that that, have and special With turn first their has to them December, thanks associates acquisitions ATM I the shareholders for diversification. in, contracts. have not us like asset quality and gratitude market of an Freeman, our additional maintaining Board XX All Rob Sagalyn of for as

Jerry Davis

and to NOI of of quarter pleased and announce good another the same-store revenue top both of results, operating with rates afternoon everyone. growth Tom, guidance XXXX Thanks near X.X%, We're and year full X.X% end strong ranges.

income of comparable on topline XXXX revenue basis by growth, versus occupancy we period. the we rent believe quarter and increases growth. driven lease of As quarter that. call, growth during last the indicated to first primary was fourth X.X% three XX drivers will or rate gains our be our continue points above growth that other XXXX's same-store saw Blended Examining year's more

the near this are remain XX.X%. quarter year-over-year year-over-year XX our by of will we during to XXXX, continuing level. that the spread to points remainder For declined basis Occupancy forecast

We grew the flattish above produced points or continue to in occupancy forecast rate And other the XXXX. basis income XXX first quarter XXXX. XX.X% of in

initial due comp forward. of our was that we outperformance quarter's increasing is significantly some onetimers moving forecast, ramped While income XXXX, result and to this difficulty throughout caution the and each of above other thereby encouraging the

improvements X repairs attachment Regarding XXXX, solid two controllable The produce and where presented implemented expenses, most successes results. are line our these expense procedural XXXX are personnel of and to and we throughout continued on supplement. the process maintenance, eminent, items, and in thus as far

Repairs these unusual $X.X and quarter, have and approximately growth than was been in or norms. two down personnel X%, would by inflationary After included less costs, combined but costs. maintenance unexpected year-over-year weather-related these approximately million, below excluding XX.X% $XXX,XXX grew the well $XXX,XXX. categories During or X.X% in

in initiatives concert another, growth over respective growth likely push R&M to the Moving reduce also forward, combined one the continue will ongoing rates direction, we but encourage in opposite examine and platform those listening with our time. as growth, to personnel expense

we and by are X.X%, feel in, cylinders. expected All refund year non-controllable on our we For in X% said, estate growth to for this the still about running a all are activity. good we we operations forecasting expenses, taxes increased better real realized than That as modest range X% category. being rather full believe

indicated other probabilities the providing in full are and at we not of absent low same-store hiccup on appear hitting update growth his the this shock, our Tom But remarks, call. remote time. exogenous this year a guidance ends or NOI revenue of a macroeconomic As ranges some

Moving onto platform a update.

As my of returns from and the procedural remarks, solid controllable seeing indicated we're improvements implementation earlier in our process categories. expense on

of operating underwrote. and side, expected. approximately tasks entails progressing On our smart outsourcing homes which technologies X,XXX have is the revenue on Phases phase of we updates smart incremental their our home on will which residents our continue X rent as the available achieving the tracked upgraded these progress. as X premiums Therefore, in non for and and to to-date on attributes, provide and benefits internal communities on utilizing come. operate I future upgraded an the focuses we of customer-facing suite better self-service with are expanded as well platform, years launch to are will centralizing schedule, and we budget to options our provide X calls, on devices, the data In

expectations income overview as expectations, common our our during apartments, initial increased due as same-store uncharacteristically a less which parking, Washington Conversely, which such and Seattle, Francisco, represent a quick drove as area County of case initial growth. well NOI, comprise above XX% result demand line same-store weather rentals of San the of with the coming outperformed level rentals year-to-date performance. harsh Orange All versus other year. this in of quarter, County, first developments of furnished in for items, NOI, our marginally have underperformed short market as our on to of performing our weaker XX% Next, spaces. contributions DC other update or redevelopments. has markets from the occupancy, term average Orange Last, are job which and and Austin, more and and short into

started homes of The During will we the $XX phase the of in cost Vitruvian at share construct Addison, quarter, million. with West to XXX our community comprise the second Texas. XX%

continue We at during took are X, have, stabilized about physically will of project, on consisted and six excited The which the only over outlined our months projects stakeholders. to of continue to are and they XX% now with we to communities pleased up, have towards leased our aggregate, economic In and up how XXXX. are these lease value given creation remainder phase provide the the highly successful XXX attaining, this we attachment rates march of and homes stabilization. development are lease X,

targeting quarter side, the for completion being Square examples review Garrison On work or late which is redevelopment on for XX will as of the on in to into term. were communities on the these placed Expected Hanover XXXX, removed you scheduled $XX.X capital updated approximately redevelopment. attachment Bay and Manhattan we unit million, lower same-store early XX, markets during in can Square pool are Back two put interiors These and from are our both with spend be Boston accretive expansion. XXXX in

guidance fourth operational like I'll thank Joe. provided another With corporate we As a I on the quarter for communities. contemplated all full-year would reminder, same-store the ranges growth. our and our closing, producing in quarter to of of in turn to redevelopment In these field associates strong call, of XXXX it that, over

Joe Fisher

quarter our Jerry. results update. Thanks and balance and update, cover transactions first and today I quarter guidance, include the will markets second capital topics The sheet a

and $X.XX, year-over-year, driven high per at previously quarter and of X% deployment. up performance, lease first Adjusted same-store provided by as came in guidance Our results the end and to FFO mid capital was accretive strong earnings ranges. share up

Next, guidance to the as we year. this we're earlier, indicated earnings providing are call, or an in update same-store how early remarks, on prepared not due in our

on of our expectations uses available and sources updated second However, XX quarter ranges supplement. attachment guidance are and

$XXX markets; operating announced, acquired in Moving million total approximately assets onto County average York, year FFO one of we Seattle, New investment and a in at capital yield weighted a for transactions Tampa, the Suburban Orange located high fours. and as quarter the in four first previously

premium Developer two Washington development accretive issued for throughout equity located remained million. in In to and the along of smart the Capital sites purchased a quarter. acquisitions leverage with last addition, investments and the home this our $XXX we Combined, funding advantageous additional NAV $XX equity commitments, equity Positively, represented we cost December for uses million these Denver and Program of DC capital at allows.

identifying believe value our advantage of term our a serves longer-term our to in program and investors post of ATM is year-to-date during X% As located customary for via variety not of a stream. prior shares of quarter near located from included sourcing our Prussia We $XXX term to the diluting King uses incremental $XXX earnings in uses pending at to million creation of NAV. disciplined the Square consensus proceeds the for Primary close such, by Forge, we Maryland net new Towson, proceeds, X.X million closing submarket expected acquisition acquisition to premium comes $XX took subject these approach best in capital, speculatively issued approximately Near of ATM million that second for million. and in forms. of conditions. a Philadelphia Park our Rodgers acquisitions Square Park quarter, and

and they accretive First, with capital. indicated, as been have funded already

expansion Second, they are analytics work. markets in predictive for by targeted our

upside implementing average And core improving will Third, with ops next-generation weighted communities of cost press rate of these markets there enhanced accretive. transactions and by release growth is IRR and platform. and capital fit all income our our quarter last, and portfolio Economically, first activity. transactional other our on our of initiatives. operating for supplement and Please plenty legacy see further these exceeded and details NAV capital, our Jerry's FFO

with the construction West second Regarding in other continue partner indicated new remain phase MetLife, our opportunities, of disciplined and but development, as on development Vitruvian Jerry underwriting. our assess we started to we

several This next three assuming have our been below the the capital to much years, our $XXX at our well cycles, million year the million Over our profile. is where stabilize of cycle, of overall disposal, the will the is that targeted pipeline $XXX estate spreads our our range, we view and hold. liquidity supported of a level views by cost real opportunities macro in and

Modera in Thus million at $XX we $XXX in a choose bucket. and million quarter, on, the Oakland, Lake commitment, closed represents our commitment, Merritt quarter Developer transaction with one have This far end. second approximately Moving $XXX Capital an return, stood preferred of located at Program we in a accrued high approximately yield digits uses inclusive themselves. million investment Big capacity California. have picture, a additional profit with of can single and participation. competition opportunities sources that taking we present place closing capital the After deploy within of if to have variety each new Modera, we

can We deployment we'll to return be will meet continue pivot to the best funded. as accretively remain long hurdles, advantage it and take flexible with our risk of as our opportunities available, adjusted

as liquidity, the $X our At billion. balance, by capacity quarter sheet. paper balance Next, of facility measured net cash end, and was credit commercial

ventures. value. leverage inclusive undepreciated was of on XX.X% XX.X% value, enterprise and book financial joint consolidated XX.X% on Our

Our X.X up open our joint ventures from and was consolidated plan net that, I'll it times. remain average or of up We levels. lever Operator? inclusive comfortable with actively Q&A. debt was times for XXXX to EBITDAre and to metrics With X.X don't down credit

Operator

Instructions] from Joseph your [Operator Please Nick first Our question with question. Citigroup. of comes proceed

Nick Joseph

what on it You've growth, growth, this to cycle? into external signal gives current business far and in become of capital more how accelerate balance market active at point you the the you do pretty to using your cost the versus being confidence

Joe Fisher

it's Nick, Joe.

while. buckets, long a So it's it lived in break activity, this that's the for of on a couple some into different activity probably been terms to pretty is good because of works

of last JV. we So talked XXXX byproduct the two loss a quarter, we’re really options about

us So we that the with is had for below year we time being those making. or both necessarily value. of buy or prices and active. in representative simply we aggressive land the assets years fair Same land one those were and kind were cycle of It that three did, not deals market could more

the the all been. our that think byproduct a Baltimore, and really Philly, new deal, New Tampa, we're York has just talking where capital I activity of about, to cost though

making course had the back So that at again December, to and we with tried the that a accretion. NAV, we of that to near-term there, goal during raise to and the capital commensurate quarter in be first of had added dilution when sure NAV, size to a we with premium then minimal really premium we uses to longer-term out at

translated X.X% growth think and about you $X.X what So I billion for into raised you're of seeing out has premiums, thus to is when equity extra which beyond. get our XXXX

coming think good value creation I off pretty So that.

cause would going what do of more forward, terms to activity. In us

be down stack free to as dispositions, redevelopments, of acquisitions have cash flow. variety a development from it continue uses going We variety to DCP, sources, et well the as of cetera, equity,

going in accretion, to active. drive we look we're and IRRs us. at opportunities better - for continue be to If so Can So to to those investors. continue we'll monitor the be look of front long-term growth better more

Nick Joseph

going cost capital, to before then on, other projects? more of And the other you focus committing what signals are to

Joe Fisher

In on a signals risk we're on terms risk sure for, want that to from looking of standpoint, don't we take enterprise. other that to additional make the

doesn't where we're said, you As cycle to prudent add at risk. in the seem

that that liquidity, activity to to continue line leverage that XXXX, So to with not does we Match uses funding sure good in we make maintain line got the an balance are the that that any we've going think side. pretty the take sheet a good dilution, contract making for and job any little and wise, metrics visibility on do, in sources continue a time. sure But of of capacity uses into a acquisition working good we that do freezing line that violate sources the mean do with appropriate we've of do, bit through of We diligence that closing. sure go done very deploying up sight equity into pretty I amount your before of we're and on principles we into on have lining deploy. side. we right I due those make on assets a

couple to continue to going we're of those principles. kind maintain So

capital uses of fortunate active. that or have continue of to capital be cost So, we're fortunate to if a to find

Operator

comes ISI. question with question. next Rich Hightower, Our of from Evercore proceed your Please line the

Rich Hightower

last from us in then you subtractive the tremendously modeling volume understand revisions from guess maybe not and in within after shares, extent walk that quarter, FFO versus to even the first ATM pretty to to relative solid night. Joe, the increased what print to obviously possible same-store the plus happened the maybe help acquisition the guess in guidance very appreciate Can the of a the given But are effect where that I want parameter. I I that we the were I - just calendar, cards perspective? guidance, prior

Joe Fisher

are saying We so at. today, Yes we're we end I standpoint, from very a would Jerry come very what very year. on are you where difficult to effectively low the see heard nicely, for be positive sure, at coming say, the given think it same-store for that full in in things

it's think came bit fair that that, on a to operations expected better say the I side. little So in than

In had cost us the and the million slight bit didn't a terms in throughout Philadelphia of that that the pending little raise you take and $XXX full accretion year. the last raised we subsequent of we we activity. the first - on with roughly ATM dilution, additional we and quarter then We that the until did million penny start talked the dilution the extra that about on from less $XXX than a of that Baltimore felt deploying quarter-end Majority to the kind acquisition. really acquisition quarter, quarter

on take a than tens quarter the couple it's but ATM from dilution, in not did we the issuance. So, really little additional a more more bit

Rich Hightower

DCP with are then to for paper non-bank describe it's program. or the maybe REITs guys maybe in program. you other Can just competition whether secondly And the that you here, you're lenders that respect the from buying seeing

looks what landscape that Just like?

Jerry Davis

that plus Jerry. is a this we mean product to standpoint. which this for we It's doing it's product, know continues - been as this be is Sure, an good. years. investment five for demand There we've like an I from asset

you I has are some active think seen certainly other they region I as it an who mean program.

certainly four that there proceeds the three sort are our type are reduction increased from is has all and they PE capital has the and different active, over amount take of them relative or there. competition the construction I firms of thing. also several chasing out on have of very private But still sort either majority their of But think given of and funds deals in large this a financing years. the these demand, activity. of last The

Rich Hightower

you. thank Yes,

Joe Fisher

Rich. Hi

Rich Hightower

Yes.

Joe Fisher

may just other one Rich be thing.

attributes program point are coupon. I relative on straight more focused to think other funds, maybe some debt really et funds those important unique to mezz the that the it cetera of is out of

well is I what we do need. think to amending figure they one working the we're that we the try and partner with is, things it of of out to equity what kind that require

as either as So Wolff see we these which that one in lot backend related our of participation. you deals, the those well have to deals still have a of options place,

our at have look you the real Get when estate by having to which come here capital own, helps outsized today, ultimately investment. it similar So and off exposed our IRRs. backend to access reinvest that participation, of - we as goal participation, XX% want we may to of DCP don't about capital the if to the is that residual we a earnings that into mitigate type that get

do a little our is relative to there. unique I out think So bit product competition

Operator

with Our of Trujillo, line question. comes your the next proceed Scotiabank. question from Please Trent

Trent Trujillo

York forward So the you've additional are step legislation expanding with about in on transaction New there Leonard you acquiring you're just pending curious York, opportunities that spoken Pointe. footprint to your market? changes a any by seeing I'm New took and And

Harry Alcock

Harry. is This

could Joe little think talk a I bit about legislation.

I Brooklyn. acquired at think we in Pointe point, you saw this Leonard

are this I there opportunities think point, at there. out

and legislation is to general before a take to to next plays month, that Our how additional market. see see committing capital preference out the approach wait

Trent Trujillo

York affordability I some various and markets from New following in measures, rent just on the And perspective, a country. up but in guess, proposed picture control across there bigger that not are

to potential process allocation thought for So that decisions? broadly, acquisitions influencing and guess how more is I development your capital

Joe Fisher

constituents kind not the there amongst of and to to economics Trent, restrictions discussions capital owners, do out not are result speculate believe I of invested out. is the that lot workforce on which to out affordable likely growth of here long-term But a of evolving going play to we think be go the would it's rent seeing these situations good on to solution and less We're and continue we course housing supply. in or the most less all going market. taking individual any Joe. place through Yeah positive,

in more So hopefully, less red the kind you more of York. point like we programs get densification, do New see tape where to and more a program XXX upzoning,

best diversification. strategy think about of the I is course parts of one the overall,

have So have while these markets. we about. markets, We states XX diversified exposures. do do price got of we're different talking to some submarket exposure exposures, point We and that

better capital. certain the pick of from the talked that So we and into because based our but do that is about capital rent our how the platform We've to kind and of past, you to quantitative capital one when think other predictive day. spend capital will, allows qualitative this lot trying in time or but is analytics we of does about allocation and process, parts, again the factors, if thinking locations control lot we're factor certain of use us one a That decide approach. at to into in a that's locations, play allocate how a about choose source end that

about So to continues it we and evolve. thinking it are

Operator

Our next Capital question. KeyBanc question comes from the Markets. line of your with Austin proceed Please Wurschmidt,

Austin Wurschmidt

Just potential you just the December, new program and would that you use the as, we as willingness guys did your fund well to a you think to about how acquisition versus mechanism, as characterize look how the maybe funding depth deals. should And then traditional as overnight ATM curious have pipeline for investments? moving you the last competition forward of today,

Joe Fisher

capital of Harry how talk thinking over and about transaction I broached then it kind and market. relative I overnight to of in equity we're to or ATM on the So diversified overnight, capital kind I'll ATM kick kick about sources sources dispositions. piece earlier of there Yeah, of of terms to it

did with take onto it little when think did go overnight put we down we kind quarters, comes million point to XXXX. the we you large what in don't base dilution discussion, or on bit December. if more to of back last factor did the a we versus that couple at deal think in ATM back time, of investor I of $XXX And to want I in said, overnight the the dilution in

think first and well So dilution the up go-forward accretion on basis. still of we by set an quarter, we impact minimized in a for ourselves utilizing ATM

at appropriate and works, always point the if an say think we lined if is there a ATM timing up of and So could are uses consider accretive preferred I there. have the use, this be I'd But amount you the would uses pricing overnight.

Harry Alcock

acquisitions, of we do have terms a In portfolio. looking diversified at

different far us We deploy that seen this County, capital York, thus you've several in are looking year in, to Baltimore, markets deploy Orange capital in in Seattle. Philadelphia, in in in New

So of that that template. create sort does broad of fairly acquisition

a terms the transact In of we really deals have, direct could and sort capital that looked national have have Many at, the didn't that you sources. a perhaps chased we either markets I of we - deals the that aren't haven't deal been on of traditional, tell it these deal competition, situations depends sort New as by that us situation. heavily traditionally in the York you've acquisitions seen the competitive where been of other did like we've

strong competing type advantage. us which we're very with So the gives a groups, competitive more regional

Austin Wurschmidt

you to and Philly or preference what's then the success the in of kind near-term? versus the development the either you market, suburban suburban scalable a in of consider Curious there today level for with what more backlog and there that on kind is there maybe acquisition switching be had Philadelphia. to Just side, urban acquisition and a

Joe Fisher

would over like trying there number get terms scaled reach. we to is to Yes, in of time that to a scale,

the asset the future participation or the hope at DCP on. plus We to have a deal in to pending that access half least asset and get we

each efficiency I of economics not exists that today. these on So getting the that that's one that deals, at we're But clearly lack think of scale. outweighs

to Philly. predictive So to prudent. we're qualitative a analytics we factors, be Like going we like said, model lot a on continue of and other

in increase then acquisitions, try rush DCP. exposure prudent the to in So be we set to that to to we're development or there, want target to But of just going going going there. get a We're could not are timing. form of and come to terms

front. on So we'll I think be that patient

Operator

comes Our Baird. next of with the from Drew proceed question your question. Babin, Please line

Drew Babin

to fourth and year what in about revenue third pretty we spread quarter last before of your at seeing was second healthy XX the opinion, heard for spreads performance margin was going that to closer blended in the quarter leasing guess midpoint quarter by on might year-over-year, Question still implied I improvement, quarter Jerry, XXX. look the year-over-year XX. bps and that full be of you've it out are year-over-year in that and I sort improvement guess if guidance; derivative like? that, leasing A back so,

Jerry Davis

We're I Drew, to very are what looking it a going it of thing that the home to have the we'll in, get contribution smart this be we little XX,XXX bit from a to between similar in smart place Yes it's factor our homes increase. bit. But think basis may to One by was to roll-out. going XX of probably and quarter, point XX,XXX expand summer. XX end at

still positive, seeing help look renewals So - a at bit. side, renewal the came spread we're the in to at the as both this continued especially when those roll quarter, should elevate they in, on growth it increases - rent increases But $XX, of you $XX new that on past to X.X%.

throughout second it's the the the there, entire mid-X% prevalent As we up into quarter, look sourcing pretty and and portfolio. strength into it's

leasing things today, into we good season. prime look still as are the So

Drew Babin

especially on on touch smaller markets have in lot But might the the those revenue in with properties those peers or some both things redevelopment be short there, York for growth actually in of kind just then New Obviously, And on be that of of reporting year-over-year influencing of something, in could markets, wanted A looks what opposite. I term? it of be might else little going whether and removal growth portfolio. might created revenue York to noise slowed the the curious your New bit Boston, was I on, kind like a sequentially the there. going

Jerry Davis

You where Boston, probably though, bit know of our it only X%. was pulling Square has we pool, a third Shore I same-store out. think have at grown The little a South probably in about Garrison

So it issues. has slowed a bit due to supply

the deal X%. in coming assets North our are and at popping in Our about is at X% Seaport Shore

contribution in now. market other this occasional pretty can down from So and bit. feel up that Boston a strength, does quarter-to-quarter although good a make right good rates that But growth is fluctuations we see go income,

a and year New York one portfolio. you was X.X% quarter. which submarket if sluggish from much XX we you submarket City, not of what you're you're was pool, our was it of issue two Hill When other Chelsea entire revenue the at store almost The pretty right, the income same-store assets compare pulling deal we have Asset as a same X%. When secondly, were for of probably bit And District expecting, the quite absolutely we Murray three out XX close last the the other us X%, to bigger sluggish QXX, in in was this is contribution was only larger growth, came - quite in our bring a growth under affected right. bit, but Hanover negative in down Financial this it just up can had quarter deal our Wall and X.X%. assets, to had

So biggest low here. size factor I probably think sample the

Drew Babin

opportunity the how is that that of or asset looks what's come two? obviously Prussia almost of what Rodgers full Forge, that about the the Kind over - on of full occupancy capital, like is just - years is occurred it XX%. get is want XX last it And together it ago potential you'd of and management, of one But the so, one under kind year there, renovation acquisition, occupancy there. King to the kind think next the up I is does potential

Jerry Davis

of you some need named them, capital it does infusion. two Drew,

But think There mostly. spending amenities can there there's interiors will the to be to to that some million curb infusion plan is be will appeal, in community. add dollars improve but that yield. several decent the improvement We shape, a some I capital there. enhance we Unit there also the

schools. you entirety what It a location. this you in running we the property, know, benefits. about and deal, was can't great feel lot the the a the the of think we is expirations, of on see in management lease pricing, far property, as I as do just the the we we best have we how whether it obviously and of change be see neighborhood with liked like on platform do we something opportunities, sector, But it's top really

we getting, have that to So its given expect product able be should been derive do location. to benefit

Joe Fisher

there. one that are from give other Baltimore activity it just think the about deal. the I I'm maybe doing But specific thing to is here. not all capital to what the on into go important going we're economics to economics Drew you think

So When million, year two FFO That you option we previously about one acquisitions the capital about about going a mid Xs. done yields these two, for that of talked of $XXX by look was it's X-X. in million assets, those blended FFO we into other and high rate the $XXX the one-off cap four we've expended. Xs, year at

have deal and Peridot both upside upside So the Square York, operational a the there. whether in it's upside in eyes. New Forge lease-up operational and then Rodgers we see Park has our

off So by XX% growth year-over-year we're we acquisitions year that a are into. two of getting about these capital putting

So to I talking economic is think springs Jerry for story about along well pretty store the go us. operational with

Operator

your question. Capital Please next Markets. Our proceed John question with with line of from Kim BMO the comes

John Kim

is compression was in Joe, you just cap I yield the what I'm in if provide you your quoted also than in your are quarter, if FFO FFO you acquisitions yield And seeing on tighter cap high rate NOI could acquired you fours. the rate? this fourth markets? wondering and wondering

Joe Fisher

So terms just fee yield, a CapEx its basically the pre-management of number. FFO in

and million, to down you're X.X% kind you convention $XXX $XXX CapEx, with of million If go got to about number. of market type a management fee

So traditionally market I rate. call points XX-XX known a basis to as cap will go what's it to

Harry Alcock

Cap rate of in is terms they to we deals, of be not last the not multifamily know to the rate part down a cap a relatively in - point, lot robust. But seeing Harry, continue capital, to similar as been We're slightly, that year, quarter of second a there continues but be to fairly continues transaction we're volume was chase compression. this does it The in the similar rates compression. be they've very it what first question, cap past. to

John Kim

on then the of $XXX year $XXX And guidance million your development for million. spending to

have to just development expect that? you or land acquisition do year, starts positional of the part of remainder the For

Harry Alcock

Well, we in started saw just one you Dallas. project

end low us of that to gets the So the guidance.

the finishing acquisition construction, this high projects to sometime and/or the require the, to and either DC development would year, end to up to which other our guidance expect occur. start addition In the Denver redevelopment of acquisition we get to the

John Kim

bucket a that, is separate to clarify, And just to redevelopment right?

Harry Alcock

Right.

Joe Fisher

That is correct.

Operator

question. proceed question from with of Please your Jeff next comes with Bank Our the Spector line America. of

Jeff Spector

Just why guys turnovers. a the you of on thinking has questions shift lot one years, is is question about How the get on happened big change? this? of record low permanent what this are staying this think longer, I picture over a this, tenants are Do more temporary? you

Harry Alcock

as our back And Yes. points, effect furnished of of of both you saw, program, would if periods, that been because you rental our XXX. was XXX This short-term down turnover the have I'd it Harry. is out remind basis you

So better it's print. it comes in even a than out little

couple things. a I think it's of

to I has with something think do demographics. it

also draw said doesn't a lease-up. markets, in one with concession has you strategies has to month our month I that this competition. lease-up supply leasing rational when on think before, a new outsized do seeing know, free probably put think and you to have I half we've And there, out month. and It and most something typically move-outs a it between you're of levels pricing

to environment that's But to not So has to about to the demographically, purchase; we look down I of all there, people us, it's last with five drawing out When housing the I've XX%. line. four probably in the years, kept multifamily coming family lowest out seen, in you're the move. home an actually whether think move-outs got just it's and it at for - supply, it or single finding that level at

Jeff Spector

And then…

Tom Toomey

add, I is this might Jeff, Toomey.

offer a we saying, them looking they the years, and people You that buy to find that's better maintain, time what's XX want offer. we is the put interesting we or than That and the product in it gives with of for all the home we gone The what it up it. do today. I at could race lot a service we're think and you And level time. for this know amenities to having and at plus me

taking it it put permanent life. other homeownership, as at the I I've look things like me, want long-term seems more to got all to That's in do and to and why? I talk and from a away just to children, work my so, say travel that, And on of inflection point has they been in reached,

the am that is past and sure may months, staying of say stay. as lower, So average and not average see it I are with an us my we look XX that and even XX. these it you view, levels in that in where go resident length numbers, age in And our can is relates turnover can to

of stock more the nature. probably it's housing permanent So

Jeff Spector

pool? graduate timeframe, you could are helpful. very it on if And been has now then to started. at Anything that you've peak leasing stronger seen focus? this the Gen-Z XX. also I normal the That's demand, about Is I is that ask starting could college, them they particular grads, believe discuss of the season any college other you seeing Are renter? point enter has like cities, generation

Jerry Davis

these last job large wouldn't have, I some that I different but preference few changed cool no, over showing years the But are there's anything a a gateway years. growth, of outside just still I cities seen do millennials they some haven't think. cities sunbelt that's work. the and of significantly or between not of They are going of say anything the couple a good can activities them effect of just older, towards

Operator

Anderson proceed comes question. Nikko. next your Rich with SMBC Our from question Please with

Rich Anderson

Say slowly. that

scenario. somewhat equity a in contradiction cycle not would this the might and, growth, So a call to if lot were a of happen of lot about external proceeds all experience the thinking you redeploying of type you been about slowdown perhaps has what conversation view have, a in a interesting. on late But

the you on you more the to because am function a just - lot not do I cycle? So it but seems you in growth next going a will internal signals be saying will I'm perhaps think you'll external outperformance like the there quarter, or of focused that, here, presume report on late you - or mixed curious if change that external in is guidance are will, perhaps be growth? of that let's sense activity more

Joe Fisher

really predictive it our is the that we that relatively signal then and beyond neutral, upside that, over first on to continue add, platform. or because additional six get to get send that, rate we or XX expect necessarily external operational that analytics X% trying where is the we we of one are the perpetual and growth time not it's market next accretive. And the to and so. above front, by as to of the growth hopefully growth XXXX, Rich think, we we a outperformance months year then think through call some is We months

back the done? cycle the our We've just standpoint, the we've been patient from very pipeline been have of come we cycle, terms development our best DCP a of In it's what to I to reduced it blend capital. been ever. that location, - has improved where most location And very to, from prudent,

you match with leverage we a brings activity So is neutral very do back to basis. equity much funded that on have, the external which

would happen downturn, do we for if or go cap and So down, a the capital way. rates that come NOIs that up see cost either to

growth views. it into, better of the where and we're we and putting getting relative versus it up out economic So kind accretion But going more from. on we're matching sourcing investments are

risk cycle. location think taking the don't on necessarily I opining So cycle late and in it's us

prudent best pretty a job match can. doing as we funding we're think I it, of

Rich Anderson

fair. That's

Tom Toomey

This is Toomey.

very ground, and good half empty Just argument. capital strengthen We've is full, I variety it. and cycle. of got fundamentals to deploy enterprise I and which glass Joe grow said trying it. are a cost add on the to we the it ways mean in half the to a to not capital good it That's to a think call absolutely of right, the point

know, pencil right them we capital or now, operating for it's are and this well, cycle. to seem or we ground, and favor are empty, them obviously a them that with fundamentals point, be if of do the enough create negative, our things the is and And our on take of at right one both that and match might half think around is the value. raise the we that - positive at simply half or think information, prudent to employment transparency funding aspect different disrupt we full we or And whether now [indiscernible] were deals the there So in supply. we to respect then could I the look that can both go platform, posture. of But you

posture. our that's So

Rich Anderson

So, cluster on like on be will less from the focal the that perhaps you're external that Is now statement? the months activity now, doing, more a year from of within set given a and company. or fair opportunity point six maybe the

Tom Toomey

that. with No, I agree don't

cheapest the through dollar always is opportunity first of greatest I that. and operating invested think expansion Jerry you platform the our can That is margin. and and walk return

the move But the that's going platform. margin organization, in the years will is thing ahead, dial capital. we of the be expansion in our deploy the to for aspect the external Second where

Rich Anderson

about the adult second then question, the And of I that's talking same-store the assume and swim, the of more pool a rental boomers little become I an the pool? these reentry does different happening more kind days. what bit and the baby into about, point At pool what guess? generations, same-store

Jerry Davis

plans our those especially selling our tend locations, about baby be big product, do want It's in of years boomers come some are at age in our I We haven't and you seen change the of the larger when that average house urban the suburbs the XX to materially. high-end at still overall residents look do think to old. floor urban.

all accommodates try of product to we all I have age that cater and So groups, to those. think we

we boomers that in not think you're an greater be job going to going entry So see think to growth, even demand the are occupancy future. growth source boomer a part generation us. it's of be rent based for near to to just do drives this I and to the see I And play continue continue going on

Operator

Rob your question. question with Please JMS. Stevenson, next comes from proceed Our

Rob Stevenson

Hanover unit seems what terms you returns Garrison can also you little talk about bath of a in scope upgrades, redevelopments? little bit are just and kitchen a and more the XX $XX,XXX guys per Square for talk at pricey the of you there? looking Can and

Jerry Davis

and Harry jump out. Yes, in anything leave start I'll can if I

say you full you the - I'd property office again, probably apartments are remind in as door more $XX,XXX Those XX to to a an When level. that you XXXX. doing to are think I'd We described. get interior from I $XX,XXX renovations, Hanover, converted in was

major XX office plaza years rightsizing We're were entry the issues, lot systems, to I as it's old. the We're of well the things which resealing So doing some and still some as had about some use. lobby of for level, up we're a set amenities. area, with the which redoing XX

finish So X% it that of cash-on-cash things it's not has to just on interior all got those a It units, off. it's X% deal. to return

$XXX between Garrison things We've it's at to process, to and about so this the are XX of rents entire unit Square whole So go done the XX but location, $XXX, are is a XXX to interior, unit years XX would because somewhere go. sparse. years XX completed that And and see killer were you're date, about well. expect It's going Bay, interiors the months. XX would in Had up XXX-unit dated. property Back it's above old, -, mark think we on is units, property whatever I to in it old. the they so far a take probably units work going lot Bay. property That very Back

are those getting So full a upgrade.

we few add that it to where ago, a adjacent building an we building. amenity-less years are an going had had we addition, bought In amenities, basically was

again, property, get to a out leasing we we're small add club on X% somewhere and leasing fitness range. are house been the to cash, to going of because $XXX rents and in So if office, That to a $XXX going center, up a we the about cash X% have unit. expect

Rob Stevenson

then… And

Jerry Davis

other Sorry if have deferred will. we're maintenance also you some do we -

exterior. and all things replacing windows doing to few the other the a are We

Rob Stevenson

then changed door takeaways the the or other of Airbnb and people positive guys rental in terms the And - them? from next programs negative renting and your from residents anything terms has of units having in you to

Jerry Davis

still we don't don't Airbnb. mean I No. for leases - allow our

quarter, and the leases But half. grow, over furnished you, well participate that active I term longer average to for it and over program over is continue So the a sure up the calls continues I'm we've it we XXX%. XX year they an short about last - term and sometimes. talked days, that with we first Airbnb, have do another don't for on in I there tell program get much can was to mean, in

So about our is to from heavy realized when We then through come XX% furnished - at XXX%. you that, to started up in from revenue fee it quarter. it's contribution up is which XXX%, leasing look parking, income lot is and of income, this continues platform, almost the lockers to a our term which while common is we non-residents an stream, over at grew the other grew it XX%. spaces our out area Short package external small

XX.X% So grew bit about the honestly positive other a which of surprise. a at income during was quarter,

year. moderate We the expect high year probably digits to the throughout have for down it and single

Operator

next with Goldfarb, comes Alexander question your O'Neill. from Sandler proceed question. Please Our

Alexander Goldfarb

Just questions. quick some

the what sort to First of But I actually York, or portfolio either on percent of sort stabilization? portfolio the Brooklyn, newer some of XXXX can sort is on of think side some of New XXXA is go older rent most your buildings. your New York, subject despite just you over of vintage

Joe Fisher

Alex, Joe. it's

XX% units new acquisition we rent of gave pro Market of maybe being rate the inclusive on quarter rata last on Leonard. that. a think us ownership of Columbus the We're I for inclusive market of stabilized. rate about basis, details a other and XX% So with couple

Alexander Goldfarb

And then…

Harry Alcock

yes. XXX,

Jerry Davis

go. we There

Alexander Goldfarb

mix rents. and then legal cap the preferential XX% of [indiscernible], the So the the

think jump initiative XXXX? energy passed, was portfolio guys up the and on versus XXXX you that then Okay. that stands recent do And the in mandate, the then your how

Joe Fisher

Joe. it's point. Alex, at pretty this It's early

have operations it our teams to and But asset assessment. this compliance. assets of the together team at preliminary are point, relative doing of and in looks 'XX Our been kind working quality like majority already target,

a at at So compliance pretty the it what this plan figure it as in look as to we activity there. is point, and do like much to we've to to continue to that out there, and XXX%, had. looks XXXX be look given But already well take out out what we'll get figure we're previous need capital

Alexander Goldfarb

haven't time, surrounding in it I'll a Then been starting, I number and this have and four owned sort maybe lot - hadn't was final that guys like, thing, ago? supply back, was do warrant more come that asset there this you there have just guys - when yet of you stands you confess, a of versus changed. things submarket number Can are maybe and you where Dallas, to ago? a there of was But years. where a years I remember while some a lot there. now, on area your long Vitruvian, investment. NAREIT a was There was had in just around so update years event clearly to of on or a Like it But five

Tom Toomey

this heavy this. build was potential. Vitruvian, the there When the think as phases, product I supply Alex, characterize that On couple our dose the Toomey. been of oversight miss might on a I'd realization we first or our Uptown capped is getting of and have

we where are units to leasing phase of we in saw month. moderate and you pivoted so XX a of And couple price, a in the more next it phases last this a

And as think what still marketplace going look so about be. the the outcomes contemplate we point price forward, at we where and anxious right we'll and will fits see very the

next of that replica phase - month XX be phase. it prudent more exactly is kind but last, we hope it the forward, the we'll units going a last lease-up a of So right at enjoys and same the about

city our The asset, residents and aspect of So want restaurants submarket. be. thriving still I and great nightlife, great is think term, that's long where to

Operator

Zelman your Please with from Associates. with Our Goel & Hardik question next question. proceed comes

Hardik Goel

in Some that going being weaker, is weaker. outlook slightly just little your think? overall Orange What have Southern it of ahead of portfolio noted you terms you curious guys In just California particular, a market? highlighted what that and your your for County peers was

Jerry Davis

is little job It would that agree. pick Orange We'll had County we growth. to a up projected in. Yes, bit. slower comes strong has how see

extreme events, thing first other rain that down. The kept in affected the was us traffic quarter

LA, think year. but LA I So get struggle tech revenue going our a there. jobs feel We long-term, depressed this about up much tell like the But this the probably When better you know, to market growth. you, It's numbers that had one versus I plan to we year. we'd are be the with we're X% had market, would that missing, coming. you it's we

pool most Del same-store it's supply downtown, of Marina the is located where Ray. there coming, new over is Our not in

coming in is So there limited to we're close well-paying jobs, supply there. and

Hardik Goel

DC DC, a follow-up kind looking And is, just little is term? meaningful growth, on largest in a even even, do just outlook guess on or the there your see DC quick your just as that if where you I maybe it of supply potential think just revenue 'XX remains a trajectory market, acceleration longer on could beyond

Jerry Davis

DC you think to is have Obviously and Amazon going continue jobs. issues. tech I in other to supply coming have

the So significantly job national supply a on still average. think than it's But will on going hitting, that grow part the I ability good. be cap in got revenues front, issues the especially for the of some keep to higher you district to

Tom Toomey

horizon, me nothing always This shrinking And to one thing one anytime that engine is long gained and you that on to be has be DC. on recreated, that's called I'd doesn't be Toomey. is when can soon. a else long-term over The job at the the add appear strikes it horizon Federal that Government. look it

it's government and supply a engine I'm that So to it, grow to is windows. in scope. and natural going have to the got size But confident it continue will

Operator

comes proceed question. Golladay, Wes Our question RBC from Capital with Please Markets. next your

Wes Golladay

and predict the know hard some forward? mix a we allocation. Looks mix even look for it's of begin capital but developments nice on there to maybe lead should is like year? of capital long those into I to question how the projects, redevelopment, Quick buckets at going acquisitions, going the time

Jerry Davis

think. same I the of more expect I'd

we continue front to the in that the do, of try exists is of things opportunity to pivot us. One to

and it's platform spend. smart the whether some DCP, So the of or development acquisitions, or homes the redev

continue to off opportunities pivot the to come Going based along. have that

look were first So a saw land other long very existing within Group of in The lead as as densification the at opportunities opportunities, those continues time. parcels you quarter land couple to well portfolio. that

to more in So to XX, hopefully months, will speak XX have we next the there. sometime

have So independent, do up up. we the there. never desire get ramp we But to obviously, so that to may

to value. can and So where just some create pivot try we'll sit we back and

Wes Golladay

And densification, assets your you that at on projects? looking is then are retail or densification actually more

Jerry Davis

going been portfolio, within well to we've parking underutilized after as through that about talked make figure looking larger as I if out can process of trying little We're at one still land talked scale opportunity looking bit our that think the land or we there utilizing of we've going a opportunities vacant sense We've in densification own about we're cost at. DC our the spaces. garage and returns. kind

put have vacancy We lots in - and over pretty how garages trying to and have and parked parking of us the help so especially housing, Francisco, units that city more those. high there, are the standpoint, in as that of figure size from as points with well a to help given parking we affordable additional and densification San an those both and degree economic out price

look I It's from with continues see or real to is that at you'll deal, and dependent standard continue the the the risk that and think side, a think sub-market, any I to estate, on we it industry land of on piece economics. So to more of retail development standpoint, be recalibrate that. Then parcel. going the the any

So things, of all at we're at. as but we that's it where looking at kind look we're

Operator

Our with next Please question Street your comes John from Advisors. Pawlowski, proceed Green question.

John Pawlowski

over exposure one to the the growth peers. nice Just Sunbelt underwrite versus would to your been years, it revenue markets The last, five a next Sunbelt you years. Staring your question out lower higher you're versus has me, five three call coast? from across three hedge coastal

Joe Fisher

its Joe. John

extent favor. we we thinking tilt going that see think in kind going tilt as where following the to rent about us forecast do before. the talked To forward. the ability qualitative, and as our the potentially think about rank analytics well things is that, I of Scott to can’t you we're of one growth predictive well

So deployments But where other an we're in most example of that deploying Boston down Tampa, Sunbelt. coming Philly. capital as the Baltimore, up in of Vitruvian, New York, capital our

not three to of the up we to done five come markets loved are years. here these, back well over that next late, have as of under set think some So probably

Tom Toomey

to market Toomey. price and credit team is I'd has but add that us sector-leading product helped Jerry has and just produce point the diversification this the not John, a helped to his us also diversification it's that be opportunities, recognizing point. price to on the enough at having portfolio. But try operating move markets cycles for results us, looking and always I it's always think to have and and change been diversification

So can any A we it opportunity. an or and at it's B market look that in say

see go and price well hold out us Let's in template would to it's for markets I and of very continuing that that same diversification so point after the products. future playing us across

Operator

Our Haendel from next comes question St.

Juste, your proceed Mizuho. question. with Please

Haendel St. Juste

on your curious cycle asked exposure on curious. we the And cycle. certainly late think question, your the just John in had in here the in that expanding cycle. So but B-quality B the on turned earlier the out And Form thoughts point I'm there I possibly leader call, A's are in not to doubt your is on no specifically you're Tom call the that trying point again you point I'm made any in

A's that curious the you thoughts enough growing that as and how provide any exposure rate you what and spread on the is then on I'm that's color well? your market So B's interesting looks cap the how are can for demand, between like, and what

Tom Toomey

I'll or a in B, to balance and case a of and the compression community in we Baltimore, the from We our cap a at opportunity market don't but saw to think so saw and the A A a rate solid and overall take to portfolio. cognizant but a spreads, speak want one looking Tampa, you of it the underwrite B. to unique particular would in end opportunities we in have be time, we towards at tilt up perspective, with respect it let tend Harry a I

perfect, time this we Cap the adjusted out. opportunity come we're of are will, one where going or to risk going to not take you to it's we're platform think if them balance to So returns rates? going and be XX-XX at try a best

Harry Alcock

were, where CapEx and at we that on think, be the Yes, B well, whether it got investment say operational it we versus on Tampa, agnostic look operational and merits, A upside, I synergies. opportunity would have its where right we it own about each Tom, a whether underwrite I relatively Baltimore be side, would have

A have have we that scale we're that a it asset, been operational Whether sub-market. be it Brooklyn, whether minus properties call it and in grow to an point in it's we Given B we other trying and type minus Philadelphia price market. be like where type plus asset, where the efficiency A upside operational would clear

in So each we merits. context its assess the own investment its individual of of

Haendel St. Juste

for is there here, think out to time phase the to new giving you start uptown then, the question the curious, the go can Addison. I why in achieve back one you that so Jerry, type on lingering concessions what you markets. to right now supply project in current you am just of of provide growth and and the any in submarket of you adjacent level And there on curious guys color currently? think the higher can wanted

Jerry Davis

first investment growth. talk side, of smallish year units, phase built Harry a the I to guess months. bucket thing can on this lot Yeah, one phase profit last then units six XXX that about a the but levels but confidence are I'll start as we three Rent

which [indiscernible]. done you is putting at have and So, up, that the we some phases down from we're first product what a our when think in I look three and step

we've new point. the uptown. against right hit the think don't and I compete They price supply

we've had think that now we've built a works that found service about a So I again building we previously got right X,XXX and product minute to units.

unit So more efficient amenities, the to count, all the adding stack product. not it a having on makes

Harry Alcock

just in of And terms to yields. Yes.

The first phase mentioned Jerry up well. extraordinarily as leased

the From high operational standpoint, share going to return will a that's sixes. It some to continue increase six lease-up We in and eliminate that going building, and sort Phase concessions process. six-month throughout released of we're we so in the efficiencies. starting be one's raise II. We the to the just rents XXX started months to to continue is stabilize amenity a phase units rents we really

a achieve actually type actually return asset. to low price we We built mid on a point, kind that unit six went average slightly expect smaller We but similar of size. to

that the reduced the optimistic project, which So we've well actually II average received Phase rented we're further nominal by the you market.

Haendel St. Juste

and quick missed any sure April then rate? if you not it, but did of one. in terms on update last I'm guys I one trends the occupancy provide lease And

Harry Alcock

occupancy rates where in we that That's at that XX. had during at compares, to the the X.Xthat April XXX the for it's in I right X.X Renewals coming up one that had new is level And in we in No, the you first run XXX, April bond and when though quarter. tended from to think last quarter. look lease first are year.

that seeing seasonal you're So normal progression.

flat. seeing I think up-to-mid to think the stay fours are year we're the were now. fives with in leasing where relatively we perk them last I and one right are They coming low very changes, and pleased fives renewables right

Operator

further the over like and Mr. the queue. in no questions to hand are to comments. There back Toomey, for Chairman call closing CEO, I’d

Tom Toomey

in Thank to you thanks want all a and I thank and today. for quarter. team And of your our you UDR interest great time all for again, of

As leasing the in season. we head

going up results. and put good to we're well some think I positioned we're

returns. advantage very sets taking the fundamentals a opportunity we're what going forward tell, continuing with robust match that think continues good of can you As consider as and path of underwrite good economy to capital certainly wide funding to I apartment And range deployment. I a

off of the the we're many and want they're go and and we're the As it the and and to to of the to future, to about lastly, do we excited and and also create and that generation forward it's of again business in of take goal really we're next work the of and in in look the we margin towards we NAREIT our with you for response implementation operations about month. residents the excited way next our acquire the increased hats though, future, the And And communities existing making off that, there. to doing those platform, they at the team an future seeing implementation Jerry the care. will progress there build is look

Operator

This concludes today's conference.

for participation. your this Thank lines time. at You you may disconnect your

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