UDR - Earnings call transcript Q4 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

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

You may begin.

Trent Trujillo

Welcome call. UDR’s to quarterly financial results conference

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

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

Tom Toomey

business during Q&A XXXX call. quarter Officer, Cantor; are conference self-service to and officers, Financial for markets, first, Mike fourth with Platform fully completed transitioning nearly Thank NOI and This operating across Senior Operations, and Harry X% accomplishments UDR’s of one implementation including, our has also Presenting X.X portion was delivered the Senior primarily Fisher run that thereby of remarkable you, model. resident margin milestones, expenses. President out Matt we Chris Lacy; rate be call a roll UDR was a Joe discuss Trent. by year welcome controllable service, a Andrew filled of will through driven And call. our me and Cozad; or Vice XXXX satisfaction variety on the with today will results. of to million who Chief and the additional Van $XX expansion, Ens enhances customer the available in Alcock; lower

Our controllable average peers at XXX rent our for points and higher margin operating even is now the above same level private operators. basis

company equities advantages. of further added stabilized operating to through Second, utilized earnings approach balance execution we transactions of strength. fully our many This value X% to on repeatable $X.X acquisitions creation yields. the attractively Funding our these priced with are based sheet competitive and has rate run and allocation subsequent capital accretively that our capital grew billion X% and enhanced

valued record return of time. total track over that ongoing of our generated published can Third, XX%, shareholder outperforming we diverse company which we ESG Fourth, opinions backgrounds UDR corporate associates employees diverse citizenry. Annual peer Key were REIT which rate. with findings are improve high are our the over XX% at a a for worldwide These highest remarkable further of leader global Associate our and of sustainability support the we company Report, rental XX. Survey, Engagement highlighted led norm funds energy pandemic, associates reduction conducted above were assistance for the in we residents we provided with and enablement greenhouse to to that during and report, and helping well a the very emissions rated those participation over scores high targets, enhanced and introduced gas usage UDR In in all ESG which our and supported continually others residential to as commitment Biannual we publicly companies third to million actions succeed. secure believed score have need. our extends UDR recognize listed indices return performing GRESB $XX Last, those in and at our percentage to and including

embark year am we public on as a ahead for the about opportunities I company, our As XXth us. excited

apartment over rental will pricing is as decades. have continue I track robust a due and median over first, five-year favorable the as performance believe have growth last and this TSR going record robust consistent FFOA power as years demand XX-plus-year We in We seven TSR in of better our past and nine than years growth strong forward to, periods significant career. is by seen rolling evidenced my the peer performance, earnings outperformance fundamentals, of

And value science unique platform drivers use our benefits compounds operating to in should of continue margin creation best-in-class Second, third, operating savings. and industry. excess our data to operations our which Gen tool, the the and that AI innovation cost of allocation Next and growth our drive and opportunities advanced expansion capital drive

advantages. continue competitive our identify opportunities accretive to to growth, that external plan Regarding targeted is our utilize

in ability Our upside under in to and should worked more UDR expansion focus our will provide across model operating on, we attractively What we summarize my for beyond, Next remain how through by and billion, accretively and three, best-in-class in returns deal XXXX. continue public share active efficiencies, margin growth high for business per self-service in peers. continue accretively total securing these equity taken Gen again development during interact far expect and customer capital guidance operating and XXXX, changed enhance expanding generate their investments than in acquisition Mike UDR grew greater to our To versus company moving site midpoint that XXXX peers XXXX DCP well by actions commentary. to to our us $X.X should over on and a to attractive opportunities elevated deliver FFOA that generate utilizing yield shareholders. with acquisitions and attributes, we of allocate and we optionality, private portfolio will at Considering that current our differentiate afford diverse Joe positions acumen priced redevelopment fundamentally our finding next relative embedded of additional were we the two, managed the our platform. NOI. door color on one, on XX% thoughts through well growth dividend These with X%

we a continue trust of culture. and in on success Last, two your work, and their and build their like long-term their I that, my to year people, forward look enabling in think build our willingness outside associates hard and compassion it vision. capital, for critically the I’d us XXXX the stewards UDR appreciate to to lot past to process people be will continue to our our has and your I gratitude to to As With been We have over of and experienced founded Mike. our which strategy, over will to of years has and all in our been deliver on change strong express turn beyond. fellow box. another growth sincere and

Mike Lacy

have continue XXX versus approximately sustained year growth XXX points supported in points higher basis of remains XX.X% Thank the XXXX strong. you, approximately Tom. accelerate to average basis rent rents than annualized share occupancy historical defying range. blended XXX ago same-store strengthen into continued granted; end basis and our begin, high XX%. our provided lease cash strong for and FFOA blended the the by as XX%, loss-to-lease unseasonably last XX%, and Key growth X% to was rate demonstrate fourth supported our results XX.X%, turnover year favorable and traditional has revenue with guidance and steady previously strength points to points ticked Demand already of third which quarter we quarter start rate increasing sequentially by up turnover XX.X% growth To roll, fourth Sequential our trends and declined rate year-over-year multifamily X% components a January minimal over same-store by the our slowdown. Market held continued growth at of and grew fourth occupancy X% XXX which XXXX. quarter, versus quarter seasonal weighted cash per included; a NOI XXXX. approximately at effective was market more to revenue basis of These than ago; to to accelerated below housing of XX.X%, and concessions XXXX rents same-store rate.

focus to margin to big days, X.X. XXXX, and our five experience, communities. deliver this our Platform leveraging ourselves reduced that With next that have X.Xof out increased incremental resident resident This reducing have at rate same satisfaction UDR. utilizing than we step our shoppers and and prospect and the average, improve higher controllable expenses. initiatives Gen $XXX XX% Innovation driving wallet incremental on X.X, NOI. peers buyers, unique versus continue are million private into by fully making higher evolutionary upon communities platform we Next max nearly reductions. margin Platform income now while experience, understand turned control and model days, NOI upside controllable million their average improve and capturing industry. the points Expanding share to picture turns call residents $XX next platform on runaway above more intersection rental public rolled data count our pricing embedded permanently data view leveraging our markets increase growth decisions, have residents retention, the our attention controllable This of within decisions, has by builds level, further across and and driving prospect a phase, expense X.X which basis that Innovation additional to self-service potential to legacy industry-leading we unique are expand and We XX% better of of at our and we differentiate the operating platform, rents resident our driven We we will by other identified of scores topics all that since our as vacant on Arriving engine our revenue operating peers to at a the optimization includes head XXX data rent of generated have on vacant our to as

among categories incremental runway at already XX NOI million next months. have over operating identified near-term $XX initiatives should We deliver these that of the least

have alone. yield outsized broadens our acquisition growth our capabilities, finding market captured. XX% we transaction we Thus door acquisitions at consistently the Andrew value points through also of been underwriting end other This an on and Harry, XXXX is a well current Already, drive a on we by yields have year weighted can average mark-to-market drive UDR is communities in XXXX by of most acquisitions excellent capital loss-to-lease $X.X platform years where opportunities. can above XX improvement billion allocation full are scale we basis expansion has of and creation deal value these upside done have expect billion Our communities markets $X to the points demonstrated to nearly to XXXX platform active basis average platform growth desirable loss-to-lease. acquisitions, basis our similar year our due job have basis last basis once our late mark-to-market expanded we and X.X% implementing yield these unique on from incremental and acquired next control operations, and XX in competitive third-party our on our and as advantages. excess by other of create X% team peer outperforming in an our income a of three our repeatable and XX points based expense the initiatives. far, ability new acquirer introduce from and over and opportunities group unique more

in Our acquisitions mid-X% capturing range the would be yield upside. upon on this these

rate Turning the color basis. at NOI of rate line growth we midpoint To XX% approximately revenue expect this and on expect XX% our XX% straight blended some we effective growth, in on growth with to XXXX to growth first of the blended X.X%, same-store X.X% to guidance, to the half in of range. drivers XXXX same-store X.X% provide achieve a first, growth

and keeping results. overall we around XX-basis-point remain our controllable we limited our relatively on be level. than expect Second, growth. expect But is XX.X% occupancy average full our maximize clear, expense year or and the X% growth basis we expect high operating XXXX third, X% XX range driving be to or revenue points to to the expense occupancy improvement to same-store focus by And current to to to XX.X% rents, XX-basis-point to better

restrictions the or of nonresponsive two, one, to from, coming half prohibited residents, three, and rates. would roughly government XX% delinquent Therefore, not markets be higher. rate in While fees, of half with the which blended on continued back historical above to end the know and courts and that to growth of seasonal allowed, challenges our they signs move renewal than remained it cycling growth to a embeds in today higher growth slowdown comps eviction a to half year difficult full long-term of end are imply conservatism regulatory of the half wage the have in the Relative elongated current XXXX. to norms, efforts important XXX our by remains low range slowdown for our magnitude. a continue rate two-month we guidance in our the seeking been trends rate to initial closer assumptions process approximately of our Demand, would point is and of achieved process typical rents affordability demand and where second process of traffic six-month four, any second strong. The a assistance, the XXXX. is and favor range evictions are some that seeing Conversely, high growth blended continuation reflects that more on

have we guidance leasing by period. rent of full However, as the traditional reassess we to roll the assumptions visibility to XX% enter will our XX% of our plan on and peak year April end

roll in our as upcoming current the same-store growth pricing rent capture are homes our apartment that attractive are convicted XXXX in build a opportunity rent and both to support and should We well. results strong

and D.C. across and see two excluding and remain portfolio. in of our XX% lease pricing submarkets to on, strength NOI XX%, on support are inflation, and one current power Francisco Moving only week in regulatory options growth almost San approximately quality broad-based to average offering nonexistent increases, given we among restrictions select we weeks on rates to Washington, within have versus average strong Incomes pricing effective the types up urban levels. are Sunbelt X% wage At the Coastal seen income This are our range. A&B so product subject we the housing convergence laws and communities. trajectory the our ratios in up of remain suburban, affordability on markets stable potential rents relative X% remained similar have amount, limits low pre-COVID our portfolio that rent renewal and a and across among XX% to level, of growth and Concessions

to as this year continue We trend expect the progresses.

rental Finally, we benefit assistance remain accessing programs, collections. which successful in our

this During January. residents in coming than XXXX, continuing million for the need, $XX fourth quarter in million we during similar sourced more a in assistance $XX pace to with of

with to in California $XX another have residents residents State of the the and related We Washington. million former of process, and majority application

residents We the or we less in eviction of segment continue to we long-term that have only many delays a operate small process. are Nevertheless, are the but of in which than X% leveraging stakeholders. markets finished. face positive with team of even our the outcomes company regulatory the residents, associated delinquent, restrictions work affairs for has risks XXXX governmental generate closing, the our dedicated of and mitigate to backdrop In and XXXX than the our stronger started

their And bar call dedication higher turn on will We colleagues for we all our business. thank my to now, setting platform continue the over to I do I and how innovate to Joe. and industry-leading enhance of operating the

Joe Fisher

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

real accretive million and including range of the from during proprietary $XX our same-store to quarter provided The Platform realized Not FFOs per adjusted share and a high and transactions. our XXXX public gains and data growth the of FFO the of AI gains technology as of end of effectively revenue installation initiatives, our in quarter, million was fourth guidance technology previously year Our estate investments strong data science by $X.XX infrastructure, is related achieved funded primarily becoming unrealized adjusted the captured SmartHome supported $XX full approximately X.X have hub, SmartRent company. these investments from portfolio. nearly across and

same-store non-same-store midpoint $X.XX. by XX% $X.XX. represents in Looking $X.XX result driven from FFOA full increase projects The acquisitions, higher ahead, a XXXX joint to of the than several venture is increase fully per initial following, benefit communities $X.XX $X.XX year benefit versus This G&A $X.XX XXXX our full $X.XX share additional NOI, from is guidance from range our a more by interest lease offset $X.XX a from from our up pipeline development drag from accretion yield increased our XXXX increase the expense. and and equities and expansion expense, through on $X.XX year

$X.XX DCP lease first sequential January payback NOI to by $X.XX. higher is offset supported quarter, development the For positive of investment, range by continued is Broadway share and FFOA per allocation guidance up G&A. recent and growth accretion our same-store the XXXX our capital from activities, drag This

the For line and X.X% XX to supplement, X.X% ranges and NOI are emergency straight growth account prior and basis revenue year remain, our same-store to initial sunset market between as line for concessions cash XX.X%, and there’s are these to to outlined respectively, Should impact we straight same-store we regulatory full not a continue residual capture difference our expected to are of measures ranges Attachment to XXXX. upside strength our repeat market forecast. guidance, believe guidance on in that XXX-basis-point amortizing X.X% able on pricing, of

is embers well. the However, as true

per dividend range. ratio of dividend, the XXXX Finally, return total increase XX% payout which to our XXXX enhances our ratio in $X.XX on dividend of reflects to XXXX XX%, X% compared similar is payout our share, a share Based profile. our a guidance, healthy our per AFFO which our low represents annualized pre-pandemic

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

transactions our update. Next,

acquisition XXXX $X.X Our total billion. gross activity approximately

and million to new quarter, During investment. $XX committed $XXX DCP one acquired a the roughly $XXX three for community communities we sold for accretively fourth million, million

through menu. predictive UDR both matched and units, Most nearly priced that and equity DCP accretively the acquisitions to these and recently with have are we portfolio and was identified a our XXXX sourced with issuance partially embedded of framework our access of as funded our analytics capital completed markets desirable, from illustrating to all been the allocation optionality proximate capital. OP funded and all accretive communities in diverse acquisitions our of other have disposition One been have are located investments

alone to three the which of refer this expansion recent playbook to year through selection moving We value drivers, to utilize will on yield continue creation forward through transactions. outsized market excess details multiple Please in additional enhance one year well asset for release yesterday’s our yields provides. generate what

investment capital remains and liquid of balance sheet our on, capable grade fully Moving funding our needs.

first, and of only million over program. amounts highlights include, scheduled value Some to on XXXX our after $XXX facilities we our commercial paper have of just credit X% debt consolidated excluding or mature enterprise through

approach sheet amongst our proactive at outlook multifamily weighted Our to the the balance liquidity the three-year in interest average managing sector resulted lowest the best rate peer and has X.X%. in group

acquisitions by as facility cash liquidity our to X.X continues from while settlement debt-to-EBIDTA $X.X our NOI, Second, our a equitizing capacity, December improve was and equity forward net down future in year billion, times inclusive net XXst, times of the outstanding agreements. financial fully and leverage measured approximately sale $XXX to of on Last, million due and inflection the value from ago. our and as including totaled and ventures, proceeds an upward largely credit of XXXX was enterprise joint X.X expected XX%

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

Operator

of Joseph your in proceed Instructions] Nick question Our Please Thank you. Citi. comes with [Operator question. with the line first

Nick Joseph

Thanks.

does past external UDR terms talked the buying that look and kind on How opportunity? You year your in of pipeline being of the active growth the over assets. growth today of about properties, existing playbook external

Joe Fisher

But, pipeline rates markets long-term Andrew have external pretty kind we today. hear you say, Hey. specifically we on Nick, what that Yeah. give to growth, looking the for. and Good front, probably color the cap are active it’s believe seeing we yeah, as and from are well to have that up bit I and that of a got assets all little lighter will Joe. trying a you. on bit over set target year, guess, are within for year I’d little as typically the end at fit good we value last platform been growth creators Cantor the

light external in we fourth You subsequent sure there quarter’s though, call, accretive to find the and fact equity quarter issuance make on growth really any did driven that see, fund pretty we and went the those. last by deals to we match new want

little of what in you But, Andrew, pipeline throughout it gives are for today? we can the kind tell So, a at of you the seeing how market signal kind bit looking fourth are the them a quarter. you

Andrew Cantor

XX points Cantor. to have Yeah. It’s This voice. X.X% basis a year your XX X%. of since of last basis Andrew hear down rates kind is good points range to to to Cap come probably

little market and One of the between key construction there’s things diversification is age. and type, location

repeatable analytics to improvement market always individual So are enhance a and to into are model, the the we we so both in there’s meaningful above create Like, community, to to invest the really markets look rent of it’s implement where the have operations door will predictive NOI, value and the have that visibility identified long-term of going by acquisitions course, markets vary for operating opportunities we can focusing programs likely can the growth asset. our the to said, an where market by create we that a priced capital competitive leveraging addition platform, next deal creation, into quality that enhance on Joe the actual and continue is where advantage.

Nick Joseph

you are about you Thank on and the on the mentioned return initiatives, cost ESG talked thinking about And the programs? those think, and gas I emissions. focus and then you energy greenhouse the you. How

Tom Toomey

Yeah.

look Responsibility we not we score this year there around GRESB, and of proud how talked bit that about the a the and all when out Report and, but you our in all just efforts at So, XX put efforts. are little Corporate the we

forward committed speak a us will a you on and science-based commitment the target go to initiatives what more see is basis go-forward to what Let’s to basis. on will I say,

term And are on what through take. to process, lot get so to our what as work we a we longer targets, actions going the to we going are that are better handle need

what’s as as look the in a markets of overlay prioritization And of little are so to that of others. you assets, the push, across of footprint Act will, we some regulatory lot regulatory constraint carbon zero, mobilization terms going by states have these a well are bit as more Washington, place by you of targeting or seeing in taking like a California, if type net Climate a things, and New York

the that continue years into as talk base. will it last SO refine to terms through of So, more investor -- in to solar, dollars at SBTi installing get probably But and active that over to pretty had have this XX early point, five too in returns, kind of it, year more we of EV, the approach to we nature with say the a years. the things we next

Nick Joseph

much. very you Thank

Tom Toomey

Nick. Thanks,

Operator

Morgan. Our next your Please JP the question with line proceed from question. comes Pallone Anthony of with

Anthony Pallone

Great. Thank you.

over go work, I think of the always the they X% it’s guide come with quarter, do talk the last growth, fourth in you curious you unfolded have baked of And do the I X%? already like, this you have put spreads, Can month like, is be where I probably embedded guidance just I what because trajectory? That so. guess, like, about or in then, that mentioned into market terms does But same from the that rent XX% maybe this should It sounds course those think that like regard, or us help in in doesn’t able you the to have or for what Mike. X% year? math. to

Mike Lacy

question. Yeah. the Tony. Hey, I No. appreciate

it’s and I And was year. divide prepared basically, line that have in mentioned that’s made gives for my the XXXX our up you good where to foremost, straight and a good half. of for to them back first just for our And numbers, that we XXX in have And are to referenced basis of two previously blends on how it basis should effective X.X%. around the XX% around add about you remarks, XX% have is that rents earning think think, I first X up, frankly, and pretty we points X.X% the by a those take your be revenue. midpoint idea up. And

a that being what’s gives in you up half much said, we of it’s and and lot first But of you regarding about made year, what of year. kind of idea a an already that minute let So some the to to have blends happened happen on so rents loss-to-lease X.X% this me how being of today, again, and the questions the for to that through have take just our walk we X.X% received is that.

year. as a year, sent rents start to in point seasonality First, the XQ for January this more out saw we sequential And XXX when expected last we and increase is relates to of originally market renewals growth February of we it frankly, our typical and that basis year. we flattish expected

essentially So banked strong. XXXX, assuming additional early fundamentals growth we remain

I’d we third, growth, as our occupancy capture need to rental year, rate retention But in and expect assuming capture to calculus. do in affect increases restrictions have restrictions some will know, tell and Second, XXXX. at restrict as rental renewal regulatory some growth you, growth, that XXXX. we And maximize our sunset our point this such, market in growth not ability the on rate and you to to revenue markets just fully of these continue

we of rate to the again, this tell, again of that popping most And last are latter half in already rent with year. year how For just our especially time could we this XX% we XXXX. some existing going to throughout realize means so year, this really into into transpires year, markets, see and move will Sunbelt, the XX% the pops will residents growth this big gave we as growth them increases cause of fatigue, but

half year overall, loss-to-lease we have XXXX XXXX. out perspective, tell market into months, a when to we trends we in idea and single-digit like. of fundamentals next And put up. loss-to-lease moving market are not two potential few Tony, detail will And in what year, earn-in well we we typical our to expect when next and like to will XXXX, rent just hold frankly, able should as existing you, this discuss as So, be get the we expecting would the plays years, I the will strong know the over call continue a a to these throughout grow mid-to-high April, capture more in better back in would assuming have our rents future more growth to on looks

Anthony Pallone

then is for for Thanks question market in what given more side, rates, maybe Andrew. to But on the Great. you the just With Harry And follow-up X% we mentioned just X.X% a move capital my like, cap number. NOI that. like, to up a Okay. -- regards bounce to people that seeing cap just now the are adjusting pound commensurate what asset is on, really look -- the pound quite NOI? rates or ahead that for that higher lot is based are is going back, values just or provide NOI with

Tom Toomey

you. good it’s to Tony, hear Hey.

understanding asking, those So, are how your if underwriting you people today? I am deals are question,

Anthony Pallone

Yeah.

off here. seeing NOI, of like to to rates three was in the try like, we of trough started when are rebounds we are cap kind tight, pretty understand, big we Just years, still it talk about

for that? the keeping because how about NOI caps are we what’s or pace talking to be are asset few -- a just happening So higher values going in or is with quarters,

Tom Toomey

of rent careers. that that’s have property have achieving is level us today, seen in are people are the at none definitely growth -- rent growth I higher seen, mean, are of we our mean, in most right? we Yeah. I than This underwriting

we leasing market rent looking our it market looking happening so at are is, people you this are the and now catch So, of we longer And what’s are pricing assets are forward, you and -- a hey, in trend will right? NOI greater loss-to-lease current would of is, growth level growth, based no that in saying, moving on in capturing year normally. much first have than

-- growth. that’s are So getting where a that’s lot what of you

in capture short-term, to pay a cap willing lower that are months, XX to you So lease. right, going lot to people first are a that of because today, rate the loss in

Anthony Pallone

these… So

Mike Lacy

me… to listen Tony,

Anthony Pallone

X.X…

Mike Lacy

leverage this chasing the I charts. asset sensitivity people about this their comfortable about profile off class -- are their just to class. And we we when is a mean, what -- with add kind are just through asset capital less they are capital plans probably you talk go …I’d and leverage underweight the and of of their it. the wall low rates, on and we are

to have it, how we of times, the buy weighting times. We it performs to get and it down the we up back attributes like into long-term want

the so, interest wall overcomes think, rate of environment. And any I capital

NOI window XXXX, year. think our XXXX. Assets you The guidance a go and We see everyone next up in strong NOIs, can else’s. it’s from

all I so, are map. cap going over they are calculations, And asset up, the rate think, always values

Anthony Pallone

Okay.

So cap people NOI, like? are willing forward sounds it to pay even the higher rates these on

Mike Lacy

Absolutely.

Anthony Pallone

you. Thank Okay.

Tom Toomey

other couple Tony, just a very things. --

of more probably cap see is a embedded higher, up this as remember, higher. do inflated is likely growth NOI move NOI rates values think us, little. are But probably I behind also so will you are therefore you

XX%, replacement asset XX%, an second are up costs thing becomes is an up overall continue asset the so mean metric XX%, and that replacement that, buyers for values. The of that’s when to sort I another XX%, look price appropriate and at assessing happening if move costs

You still momentum to lot have asset a it of as relates positive values.

Anthony Pallone

Great. time. Right. the for Thanks

Operator

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

Rich Hill

Hey, guys.

for what’s your the to tell better. give what’s me XX% all, just thank transparency this you and of for for Can If loss-to-lease you the maybe wanted credit certainly let’s I second, guide just included. that. of a a First bit understand assume can on all and not little I you recapture take I included,

you get And January. am are potentially is visibility said I -- rent from more that this that? the off gymnastics guide, the supposed Why built in on You higher X% conservatism recognize it far a than something to not me in much have that? be same-store your you to I there’s basis revenue do cash going have trying could that Doesn’t to half. myself isn’t X.X% which understand versus increases where too already trying to some to just second and where go.

I in about how I thinking through math should wrong I that what’s it? be am So maybe and should the thinking

Joe Fisher

to in being how starts to think opportunity do see out enter back plays quarter. think, how leasing that’s to season second we start degree. year. and that half those I thinking have have earn-in that see want that really and upwards play to we the out. hold XX% about that want XX% blends right the That we that’s see where we Rich, of just some today, are why No. it After said, take wait just our through more starting We we we there’s to you of and do visibility this that and to to

Rich Hill

the Helpful. talk a surprised I pleasantly was expenses for Can we Okay. second, guide. by about

pretty to think operating I relative that’s That there at specifically think Gen we that lower? Next good seems was at that? about your anything it Is X% with inflation. should driving How midpoint. platform

Joe Fisher

way It’s Yeah. is down you. think And to a this for really I do best No. it break the good question.

your of have look X% to to this with between X% do a have midpoint. point, done to with expect that at we when the But does what you controllable So, we expenses, and lot our X% platform.

go zero growth. For between really X% percent this we example, year, to personnel, as we into expect

contracts over already X% because that groups. Some to the place of that’s X% through have much range, to last in than But year been get entered back half and And that on a we are of two, lower the to into benefit we you that or this basically then seeing have it. going down what we start the come have with first our gone the third-party of piece based already put in year. and big that’s in R&Ms stuff we

through cycle that. to starting are We

a flat growth. So normalized we marketing more side, going we expect forward. expect on rate then And our

that XXXX to in really years. in last X% X% So, the controllable and X.X% range X% expenses to compares over three again,

get us pretty expenses. then were comes So non-controllables, up to you of has as allowed the makes efficient know this and insurance XXXX percent of X% compares that’s and that range. to to and about zero to basically X% made year, X% taxes X.X% then our in in to stack as on up the controllable which X% X.X% it platform of our And really about expectations XX% between

Rich Hill

normal then one different it’s the seasonably we but and new you almost the in happened see maybe just ground the January, and it. January write some switch happened about a light is relative look, to Got January, guide, going just things for back like what is follow-up recognize for have to on is XQ, or question reason? strong there if so what this in watching aberration I that to a the And boots you and this are anything fundamentally living, was an heck

Tom Toomey

the we expected further market will allowed retention. and in to we I outs. even move back we we and we move points And you were see increases fact Frankly, our to out We that with people the we entered less When we that it we living question. have were with would high going expected. tell more year, ever pretty Excellent some renewal us. January rents have more XXX outs than push expected

it to trend So, I aggressive sent very a back February. out not renewals, them, think some they starting moving, took people goes we pretty see are to similar in

So little will. of at wind us you if a it bit gives our back

Rich Hill

Great.

Joe Fisher

in on in things. demographics, position. what’s very different unbundling, going it’s of when migration have months the those look a we there’s wages side with the this in and type mean, obviously you But obviously past. take I look taking you household things. of some at at mean, I and been what’s can a talked think couple the positive last those trends, are sheets, about demand balance a XX too. at say look you place When I’d I of throughout

value point I markets, single-family you good very multi. when in all in of trends this markets think, think in relative good position. are But within the just to at at our look Multi side you migration when is at I value a our demand look proposition pretty relative time.

terms some stuff for York, on going on move-ins. pretty that good of you some seeing in So in Fran, Sunbelt, San that are New Mike what’s we of stats have new

Mike Lacy

taking Yeah. Thanks that Joe. up, for

I good had our staying and the have a year. look When to former think we more this at within about at portfolio, move-outs move-outs our that’s XX% XX% metro When point. think MSA within compares of last you area. the general, we really residents you in staying

versus of give move-in Francisco last example, York, so few year XX% and Just an markets staying Sunbelt our year. XX% MSA versus move-outs their XX% you year, to San at XX% a last as last XX% within -- XX% versus then New was

staying consistent. So, relatively

XX% the And year around move-ins this was the the is the from As to reversal then are move-ins, before. MSA more to XX% outside color Sunbelt we in of XX% XX% XX% York, our San on it came what our XX% versus trends was little of more you a and XXXX. actually relates before, the to again, of of some a give bit seeing of the markets, and little versus XX% year XX% year just of from outside a move-ins Francisco MSA the year the versus New before. before compares

So, outside pretty of move-in coastal more from experienced people promising, overall, markets the MSA.

very trends. strong So,

Rich Hill

is this excellent. Guys, you. Perfect. Thank

Tom Toomey

a Rich, the on migration Mike… equation? traffic you side about hear sure more the patterns don’t bit the want to of little you

Rich Hill

I to hear… would love

Mike Lacy

Let me you… tell

Rich Hill

me. I to to anything you want hear tell want

Tom Toomey

Thanks, Rich. on. move will We

Operator

Thank you.

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

Rich Hightower

half gets traffic, what the which guys. a months you I demand in say. XXXX, first second of between assumption terms lot visibility into of here. New more demand, underwriting except my your San Xx Maybe couple that seem because question typical at, basic of market the of look York pointed maybe morning, course, about it on but at Good question, parlay of parlay if could of the and half what and is you to was Francisco, of for sort you the on let’s a But somewhere we real are was in depending second and to to a apply we sort sort Xx around source every current look patterns that. can ask I guidance, have Yeah. can have that which, guess, basic just you you for out you will that

So of half what again for the are you basis sort second of this that year? assuming on

Mike Lacy

X% about We look is first you a to that Rich, of year implies half, right X.X% the that seasonality and growth that for terms Yeah. we XX% when gave at XX% in X% pretty you Mike. we the blend this back and typical expect to I now gave a in to half. in X.X% blend the --

see we think give in little when leasing again, back our be color. there. at to the pick seasonal, wind down bit more some up season will we conservatism we it’s able there’s So starts a do and you we again, coming And and to more and have maybe will

Rich Hightower

source the side, Fair sold a And the Okay. is statement X what’s presumably about driving a Is in year. sell big the, strong. just there’s this you particular it ability which very from about capital But sort that to the for just guidance element then sense don’t of that particular that I guidance? of zero obviously, is need or capital not disposition the current enough. a assets, a a on that for noticed statement that it’s

Joe Fisher

Hey, Yeah. Joe. Rich. This is

and really sold Meaning funds You million nailed flow It’s needs X. cash pretty call $XXX there. strong it, there, and or going million of it redevelopment year. the $XXX all on of sitting into CapEx we got that, really of free type for our head out there’s that development so, equity now next have

dispositions at if point we as and picks and starting in the equity So find earlier, up throughout Cantor year. Andrew dispositions? accretive the find we we with stacking at So it want the that pivot up time, to pipeline point do really move just how But pick it’s will that zero be kind talked priced we appropriately in can surprised pipeline time? Is and of if if wouldn’t opportunities, we up as back today. about opportunities, we see today

Rich Hightower

it. Thanks, Got Joe.

Operator

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

Austin Wurschmidt

the that of missed if XXXX? reference, I you And initial growth curious back outlined? guess, change, Mike, what everybody. XXXX us half in if single-digit rent give earlier that market growth guys sure this loss you Thanks, lease guidance then I you on portfolio you of I but if am does the an into heading Great. for outperforms question, conservative could is sort that across based to from And expect projections? mid-to-high have how your not that

Mike Lacy

to rents. relates It market Yeah.

growth. to it, what are looking X% X% new lease for it that’s when We we to expect year, again, at the call comes

Tom Toomey

X half of half second of and First Y.

Mike Lacy

Yeah. In the first half…

Austin Wurschmidt

And then…

Mike Lacy

new of to marker renewals higher say, both and that when think − the continue about than we have half half our been a the as push − to back ramps we XX% giving through again blend year. bit lease growth it’s XX%, and … you little the the is blend front

Tom Toomey

So what for year… full it half back that kind of implies

Austin Wurschmidt

Yeah.

Tom Toomey

half in are … year if your up if with get in thinking X%, XXXX. XQ blends you to are really first the full how XX%-plus so into year over half, picking in looked back a aligns range, you for X% at the XXXX XQ X% blends the full we XXXX, of the about X% market that a growth to rent

So, a back to seen typical assuming what normalcy. over you year, have seasonality, time, typical so

Although, shooting strong. I immigration talked strong the up think of X% demand as of with out any obviously, signs that, seeing gates, Mike trend we about earlier, are not

numbers. in So yet, put we but the it that’s not what seeing

and to earning And up and more be in grow to going point, obviously growth this are do so of next that grow market bigger going pickup to growth of a we is year. up, next terms pick second mid-to-high going for bit But That’s even that in sustainability to there’s to same-store we if about. these lease terms year. and revenue single to digits of of same-store lost for numbers the pick your trends continues talked year little current a we pickup see

a we of more story hoping strength next half are second year as becomes that that it for. So of

Austin Wurschmidt

Yeah.

much on back and rent fair? guess growth better lease it how the into position to heading even do lost in or better end the or you half XXXX, in can same market depends not on the whether up position still outperforms, is that I So

Tom Toomey

correct. That’s

Austin Wurschmidt

it. move-ins driving the or are is have on Got the markets year-to-date, X% based then that And specific you Okay. are that seen there broad-based strength?

Mike Lacy

broad-based. It’s pretty

convergence, that of if markets. kind our seeing are We across will, you

Sunbelt the we are it in also seen Northwest, seeing Pacific demand as So the pretty we markets. as it well as our in have good Northeast is and

Austin Wurschmidt

Thank you. it. Okay. Got

Operator

of… Our next from the question comes line

Tom Toomey

Thanks.

Operator

question. Capital RBC with proceed with Please Heffern Markets. Brad … your

Brad Heffern

Hey, everyone.

where stages it from do the is give playing so and last Just it you if this Area, thoughts you in year? notably out that, Bay that following recovery the you California on that could excluded up you curious of the your think on answer see I how am

Mike Lacy

to out. Yeah. I I mean leave didn’t them that. for apologize

that running So right -- being That you Southern we in at pre-level -- two-week as are and I little you X%, getting now, California San concession we of the Northern in is levels today. point California much actually than Mateo this peak kind down are than Clara, world, we just demand. those the is so our market bit San pre-COVID muted where little of range the seen And so reached bit if pop haven’t a are a Santa one we more Francisco to it’s in XX% occupancy, as definitely we have a will downtown, around relatively stronger tell will, said, a closer. rent, down the well X%

a months being to levels. get So, right rents now at before level. we like it’s see to few San pre-COVID Francisco we said, sustainable That back a feels I think more those start have

Brad Heffern

redemptions have then expect on DCP, guys give Do earnings continue any in what you and And net for of headwind net as for sort can to current guiding the is of are long it. you Got environment? kind are Okay. to as should year. we figure this we that this you redemptions

Joe Fisher

versus bit it. is net we a we source step notes I the guidance because did bit Yeah. got and comment a because did a couple But that growth on want going we peers Joe. little questions or capital comments on the of relative saw a highlight to couple of year. little FFOA It’s back and Brad. DCP Hey, that it am this Yeah. to you

talked I So and commentary the downturn. on of this guess years earnings growth the continued peers seven throughout have degree we of the nine had a number I meaningful step over the last I’d last say, outperformance. back one, in have outperform years to three upfront pretty

think pretty good and a of history track So we record had I have outperformance.

and some on to operations. we growth X.X% the XXXX our and today, the record we track Hopefully, we of debt expense, in pull levers to kind the the continue look As same-store little What basis short-term next not pure I XXX-basis-point in on light interest numbers have normal, exceed average. a but at increase more has we bit hope able and sit we gap building for a have a are that team, can everybody go-forward blocks here are. on relative peers about are close year. and But assumed theirs. definitely of do stack that drag on rates We our about with a of competitive the year, capital advantages, growth. throughout it, also

as then front, So continue but to we our areas compensation a people also you pay continue packages, and have the keep that innovation, number get in have in adding drag of And The and continued a in front. ESG to areas we on capital, competitive those kind that those G&A invest invest the growth we department. forward external do have growth human we specific headcounts of of and to so driving are you pieces. into

can assets time. if year. of We of X.X% supplement, we which right see interest have you go look and range. the X off outperforming on are NOI and of look X.X% But stabilize to have lease-up $XXX underwriting. we the have where On now only developments about cap you million Those four cap at will our have period between come meaningfully of original in same all a those if are lease-up, kind rare them of unique that Attachment development into time the this that very think side, you the yield at out got you all interest development, that hitting this is right

of earnings have those So as or you over a X% two stabilization. there years to $X.XX year to right pickup $X.XX pickup work the next towards sometime to

that can to choppy obviously that that. little have mentioned, at that’s think, year. we time, a pipeline comfortable of that continue have will you I we That times and drag. So talk can DCP, this of there, the a do be able proceeds grow that a -- about but to over we bit feel Andrew is be source said, net

is be going may redeploy. the to look they sometimes we in, to are reality come redemptions choppy, but as so And

it did that so, on will equity. last Cantor turn balance a mention our utilizing over one to we was, in the But second. fully point sheet just transactions we And I last year equitized

here X.X and in further quarter. So we decline we debt-to-EBITDA up to leverage leverage give on our that did our accelerated capacity times the you which was in goals so saw

us cost couple a actually of as that well. So pennies

DCP. DCP of little couple sheet a UDR-specific talk bit development on a them basis. growth all And for, you you on so seeing can up But balance think, are headwinds, setting -- what on of but us through on and a I take Cantor, are go-forward better

Andrew Cantor

Andrew. is This

So be new capital able we into deploy do deals. expect to to

to to back think owners but an of existing been addition able opportunities. also future opportunity create providing expansion DCP to-date. large we to DCP at In new acquisition opportunities product accretively We existing of we provide developers a what developments, into recently important with capital, do invest for look it’s have to to to And several achieve pipeline have I to the underwritten as this both communities.

we we achieved see and going with forward, to round to-date. invested XX We $XXX Of returns digits existing our deals achieved, we XXXX. likely We our are as investment will returns And what have the existing deals have we on to developments. since digits diversify double million be our no, almost low or in million existing our our communities are XX consistent single pipeline, $XXX feel between high XX.X%. trips

existing a the as basis. likely will we adjusted development in well returns look adjusted both be on at risk product, as Our as investment

Brad Heffern

the Thank for Okay. answer. you long

Operator

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

Juan Sanabria

growing talked continuing platform was previously. perhaps to Hi. a million bit how you DCP think little can about hoping talk -- million $XXX $XXX that I more should you I

sort just of of backdrop like expanding it’s of XXXX to you or seems changing. the a that a It timing − be if So more more the opportunity of shrinkage matter net in are acquisition redemption expected has opportunity focus. the platform the maybe

give bit just on fantastic. could us that, be you If would more a that

Joe Fisher

It’s Hey, Yeah. Juan. Joe.

are great see size necessarily the opportunity on set desire that still a definitely pretty is it’s but a So overall million had We get have price, there because Essex It’s outcomes whereas that of a their earlier $XXX had just a deal, we successful that out able couple little the than we maturity, little say of better bit still that not We Orlando a buyout yield. $XXX opportunity bit to shrunk. Luxe the of is of table. discounted the million so here. to and

one, beneficial of profile And SAP million XX% and the participation -- IRR earnings that of year, IRR upside that this $XX bit have saw on but we and and to on us as beyond obviously, then did earnings to actually that a the just proceeds enhanced weren’t you of but it around so, net-net I And the compete XXXX the we press. costs company. the able pricing long-term above around so think little Broadway on

of on outcomes to typically down is look can can diversified the so and when you pretty that are what couple successful to But of they which of you a short you just see see happened pipeline, when maturities be do. profile window so And DCP XXB kind the typically that try through time. you we look our maturity

And grow as expect the and pipeline. throughout to move I the fully so, continue year we forward

think to million $XX million. over next and $XX continue to and to target get hope will up we that to get the that is to like here that, tick to that pipeline, to. months XX team $XXX to that’s back already I million months million would the $XXX see that find to XX million the another you you us committed our to up $XXX desire existing so gets Andrew And

right a not just now. more opportunity, of timing of or so So, byproduct lack

Juan Sanabria

up of bit bear on the on it on we to about will seems to you you upside think those the fruit opportunities? think near-term next months side? here Next $XX what’s like cost just little Gen that million. it about the more revenue the months? Can Is then question side talk and/or is most the just second XX the opportunity And XX the as And flavor going Great. more $XX X.X, maybe to a million my

Tom Toomey

chance platform. a Juan, I to the Sure. about talk always appreciate

near to little as expense. we this really term been pretty and we in side dollars big months. And of we the on talked million focused a initiatives. bit in X.X successful months revenue. to going our The have that look revenue have the next identified million over efficiency that we equation the that’s XX XX is So piece. past the Platform $XX the on majority of this at about versus is pretty some $XX of This the after in around terms

with funnel go we billion, through. the this coming to we fact rent achieving that think about we for three are some going the think working make the we up pricing you X% So we perspective, of surge about max when traffic one to level And ones you given about back and opened that $XX more have buyers my if up big more in big put or we potential have think pricing million after. And is XX% have we can those right of demand will, the now, call you of $XXX when ideas, almost it do just of $X.X our creating of after of of that are in goes roll them that it and shoppers, of that the about million. remarks, kind prepared

team our team increases. really teams utilizing and as team here, rents and centralized and those our aggressive relates relates more market marketing it as our to pricing it to basically So, sales our getting renewal

how talk heard three takes unit have to lot typically days. about we where we you vacant us around that. and that, right? We days days, turn on a from in seven Frankly, can down, days. It units look markets then at can Aside after we about this have turn XX we a are average days break XX

XXX% to there, not ways those the to going leveraging continuing practices million efficient, we $XX about do you that million best to are get occupancy, out potential. So more $XX we run could, but if that’s in

better, billion cutting just rates. think X% push to you rent be experience. and again the much your of retention able way lot that we we efficient can little leveraging as as after our Understanding drive to more lets And $X.X up, understanding it’s occupancy $XX $XX It that we that us we our million go future a a roll, future there’s if really in in then, up our million. resident resident So are so attract higher versus we us our X%, rate. residents. prospects, allows have more our a third, opportunity being around our to market rents residents, to retain bit efficient And frankly,

big potential items they the big revenue and than side the on So, again, side. this picture, are aggressive get expense pretty us allow to more

Juan Sanabria

That’s you. it. Thank

Operator

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

Neil Malkin

everyone. Thanks, Hey.

for little but being were don’t guys one acquisitions. side I bit a The pretty on if on acquisition talking it Joe, have people just first me, last aggressive. was know you seemed the think, like about but about you the it talked I it, time,

commentary kind But nothing sort been XXXX I think it’s quarter how valuable end. Gen there. of clear on operating just platform your to of the has of announced quarter, everyone especially, subsequent your your to Next quiet success end a to

is price where much I mean, capital. it stock was cost before. pretty Your of really low

-- talk to is now? cap again, you So, bit rates XXXX? low little above your if platform acquisition of the a change peers just a that are for value-add we the from Can how kind or installing too seeing into aggressiveness despite that your about function timing commentary the you acquire or for just you about right and in we maybe your of you ability your think should just

Joe Fisher

Neil. Fair a of right -- the the I’d question, or product more timing It’s just say Yeah. year. it’s of

being So less you approach of to you end, throughout marketed the brought sale. year, lot market product for a see the as year but product

Conference In four at point you time. end see slow that year until so, the NMHC pretty and weeks the in addition, deals three lot up up of of weeks, first a launch

So naturally then pick again. seasonality starts to up the in it just given pipeline, but a there’s lull

have issue So little pipeline a I got bit there. think of you a

will I have it. aggressiveness, fairly we pretty selective. front, we But, so word trying make the that use use word you to are been the yeah, platform-centric and platform the find sure mentioned, we active around on discipline and you deals As

is an them. which to want, all So are or of to nearby do to when in be a transactions do fit not markets we there we going which lot of the going is we they taking terms adjacent want, place, assets, to attributes reality are even they existing can pod

So I wouldn’t we are to as pretty days activity in of XX lack the definitely look. the we XX have that to But a sign last days not continuing been take selective.

We and trying development find DCP pipeline. with growing more similar that to to and are being are on doing what we opportunities diligent similar to and not

are try I going continue we have take of we that active think to right and competitive advantage now. be to advantages the to

Neil Malkin

it call what I discipline, just will aggressive mean? I Yeah. Great.

Joe Fisher

meet on the can that in one. We middle Okay.

Neil Malkin

kidding. We just I am get you. understand. I No problem.

me renewals overview give of knows. going your one of are to D.C., today, and for mean, Thanks. Can to to I I really Like us people other California, where California − levels? where just and The talk when increase being as today? or expiring are and market you things But Seattle, who you the deliquesce renewal and markets either finally get Seattle. or chime to Mr. maybe in. moratoriums true or can Ens about around just D.C., going market things be don’t XXXX, in back know, you see you able growth those you rent guys expect -- the going moratoriums see stand on can by Van various up where

Chris Van Ens

of during apply plenty assistance others, about et Yeah. another programs. granted Tom Chris. with for those eviction in With in and Over Thanks mentioned NOI regulations X% our are it, those is It’s is then will for Neil, securing ability But seen and XXXX, and have to talked experiencing far. Mike and actual million us protections continues. very to or we a moratoriums, more question. $X.X portfolio and fluid, specifically you mandated emergency markets some markets. us on million are, rental regard environment our high going just this so so the where $XX moving. court non-payers on a XX% a remains assistance positive incrementally bit or in Maybe about work process, process you combat talked the our backlog’s a moratoriums, about of that have mean, right eviction challenges for second into did residents long-term January, you to I our mentioned very COVID level continued delays. successful move kind that these you to back get rental in that to talk of still now forward. thus as subject to just of seen couple really is NOI little up process I Think really those be eviction application of but are And diversion delays system, cetera. regulatory refuse and

big very XXst when for in particular, So to lapses. and date going moratoriums be is watch. local to preemption a state That’s March California obviously the

will an on eye We be keeping that.

make work see teams that on lot We starting going this. watching total, continue that are April where to in implement anything to speculate choose of and if any field in not general, to the to progress potentially in corporate. all on But, obviously, goes, our the A but from of dedicated Xst. municipalities

For and to some the the that, a going other coming really very those bit with out in we the are months. at bills are tons more markets, still little looking front. of early of Obviously, legislative process come in weeks

It’s would are York eviction all in monitoring. we with be think, I essentially will areas now, committee. of New All That which right say, biggest we The closely universal of SB XXXX. familiar control. effectively remains focus rent cause I good

that requires if efficiently price X.X XXX-day actually see notice intricacies it in frankly, committee %. some Florida, Washington, monitor. of some over We looking And that. will apartments we cetera, increase success good states, that for less that at That Virginia, to more have That XXXX. a likely type but me, control excuse it those once of whether continue a includes Bill a states. just out is of But of Maryland make there’s bill, we variety or once again of then more the And HB in and hard Bill Massachusetts, are now rent pretty traction probably, State legislation, all et looking to it other gets it’s other lot eviction, again difficult through our the coming weeks. are over for rent cause state.

we our stuff XXXX to it’s as though, we approach, flexible, kind business all important, adaptable portfolio. in move back towards just the of given usual stay stay throughout in say it’s importantly, operations faced, important challenges think just we this that hope of that, as we see we the we I and

Joe Fisher

Joe. is This Neil. Hey,

you assumptions to one closing where just it’s be I out, give That’s I’d support think qualitative. Just I other asked you guidance. that of -- thought we there the headed. quantitative our will thing kind Mike’s underline

The to we trend. just pointing one, two in XX.X% saw from number trend guess, I down So, typical want cash our comments couple -- in out to XX.X% XQ, concerning a press page not of a us. on seasonal They came the release. of XQ. highlight a in of just that collections quarter That’s that’s

about some XX%-plus see supplement, actions it on lot getting all other current lot quarters we right But eviction looks what look really actually eventually, -- moratoriums to will dropped a guidance for our back where sequentially. that’s like back go. get at a now as of legislative these XXXX. If XX to XXXX, think we and XXXX. and basis We But collected points looks and are like and these you collections residents went year’s underlies for XX%-plus last we are XXXX

Neil Malkin

Okay.

they Just rent the moratorium did done, the so or D.C., they if expire, are did increase that? extend that

Tom Toomey

XXXX. -- The of the increases end at Yeah. end expired of rent this

Their transitional protections of a send where far had to portion only eviction thus with as homes. at the have allow that time moratorium small still December in there’s But being know still we you said, time, of people out plenty obviously, -- there’s same ended we essentially stay that XXst. So, plenty could increases.

Joe Fisher

-- have NOI. region, you about And still do X% the Neil, you in D.C. still County, got is Montgomery which of our

New years years, older. plus rent XX years York City and stabilized, seven got Oregon, you CPI California, LA, got plus got up you in You five CPI

So restrictions as well. there’s other various

Neil Malkin

Okay. Thank you, guys.

Operator

from line proceed comes question your John next Our with with Please Green Pawlowski Street. the question. of

John Pawlowski

there it’s quantify, higher Thanks year been no a for know for January how a been a difficult could COVID-related going. but call have starting number just I conversation, this to sense would the follow-up give that had same-store protections you X? much us very revenue keeping growth to Maybe

Mike Lacy

And think points let’s a Yeah. bad XX.X%, When you back basis typical number, points there. the probably terms restrictions XXX-plus in renewal to debt when you in current caps, then go and portfolio. XX there’s least and place at another what was look basis of had collected through if for pre-COVID reverted our to you at residents, capture you say, go about in it

place. price year, XXX this points, that basis points you a But back the able So we pre-COVID last be to would hope able to be and benefit time, to I some capture level in basis same-store to contracts units per and point in at looking at XXX are year. are think get them

at So of over the time are tailwind, but looking we that’s hope, magnitude kind we at.

John Pawlowski

along seeing Okay. your you just doesn’t pricing relative least Final yourselves less your value and now, finding pricing sense Harry private or metros? Are you of question for are minds, becomes markets at market in right as guys on Andrew, redlining quarters differentiated. in just certain increasingly make the all are where

Andrew Cantor

as just and really perspective, as are we us operating finding a it’s particular, earlier, markets efficiencies the door we the going the just operating both next for capital -- finding of are what we platform. can redlining to discussed any from Well, create I is leveraging deal perspective and back where in an not well which

the across country We are underwriting still our all in markets. of XX

John Pawlowski

time. Okay. Thanks the for

Operator

with next your comes America. the with Please proceed from Dennerlein of Our question. question of Joshua line Bank

Joshua Dennerlein

$XX maybe of months X.X about in of your made comment the you initiative Hey, Yeah. wanted achieve opening from guidance? expect included any the guys. back get over that in XX rollout. next, to I XXXX remarks I Is to NOI that you to think, million

Joe Fisher

of are this that rest the million Josh. that that expect on that we the next get included have XX expect that rate go into going Thanks, up year now, we on in today. initiatives next we Yeah. Right we call our towards about to working half a makes year year, so into another, have latter so then get of that we and $X of guidance, currently $X run it, we million as to

Joshua Dennerlein

$X guidance, today. million in not

Joe Fisher

Correct. That’s right.

Joshua Dennerlein

Okay.

big of driven it’s What what really to the I record has wanted just…. then occupancy And you levels, to a Okay. kind has picture think really question. gain driven, ask like, kind do of

Tom Toomey

average will lead I the But off, Mike apartment it Toomey. was bit. group clean Mike, home sharing per today, occupant up that X.X found a stands stat I with is X.X. that This help and pre-COVID, interesting little was it an our at

XX-plus wave towards prominent not that units in occupying future look the hate gotten tired income have, lower this think gotten density. a with it, they been about came their se creates our has the a second wherever their absorb ability back think and say two of of we people years. their I lot wage with cellphones, one go essence, us well rent as to from to a to at comfort tired rent, of growth, our on or higher roommates And per we wind potential a as rate lot to to their to So the which as things, increases, a gives to I COVID of and in because respect

it’s So can you the about model type the XXXX an XXXX the anything and XXXX, that sustain and when into forward, stat. think have our would interesting What’s timeframe. business rents we else going we color? But can not them. what’s we how just increase likelihood found that I for Mike,

Mike Lacy

a No. there’s been It’s we starts that good not plateau. watch we you is back shows still and ticking once little And see are up, there that of seeing it to very bit that it. It something closely. fatigue

So that’s promising.

alluded the we big income are a low really It’s seeing coastal to ratios to difference Tom see our as to, still well XX% As our we range. past and across years as over the of Sunbelt, not stable them are have to pretty couple markets. expected rent where

will. still a wind our So lot at have you if back, of

Joshua Dennerlein

Great. Thank you.

Operator

from line Anthony question proceed the your with comes question. Please next Our with of Powell Barclays.

Anthony Powell

now. Hello. afternoon Good

the about benefit should from X% generally? think Project that next closer just this we how cost initiatives, years your now, you controllable can and to Just few growth that X% from savings X.X in a your the that question on drive just and to the year the new mentioned expense

Joe Fisher

things today X% range over to the not running I keeping last been will It’s that question, the but have pressure around that years of that us out on a inflation, three to accustomed you bit tell that the little we put of so… of

Anthony Powell

Right.

Joe Fisher

have do have have more that in to turning over degree. or third-party people do we to we …as contracts, we positions combat some

that big to that for looking as comfortable will So looking we controllable down well we next are that expenses initiatives, with feel that of pretty That range big ideas always X% idea X% said, year. this being further. some these are at, those constantly as we drive these

Anthony Powell

Got but it. been put on guess, peers expansion be just any would market to Thanks. And of, you for are you markets, I have guess, your there it doing a long-term seems comfortable target some any time, mix your pretty updates your targets maybe thoughts mix have your curious, as close on out, am great. while. current Sunbelt like over mix, I market what I of of expanding

Mike Lacy

Yeah.

when submarkets, I kind definitely the of it performance of price strategy when look capital uses, work be relative about relative sources, seems diversification, by look TSR here of and think overarching we back think record capital to markets, FFOA back that at performance. the you or points, track

existing today, third a over our think, I confirmed just impartial pretty cycle, the through Yeah, can belief Coast, down just Coast third on this West in on the a East works. we Sunbelt, front. we third about that under strategy are it’s so a just coming be and So the

we to with shifts. feel very we make need don’t at. We So comfortable any are where

I So us, Empire, when everything up West Inland platform, in mean, look and San there’s some the analytics on through our the so, ends good that Coast predictive being you really to Orange County. look margin markets Diego,

and look You go been in Dallas. down continue very the Sunbelt, active appealing to to have we in Tampa us. Those

Coast, Suburban active Philly, Boston. Mid-Atlantic, East we have the the in been On

have we well-diversified. So been fairly

market the with are better continue The within markets is growth major little here are trying the to not and selecting assets mix, goal we make find long-term shifts. any to We simply that platform. the fit bit a from existing fit

going So that get accretion. immediate you are upside in to

time. at So, no this shifts and no explicit in point targets

Anthony Powell

you. All right. Thank

Operator

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

Tom Toomey

in today. And for Thank your interest UDR time for everyone and thanks you, Operator.

on our of make points of I our the XX-plus As our and is, of seen into XX%-plus future. backdrop years for we frankly, call our Mike particular, have my XXXX, better In want and couple a our press thoughts you not the current business a revenue this April. I highlighted, today we have of in end and business, to by -- as in have outlined

like able it have as that with so of there, are out be half and see look doing have that and bring ideas a advance. I to that to a see great value take of for front, XXXX. greatest think, opportunity markets that a tightens acquisitions, whether can to be lot lot well from our world our we have immediately, working around record innovation. is headed look but we continue. landscape good momentum we value as we think, game I will will as to have to and XX very competitive have continuing -- timeframe strength doing and the the and a we will that investors will transparent a track have trend and In of customer, the at where will on our of long-term. in try guidance and the where positioned DCP the associates advantage all the of know we And we mechanisms certainly, the we what plan about with stages our up back. our And where right pipeline second it’s we innovation it, at that’s lastly, pivot We We various we benefit in our and to visibility that in that we are creation we We companies think is business, to, now our all well are a great but about feels can deliver of where very redevelopment, sector, the development, programs -- to in ourselves bear

out. So, time, with can to hesitate reach don’t to coming we there’s that, care. your please forward Take you months, if grateful again, the look seeing as for and always, in do, anything

Operator

you conference and you. lines and may you a wonderful Thank concludes disconnect your today’s have at This Thank this for participation time. your day.

UDR (UDR) 10 Feb 222021 Q4 Earnings call transcript