UDR (UDR) 27 Apr 222022 Q1 Earnings call transcript

Company Profile

Participants

Trent Trujillo	Director, Investor Relations
Tom Toomey	Chairman and CEO
Mike Lacy	Senior Vice President, Operations
Joe Fisher	Chief Financial Officer
Andrew Cantor	Senior Vice President, Investments
Chris Van Ens	Vice President, Investor Relations
Nick Joseph	Citi
Anthony Pallone	JP Morgan
Rich Hill	Morgan Stanley
Austin Wurschmidt	KeyBanc
Brad Heffern	RBC Capital Markets
Juan Sanabria	BMO Capital Markets
Neil Malkin	Capital One Securities
John Pawlowski	Green Street
Joshua Dennerlein	Bank of America
Steve Sakwa	Evercore
Nick Yulico	Scotiabank
Connor Mitchell	Piper Sandler

Call transcript

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Operator

Greetings. And welcome to UDR’s First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

As a reminder, this conference call is being recorded. pleasure Trent your Trujillo. my of Senior now Relations, Investor is to host, introduce Director It Thank Mr. you, Trujillo.

You may begin.

Trent Trujillo

Welcome to call. UDR’s quarterly financial results conference

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

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

Tom Toomey

discuss the call. also officers, during quarter Officer, Chris are conference Financial Mike will Q&A first be Thank who and Senior Operations, UDR’s Senior of Andrew Van Presenting portion the the Fisher you, President Lacy; call Joe results. and Trent. welcome And of available me Ens will Vice call. XXXX on Cantor; with today to our Chief

seeing continues of levels operating industry our already saying by factors strong Turnover in supply at fellow and a associates of Demand decline. growth first any an remains growth which from has are advantages outlined with accelerate raises release. have my me operating accretion challenges, These from do Blended combined to elevated We our relatively are Let to or continued earnings as remains rate this ever capital allocation remains face robust. encountered. to competitive stable. continue lease that UDR strongest yesterday's I environment the of start-off new year as variety and we repeatable, out and guidance our quarter many full results of the drove control. when

is values. cost growth and rates. hard a increases First retain increases rising as The net attract asset rent and maintenance rising to inflation. cost. correlate is and and increased higher downside inflation to replacement G&A interest associates higher and mean On balance and personnel wage positive costs repair

our three have two, to past have management a levels. one, mitigated minimal debt these debt efforts below that We increased negative duration proactive effectively platform growth And expense prior we've years, inflationary through to controllable XXXX. the over whereby our constrain factors maturities and

than better XX% are geopolitical current run and to last, And the remains slightly U.S. risk over hamper may Second, restrictions, XXXX, rate court impact pre-COVID The Once to our ongoing efficiently periods. our have economy XX.X%. be between below ultimate levels. is to collections points basis how seen. been ultimately XXX This to And backlogged elongated continue systems XXXX. while business. environment in current restrictions removed, our our regulatory and grace ability is consumer

public derive and and our line we focus control, operating do top Given peers. utilizing includes advantages at unique when and operating enhance capabilities themselves. private opportunities UDR, first, competitive capital allocation we on our continue bottom present These what which this margin growth to sizeable and advantages controllable versus

continue stakeholders. conduct it and to And associates, cultivate efficient is, residents are and keep the management that our enhance ever up company, the been for wins to our innovating, work, as All and find our our already as know the most we success. culture vibrant, our deeply business engaging the inclusive, XXXX continually great and profitable and ways and Second to you're remain third, about to our that I've listening, I'm our that To excited all, in and values the of senior continue associates accomplish. XXXX. cornerstone what all ensuring will prospects for

as SBTi to strategy. dedicated refine as investments economy identify ESG and In multiple and company-wide on our very remain with continue property of in this adopt Moving on, leader wide Climate commitment to the both focused the investing apartment address well the we’ll in to footprint. along commitment industry, change Tech extensive carbon our enhance we ultimate will these ESG. and American in lower global and build Similarly, to climate our should help sustainability position our long-term on our help closing, a our already year With multifamily the to ESG further optimistic the home solutions resources, strength resiliency better recognized of we as to funds, consumer.

it the of look with lies to to share I when right Mike. another set that most at you competitive likely and NAREIT. over to will I advantages the ahead us. a the forward that, have team place We opportunities update And with on in will strategy, can be capitalize we turn

Mike Lacy

and March. of XX% in of this early strong growth top Thanks, quarterly to growth the lease of of XX%. effective growth year-over-year same-store cash XX.X% of cash components revenue XX.X% XX% Key begin result over NOI our we first, blended included same-store rate Tom. provided range To

minimal month benefited each points XXX concessions accelerated quarter the higher basis granted. with growth than quarter during achieved blended what we and Our fourth during from the

outlook, rentals Blended strong held was occupancy to to have April into XXX basis year and turnover historical demand housing rate signs decreasing of is year revenue growth Relative XX% now same-store XX% XX% growth and of our full and alternative the even These average homeownership widespread XX% for roll at These to average than we blended points ranges. XXXX expensive versus to ability a range quarter capture This expect of midpoint UDR for XXXX quarter to over NOI NOI a growth annualized robust points versus lease. current to weighted of on better more ago XX%. follows. remains XX% being light to combined remained across as XX.X% in has to equal, multi-family. All to on only levels guidance And ongoing with third basis. lease and to turnover our else and guidance and no XX% improved Occupancy shows than And by at portfolio to as year higher ago. XXX new than pre-COVID rent and full to XX% our points April basis our basis XX% loss second XX.X%, X.XX% renewals XXX and are growth fact quarter. to Second, average single-family revenue lease Occupancy place turnover below that home on year visibility between affordable a our us in to good resident well are trends Based expect XX% options, to homes confidence achieve We ranges demand year rate. turnover continued lease have driven are first of annualized increase far. by favorable rent now have XX.X% versus trends meaningfully it on XX% prior year drivers of the higher prior the accelerate XX% markets. cost same-store less our focus is the deterioration the XX% due gave and thus same-store for become second a experience. with less we continued in rate full straight-line of rents versus sale the combination continued like XX%.

which higher prior approximately the compared at expect blended effective year X% to assumption. rate First, XX%, to is growth we full our of midpoint lease X%

range to limits first rate in implying expect subject second half X% of that X% the range renewal of the of and to the X% in For on blended we half. increases. excluding XXXX, Across X% portfolio remain to XX% growth NOI to XX% the our approximately a lease

rates or within We continue market, to of see growth a market asset irrespective location quality. converge

X%. over to relatively XX.X%, and remain third, occupancy XX.X% we to XX to expect And still improvement high a be basis overall This of guidance, controllable increased is we year midpoint results. basis to continue same-store points average full which by rising expect X% we to primarily due points XXX to our points expense XX costs. limited XX expenses insurance the basis Second, at or XXXX below that growth to to points basis

updated half continues imply a rate blended Our lease to second growth. slowdown guidance

rate comps year suggesting we multi-family regulatory approach There renewal remain markets. difficult and at present prior is in on fundamentals. little in a certain growth deterioration more restrictions As

or this occurring current mid higher year. approximately results to earning have this modestly in guidance, a earnings positive past we the So earnings on move as to implied throughout to over the XXXX any highest decade. upside with low would via XXXX range our XX majority points impact on be basis Based basis XXX to XXXX our the would points above X% expectation

we Moving our to on, XX.X% over collect trend assumes continue collections ultimately XX% guidance build to time XXXX XX% above of and revenue.

our monitors worked proactive less company that X% approach with delinquent. to address benefits develop remain residents our plans Team Affairs Our teams the action the regulatory of our the Governmental continuously backdrop than in and This field stakeholders. and the who residents, long-term

of at rent margin innovation advantage level generated controllable bear similar continues to $XX operating fruit. our million Today has XXX communities. NOI incremental on legacy our ongoing out over Finally, basis peers points for a

our our In and equates NOI, expectations current acquisitions. X% strong [Xs] X% ’XX for has of self at addition, of service mid competitive late capital unique above supported time yield advantages allocation and from XXXX market to a that average up of our weighted X.X is combined growth with other billion year-on acquisition. initial than more model, third-party This

range to favorable year year mid see loss to to yields our path embedded underwritten of three a rent our one market high Given and roughly original trends, X% schedule. achieving in ahead lease we the

as that we ahead, ongoing beneficially with innovation to UDR. bottom our our ways find line, impact can our well continue experience as residents will Looking

target level. while to can over colleagues ideas million through more improving NOI a past, As form Joe. now for my in in in drives the to deserves expense residents initiatives, high portion which we fewer the XX power you the work believe all sincere of experience vacant services. an We innovative retention $XX and of achieve ancillary thank In a higher optimization, the pricing closing our the a much towards months XXXX is these company incredible over rate to And I'll their the call through keep next to at operating long-term. hard over least turn our that progressing resident lead run through our UDR days also incremental reduces capturing start, off and confident at engine of wallet controllable assessing increases have spoken larger ability our to growth we of pricing remain

Joe Fisher

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

Our and store revenue first end high guidance as per quarter of by range FFO supported and strong-same our accretion share $X.XX our was XXXX provided previously achieved acquisitions. adjusted the of growth from further

increased FFOA anticipate X% increase and activities employee $X.XX increase our led have all enacted increases same us G&A This XXXX. better versus year from year the to midpoint. full The offset increase an the to guidance levels. improved by guidance per our expense a driven full offset range and and we $X.XX guidance drivers benefit expense $X.XX. to partially interest or share of $X.XX by sequential capital year $X.XX by sequential interest positive quarter following. approximately For the ensure approximately effort to second FFOA expense. FFOA prior NOI increase at as The accretion our allocation year increased from continued higher a $X.XX We $X.XX at $X.XX versus is per growth versus higher full ranges. X% from prior is share represents by A midpoint XXXX, XXXX XX.X% retention NOI and now each recent wage supported guidance same-store or G&A and same-store is increase The full

basis revenue a full the of the point by basis XX.X%. our a full NOI year lower points rest the NOI This growth Due by year, of basis straight-line XXX and on we For X.X% same-store cash guidance to we basis same-store for XXX basis and XX.X% have same-store revenue our to basis straight-line respectively realized guidance, on a XXX year and between increased points. points to growth ranges revenue our cash higher expected and basis narrowed the XX.X% increased amount ranges ranges XX and concessions to delta prior points. XXX and

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

After acquisitions markets of and XXXX. billion transactions accretive completing capital in $X.X Next, update.

investments growth primarily Our on focused was activity first quarter DCP development. external and

the life-to-date $XX during of as fund resulting with two First, the recapitalization yield a $XX which portion a totaling in for quarter, proceeds DCP the $XX use projects X.XX% of UDR’s redeemed million of fully of of million IRR were weighted investments average DCP an investment a the new in million XX%. a we receive stabilized investment proceeds community. to We part

strong pipeline a currently have We DCP under of opportunities evaluation.

we delivered in weighted communities yield at initial Dallas. apartment suburban The is three Denver, Second, approximately developments, in expected X.X%. active average each suburban our homes Philadelphia for of stabilized one these

budgeted both each $XXX in cost believe suburban add. pipeline, and Tampa replenished at and projects value highly We Park total grew approximately will of for Vitruvian also We our development a two Dallas starts be million. additional with one

Additionally, southeast Florida site acquisition is for to homes. scheduled plus the close a in entitled apartment are we on that XXX land of

Third, at San we commenced X,XXX post unit in editions Francisco.

are strong our XX deal experienced additions in projects, portfolio. three across mid-teens. at expected with have our demand [indiscernible] we homes active apartment adding Across in the for unit opportunities same is IRR evaluate and to We continue similar market the

forward, of All market. anticipate take our expanding pipeline and the advantage told. we redevelopment seeing ongoing are densification we strengths Moving to in the

growing DCP development land have a and of healthy opportunities. pipeline We and

entered recent and during our analytics capital, a equity Please fund evaluate capital agreement quarter. We on for activity. refer to details also accretively the release forward and additional future markets frameworks. acquisitions this target million continue $XXX transactions portfolio wholly-owned To yesterday's markets and utilizing uses we match of strategy to predictive into

committing total of during and invest funds. Technology million subsequent on Moving to investments The the enhanced to we quarter quarter by several further ESG strategic and $XX end, a leadership into directed Climate estate footprint. to our wide are within these real reduce more toward general collective carbon UDR technologies property and others are our to that be intended our and in-home, identifying innovative intended help funds ESG residents

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

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

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

EBITDA to our was [dry-powder] provides And grow XX, XX% March X was Taking well times opportunities. $X.X as our of year metrics X position excellent and totaled end, to we year together, from our billion to for creatively company approximately remains strong. track a improve liquidity quarter balance as Second, continue and leverage by just our last, identify debt sheet on ample X.X times times liquidity the us debt continue to in to net shape, ago value down is end. enterprise at remains

will to it Our Q&A. open I that, create and to a Operator. With balanced. competitive we remain continue And of forward sources uses advantages capital allocation value. variety for utilize up

Operator

[Operator pull One At conducting while moment we be for questions. a session. will please we answer Instructions] time, and question this

the Joseph with first comes from Nick question proceed Citi. line Please with your Our of question.

Nick Joseph

collections? California your from in delinquency guidance, on through heard of collection in I market what assumptions different and of specifically debt We've the seen footprints specifically of about issues portfolio and Southern there's Thanks. Southern just terms in different you’ve embedded California and bad ground kind in some to sub recognize peers your

Joe Fisher

trends. have Joe. But to We Hey, lower exposure a a we a hours bit seem little and Similar to similar. something have seeing a Los portfolio Nick to of where California, quality our has got little we to it’s similar Angeles. California. bit that portfolio are B portfolio spoken have a decidedly ago, Northern peers here specific does be lower more do in couple [AQR] Southern Orange It income County seen to our do

we up So $X quarter-over-quarter pick AR basis. about on balances a saw million a

bit collections lower a due for we and quarter-over-quarter a Some up of a government $X applications February But that's saw assistance little we pick January in see seasonality basis. usually well as to million on typical than also about trend. do

I think in take stopped in end here there here before and AQR, that I what were expire advantage that been assistance March. government funds past number think a of paying to simply at to residents payers of similar the you had So heard, trying

into in kind optimistic here April, a those towards dug little that pain So to-date early of cautiously it was in cases. bit it some more, are reverting individuals

little trends you So we're bit I more on think be get by a may for we the up the to that there. seeing June commentary time

Nick Joseph

Thanks. That's very helpful.

I you you then your think funds. what of those financial out related think touched And strategic sizing on investments? I what about some Tech expect climate the investors Prop made did you've to about you those of and commitments? talked should but How and the think the are commitment goals,

Joe Fisher

of you over what RET I X if investment course billion fund. Funds and look to revenue, an really that. of of go that number on expansion to the couple the RET get really back throughout capital benefits. allocation But with and is you've the of Yes, of tried we've the we and out the years. over we've of That's more the been platform This that at focused the time $XXX guess there's two a million last what here expect with examples accomplish return financial of funds. and expenses, of seen And importantly, the first

million the for capital on at are look fund investors entire commitment, that the [solution] vehicle you of a industry. similar that technologies type limited benefit there more and when focused that will permanent $XX picture of strategic So partners big

million gets on more commitment the the think a ESG in $XX of those do of really focused get along efforts and release being we're side, commitment see move allows to our that trying quarter on strategic impact there that you to that. already This ourselves press edition of just [indiscernible] and so engines, leading side. members went pricing, us the Friday advance that with the family housing is climate there. more the lines RET, by CRMs so out SBTi. maintenance another pricing Essex $XX to million place. items last it industry our made What laid-out to in When plans have So forward with into our we can And type of fund, investment we've we in along some and

and Home access daily basis. Tech into in technologies Tech going to can really types us that forward a give on basis on on forward our of go and experts we of are lot footprint Home at looking tap the So a outside that ESG go a having to of impact carbon different basis

really on that's we're what So those. focused

Nick Joseph

you. Thank

Operator

Our Steve is question. Please from proceed Evercore. next question your with Sakwa with

Steve Sakwa

still out blended just Mike's the I It’s on comments about thanks. back there. good Yes, circle to growth. morning wanted

said realize really tougher playing role a XX% of in XX% you but year. to think the the middle get in the maybe I second a comps concessions are half. where burned the I by concessions maybe to half, off first And X% X% lot and had

And rent what if underlying maybe is Or the market the guess guidance than so get within growth changed? assumption And what year? expecting? maybe numbers market what's about rent trying is for the currently growth I'm is potential how faster you're to to really upside has I that what at your this framework

Michael Lacy

Hey, bit. I back let To little it's a just appreciate Steve, your Mike, me up it. point,

And back we previously way you half X% trending at guided XX% to. in basically when at first did in around think we at first around the to when compares XX% the The is that was half. rents. is second XX% look XX% it to look quarter. we we around our now quarter, market we the did to to it that, provide blend XX% right, X% XX% to That You're [moves] around in XX% say And previously X%.

previous next, think the it the So and should about when how play at you around six was call nine XXXX. it it, to out right we've numbers, over looked months, pre-COVID

if tell we make this that it highest to it's out XXXX. should be remarks, start X% even its going in upwards it's a that out historical which that what how play my around the right And it's really to would at And that in XXXX, We'll But XX-year point X% was seen it at X%. I've my should higher, ends numbers, I is would and minimal see be original think earn-in, you UDR. point career to I it Steve, in way. cost of again, X% impact to up. playing here going So made it

Steve Sakwa

getting next in double? unfold. And earn-in the realize talking cart of obviously these about If this earn-in hit, Right. as grow here? play into typically typically myself Like ahead your does spreads forward? will up year XX% earn-in I about that change from point over that numbers, exit time if you're I'm the of from I you putting before going that that and we do or expectations horse think and full mean the how of go year sort think but how rate sort Does about of get out all does sort the earn year? of next

Michael Lacy

on depends the really It drove. typically It quarter. third what happens No. in

of is So get period that period of growth, year. what earn impact on gross not What to highest really of we exploration a next really and what an kind with start time basis, the it's basis. will that at effective time,

that, X% trend lead And earn-in optimistic if higher. to could that So year. next pretty will a to X%, it does, we're again, higher that it

Tom Toomey

this Toomey. is Hey, Steve,

into I now. one in prime hard tick come we've that seen making sign of record our turnover factor with types And that as we having that low leasing that increases? season, of think number the And that's is we notices to the forecast out. does sent right these price it no up we're

And if strong. hedging this stays, does has rent able Mike much gross which right will. having same extraordinarily to number. number. turnover, And else the kind is that's And more confidence it, is in experience press the been way, how that side just And turnover of rent that's they have is raising on of you the market to with so that everybody points higher traffic a if he turnover low

it. technology. this revenue we with, is about out now. as important Nobody in I point damn back 'XX we holding the setting most of think looks figured feel that's moving, pretty right partly I good at 'XX. XX% what's and how was So strong already for But is up what's Mike 'XX And are pretty think started us time damn

Steve Sakwa

me. it That’s Thanks. Great. from

Operator

from Our JP with is your proceed Pallone next Morgan. Please Anthony question with question.

Anthony Pallone

Yes, My relates question thanks. first to development.

You things. you're OpEx some rents costs, higher starting talk be as in cash-on-cash these land underwriting how in picked cetera? of delivering of the where just some up Can and you're about development financing to a you couple from think about you levels inflation, need also hurdles and years return face et and

Joe Fisher

Yes. mention you. good to going development do there. with because Hey, Maybe pipeline from Tony, I want on current to start what's hear

we add of quarter. did a starts new So in here couple the

around up $XXX pipeline that million. taking So to

at of two that into you yields kind going If at well you the lease-up this fantastically are high that six look of bifurcate groups, stabilized point. mid- deals kind to

the of with The towards pipeline consistent historically newer Xs, of fully been. that bought point. around those. kind on on and question higher we've trended great on your costs majority performance out so at inflation, this are low starts where those pretty So importantly, Xs, cost pretty $XXX million But

that $XX single the of a hard and million remain we we're high costs contingency for think digits bought only that I in to out, have about be one. carrying

cost see risk So on standpoint those. from minimal for development

California, raise kind capital. Dallas. of and of the a opportunities of bought to started As of D.C. Empire, uses as of Southern got We've to we number we also in Lauderdale. land, the that allude terms what a about with new or think Inland got the up equity a But as we've process have in you well Fort coming upcoming parcel we some Denver, in of

through a definitely increases. got we've so side. near working say What land type on pipeline. term the is inflationary I'd cost We're of above And robust pretty underwriting

a XX seen pretty that Xs, over standpoint, close we've cost and those Current hard pretty cost where percent. a X.XX%, the of lot But substantial been. you last of markets, a to of holding lot of in have Sunbelt months, kind hotter yield the a kind some historically stabilized by on X-ish if on from that X.XX-ish driven will. high and yields increases side labor of We basis we're

So creation, the basis at historically when X history. which with about we've value think about still we're is look a in you points at XXX, type you X.X still to with looking line of when commensurate creation talked margin XXX cap of value market, what or margin

there when So a cap little but while got normalcy. held bit a compressed now back and to we juicy yields for rates we're up,

Anthony Pallone

are That's -- Okay. those to And you those in, yields where rents into with Xs helpful. real much compared do have going to get do to and they today?

Joe Fisher

Yes.

relative way the current a it X.XX% what the in asset today So at for rent the trended it's we cost a would current current attain look basis, on a trend to that a or market basis.

And inflationary so having an above cost trend on that.

we we'd gets up expect we go to minus X.XX. that If that where they're lease and or long-term and through stabilization, keep you to roughly plus grow rents as at and those X%, development you X.XX. at of of averages costs to gets So those to kind get

Anthony Pallone

quarter? bad on one that. then government a Okay. didn't question. a the did just missed The have Great thanks for for I basis, stuff? debt, catch or guess, may just you net first I the it, for stick you with reversals number I just I'll of second that. percentage And any have

Joe Fisher

Yes.

write-offs plus XX.X% combination look in been it this And over a of minus or So time get typically reserves, go we've what plus environment. collections effectively the you to couple back when years. at time, of the last over to throughout we had able

it so And million debt the When over extent. that down million, increase. number at was quarter, incremental number reason The that you accounts continue and if in net that receivable and million, the against so you XX% we slightly because time. came reserve $XX $XX over down getting XX-plus $X a about time about have in write-offs reserves look to reserves, there think The quarter to about versus of to over percent roughly just of of are debt quarter-over-quarter bad history any can came better reserved. better X.X% combination between was a our to bad

The other you risk. is unreserved way it about of million kind $XX have of think I'd

So in buckets, time. delays get assistance $XX is X at out with processes. within million the money government look that over different way There's we there good to applications, we've comfortable got believe if close just those we are about you which

another partial payers $X over million time. of have You

So individuals takes on rental ability longer it sometimes have to those to them a good willingness normal. demonstrated try just are than But and make payments. that their

long-term the come residents work government about will of of efforts that over on settled million delinquents, then on to nature, And in. in. to they relocation of XXX% so of And you with the come we all really but which some our will options, payment think in, despite $X those are that maybe systems, not time, things start them plans, those on degree, definitely have to have

so continue are they the not choose back to those we're trying court are work to be But units we'll going individuals the And get over those to with those to, trying that ones then time. with. that and if to

Tom Toomey

add, to just Tony, is Yes, Toomey. this

aid little the equation. of we can systems the are they French with in team and And been the understanding of last us, court where that this getting people with. bad situation our the residents, work the debt, system a whole think couple out of front over has be open, an see with done the on to the exceptional front government in ones for to work the getting of squatting through we've I piece years, job is, starting the

we'll I XX by, gets back back this process, I'm of So get year it's XX collection-type to X if the X. goes pre-COVID XX, our as not sure think

to with think there. just some municipalities challenging I going it's to be these get of

X XX, This at So will with that And get generally we running we're above if I XX I be just year next bps it's is mind the think not our that. next a that XX hope story thinking and out. at over, grinded I'm think about’ year, year. just

Anthony Pallone

helpful. the Thanks outlook for That’s there. Okay. ’XX

Operator

is your with Please question next Our Yulico question. from proceed with Scotiabank. Nick

Nicholas Yulico

Hi, everyone. Thanks.

expense of maybe interest guidance, that talk just that, is can terms higher? that Joe, In first what the drove on you up. about question going

Joe Fisher

do the floating side has equation. Hey, Nick, of really to it Yes. with rate the

to after our maturity job the mid to in going last [pre debt done on a that over to today, range a front. low to profile, so the lower job great So so a down lot years cost doing we -- place X% mid in two low kind of exceptional done of phase] X.X% pretty versus Xs we've and the three

have anything had doesn't It's So of all in to it rate oriented. or terms new we planned that issuance with do refi activity. floating

minus And total out it, floating so or got plus about X% of debt to of we've call million X% stack. $XXX there,

curve here year to has hike the so Fed be. start rate expectations, where updated higher the expected as we for obviously And curve just tick is with to the

the And a million $X.XX outlook so about impact they or $X.XX here. had to on $X.X

Nicholas Yulico

year it. that Got Okay. think terms as of debt you may issuances. not, moving think debt some there's you And the $X guidance to have guess we of then of you may the I rest $XXX right? I in of million for parts about or million range raise

pieces, I a could maybe if that already guess creep swap that's piece some presumably that expense a for maybe have if guidance? also interest if than into feel could you chance going those there's paper those because up. guidance expiring give on issues? higher You term of Commercial a factored of for Or the rates just of loan.

Joe Fisher

point now of Yes. in feel at. good terms pretty this where at I we're

The most We associated current have expectations. got the cushion of point is another or raise basis loan with swap and little XX bit definitely term there. that in We likely. XX a in beyond there

more low we mention years of at out for do rate. the another of couple a did that for swap XX% term You fairly termed have loan a

So to now, we discussion, issuance up do ultimately additional swing is do lever that given capacity that's Right on we're deployed that equity environment. be, The and going creating that the here? in the isn't is have for of some we debt accretive debt equity factor given locked in. that simply this necessarily

And $XXX $X necessarily so but to environment the we've not forward on range go act there going accounted evaluate year. we'll terms of certain it. a million, We're in for to later potential million we as in the that

Nicholas Yulico

Joe. Thanks helpful. Very Okay.

Operator

from question Capital your with Heffern Brad proceed next question. Markets. with RBC Our is Please

Brad Heffern

anything your environment? Obviously, quarter. you the done about also Hey thoughts your accretion in guidance pipeline this and took quarter the given Yes. without expectations negative just first on the actually everyone. for you up leverage acquisition Can the getting talk

Joe Fisher

it's Brad, Hey, Joe. Yes.

XX just quarter a the first little yes, of bit, net. stepping equity towards here the at think I the in XX, So we about did do end back million $XXX the quarter,

we our an between what saw so of creation in develop acquisitions. point at arms all that time kind value increasing was and development redev, across And our opportunity of capital program,

do So with were and a where we we trying today. really are fit growth what after more couldn't perspective opportunities platform to just that kind minimis to of and perspective, of accretion opportunities six an months sat see of those no external equity back from issuance, find we starting de

right felt do that was the So time we equity. to it the

those. As across each took of to I

Within or hopefully months. million beyond the opportunities $XXX think did have the quarter. next developer transaction recap a of over capital a XX there that, the get will all there do plus minus we or program, that pipeline But we we announce some done in

Fort continued other acquisition. $XXX-plus DCP so And points deployment we've various side, the And do on. On side. mentioned on very prior development got sites feel of land question the million through in land Lauderdale we about the mentioned, working good process that we the we're in

checks expenditure terms that we've in Boston lot will the Xs boxes of cetera. that acquisition got right the up uses rate in low then tied the the cap well in range so operational on previously as platform capital Suburban et and uses as programs, efficiencies, is that, the about upside, forward talked add a a there. capacity the And of now deal we've to And forward that side, the

already minus those, got plus And usage. $XXX you've so between or million all of of identified

to hope to for market million continues utilize And so we there our other as acquisitions way. that several the use that come hundred some will

Brad Heffern

as you're been And competition Okay. in noticeable acquisition? has new looking Got at it. there any change

Andrew Cantor

I Diego. continued is deals which And very on to a their to is we're just was of market new a Listings apartments. that at market great out checkout wall you this San increase in. there's to and active in There's participating looking can Hey, provides exposure that a is capital back report Andrew. I what not diminishing.

pricing number In side XXXX. as we is pricing about continued deals of to year-to-date. relates really it there's fundamentals. fact, great And What seller's there's that of see driver XX% push varies market. we're are pricing. to levered down the therefore, the low It's impacting up it as are our been a buyers impact still starting pricing seeing over record in know, buyer received. pools In seeing as Joe and much rates are looking largest initial has be Movement market, as clearly being buyer sellers buyers to levered is due a buyers based as Unlevered the This the are the pricing the and and on buyers to abundance opportunistic ability seeing in us. more patient mentioned, thinner markets, vibrant The quality XX%. and available We're on the location options bids very have an more that's to market. in to after flat of with bit to interest impacted retrades, type. seeing and we're and pricing come asset

year as flat underwrite able rates to Francisco buyers highest cap the that that haven't rent property I'd attracting rent all important to Although have seen to it's across as in in compressed the New like pricing as already roughly recently and of that those have of always, although months to and rolls. is those and Today, X over with And across significant X.X% the last leverage they markets versus were our that the communities in have last still like using assets the slightly range were increase the as assets changes to down run cap rates over in points X.XX% that they buyers said, San in biggest pricing moved, bit On and impacted X.XX% it We're depends Sunbelt on average, growth over rate a run with from kind several the ago. And and even capture today are X% to country rapid I closer Markets quarters. little seeing most to benefited and continue York in more recently to that basis the than has market. rental XXX the the increases mark-to-market points. runway are we're significant seeing the the are been XX changes higher. pricing have a end what to remember almost pricing. valuable

Brad Heffern

Got it. Thank you.

Operator

Wurschmidt question from next your Our Austin with Please with proceed KeyBanc. question. is

Austin Wurschmidt

thanks Yes, guys.

of high curious you mid- the XXXX single-digit on to So call, to the updated assume you talked was with to guys lease. guidance loss loss if a that that lease. some just I entering about recapture last And

be lease a to And range? next within loss lower so you'd be guess, if position? entering Or think you that at could still that you I year,

Mike Lacy

we're quarter. it's would that higher updated in than Mike. in think that still you with back slightly now of market Hey, the as right provided Austin, actually rents guidance half, think range We because what are last we

So loss that lease year. as that with to will we help enter next

Austin Wurschmidt

your point maybe think where elevated to that in it I then what you meaningful others quickest? at hinder fashion driver? a But And it. supply pick talk development started seeing all and a yourselves you markets, do on little up side. you pick see across construction when number I are mean, if look had up. about where do you could the just Got picking to the start was curious you of And see that could up up any pick bit your guys

Joe Fisher

Hey, it's Joe. Yes. Austin,

feel year submarkets only X.X%, near-term, supply in to of but very I picture X.X%, remained bit good and about about our think and that's up relatively this stock. markets of we were XX%, the X.X% terms constrained XX%

manageable So level, of out very, we're demand the especially that level very there. given seeing

So There's bit growth or year-over-year no real a a are markets percentage concerning. stock more concerns some that obviously as near term. of

X%, have the percentage couple range. a stock X% of the Sunbelt markets X%, up So in of a

look residual I starts on a to that have year. impact Seattle that at have coast of supply like next the you starts. little our through kind a York pre-COVID bit think some or markets But coming go-forward when of New a a Coastal Some of dissipate from basis still

Coastal a therefore, dropped during into and bit in off dollars Sunbelt. downturn quite Sunbelt development the and capital obviously flowing continue flow permits the markets permits were into as to So

So XX% they're up start pressure in more pre-COVID. see still you could to Sunbelt. versus permit-wise, the Like

we're that they probably an haven't and continue there And Charlotte demographic Raleigh I good income not as balanced Markets and like some Atlanta over some coming. see really seen time. well to in growth. you'll pressures, and Nashville Austin if So but there, see may see population probably supply which and growth as with pressure

So that point generally at supply well pretty is ability time. hopefully, supply. to some speaking, in constrained this absorb of But

Tom Toomey

is Hey, this Austin, Toomey.

annually, has X the I job run-ups. most about it think the running in taken X an a increases, the overall we're as bit things household great lately rate down housing formation million. the you've single-family recently is is did for side, the seen a where of of price little to with Joe weigh million couple single-family And of and a about demand industry. hit really But still markets. producing A

at And the favorable into their for so them has that equation again, if always our looks keep overly pause, and 'XX, through about that's that strong pushes to single-family in 'XX a head longer. take going supply least And not retreat, worried to I'm people or given that us. probably back not at give apartments us another wind honestly, a

equation. So -- supply and slow with difficulty build to that trying the down this going it's in to climate, in

of not a on side level. supply butts our at side, acceleration. keep the off try That's power to it into to So going work We the going it's an to all pause pricing Mike this I operational translate to think equation. translate on to

that really feel across mean, strong part demand demand side, I still. Extraordinarily we're good of be I about all strong And polite. markets would the demand. seeing strong business. that So our

Austin Wurschmidt

for Thanks all the details.

Operator

is with your question. question Stanley. Rich with from Hill next Please Morgan Our proceed

Rich Hill

And come of there's a change. because on the Hey, topic I wanted is earn-ins. on this reason to about good afternoon, focus guys. question it I back about lot rate of focus to or the

and that want I it, comment really understand it important. I to make So I just making sure unpacking you're is correctly. I'm the think

naive and in creates Is suggesting leasing and of that would around can embedded while rising that about dumb unpack as And growth it? what can starting to spreads. helpful. based the a of terms, have right in painfully might you question. you growth you're I'm I be that take hopefully, of more, on of just and thinking still change me asking X%. little is that wherever begin way you bit a a are upon place decelerate, top absolute think And 'XX then help occupancies rents the not it But if rate

Mike Lacy

on just be the we is No, way think That's back going it. we about to gross think head. the right Rich, that think it you that a lot nailed rents. And again, half, about I as of

concessions. So year, entered of these year, that rents market half But in going to this back of as when we effective. was of to some of lot see last A forward, mainly rise a was burn-off these we it continue move we're markets.

extent, at off this and to the year. For example, to Seattle right we've time compared Boston, San what even charts historically some are experienced now D.C., Francisco, of

higher And bit out well of 'XX help the so your little a start time, that's to of XXXX. up as half into you going go those you have that periods building of in as as some LEM and back you

Rich Hill

power ton I ask sense. spreads. Yes, a It's on an renewal makes which Can earnings follow-up one of statement, question I understand.

with what super burden that and with turnover just tenants record renewal bush. just accept dynamic willing and the to as a as do push Your Maybe suspect able are has April. us the you're you renewals as through to those can? impressive, some renewal than to better of Can you're hearing you the it in walk I low walk spreads especially much in why hands through two negotiations?

Mike Lacy

that that you with way Again, hard question. right market the allowed rising experiencing our hit market the and the the head. on these us new in out aggressively good What rates. we it really rents, those of side have on January, renewals we're because coming the growth on they supporting well as of been, is a were to equation rents It's really push February, pushed the gate on they

with to couple to a XX% there gone market Thankfully, sending So rents to we continue residents were out us and such going, an be to the out rate. increasing not way range. we've XX% they at going the of negotiate have incredible as said were move our we months ago, because, frankly, and been of it markets it allowed lot a to that

that. which you, tell you turnover, have do low I to support continues you will that. So have

relates definitely As especially we're some the of as we off to it move forward, Sunbelt. anniversarying numbers, higher

we'll out. at July XX% to point. plays But now, from see have right selling how So that through still XX% out to anywhere this we're

Joe Fisher

Rich, Hey, Joe. it's

enough doing do experience. that live on there's at that reasons Mike track I cyclical to up I as lot what in turnover dynamics follow lot levels, to and And of record the here structural to a the talking of in affordability because or is want to play we're spent team that it in host lose differently. Chicago kind apartments, not either and I think the while are utilizing Just a it's important decisions, low on, starting terms of of our well and But day-to-day we're what of on understand last data were platform fruit us time you on in resident focused to to know changing on a customer December terms and actions to bear the basis. that's think and activities relative

the us, of how a that and about they can issues entice change rent that may have It's we give having do they ultimately each there, the out that they It's So and like be they're and not much month. pocket about that with the actually for do just them the experience, their address they resident like stay. better to them paying outcomes do being like what people. they experience neighborhood,

that. lot a doing we're work of so And on scenes the behind

retention this terms there factors think UDR-specific number. that play some of so And in are I that into

Rich Hill

Yes.

point. on specifically of a want to the that's good think to speak relaying hopefully, different. what UDR investors really you you're to number that PropTech And I trends doing

get ready more of those. for So

Tom Toomey

to We're happy help.

Rich Hill

guys, Thank right, [indiscernible]. All you.

Operator

proceed Our Pawlowski next Street. question. question Green with is Please from John your with

John Pawlowski

to down to your Are small back kicked your are Can broad us a the to come you for handful XX%. to trend? starting pricing on you? is? see time. deals flat are you're starting that see these I wanted a to industry you getting give a colleagues starting and based for how Andrew, to see broader Thanks to sense comments of Or

Andrew Cantor

that starting I about. like are thinner we're pools see broadly to talked is What Yes. is, more the

of best get marketplace. assets general, in or the still the from year. those that above to the In really the that out move in less up, are seeing you're more, getting further the you're we it's the saw when benefited pricing pricing that assets earlier levels to flat are demand So slightly but

ones that at, on. had the ones But larger as the a smaller looking the been have that ones, much paying we've the of but ones are X%. were those closer So are buying to the you assets number you changes the to in core much they're seeing attention really reductions, the price we're much

John Pawlowski

Okay. Makes questions sense. just final on CapEx. a Then revenue-enhancing few

last a the to revenue-enhancing you terms looked now being spend. time Have pop on long XX one X compared IRRs open. so looked alternatives all-in flow you year And out how you But all-in get series CapEx -- unlevered just call of of other have just of and this alternatives? economics Have up durability different. I'm versus And in been so the quite And how you terms cash the buying this rent. of curious steady very yes, a at do you additional buildings? kind to there just at have in guys in is years of like stand

Joe Fisher

it Hey, John, -- Yes. say it's depends. I'll

end the perpetual you other the need of CapEx. the achieve range infrastructure place, you within we're So have a doing life on as in spectrum do do putting cost Attachment the XX lower. capital and in day of what to of, that that return cash-on-cash you're X right, revenue-enhancing that shorter going duration to and broad spectrum, kind additions, unit much the have terms is obviously, you're if of NOI such

program X- XX-year an that useful may a So life. KMB be to

a perspective. of get upfront what our which is target, from higher XXX still an typically capital You're return cost basis XXX, going to points above need IRR to we cash-on-cash to

and And all the we and are new start can off so table different the do to options. canceling power get investment a premiums pricing they'll the year. that attaining that we rent to year, think pretty Mike's that deals the then team, as aren't we constantly we the alternative killing markets and process on throughout they're active upside deals move, monitoring bring and deals underwrite, approved initially

X around all hold So got say science the art, in XX. on do not pretty always premium over be of how disciplined year I challenge up year within front. this, XX phenomenal try just time a I'll but we've little bit There to is a think or that record involved year it. we pretty is in does that or that of track

John Pawlowski

more Maybe talk Okay. could you at NAREIT.

Just me. for final question

over $XX or what Given point very recurring? at years, million in straight in as you At include to CapEx. that spent this been do X AFFO has year that recurring, you revenue-enhancing disclose have per

Joe Fisher

I the industry has think what's more standard considered the approach been on side. maintenance

so would an are CapEx I out. year asset that trying say have we're enhancing that discretion something over. And doing quality, that is NOI and to generally What dollars spend property. you Those what's what's is that turnover change to in not need we from perspective year

if So hoping you B B plus take will. a to it to from minus

at and of of yourself looks we that a year off as and how year percentage unit, I so ourselves is consistent trying our choose in a that others full We at can, that which know important. a lot NOI turn as not looking just spend the internally I the industry to are as said, course, but and That out. have of And those, upgrade So loads quality not CapEx well with basis, per it. something do to disclosures looking think pretty on think at I that's property, time of to

peers And versus our middle. public right recurring plus should is benchmark enhancing we so the our find down we that be, and NOI when where portfolio ourselves do

John Pawlowski

Okay. Thank you.

Joe Fisher

John. Thanks

Operator

question. with Our next proceed Please question One from is Securities. Neil with your Capital Malkin

Neil Malkin

Hi, everyone. Thanks.

the synergies the Is market profitability sort Lauderdale a The you maximum to development? of you First kind Florida think parcel, investments your the increase guys the capital cluster one, assets operations have of NOI. post the I Southeast terms of Thanks. of potential more Typically, there, Fort it, presence Southeast just in get any your allocation. of and are scale there. plan the to into market you don't use and

Joe Fisher

Hey, it's Neil, Joe.

we've So buried market in We our a down we terms there do It's of market other grouped it ability for actually to time. extended of have the one typical disclosures. bit asset that see fairly that a had on little into period category.

within asset XA go XXX this up, if have to Attachment So can see we there do homes. you you for a

So Palm, on and a we've kept exposure opportunities. find between market our there. while It's we've market had trying eye that's to for been that and a

But grow worked liked that that could for while, opportunity a we've be continue just of the So us. over finally exposure kind would market time. for that to hope we an that

Neil Malkin

sort business? rely heavily obviously Okay. part with And Rent. one the platform. -- about is I'm of next-gen Smart wondering, concerned then other are that's like of price big know you on on those you software issue? to are Or platform for share just not -- me their run are they a I as going them on just performance, a there just sort you confident liquidity very given again, entity, concern and your an that of your

Joe Fisher

price from a when spec. has that concerns absolutely their know did from concern going at share in say would off time, I come this I the perspective. point no they

terms on that there. so of investment And has in the mark-to-market our impacted

valuation million or investment. on the roughly $X a of is $XX off books think million I our so today

So down continued us, continued more. comes when probably a as not. concern that a marched little next But gets expect. absolutely do to it bit perform quarter, They've from going perspective, for to installs we

just across efforts, no fantastically savings on concerns. touring. also products The well force the concerns, on but no operational board, self not work So install expense

as valuation concerns So has chain think disruptions, there. a you had on And which an to balance I their not see tech. either. perspective, any no impact there Obviously, and I through issues immune and multiple supply when drawdown from liquidity cash they're just broader sheet in don't the look

issue. a think definitely that's going I So concern don't

Tom Toomey

be with risk And Neil, looked it able part of hiccup, this respect in customer? And model into able and to a dovetails and question being if our any you, on of sustain third-party work business. I business sustain there we've we hand-in-hand vendor any assure interaction any them to by is can Tom. always our our should with a with technology, That with are business Rent, we our our our management. Smart to model, at there's disruption said,

then business, is will just going other to and comment grow very companies' cooperative. And Rent it I will the understands only And Everybody about in continue I what think that's product is so on I and We're going a usage. emphasize and industry, Smart concern. in good risk point management. penetration not but on that Joe's say, to industry leading

know And none the aspects supply that. us chain solved, of so are when

huge. If you of They're going do, to back me. book to the because right their go races business tell is

Neil Malkin

you, Thank Sure. guys.

Operator

with proceed your Our question from next Please BMO with is Sanabria Markets. Juan question. Capital

Juan Sanabria

Thanks for time. the

that think said expand remarks Chris, I affordability. given as could pressure guess, on I growth and for June. well that in are renewals, prepared should out I maybe where on question markets. a just Just some renewals maybe comment was you your slow across being on you some sent as hoping renewal

I point, at maybe increases the think lease this seen sense you across just the of out. blended precipitous have gone And the we've a rates board? given affordability have some in for how is or those that

Mike Lacy

that. Mike. Juan, take it's I'll Hey,

of lot. happening when we But into pressure, piece, again have we that markets, are range almost some more some into move place increases. whole. because I'd out very the the rent to the us, rent-to-income So just out like have And a out go seeing that we data markets residents. little in mentioned big as renewal something XX% they're rent are XQ going little what noticing to tenured years like more Tampa, look side, But pretty wage some of growth, bit to an to we give example, moving forward, closely. it's so some place as that Tampa we you, increases With where we're as rate it at you as bit ratio a And with longer pushing that all get XX% think two like going we I'll They there's turnover where a year. about affordability We just we in that's some a you they're tenured opposite. a we for you're of watch when feel relates us, whole strong as the say, this we where the good we we've XQ, had a our more quicker residents, across very double-digit the shorter sending hard I've bit on seeing the to a on increases. here, pressure a little really of pushing renewal are than, that last of the of And be those place flip at tell data, for started of you changed haven't relates we tell increases it is that.

in have or concession. the got So in came so, New a York, you last over people they that huge year

You them move at over are seeing people higher been some rate example. us for that a than the with have years, X out for of

we're metrics I those have we and into just being on NAREIT, continuously what's we'll as signing get lot some continue watch, as of we a them are and move more forward. watch the sent And we So think into we'll what to we go as information out

Joe Fisher

single-family just you isolation, broadly think as piece, income. affordability Mike in to about I that just dramatically. improved the obviously, affordability the to think, has thinking Juan, rent relative more multifamily than went But through

versus a price plus rental income about versus I combined given so XX% cheaper rates has where have huge interest to our home appreciation, gone from, the minus same, win relative think, is while so pre-COVID single-family affordability with cheaper. recently. XX% or And there moved that

And so time. that multifamily wins on metric every

Juan Sanabria

But because on? don't kind is in be going a on. guess, their really may much at what's as income. that I that much higher and of Is rents, who have price coming you point, way the in about maybe initially spend, budget and move drove down a talked therefore, much is rent-to-income income, had from Tampa didn't So with higher what given about they that moved at ratios bigger New arbitrage York, maybe to is up that think benefit least that were to -- you subsiding going people

Mike Lacy

has Yes, it. that think bit We they've a And that's lot a they been good at way The more created job think stickier. to incredible. are we more a growth there. wage look little down

that's as out well. So helping

just information of And some now. months right that's of So couple only it's the experience. again, of a

we're a yet, So but it's to it's trend not watch. definitely starting necessarily something

Tom Toomey

his resident One, it's points this to they've months. average pricing XX with our with about that with at it's is. load pricing data Toomey, rent what data us access couple look of been Mike XX power, that can all the turnover, are future piece, Juan, just has on turnovers, great and record is old, income helpful. and to thinking on a he's at how the But average composition resident respect years

And can period, I improved. you few so over XX-month they've raises, have that positions that their guarantee a gotten

a And lately, handing out as of we're if hired the potential number, can G&A you've we pricing you've And been power. is huge a see takes. growth it our driver sticker. anybody And So what shocked at -- probably that's little you in income raises.

So remember moving. wage type. numbers growth in of ever seeing this I can't America, we haven't seen this type

I And and pay the X that So database. rents. higher well to embedded us hard think has capture that's ability has these with years really real-time to done resident their for been X, who's

Juan Sanabria

very you much. Thank

Operator

Our proceed Joshua from Dennerlein Please of next with your question question. is Bank America. with

Joshua Dennerlein

see Maybe similar that what's to cheaper kind will Does I even Hey, should imply think, average? portfolio your into level? maybe your of this that long-term get XX% reverting? normalized across markets. it's this? or is, so everyone. within more owning markets rents mean across keep mentioned Thanks. opening read climbing topic. how Or we remarks, you guess kind just you the not of to a renting I explore I the than those In wanted

Joe Fisher

kind trailing It's plus at of type minus is that's Thanks, really number. or across Josh. a Yes. you a XX% long-term look average and cheaper XX-year looking our of when markets,

kind dropping extremes, homeownership financial you go So get XX of the out XXs. when around peaked to we think I to of low crisis levels when back these

from And so homeownership to went a of household nation terms rentership formation. you a more of in

can use an that so And you I as example. think

formations and share well it I household are of terms that formed. of gain think should as new their than Rentership the bodes itself. housing in fair more demand

immigration growth, relative into think hopefully 'XX improved and policy. we The kind look another income tilt tailwind I favor. as population our at of definitely affordability growth, piece head it's in

just of us, long-term I it's a so for think And benefit more hopefully.

Joshua Dennerlein

portfolio-wide? look out? you market-by-market a of stand at Any Okay. kind Do on just it market or particular basis

Joe Fisher

individual from both We've at obviously, perspective. a portfolio and just looked bigger markets Yes. picture

improved you Coastal a actually think averages. when has interesting markets, at I bit it's some little look versus the of that long-term dynamic

And significantly And even favor. So own so quite improved, Coastal that's then the average markets little a than but more dramatically. if terms not more to bit down rent. are has probably follow-up house moved you And expensive always market-by-market. go Sunbelt in probably can a than you as of to

Joshua Dennerlein

That’s you. Yes. interesting. Thank

Operator

your question comes from Mitchell Please final with with Connor Sandler. proceed Our Piper line of the question.

Connor Mitchell

Thank Hi, questions. thank you you. my for taking

have I questions. So two

for occupancy at positioning which raised time, about running you times on both million, $XXX guys company ahead. recently of XX% sound like sound investment. At and new you're the same tougher potentially the enthusiastic First,

a you So leaning defensive are help can or offense an you us position? understand more towards

Joe Fisher

Yes. Hey, Connor, it's Joe.

So I of that ahead. positioning equity times more definitely for we're wouldn't say the signals that defensive raising

because time. up point that we Xs this they're and in mark-to-market over And they a investors. bought good capital issued back into plus where we of low a we think I grow to now transactions, capital assets you set was and and accretive for last we cost [indiscernible] kind invested what opportunity we basis, Xs On those at that time. year, $X to mid- did did had go at high that of If billion of yield

if a them, drivers We've of lot I than there's it more capital going then difficult, will. if done don't takes that to next a a that opportunity value we're of So find we that's equity. is can but that set to fantastically lot know round happy well. be effort. accretive, quite we out unique it times at there, deployment are which the But when hope creation got as raise find we of

retain We on compress to COVID early experience run the We've we side. you revenue the the that and in number mechanism. several sacrificing reengineer pricing crisis. actually augment residents more over in time. I XX% consistently rental years last higher, engine, that's in can the higher doing that go side, anything the customer don't I than and days, When vacant we're actually trying see of think try then continue actually through we don't think think and why XX% above a over that what how terms to on defensive doesn't run the we're while at necessarily and not look

over higher tick should number that think time. I so And

not So out risks cognizant definitely said, the defensively. are we're positioning of now. that there say I we're That very right

Connor Mitchell

community seeing in together for advocate my the been against markets Okay. of you New et is then effort other organized part second to to helpful. D.C., question And Yes, rent York, this that's Are banding California markets pretty the open Boston, has well and control. advocate like in similarly? cetera,

Chris Van Ens

very the Connor. of CAA a Yes, the No, that's mean, of at is organization around well apartment good for This preeminent question. Chris. example. cohesion organization, well lot is I see a in state They're obviously, probably They're the country. funded. level But very connected. Washington, state the you

players lot same of with in that [indiscernible] the dollars, all the large stuff, with Florida. with or our York advocate New with our them time, Maryland, mentioned thing D.C., You A down exact RSA. of kind

changed. in of definitely states pay to. those cetera, you more seeing ago, and all years us to just et are thought control, XX things different it's attention number years on like topic. really involved a market, think has yet, states of action the didn't were just largely X I you if every in of there that have rent but than there's lot ago. That to the discussion XX about Sunbelt not very a even We're in

involved. are heavily we yes, So

to public once on about the are of decision involved. control address heavily All peers educating effective again, rent not the issues. affordability voters our way have to why most people, And keep is makers, the we

Connor Mitchell

Also Great. helpful. you. Thank

Operator

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

Tom Toomey

are uniqueness Q&A the and appreciate you your those career, aspects level. operating all Thank But And performing. we it of the of And what's gives we question value at see we with looking strong. prospered one, UDR. and your all and I started always on us lot environment I I can industry can starts it think of is and the cannot environment. doing for the through our done and about position. in strongest and interest decision-making, creating opportunity come short-term also what And reemphasize it. both the is appreciate great But you are the that a trend interest of well, business culture UDR the call provide as COVID exceptional participants A is strongest to and and in topics, how data. long-term and and We've use, also it towards It's of value. my sustain lot very over creation. an returns, look and its the that in we and your it very that This time that the in of we processes I is, during enterprise. is the the And with interest well how off a no questions. discipline that. culture the focus

care. weeks, strong of and grow. be and can set the platform all the my us approaching and opportunities look throughout. few to all it, is to associates, exposure that seeing think the prime advantage. different creators, fellow value close through of able our forward lot margin delivering quarter. value take and And make And and of to I'll we value continue continue that's or manage lastly, about is And to broad our I unique being cycles. applied in innovation, excited you programs enterprise a season, having NAREIT create whether if things technology different market create say value is to with to We're I associates, cycles a that, what and a an do at leasing and all thank they that going

Operator

at conference, concludes you time. This this you your lines today's your and disconnect may Thank for participation.

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