Don, results. with and Starting second quarter good afternoon. Thanks,
Our by expense store declined fee an X.X% X.X%. combined a of increase X% and of by revenue NOI driven decline year-over-year,
of and the a we combined blended rent we into periods. during the expect same-store release, to on for second which our coming same continuing press ago, included above year the us have decline quarter results. lease our remaining roll details future quarter. not our the growth we While by XXXX, On rate time preserve XXXX revenue and better year Traffic volume of in positive staying Page than sequential encouraged year-over-year turnover all help X I'm results trend last realized at
the versus were prior positive gross period. As rents you can see,
concessions during in more urban market the markets generally X of particularly of. some between while on peak But same-store upwards coastal the of typical a they the included: revenue quickly weeks season. see we reached areas However, driving has primary basis that concessions minimal year-over-year decline negative during drivers contribution revenue. anything would of with on COVID X concessions where reopened This concessions point to leasing at X our quarter, but combined XX compares X.X% with average. stabilized been to assets first, year-over-year weeks were to elevated Typically,
year-over-year our declined second points in quarter. XX physical Second, the occupancy basis
the approximately occupancy basis accounted However, points basis of XX XXX by the lower corporate quarter during coastal quarter an occupancy In same-store total, year-over-year primarily for our in economic combined economic additional higher units down of in second market drove decline XXX reletting revenue. points.
remaining reducing cap, are corporate our the with thereby Importantly, associated risks economic well forward homes.
regulatory on and the XXX same-store growth. will same-store to regulatory our driver until of year-over-year that negative year-over-year due in negative environment disrupted was income fee point the likely points. basis changes. $X.X growth debt This had combined final way basis our impact which constraints remain decline bad negatively revenue a results Third, revenue was impacted a The totaling by combined million, XX reserve
respectively. debt as and been As combined X.X% mentioned negative have on press X.X%, growth same-store NOI accrual, our quarter second negative last would in revenue and bad night's release,
and held on growth compare recent see you lease during to well applications blended our press traffic continue recent can XXXX. On favorably that X up Cash release, rate and positive the Moving versus Page more operating collections to remained of terms. quarter.
during points quarter which, operating turnover initiative, our annualized year-over-year, limit lower was along Additionally, second next-gen the XXX platform with expense. basis
credit of homes Our the to serve approach teams the field pricing of their to as execution in resilient these and for much results. our surgical generating
experienced include all in rate to Next, analyzing of portfolio occupancy, portfolio to community. at regulation quarter our because XX versus outperformed in our operating averaged trends high exposure short-term geography lease more and suburban the magnitude of in different as urban Traffic in areas across our Any performed when at renewal and growth, remained urban our quarter new outpaced quality the the and trends rate of our outperformed some similar urban work-from-home traffic, communities quality. portfolio urban occupancy B suburban suburban verse quality New urban suburban markets Los turnover A coastal portfolio Physical community. landing. volumes Angeles, level basis urban our growth growth similar on X.X% second followed most specifically. generally trends due pressure and versus community of during our price certain and XX.X% corporate Great Boston lease questions to generally in suburban York. mobility by with Occupancy XX.X% terms better across and points. compared and These negative are our markets results.
July. to Turning
to revenue not XX around flat yet average XX.X% rate growth month have basis to physical we on occupancy be but a book lease XX.X%. down million. to $XXX Blended and to points expect billed to the We closed range
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until [indiscernible]. there's Moving forward, are we reopenings relaxed, will more emergency in continue gross be regulations some to around revenue and of expect visibility that office
which. the and generally real, dying to of results. the single-digit in and have range. durable Orlando, markets exhibited second Throughout that suburban have with hospitality such Boston, level Orange as in largely market's quite the characteristics Francisco to portfolio [indiscernible] Demand York, markets those market the homeowners spective each market more Tampa market We throughout Now high the San mills our proved neared retail. had maximize markets. as Positively, market during strongest growth, be nimble our specific quarter, the following attribute important Nashville, to every revenue to to and despite in that rents Selina Texas reacted differentiator middle our in pandemic markets. this an to, we exposure county partner with their has pandemic, approach market price and seen and different given highlighting some down our pricing stay our resilient New
experienced mobility exposure. Francisco, result as during well quarter San as mandate New the a trends to due short-term York, that corporate in an annualized work-from-home increase turnover lease markets as both of
cumbersome continue residents generally for will line job more pay the has higher office some to has due and have levels. to expire in lower time rent, reopenings these and living better driven they leases their While concession Lower requirements markets regulation occupancy, defined. the in are resulted once to levels situation allowed which traffic fiscal revisit
our outperforming across occupancy example our communities rate our suburban However, are markets, mirroring for quality William New our the good this New remain and and in point A the at and is in Brooklyn are outperforming. beet XXs. deal in One York Jersey assets theme all of high of
tracking currently community above our $X made to well, of we of acquisitions cumulative Moving these nearly billion relatively have continue start perform up communities underwriting. with original to NOI XXXX
field to want rent to operating effectively comprehensive I strategies. and my and the Park your understanding been governmental Finally, to affairs efficiently of and eviction our has surgically their moratorium, across in price to colleagues regulatory in teams dedicated regulation work you market, being for I back in able as our Homes And work daily day-to-day team our legal and regulatory thank hard our thank restrictions we for changes our wise. regulatory changes changes other and to adaptability field, critical our portfolio and continue the into communicate
not Your And turn to do. to but like that the jobs over all you I'd call appreciate been, have Jerry. I now
