UDR (UDR) 12 Feb 202019 Q4 Earnings call transcript

Company Profile

Participants

Trent Trujillo	Director of Investor Relations
Thomas Toomey	Chairman and CEO
Joseph Fisher	Chief Financial Officer
Jerry Davis	President and Chief Operating Officer
Warren Troupe	Senior Executive Vice President
Harry Alcock	Senior Vice President and Chief Investment Officer
Nick Joseph	Citi
Nick Yulico	Scotiabank
Shirley Wu	Bank of America
Rich Hightower	Evercore ISI
John Kim	BMO Capital Markets
Robert Stevenson	Janney Montgomery Scott
Wesley Golladay	RBC Capital Markets
Austin Wurschmidt	KeyBanc Capital Markets
Richard Hill	Morgan Stanley
Alexander Goldfarb	Piper Sandler
Neil Malkin	Capital One Security
Hardik Goel	Zelman & Associates
Haendel St. Juste	Mizuho Securities
John Pawlowski	Green Street Advisors

Call transcript

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Operator

Greetings and welcome to UDR's Fourth Quarter 2019 Earnings call. [Operator Instructions].

As a reminder this conference call is being recorded.

It is now my pleasure to introduce your host, Director of Investor Relations, Trent Trujillo. Thank you, Mr. Trujillo.

begin. may You

Trent Trujillo

quarterly UDR's conference call. Welcome financial to results

have package Press Investor afternoon yesterday most and directly supplement, Relations to financial financial disclosure with Release supplemental were Reg we the and In in of comparable website, distributed all the our non-GAAP measures Our section ir.udr.com. reconciled measure posted accordance GAAP to the requirements. G

this historical, may Statements. not call, constitute are which during made Statements Forward-Looking

can the expectations discussion on reflected in no to statements expectations forward-looking our based SEC. any we Risk of Factors A believe statements. any reasonable are our are will assumptions, duty in included update forward-looking We detailed with we and our give and met. the that not assurance do in a Although, be release filings press risks undertake

the be available get When your limit Management questions did call to ask portion, question-and-answer everyone's that of we time will we get the follow-up. respectful call. a and on that the to your be one plus questions for after answered you not

now call Toomey. over Tom Chairman CEO, and the will turn to UDR's I

Thomas Toomey

welcome Trent. XXXX Thank conference And you, fourth UDR's call. to quarter

discuss Fisher, On Financial and Chief the who will Joe Davis, the portion the Officer, during today Q&A President officers with Officer; well of and call. who and call Jerry Operating as as Harry Alcock me are our will senior Troupe results Chief Warren be available

adjusted FFO of execution results quarter share strong our as and fourth highlighted of Our per X.X% X% NOI by business. same-store aspects to of growth robust all across demonstrate continued growth

very good year recap, UDR a our for To XXXX shareholders. and was

of our operations, on growth. well drove XXXX perform XX% share to approximately continue we First, FFOA per which

self-service and platform, our ongoing the our manner execution their they of year across aspects a demanded online engage of next lives. current gen to highlighted which most operating The customers in us with and have and was development allows prospective by

grow upside are our sourcing These and significant a and in billion cost business at in targeted beyond. creatively acquisitions. and and markets premium for disciplined, through using acquisitions allocation low - Second, investment debt in our FFOA NAV expansion to outside to X.X and capital remained have growth equity XXXX produce priced will operational

MetLife we and asset business Third, estate high actions quality accretive relationship These swap. and with JV KFH on our an balance simplified added halved via our wound more down real sheet.

accretively ESG that dramatically proactively Maintaining and while extended pre-payments enterprise improved return. we strong related we Fourth, liquidity. last, wide timed and and and a satisfaction resident that And derisked issuance our our initiatives enhanced scores. of completing well duration employee variety our these our our accomplished through goals, improving engagement

In summary, strategies. XXXX execute was in year XXXX a UDR UDR team as thanks we to to long-term and year. very special investors a representative hard what from expect My making the continue very for their good of work can our

the strong Turning that XXXX, as to our similar to it fairly is apartments for fundamental of landscape look be like business will XXXX.

economy as Specifically, that balanced all relatively volatility a against see environment, set demand come to we expect have normal. supply robust we and

grow strategy, overtime we elevated FFOA we per variety But and whatever an have of mechanisms. in creation the the to place dividend the rate and environment, team right a believe value at share macro portfolio through

year-over-year X% For a the our midpoint announced of expecting at increase per share. guidance XXXX growth share per and FFOA we are dividend X% our in

years with of the that expertise worked activities capital continue President thankful I'm be benefits for to XX-years closely I UDR to markets will a Warren Warren effective Vice management transitioning and Troupe, its with Executive to have transactions, April legal, his risk Senior reap in our role investors and Last, Xst. UDR come. consulting for will and

call the Jerry. to over turn will I that, With

Jerry Davis

afternoon good and Thanks Tom everyone.

Full-year growth rates XXXX announce operating same Fourth expense and X.X%. results. strong and quarter, rates respectively. X.X% and of X.X%, another same-store We revenue, growth quarter and are store year were NOI X.X%, pleased X.X% to X% full were

generate peer growth his consistently per to are objectives Tom operating share to primary in prepared same-store As drive of UDRs growth while average remarks, overtime. margin also FFOA both operating above which alluded expanding our

we successfully in objectives ways. of executed a these the Over variety have years,

Prior operating to growth to actively area furnished primarily growth as XXXX our through also of top-line to In next common we these initiatives focused growth implementation rentals. such results, but and initiatives we the continued expense controllable minimize platform. rentals pivoted on more our short-term parking, gen XXXX outstanding top-line strategy produce

shift? Why reasons. Three focus did our

come NextGen quality should to be operating customer have the backbone our time, on increasingly built with our us platform which no to across self-service of define intuitive, expects their on wide self-service. business use, Interacting conduct high different, is is service. First, industries with easy a to apps of customers variety our why

Second, current collect will result we certain prospective others, operating to providing centralizing structure. actively efficiencies better self functions, utilizing our at and service outsourcing cost more and customers the data our greater in

which expand points, in basis into million controllable NOI XXX $XX by rate will million million $XXX in our run By $XXX to we to creation XX at these a to XXXX margin multiple. efforts translates incremental million or value $XX expect XXX times

DNA. remain operating of in XXXX. distraction will fully Third, share implemented corporate field boost constrained But FFOA revenue of enhance and growth a expense the at adoption teams initiatives the the is is until in to somewhat NextGen the per ingrained growth, of and that and UDR's growth by and platform consistent execution our cultural end

our the analytics As additional the built with efficiency years, fully and focal initiatives XXXX we out. in beginning over in point are the growth technology will to consider XXXX, beyond, come cost online growth platforms be initiatives revenue data of coming sequencing once property and

have controllable into points, are NOI headcount year we reduced underwritten by XX% half approximately than XX% and through the implementation of our basis a has by level original has more of and attrition. the achieved and been Thus slight now a the improvement. far, on, natural expanded platform XX Moving margin

just growth After two X.X%, reducing resulting group. the versus expense in peer X.X% our years, the same-store only X.X% in for last of was growth controllable controllable average XXXX, expenses annual X.X% over by XXXX

we XXXX, at or our growth expense level. to For below controllable expect be this

we improved time, same further the resident in At anticipate improvement and XXXX satisfaction XXXX. XX% by scores

our expanding margin to and actual customers. is experience Rather, a headcount service. clearly decline not reduction such, more customer superior resulting is delivering or efficiently in all As around perceived in our cost a through

Our NextGen to platform is operating proving investors. be our for win-win associates, our a and residents our UDR,

We and are excited progress on and XXXX to our continued economics beyond. update you expected throughout

XXXX remains ahead at started has and are our billion acquisitions XXXX underwriting occupancy $X.X expectations. of in Next high well, XX.X%

continue X.X% FFO creation growth we by investments on for to these weighted come. purchase drive and to yield acquisitions a improve As the year to X.X% years a our reminder, value from expect These accretive trailing will of above average to three.

X.X% expense to ahead, NOI our are Looking respectively. full-year X.X%, X.X% occupancy. X.X% include ranges slightly XXXX and growth same-store higher revenue higher to of and including Drivers X.X% X.X%, growth Smart rents contribution revenue to Home and

contribution expenses Offset out and rates revenue. rentals years income, a as our reduce parking, initiatives by growth short-term the from lower over lower furnished several past a from other moderate reimbursement utility rolled such as

our to is as same-store that same-store It growth XXXX higher same-store growth pools. our move note acquisitions be important as rates rates into quarterly than unfolds, XXXX quarterly will year-to-date our

significantly XXXX with our communities acquired XXXX in Their in will rates. more same-store quarter JV impact to provide inclusion MetLife XXXX not first supplement. same-store full-year to beginning expected addition pool. our growth included transparency These are In are through

in in past. range markets top-line to XXXX Monterey and Portland, forecast a rates portfolio level, growth growth exhibit XXXX. years will rate variability market same-store the X.X less we The At rate to of Peninsula, revenue are above X.X the expect grow high-end at than Boston our

New to York, Baltimore and collars in Orange come are below of revenue forecast grow within the County end. growth our low portfolio the markets should ranges. other All

Regarding accelerating XXXX. decelerating versus versus XXXX markets in

generate Portland, the Baltimore year-over-year San in growth. are Francisco, Seattle expect to the New the acceleration same-store And York XXXX We Tampa forecast decelerate highest and most. will and

corporate of associates next closing, In was proud to successfully immensely of acquisitions robust all for the growth, UDR thank operating of you. field would the our the producing X.X year and I'm gen operating rewarding embrace like platform. year. integrating of eventful in of very form each and continuing an future in at another I to billion XXXX and

With over will turn that, it Joe. to I

Joseph Fisher

our transactions guidance Full-year Jerry. you, balance cover update and a fourth topics and will XXXX Thank a markets today XXXX include capital results. update. quarter The and expectations, sheet I full-year

previously earnings in Our a came quarter at results ranges. guidance of provided midpoint fourth

appose same-store and factor As strong lower interest share per adjusted performance, our share lease-up year-over-year by to similar per was driven X% higher capital by $X.XX driven and year-over-year was representing accretive X% quarterly growth and year and Full deployment FFOA of over results. XXX approximately rates.

growth is transactional gen our a investments. interest on $X.XX quarter FFOA strong expense include Full-year deployment expectations, is items, XXX including XXX approximately our amortization variety and uses financing activity, of of approximately positive full-year our commercial these per and JVs of XXX impact approximately stabilized positive XXXX of from a savings. $X.XX drivers of Primary of share same-store, $X.XX to XXXX driven XXXX Next, and share and capital continued from $X.XX guidance. between by operations, guidance XXX, from development sources other guidance per impact and midpoint a recess groundless first and and G&A operations, impact of XXXX of ranges, full from operating flat a of attachment certain including DCP, supplements. lower impact of costs, available approximately our platform XX next $X.XX A the update guidance positive and redevelopment, negative of corporate FFOA year-over-year

to Moving transactions markets. capital transact on in

X.X approximately share billion cost yield at average NAV of premium equity low a and acquired communities trailing to priced XXXX, at During X.X% a at we weighted with debt.

additional growth about the in above in this As market rate X.X% into see annual yield his grow and we remarks, underwriting. Jerry an used NOI we three growth weighted XX% prepared beyond by our year mentioned X% generating average

with encapsulates but located on operating at overlay and market above investment can targeted In returns markets that our are growth value targeted buy overtime. at for are platform combined proposition assets prices, to we when expansion. This well-tuned CapEx able short, undermanaged assets market we drive UTRs

the We in from per or acquisitions, Similar one by X.X% to creation subsequent to XXXX purchasing home equation utilize quarter million value again $XX for X.X% yield end Slade to community by Channelside, at a year Slade's anticipate Tampa three. our year $XXX,XXX XXX home. we and this growing

Next, note X.XX% community with price have on of which option pre-funded of in purchase million $XXX the fixed XXXX the rate. Brio during the quarter interest acquisition million we $XXX home majority Bellevue, a at a in we XXX Washington

in garnering to be contiguous properties our elements operating phase of will after and those properties to efficiencies. operated is as elements existing a and property Bellevue This stabilization thereby

purchase Regarding West we the we quarter XXX subsequent option own already end, a in suburban Developer our the XX% Development with Arbory, the Coast to buy Community JV of to homes program not Portland. exercised Capital did

$XX one to generate X.X% including of expected The is for our million the all-in blended year Our cash price. the approximately transaction a Arbory yield outlay totaled debt. of payoff FFO on

the to closed in a joint we billion quarter, fourth the was that UDR, deal transaction We MetLife. both during transactions, originally MetLife effectively $X.X August, announced sides value with for of and halved topic continue the which believe partnership on was Met. our with Finally venture relationship our win-win this

with risk adjusted and best Turning investments disciplined into and will sourcing capital return XXXX, cost an match should our and we that advantageous fund. pivot of to remain the can have allocation provide capital we

If we opportunities Currently sources. will $XXX in present we assets capital of to further XXXX, themselves external continue marketed million have for growth sale. approximately being evaluate all

net agreement or in issued XX.X Regarding $XX.XX additional the shares million forward was No during million. our sales with price of all capital subsequent a quarter. December X.X forward and to previously sold we markets, settled equity announced under proceeds

to and quarter, low effective debt XX.X unsecured fourth this issuing continue a product. our as of of million average of a use this of to X.X% take $XXX represented million During $XXX as ESG qualified years rate friendly with and debt rate previously by interest weighted advantage weighted a announced, we average bond maturity, environment first green and the the of

our details used $XXX markets further million X.XX% our capital and on see or debt. were transactional Proceeds Please prepay activity. unsecured to for supplement

balance and Moving by liquidity $XXX on sheet, at credit the our commercial capacity, measured balance the million. as was of paper facility quarter to end, cash net

and X.X net-debt-to-EBITDA RE was on was value, on times. of XX% X.X joint value book of time ventures. financial consolidated ventures joint inclusive was leverage Consolidated inclusive XX% and un-depreciated Our enterprise

leverage RE full and month within slightly of NOI range. elevated to from at consolidated net targeted Our those against load this metrics having consolidated the your-end due of bring to communities. our the times net-debt-to-EBITDA looks Normalizing our acquired only MetLife down approximately X.X debt one set would for communities

excluding after next facility X% the less three our our due Over credit capital than of years, facility. comes and paper commercial debt working

these our average is regarding over Additionally, seven duration a Both liquidity. in advantageous weighted now three years. year put of position us

down. and don't our remain up lever We actively credit plan metrics with to comfortable or

release XXXX. our with conjunction yesterday, of in we $X.XX. on, announced X.X% dividend over Moving annualized share a A per increase XXXX

happy Trent to would of Trent running Last, Investor welcome Director Investor officially have our are as team Relations, him be our Trujillo to day-to-day Relations. like board. and to the UDR we will we on

With up Operator? that, I open it Q&A. for will

Operator

question of Our Instructions] Nick the with comes Joseph [Operator Citi. first from line

Nick Joseph

assumptions. Thanks. of terms in Jerry, revenue same-store discuss you if you What growth lease and renewals blended talked is rate expected embedded growth guidance about in the and in new can XXXX?

Jerry Davis

Nick is expected last so was question? rate Yes lease X% to With at year, second to probably growth fully Blended is that right your renewals Jerry. range. this around what or in be X% range. And comparable

Nick Joseph

widen. in and was was thinking that rate the entire that No, saw the between the and lease quarter to I about spread that new growth negative question. turn year ask fourth previous we

could provide more if wonder on that. color was I So some you

Jerry Davis

that year witnessed at growth XXXX see softness normal that XXXX. compares negative We years. didn't X.X, XXXX. prior And was in X.X Nick, of you flat negative of the XQ rate look of XXXX, XQ new you a pretty when really in to in of where a XQ that look at XQ we exceptional lease was seasonal Yes, to

the X% at past effects of aberration. in In the we that was other quarter, XXXX new have we the supply So feel in didn't four. that three the years more seen

seen when is growth tell we higher a in but points at December. it basis the though, have was honestly, X.X% you fourth in XX it seasonal higher quarter, was will Blended you acceleration. I is is than than January it look up which normal

good seeing it than points of but January last less was year. is acceleration, sequential are still in monthly basis you XX So it

Nick Joseph

Thanks. is That helpful.

Operator

line with question Scotiabank. Our of the Please your with from comes next Yulico Nick proceed question

Nick Yulico

Thanks.

Just going to the Jerry. guidance,

questions. couple a Just

we from that pool XXXX. same-store similar? that meaning said the you a detriment for the pool higher But same-store that, there having pool benefit changing or real think a change say is numbers didn't no if Obviously, is did lot. be your I would you

Jerry Davis

really of the into sequential growth the said we the the each same-stores immaterial. Yes. are full-year is I Acquisitions inclusion is, you expenses the as year saying well fairly revenue year made will or into the When as delta pool. rolls to rate on. the MetLife be see last we portfolio quarterly and What rolling

are same-stores. have those So expected of rates growth than in full-year to higher pool

Joseph Fisher

a why had MetLife. the reasons we Hey assets goes less little Nick, is near-term in this terms to of one of terms Joe. supply back bit add Maybe liked in to to that about of acquired, that That the we pressure. meaning talked just had that we that they

used a legacy, to So I are bit to underperform think seeing MetLife relative little investors portfolio same-store.

But that of that breaking acquired will MetLife our starting in-line five, we assets XQ with portfolio. out we in comments, you And are that on legacy same-store there for attachment the Jerry's for XXXX. up seeing end you right

So which MetLife, we you combined, legacy can well as guided to. see as the is what

Nick Yulico

is in same-store from New York then And impact the California just you XXXX is what I but control revenue? don't rent on helpful that and I if Okay can missed quantify this, know initiatives

Jerry Davis

range. in is points it XX XX to that So basis

I think as the a about And everybody laws quarter, on fourth after million this that in impact furnished told New $XXX,XXX the California wildfires of then is was dollars. to short-term as couple into XXX a a We range in thousand bit effect XXXX that in bit thing we so. California quarter. is [XXXX] to response in know in effect an anti-gouging came a that the other went back hundred is you the And York did rentals of calculation far is out (Ph). or third

Nick Yulico

Okay.

hitting growth. little the the on think guidance I is that NOI like same-store and question looks in of quarter. ended back a bottom revised range to last third up your you number the you one It it XXXX, final going also up Just range bit

know So the the what end revise happened it ended you up driving of low range?

Jerry Davis

somewhere to it of was that October which bit. One a XX entire that quarter, we primarily. of really for the XX the unit out fires in couple service significant things portfolio in our down took Yes, occupancy the range two drove is had in

late-October put laws income place or of last the XXXX. late-November, of And we as on But rental electricity two levels anti-gouging were on insurance it quarter elevated an elevated well as the Secondly, effect short-term from in in said California not XXXX. had furnished only also some impact month as I that had the in through of first expense, costs. some

Nick Yulico

Alright, thanks everyone.

Thomas Toomey

Thank you.

Operator

proceed next comes Shirley America. with of of your Please question Bank with Our from the question line Wu

Shirley Wu

taking for question. the thanks guys, Hey

question first with do guess I my to occupancy. So has

that kind those is little shift of on So your back bit year, or strategy XX by in units a that are maintaining in this occupancy back Is coming bringing in a little higher you of online rates? of thinking bit function XX, a a occupancy. pulling

Jerry Davis

allow we going resident basis occupancy really is points things when you, days, vacant on number It data us more to of there get in. not had will day looks analytics, think on data at been the have first to units to have we reduce at of the is to can information and move as pickup. this, Every we we third XX they tell determined are when I is pulling phase back as moves of out couple reduce a a rates, about that from we platform our science of

rent is it that more versus really occupancy. on So than focused with with anything playing

Shirley Wu

That it. Got helpful. is

Home And second so question on initiative. my is your Smart

of far. So the have you so gotten guys XX% homes around

you XXXX and from So bit contribution about little initiative? talk growth the in revenue cadence can the a to your

Jerry Davis

to it those homes, half expectation probably of this Yes the first is to in our most in completed XXXX, of be call another, would XX,XXX add XXXX year.

look to did we follow in call is it through new points. that at you in into portion of how the basis going earning you from what as effect the XX to that the last as in growth, the year when When well as factor contribute go leases much expectation rent So comes it XXXX.

Shirley Wu

Thank Perfect. you.

Operator

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

Rich Hightower

good Hey guys. morning

Just NextGen costs, through and going OP of certain hitting quick are to there FFO down of question you on quickly. of there is you parts walk the capitalize total the really of how FFO break much expenses maybe accounting it impact is that or then to a and sort the just way us just and an and certain can that amortization

Joseph Fisher

Joe. hey Rich Yes, it is

have call in it we the, in XXXX, to and that laid up for platform of five to being ended So and typically about we capitalizing investment XXXX on expenditures out actual the $XX averages is spent million the depending that terms of for that amortization. out six years it

that the is prepared we as ready first online. starting project bring in once kick service, the we process of put which start or into in and period, to more amortization here is the really be So to quarter

year In point. non-cash starts terms that two from one to out of ramps the and burns is impact impact, between - it say through against call at non a works and up a two just us FFOA this OREO go-forward basis until head it and pennies around pennies on it depreciation also, it off

Rich Hightower

Got it.

Thanks forecast biggest time? be a to think the and growth, customer changing risk two preferences picture maybe move about that as you things across if just at for little as one contemplate like think supply, job Okay. factors this growth or bigger Joe. or pick And to that, home the XXXX, do bit could then you we your maybe a purchase you where know, we question, to had out maybe

Joseph Fisher

Yes, I so think and job wage more on front.

there we terms leveling our where in markets. the in flat to on have up, terms being in handle call side, supply pretty supply a good of out we of XX% are it think up I

seen basis. On any we a irrational on front, pricing wide market haven't the really

basis. taking place a Of on market specific course, is of that sub some

pricing the have So, direction. I good either supply demand be front. upside downside on where think could power either is The front drive we to we or concerned, in the would handle a more that

been the been have fairly strong, the strong, have wages But been obviously power months couple report have strong. jobs last

that So, we probably is point, but year. this it at the variable for feel good this about bigger

Rich Hightower

Thank it. Got you Joe.

Joseph Fisher

Yes.

Operator

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

John Kim

you. Thank

that you results same-store this year. the clarify have to Just

quarterly given what figure wondering I quarterly it last be the So, results was if like than full-year if could from you be full-year? the will just the to sounds that pool. quantify the higher the And you difference acquisitions added year may versus averaged just the being

Jerry Davis

front number that I right don't me. have in

back have We call you will that it. Joe probably unless give a to has with

Joseph Fisher

No.

pick pool to current full-year We pool XX you on back we up see bips probably will will move quarterly you quarterly come but throughout between impact, and year. the as between XX and

John Kim

press the you guidance. it your multifamily Okay. deal portfolio not has the interest far in and to what months want But been couple your I relationship your is since of a it like describe reported the is the to do [indiscernible] that guess supported? in obviously as as situation

Joseph Fisher

John is to not there Joe. rumors on in are comments going Hey out that it any the make Obviously market.

are a on we it when and to comes talk So, position don't what to we think deployment. in that generically is guess say capital would I external front. growth

by of leverage sure help We which set that Make to some of to making sure sure we parameters making pretty and have FFO the clear and accretion. accretion. and are platform tend operated drive And neutral. looked match have neutral, growth acquire to to we get be continue we that laid that assets near-term have a we risk operate, out upside NOI funded,

has none really of that So, changed.

piece external with think about. growth The other to

a We plus. most in at to we about where We the development that have pipeline billion of want the cycle talked past spent trend towards.

talked back have X% of X% to We value. getting about to enterprise

think $XXX the land look of I that. think that when internally, good have plus get a have and I path we that at opportunities have back to we million we you to current pipeline

an can we so this extra at So, time. make get let's growth comment the

John Kim

Okay. you. understood. Thank

Operator

line your question. comes with Rob Please Janney Stevenson question the next with Scott. from Montgomery of Our proceed

Robert Stevenson

possible for outcomes guys likely when Jerry, same-store bands the market between Good terms afternoon of the what has widest revenue? did you on XXXX, budgeting your top and guys. in bottom

Jerry Davis

surprise supply you impact. have the to in job always upside. significant and Seattle. come But seems look Seattle to one is year growth - projected to every Probably

years We of other levels it couple you, But, to adept recent online also tell have there in is get our through in a very can thousand units initiatives. a and Redmond, coming push I one we have there. high example, on those, income been for penetration is asset, one

that Right you expected. we are feeling of have now, would much as from not impact as an

just So of X.X%. that on especially but to Metro absorbed side assets take like high in growth so watch, you to supply, This gets rate. past Kirkland, growth see job interesting their that East it of is had ability Bellevue of Belleview, the significant because our Redmen, it Seattle, that revenue both places quarter quickly at such

at lake square taken Now, X,XXX have they another could jumped feet that has it there. well lake. to over of year, today, to across of side the million you look Amazon, which Bellevue to jobs increase end I by of by X,XXX going and they in three this Washington that believe on have XX,XXX eventually space the X.X Associates And accommodate

expanding campus, the tech other into that coming whether things East it very just their Facebook, with strong. that Microsoft, are side, compound Google, You is over companies feel

that be that variants feel new growth would can So began the absorb quickly. rational Francisco not to supply don't that one units in today, pricing, quarter impact very Santa market Francisco, those quality followed if both job down as feel told we you that yet feeling you, and is it are a Clara. widest job well we growth and the San would another Soma San in the its see or has as of by say probably we I fourth have

say that surprise the one, that So is upside. would to another I can

Robert Stevenson

various maps. when this over you guys good Okay. that make data at And also on and the next, help ballot whatever, conversions the projects or condo on little you expect supply the supplying much guys a side more stuff to bit condo have attractive, and XX, on. California your guys whatever, How rentals? California legislation markets XX do then of the in look has And could which going initiatives are months you or

Joseph Fisher

it Rob, Hey Joe. is

track a out California lower probably that the permanent we at is supply is we trended the when has there. data when permitting say activity. our markets And look that one So from generally of

nationally the been the better. months, West have Coast is Sunbelt over markets you by to a of last looking really So, and the higher, But East more tick three seen on little six has bit Coast. permits led

activity to how supply permit to that. relates it is that related we not the much As that level to of out detail mapping, condo have of to gone figure or

that comments front. So really no on

Robert Stevenson

Okay. of is your Coast the do these condos, sales condo markets coming conversions rise some easiest would high have mean right supply of with going Because to that online best to probably or the get so and you hit I if stuff where make the in are box. presumably, you just West condo stuff right? is right. your out supply that the Is

Joseph Fisher

Yes, potentially.

Robert Stevenson

thanks Okay. guys.

Operator

the from question Golladay comes of Capital next with Our line RBC Wes proceed with Markets. Please your question.

Wesley Golladay

for expectations for your you. Alameda Hi just What block? point questions DCP few guys, are I

Harry Alcock

we project had through a now developer couple of this to land are loan that work option comment that, it. the to yet not final we to upon at have able Right The land DCP years. at loan have continues of provide end Harry. is in for pricing and satisfying in this a the like March, the Wes we we on be an but position sort and to of a permanent certain matures have conditions

Wesley Golladay

Okay, a potential would expansion that potential a happen, may there? assumption be

Thomas Toomey

Wes would consideration. Toomey, be that certainly one this

going we in. what believe its around I be excited and is activated so look and the at whole corridor But operations to numbers August, it. point the Ferry price is starts to about will when what we like are the the highlighted markets that relative We come in Alameda Harry

And hopeful So we I can inside your think find it is eye of that. going we on. to area be are a keep to an deal

Joseph Fisher

project to the guess terms road terms in of in itself And of Alameda I progress now waterfront. the that rest of connecting infrastructure, the made Wes has tremendous

has the two market rate projects sale project hall, first first started apartment construction. town started The of construction of has water

So has viable now it at into project this real turned point.

Wesley Golladay

on Okay. the a would Brio, you that looks today And lease developer. you up the asset at than up it then looking done a like, yourself, and do job much could lease just know, you better guys bought

that for how a So doing year? versus you think a secured loan would a about

Harry Alcock

Harry. this Wes is

we the next structure funded dilution UDR an get with up, synergies the up. mitigate happen at that the significant today. sometime option the purchase while and of us will lease up fund year, managing XXX on year. acquire the one So X.XX% managing price which price gives million operational It if allows a lease we are the post property, new we TCO, year is lease structure some to next us to still XX% option we fixed this

developer with done in we and location. this business like the the past. Now asset have We

Jerry Davis

You happening But, to things in contiguous to positive developer. more enticing this get is know, two update to gave elements, know synergies of let is makes this Harry add we by what I you just were of to in would an as all said additional that. I it what phases deal Bellevue, the deal buildings over that Bellevue. the you built us Kirkland. same just

one maintenance. extra you will will and synergies, with. to will on office we and Brio in this said be But that one have extra old the get it run We price series differential property guess able product think will meet in between stabilization, person the maybe we nine-year I and be person XX-year run

lay a a to on located right benefit able and being quite bit platform. operating So, of there our being

Wesley Golladay

Yes. you. It makes lot of Thank sense.

Operator

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

Austin Wurschmidt

initiatives focus to XXXX. in mentioned turn you to revenue Jerry, back plan morning. good you that Hi the

You be you us those that the the potential the three guess the opportunity? new a will I are give sense you and what over can next but of years, are of that reaping revenue initiatives still exploring efficiencies expense from magnitude benefits,

Thomas Toomey

probably excuse developments, strategy focus, consolidations years long-term has value to cash-flow capabilities, to market Jerry view Hey this to stepped I question, couple you things back of and I mind. Austin, plus appreciation from come has last that growth. Toomey. have that been to me, have get and been our and years over will And answer but know, let share from shift around a mix I investors comes Maybe creation, trend development, away been I that this price to But is would our revenue. always five XX at the seen

have convergence top XX mature going, and are got because margin started or seven companies the is where after and platform billion, at started heck and of at is three on each concluded is eventually it billion on basis our our conclusion see point a in say, of that little customer have our you XXXX we today you of you and in a ultimately, revenue good expansion, really and implementing look XXX But to And of very it it can businesses lot XXXX value of the going, differentiation. to a revenue other in margin that where starting arrive our XXX table. operating whether and

that think I And ahead. that of are what certainly I'm would And goal But is flow we trend X%, when all lie XXXX, be XXXX and driver X%. are progress the to to cash on team in and the really respect happy Jerry the one days I I'm biggest are I forward. at reporting our X% years, look team the that that to that grew and on that at back struck the front. after midpoint working and see going with Jerry initiatives going the thing can are we you XXXX in platform, think by the last keep like best I

of think new arriving the industry So, at is I a door opportunity.

off and about headed. revenue the will it. Jerry all platform. stepped our because the talked that we we doubt implement are is it about that him in he through I about where which There it, the my talk going how be is no let We to back customers you implement kick But it and of and speed to differentiating mind door, and will go point. already through potentials

Jerry Davis

of NextGen mean earlier. when of data we the But some here excited. at platform, answered got this pretty look would tell it, that the science of glimpse is gotten component Yes, has operating first I it I I everybody

identify our maps, a not visible. you and information homes, see either jump is can just that quantify where spatially you were at to opportunities in just heat was the We or page there the when when see better opportunities missing spreadsheet things can really you and opportunities price through quite you off as

retention, in job best more The do the other future. can those resident go going to to where we we and the I our are to is much information place able be is as on residents think able improving thing about accumulate residents we are better acquire,

us increase going to help down turnover, drive is it think I retention.

number more communities find or days. we each say going homes the gain to are the always compare data, we I And, be think other to this able time vacant way to reduce also to of to and reduce more best practices reoccupy the it takes

see not we rent to occupancy going of to to the this data on you and initiatives science. find what is most is think true going it income other going are I come are through side, So, that

Austin Wurschmidt

are little acquire couple this commentary feel wondering largely next bit fairly That to a one-offs. and or opportunities out a rates the and just you and if run you transactions I markets the a appreciate geographically, of spread have more question, larger market the index under through that ability that And bit series acquisitions one-off into under been concentrated guess and though, cash are flow to any there like or like all point, is would at there. little cap of upside surgical At kind more helpful. a generate exposed last you over years a well of I goes significantly the given take growth. your to, potentially but where thoughts

Joseph Fisher

is Hey Austin it Joe.

XX the the you our down diversified to we I think up of in XX deploy and terms seen months approach months over Coast. East all to expand when us last continues have capital,

Seattle. Florida in You Brio just talked markets. and we have seen are there the doing We us what in down about

to there, like fairly cap out to in reward get we be you but we are more that the [indiscernible] compressed. which trying I and the would map do rates active think risk

best us think in approach you go and upside our match spread to be will and So, I the diversified of the see continue and try platform. those get NOI on to

Thomas Toomey

about today and We seller. one don't making one buying buying the next the we would opportunity just I create be there the is disciplined very the have the value accrete we sure down you say, street. set, lot footprint think our the and opportunity door, when just to of that about a And not lack an for

going focused have on it to been and are is what stay worked. we so we And doing

Austin Wurschmidt

guys. Understood. Thanks

Operator

question with proceed Stanley. line the of Rich Please from comes Hill Morgan next Our your with question.

Richard Hill

think you it I big on this be guys your smarter might are guidance little Hey like getting given data. is OP much of guys. for maybe Hey question. a a a bit Joe, much, you NextGen question But sounds it

So start it about you about X.X the are year? NOI cadence back and going think very that as time to of the are some see think How supposed to acceleration think guide. to that Is to we leasing that that we still in peak we I'm we leak get Are full-year smarter wondering efficient to as supposed season? more half

Joseph Fisher

is it Hey Rich, Joe.

We have same-store. to guidance quarter-by-quarter traditionally provided it relates as not

would not start probably FFO So, to going guidance. this at XQ provide at point, we

you So probably going the to it And leave year. that. see throughout at the then cadence developed will

Richard Hill

Understood, figured Joe, figured I'm not But I tried asking thoughts. for understood. I I tried.

So coming back to the development.

the a we I billion at that $X the get that have to think up past versus peak. could maybe chatted million XXX in

pencil increase referenced walk us development, you out potentially? have that think are land So you just a driving some starting I and bit what deals through is Can little more. to

Joseph Fisher

context. been will historical Maybe of cycle. plus here too. for most had jump in billion Harry just a We some at quick Maybe the

disciplined So XXX get we points. we sure very around XXX been making and basis that have

We haven't all on maintaining been at focused costs. it a billion

to shrink on you land is of last have saw been from At a for point while, year. that parcel this we that XXXX billion timeframe So the to kind XXXX completed. time, Denver as quite working saw in deal zero you we the acquired

we Union the have saw which both been on year, in period acquired You worked for last DC Market of time. extended that deal of an

in is quarter deal. Market is to be as we it expect million pipeline or across shortly. active pipeline That the Today, $XXX of we XXX but the got end, plus three deals. about minus not Union

So take the pipeline will that up.

the to West had addition, where in now X we West Vitruvian In the MetLife Vitruvian and the transaction, X pipeline.

We good deals getting with the have those mid-sixes. on been

that And Vitruvian be short in with will order. so your have able X West we we to move forward think

higher get think, than a billion, the little bit will that cost that of and that on of to to opportunities, depend a plus half in ticks I you that probably minus back So X% or enterprise. X% capital range circumstances

$XXX $XXX million. it $XXX $XXX million, call million, So million,

But typically there you we easy then the free is and cash the the throw out a it, capacity leverage cadence of year, dispositions each course have put about flow of that every year. business. XXX fund and we as we to XXX, think that the off And that normal when that

funding from anything not a standpoint. insurmountable definitely So

Richard Hill

the And CDP not just an it. clarification, this Got addition of right? to lieu for is program, and

Joseph Fisher

XXX type standalone, you there speaking to twos that are so out to talk of about of is look It at to. kind high well. up, DCP the which typically development is ground million, a sit thrown that we we we When add at XXX when some of traditionally we XXX, in always XXX consulted as million, capacity have number XXX today, million we the there

Richard Hill

to sorry increasing maybe Got stays was it capital development be increase development the more. even reducing program capital I What little wouldn't where question. the I'm is, really bit a increasing for program it. confusing meant while be development, you it development would

Joseph Fisher

Correct.

Richard Hill

guys. you Thank Okay.

Operator

Piper Our line proceed of next question question. with the your from Please with comes Sandler. Alexander Goldfarb

Alexander Goldfarb

morning out Hey there. good

to Warren, congrats so a done. just well First

will Smart of the number on side, that driving said really any get other but have had income. pricing side good to and yield able had the you Home on where growth the has are expense Home isn't know, and this - I the system retain systems. not to LRO you and occupancy I about through the or just the And where the rent as cycling if the Smart side. Jerry expenses the on obviously operational, technology you grow revenue better the in far really on revenue But had people questions more you Can the being opportunities, is you about star employees Smart and of elaborate the rent, you guys earlier answering So revenue guys personnel on as know, plus, really you industry through expenses, occupancy two out. the help you had questions XX% it good your know, one where have occupancy have get, go mentioned you Home front in talked retention, you the you like and

Jerry Davis

Smart we some our that call to is costs. either tours do able We devices as Smart range. lease that RNM new gain kind we drives down to a get terms, leak insurance reality maintenance rent Home, On do at Homes. utilize being the detection well as through increase prospective efficiency a residents be it able and think our there people, $XX Implementing

don't I going to Homes But Smart foresee are occupancy. drive

that you for that as to sitter like entering is a think access rent there somebody that lot get that amenity apartment, your flexibility it. I you dog allows add pickup have more that again or

our those we as back and look before pop Smart we communities what has at in $XX, we these in we have Homes installed from getting are rents. done till comfortable are that that market we when rent look time But the $XX installed after

Alexander Goldfarb

suburbs. is in at the and your better you the rent affecting still and is plus you just which or obviously Joe, the City, are will from New three, still if you but Maybe also in now are York they on CPI what a perfunctory you happen be obviously light would then, New than plus Albany York And is then half, looking CPI can guys not looking latest interested Albany actively latest at how one give Okay. a you thing. the in are know, if thoughts that the control in positive if just exclusively is, looking region

Joseph Fisher

Hey Alex.

just more way it think or on to Albany, may CPI it, looked on have the times clarify So greater this, of information the I maybe do you we than we X%. at was X.X but

they were like renewals, still decontrol. X% you floor have vacancy but seemed it a So on setting

want just So, clarify that. to

So It decontrol, you have floor. on vacancy and would a have still as not what get upside X% the is if see. ideally the and is like we renewals still scenario to news you you that

public, densification, of things regulation, less to up You partnerships, know, we more discussion private around zoning nature. would like constructive that a see

are a consistent in goes as the But New when well. qualitative well well. is there, factor factor region It broader a as about City it that but is our pretty nationally we plays into as that and allocation as thinking thinking York

increased that and have. seeing nationally, are diversify know, we but so thinking is the platform everywhere, we You that our activity like it why we to into goes

Alexander Goldfarb

York are still on But New buying Jersey? focused you consider or would in more you

Joseph Fisher

consider would New as would saw We with New still William Jersey you York. last year. One consider We

plus CPI also I about is Jersey believe. X% talking New

a that. there of So, think at is out I that there looking number markets are

So each account look we take into time at will a we transaction.

Alexander Goldfarb

Thanks Joe.

Operator

with Our your next of Capital Neil Please question line the proceed One with from Security. Malkin comes question.

Neil Malkin

Hey guys thanks.

want First, I capital allocation. to touch on

debt and operating Given very equity capital good are costs ability that and both track your record, favorable. on

also, Just pretty maybe acquisition would could or you potential talk right about guidance light if you now, was looking potentially your and at in have great. that why the acquisition anything outlook be you are

Joseph Fisher

Hey Neil is it Joe.

In guide not historically, our to guidance, of has a terms practice been speculative activity.

go standpoint, equity those you match well If and debt. and find we were to opportunities guidance back acquisition able that an priced surpassed from to creative our with fund year, we clearly, last

you just on channel announced, group - there of guidance joint we our as the as million. for side well acquisition really (Ph) the venture. that is buyout attachment Slade So That see with XX [XXX]

more this towards of capital. and drive where can to done opportunities we So going and pivot growth. we to earnings terms will figure of did we as out year, accretion And is, additional months, can continue try do over last the upside XX find have which look forward, pipeline to the at drive XX we what in or do source that, if the that we will

today. we I did market million of mention assets have the in that $XXX

the diverse of far. are us, looking so we pretty markets we are have normal at. like rentals course slot for getting a feedback generally cap So, and we but that And rate business we

we as source that well capital. at a are as of looking So

Neil Malkin

potential But terms talking acquisition I how that assets that are the assets pipeline in flows in market the cell pool - but or on can't you of higher know cost mean, the about black your the has trended of you million I mean, capital? Okay. of you of or I terms XXX mean, of are just candidates,

Joseph Fisher

(Ph). a bit. November, the know I little I back down at if in you think saying But we pipeline [NMHC] dried don't up were had are

typically, coming more activity to week, The other that is market. when see to start you

so cost market pipeline just of that more keep to and typically, coming to deals we and utilize that starts see out going to around go to again, simply would the are around there time, we buy to parameters a just capital. see got we but So to up disciplined pick expect not

Neil Malkin

what me talk amount between ethics Okay, seeing outlook in the data vendors. to to what of data one just for talks there those expect wondering I'm fair is, And a see about? thanks. Seattle? The XXXX. this could are for you seems you markets other you your about California What be disconnect Northern or and just for in supply vendors,

Joseph Fisher

the Northern permit take a our little when look ground, process, at of terms bit to California the are you to look think as we Seattle, on be and individuals market that I we third-party regression work through more both when expected of talking both Seattle's we in level. and approach those then flattish budget at up markets data a data, generally, at

California trended. had see off static. activity more in Whereas about where six has it San that the Fran And over first forward, would what the Seattle versus dropped of bit overall on to quite probably half has we last look, bit weighted months we flip the you more over think and a going the three a little kind remained little to longer bit slippage when see there. then depending Northern term a permitting more

Neil Malkin

you. Thank

Operator

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

Hardik Goel

maybe guys, Hey my question. thanks one you. taking this is for Joe, for

where could current deal is make like were if lever kind down How that lever decisions, more that, the that. take the of your sheet or cash driving if to it the But if because At not opportunity if at rate leverage up, or like closed you $X to guys I'm JV you sense? what balance is you those portfolio in up Kelly an full something the make you Matt is is the run saying is? or it that you to have you not. you not deal, were X.X, your or is mentioned of X.X, to flow, quarter? inhibiting the calculate much of one leverage I You a fourth acquire appetite And billion

Joseph Fisher

layout just what the Maybe balance kind past sheet. good it of on to in terms we goals of is in communicate the the

The times five calls debt We for plan talked and to range. consistently, that. EBITDA, about fairly to have stay that desire to our within six

say, a laid lever So on we up say justice I guess we the get to range at to X.X have out. our you two you plan, times I the could have are times, basis, if to point ability within guess we stay or that

cost So capital in year BBB that cetera. charge been debt-to-EBITDA i.e. this on metrics, like we really we don't us. to duration fixed lever the have affords for any intent or a have cash beyond And plus, desire free of focused We really up at liquidity, time. like BAAX, point solid flow, three et lot other being the

to which MetLife time debt-to-EBITDA but take I related a so approach us just walking Not wouldn't obviously up, tick I up So, on it you to think and the holistic to in expect important thinking to to totality, transactions. for lever sheet. balance issues is about should in that due one-time metric, say did

Hardik Goel

of times? of guess maybe a deal to X.X only capital, slightly you it lot cost different there mentioned, If your have sheet was to you would it as the down, kind need a also it. in out because Got I equity taking an way. you attractive that required allows balance to be of to take

Joseph Fisher

is or have of an we cost attractive dispositions. equity either It

cash plan. the levers three to free to business two next pull year as out over look flow, have have We other we we

of they So when capital it always not into. of is tap equity cost sources multiple

Hardik Goel

Got Thanks it. Joe that is helpful.

Operator

of line question St. on the Our comes next Haendel

Securities. proceed question. with Please Mizuho Juste with your

Haendel St. Juste

market have I mine been questions. couple guess of guess a asked, got Hey of good I but I afternoon. most have specific

market at lot better have pace a outlined, the you to market overall you a than see that A this year. come assets. Market. First on expect Boston of expecting to supply guys grow A portfolio that online is

and So core, in a the do believe number where you I of just the assets. curious urban have by way

comments the So maybe lease-up kind at Garrison? facing that you statement on of for kind some confidence just that of supply? curious over gives the then And what

Jerry Davis

is this Jerry. Haendel, Hey

agree I with there think be to downtown. supply that pressures is going your assessment would we

Seaport. that growth the had X.X%. of feeling X fourth are in Pier We there felt quarter revenue where it just We

should Our are properties the in better. the port as and though supply in well as pressures encounter our do South less North that down shore

Pier The same-store. are So is that to pool you on looking X it that for full-year downtown property is only really at. in our be going is dependent which assets is same-store

have suburbs, So some going when to of up again, to downtown. going out that get we the are North B would in when that to supply agree There bit be a shore. the especially that there looking is we the less at is you you product is be

Garrison lease amenity the to [indiscernible]. up is just physically is part that building of doing It We the XX% of well. finished XX% renovation occupied. that was

months. a of We lot are back up bay a looking are again re-engage desirable. to in unit while in next that turns location leasing new anticipate, And we on we against couple is a highly the of supply the

the of be area that it do moves going the or we to that meaning site, asset. I renovation construction great during a construction think out is small that is, the period

Haendel St. Juste

outlook versus you Boston about spread that. revenue are appreciate in of or you projecting I type what Jerry, of suburban? terms the think for urban as the

Jerry Davis

it think basis is I XXX points. is, about those between a Spread

Haendel St. Juste

question peers from. a where to a enthusiastic be for last I Thank recall year, and And shying bit visited Okay. talking lot second lot it you about predictive a market leading model be to how that. time Baltimore, of last you your a seem think spending more away your was about market on we I of Baltimore. summer

doesn't you most talk you It more deceleration. the that market that call seeing of expect leading lot the about a are can today online you of coming So, a there to see in you of to market is what this supply in like out bit look Baltimore year. some

changed view in your revenue so over underappreciated perhaps what and your six the was on in you can perhaps maybe what market model. talk So about or Baltimore has months last

Joseph Fisher

will looking that it piece us over were what some it analytics [Technical year to is think kick about As Difficulty] drove And we to and relates specifics. it Joe. predictive for to at I how a Jerry more and Alex then the that. ago

a on that You we our light quantitative shines approach, are know, a markets performance. so for is set think that it

what you But tells and on actually machine the have the a the to you. the approach ground sure qualitative or that make up with take expectations meet model still

stable that national has got So in-line historically with averages. us very Baltimore, typically had things job excited about growth it

especially you wise, at the have defense and continue job side, in strong it, out most look there, have from We standpoint, East of diversification also very know, cities seen you government. there, that an affordability biomedical, a but one when good Coast security cyber healthcare, the affordable education they

So Baltimore, jobs, from highly in top in you then you in which graduate as educated a a of good percentage stabilizing performance volatility workforce. factor you a terms and STEM know, good XX construct And degrees top of their standpoint. have very have XX workforce, is portfolio a of

lot of that MSA things for going a whole. So were as there are the a

did a And then down obviously we have you it to narrow to Roger what sub with market which - Sports. is

are proper. in necessarily Baltimore we So not

sub right to had pick market. So we the

the of kind long-term. over is there us what that So led

through more is comes You long-term but in know, it results, play. short-term obviously volatility a of

Jerry to if wants maybe out. So it close

Jerry Davis

is would a I the one year, going be units look units. property at Yes, within mile versus of the Towson our couple year elevated this we add we When see markets is area. of last of XXX markets just supply to a got those where thousand it sub there are about in our coming

to we we year year the revenue last twos. X.X% be it in expect did growth, this So down

to any think [Technical see over are And of again, mid it how long-term we not is here? the think like but going come Joe I we the going and as I that year, more market next So said, is Difficulty]. – a

Haendel St. Juste

Thank it. you. Got

Operator

Stifel. with John line comes question Please of next with the Our Guinee proceed your from question.

Thomas Toomey

on queue? there? you we in else might be have mute. left the do are Operator John, You anyone Hey

Operator

do. we Yes

Pawlowski Our next is in person Green your Advisors. queue Street with proceed John question. with Please

John Pawlowski

Thanks a the hoping on lot and front intense for you year-end. DCP the describe time. us for bit Harry, could a

Just last to the other? has or three fared months six the competition how way one

Harry Alcock

has developers. to There been the from John, additional a dead been have It you be stable. think supply has seen funds. demand also number There our months, same return assets competition our hurdles. we in They own opportunities fit XX of the sort to or are continuing want of long-term. find XX past of to relatively continues fit terms I from Sure, is that we parameters that

close us Oakland a last saw in You deal year.

back are as we also that have look build pipeline, to We but our we not others looking only incremental. historic add

John Pawlowski

that pricing As on the pricing more become within solid deal flow a deals as competitive?

Harry Alcock

space deals underwriting are it I in have are Again, just are players the we doing, as where circumstances more has consistent IRR. you think but the a there been. we

parameters. for always are fit We looking deals our that

have expectation our the we So done will what into be historically. to we that consistent the is enter very transactions returns

John Pawlowski

Okay. Thanks.

Operator

further queue. Mr. are remarks. the hand call closing [Operator to I back to for Instructions] There in Toomey no questions the like would

Thomas Toomey

your UDR. are and quick beyond Well, we want you about thank to I in our closing. can hear you excited that. future XXXX and time for that Clearly, interest certainly a

the team, have plan. We right right the

Just conferences look in care. forward to executing of Take seeing to many the forward in on it. you future. the near And look we

Operator

and Thank your teleconference. today's conclude you does for participation. this Ladies gentlemen,

disconnect may day. this your wonderful time at and lines a have You

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