UDR - Earnings call transcript Q2 2021

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Operator

Greetings, and welcome to UDR's Second Quarter 2021 Earnings Call. At this time, all participants are in a listen-only. A question-and-answer session will follow the presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Director of Investor Relations, Trent Trujillo. Mr. you, Thank Trujillo.

begin. You may

Trent Trujillo

UDR's quarterly call. to results financial Welcome conference

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

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

Tom Toomey

XXXX Second you, Call. Conference Thank UDR's and Quarter welcome Trent, to

Operations; and portion Chris be Senior Chief also call the results. the Van the today Fisher, Lacy, Senior me Joe with during Q&A will On of Officer, President available Ens are, Alcock; discuss call. who Vice Financial Harry Officers, our of will Mike

of results our quarter were high second at guidance expectations. end Our the

our topics their all additional Mike competitive driven year guidance third address best-in-class acumen these of fundamentals will improving this and operating market include prepared our with advantages, value in our selection In and platform, creation allocation combined variety Joe and multifamily markets, capital further addition, was a by our rapidly remarks. which our raise across mechanisms.

a multifamily first laid earnings may largely a to broad-based additional upside jobs and conditions imminent. rates, strong growth. From perspective, business office be XX just ago, a macro has we call, quarter our our and over stimulus, days vaccination recovery normalized return improved scenario we out. wage played then, During have thought out driven why fiscal Since

We at evidenced captured new have a quarter business, the now occupancy high Company. to rate. XX.X%, our operate actively are demand Ongoing ability watermark an for this continue accelerating restrictions incremental as but by regulatory hamper these to sunset of our fully beginning to end

we renewal income fees, artificially recapturing initiatives occurs, lost were constrained limits operating anticipate the this from on temporarily As charged pandemic. collections rate during that growth, and

Moving on.

online we next-generation innovative our drive Our reducing allowed mid-XXXX. attributes came our platform customers by have in the run in change platform approach Since initially our to a significant self-service on-site wholesale Its to us operating by gain continues efficiencies how nearly XX%. business. and cost staffing

UDR. for associates, opportunities in stakeholders. great company satisfaction and opportunities job. concentrate Our doing of and closing, good corporate, ability you're up workforce the the count and I team's our more work, direction and as at has on win In the our slim ahead resident compensated, effectively on progress of the as field To keep our advancement remain is for our more our us. can this certainly future. a profitability as I well more strategic for their to everyone execute residents Company in our look and the down a in I career and better efforts confident opportunities to highly new

and driven our In accretive average better operating innovative earnings and portfolio. revenue-enhancing and time our in This initiatives, years platform up us that, consistently to diversified ability shape up core that next-generation nine growth demonstrated and recognized in total continues operations, strong We the to for ahead. our continued XXXX of capitalizing our ongoing is will set the widely return years over benchmarks. call generate last to industry shareholder outperforms approach throughout have growth certainly I turn actions With are results to the repeatable particular, the a to capital recovery seven a Mike. well allocation. poised on over

Mike Lacy

recovery inverse COVID of of and of the the The what depths year pace since we nearly a been in ago. incredible our has experienced business

inflection to positive days. us a rebound multifamily portfolio, time our a aggregate, expected expectations for for we third and surpassed quarter demand in our in in the second trends raise core has during guidance rapid XX While and led the operating approximately

let take on quarter our key operating through with you second trends. focus results First, me a

at came Strong guidance versus underlying ago XX.X% strength results the high first with range rate year in Current results quarter, demand confidence the sequentially. reaching from ongoing basis of benefit all-time with effective that into our sequentially blended indicator market of XXX occupancy in quarter to above will a us growth be lease same-store accelerating to continue gives and levels markets. Second and the XXX June, in end July persisted basis signed, UDR XXXX rents growth this improving points revenue has leases rent market growth recovery. forward-looking is all of highs points and XXXX

two second XXXX In driven This quarter the XXXX comparable was demand, factors. periods. traffic and the same-store well terms of primary by was during above

both our the which points a harder to tour First, residents and sequential capabilities accommodate Francisco to XXX occupancy by of self-guided New gain back have best continued during evidenced areas, greater traffic; York quarter. second, urban migration higher by us of hit is basis San and levels in allowed than

signed which no three portfolio-wide XX% XX% currently occupancy, compares to the favorably are the assumes next averages and over ago. new leases XX months XX-day Our days

stronger all Our elevated pricing translated markets. occupancy into has our across power

somewhat strengthen higher As in roll. further future such, to and willing higher near-term rent to accept turnover we rents are our lock

is X% higher a gross versus XXX the our is This approximately improvement versus points basis. average lease roughly lease versus During the to August was first sequential higher basis averaged lease widespread the average weighted quarter, and of our hovering on and blended when renewals our reversal improvements near loss was an a double and second XXXX our X% quarter. and few X%. far thus effective XX% just growth reached Currently, what material we complete basis ago or September in loss months lease quarter. fourth quarter in to have on a a rate averaged to gain when achieved the

effective growth rate driven For by growth blended new single effective quarter, lease forecasting the we renewals strong the to third accelerating mid- rate portfolio-wide. and to digits, high lease are ongoing

to pressures Additionally, concession continue abate.

leases. on average in of and better preserve XXXX, to we for average quarter four our peak X.X weeks weeks That a concessions of to concessions approximately and to maintain during rent rents to fourth declined the the granted offer upfront X.X anticipated on less rebound. Our today. strategy roll through the than April pandemic on new At has week been half levels gross concession

As On to when the effectively of each roughly portfolio. have our late expect top market, improved dynamic re-priced growth, since week this to I concession of of X/X equals quarter third XXXX. about rate throughout our we X% effective we continue

on. Moving

highest and Most $XX other reduced This call, renewal total restrictions NOI million on around. emergency discussed and quarterly the COVID. lower this regulatory approximately to turning income collections is on reduced of came share our at we million shortfall by rate or $X now quarter a our $X.XX minority growth. through per restrictions As first with

prior the are collections we've and local these can their currently another balances. to certain first optimistic to working or to York million, success that is programs we First, under from prospective Washington New continue second, has California, accumulated and late and recover state $XX obtained contributing mover delinquent and Year-to-date, much this regarding due collections, residents had of have with and assistance programs rent. fee access being million background and applications income a our And totaled state growth review $XX.X on have of approximately streams. rental reimbursement resumed delays. to in starts We and

income levels, For furnished rentals now back to example, Fee XXXX our area million is of third we quarter. a revenue approximately common totals when during short-term XXXX expect number levels. return XXXX levels to to for XX% in annualized, and similar the $XX demand to rentals

a rate should million. would that a standard fee estimate applying However, XXXX imply closer $XX growth of to income be X% XXXX

believe as portfolio. continue restrictions regulatory sunset across As to is such, our upside there additional fee we

Moving on.

operating markets and X.X XX of Platform has XX% over version out to next-generation now our XX,XXX our Our XX been apartment roughly fully of rolled homes.

now Our tours On-site model of residents have self-service as minutes resident UDR or five to on a touch-less. attrition. a natural spend evidenced minutes embraced XXXX compared during shift a average reductions prospective XX introduction versus XX% The our easy-to-use associates communities staffing being approximately by of has previously. and interfaces self-guided with our XX% tour self-touring resident of early automated to widespread primarily driven levels, average through headcount across approximately year-to-date property

adoption apartment associate that the XX of Our various achieving approach every communities our and permanent corporate structure, employees. reduction have associate neutralize we for employees give inflation in coming and to helps of XX homes associate for the to allows some XXXX, To a one more the for a and managed wage technologies every hard homes in homes our to to including manage at efficiently. numbers, one beginning we every establishes apartment had our staffing one Today, XX see quarters. cost pass

implementation our and XX% as Importantly, X.X, Platform of expertise higher also in in three realize ago. customer efficiencies achievements our strategy. to have formal service come are resident acquisition scores The these the tandem we platform operating the satisfaction our with through evidenced can central since by years improvement

for expectations in revenue X,XXX is certain XXXX tours than rate platform's the our On start and and accommodate in have acquisitions. acquired in growth Texas implementation and the Florida since our especially true management residents rent markets, ahead occupancy revenue and prospective our of market the resulted of the ability have underwriting advanced capabilities, This more side, growth XXXX to of homes we better-than-expected on XXXX. for more

identify our expansion outsized assets legacy benefits approach our yield creation multiple key I helped the that markets, and optimized Our portfolio to and transaction Proximity capabilities. value and attractive Harry platform to growth for to team provides from communities platform our maximizing drivers. UDR is finding our credit strategy realizing

For operations our acquired high properties. forma growth tracking XX% the strong the advantage in reduced to believe that total, example, legacy first fourth a a of is on on should since In to and and approach maintaining still while pro at XXXX, we has have been drive that average by portfolio continue reduction we competitive average, communities our a is six XX% of on-site staffing service. acquired level quarter

Finally, to based million for $XX at track we dedication X.X by UDR field XXXX colleagues my efforts, NOI team's has growth thank Through continue well platform associates corporate collective culture our original of vision. that a I our million are to their evolve and and empowers in your want the we the incremental the feedback. on on to Platform target from to initiatives. $XX achieving to

I over $XX from we by improve great by is up as designed to In turn X.X has data better ability have great our in platform. the particular, with job continue I'd an enhance of vacant associates maps. To to the you to retention, a you and call to and $XX of driven done rate we work to initiatives to to As results. round and million million the excited improve proprietary, And ideas. our like resident innovation, rolled refine in am reduce pricing days NOI fostering next from listening the Joe. been heat out, run now, Keep satisfaction, create UDR and my mid-XXXXs generate confident I'm platform-related to this model are to call, analytics additional continue that already Platform increased a

Joe Fisher

second and Mike. balance and outlook our improved quarter I The liquidity recent XXXX you, include and year a results topics of sheet for cover markets our activity transactions will Thank today update. capital full and

achieved our FFO end the the was our same-store share of provided range high and previously revenue second adjusted per quarter guidance Our $X.XX expectations. at of growth of supported by end as high

same-store NOI For the at by The is activities. for third the quarter, from expectation increase is per driven our FFOA $X.XX growth $X.XX. midpoint allocation capital positive and share range recent accretion sequential $X.XX our to per share sequential guidance

range our $X.XX combined growth, increase a and from from a from XX activity a midpoint from by an the continued our throughout guidance when anticipate year year increases interest basis NOI for with benefit in $X.XX drove driven year increased in representing now is guidance. accretive XXXX midpoint increase G&A cited full expectation improvement full results same-store to improvement We the $X.XX FFOA the in with This prior $X.XX release. same-store point offset year-to-date our Our sequential lower benefit and our by expense, expense. transaction $X.XX $X.XX

For to concessions we concessions and XXXX difference that with X.XX% straight-line granted a are cash negative during revenue XXXX. negative with negative X.XX% due on primarily impact concessions forecasting a residual X.XX% same-store positive on the guidance, growth now to basis were of to This XXXX full year is amortizing basis. in of X.XX%

As we as our of we portion of manifest encouraged sustainability realizing trajectory and but XXXX in opposed will discussed, positive to are Mike a are by operating the likely year. currently the this growth, upside

including XXD available of Attachment guidance expectations, and and are sources uses details Additional our on supplement. XX

Next, transactions update.

All have refer Should with total and release on recent are framework located the During acquired $XXX additional close total acquire acquisitional all transactions million. approximately under acquisition our press communities and these match-funded are communities year-to-date we of communities considering accretively $XXX completed for end, aware markets two desirable, will quarter, million. one are yesterday's million. our when is XXXX for a acquisition takeaways been analytics UDR additional quarter one for sources. other to of are to acquisitions and recent site to $XXX accretively growth. transactions. There protective expected, Subsequent identified three we as to be contract land in Please that are total activity of to a priced details proximate two

in drivers. initiatives, apartment First, we operations, these operating driving believe and overlaying years centric value coming areas. through expansion multiple we communities can our These the implementing generate creation platform, deals outsized operating our legacy core proximity efficiencies improving include at next-generation homes renovating common in

$X used on this XXXX. billion our in already third-party in completed acquisitions nearly playbook and successfully XXXX have We

to average to the months XX on generally have past of our and XX% willingness through asset the days. as X% work XXXX source Second, it accretive first XX to put capital seven over to proven has values increased

earnings value We raised continue our create to to for equity share and grow deploy into, stakeholders. previously the look which will for accretive opportunities per our

on. Moving

remains and fully sheet balance our needs. capable funding liquid investment-grade Our capital of

highlights Some include.

shares forward agreements on close of funds accretive of approximately million for land for during DCP sale combined quarters. expect million X.X First, stock anticipate We the opportunities, we quarter, in $XXX these proceeds. expected entered we the a into coming site acquisitions, common to future and investments, which using

scheduled or of debt less only have facilities. of mature to XXXX, on million we after Second, through X% $XXX consolidated amounts our value credit than excluding enterprise

June measured and the weighted years peer a as from the rate amongst average the our maturity best Our seven resulted years year billion three-year the ago. the Last, lowest our $X.X proactive approach capacity managing a average liquidity to our and our liquidity outlook cash has forward from in years X.X% sale weighted balance sheet expected at proceeds of net facility settlement of interest X.X expanded XX, in to multifamily including equity group agreements. sector, future by as credit totaled the and to

equity Our were during and the that outstanding quarter consolidated financial equitize recently forward on debt-to-EBITDAre leverage ventures, to of if were on agreements enterprise approximately was a inclusive $XXX fully closed. of was X.Xx acquisitions XX% value, basis, would joint be X.Xx our but million net settled

balance to strong, sources remain excellent and that, Operator? create and it our our for together, allocation is we a I capital Q&A. up open variety balanced, uses our shape, utilize remains value. will to of in options forward position continue Taken With liquidity sheet

Operator

Citi. And [Operator Thank Please conducting from this with Nick question. first session. Joseph be Our question our at question-and-answer time, comes Instructions] will you. your we state

Nick Joseph

of million I this sort right in think rent of collect just How much you is the on program, remainder assuming now. Maybe applications for you federal that $XX the guidance relief year? mentioned

Joe Fisher

far. proud off are approach question. for we the of appreciate I pretty we terms say efforts Joe. put of the first because this so that in I'd it's we Nick, how

of in investor. win-win cash the and came as, off really due out at full packages, get course, that get this we and two both first as able looked rents a of the resident when payments the been these of well residents terms some get for in stimulus their the under to saw base to So investor past

aggressively. So team went parking, do cetera, rentals, it and have the and platform, we behind a approach common just et area initiative, it like after pretty we through in

date. on $XX $XXX,XXX this million pleased the got e-mail in we've another gotten so very to overnight, see I that front. with just again from So morning momentum an California to continue Actually,

In in the have plays of we it terms opportunity them there to how several at and kind to they million application. more for get months. of last Team have with in and the as work point, signed set the out guidance, up $XX of continues trying on residents more

half balance AR roughly is our right So an now of application.

residents Washington, addition, former half moved $XX start is in recently off we period. million approximately do effectively, so have COVID-affected being assisting former they of get the million and have In above there to and due And from their or potentially us. rents $XX who able when out beyond that's to from related that announced with past with out to California plans of that, residents

on a as So, that we have well. team focused

So of science on in little of with impacts it's bit this. a guidance, terms

about expect are continue. up that We a and trend to picking week $XXX,XXX

half the the the part the of see we factored continue the we expect So in year, we the to picking regulatory the quarters. kind eventually what collections improve to some terms We've up in as mid-XXs then as of into as we continue restrictions due residents. up. into gotten that think here. get picks off around XX% efforts into We start half, back on And of get we next come that past and next do to hopefully, back past with of we

'XX up well. see that into hopefully, as you'll So pick

Nick Joseph

Or changed? individual market have out And rollout, like received much versus on almost then initial roll the X.X how you rollouts? in is operating it sounds has it How as very platform helpful. was you much each the That done. just feedback

Mike Lacy

it's to the continue employees, away. pricing that right not second, And would that happy can is, remarks, of efficiencies run last and prospects. starting To gained. extremely people. first people to point, this going pleasantly and there's are happy that, per employee And I've your The is X% see we efficiencies residents, self-guided. just we excited me I'd homes the self-service the number. evidenced you, and our more see really want think going that's where to surprised traffic we're our want the thing we going to more. to expense you are you XX. continue with with something That at And heard to at as say, one I and to XX% talking can been Appreciate less pretty they Mike. the and XX of think And this to play see point closer tours We're is starting that out tracking go to we're talking at I'd say is in And point, to thing we that question. to close per tells talking to properties that power prepared we and believe with that is open out, I it. out my we're and wide one do out one play funnel this going. point, increase. controllable be to that the that rollout apartment to start it's all I Nick, tours, there tell And the by our our they're to self-guided looking embrace

Nick Joseph

scores? what Mike, your NPS about

Mike Lacy

is up NPS about score XX%.

they this continuing our want what and do to happy with residents is to us. embracing we're business and So, are see that

Operator

Bank question Please comes Spector ahead. next America. Jeff with go Our from of

Jeff Spector

quarter. and on congratulations the you Thank

your into that markets, peers already What seen on has which on, announced your given Phoenix thoughts First question hot I markets? markets and some have of footprint market haven't expanding is your been in. just new anyone you're a entering market. are announced on

Joe Fisher

it's morning, Jeff, good Joe.

we're the it you AB. I in roughly a the mix diversified XX think position the When markets, look XX-XX suburban, already. at urban, great portfolio, be on XX-XX

compelled one, of where on new a markets. of So, coming we we're expand markets, certain don't kind add feel from position aggressively or this reduce strength

to doing in approached direct human we've strategy resources the real terms and really that are the both that we it have markets guide on from portfolio comes our here way outperform we think But value our incrementally those to analytics the then focus capital going work, qualitative So, we and and at us make and asset the the markets. overlay into deploy of a try we what efforts bit capital predictive to our level. all add that where little is and within utilize the sure we're

get to more platform the together it the so have team then programs focused value and efficiencies that when core don't those So it's team the Harry we find competitive plan maybe assets, creation had the continue of the making business owner existing that their and or the and these and assets sure the to advantage and on on the really we together prior be the have we proximity assets that Andrew ops, initiatives, and with assets, neglected capital find levers that have, get capital can for. approach put

on the recurring we're we here the back comes front what to platform So for have think growth market and side. the advantage on ops but doing helpful the is external the I us, true

Jeff Spector

XX at helpful. my this can say second your exactly comment supply soon is, XX point? on too on thoughts Very supply next 'XX for you to over Is And months? it the question to

Joe Fisher

No.

on a read at I supply decent got think we've this point.

the downturn. 'XX, into have the The level But not As much XX we are flat did a you the slippage get start bit it longer submarket that little a we into Dallas, as well most Denver, see a there as from three bit process. off California as percent. and really head markets be or decent, look But construction Boston, hoped lead obviously, Tampa, year 'XX, you may be say overall, to so well. they're how as of next to going has perspective maybe markets time applies our in That definitely markets like through some I'd that terms been probably Orlando, concerned markets looking during down come active of throughout the will supply about as the we year. little a takes more permits into Northern the to we've delivery would long feel as City better New to about that in York

New to may feel like little a some Baltimore hold markets then off D.C. maybe bit higher steady, a next as But still bit. permits in kind good a be may we Nashville, that from pretty supply year. little down recent overall, up call York still coming it, late So little or our And are looks the activity, you permit XX% peak kind bit. 'XX, at Similarly in so markets, of back look of early 'XX. be

multifamily little a of as single-family, so out So on but seen, activity a well single-family bit think up. there for of you've permit reprieve supply, plenty as I there is demand

of the kind you we're there, out permit given late it a maybe bit as into activity at. 'XX, to starts level 'XX, So little that go looking

Operator

comes question ahead. Rich Please with next Evercore from Hightower Our go ISI.

Rich Hightower

a quarters. Joe, of new better I little against full understand But shares. of can that bit maybe next of see can year. timing settlement think go that the the pairing help full settlement the year several I you June for may it expiration on mentioned agreements acquisitions? Obviously, around guidance the assumes those us And is the you forward of

and us of sort So the all the that? just understand cadence help

Joe Fisher

absolutely. Yes, Rich. Thanks,

settlement equity Guidance take You are second those agreements the half. the account within of correct. does into forward

under within press well the net the this and of as at we $XXX it's the announced to point, release, up three at teed transactions. in up, as million in XQ Seattle uses around contract XX-XX you on XQ. needs look think for When Brio, those assume that equity of we roughly fair for two assets acquisition have I

In the really capital looking its which to deploy We're roughly million and addition, you redev then take funding, investments leaves dev DCP place existing half. investments. should DCP in one, three that new at for of $XXX that have into, and acquisitions and identify but avenues second DCP acquisitions,

there able we've And deploy acquisition the spoke about good utilize the markets to and of in feel about to say continue little new in the and continue to pipeline side, in get creation those, I past. accretion a get of a would the terms diverse mechanisms, so, on that bit acquisitions and ago set been value

equity We DCP those underlying discussions with assets are buying of having existing of a some DCP number those partners, potentially investments.

as the the to reasons the Love at creates. business it about of So, to those one is we've like the economics. it continue DCP, talked past, love that big that. cycle optionality But the we're into we where in we of in deploy piece the

table some And the of on those; seat for buying having some pipeline. of good at value still maybe assets, us maybe the is create so to the DCP another and these course, to grow looking opportunity and

assume half fair So models roll you it settlement, together, second XX-XX all this probably when is your to for at though. point,

Rich Hightower

of now We sort the psychology That's York the to during of the sidelines demand couple some us other coming Joe. various see about sort lot of reasons, people places. reverse in mentality. the And of couple for days on a scarcity people. of my got understand this of COVID. it we've there's almost strength And New happened a renter where you've Okay. a right off help second talked in and rent in maybe what lot just question, helpful, Maybe of calls last or that seems have surprised

do guys long seeing you And that expect mentality in how that what you persist? are So regard? to

Joe Fisher

can Yes. Maybe formation I'll of in. from start and jump obviously, up. perspective, I'd a lot others just picking a seeing you're say household macro

confidence there and in single-family, helpful. get recovery, consumer improves more multifamily the going clearly and households new economy the or as psyche and forming out they in So, the

of immigration psychology than The workforce side past up And demand into the wage wages more place beneficial new one, renter, grad couple there. in There's on more regime the migration friends, the the have and then get seeing a at home, household, be that doubled where political taking individuals college of you form moved on and of into So so for recent pent-up the so significant you the get last take lot going definitely a from obviously, look us. there. that, gone. out within with plenty you side, you're have multifamily out this clearly, years inflation didn't place

or side. average equates X% around most minus X% X.X or check plus that this for time, or our pockets levels in so which are markets point so above $X,XXX, their months money in to of on stimulus at our renters, were The think I more pre-COVID of rent.

there so, the get little a a into a then give to markets, power piece into Day post-Labor these but wave started, bit of past. sitting cash has season that And here And second in we balance continued helps kind of than office deeper some think may the of on into they the us environment equation, have return which the they're back more be in that pricing today. you sheet, better

you it all together, I consumer stable a recovery seen more and we've it's it's So, good past. cash and good heavy demographics, economic a more the in and think roll than

this So, the year into continue, to through I obviously, trajectory but year, definitely well. of this next as rest expect

Operator

Morgan Please Our with comes next from question Rich ahead. Hill Stanley. go

Rich Hill

in north So at for guys, And the you're even for guide back? to the July for the holding same-store implied growth rent X%, can't why about I It's what a think your half a I year? when putting same-store What's growth year. X% better want to of second pretty than the or just look in lease up X% terms of around implies second. X.X% of of revenue that's -- it be talk I second revenue half that the

Joe Fisher

have think do I the step. two One, you things. stair

than to quarter. quarter than likely our quarter this fourth the X% four go four in you of the the less one half, in something implied As in from we're more and minus second the think something to going third

a that very the taking the year-over-year, do So When a about. flipped blends stair-step rent which prior place. still think you earn-in have there's the about roll, positive, we're of excited meaning you have

get to as blends talked better we year-over-year concessions comps quarter. probably that continue imagine the that in down negative in quarter quarter. fourth to XQ, given still run last had stretch That the to were XQ in And have get better that said, that think we in earlier we continuing well which into Mike's the a in year, in about not XQ number. blends the the I as then, pulled script, blends fourth did year and third

and obviously blends we're revenue the of the today of number. lagged But what the impact into that's seeing blends disconnect doing in eventually why between what 'XX. when So, kind it we're on same-store builds today into gets there's

lot how are going perhaps continue bit little do and be. on and less point price on focus a of to XQ you So, at a this XQ to so

Rich Hill

your Toomey, already 'XX rent roll how for you priced? have of much

Tom Toomey

right around XX%. That's

by time end XX% we'll the we be approximately September, and around will XX% the get it, earn-in. XXXX to of priced So of, our that call be

Rich Hill

your loss to In lease?

Mike Lacy

getting call anywhere next should nothing X% to this to market on if very an whatever to we rent moving offering We're of this X% side. get close rent. And from then see weeks. it, is growth maintain strong around on if thinking year is sitting on around that way that to four three basis lease forward we to point. at we to concessions, the that, base XX% market today our rents, you about about to last what Loss starting think with in offer doing your very that's top we were can your effective And XX%. we're we're can strategy today,

at big So increases some forward. as we're we move looking pretty

Tom Toomey

with Coupled priors. really accelerating on Toomey. year et when and us regulations fee down, a Rich. to hard you It's the government have at ARs half recovery, cetera, from year the it's for potential and and pace, It's recoveries map for next coming number second your such your a out of the

out. tied get see in into X.X or the X.X. different a wouldn't It's so, much I too up probably We'll where it code. ZIP And plays

Rich Hill

is helpful. very brings double for second. a just me at. I just Yes, advocate just play I to was up that's what very, here exactly another what And through a It to question. you getting went want

rents pushback you're of in and and that doing. impressive and but Is that? prove that to far growth given basis getting get in the have you're we portfolios. absolute high both worlds What's your group. talked question it are going on And you of XXXX, know but strong it, that stronger you've inflection sauce? than the pretty side in Sun a mean XXXX your of markets. that also of Some what so growth diversity not otherwise of suburban doing peers as of doesn't secret markets, inflections rent with is other recovery I you're level getting that guess outperformed best on COVID, the are it's how coastal really where the the that peer about continued to continue I yet you're in the is, your you steep Belt you the the

it more like And one to just I'd maybe hear so time.

Tom Toomey

significant we're that to take of your increase vacant other that we dates Yes, and that is the a through these date outperformance. is run sure. it. XXX been the things Rich, the with we only when XX-minute down, of come would the if But platform, give pricing clear on platform. through five example. And think the that desirous they And side is tour put in the to door, are desire, in continuing you schedule. one I we to execution if increases start. a demand been you travel appreciate And mode you week. we front it the literally, culture our can have the you when hotel the the use minutes, have place retail way, to had that's a days and tours XX conviction. it apartments, of the you innovate have We've tour, customer, like take the And say of I the one, your pricing learning think you or the if by which question. I'll the the difference power what last in And that all on of aspects which because more a yours and platform just you number this: can of a power a customer customer a our has to

execution. the Joe, add? So I think anything platform else you'd culture, it's

Joe Fisher

continued sight I three have being built, to we this either active most the by But to to to perform quarter, I talked don't years talked talked driven past, and about the by Being of there performance, we've last able one-off we've I well want external The find which utilize assets keep about about the Rich, performance. transactional the lose in utilize platform sets able is deals performance, the to that think these go been relative that last operational to we and know, XXXX team over driving peers. there share within look on front. the a off driven far lion's flow a presentation cash fruition could growth it The NOI NAREIT, but the lot performance upside FFOA of everybody at have of definitely hopefully of take blocks and building XXXX. come which to at. skill

at XXXX at today if the rents just in pro XXXX, you point time. the if those above hold, we're market forma acquisitions, this If look XX and look to you XX bps at

market So we're already given year how capturing moved. of one in quickly rents, year type have three numbers

us. equity DCP but is XX% went So on and participants downturn, during and was and looking target that NOIs market were the for the cycle then. Similarly, terms there, paying bit for a a XX%, values since out aggressively We out being that the little Obviously, still four transactions up have dried did during IRRs. capital. asset aggressive definitely warrants others down dividends of side, in moved

than get all when said So hopefully, actually we the that. are IRRs better done and

sheet, so skills that external of is the the ready And step to with and utilize having top utilize driving up core and FFOA continue on being and and about. growth Company, the balance that's being able Tom ops more sheet balance of there talking the the

don't want sight now. right we of going to have of that that So, lose kind I virtuous cycle

Rich Hill

with you what I'll summarize Yes. just said.

power we being than you're you saying which just would is real agree what a think base this I completely earnings with. rather have effect,

Joe Fisher

think it I Thanks, simpler Rich putting way was much that than did. I of a

Operator

Our comes Amanda Please Baird. next question from ahead. go with Sweitzer

Amanda Sweitzer

full opportunities changed, rank DCP seeing terms more you're volume? today it the but investments, increase in highly provide of to year market as those on capital. up Following you the clearly got in just that yields and hasn't Can you those the both of guidance deals, your use information on

Harry Alcock

Sure, of Amanda. of mean, lot of a This this number overall, opportunities I the type remains for There capital. is looking is elevated. Harry. developers

However, that yield, the overall new competitive. prep to the very players continues market meaning pushback overall is there's is in look for capital equity market. The that are

a probably So number total We've loaded return for down. mentioned, as our is of were to XX% coming overall low since Joe XXXX. years, and returns XX double digits done expectation are XX% deals up We to and three be double-digit probably about the year, deploy the years, capital three to deals We to into closed last now do we're in We two $XX million. able DCP. committing continue this expect or to back again. that

committed to $XXX $XXX to million we'll currently or and track is over to continue relationships. a million DCP. our capital $XXX have And access another add existing next We that We're the record, expectation at in so. million year we'll

Joe Fisher

earlier, mentioned are I having the these, in $XXX optionality think some we on actually on acquisitions. I back Amanda, And Yes. conversations pipeline of through too, million

post only that have or we all on options. backside don't participation which these they two-year have certificate us makes also XX% of So window. occupancy, lockout have of do during so. the a But potential We buyer two-year typically

next And of to pricing the cash they redeploy so, in into set IR a are the to side. get market, their take driven, number of and to that's advantage the partners available they back these equity want of want that on development

us as here assets to some well. win-win access for potentials there those potentially, get of So are

size out. the quarter-to-quarter buy if the can well as we from influence DCP those may some that of So pipeline of

Amanda Sweitzer

your a for particular in near be about of allocation maybe acquisition to Can buying you And Yes. existing can properties sticking interesting. submarket of recent bit well? in your it's and market and outside recent opportunity then some those think, you, on That's saw you talk a looks of the and your clusters. capital that strategy, as just activity, new I

Harry Alcock

Amanda, this is Harry.

contract. I asset single I quarter, one that have we acquired we while under up another think the mentioned tied second a in

from homes, property the And add with again, So XXX second a we're with XXX the homes another. homes, first we're to property mile one mile with then going X,XXX with a operating scale implement the those to our $XX and look implement two the synergies properties, of in operating given we acquisitions. Again, capital going plus program those platform. two those million at

Operator

Markets. with Our ahead. comes from Austin Please KeyBanc next Capital Wurschmidt question go

Austin Wurschmidt

are you curious what telling sold assets is. It have really this seems year. guys California like analytics about your today Southern a you couple of Just

here? the got region? to sort What's make another And of right over-index it sense contract. still under You've to one does the exposure

Joe Fisher

Austin.

predictive Amanda's to and a region the and closing D.C. maybe question well, for screen on following So, Suburban us as on out and very the as well that side. Maryland qualitative up the whole

a when Harry say Inland to the kind San the pack, Orange the So County regulatory of given we the of look of whole there, screen in qualitative middle standpoint pack a a and better screens environment everything submarket, obviously Diego cost I'd generally well market for positive the deal middle Southern about addition there. Empire qualitatively the the at said and trading in the L.A. as not side. specifics, kind us, California, of from

being up bit. an of in portfolio outsized the a us, lightened for little is largest Orange [indiscernible]. have second County we the market So,

sense there. So, it bit a perhaps to up little lighten makes

little to In pricing generally our we've transactions, on to pricing both couple internal been been able in type able to a to back pre-COVID phenomenal relative pretty get a last bit County, better. to get Seattle year addition, these a kind was Orange of of and expectations couple of of going pricing deals, that

sense a made bit from So, when all those. capital you of little it mold it together, source to

Austin Wurschmidt

about the easing Or difficult curious, to season of through helpful. far ascribed this theme say That's back as leasing the and you comps an some in goes? not on guys year. been you of discussion how your half get rent extended And to guidance? more occupancy you or calls seasonal it's what curious around market it's would reflected a expect And and as kind the then patterns of do whether I'm And we this with lot there's because thought year? you a growth just little tell of

Mike Lacy

for question. Mike. it's Austin, Thanks the

take rent a seeing growth, it's XX-day markets. first And really some trend. our back, we're indicators, think that and different I our of foremost, to looking at it's in just and market things different step leading

out, XX faster don't issue in when have a cases, lot days in are to a of renewing XX.X%, push running seeing at that an of rate. ability We we're future. with So even have to we We're rents. the lot a XX% turnover people

there back be there. wouldn't So be Labor demand after more where that there. that of more areas, that it people into will in and October. to And some we're work, opportunity we expect coming hearing a wave coming then these Day call We urban do there's think of second

to that And sure that. so we're of a make with today capture doing things we our lot pricing

Joe Fisher

a from I will XX,XXX-foot say view.

the it a into at of So bringing pricing what's the embedded you typical When there the to traffic post talking go in the sustained into goes what embedded power Labor period. to more that guidance do seasonality within that kind midpoint. way terms number have is upside, back there, it Mike's of we of Day

So that high if point, kind of you will. midpoint from gets you to

Tom Toomey

to today. And Francisco it's a hard going to move, Austin they on. you're a you they're or San think so question, the we put ever apartment finding New out back and deals, not having stay pricing but this done type occupied while, a is will online, when national to power I has on leasing pricing it having do the have be at go basis. new through for and think XX% fair see fully when York as turned where back of period season. What's they're we're people, striking a me

rent, inventory so, he's he's And to the present to extreme market renewals. looking notices on power very forward vacate. but limited to pricing Mike's market that new going a -- to be got got able actually on He's

be going fourth And quarter it's to so, an interesting for us.

some numbers. see may lot leases renewal You may but a signed, really not eye-popping of see you

Mike Lacy

tracking, of good, so top Tampa like we're things are would that, the is and I that the and today, property. say on of just people we're watching trends signing demand that, places some that

off the ratios a People them there. lot of our charts. are locking are quicker. And in So opportunity there's closing

Operator

from go question. Heffern Please with ahead Brad Capital comes with next your Our Markets. RBC question

Brad Heffern

the question. lot. hasn't ultimately seeing supply? effectively pricing to power Is do but to that like you you're causes sticking theme a last entire population It Just obviously, think sounds the the What it across it go the market, of away? grown

it I fundamental makes stop? So think guess what of you the driver and kind is do what

Tom Toomey

People on don't people of be I which rapid right trying are this the at for to horizon happened which Combination a a the level me very is the would one that in supply, at is hasn't Toomey. mobile, years, we're recruiting either we employment rapid on it's Denver, wage reduce in inflation, would we supply looking point; which that tells from challenging, and or translates a this to here a things job power on really and point. have things, by the rents. of XX those recession pictures. both unique standpoint, feel probably a wage focused national and threatened industry-specific second of have don't One, hire becoming we pricing see either very

Brad Heffern

Yes.

just collections Joe, talk included bit had in bad Okay. resident can wasn't I numbers through if because just how and And were a wanted you it. the debt, sure the improved again day-to-day little earlier that then, saying it. you before I go improving? talked but I or it the call, to about that's funds you On about just whether that's relief Got

Joe Fisher

It's be bit a both, to honest. little of to going Yes. be

you're approximately first helps reporting us. then are a little over the release, into within get work as billed. individuals a press say in to was shows skipped here have have It's get million. It's dollar look allocate than as July, we You the former period good around what of residents When have also I X quarter, quarter-to-date the which the after would well. quarter you just little table in blend the depart our in government balances which current all in, there $X bit within of a And collections, to. just And funds that sector would at so of is. dollar quarter comes and balance subsequent that methodologies too we different We I historical resident to highlight as hard our approach if everything. in we in in, there in our decided that were take bit you residents the two But I'll and a Page do or did relief $X to back and exact. highlight, a back funds of million. to I have have believe in collections a relief second in a recycle either others well with collections just which coming as bring our get going second. collections, new

someone a a And for that's due, so to XX% of to current that dollar reapply in will is XX past prior quarters. day comes XX% if quarter, months the in going be

can prior So when footnote one, just to the you taken footnote approach quarters continue simply our all had that you the below improve. at table see If look we some that of for in collected recovery for in this equals quarter, the XX.X% the and collection to about dollar go do at our quarter of the the point others numbers time. quarter up

So when just are want comparing I to the industry. highlight there that rates differences within you're collection

Operator

Markets. Capital Our with Sanabria comes your Please Juan next state question from question. BMO

Juan Sanabria

morning Good guys.

Just to could there's while I opportunities? you product you're hit any acquisitions. the little talk unique I second about targeting stabilized if what's of guess, last yields talk of yields on and suspect? some bit [indiscernible] about distress deals basis versus the your market, And the more those a for, of long you, in you a what could growing hoping are quarter you do how opportunity don't And that think if the pending? sort which in And so, platform for

Harry Alcock

third to expect looking back Harry. year. provide This no past Yes, give around be above about we to growth the the are our just we in over look tell yield. at to couple And year couple that eight able I example, XXXX, Joe around NOI the will couple over for of next deals, certainly numbers, lot, and kind continue properties of the grow is very couple one push more last as XXXX, we by market on for again, you, competitive the us. call $XXX a where, above These of back the the individual of just believe, years X.X% years, we're million. talked situations. in There can And XX% of And a as we've we're has market. execute into well underwritten acquired the in can for expect distress -- we But mentioned the we to Sure, have Juan. mid-Xs of a than in is we we years. of to terms as

those by XX% As and in Joe going it happened, we nearly X.X%. with acquired at up that's we Today, X.XX% yield. to a mentioned what grown look earlier, about

and mechanisms, So even to able NOI COVID these value-creating XX% through by yields we've by nearly grow various been implementing

Juan Sanabria

high your much was Great. what's Is with on just of the headwind of of second sun-setting, guidance put restrictions in kind and the your that balance regards quarter quick the between follow-up that year? a of for then for a a reported have And end place low how the difference range? been financials? the to in And the there assumed

Joe Fisher

million Juan, was Yes. $X a quarter. it look recognize $X the couple to you're short in total build, collection second in you on to terms of around there. side probably When of the million revenue relative percent

to So there's million we some we that get and $X-plus collected have on year side to. forward the next of we collection covered kind as we as historically. those of sunsets the move back we hope in XX.X% Obviously,

terms portfolio. those of In of it, call XX% and you in addition, how strength renewal caps, up. move still of you to And continue about talking so renewals what have the Mike's hear the

also a that benefit to I see the coming pretty we fee so, there. And then continue back And see on strongly. income,

run million should million that $X a you $X move of we be So rate pickup probably as have to forward.

Mike Lacy

Mike. to an obviously, these people evict add And to XXX working forward to working is go could going for that as today We're about that. try we would. We're on still And this We and opportunity -- them well. secure have with that's funds. them, do just us we

Operator

Malkin comes Please Capital Securities. question go from One ahead. next Neil Our with

Neil Malkin

guess, I can you, start. you for maybe, Tom,

do coastal about come Or out the does hastily. Sunbelt results did But Raleigh, very to morning, strong guys? kind Do or quarter, moves making is view you appear don't there, look just in and reflection very of of coastal This -- are sort you panic desirable, talked some last Atlanta, particular, are -- you comfortable seeing there New And then that you of the markets And the -- the EQR you and and positioning? of you in Are view changing think just name look, wondered the of talking that's some have teams this Charlotte, decisively core the same you regulatorily on Francisco San market, kind your we pretty have, gateway your to challenged and Texas. biggest down that from want that into talked less you don't really [Avalon] how York? the going say said, and it, management about move also some or UDR, being paring stuff. on that that quarter, with about you too before large and peers because a I

Tom Toomey

subject. to do. greatest in company value I'm liberty don't is, thing think Neil, focusing what strategy we really talking a control guess little I what their sorry, Yes. is our execution. bit add the this on of Because we Why? I be other comment I first or about on and

reaction. was have your And the deal and Years strategies And coming future, went market continue they won't any operations. input that and the Joe and not the as bias and teams better with it markets to other the pretty identified Florida, certainly, letting us ago, through discipline using great a them address to our acquisitions windows I or and seeing of doing. a respect people we through well. But we blip at data you and hard, Baltimore saying of can working create their comments lens to as give on a analytics they into this a about at portfolio and analytics, the on back, give really look ground it. what so to are where and composition, around credited With Chris actions to I respect our with

should sourcing assets of every handful a that say the value, we rung then tool are investment the as we those. where capital, of a portfolio we should tilt of at to it And the out and you has tending grade, on our don't guiding towards activities. don't we've kind so sell And look -- meet

release time cycle our value we that that, pattern. stay to to of bias a going create using there in out, the give pivot footprint want we're be creation And not our us that's action And let or disruptions a company. moment emotions. We Grow press no have footprint we fax to And a a full our that being can mechanisms a cycle. what we full because our our through markets flow and coined the matter has we our disciplined you're in -- us with always where to all is it's cash really That's to we Joe value, seeing to as individual apply for, is drive broad, our cycle a and model analytics phrase, or goal. investment. based, can will smooth a what able are investment. want keep So, behavior where believe and not

Neil Malkin

Yes. I appreciate Tom. that,

statement. guess get reserves, just everyone's attributing from that for the GAAP, be just one, second either Like this debt think, you is, is on going because like sure The like record to then other you're then that federal And that. through That's you're make or sheet, California, the don't mean, quarter paying right? statement the to number as delinquency that the collection a I money, wanted the and the had I just other you're the I part have Like clear, to then in And on again. that's something to the you stimulus. on run income to get recorded show that delinquency. I the -- XXX% one. I got that cash going doesn't and before subsidies just balance to related words, because you the if I income want benefit funds not you and zero

Joe Fisher

Yes.

to just make sure. So

on the Neil, So second no. one,

reserve still balance. we why go million I'll an balance a You So AR incrementally didn't $XX -- maybe the or is what it start first, it $XX AR actually, against up? have do or million

If back are quarter, those the you to first go roughly same numbers.

over last balance seen actually AR the out the level we've So here quarter.

don't delinquency still the So overall of it's XX% each we XX from level have XQ detail you what Therefore, of more no within that on really discipline so. so reserved depend When that. don't additional XQ. incremental end additional assessment the on a to is no end delinquency of quarter more or million lot it on balances. the any $X have behind reserved equaled the any about do and you going delinquent reserves, that's to additional from There's and was XX quarter high receive process to resident. But We're second against first reserve. really

that $X.XX we've to of received dollar, reserve of that get that dollar, XX% you benefit reversed XX% all and we or of of reserved and dollar revenue. So the already of that if reserve basically you

for recognize not. no, of a in you it So individual it wouldn't yet against If we if up then really reserve, already terms depends put reserved that. balance balance hadn't you've on the or that residents

recognized You've already it once.

Operator

from Goldfarb Please Sandler. comes Our next with Alexander ahead. question Piper go

Alexander Goldfarb

are freight whatever people correct? going paying freight the is. therefore, One, questions Joe, the a increase just demand, it to It's rate, that is overall, And These you're The for an effective two free the to the not going fall, see of right? Just already have are full already the so force upfront, you're off of guys given now they're that. rents based here. based so was to free who you either sounds on great that market. when get rent or paying full there, push vacancy so people the renewal, people rents, rent the off like

Joe Fisher

gross and we'd They able strategy and move employed to back market accurate. those team residents they up that market asking that was that the and and and be back the concession rebound given is a renewals That again. up. the seeing last their for upfront, and we're residents view are Mike were ticking rent, would that staying to are coming are on year The

that seeing renewal the we're So in

Alexander Goldfarb

meeting program was have I sounded not their recoup were folks. on State, out any second landlords multifamily the the like that and recently, is, does the with California, money own. And help it Washington And unlike in to basically Seattle place Okay. question the landlords in

if And is wanted planning So double that with deal accurate? so, way and are I check is -- that the how guys that? the you to to just see

Joe Fisher

and to the Yes. that's really along of like up but inaccurate, just terms at of do have No, getting ground, those Virginia, a program set New in states Sunbelt say be proactive states, quickly. a programs whereas it's them lot Massachusetts, off the -- it's actually were happened I'll California in York, -- place. with they that themselves unfortunately, getting

program but disconnect, a the be, could that So have they do in place.

getting We are applying for through resident it funds that. and

I one but They've departed gone they're as period, to have a with program of the that for this have that set program residents balance help have COVID set that still elsewhere, during up us. at point on former a only up addition, those states, so to trying well. believe, In two

a week I think does it's I'm not program -- the in last on set wrong, point, California if Chris, have two. up or at correct they at whereas per cap this just me $XX,XXX the capped resident

Chris Van Ens

the for just Yes, former. Yes.

Alexander Goldfarb

the Okay, okay. you for Joe, clarification. listen, thank

Joe Fisher

Alex. Thanks

Operator

question next comes Please from go Janney. Stevenson Our with ahead. Rob

Rob Stevenson

you June What fundamentals the couple most seeing acceleration X, markets significant are months? operating in of last since

Mike Lacy

Rob, has seeing in Seattle, are it's Francisco, rate Mike. I seeing equal actually San that you pretty numbers of places where today. we're York where would change double-digit tell But you strength XQ said, we're Baltimore, like today. when blended New look rent basis just that being a in the at from greatest to growth like places Tampa, Richmond, and been we market

of we're across kind the seeing frankly, board. So

Rob Stevenson

Is Now that is markets those the of what's turboing, the because particular? in of concessions? that removal juicing

Mike Lacy

Yes. is. It

in the We it side. it's you're Sunbelt market different the concessions rent -- definitely area, a last on So year. seeing offer didn't

earn-in. But come go to point, in if both So areas building that's we're point it's yes, were offering starting we're strength just that's see Joe's pure will. down. there, areas, getting retention seeing of way the up. earlier, the we urban where concessions, big but levels a To our to you growth up those And your different

Rob Stevenson

last do that revenue to prior your then much How How material much versus you And have go? And is much how recovered? the nonresidential that to Joe. one left And me, has still overall? off Okay. today how pandemic? is for

Joe Fisher

Rob, it's Joe.

total at So NOI. of non-resi runs about X%

right now. So say million, let's a rate $XX run call million it's $X it so

was think million. probably around I $XX pre-COVID

off it's So $X million.

activity demand a have of in We that space. terms seen quite the LOI bit coming back and for

that So that some get and these again as side we the about back were tenants their pretty good to of to feet. well, current trajectory them on on trying as trying well delinquent, as feel get

actually for along that good pretty moving is piece the So of business us.

Rob Stevenson

cautious to the as continuing versus were something maybe then how much levels you something a is And mean, grow rents, the still what much seeing the at on you are as market little and before? back you side basically there? Or Okay. being resi full growth to in are fees fee basically that then not significant? but I today

Mike Lacy

we're said, seeing in That being back been at we're to What we should is have basically X%. XXXX. where we growing least were

we am can in there's line million where week. of common levels in back at furnished seeing our you we're greater So point, this think program leases seeing the that I on still as program those and strength as kind about XXXX in that alone, short-term $X item. about short-term well even tell rental areas I signing where XX we're a

we're today. a as think I around year. last around just comparison, occupied And XXX, XXX XXX, that XXX, was

seeing days. that happened XX definitely XX the to last back really pop quickly, and over business that's So

Operator

question. Please comes state from Alex Kalmus your with next Zelman Our question Associates.

Alex Kalmus

competition? of versus referencing portfolio, guys to the that have prior competitive the communities looking getting today? your kind just targeting What have you and is a compression alluded kind approximating So transaction it you quarter of early -- for advantage And specifically what the given you as from to. current seen cap kudos extremely rate you're market cap little rate at would you say

Harry Alcock

basis through talking we about from perhaps I tell come tell points, look XX cap these say last points. the rates rate Harry. at We cases other et similar Well, redevelopment. initiatives, little platform, can add the a calls. if as certain deals, that buy or amount rates cetera, future of so bit. property, to transactions operating have cap correct cap probably lot, you, beginning in as XX we're XX much operating is a the and legacy through of you're couple We this I we synergies. we looking on I'd Alex, to think months, perhaps and add year, have just event, source the basis But a down we to in property in can points as another of XX as know market UDR a you a basis mile think that compression that's any all can within

a belt is to number have you So of do lot We thing. market allow in tell markets. of the us to other what the achieve to returns I'll have above provide. a tool access that our we tools going

have a to we've If deployed capital markets. two years in look So last pretty $X or we field deployed over so, so in in. back we the big playing we've play or capital actually billion XX the

look currently do in So markets. analytics we're couple going a to years based We've We to over XX focused those, give capital on provide at us. last operate are XX and the in of that of deploying the what us pretty does wide been transactions.

Joe Fisher

I think in piece, to actually them. when those have the Alex, team either place the look at under or closed you at one look other continues six transactions contract, of date, on the to debt had half

thin bit a unencumbered recent NOI sheet the little balance and a competition, ability of find a the can having less that in those pool sheet bit So because been in to has that of bidding helpful, and terms secured improved assets quite on take out we absorb debt within kind the the years. have balance

typical buyer to on space levered to from potential types away assets. may short put well as shy floating, being able own where wants duration, So potential their that play of in those a leverage

success with the on amount front, good to out help a of had too, that we've So yields.

Alex Kalmus

makes it, one on operations. you Thank sense. and Got

what in eviction play maybe of role supply constrains just Given market. the the what that limited the I'm and for not and today demand earlier, moratoriums curious the your referenced strong inventory you broadly, the how turnover, as the future? in portfolio, expectations but necessarily your are low well,

Mike Lacy

about go people than current portfolio, it's XXX could would, if back today evict to I'd Yes. have that for less again, we X%. we our we

we're to occupancy. those So sitting when up here call and able in terms you're get trend, position still we're at, it, access in XX XX-day very of XX.X to units, good to if on a opened that a

the around So about we front. where expect that bouncing do with will we're be other not And necessarily worried these supply-demand open on to. up our at people when we're curve

So, that be will happens. demand when there more

Joe Fisher

a non-communicative as ability COVID the at from declaration some that with us, pay have million, hardship too, you think, to in are signed individuals that of will many communicate I those of those not just look not that rents. individuals have that, cases, $XXX

back the formation you advantage simply they into or the equation have the worry the to part They equation, and our them pay many ability of about have of as homeownership of side in cases. So exiting household the taken system. going

where demand in result they'll so, they end And up going.

and formations, net they don't So, household it's from I disappear think decrease that demand in in it's a cases. many

Tom Toomey

XXX fully Those about can the We're is I rent away million, get this is because Toomey this with a it. $X.X million and do monthly reserving month. $X.X today. that number Alex, people,

and resident us XXX on will in homes, online. to we So, to are the like the we our re-price get terms take back, being back challenge to their them it future, get those for market in and we'd units hardship of in other keep of stream to programs aid said, anxious the revenue that unit any back apartment online get with government That but revenue. advantage or work

Operator

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

Tom Toomey

little certainly And interest your today, call bit a I I I in was time UDR. it productive. and Well, over thank you. ran the very know appreciate thought but And

certainly today, and and read today As we're on the heard enthusiastic you've future. about business our very call this

portfolio most and ways broad our value the excited our interactions mechanisms, continue to market as company, with find enjoying our value-creation way guidance flow and execute to Thanks. Take delivering and today. appreciate that that, about to continuing find time We certainly exceed I even cash growth economy strength, your we're With grow. its residents our we're its we to continue to and the culture provided to that. our a While care. look think to forward in create

Operator

great call. today's may concludes Have day. parties This you. a All Thank disconnect.

UDR (UDR) 29 Jul 212021 Q2 Earnings call transcript